二〇二五年十二月 北京市中伦律师事务所 关于贵州航天电器股份有限公司 2025 年第四次临时股东大会的 法律意见书 北京市中伦律师事务所 关于贵州航天电器股份有限公司 2025 年第四次临时股东大会的 法律意见书 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 1 法律意见书 3．本所律师已经按照《股东大会规则》的要求，对公司本次会议所涉及的 相关事项进行了必要的核查和验证，所发表的结论性意见合法、准确，不存在虚 假记载、误导性陈述或者重大遗漏； 4．本法律意见书仅供公司本次会议之目的使用，不得用作任何其他用途。 本所律师同意将本法律意见书随公司本次会议决议一起予以公告。 致：贵州航天电器股份有限公司（以下简称"公司"） 北京市中伦律师事务所（以下简称"本所"）接受公司的委托，指派律师出 席并见证公司2025年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].

Group 1 - The company, Aerospace Electric, announced the convening of its 13th temporary board meeting on December 5, 2025, to discuss the proposal for the fifth temporary shareholders' meeting of 2025 [1] - For the first half of 2025, the company's revenue composition shows that the electronic components industry accounts for 98.21%, while other businesses account for 1.79% [1] - As of the report date, Aerospace Electric has a market capitalization of 20.5 billion yuan [1]

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

Core Viewpoint - The company aims to enhance its core competitiveness in high-speed interconnection and liquid cooling interconnection fields through strategic investments and capacity expansion [1] Group 1: Strategic Initiatives - The company is accelerating the implementation of its "Big Interconnection" strategy and industrial development layout [1] - The investment of 57.25 million yuan is approved for the construction of production capacity for high-speed modules and liquid cooling interconnection products [1] Group 2: Capacity Expansion - The project will add a production capacity of 1,005,600 units per year for high-speed modules and liquid cooling interconnection products [1] - This capacity expansion is aimed at meeting market order demands and seizing opportunities in the emerging AI supercomputing industry [1]

Core Viewpoint - Aerospace Electric (002025.SZ) is accelerating its "Big Interconnection" strategy and industrial development layout by enhancing the core competitiveness of its subsidiary Suzhou Huazhan in high-speed interconnection and liquid cooling interconnection fields [1] Group 1 - The company aims to address production capacity challenges faced by Suzhou Huazhan in high-speed modules and liquid cooling interconnection products due to insufficient equipment production lines [1] - The company is seizing opportunities in the emerging fields of trusted computing and AI supercomputing to further expand its market share [1] - On December 5, 2025, the company held the 13th temporary meeting of the 8th Board of Directors to approve an investment of 57.25 million yuan in the construction project for high-speed modules and liquid cooling interconnection product production capacity [1]

Core Viewpoint - The company aims to enhance its core competitiveness in high-speed interconnection and liquid cooling interconnection fields through strategic investments and capacity expansion [1] Group 1: Strategic Initiatives - The company is accelerating the implementation of its "Big Interconnection" strategy to improve its industrial development layout [1] - The investment of 57.25 million yuan is approved for the construction of production capacity for high-speed modules and liquid cooling interconnection products [1] Group 2: Market Opportunities - The company seeks to capitalize on the development opportunities in the trust innovation and AI supercomputing industries to further expand its market share [1] - The initiative is expected to address production capacity challenges faced by its subsidiary, Suzhou Huazhan [1]

证券代码：002025 证券简称：航天电器 公告编号：2025-71 贵州航天电器股份有限公司 第八届董事会 2025 年第十三次临时会议决议公告 公司控股子公司苏州华旃投资高速模组及液冷互连产品生产能力建设项目的具体 情况，详见 2025 年 12 月 6 日刊登在《证券时报》《中国证券报》和巨潮资讯网上的《关 于控股子公司苏州华旃航天电器有限公司投资高速模组及液冷互连产品生产能力建设 项目的公告》。 二、以 9 票同意，0 票反对，0 票弃权的表决结果通过《关于向银行申请综合授信 额度的议案》 为满足公司生产经营、业务发展资金需求。经审议，董事会同意公司（含控股子公 司）向交通银行股份有限公司、招商银行股份有限公司、中国进出口银行、中信银行股 份有限公司、中国工商银行股份有限公司、国家开发银行、中国银行股份有限公司、中 国光大银行股份有限公司、中国农业银行股份有限公司等金融机构申请总额不超过人民 币43.00亿元的综合授信额度，授信期限不超过2年，授信额度使用范围包括不限于流动 １ 资金贷款、银行承兑汇票、票据贴现、保理、保函、开立信用证等业务。上述授信额度 最终以各家银行实际审批的授信额度为准，具体融资 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-72 贵州航天电器股份有限公司 关于控股子公司苏州华旃航天电器有限公司投资高速模组及液冷 互连产品生产能力建设项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 二、投资主体基本情况 1.实施主体：苏州华旃航天电器有限公司 2.统一社会信用代码：913205057833573711 3.企业类型：其他有限责任公司 1 4.住 所：江苏省苏州高新区嵩山路 268 号 一、投资项目概述 贵州航天电器股份有限公司（以下简称"公司"）控股子公司苏州华旃航天 电器有限公司（以下简称"苏州华旃"）主要从事电子元器件及仪器、电缆组装 件等的研发、生产和销售，产品广泛应用于通讯、数据中心、能源装备、防务等 领域。 为加快落实公司"大互连"战略部署和产业发展布局，持续提升苏州华旃在 高速互连、液冷互连领域的核心竞争力，解决苏州华旃高速模组及液冷互连产品 生产能力提升面临的设备产线不足等事项，抢抓信创及 AI 超算产业发展机遇， 进一步扩大市场份额，助推公司高端互连产业发展。2025 年 12 月 5 日，公 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-73 贵州航天电器股份有限公司 关于向银行申请综合授信额度的公告 1 | | | 授信额度使用范围包括不限于流动资金贷款、银行承兑汇票、票 据贴现、保理、保函、开立信用证等业务。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 2025年12月5日，贵州航天电器股份有限公司（以下简称"公司"） 召开第八届董事会2025年第十三次临时会议审议通过《关于向银行申 请综合授信额度的议案》，经审议，董事会同意公司（含控股子公司） 向交通银行股份有限公司、招商银行股份有限公司、中国进出口银行、 中信银行股份有限公司、中国工商银行股份有限公司、国家开发银行、 中国银行股份有限公司、中国光大银行股份有限公司和中国农业银行 股份有限公司等金融机构申请总额不超过人民币43.00亿元的综合授 信额度，授信期限不超过2年，用于满足公司生产经营、业务发展资 金需求。 | 序号 | 授信银行名称 | 拟申请综合授信额度（亿元） | | --- | --- | --- | | 1 | 交通银行股份有限公司 | 16.00 | ...