中国 深圳 福田区 益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER, NO. 6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755) 88265537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市英维克科技股份有限公司 2025年第一次临时股东大会的 法律意见书 信达会字（2025）第 184 号 致：深圳市英维克科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市英维克科技股份有限 公司（以下简称"贵公司"）的委托，指派律师参加了贵公司2025年第一次临时 股东大会（以下简称"本次股东大会"），并进行了必要的验证工作。 信达律师根据《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》和《律师事务所证 ...

1、深圳市英维克科技股份有限公司（以下简称"公司"）第四届监事会第十八次 会议通知于 2025 年 5 月 30 日以电子邮件等形式向各位监事送出。 2、召开本次监事会会议的时间：2025 年 6 月 6 日；地点：公司三楼会议室；方 式：现场。 证券代码：002837 证券简称：英维克 公告编号：2025-031 深圳市英维克科技股份有限公司 第四届监事会第十八次会议决议公告 本公司及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。 一、监事会会议召开情况 经审核，监事会认为：本次调整的相关事项符合《上市公司股权激励管理办法》 等有关法律、法规及公司《2022 年股票期权激励计划（草案）》《2024 年股票期权激 励计划（草案）》等相关规定，不存在损害公司及股东利益的情形。我们一致同意 2022 年和 2024 年股票期权行权价格及数量的调整。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 具 体 内 容 详 见 同 日 披 露 于 《 证 券 时 报 》《 证 券 日 报 》 及 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于调整 202 ...

第四届董事会第十八次会议决议公告 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。 证券代码：002837 证券简称：英维克 公告编号：2025-030 深圳市英维克科技股份有限公司 一、董事会会议召开情况 深圳市英维克科技股份有限公司（以下简称"公司"）第四届董事会第十八 次会议通知于 2025 年 5 月 30 日以电子邮件等形式送达全体董事，会议于 2025 年 6 月 6 日在深圳市龙华区观澜街道观光路 1303 号鸿信工业园 9 号厂房 3 楼公司会 议室以现场与通讯相结合的方式召开。本次会议应出席董事 9 人，实际出席董事 9 人（其中屈锐征女士、朱晓鸥女士、文芳女士、田志伟先生、韦立川先生以通讯 表决方式出席）。本次会议由董事长齐勇先生主持。本次会议的召集、召开和表 决程序均符合《公司法》《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于调整 2022 年和 2024 年股票期权激励计划行权价格及数量 的议案》 公司于 2025 年 5 月 23 日披露了《2024 年年度权益分派实施公告》，公司 2024 年利润分配方案为：以公 ...

Summary of Shenzhen Envicool Technology Co Ltd Conference Call Company Overview - **Company**: Shenzhen Envicool Technology Co Ltd (002837.SZ) - **Industry**: China Industrials - **Stock Rating**: Overweight - **Price Target**: Rmb28.85 - **Current Stock Price (as of May 30, 2025)**: Rmb24.26 - **52-Week Range**: Rmb40.41 - Rmb14.82 Key Financial Metrics - **Fiscal Year Ending**: December - **EPS Estimates**: - 2024: Rmb0.6 - 2025: Rmb0.8 - 2026: Rmb0.6 - 2027: Rmb1.0 - **Revenue Estimates**: - 2025: Rmb6,544.8 million - 2026: Rmb6,098.4 million - **Net Income Estimates**: - 2025: Rmb764.0 million - 2026: Rmb613.6 million - **EBITDA Estimates**: - 2025: Rmb887.5 million - 2026: Rmb732.9 million Investment Thesis - **Bull Case**: - Price Target: Rmb41.80 - Assumes >35% revenue CAGR from 2025-2027 with significant margin expansion due to higher-value liquid cooling businesses and robust ESS demand globally [12][14] - **Base Case**: - Price Target: Rmb28.85 - Assumes 24% revenue CAGR from 2025-2027 with mild margin expansion supported by increasing AI capex and better client mix [13][14] - **Bear Case**: - Price Target: Rmb15.40 - Assumes <15% revenue CAGR from 2025-2027 with margin erosion due to lower-than-expected data center capex and intense competition [18][14] Market Dynamics - **Growth Drivers**: - Strong demand for data center cooling solutions driven by AI infrastructure investments [14] - Comprehensive product offerings and strong delivery capabilities expected to support market share gains [14] - Potential for capturing overseas market opportunities with higher margins in the long term [14] - **Risks**: - Lower-than-expected data center capex and slower liquid cooling deployment [18] - Increased competition leading to potential market share losses [18] - Decline in US ESS demand due to tariff impacts and project delays [18] Recent Developments - **Stock Split**: A 10-for-13 stock split was conducted effective May 30, 2025, prompting updates to EPS forecasts and investment scenarios [2] Consensus and Analyst Ratings - **Consensus Rating Distribution**: - 86% Overweight - 14% Equal-weight - 0% Underweight [16] Key Earnings Inputs - **Data Center Cooling Revenue Growth**: - 2024: 48.8% - 2025: 40.9% - 2026: 19.7% - 2027: 11.7% [20] - **ESS Cooling Revenue Growth**: - 2024: 23.0% - 2025: 22.9% - 2026: 25.9% - 2027: 24.4% [20] Conclusion Shenzhen Envicool Technology Co Ltd is positioned to benefit from the growing demand for cooling solutions in data centers, particularly driven by AI investments. The company's strong market position and comprehensive product offerings support a positive outlook, although risks from competition and market dynamics remain. The recent stock split and updated EPS forecasts reflect the company's ongoing adjustments to market conditions.

Core Viewpoint - The article highlights the importance of Chinese listed companies engaging with international investors as a significant step in the opening of China's capital market, showcasing the investment value of companies in the Shenzhen Stock Exchange during an event in Singapore [1][2]. Group 1: International Engagement - The event in Singapore, organized by the Shenzhen Stock Exchange, featured companies like Mindray Medical, Inovance Technology, and others, emphasizing the achievements in China's new productive forces and the investment potential of these companies [1]. - International investors expressed a strong belief in the strategic significance and vast development opportunities of investing in the Chinese market, particularly in the context of increasing geopolitical uncertainties and tariff disputes [2]. Group 2: Globalization Progress - Shenzhen-listed companies are actively expanding their global presence by establishing sales offices and distribution channels, enhancing their roles in global competition [4]. - Companies like Megmeet, Teradyne, and Inovance Technology shared their successful experiences in overseas market expansion through localized operations and technological innovations, which have improved their global supply chain resilience [4]. Group 3: ESG and Carbon Reduction - A-share companies have made significant contributions to global carbon reduction through green technology innovations and sustainable development initiatives, showcasing strong competitiveness [6]. - Companies such as Mindray Medical and Inovance Technology have gained international recognition for their leading ESG management and carbon reduction technologies, with foreign investors particularly interested in their innovations in the renewable energy and environmental protection sectors [7][8]. Group 4: R&D Investment and Technological Barriers - High R&D investment has been a core driver for Chinese companies to overcome global competition barriers, with Shenzhen-listed companies projected to invest over 760 billion yuan in R&D in 2024 [10]. - The total number of effective patents held by Shenzhen-listed companies exceeds 10,000, with notable achievements in patent applications and technology breakthroughs, positioning them favorably in the global market [10]. - Investors are keen on the high R&D investments of Shenzhen companies, believing that continuous investment and exploration of AI applications will help these companies transition from "technology followers" to "standard setters" in emerging fields [10].

深圳市英维克科技股份有限公司 关于完成工商变更登记的公告 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。 证券代码：002837 证券简称：英维克 公告编号：2025-029 深圳市英维克科技股份有限公司 董事会 二〇二五年五月二十九日 公司于近期已办理完成上述事项的工商变更及《公司章程》备案手续，并取 得了由深圳市市场监督管理局出具的《登记通知书》。本次变更（备案）事项如 下： | 序号 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | --- | | 1 | 注册资本 | 74,382.2694 万元人民币 | 74,446.6584 万元人民币 | | 2 | 投资人 | 限售条件流通股(或非流通股)：出资额 | 限售条件流通股(或非流通股)：出资额 | | | | 9,720.0692（万元） | 9,720.0692（万元） | | | | 无限售条件流通股：出资额 64,662.2002 | 无限售条件流通股：出资额 64,726.5892 | | | | （万元） | （万元） | 特此公告。 深圳市英维克科技股份 ...

Core Viewpoint - Shenzhen Envicool Technology Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend and a capital reserve stock increase for shareholders [1][2]. Group 1: Profit Distribution Plan - The total share capital of the company is 744,466,584 shares, with a cash dividend of 2 RMB per 10 shares (including tax), totaling 148,893,316.80 RMB [1]. - The company will not issue bonus shares but will increase the share capital by 3 shares for every 10 shares held, totaling 223,339,975 shares [1]. - After the distribution, the total share capital will increase to 968,678,626 shares [3]. Group 2: Dividend Details - The cash dividend distribution will be 2.00 RMB per 10 shares for all shareholders, while specific categories of investors will receive a different amount due to tax considerations [2][3]. - The dividend record date is set for May 29, 2025, and the ex-dividend date is May 30, 2025 [3]. Group 3: Shareholder Eligibility and Method - The distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [3]. - Any fractional shares resulting from the distribution will be allocated based on a descending order of the decimal part until the total number of shares distributed matches the planned amount [3].

深圳市英维克科技股份有限公司 2024 年年度权益分派实施公告 证券代码：002837 证券简称：英维克 公告编号：2025-028 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。 深圳市英维克科技股份有限公司（以下简称"公司"、"本公司"）2024 年年 度权益分派方案已获 2025 年 5 月 16 日召开的 2024 年度股东大会审议通过。现 将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、本次权益分派方案的具体内容为：以董事会审议利润分配方案当日的公 司总股本 744,466,584 股为基数，向全体股东每 10 股派发现金红利 2 元（含税）， 共派发现金红利 148,893,316.80 元（含税）；不送红股；同时以资本公积金转增 股本方式向全体股东每 10 股转增 3 股，共计转增 223,339,975 股，转增金额未 超过报告期末"资本公积——股本溢价"的余额。转增后公司总股份增加至 967,806,559 股。董事会审议本预案后至实施前，如果股本由于股权激励授予行 权、股份回购、发行新股等原因而发生变动的,公司将按照每股 ...

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on June 6, 2025, starting at 15:00 [1] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange trading system and internet voting system [1][5] - The online voting will be available from 9:15 to 15:00 on June 6, 2025 [1][5] Voting Procedures - Shareholders can choose only one voting method: on-site, trading system, or internet voting [2] - In case of duplicate votes, the first valid vote will be counted [2] - Shareholders must register for the meeting by providing necessary documents, including a power of attorney if applicable [4][10] Agenda Items - The meeting will review non-cumulative voting proposals, including a proposal for purchasing land use rights and investing in the construction of a headquarters [3][9] - The proposals have been approved by the company's board and supervisory board in previous meetings [3] Registration and Authentication - Shareholders must present original identification and power of attorney for registration [4] - Online voting requires identity verification through the Shenzhen Stock Exchange's digital certificate or investor service password [12]

Group 1: Company Performance and Financials - The company has achieved continuous revenue and profit growth for 14 years, benefiting from diversified business operations and increased R&D investment [1] - The comprehensive gross margin for Q4 2024 and Q1 2025 has decreased, primarily due to a new accounting policy that shifted after-sales service costs to the cost side, impacting Q4 results [2] - The gross margin change for Q1 2025 is approximately -0.46% year-on-year, with normal fluctuations expected due to variations in product and customer mix [2] Group 2: Market and Business Environment - Trade tariffs between the US and China may raise costs for overseas customers, potentially suppressing demand for the company's energy storage business [1] - The high inventory levels at the end of 2024 and Q1 2025 are attributed to project-based sales with long confirmation cycles, expected to convert to revenue in the next 1-2 quarters [3] - The market for data center cooling in China is accelerating, driven by AI business demands, with further growth anticipated in 2025 [5] Group 3: Product and Technology Insights - Liquid cooling applications in computing equipment and data centers are driven by increased heat density and improved cooling system efficiency [6] - The procurement decision-makers for liquid cooling components vary, including chip manufacturers, server vendors, and cloud service providers [7] - The cold plate products for server liquid cooling present high barriers to entry due to design, manufacturing processes, and significant capital investment [8]