Summary of Key Points Core Viewpoint - The shareholder meeting of Guangdong Fenghua High-tech Co., Ltd. was held without any new, changed, or rejected proposals, and all agenda items were approved by the shareholders [1][2]. Meeting Details - The meeting took place on May 21, 2025, with specific time slots for different sessions, including internet voting [1]. - A total of 574 shareholders attended, representing 430,009,490 shares, which is 37.4739% of the total voting shares [1]. Voting Participation - Out of the attendees, 3 shareholders were present on-site, representing 273,200,917 shares (23.8086% of voting shares) [2]. - Online voting included 571 shareholders, representing 156,808,573 shares (13.6653% of voting shares) [2]. Proposal Review and Voting Results - A total of 7 proposals were reviewed and all were approved by the shareholders [2]. - The overall voting results showed that 427,497,290 shares were in favor, accounting for 99.4645% of the valid votes cast [2]. - For minority shareholders, 23,712,622 shares voted in favor, representing 90.4205% of their valid votes [3]. Legal Opinion - The legal opinion provided by Guangdong Dongfang Kunlun Law Firm confirmed that the meeting was convened and conducted in accordance with legal and regulatory requirements, and the resolutions made were valid [7]. Documents for Reference - The resolutions from the 2024 annual shareholder meeting and the legal opinion from Guangdong Dongfang Kunlun Law Firm are available for review [8].

广东东方昆仑律师事务所 KUN LUN LAW FIRM 广东东方昆仑律师事务所 关于广东风华高新科技股份有限公司 2024年度股东大会的 法律意见书 1 / 11 广东东方昆仑律师事务所 KUN LUN LAW FIRM 广东东方昆仑律师事务所 KUN LUN LAW FIRM 广东东方昆仑律师事务所 关于广东风华高新科技股份有限公司 广东东方昆仑律师事务所 KUN LUN LAW FIRM 本所假定公司提供的文件真实、准确、完整和有效。本所仅依据本法律意见 书出具之日前已经发生或存在的事实及本所对我国现行法律法规及规范性文件 的理解发表法律意见。本所仅对本次股东大会召集人资格、参会人员资格、表决 程序与表决结果是否合法、合规发表意见，不对本次股东大会审议议案内容及议 案中关涉公司商业事项的真实性与准确性发表意见。本法律意见书仅供见证本次 股东大会相关事项合法性、合规性之目的而使用，未经本所书面同意，任何人不 得出于其他任何目的使用本法律意见书。本所同意将本法律意见书作为本次股东 大会公告的法定文件，随公司其他公告文件一并予以公告。 2024年度股东大会的 法律意见书 致：广东风华高新科技股份有限公司 根据 ...

证券代码：000636 证券简称：风华高科 公告编号：2025-19 （二）本次股东大会未涉及变更前次股东大会决议。 二、会议召开和出席情况 （一）会议召开基本情况 1.现场会议召开时间：2025 年 5 月 21 日（星期三）下午 14:30。 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票 的具体时间为：2025 年 5 月 21 日 9:15—9:25、9:30—11:30、13:00 —15:00；通过互联网投票系统进行网络投票的具体时间为：2025 年 5 月 21 日 9:15—15:00 期间任意时间。 3.现场会议召开地点：肇庆市风华路 18 号风华电子工业城 1 号 楼会议室。 广东风华高新科技股份有限公司 2024 年度股东大会决议公告 公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、特别提示 （一）本次股东大会未出现新增、变更及否决议案情形。 4.召开方式：采取现场投票与网络投票相结合的方式。 5.召集人：公司第十届董事会。 6.主持人：公司董事长李程先生。 7.本次大会内容及会议通知已于 2025 年 4 月 15 日刊登在《上 ...

Core Insights - The company reported a revenue of 4.939 billion yuan for 2024, representing a year-on-year growth of 17.00%, and a net profit attributable to shareholders of 337 million yuan, up 94.47% [1] - In Q1 2025, the company achieved a revenue of 1.274 billion yuan, a year-on-year increase of 20.41%, but the net profit attributable to shareholders decreased by 11.44% to 65 million yuan [1] Group 1: Financial Performance - The company’s revenue for 2024 was 4.939 billion yuan, with a net profit of 337 million yuan, and a non-GAAP net profit of 347 million yuan, showing significant growth rates of 94.47% and 130.43% respectively [1] - In Q1 2025, the company reported a revenue of 1.274 billion yuan, with a decline in net profit to 65 million yuan, down 11.44% year-on-year [1] Group 2: Industry Trends and Market Demand - The demand for passive electronic components is improving due to the rapid development of emerging industries such as 5G communication, automotive electronics, artificial intelligence, and energy storage [2] - The automotive electronics segment saw a sales increase of 66%, while the communications segment grew by 24%, and the industrial control segment by 16% [2] - The company’s main products, including resistors, capacitors, and inductors, achieved production and sales growth rates of 29.02% and 28.20% respectively, reaching historical highs [2] Group 3: R&D and Innovation - The company invested 240 million yuan in R&D for 2024, a 24.50% increase, and 63 million yuan in Q1 2025, up 31.46% [3] - The R&D expense ratio increased to 4.87% in 2024 and 4.95% in Q1 2025, reflecting a focus on innovation and technology breakthroughs [3] - The company has made significant advancements in high-end MLCC ceramic powder development and the localization of low-cost metal electrode paste, enhancing product competitiveness [3] Group 4: Future Projections - Revenue projections for 2025-2027 are 5.786 billion yuan, 6.635 billion yuan, and 7.684 billion yuan, with net profits expected to be 507 million yuan, 628 million yuan, and 841 million yuan respectively [4] - The company is expected to maintain a leading position in the industry, with a target price of 16.72 yuan based on a 38x PE ratio for 2025 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company is expected to achieve a significant increase in net profit, with a projected growth of 130% in non-recurring net profit for 2024. The revenue is forecasted to reach 4.939 billion yuan, representing a year-on-year increase of 17% [1][3] - The company has made substantial progress in cost reduction and efficiency improvement, with a focus on digital transformation and operational efficiency [2][3] - The recovery of downstream market demand, particularly in the automotive electronics and communication sectors, is driving sales growth [1][2] Financial Performance Summary - For 2024, the company is projected to achieve operating revenue of 4.939 billion yuan (YoY +17%) and a net profit of 337 million yuan (YoY +94.5%). The non-recurring net profit is expected to be 347 million yuan (YoY +130.4%) [1][4] - The company’s sales volume and production have reached historical highs, with year-on-year increases of 29.02% and 28.20%, respectively [1] - The company has introduced several high-end products and achieved breakthroughs in key technologies, enhancing its competitive edge in the market [2] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 indicates a net profit growth of 48.9%, 22.7%, and 19.6%, reaching 500 million yuan, 620 million yuan, and 740 million yuan, respectively [3][4] - The current market capitalization corresponds to a price-to-earnings (PE) ratio of 30, 25, and 21 for 2024-2026 [3][4]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a revenue increase but a decline in net profit due to increased R&D investments. Financial Performance - In Q1 2025, the company achieved revenue of 1.274 billion yuan, a year-on-year increase of 20.41% [1] - The net profit attributable to shareholders was 65 million yuan, a year-on-year decrease of 11.44% [1] - The net profit excluding non-recurring items was 66 million yuan, a year-on-year decrease of 8.97% [1] - The gross margin for Q1 2025 was 17.49%, an increase of 0.70 percentage points year-on-year [3] Expense Management - The company's expense ratio for Q1 2025 was 11.60%, an increase of 1.40 percentage points year-on-year [4] - Breakdown of expense ratios: sales (1.96%), management (5.50%), R&D (4.95%), and financial expenses (-0.81%) with respective year-on-year changes of 0.14, -1.27, +0.42, and +2.12 percentage points [4] R&D and Market Expansion - The company is enhancing its R&D capabilities, solving key material challenges and achieving breakthroughs in high-end product technologies [5] - Significant advancements include the development of high-temperature, high-voltage ceramic powder for MLCCs and the domestic replacement of precious metal electrode paste [5] - The company is targeting emerging markets, with projected revenue growth in automotive electronics (+66%), communications (+24%), and industrial control (+16%) for 2024 [5] Investment Outlook - The company maintains its profit forecasts for 2025-2027, expecting revenues of 5.734 billion, 6.523 billion, and 7.295 billion yuan, representing year-on-year growth of 16.1%, 13.8%, and 11.8% respectively [6] - Projected net profits for the same period are 505 million, 711 million, and 920 million yuan, with year-on-year growth of 49.7%, 40.7%, and 29.4% respectively [6] - The expected EPS for 2025-2027 is 0.44, 0.61, and 0.79 yuan, with a current stock price of 13.48 yuan corresponding to PE ratios of 30.88x, 21.95x, and 16.96x [6]

Financial Performance - The company reported a basic earnings per share of 0.0600 yuan for Q1 2025, unchanged from Q1 2024, and an increase from 0.0500 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.65 billion yuan, a decrease of 10.96% compared to 0.73 billion yuan in Q1 2024, but an increase from 0.58 billion yuan in Q1 2023 [1] - Operating revenue for Q1 2025 reached 12.74 billion yuan, representing a growth of 20.42% from 10.58 billion yuan in Q1 2024 and an increase from 9.34 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 0.53%, down 13.11% from 0.61% in Q1 2024, but up from 0.49% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 43,841.17 million shares, accounting for 37.89% of the circulating shares, with a decrease of 3,408.13 million shares compared to the previous period [1] - Guangdong Province Guangsheng Holdings Group Co., Ltd. remains the largest shareholder with 27,289.46 million shares, representing 23.59% of total share capital, unchanged from the previous report [2] - The South China Power Grid Capital Holdings Co., Ltd. - GF Fund New Starting Point No. 88 Single Asset Management Plan increased its holdings by 550.44 million shares to 2,273.01 million shares, now accounting for 1.96% of total share capital [2] Dividend Distribution - The company has announced that it will not distribute dividends or transfer shares this time [3]

证券代码：000636 证券简称：风华高科 公告编号：2025-17 广东风华高新科技股份有限公司 第十届监事会 2025 年第二次会议决议公告 公司及监事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 公司第十届监事会 2025 年第二次会议决议。 特此公告。 广东风华高新科技股份有限公司监事会 2025 年 4 月 28 日 2 经与会监事认真审议，以投票表决方式审议通过了《公司 2025 年第一季度报告》。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 经审核，公司监事会认为董事会编制和审议公司 2025 年第一季 度报告的程序符合法律、行政法规及中国证监会规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。具体内容详见公司同日在指定信息披露媒体 披露的《公司 2025 年第一季度报告》。 1 三、备查文件 广东风华高新科技股份有限公司（以下简称"公司"）第十届监 事会 2025 年第二次会议于 2025 年 4 月 19 日以电子邮件方式发出会 议通知，于 2025 年 4 月 25 ...

广东风华高新科技股份有限公司（以下简称"公司"）第十届董 事会 2025 年第二次会议于 2025 年 4 月 19 日以电子邮件方式发出会 议通知，于 2025 年 4 月 25 日以通讯表决方式召开，会议应出席董事 11 人，实际出席会议董事 11 人。本次董事会的召开程序符合国家有 关法律、法规和本公司章程的规定。本次会议及决定的事项，合法有 效。 二、董事会会议审议情况 经与会董事认真审议，以投票表决方式审议通过了《公司 2025 年第一季度报告》。 表决情况：同意 11 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在指定信息披露媒体披露的《公司 2025 年第一季度报告》。 三、备查文件 证券代码：000636 证券简称：风华高科 公告编号：2025-16 广东风华高新科技股份有限公司 第十届董事会 2025 年第二次会议决议公告 公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 （二）公司第十届监事会 2025 年第二次会议决议。 特此公告。 广东风华高新科技股份有限公司董事会 2025 年 4 月 28 日 2 （一）公 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,273,931,395.89, representing a 20.41% increase compared to ¥1,058,020,658.26 in the same period last year[5] - Net profit attributable to shareholders decreased by 11.44% to ¥64,574,389.21 from ¥72,915,036.00 year-on-year[5] - The company reported a total comprehensive income of ¥141,298,415.34, compared to ¥40,847,957.74 in the previous period, indicating a substantial increase[21] - Net profit for the current period was ¥64,729,743.14, a decrease of 11.5% from ¥73,003,197.91 in the previous period[21] Cash Flow - The net cash flow from operating activities significantly dropped by 82.87%, amounting to ¥14,706,779.36 compared to ¥85,836,209.42 in Q1 2024[12] - Operating cash flow for the period was ¥14,706,779.36, a decrease of 82.8% compared to ¥85,836,209.42 in the previous period[23] - Total cash inflow from operating activities was ¥1,105,787,853.73, up 2.7% from ¥1,074,008,425.26 in the previous period[23] - Cash outflow from operating activities totaled ¥1,091,081,074.37, an increase of 10.5% compared to ¥988,172,215.84 in the previous period[23] - Cash inflow from investment activities was ¥148,595,311.47, significantly higher than ¥67,782,468.37 in the previous period[23] - Net cash flow from investment activities was -¥24,033,776.12, slightly improved from -¥25,414,677.86 in the previous period[23] - Cash outflow from financing activities was ¥3,989,892.44, a decrease of 89.6% compared to ¥38,216,558.85 in the previous period[24] - The net increase in cash and cash equivalents was -¥13,503,854.25, contrasting with an increase of ¥22,704,756.21 in the previous period[24] - The ending balance of cash and cash equivalents was ¥4,312,986,925.56, compared to ¥4,272,234,730.72 in the previous period[24] Assets and Liabilities - The total assets at the end of Q1 2025 were ¥16,399,197,389.93, a 0.90% increase from ¥16,252,206,820.15 at the end of the previous year[5] - The company's total liabilities stood at ¥3,888,800,817.51, slightly up from ¥3,884,865,059.91 in the previous period[18] - Total current assets amount to 7,843,237,846.89 CNY, slightly up from 7,833,398,165.62 CNY at the beginning of the period[16] - Total non-current assets increased to 8,555,959,543.04 CNY from 8,418,808,654.53 CNY[17] - Accounts receivable stands at 1,393,783,468.78 CNY, down from 1,414,911,736.55 CNY[16] - Inventory decreased to 981,730,863.85 CNY from 985,232,487.45 CNY[17] - The company has a total of 1,080,852,163.79 CNY in accounts payable, up from 941,753,830.47 CNY[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 99,223[14] - The largest shareholder, Guangdong Guangsheng Holding Group Co., Ltd., holds 23.59% of shares, totaling 272,894,617 shares[14] - Total equity attributable to shareholders increased by 1.17% to ¥12,365,774,480.70 from ¥12,222,958,521.97 at the end of the previous year[5] - Total equity attributable to shareholders of the parent company increased to ¥12,365,774,480.70 from ¥12,222,958,521.97, reflecting a growth of 1.2%[18] Research and Development - Research and development expenses increased by 31.46% to ¥63,039,867.15, reflecting the company's commitment to enhancing its R&D efforts[10] - Research and development expenses rose to ¥63,039,867.15, compared to ¥47,953,516.62 in the previous period, marking a significant increase of 31.5%[21] Other Income and Expenses - The company reported a significant increase in other income by 49.76%, reaching ¥22,039,971.04, driven by government subsidies and tax reductions[10] - The company's investment income rose by 174.63% to ¥3,614,457.19, attributed to a decrease in discount expenses[10] - The company experienced a 196.32% increase in operating expenses, totaling ¥3,421,510.63, primarily due to increased compensation expenses[10] Accounting and Audit - The company did not conduct an audit for the first quarter report[25] - The new accounting standards will be implemented starting in 2025[26]