北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于上海汉钟精机股份有限公司 2024 年度股东会的 法律意见书 国枫律股字[2025]A0280 号 致：上海汉钟精机股份有限公司（贵公司） 北京国枫律师事务所（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 2024 年度股东会（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《上海汉钟精机股份有限公司章程》（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 ...

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion CNY, a decrease of 4.62% year-on-year, with a net profit attributable to shareholders of 863 million CNY, down 0.28% [3] - For Q1 2025, revenue was 606 million CNY, reflecting a year-on-year decline of 19.09%, and net profit attributable to shareholders was 118 million CNY, down 19.58% [3] - Basic earnings per share for Q1 2025 was 0.22 CNY, a decrease of 19.58% compared to the previous year [3] Group 2: Product Overview - The company's main business is divided into two core segments: compressors and vacuum pumps, with compressors further categorized into refrigeration and air compression products [3] - Refrigeration products include commercial central air conditioning compressors, freezing and refrigeration compressors, and heat pump compressors, catering to diverse customer needs in temperature control [3] - Air compressors are essential in various industries, including engineering machinery, pharmaceuticals, electronics, and mining, ensuring efficient production processes [4] Group 3: Market Strategy - The company is expanding its market presence in oil-free air compressors, which are crucial for industries requiring high air quality, such as food, biomedicine, and electronics [4] - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and chemical manufacturing [4] - The company anticipates a revenue of 3.301 billion CNY and a net profit of 692 million CNY for the fiscal year 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.674 billion yuan in 2024, a decrease of 4.62% year-on-year, with a net profit attributable to shareholders of 863 million yuan, down 0.28% [4][5] - The compressor business showed steady growth, generating 2.030 billion yuan in revenue, accounting for 55.26% of total revenue, with a year-on-year increase of 4.31% [5] - The vacuum pump segment faced short-term pressure, with revenue of 1.346 billion yuan, a decline of 18.04% year-on-year, primarily due to overcapacity in the photovoltaic industry [5] - The company is focusing on R&D innovation to capture opportunities in the data center sector and is expanding its international market presence, with overseas revenue reaching 706 million yuan, an increase of 8.32% [6] Financial Performance Summary - In 2024, the company achieved a net operating cash flow of 112 million yuan, a significant decrease of 85.50% [4] - The forecast for revenue from 2025 to 2027 is 3.484 billion yuan, 3.568 billion yuan, and 3.774 billion yuan respectively, with net profit projections of 762 million yuan, 812 million yuan, and 893 million yuan [7] - The diluted EPS for 2025, 2026, and 2027 is projected to be 1.42 yuan, 1.52 yuan, and 1.67 yuan respectively, with corresponding P/E ratios of 12.89, 12.09, and 10.99 [7][9]

Core Viewpoint - The company, Hanzhong Precision Machinery, reported a decline in revenue and net profit for 2024 and the first quarter of 2025, with expectations of further declines in 2025 due to market conditions and potential trade environment impacts. Financial Performance - In 2024, the company achieved a revenue of 3.674 billion yuan, a year-on-year decrease of 4.62%, and a net profit of 863 million yuan, a year-on-year decrease of 0.28% [2] - For the first quarter of 2025, the revenue was 606 million yuan, a year-on-year decrease of 19.09%, and the net profit was 118 million yuan, a year-on-year decrease of 19.58% [3] - The company expects a revenue of 3.301 billion yuan for 2025, a year-on-year decrease of 10.15%, and a net profit of 692 million yuan, a year-on-year decrease of 19.81% [8] Business Segments - The company's main business is divided into two core segments: compressors and vacuum pumps, with compressors further segmented into refrigeration and air compression products [4] - Refrigeration products include commercial central air conditioning compressors, freezing and refrigeration compressors, and heat pump compressors, widely used in commercial buildings and food cold chain [5] - The company's screw and centrifugal compressors are applicable in data centers [6] - Air compression products are essential in various industries, including engineering machinery, pharmaceuticals, chemicals, and electronics, with a focus on expanding the oil-free air compressor market [7] - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [8] Market Outlook - The company has a low market share in the U.S., and current U.S.-China tariffs have minimal direct impact, but future trade tensions may adversely affect export business [8]

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion CNY, a decrease of 4.62% year-on-year [3] - The net profit attributable to shareholders for 2024 was 863 million CNY, down 0.28% year-on-year [3] - Basic earnings per share for 2024 were 1.61 CNY, a decline of 0.28% year-on-year [3] - The weighted average return on equity for 2024 was 21.80%, a decrease of 4.01% year-on-year [3] - In Q1 2025, revenue was 606 million CNY, down 19.09% year-on-year [3] - The net profit attributable to shareholders in Q1 2025 was 118 million CNY, a decrease of 19.58% year-on-year [3] - Basic earnings per share in Q1 2025 were 0.22 CNY, down 19.58% year-on-year [3] - The weighted average return on equity in Q1 2025 was 2.75%, a decrease of 1.12% year-on-year [3] Group 2: Product Overview - The company's main business is divided into two core segments: compressors and vacuum pumps [3][4] - Refrigeration products include commercial central air conditioning compressors, frozen and refrigerated compressors, and heat pump compressors [3] - Air compressors are essential in various industries, including engineering machinery, pharmaceuticals, electronics, and mining [4] - The company is expanding into oil-free air compressor markets, targeting industries with high air quality requirements [4] - Vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and chemical manufacturing [4] Group 3: Future Projections - The company projects a revenue of 3.301 billion CNY for 2025, a decrease of 10.15% year-on-year [4] - The net profit forecast for 2025 is 692 million CNY, down 19.81% year-on-year [4] - The company's performance in the U.S. market is currently low, with minimal direct impact from U.S.-China tariffs [4] - Future trade tensions may adversely affect export business [4]

Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The domestic semiconductor equipment manufacturers are accelerating their platform layout, and the process of domestic substitution for components is speeding up. The report emphasizes the increasing demand for semiconductor equipment and components driven by the expansion of advanced logic and memory manufacturers [2][3]. - The report recommends focusing on key players in the semiconductor equipment sector, particularly those involved in platformization and low domestic substitution rates [2][3]. Summary by Sections Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. Investment Recommendations - The report recommends focusing on key players in the semiconductor equipment sector, including platformization equipment manufacturers and those with low domestic substitution rates [2][3].

Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The report emphasizes the trend of domestic substitution in semiconductor equipment and components, driven by the expansion of advanced logic and memory manufacturers, as well as the increasing demand for domestic equipment [2][3]. Summary by Sections 1. Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with total revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. 2. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The total net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. 3. Investment Recommendations - The report recommends focusing on platform-based equipment manufacturers such as North China Huachuang and Zhongwei Company, as well as component manufacturers like Xinlai and Fuchuang Precision [2][3].

Group 1: Company Performance and Financial Outlook - The company expects a revenue of 3.301 billion CNY and a net profit of 692 million CNY for 2025, indicating a decline compared to 2024 [6][23]. - In 2024, the company reported a revenue of 3.674 billion CNY and a net profit of 863 million CNY [6][23]. - The decline in performance is attributed to the overall market environment and the downturn in the photovoltaic industry affecting the vacuum pump segment [23][21]. Group 2: Product Development and Market Strategy - The company is focusing on developing refrigeration products towards heat pumps and high-efficiency variable frequency compressors, while air compression products are moving towards oil-free options [4][30]. - The company has achieved full localization of magnetic suspension technology, eliminating risks associated with supply chain disruptions [3][4]. - The semiconductor vacuum pump technology is at par with international standards, with ongoing collaborations with major semiconductor companies [4][30]. Group 3: Market Challenges and Risk Management - The company faces challenges from industry cycles, raw material price fluctuations, and tariff policies, which have been disclosed in the 2024 annual report [7][23]. - Accounts receivable turnover days have exceeded 85 days for three consecutive years, raising concerns about potential delays in payments from semiconductor clients [6][3]. - The company is actively managing credit risks through enhanced accounts receivable management and collection policies [3][6]. Group 4: Investor Relations and Market Perception - The company is committed to improving long-term investment value through stable operations, compliance disclosures, and investor relations activities [6][26]. - The stock price has been under pressure, and the company is monitoring market dynamics closely [12][26]. - There are no current plans for stock buybacks, despite having sufficient cash reserves [32][26].

Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion yuan, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, down 0.28% year-on-year [1] - The gross margin and net margin for 2024 were 38.31% and 23.53%, reflecting a year-on-year change of -2.01 and +1.02 percentage points respectively [1] - In Q4 2024, the company achieved a revenue of 818 million yuan, a decline of 13.57% year-on-year, and a net profit of 141 million yuan, down 23.74% year-on-year [1] Group 2: Business Segments - The compressor business showed resilience, with revenue reaching 2.030 billion yuan in 2024, an increase of 4.31% year-on-year, although the gross margin decreased by 0.74 percentage points to 33.09% [1] - The commercial central air conditioning market faced downward fluctuations due to real estate impacts, but the company is expanding its market share through new model development and upgrades, which is expected to sustain growth in the refrigeration compressor segment [2] - The vacuum pump business faced challenges, with revenue of 1.346 billion yuan in 2024, down 18.04% year-on-year, primarily due to a downturn in the photovoltaic industry [2] Group 3: Future Outlook - The company is focusing on the domestic substitution of semiconductor vacuum pumps, which have gained recognition from several domestic wafer fabs and equipment manufacturers, indicating potential growth opportunities [2] - The company aims to enhance its competitiveness in the air compressor market by launching high-end products, particularly oil-free compressors, which have significant domestic replacement potential [2]

Group 1 - The air energy heat pump concept increased by 2.76%, ranking 9th among concept sectors, with 44 stocks rising, including Xinlei Co., which hit a 20% limit up [1] - Notable gainers in the air energy heat pump sector include Hanzhong Precision and Ice Wheel Environment, both reaching the limit up, while Ruide Intelligent and Baosi Co. saw increases of 10.98% and 5.94% respectively [1][2] - The sector experienced a net inflow of 183 million yuan from main funds, with 26 stocks receiving net inflows, and Ice Wheel Environment leading with a net inflow of 135 million yuan [2][3] Group 2 - Hanzhong Precision had the highest net inflow rate at 36.85%, followed by ST Yishite and Ice Wheel Environment with rates of 19.38% and 18.34% respectively [3] - The top stocks in terms of main fund inflow include Ice Wheel Environment, Hanzhong Precision, and Xinlei Co., with respective inflows of 135 million yuan, 112 million yuan, and 38.4 million yuan [3][4] - Stocks with significant declines include Wanhe Electric, Taifu Pump, and Hisense Home Appliances, with decreases of 0.52%, 0.38%, and 0.04% respectively [1][5]