深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于深圳市豪鹏科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 国枫律股字[2025]C0087 号 致：深圳市豪鹏科技股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司股东会规则》（以下简称《股东会规则》）、《律师事务所从事证券法律 业务管理办法》（以下简称《证券法律业务管理办法》）、《律师事务所证券法律业务执业 规则（试行）》（以下简称《证券法律业务执业规则》）等相关法律、行政法规、规章、规 范性文件及《深圳市豪鹏科技股份有限公司章程》（以下简称《公司章程》）的规定，就 本次会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结 果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特 ...

Market Performance - On July 16, A-shares saw a slight decline, with the Shanghai Composite Index down 0.03% to 3503.78 points, the Shenzhen Component Index down 0.22% to 10720.81 points, and the ChiNext Index down 0.22% to 2230.19 points [1] Fund Manager Changes - In the past 30 days (June 16 - July 16), 440 fund managers have left their positions, with 8 announcements made on July 16 alone. Reasons for departure include job changes and personal reasons [3] - Notable fund manager Li Yuanbo from Fortune Fund has managed assets totaling 3.298 billion yuan, with a highest return of 121.90% on the HSBC Jintrust Technology Pioneer Stock Fund during his tenure [3] New Fund Managers - New fund manager Gui Zhenghui from Bosera Fund manages assets totaling 7.143 billion yuan, with a highest return of 77.93% on the Bosera CSI 300 Index C Fund over a tenure of 9 years and 174 days [4] Fund Research Activity - Bosera Fund conducted the most company research in the past month, engaging with 41 listed companies, followed by Jiashi Fund and Huaxia Fund, each with 39 companies [6] - The automotive parts industry was the most researched sector, with 143 instances, followed by communication equipment with 141 instances [6] Individual Stock Research - In the past month, Lexin Technology was the most researched stock, with 95 fund management companies participating, followed by Zhongji Xuchuang and Taotao Automotive with 75 and 63 respectively [8] - In the past week (July 8 - July 15), Zhongji Xuchuang led with 29 fund institution inquiries, followed by Shengshi Technology and Kefu Medical with 27 and 26 respectively [7]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by improved operational efficiency and deepened partnerships with major clients [1][2]. Financial Performance Summary - For H1 2025, the company anticipates revenue between 2.68-2.8 billion, representing a year-on-year increase of 15.72% to 20.90%, with a median estimate of 2.74 billion, reflecting an 18.31% increase [1]. - The projected net profit attributable to shareholders is expected to be between 90-102 million, showing a year-on-year growth of 228.03% to 271.77%, with a median of 96 million, indicating a 249.90% increase [1]. - The expected net profit excluding non-recurring items is forecasted to be between 70-82 million, with a year-on-year increase of 308.80% to 378.88%, and a median of 76 million, reflecting a 343.84% increase [1]. - In Q2 2025, the company expects revenue of 1.455-1.575 billion, a year-on-year increase of 10.04% to 19.12%, and a quarter-on-quarter increase of 18.81% to 28.61%, with a median of 1.515 billion [1]. - The projected net profit for Q2 2025 is between 58-70 million, showing a year-on-year increase of 139.77% to 189.22%, and a quarter-on-quarter increase of 82.90% to 120.62%, with a median of 64 million [1]. - The expected net profit excluding non-recurring items for Q2 2025 is forecasted to be between 45-57 million, with a year-on-year increase of 135.33% to 198.23%, and a quarter-on-quarter increase of 78.83% to 126.62%, with a median of 51 million [1]. Operational Improvements - The company is enhancing profitability through deeper collaboration with strategic major clients, leading to increased market share and steady growth in core business shipments [2]. - The completion of capacity consolidation is resulting in shared resources and cost reductions, thereby improving operational efficiency [2]. - The optimization of the business structure, along with strong overseas demand for energy storage, has significantly increased the gross margin of energy storage cells [2]. Strategic Initiatives - The company is committed to an "ALL in AI" strategy, focusing on three major application scenarios [2]. - The launch of next-generation AI glasses in collaboration with leading international wearable brands is expected to support the introduction of millions of orders in 2025 [2]. - The company’s high-silicon anode fast-charging batteries have been integrated into flagship AI PC models for certain clients [2]. - The company plans to deliver AI companion robots and various robotic projects in the second half of the year, opening new markets in the robotics sector [2]. Investment Outlook - The company is projected to achieve net profits of 250 million, 384 million, and 492 million for the years 2025 to 2027, representing year-on-year growth of 174.1%, 53.6%, and 28.0% respectively [2]. - Corresponding EPS estimates are 3.10, 4.77, and 6.10 for the years 2025 to 2027 [2].

Core Viewpoint - The solid-state battery industry is experiencing accelerated industrialization driven by technological breakthroughs and increased investments from upstream and downstream companies, with significant growth potential anticipated in the coming years [1][2][3]. Industrialization Process Acceleration - The Wind solid-state battery concept index has risen by 10.36% since June 20, indicating strong market interest [1]. - Notable stock performances include Silicon Treasure Technology, which surged by 18.29%, reaching a new high of 24.67 CNY per share [1]. - Major battery manufacturers are advancing their solid-state battery projects, with CATL launching a 5GWh production line and Guoxuan High-Tech introducing its first-generation solid-state battery [1][2]. Policy and Industry Support - The Ministry of Industry and Information Technology has prioritized solid-state batteries in its 2025 standards work, aiming to establish a comprehensive standard system [2]. - Analysts predict that with increasing policy and industry support, the speed of solid-state battery mass production may exceed expectations [2]. Investment Opportunities in Material Sector - High-performance materials are expected to lead the industrialization of solid-state batteries, with a focus on reducing production costs [4]. - Analysts suggest seven key areas for investment, including lithium iron phosphate, structural components, anode materials, electrolytes, copper foil, ternary materials, and separators [4][5]. Market Growth Projections - The solid-state battery market is projected to reach 1GWh by 2027 and exceed 100GWh by 2030, indicating substantial growth potential [3]. - The industry is expected to benefit from new applications, particularly in humanoid robotics and other emerging sectors [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve rapid growth in H1 2025, with projected revenue between 2.68 billion to 2.80 billion yuan, representing a year-on-year increase of 16% to 21%. The net profit attributable to shareholders is expected to be between 90 million to 102 million yuan, showing a significant year-on-year growth of 228% to 272% [1][3] - The company's Q2 2025 performance indicates a continuous improvement in capacity utilization and profitability, driven by domestic consumption policies and strong demand in portable energy storage and overseas commercial sectors [2] - The company is actively investing in R&D, focusing on advanced technologies such as silicon anodes, steel shell stacking, and solid-state batteries, which positions it well for future growth [3] Summary by Sections Financial Performance - For H1 2025, the company anticipates revenue of 26.8-28.0 billion yuan, with a net profit of 0.90-1.02 billion yuan, and a non-GAAP net profit of 0.70-0.82 billion yuan, reflecting substantial growth rates [1] - In Q2 2025, the expected revenue is 14.55-15.75 billion yuan, with a net profit of 0.58-0.70 billion yuan, indicating a year-on-year growth of 142%-192% [1][2] Capacity Utilization and Market Demand - The company has seen a steady increase in capacity utilization in Q2 2025, supported by the domestic consumption electronics upgrade policy and strong demand in the portable energy storage market [2] - The company has successfully expanded its customer base in the AI sector, with applications in AI PCs, headphones, glasses, and toys, which is expected to drive revenue growth in H2 2025 [2] R&D and Technological Advancements - The company is prioritizing R&D investments in key areas such as high-voltage cathode materials and solid-state battery technologies, which are crucial for enhancing product safety and performance [3] - The company has completed validation of high-safety solid-state batteries and is actively engaging with clients for prototype designs and sample testing [3]

Core Viewpoint - The company has launched a new generation of "soft armor solid-state" products, which have already received bulk orders from leading mobile power customers, indicating strong market demand and potential for higher pricing due to stringent safety requirements [1] Group 1: Product Development - The new "soft armor solid-state" product is a result of the company's years of investment and accumulation in battery safety [1] - The product is expected to be widely applied in various scenarios that require extreme safety standards [1] Group 2: Market Impact - High technical specifications of the new product will support the company in achieving higher premiums [1] - The advancement of the company's semi-solid technology is anticipated to accelerate penetration across various application fields [1]

Group 1: Business Performance and Strategy - The company reported solid and stable operations in the first half of 2025, with core business growth meeting expectations and promising developments in AI+ edge-side new businesses, which are expected to drive future growth [3] - The company is focusing on four core R&D directions: high voltage positive materials, silicon-based negative materials, innovative stacked steel shell technology, and solid/semisolid battery technology, aiming to enhance battery energy density, cycle life, and safety [3][4] - The company has successfully integrated and upgraded its Tonghu Lake production base, enhancing its efficient production capabilities to meet the explosive demand from international top brand clients [3] Group 2: Market Opportunities and Product Development - The company anticipates a surge in demand for AI+ edge-side batteries in the second half of 2025, with significant opportunities in three application scenarios: AI glasses, AI PCs, and AI companion robots [5] - The AI penetration rate in PC products is leading, with other AI+ edge-side products set to begin trial and mass production in the second half of 2025 [5] - The company has established a differentiated competitive advantage in the consumer battery sector, leveraging its deep experience and forward-looking layout in the AI+ edge-side trend [4] Group 3: Financial Outlook and Profitability - The increase in AI+ edge-side product share is expected to reshape the company's profitability model, with new application scenarios and technological upgrades driving price increases [7] - The company’s previous R&D investments are entering a harvest phase, with new materials and processes supporting product performance and creating scale efficiencies [7] - The company aims to optimize its overall profitability structure through a positive cycle of technological breakthroughs, premium capabilities, and capacity collaboration [7] Group 4: Product Structure and Innovation - The product structure is evolving along the path of solidifying the core business, strategic upgrades, and nurturing new forces, with notebook batteries remaining a key area due to strong demand [8] - The smart wearable business is expected to grow significantly, driven by the mass production of AI glasses, AI hearing aids, and AI headphones [8] - Emerging directions such as gaming consoles, AI toys, and companion robots, while currently having a smaller revenue base, show strong growth potential [8] Group 5: Employee Incentives and Market Resilience - The employee stock ownership plan targets key personnel in R&D, manufacturing, sales, and management, with performance assessments linked to company growth and strategic project execution [10] - The company has a diversified customer base across Europe, North America, and Asia, reducing reliance on any single market and enhancing risk resilience [12] - The establishment of overseas production bases aims to improve supply chain resilience and meet global brand clients' shipping needs [12]

Group 1 - The Chinese government emphasizes the need for Shanxi to implement strategies for ecological protection and high-quality development in the Yellow River basin [1] - The State Council Premier Li Qiang reassures that the Chinese economy can withstand external shocks and will support overseas Chinese enterprises [2] - The Ministry of Foreign Affairs reiterates China's stance against protectionism and trade wars, stating that there are no winners in such conflicts [3] Group 2 - In June, the retail sales of passenger cars in China reached 2.11 million units, a year-on-year increase of 18.6%, with new energy vehicles accounting for 1.111 million units, up 29.7% [6] - Changan Group is preparing for a restructuring, with a plan to be finalized in August [7] - Hunan province discovers a significant lithium ore deposit of 490 million tons, with lithium oxide resources amounting to 131,000 tons [9] - Northern Rare Earth reports a recovery in export orders for rare earth products and maintains a positive outlook on future price trends [10] - Several companies, including Shengnong Development and Juhua Co., expect substantial increases in net profits for the first half of the year, with projections ranging from 733% to 2034% [12]

Group 1 - US stock market showed mixed results with Dow Jones down 0.37%, Nasdaq up 0.03%, and S&P 500 down 0.07% [1] - Tesla rebounded by 1.32% and Nvidia increased by 1.12%, both reaching new highs [1] - Meta Platforms and Apple saw increases of up to 0.32%, while Microsoft decreased by 0.22% and Google A dropped by 1.37% [1] Group 2 - Trump seeks to tighten clean energy tax regulations, leading to a decline in solar stocks, with SunRun falling over 11% [2] - Trump announced a 50% tariff on copper and a 200% tariff on pharmaceuticals, resulting in the largest increase in copper futures since 1968 [2] Group 3 - Meta invested $3.5 billion in EssilorLuxottica to advance its AI glasses strategy [3] Group 4 - SpaceX, owned by Musk, achieved a valuation of approximately $400 billion during a stock sale [4][11] Group 5 - Hugging Face released an open-source top model featuring dual-mode reasoning and 128K context, marking a significant advancement in AI [5] Group 6 - The 2025 Esports World Cup will be held in Riyadh, Saudi Arabia, with a total prize pool exceeding $70 million [6] Group 7 - Germany warned that the EU is prepared to retaliate if a fair trade agreement cannot be reached [7] Group 8 - Morgan Stanley predicts TSMC will continue to exceed expectations in Q2, with strong advanced process orders, although the appreciation of the New Taiwan Dollar may pose profitability challenges [8] Group 9 - The Chinese government is promoting the application of new technologies like AI in public services, as outlined in a recent policy document [9] Group 10 - Pacific Securities noted that multiple indices broke through their consolidation ranges, indicating a strong short-term market trend [10] - Everbright Securities suggested that if the Shanghai Composite Index surpasses 3500 points, it could further boost market confidence and attract more capital [10] Group 11 - Shentong Express partnered with Cainiao to accelerate the application of unmanned delivery vehicles, aiming to deploy 2000 unmanned vehicles by the end of the year [12] - Guohai Securities highlighted that the development of regulations for unmanned vehicles is paving the way for the logistics industry's standardization [12] Group 12 - The National Development and Reform Commission and six other departments released a plan to enhance the childcare service system, projecting the market size for childcare services in China to reach 151.81 billion yuan by 2024 [16]