国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关 于 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7、8 层（210036） 5,7,8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86-25-89660900 传真/Fax: + 86-25-89660966 网址/Website:http://www.grandall.com.cn 2025 年 5 月 国浩律师（南京）事务所 法律意见书 焦点科技股份有限公司 2025 年第一次临时股东会 之 国浩律师（南京）事务所 法律意见书 上述会议的时间、地点及其他事项与会议通知披露的一致。经本所律师核查， 本次会议的召集、召开程序符合相关法律、法规、《股东会规则》及《公司章程》 的规定。 国浩律师（南京）事务所 关于焦点科技股份有限公司 2025 年第一次临时股东会之法律意见书 致：焦点科技股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证券监督 管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）的规定， ...

内容概要：随着人们生活品质的提升，对家居电器的便捷性和高效性提出了更高要求。即热式热水器凭 借即开即热、节省空间、节能高效等突出优势，在市场上的关注度与日俱增。但受经济下行、房地产市 场萎缩等因素影响，2019-2022年即热电热水器零售额呈现下降状态，随后2023年市场需求逐步释放， 即热电热水器零售额有所回升。到了2024年，中国即热电热水器市场迎来发展契机，在全球倡导绿色发 展的大环境下，我国 "双碳" 目标稳步推进，为即热电热水器行业的发展指明了方向。与此同时，以旧 换新政策落地实施，这一举措极大地激发了市场的潜在需求，推动着行业的发展。即热电热水器零售额 达到11.8亿元，同比上涨1.29%。 相关上市企业：苏泊尔（002032）、海尔智家（600690）、美的集团（000333）、格力电器 （000651）、万和电气（002543）、华帝股份（002035）、阿里巴巴-W（09988）、京东集团-SW （09618）、拼多多（PDD）、焦点科技（002315）等。 相关企业：奥特朗电器(广州)有限公司、广东汉诺威电器有限公司、北京飞宇电器有限公司、法罗力热 能设备(中国)有限公司、上海约普电器制造 ...

本周76股获机构扎堆关注。 据证券时报·数据宝统计，本周（5月12日~16日），55家机构合计进行684次评级，共计541股被券商研报给予"买入型"评级（包括买入、增持、强烈推 荐、推荐）。 合计来看，共23股获3家及以上机构重点关注。机构关注度最高的是鼎捷数智，有5家机构评级；中芯国际、中国化学等5股有4家机构评级。 评级机构家数3家及以上的个股中，汽车股上榜数量最多，共6只。本周汽车板块表现强势，近日国家强制标准《轻型汽车自动紧急制动系统技术要求及试 验方法》完成起草，AEBS将强制安装（详见《强制安装！汽车新规来了，曾引爆大佬口水战，产业链公司曝光》），周五汽车行业指数大涨1.91%，逾 10股涨停。通信、机械设备行业紧随其后，分别有3只个股上榜。 23股获机构上调评级 14股最高上涨空间超60% | | | | 本周(5月12日~16日) 评级机构家数居前的个股 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 评级家数 | 息市值 (亿元) | 5月以来 涨跌幅 | 行业 | | | | | | (%) | | | 300378 | 鼎捷 ...

证券代码：002315 证券简称：焦点科技 公告编号：2025-020 焦点科技股份有限公司 董事会薪酬与考核委员会、监事会 关于公司 2025 年股票期权激励计划首次授予激励对 象名单的公示情况及核查意见的说明 二、核查意见 根据《管理办法》的规定，董事会薪酬与考核委员会、监事会结合公司对拟 激励对象名单及职务的公示情况，发表核查意见如下： 所确定的激励对象相符。 公司（含控股子公司）任职的董事、高级管理人员、核心管理人员及技术（业 务）骨干。 （1）最近12个月内被证券交易所认定为不适当人选； 本公司及董事会薪酬与考核委员会、监事会全体成员保证信息披 露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相关 规定，焦点科技股份有限公司（以下简称"公司"或"本公司"）对2025年股 票期权激励计划（以下简称"本次激励计划"）首次授予激励对象的姓名和职 务在公司内部进行了公示。根据《管理办法》和《公司章程》的规定，公司董 事会薪酬与考核委员会、监事会结合公示情况对《公司2025年股票期权激励计 划（草案）》拟授予的激励对象名单进行了核查 ...

焦点科技股份有限公司 董事会薪酬与考核委员会、监事会 关于公司 2025 年股票期权激励计划首次授予激励对 象名单的公示情况及核查意见的说明 本公司及董事会薪酬与考核委员会、监事会全体成员保证信息披 露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相关 规定，焦点科技股份有限公司（以下简称"公司"或"本公司"）对2025年股 票期权激励计划（以下简称"本次激励计划"）首次授予激励对象的姓名和职 务在公司内部进行了公示。根据《管理办法》和《公司章程》的规定，公司董 事会薪酬与考核委员会、监事会结合公示情况对《公司2025年股票期权激励计 划（草案）》拟授予的激励对象名单进行了核查，相关公示情况及核查意见如 下： | | | 一、公示情况及核查方式 1、公司对激励对象的公示情况 公司除在巨潮资讯网（www.cninfo.com.cn）上公告了《公司2025年股票期 权激励计划（草案）》及其摘要、《公司2025年股票期权激励计划实施考核管 理办法》及《公司2025年股票期权激励计划首次授予的激励对象名单》外，于 2025年4月30日通过公 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Insights - The company's performance during the "2025 Super Overseas Season" was impressive, with a 52% year-on-year increase in traffic on the MIC International Station [7]. - During the event, inquiry and order volumes grew by nearly 30%, indicating sustained international market reliance on the Chinese supply chain [7]. - Key product categories such as manufacturing machinery, transportation equipment, and building materials saw significant demand, while light industrial products also gained popularity [7]. - Emerging markets like Latin America, the Middle East, South Asia, Africa, and Europe experienced substantial traffic growth, with Latin America seeing an 89% increase [7]. - The company is innovating its business model through live streaming and overseas KOL empowerment, enhancing its service with multi-language support [7]. Financial Performance - In Q1 2025, the company reported cash receipts from sales of goods amounting to 433 million yuan, a year-on-year increase of 23.4% [10]. - Revenue reached 440 million yuan, up 15.3% year-on-year, while net profit attributable to the parent company was 112 million yuan, reflecting a 45.9% increase [10]. - The gross margin stood at 80.5%, an increase of 1.5 percentage points year-on-year, and the net profit margin was 24.5%, up 6.9 percentage points [10]. - The company plans to achieve net profit growth of no less than 20%, 40%, and 60% from 2025 to 2027 [10]. Revenue and Profit Forecast - The company is projected to generate revenues of 1.918 billion yuan, 2.206 billion yuan, and 2.531 billion yuan from 2025 to 2027, respectively, with corresponding net profits of 549 million yuan, 639 million yuan, and 731 million yuan [9][10]. - The expected P/E ratios for the same period are 24.74, 21.24, and 18.56, indicating a favorable valuation trend [9][10].

Investment Rating - The investment rating for Focus Technology is maintained as BUY with a target price of RMB 51.77, indicating a potential upside of 24% from the closing price of RMB 41.82 as of May 9, 2025 [1][8]. Core Insights - Focus Technology reported a significant year-on-year increase in 1Q25 revenue and net profit, with revenue reaching RMB 441 million, attributable net profit at RMB 112 million, and recurring net profit at RMB 109 million, reflecting growth rates of 15.40%, 45.94%, and 49.37% respectively [1]. - The company's organizational restructuring and optimized traffic strategies have begun to show positive results, contributing to improved performance and revenue growth [2]. - The AI Mike membership has surpassed 11,000, indicating a strong uptake of AI services, which enhances the competitiveness of SMEs in foreign trade [3]. - The gross profit margin improved to 80.49%, with reductions in expense ratios across sales, administrative, and R&D costs, suggesting operational efficiency [4]. - Despite a robust increase in net profit, the company remains cautious about external factors such as China-US tariffs, maintaining its net profit forecasts for 2025, 2026, and 2027 at RMB 550 million, RMB 650 million, and RMB 750 million respectively [5]. Financial Performance - In 1Q25, the company achieved a gross profit margin of 80.49%, up 1.46 percentage points year-on-year, while the sales, administrative, and R&D expense ratios decreased, indicating improved operational leverage [4]. - The revenue forecast for the upcoming years shows a steady growth trajectory, with expected revenues of RMB 1,918 million in 2025, RMB 2,167 million in 2026, and RMB 2,431 million in 2027, reflecting growth rates of 14.90%, 13.03%, and 12.15% respectively [12]. - The net profit is projected to grow from RMB 547.08 million in 2025 to RMB 749.50 million in 2027, with corresponding growth rates of 21.25% and 15.30% [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market with an expected upside of 22% based on a target price of 52.2 CNY [6]. Core Insights - The company has announced a stock incentive plan, which reflects confidence in future growth over the next three years, targeting a compound annual growth rate (CAGR) of nearly 20% for net profit [6]. - The easing of tariff uncertainties between China and the U.S. is expected to positively impact the company's cross-border e-commerce business, alongside its expansion into emerging markets [6]. - The AI business is showing promising growth, with the AI assistant "Mai Ke" achieving a penetration rate of approximately 39% and contributing significantly to revenue [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,669 million CNY in 2024 to 2,560 million CNY by 2027, with a compound annual growth rate of 16% [2]. - The net profit attributable to the parent company is expected to increase from 451 million CNY in 2024 to 804 million CNY in 2027, reflecting a growth rate of 20.1% [2]. - The earnings per share (EPS) is forecasted to rise from 1.42 CNY in 2024 to 2.49 CNY in 2027 [2]. Market Data - As of May 12, 2025, the closing price of the stock was 42.79 CNY, with a market capitalization of 8,645 million CNY [3]. - The stock has a price-to-earnings (P/E) ratio of 30 for 2024, decreasing to 17 by 2027, indicating a favorable valuation trend [2][3]. Business Performance Indicators - The number of paid merchants on the company's platform, China Manufacturing Network, has shown steady growth, reaching 28,118 in Q1 2025, with a year-over-year increase of 3,100 [6]. - The company's contract liabilities stood at 1.08 billion CNY in Q1 2025, reflecting a year-over-year growth of 22.4% [6].

Investment Rating - The industry investment rating is "Positive" for the internet media sector, indicating an expectation of outperformance compared to the overall market [3]. Core Insights - The report highlights that the Q1 2025 performance of the A-share media sector, particularly in gaming, showed a significant year-on-year net profit growth of 38.6%. Companies like KeYing Network, Giant Network, and G-bits exceeded expectations, while Perfect World and Iceberg Network met high growth forecasts. The introduction of new products is expected to drive continued performance improvement in Q2 and the second half of the year [3]. - The report emphasizes the ongoing advancements in AI gaming, with several key startups entering the testing phase for native AI games. The film sector is noted for its cautious outlook on Q1 box office performance, but there is optimism regarding content companies' proactive IP management and animation film strategies [3]. - The report also mentions the resilience of advertising companies like Focus Media, anticipating improved bargaining power post-industry consolidation [3]. Summary by Sections Gaming Sector - Q1 2025 saw many companies in the gaming sector outperform expectations, with notable growth from KeYing Network, Giant Network, and G-bits. The overall gaming revenue is projected to grow by 9% in 2025 and 8% in 2026 [5]. - The introduction of AI in gaming is expected to mark a turning point in cost efficiency, with several AI games nearing launch [3]. Film and Content - The film sector's Q1 box office performance is expected to be disappointing, but companies are actively investing in IP operations and animation films, with significant growth seen in companies like Shanghai Film and Guomai Culture [3]. - The report indicates a 201% year-on-year growth in net profit for Shanghai Film, highlighting the potential in the animation film sector [5]. Advertising Sector - Focus Media is noted for its resilience, with a projected revenue growth of 10% in 2025 and 7% in 2026. The company is expected to enhance its bargaining power following industry consolidation [5]. AI and Cloud Computing - The report underscores the strong performance of several AI and cloud computing companies in the US, with Microsoft Azure and Meta exceeding expectations. The domestic market is also seeing advancements, particularly with Alibaba's Qwen3 model [3]. - The anticipated release of various AI products in Q2 is expected to further drive growth in this sector [3].

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]