Group 1 - The global aluminum profile industry has evolved from initial industrial applications to multiple high-tech and traditional fields [1] - Guinea holds the largest aluminum ore reserves globally, accounting for 25.52% of total reserves [2] - Guinea, Australia, and China each contribute over 20% to global aluminum ore production, with respective shares of 28.99%, 22.22%, and 20.67% [5] Group 2 - The total global aluminum profile production is projected to be approximately 39.18 million tons in 2024, with China accounting for 50%-55% of this total [7] - There is an increasing demand for lightweight aluminum profiles, particularly in the automotive and aerospace sectors, driven by technological innovations and the rapid development of industries such as new energy vehicles and photovoltaics [9]

Investment Rating - The report maintains a "Most Preferred" rating for several companies in the APAC Tech sector, including TSMC, SK Hynix, and Samsung Electronics, all rated as "Buy" [11][12]. Core Views - The report highlights the significant impact of tariff outcomes on end-demand, indicating that while the effect is material, the exact degree is difficult to quantify [9]. - AI demand is confirmed to be on track, with Nvidia's supply chain accelerating [9]. - A weakening memory cycle is anticipated, with expectations of oversupply for NAND and DDR DRAM from Q3 2025 to Q2 2026 [9]. Summary by Sections Market Overview - The smartphone unit growth forecast has been lowered to flat YoY for 2025-2026, while PC growth is expected at +2% for both years [10]. - The report forecasts that the 3MMA YoY semiconductor revenue growth peaked in April 2025, with the next trough expected in Q2 2026 [10]. Key Stock Coverage - Top picks include TSMC and SK Hynix, both rated "Buy," with price targets indicating significant upside potential [11]. - Other recommended stocks include Samsung Electronics, SEMCO, and LG Innotek, all with favorable ratings and price targets suggesting substantial upside [12]. Sector Preferences - The report categorizes APAC Tech stocks into "Most Preferred" and "Least Preferred," with a clear bias towards value stocks in the technology sector [12]. - The report indicates an overweight position in leading-edge foundries and memory semiconductors, while being underweight in back-end equipment and displays [12]. Model Portfolio Performance - The "Most Preferred" portfolio has shown a year-to-date return of -8.5%, while the "Least Preferred" portfolio has returned 9.0% [13]. - Overall, the portfolio has achieved a significant return since inception, indicating strong long-term performance despite recent volatility [13].

部分股票期权注销完成的公告 证券代码：002540 证券简称：亚太科技 公告编号：2025-048 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司 关于第一期股票期权和限制性股票激励计划 本次注销部分股票期权事项，符合《管理办法》等相关法律法规、本激励计 划的规定及公司 2023 年第三次临时股东大会的授权，已履行必要的审批程序。 本次注销股票期权后，不会对公司股本结构造成影响，也不会对公司的财务状况 和经营成果产生实质性影响，不存在损害公司及全体股东利益的情形。 特此公告。 江苏亚太轻合金科技股份有限公司董事会 2025 年 6 月 6 日 本公司及董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。 江苏亚太轻合金科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日 召开第六届董事会第二十六次会议与第六届监事会第十九次会议，审议通过《关 于第一期股票期权和限制性股票激励计划第二个行权期行权条件未成就及注销 部分股票期权的议案》。根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等相关法律法规、公司《第一期股票期权 ...

Core Viewpoint - The legal opinion letter from Jiangsu Century Tongren Law Firm confirms the adjustment of the stock option exercise price for Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.'s first stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][4][5]. Group 1: Approval and Authorization - The adjustment of the stock option exercise price from 5.355 yuan to 5.155 yuan per share has been approved by the company's board and is within the authorization scope granted by the shareholders' meeting [4][5]. - The adjustment does not require further approval from the shareholders' meeting as it falls under the board's authority [4]. Group 2: Specifics of the Adjustment - The adjustment is based on the company's profit distribution plan, which includes a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders [5]. - The formula for adjusting the exercise price is P = P0 - V, where P0 is the original exercise price, and V is the cash dividend per share [5]. Group 3: Conclusion - The law firm concludes that the adjustment has received the necessary approvals and complies with the relevant laws, regulations, and the incentive plan draft [4][5].

Core Viewpoint - The company has announced an adjustment to the exercise price of stock options under its first stock option and restricted stock incentive plan, reducing the exercise price from 5.355 yuan to 5.155 yuan per share following a cash dividend distribution [1][4][6] Summary by Sections Approval Process and Disclosure - The company held several meetings to approve the incentive plan and its related matters, including independent opinions from directors and verification from the supervisory board [1][2] - The company conducted an internal public notice regarding the proposed incentive objects, with no objections received during the public notice period [1][2] Adjustment of Stock Option Exercise Price - The adjustment of the exercise price was based on the cash dividend distribution of 2.00 yuan per 10 shares, totaling 247.15 million yuan distributed to shareholders [3][4] - The new exercise price is calculated as follows: P = P0 - V = 5.355 - 0.2 = 5.155 yuan per share, ensuring the adjusted price remains above 1 yuan [4] Impact of Adjustment - The adjustment of the exercise price is not expected to have a significant adverse impact on the company's financial status or operational results, and the management team will continue to fulfill their responsibilities diligently [4][5] Supervisory Board Opinion - The supervisory board has reviewed the adjustment and confirmed that it complies with relevant laws and regulations, as well as the company's incentive plan, and does not harm the interests of the company or its shareholders [4][5]

Core Viewpoint - The company has approved an adjustment to the exercise price of stock options under its first stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][2]. Group 1 - The sixth supervisory board meeting of Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. was held on May 30, 2025, with all three supervisors present [1]. - The meeting unanimously approved the proposal to adjust the exercise price of stock options, with a vote of 3 in favor, 0 against, and 0 abstentions [1]. - The supervisory board confirmed that the adjustment aligns with the company's incentive plan and does not harm the interests of the company or its shareholders [1]. Group 2 - The company has published a detailed announcement regarding the adjustment on the Giant Tide Information Network and in the Securities Times [2].

证券代码：002540 证券简称：亚太科技 公告编号：2025-047 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司 关于调整第一期股票期权和限制性股票激励计划股票期权 行权价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏亚太轻合金科技股份有限公司（以下简称"公司"）于2025年5月30日召 开第六届董事会第二十七次会议和第六届监事会第二十次会议，审议通过《关 于调整第一期股票期权和限制性股票激励计划股票期权行权价格的议案》。现 将相关事项公告如下： （二）2023年9月28日至2023年10月7日，公司对本次拟激励对象的姓名及职 务在公司内部进行公示。截至公示期满，公司监事会和董事会办公室均未收到 与本激励计划激励对象有关的任何异议。（具体详见公司2023年10月11日登载 于巨潮资讯网的《关于第一期股票期权和限制性股票激励计划激励对象名单的 公示情况说明及核查意见》，公告编号：2023-087） （三）公司于2023年10月16日召开了2023年第三次临时股东大会，审议并通 过了《关于公司<第一期股票期权和限制 ...

江 苏 世 纪 同 仁 律 师 事 务 所 关 于 江 苏 亚 太 轻 合 金 科 技 股 份 有 限 公 司 第 一 期 股 票 期 权 和 限 制 性 股 票 激 励 计 划 调 整 股 票 期 权 行 权 价 格 的 法 律 意 见 书 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮编： 2 10019 电话： + 8 6 2 5 - 83304480 传真： + 8 6 2 5 - 83329335 江苏世纪同仁律师事务所 关于江苏亚太轻合金科技股份有限公司 第一期股票期权和限制性股票激励计划 调整股票期权行权价格的法律意见书 致：江苏亚太轻合金科技股份有限公司 江苏世纪同仁律师事务所（以下简称"本所"）接受江苏亚太轻合金科技股 份有限公司（以下简称"亚太科技"或"公司"）的委托，担任公司第一期股票 期权和限制性股票激励计划（以下简称"本次激励计划"）的专项法律顾问，根 据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管 理办法》（以下简称"《管理办法》"）、《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指南第 1 号——业务办理》等法律、法规和规范 性文件的有 ...

证券代码：002540 证券简称：亚太科技 公告编号：2025-046 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司（以下简称"公司"）第六届监事会第二十 次会议于 2025 年 5 月 26 日以书面方式发出通知，并于 2025 年 5 月 30 日在公 司综合会议室以现场方式召开。应到监事 3 名，实到监事 3 名。会议由监事会主 席张俊华先生主持。本次会议的召集、召开和表决程序符合《中华人民共和国公 司法》及《公司章程》的有关规定。与会监事经过认真审议，表决通过以下议案： 一、会议以3票同意、0票反对、0票弃权的表决结果，审议通过了《关于调 整第一期股票期权和限制性股票激励计划股票期权行权价格的议案》。 经审核，监事会认为：本次调整股票期权行权价格事项符合《上市公司股权 激励管理办法》等有关法律、法规和规范性文件以及公司《第一期股票期权和限 制性股票激励计划（草案）》（以下简称"本激励计划"）的规定，符合公司 2023 年 第三次临时股东大会对董事会的授权，不存在损害公司及全体股东利益的情形， 已履行的审议程序合法、有效。因此，监事会同意公司调整本激励计划中已获授 但尚未行 ...

本公司及董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。 江苏亚太轻合金科技股份有限公司（以下简称"公司"）第六届董事会第二 十七次会议于2025年5月26日以书面方式发出通知，并于2025年5月30日在公司 综合会议室以现场加通讯表决方式召开。本次应到董事5名，实到董事5名，其 中独立董事张熔显、蔡永民以通讯表决方式出席。会议由董事长周福海先生主 持，公司全体监事和高级管理人员列席会议。本次会议的召集、召开和表决程 序符合《中华人民共和国公司法》及《公司章程》的有关规定。经与会董事认 真审议，表决通过了如下议案： 证券代码：002540 证券简称：亚太科技 公告编号：2025-045 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司 第六届董事会第二十七次会议决议公告 特此公告。 江苏亚太轻合金科技股份有限公司董事会 2025年6月3日 一、会议以3票同意、0票反对、0票弃权、2票回避的表决结果，审议通过 了《关于调整第一期股票期权和限制性股票激励计划股票期权行权价格的议案》。 鉴于公司2024年年度权益分派已实施完毕，根据公司2023年第三 ...