证券代码：002617 证券简称：露笑科技 公告编号：2025-031 露笑科技股份有限公司 关于对参股公司提供担保的公告 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。 特别提示： 本次被担保对象为参股公司黑蚂蚁设备租赁有限公司，其截至 2024 年 12 月 31 日资产负债率超过 70%，请投资者充分关注担保风险。 一、担保情况概述 （一）本次担保的基本情况 露笑科技股份有限公司（以下简称"公司"）拟增加担保计划，对参股公司 黑蚂蚁设备租赁有限公司（以下简称"黑蚂蚁公司"）新增提供总额不超过 50,000 万元担保，主要用于黑蚂蚁公司向银行及融资租赁公司等金融机构申请综合授 信及融资租赁等业务，担保额度在公司股东大会审议通过后十二个月内有效。 本次为黑蚂蚁公司提供担保，系支持其推进主营业务高空作业平台设备租 赁项目发展，有助于其及时、高效的筹集资金，且本次担保融资所得资金将由 金融机构直接汇入公司用于采购高空作业平台设备，因此也有助于促进公司业 务发展，增加经营现金流，提升公司整体经营效率。黑蚂蚁公司经营稳健、还 款来源明确，本次担保风险可控，不会对公司 ...

证券代码：002617 证券简称：露笑科技 公告编号：2025-034 露笑科技股份有限公司 关于对全资子公司提供担保的进展公告 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。 特别提示： 本次被担保对象丹东国润麦隆新能源有限公司、寿光中辉能源有限公司、 寿光科合能源有限公司为公司全资子公司，其截至 2025 年 3 月 31 日资产负债 率超过 70%，请投资者充分关注担保风险。 注册地址：辽宁省丹东大孤山经济区新开路南侧、疏港路西侧(6#)402 室 一、担保情况概述 成立日期：2015 年 06 月 15 日 露笑科技股份有限公司（以下简称"公司"）为顺利推进子公司经营过程中 的融资计划，公司拟对丹东国润麦隆新能源有限公司、寿光中辉能源有限公司、 寿光科合能源有限公司提供总额不超过 24,000 万元担保，主要用于前海兴邦金 融租赁有限责任公司融资授信及其项下的相关业务，不收取担保费用，融资担 保期限为八年。 公司于 2025 年 4 月 25 日和 2025 年 5 月 16 日分别召开了第六届董事 会第十三次会议和 2024 年年度股东大会审议通过了 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 露笑科技股份有限公司 2024 年年度股东大会的 法律意见书 杭州市老复兴路白塔公园 B 区 2 号、15 号楼（国浩律师楼） 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang, 310008, China 电话：0571-81676827 传真：0571-85775643 网址/Website: http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 2024 年年度股东大会的 法律意见书 致：露笑科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受露笑科技股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简 称"本次股东大会"），并依据《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》"）、中国证券 监督管理委员会（以下简称"中国证监会"）发布的《 ...

证券代码：002617 证券简称：露笑科技 公告编号：2025-033 露笑科技股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、会议召开 （1）时间 ①现场会议时间：2025 年 5 月 16 日（星期五）下午 14:30 ②网络投票时间：2025 年 5 月 16 日。其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为 2025 年 5 月 16 日上午 9：15-9：25，上午 9：30-11：30， 下午 13：00-15：00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 5 月 16 日上午 9:15—下午 15:00 期间的任意时间。 （2）现场会议召开地点：浙江省诸暨市陶朱北路 67 号办公大楼五楼会议室 （3）会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式 （4）会议召集人：公司董事会 （5）现场会议主持人：董事吴少英女士 1、为尊重中小投资者利益，提高中小投资者对公司股东大会决议的重大事项 的参与度，本次股东大会审议的议案对中小投资者单独计 ...

证券代码：002617 证券简称：露笑科技 公告编号：2025-032 露笑科技股份有限公司 召开 2025 年第二次临时股东大会的通知 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。 露笑科技股份有限公司（以下简称"公司"或"本公司"）第六届董事会第 十五次会议决定于 2025 年 6 月 3 日召开 2025 年第二次临时股东大会，现将本次 股东大会有关事项提示如下： 一、会议召开基本情况 1、股东大会届次：2025 年第二次临时股东大会。 2、会议召集人：本次股东大会由公司董事会召集。公司第六届董事会第十 五次会议审议通过了《关于召开 2025 年第二次临时股东大会的议案》，详见公司 同日刊登在巨潮资讯网（http://www.cninfo.com.cn）的《第六届董事会第十五次 会议决议公告》（公告编号：2025-030）。 3、会议召开的合法、合规性：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》、《上市公司股东会规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 4、召开时间 （1）现场会议时间：2025 年 ...

证券代码：002617 证券简称：露笑科技 公告编号：2025-030 露笑科技股份有限公司 公司拟增加担保计划，对参股公司黑蚂蚁设备租赁有限公司（以下简称"黑 蚂蚁公司"）新增提供总额不超过 50,000 万元担保，主要用于黑蚂蚁公司向银行 及融资租赁公司等金融机构申请综合授信及融资租赁等业务，担保额度在公司 股东大会审议通过后十二个月内有效。 具体内容详见公司于同日刊登在《证券时报》、《中国证券报》、《上海证券报》、 《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上的《关于对参股公司 提供担保的公告》（公告编号：2025-031）。 本议案需提交公司股东大会审议。 第六届董事会第十五次会议决议公告 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。 一、董事会议召开情况 露笑科技股份有限公司（以下简称"公司"或"露笑科技"）第六届董事会第十 五次会议于 2025 年 5 月 9 日以书面形式通知全体董事，2025 年 5 月 16 日上午 9:00 在诸暨市店口镇露笑路 38 号公司办公大楼会议室以现场方式召开。会议应 出席董事 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a strong performance in 2024 and Q1 2025, with a revenue of 3.717 billion yuan in 2024, a 34.1% year-on-year increase, and a net profit of 258 million yuan, up 97.0% year-on-year [12][15]. - The company is expected to benefit from the high capital expenditure (CAPEX) of major tech firms, which is driving demand for copper connections and related infrastructure [2][27]. - The company is providing financial support to its affiliate, Wandeng Technology, to facilitate the procurement of core materials, which is anticipated to accelerate the growth of its copper connection business [3][45]. Summary by Sections Company Performance - In 2024, the company achieved a total revenue of 3.717 billion yuan, with a net profit of 258 million yuan, reflecting a 34.1% and 97.0% year-on-year growth respectively. The Q1 2025 results showed a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, up 22.0% year-on-year [12][15][20]. - The revenue breakdown for 2024 includes: 1) Enamelled wire: 1.868 billion yuan (50.3% of total revenue, +16.7% YoY), 2) Aerial work equipment: 1.057 billion yuan (28.4% of total revenue, +241.7% YoY), 3) Photovoltaic power generation: 708 million yuan (19.1% of total revenue, -3.7% YoY) [15][20]. Industry Trends - The aerial work platform sector is experiencing robust demand, driven by increased domestic infrastructure investment and equipment renewal policies, alongside a recovery in the machinery industry [16][17]. - The global market for aerial work platforms is projected to exceed 15 billion USD in 2024, with China accounting for 32 billion yuan, representing 35% of the global market [17]. Financial Projections - The company forecasts net profits of 516 million yuan, 586 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The expected revenue growth rates for the next few years are 30.5% in 2025, 16.0% in 2026, and 16.9% in 2027 [5][47].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a substantial increase in overall revenue and net profit for 2024 and Q1 2025 [12][4]. - The company is strategically positioned to benefit from high demand in the AI and infrastructure sectors, driven by increased capital expenditures (CAPEX) from major tech companies [2][27]. - The partnership with the subsidiary, Wandeng Technology, has led to new breakthroughs in copper connection orders, indicating a promising growth trajectory for this segment [3][44]. Summary by Sections Company Performance - In 2024, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 34.1%, and a net profit of 258 million yuan, up 97.0% [12][15]. - For Q1 2025, the company reported a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, reflecting a 22.0% growth [12][15]. - The revenue breakdown for 2024 shows that the enameled wire business generated 1.868 billion yuan (50.3% of total revenue), the aerial work platform business brought in 1.057 billion yuan (28.4%), and the photovoltaic power generation segment accounted for 708 million yuan (19.1%) [15][20]. Industry Trends - The aerial work platform market is experiencing robust demand, driven by domestic infrastructure investments and equipment renewal policies, with a global market size expected to exceed 15 billion USD in 2024 [16][17]. - Major tech companies are significantly increasing their CAPEX, with Amazon, Google, Microsoft, and Meta collectively spending approximately 76.5 billion USD in Q1 2025, indicating strong growth in AI and infrastructure needs [2][30]. Subsidiary Developments - Wandeng Technology has secured new orders in the copper connection field, including bulk orders for active copper cables for emerging data centers in North America [3][44]. - The company has announced financial support for Wandeng Technology to facilitate the large-scale procurement of core DSP chips, which is expected to accelerate the growth of its copper connection business [45][44]. Financial Projections - The company forecasts net profits of 516 million yuan in 2025, 586 million yuan in 2026, and 680 million yuan in 2027, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The projected revenue growth rates are 30.5% for 2025, 16.0% for 2026, and 16.9% for 2027, indicating a strong growth outlook [5][47].

Summary of the Conference Call for LuXiao Technology Company Overview - LuXiao Technology has invested in WanDeTai, a leader in active copper cable technology, particularly in the 800G AEC product line, which has begun small-scale shipments and is actively developing the next-generation 1.6T products [2][3] - The company primarily sources DSP chips from Marvell and MaxLinear for its 800G AEC products, with initial orders of approximately 1,960 units and an expected total of over 100,000 units for the year, amounting to an estimated $40 million in total orders [2][4] Financial Performance and Projections - The revenue target for 2025 is set at 500 million yuan, with profits exceeding 80 million yuan; the 2026 revenue plan aims for 1 billion yuan and profits close to 200 million yuan [2][6] - As of the first half of 2025, the company has secured orders exceeding 70 million yuan, surpassing the total shipment volume of the previous year [5] Market Dynamics - The primary growth driver is the North American market for AEC products, especially those aligned with Ethernet developments, such as 800G and 400G products [2][7] - The company’s market presence is predominantly international, with key clients including a new AI chip company and a long-established telecommunications firm transitioning to data center solutions [2][8] Production Capacity and Supply Chain - WanDeTai has established two automated production lines capable of producing nearly 500,000 units annually, with the potential for increased output through additional testing equipment and shifts [10][11] - There are no current shortages of DSP chips, and the company has secured supply through partnerships with original manufacturers and agents [9][11] Product Pricing and Margins - AEC products are priced higher than ACC products due to the inclusion of DSP chips, with 400G AEC priced between $200 and $300, and 800G AEC priced between $400 and $550 [12] - The demand for 800G products is expected to rise significantly, potentially leading to price reductions for both 800G AEC and 400G products in the future [12] Domestic Market Challenges - The domestic market is heavily impacted by chip supply issues, and the application of AEC products remains uncertain for 2025, with many clients still in the testing phase [12][13] Future Opportunities - The company is exploring potential collaborations with additional chip manufacturers and equipment suppliers, which may accelerate in 2025 and 2026 [23] - There is a growing demand for customized data center solutions in the North American market, with ongoing sample development to meet these needs [18] Strategic Partnerships - LuXiao Technology has established a partnership with AMD, providing various products including 800G and 400G DAC products, which have begun to contribute to annual sales [22] Conclusion - LuXiao Technology is positioned for significant growth in the active copper cable market, particularly in North America, with strong financial targets and a robust production capacity. However, challenges in the domestic market and supply chain dynamics remain critical factors to monitor moving forward [2][6][12]

Market Overview - The Shanghai Composite Index fell by 0.68% on May 15, with four industries experiencing gains, led by the beauty and personal care sector, which rose by 3.68% [1] - The utilities sector ranked third in terms of daily gains, while the computer and communication sectors saw the largest declines, with drops of 2.97% and 2.45% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 53.83 billion yuan, with five industries seeing net inflows. The pharmaceutical and biological sector led with a net inflow of 735 million yuan despite a slight decline of 0.12% [1] - The beauty and personal care sector also saw a net inflow of 386 million yuan, corresponding to its 3.68% increase [1] - The computer industry experienced the largest net outflow, totaling 10.16 billion yuan, followed by the electronics sector with an outflow of 7.83 billion yuan [1] Utilities Sector Performance - The utilities sector increased by 0.12% with a net capital outflow of 66.7 million yuan. Out of 131 stocks in this sector, 38 rose, including two that hit the daily limit, while 87 fell, with one hitting the lower limit [2] - The top three stocks with net inflows in the utilities sector were Jingyuntong, Ningbo Energy, and Sanxia Energy, with net inflows of 176 million yuan, 124 million yuan, and 64.4 million yuan respectively [2] - The stocks with the largest net outflows included Changjiang Electric, Leshan Electric, and Luxiao Technology, with outflows of 1.49 billion yuan, 1.39 billion yuan, and 1.11 billion yuan respectively [4] Utilities Sector Capital Inflow and Outflow - The top inflow stocks in the utilities sector included: - Jingyuntong: +10.00%, 1214% turnover, 175.58 million yuan inflow - Ningbo Energy: +4.63%, 1690% turnover, 123.89 million yuan inflow - Sanxia Energy: +0.46%, 0.55% turnover, 64.34 million yuan inflow [2] - The top outflow stocks included: - Changjiang Electric: +0.90%, 0.30% turnover, -1485.56 million yuan outflow - Leshan Electric: +4.01%, 2433% turnover, -1391.42 million yuan outflow - Luxiao Technology: -4.12%, 3.42% turnover, -1108.47 million yuan outflow [4]