安泰科技股份有限公司 关于回购注销部分限制性股票通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：000969 证券简称：安泰科技 公告编号：2025-059 安泰科技股份有限公司（以下简称"公司"）分别于 2025 年 10 月 28 日、 2025 年 11 月 14 日召开公司第九届董事会第六次会议、2025 年第一次临时股东 会，审议通过了《关于安泰科技股份有限公司回购注销限制性股票激励计划部分 限制性股票及调整回购价格的议案》，同意回购注销公司限制性股票激励计划 4 名激励对象已获授但尚未解除限售的合计 198,700 股的限制性股票。 具体内容详见公司于 2025 年 10 月 30 日、2025 年 11 月 15 日在巨潮资讯网 （www.cninfo.com.cn）上的相关公告。 二、需债权人知晓的相关信息 公司回购注销部分股权激励限制性股票注销完成后，公司注册资本金将减少 198,700 元，由 1,050,718,097 元变更为 1,050,519,397 元（具体以实际核准的 注销股数为准）。 鉴于公司本次回 ...

Investment Rating - The report assigns an "Accumulate" rating for the controllable nuclear fusion industry [5]. Core Insights - The controllable nuclear fusion industry is experiencing a significant acceleration in bidding, with major contracts focusing on components such as magnets and power supplies. The total amount of contracts awarded has exceeded 1 billion RMB [3][4]. - Trump Media Technology has announced a final merger agreement with TAE Technologies, valued at over 6 billion USD, aimed at building large fusion power plants to meet energy demands driven by artificial intelligence [4][18]. - The U.S. Department of Energy has invested 87 million USD to promote the application of artificial intelligence in fusion energy research, indicating a strong governmental push towards technological advancements in this field [24]. Summary by Sections Market Performance - During the week of December 15-19, the nuclear fusion index fell by 0.59%, underperforming the broader market by 0.62 percentage points [8][11]. Bidding and Contract Information - The report highlights that the bidding activity has significantly increased, with major contracts awarded primarily for magnets and power supplies. Notable companies involved in recent contracts include Aike Saibo and Qifan Cable [4][10]. Domestic and International News - Gyro Swin, an AI tool developed by a research team, has achieved a 1000-fold increase in the speed of 5D plasma modeling, reducing computation time from days to seconds [13]. - Thea Energy has unveiled the Helios concept design for a commercial fusion power station, which aims to simplify the manufacturing of complex magnetic fields necessary for plasma confinement [16][17]. Investment Dynamics - The merger between Trump Media Technology and TAE Technologies is expected to facilitate the construction of the first utility-scale fusion power plant, with an initial capacity of 50 MW and plans for future expansion [19][23]. - The report emphasizes the importance of focusing on key components such as magnets, power supplies, and other critical systems within the controllable nuclear fusion sector, identifying several key domestic suppliers [27].

Group 1 - The core viewpoint of the article highlights that aerospace is a significant market for the company, with multiple refractory alloy products from Antai Tianlong being utilized in aerospace and satellite industries [1] - The company identifies commercial aerospace as a target area for future business expansion, although it currently has not established any order business in this sector [1]

Group 1 - The core viewpoint of the article is that Antai Technology is focusing on the aerospace sector, particularly commercial aerospace, as a future business expansion area [2][3] - Antai Technology's product line includes several refractory alloy products that are already applied in aerospace and satellite industries [2] - Currently, the company has not yet established any order business related to commercial aerospace [2]

Core Viewpoint - The company, Antai Technology, confirms that its amorphous alloy products are suitable for use in amorphous transformers and motors, highlighting their efficiency and energy-saving capabilities [2]. Group 1: Product Applications - The amorphous alloy produced by the company exhibits excellent high magnetic permeability and low loss characteristics, making it widely applicable in amorphous energy-saving transformers [2]. - The no-load loss of amorphous energy-saving transformers can be reduced by over 60% [2]. - Amorphous motors utilize the same properties of amorphous alloys, allowing for high-speed, energy-efficient, and lightweight designs, suitable for applications in new energy vehicles and flying cars [2]. Group 2: Market Focus - The amorphous motor is identified as a hot application area within the amorphous materials industry, and the company is closely monitoring and continuing research in this field [2].

Core Insights - The domestic nuclear fusion industry is entering a phase of intensive bidding, with significant increases in tender amounts observed in recent months [1] - In October, the tender amount approached 500 million yuan, while November saw a staggering 3.9 billion yuan in tenders [1] - China Fusion Energy Co., Ltd. has announced a new tender budget of nearly 150 million yuan since the fourth quarter [1] Group 1: Tender Amounts - The tender amounts for the nuclear fusion sector have surged, with October's figure nearing 500 million yuan and November's reaching 3.9 billion yuan [1] - China Fusion Energy Co., Ltd. has a new tender budget of approximately 150 million yuan in the fourth quarter [1] Group 2: Winning Companies - Over ten A-share companies have won or are pre-qualified for significant nuclear fusion contracts, including Qi Fan Cable, Wangzi New Materials, and Western Superconducting [1] - Qi Fan Cable won a contract for the procurement of 35kV power cables worth over 1.15 million yuan [1] - Wangzi New Materials' subsidiary, Ningbo Xinrong Electric Technology Co., Ltd., secured a contract worth 79.8 million yuan [1] - Western Superconducting's subsidiary, Xi'an Juneng Superconducting Wire Technology Co., Ltd., won a contract for superconducting wire worth 55 million yuan [1] Group 3: Detailed Bidder Information - A table lists various companies and their respective winning bids, including: - Wangzi New Materials: 79.8 million yuan through its subsidiary [2] - Antai Technology: 69.9 million yuan [2] - Western Superconducting: 55 million yuan through its subsidiary [2] - Other notable companies include Oriental Precision Engineering, China Construction, and others with bids ranging from 1.2 million to 49.1 million yuan [2]

Core Insights - The fusion energy sector is experiencing a significant surge, driven by a merger between Trump Media & Technology Group and a fusion energy company supported by Alphabet, valued at over $6 billion [1] - The International Energy Agency predicts that the global fusion market could approach $500 billion by 2030, indicating strong growth potential in the industry [1] Market Sector Analysis - **Superconducting Materials Sector**: The demand for high-performance superconducting magnets will increase significantly, benefiting companies capable of engineering production of NbTi superconducting wires and high-temperature superconducting tapes [2] - **High-end Equipment Manufacturing Sector**: Companies with capabilities in heavy equipment and system integration will see new orders due to the complex manufacturing processes involved in fusion devices [2] - **Specialized Power and Energy Storage Sector**: There will be a surge in demand for specialized power supplies and high-power capacitors necessary for fusion reactions, presenting market expansion opportunities for related suppliers [2] - **Key Materials and Components Sector**: Suppliers of critical components such as tungsten-based filters and high-temperature alloys are expected to receive high-value orders essential for the stable operation of fusion devices [2] - **Engineering Construction and System Integration Sector**: Companies with nuclear engineering experience will play a crucial role in the construction of fusion power plants as demonstration and commercial reactors are developed [2] Company Overview - **West Superconductor (688122)**: The only domestic supplier of low-temperature superconducting wires for the ITER project, focusing on high-performance superconducting wire research and industrialization [3] - **Dongfang Electric (600875)**: The sole domestic manufacturer of superconducting coils for ITER, providing core equipment such as magnet support systems and vacuum vessels [3] - **Antai Technology (000969)**: Supplies key components like tungsten-copper composite filters for EAST and ITER, holding a leading global position in the all-tungsten filter field [3] - **Guoguang Electric (688776)**: A leader in vacuum equipment for the nuclear industry, providing products for plasma control in EAST and vacuum testing equipment for CFETR [3] - **Xue Ren Group (002639)**: Engaged in hydrogen energy and fusion tritium circulation systems, focusing on low-temperature refrigeration and compressor technology, recently gaining market attention [3] - **Yongding Co., Ltd. (600105)**: High-temperature superconducting tapes are already applied in fusion magnets and superconducting induction heating, advancing the use of high-current superconducting materials in fusion reactors [3]

Meeting Overview - The shareholder meeting of Antai Technology Co., Ltd. was held on December 18, 2025, at 14:00 at the company headquarters in Beijing, combining on-site and online voting methods [2][3] - A total of 1,015 shareholders participated, representing 374,883,044 shares, which accounts for 35.6787% of the total voting shares [4] Voting Results - The following proposals were approved during the meeting: 1. **Amendment to the Articles of Association**: Received 368,061,093 votes in favor, representing 98.1802% of the valid votes [11] 2. **Cancellation of the Supervisory Board**: Approved with 374,289,944 votes in favor, accounting for 99.8418% of the valid votes [12] 3. **Amendment to the Rules of Procedure for Shareholder Meetings**: Supported by 367,997,793 votes, which is 98.1634% of the valid votes [14] 4. **Amendment to the Rules of Procedure for Board Meetings**: Received 367,997,593 votes in favor, representing 98.1633% of the valid votes [16] Shareholder Participation - Among the participating shareholders, 1,014 were small shareholders, representing 10,516,320 shares, which is 1.0009% of the total voting shares [7] - The voting results from small shareholders showed that 3,694,369 shares were in favor of the amendment to the Articles of Association, which is 35.1299% of the small shareholders' valid votes [11] Legal Compliance - The meeting was conducted in accordance with relevant laws and regulations, and the voting results were deemed legally valid by the law firm involved [17]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The bidding for the plasma project has accelerated, with over 5.6 billion yuan in bids since 2025, and over 3.7 billion yuan in November alone, indicating a speed-up in project construction [1][10] - The focus of the industry is shifting from "scientific feasibility verification" to "engineering verification," as evidenced by the launch of the tritium fuel self-sustaining cycle system bidding, totaling over 1.3 billion yuan [2][12] - The controlled nuclear fusion sector is seen as the ideal ultimate energy source, with a resonance of "policy-industry-capital" expected to accelerate commercialization [3] Summary by Sections Section 1: Acceleration of Bidding for the BEST Project - The bidding for the BEST project has seen significant acceleration, with a total of over 3.7 billion yuan in November 2025 alone, compared to 1.6 million yuan and 2.4 million yuan in September and October respectively [10] - Key components have been awarded, including projects won by Hangyang Co., Ltd. for low-temperature systems and by Wangzi New Materials for magnetic power storage systems, enhancing certainty in the supply chain [1][11][12] Section 2: Launch of Tritium Factory Bidding - The tritium factory bidding was initiated on November 12, with a total amount exceeding 1.3 billion yuan, marking a critical phase in the BEST project [2][12] - Tritium self-sustaining is crucial for the commercial operation of fusion reactors, indicating a shift in focus towards solving core engineering challenges necessary for future fusion power plants [2][13] Section 3: Policy-Industry-Capital Resonance - The industry is entering the engineering feasibility verification stage, with a Q value greater than 1 indicating potential energy gain, and a Q value greater than 30 suggesting the possibility of commercialization [3] - The policy framework for controlled nuclear fusion is strengthening, with significant support from national planning and legislative measures, including its inclusion in the "14th Five-Year Plan" [3][25] - Capital inflow is diversifying, with significant investments in the fusion sector, including the establishment of the China Fusion Energy Company with a registered capital of 15 billion yuan [3][26] Section 4: Investment Recommendations - Focus on core suppliers and flexible targets, particularly in the midstream equipment sector, including companies like Lianchuang Optoelectronics, Xuguang Electronics, and Hangyang Co., Ltd. [3][30] - Upstream material companies such as Yongding Co., Ltd. and Western Superconducting Technologies are also highlighted as potential investment opportunities [3][30]

Group 1 - The metal new materials sector increased by 2.35% compared to the previous trading day, with Antai Technology leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Group 2 - In terms of capital flow, the metal new materials sector experienced a net outflow of 79.41 million yuan from main funds, and a net outflow of 167 million yuan from speculative funds, while retail investors saw a net inflow of 247 million yuan [2]