东莞市奥海科技股份有限公司 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的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002993 证券简称：奥海科技 公告编号：2025-027 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开及出席情况 1、会议召开情况 （1）本次股东大会的召开时间 现场会议召开时间：2025 年 5 月 13 日（星期二）下午 14:00。 网络投票时间：2025 年 5 月 13 日；其中，通过深圳证券交易所交易系统投 票的时间为：2025 年 5 月 13 日上午 9:15-9:25，9:30-11:30，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时间为：2025 年 5 月 13 日上午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议召开地点：东莞市塘厦镇沙新路 27 号公司会议室。 （3）会议召开方式：现场投票与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：公司董事长刘昊先生。 （6） ...

11、12/F, TaiPing Finance Tower, Yitian Road 6001, Futian District, ShenZhen, P.R China 电话(Tel.)：(0755)88265288 传真(Fax.)：(0755)88265537 网址（Website）：http://www.sundiallawfirm.com 广东信达律师事务所 关于东莞市奥海科技股份有限公司2024年年度股东大会 法律意见书 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 信达会字（2025）第115号 致：东莞市奥海科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和 国证券法》《上市公司股东大会规则》（下称"《规则》"）等法律、法规以及 现行有效的《东莞市奥海科技股份有限公司章程》（下称"《公司章程》"）的 规定，广东信达律师事务所（下称"信达"）接受贵公司的委托，指派宋幸幸、 罗晓丹律师（下称"信达律师"）出席贵公司2024年年度股东大会（下称"本次 股东大会"），在进行必要验证工作的基础上，对贵公司本次股东大会的召集、 召开程序 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 48.35 CNY and a current price of 39.49 CNY [2][6][10]. Core Views - The company is positioned as a global leader in mobile charging solutions, benefiting from the growth in consumer electronics driven by AI technology, as well as expanding into the electric vehicle and digital energy sectors [6][10][14]. - The report highlights the company's strong market share in mobile chargers and its strategic partnerships with major clients, which are expected to drive revenue growth [6][10][14]. Summary by Sections Company Overview - The company is a leading player in mobile charging solutions, focusing on the design, development, and production of chargers and power banks for smart devices [14][15]. - It has expanded its business into electric vehicles and digital energy, aiming to capture growth in these sectors [14][15]. Financial Performance - Projected total revenue for 2024 is 6,423 million CNY, with a year-on-year growth of 24.1% [2]. - The net profit attributable to shareholders is expected to reach 465 million CNY in 2024, reflecting a growth of 5.4% [2]. - The company has shown consistent revenue growth, with a significant increase in its digital energy segment [25][32]. Consumer Electronics - The demand for mobile chargers is expected to rise due to the recovery in smartphone shipments and the increasing penetration of AI technology, which enhances charging power and battery capacity [33][36]. - The company maintains the largest market share in mobile chargers globally, with a focus on both original equipment manufacturer (OEM) and aftermarket segments [6][10][33]. Electric Vehicles - The electric vehicle market is growing rapidly, and the company aims to establish itself as a key player in the international electric control sector through strategic acquisitions [6][10][14]. - The acquisition of a controlling stake in a key electric control company has significantly boosted revenue and market penetration [6][10][14]. Digital Energy - The company is expanding its digital energy product line, including server power supplies and charging stations, with a focus on high-power applications [6][10][14]. - The server power supply segment is projected to benefit from the increasing demand driven by AI applications, with products covering power ranges from 550W to 8000W [6][10][14].

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 48.35 CNY and a current price of 39.49 CNY [2][6]. Core Views - The company is positioned as a global leader in mobile charging solutions, benefiting from the growth in consumer electronics driven by AI technology, as well as expanding into the electric vehicle and digital energy sectors [6][10]. - The company is expected to achieve significant revenue growth, with projected revenues of 64.23 billion CNY in 2024, increasing to 121.46 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 24.1% [2][25]. - The company’s net profit is forecasted to grow from 4.65 billion CNY in 2024 to 9.61 billion CNY in 2027, indicating a strong upward trend in profitability [2][10]. Summary by Sections Company Overview - The company is a leading player in the mobile charging market, with a focus on expanding into the electric vehicle and digital energy sectors. It has established long-term partnerships with major clients in the consumer electronics space [6][14]. - The company has a stable shareholding structure, with the founders holding over 50% of the shares, ensuring effective decision-making and alignment of interests [20][21]. Financial Performance - The company reported a revenue of 64.23 billion CNY in 2024, with a year-on-year growth of 24.1%. The net profit for the same year is projected at 4.65 billion CNY, reflecting a growth of 5.4% [2][25]. - The gross margin for 2024 is expected to be 19.84%, with a stable R&D expense ratio of 5.48% [27][28]. Consumer Electronics - The demand for mobile chargers is expected to rise due to the recovery in smartphone shipments, with a projected global smartphone shipment of 1.24 billion units in 2024, marking a 6.4% year-on-year increase [33][36]. - The penetration of AI in smartphones is anticipated to drive the demand for higher charging power and battery capacity, leading to an increase in charger prices [36][38]. Electric Vehicles - The company aims to become a key player in the electric vehicle control systems market, leveraging its acquisition of a controlling stake in a related company to enhance its product offerings [6][10]. - The electric vehicle market is experiencing significant growth, with the company positioned to benefit from this trend through its advanced technology and partnerships [6][10]. Digital Energy - The company is expanding its digital energy product line, including server power supplies and charging stations, with a focus on meeting the growing demand driven by AI applications [9][10]. - The server power supply segment is expected to see substantial growth, with products designed to support AI workloads [9][10].

Core Insights - The Chinese wireless charging winding equipment industry is experiencing rapid growth, with a projected market size of approximately 7.52 billion yuan in 2024, representing a year-on-year increase of 28.3%, significantly outpacing the global average for electronic manufacturing equipment [1][13] - The demand surge is driven by the intelligent upgrades in end-user industries such as new energy vehicles, consumer electronics, and smart home devices, particularly with the adoption of 800V high-voltage platforms and flat wire motor technologies [1][13] - The industry is expected to exceed 10 billion yuan by 2025, indicating a robust growth trajectory [1][13] Industry Overview - Wireless charging winding equipment is specialized automation equipment used to manufacture wireless charging coils, ensuring precision in winding, consistency, and electrical performance [2][3] - The equipment can be categorized based on winding technology (flat, three-dimensional, multi-station), automation level (fully automatic, semi-automatic), and application field (consumer electronics, industrial/automotive) [3][4] Industry Development Stages - The industry has evolved from relying on imported equipment (2010-2015) to achieving domestic substitution and forming an initial supply chain (2016-2018), followed by explosive growth driven by consumer electronics demand (2019-2022) [5][6] - Currently, the industry is in a high-end phase, focusing on breakthroughs in automotive-grade high-power winding technology and the localization of core components [5][6] Industry Chain - The industry chain consists of upstream suppliers of magnetic materials and precision conductors, midstream manufacturers like Luxshare Precision and Xinwei Communication, and downstream applications in mobile phones, wearables, and automotive electronics [7][9] - The demand for high-precision winding equipment is being propelled by the increasing wireless charging penetration in consumer electronics, with the market size expected to grow from 16.6 trillion yuan in 2018 to 19.8 trillion yuan in 2024, reflecting a compound annual growth rate of 3% [9][11] Market Segmentation - The consumer electronics sector currently dominates the demand for wireless charging winding equipment, accounting for 60% of the market share, driven by the upgrade of existing products and the emergence of new categories [15] - The new energy vehicle sector is rapidly growing, with an annual compound growth rate exceeding 40%, and is projected to account for over 28% of the market share for wireless charging winding equipment [15] Competitive Landscape - The industry exhibits a three-tier competitive structure: foreign companies dominate the high-end market, domestic leaders control the mid-to-high-end market, and numerous small enterprises compete in the low-end market [17][19] - Leading companies like Tianzhong Precision leverage differentiated technology and global production capabilities to establish competitive barriers [19][20] Future Trends - The industry is moving towards high precision, efficiency, and intelligence, with a focus on ±0.01mm precision control and AI integration for adaptive tension regulation [21][22] - The application scenarios are diversifying, with significant growth in the automotive and industrial sectors, driven by the demand for high-power and high-tension winding equipment [22][23] - Global competition is intensifying, with Chinese companies expanding internationally through localized production and green manufacturing practices [23]

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

证券代码：002993 证券简称：奥海科技 公告编号：2025-026 东莞市奥海科技股份有限公司 关于回购公司股份进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 东莞市奥海科技股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召 开第三届董事会第七次会议审议通过了《关于回购公司股份方案暨取得股票回购 专项贷款承诺函的议案》，并于 2025 年 4 月 22 日在《证券时报》《中国证券报》 《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露了《回 购报告书》（公告编号：2025-024）。 公司计划以自有资金或自筹资金回购公司部分人民币普通股（A 股）股份， 回购资金总额不低于人民币 4000 万元（含），不高于人民币 8000 万元（含）； 本次回购股份的价格不超过 59 元/股（含）；回购股份的期限为自董事会审议通 过回购股份方案之日起 12 个月内，公司在回购股份的期限内根据市场情况择机 做出回购决策并予以实施。本次回购的用途为员工持股计划或者股权激励。 根据《深圳证券交易所上市公司自律监管指引第 ...

Summary of Aohai Technology Conference Call Company Overview - **Company**: Aohai Technology - **Industry**: Consumer Electronics, Power Supply Key Financial Performance - **Q1 2025 Revenue**: Increased by 16.89% year-on-year, achieving the best quarterly performance - **Net Profit**: Grew by 78% year-on-year - **Gross Margin**: Reached 20.1% in Q1 2025, up from 19.93% in Q4 2024, attributed to strategic adjustments in the wholesale and retail model in the consumer electronics power supply sector [2][3] Strategic Initiatives - **Production Bases**: Established in India and Indonesia to mitigate tariff risks and enhance competitiveness in overseas markets [2][4] - **Export Strategy**: Implemented a bundling customs declaration strategy for exports to the U.S. to reduce the impact of trade tensions [2][4] Revenue Projections - **Q2 2025 Revenue Forecast**: Expected to increase by approximately 500 million yuan, with contributions from various segments: - Mobile segment: 150-180 million yuan - Identifier segment: 50 million yuan - ToC segment: Approximately 140 million yuan [2][7] - **2025 Full-Year Revenue Expectations**: - Mobile business: 3.9 billion yuan - IoT: 1.15-1.2 billion yuan - Server business: 550 million yuan - ToC: 1.2 billion yuan - Automotive: Over 300 million yuan [2][8] Market Dynamics - **Key Customers**: OPPO is expected to contribute significantly in 2024, with a market share of 24% and sales exceeding 6.6 billion yuan [2][11] - **Mobile Business Margins**: Currently the lowest at 17-18%, while server and PC businesses have margins of 25-30% [12] International Market Strategy - **Overseas Capacity**: 35% of total capacity is located overseas, with India (15%) and Indonesia (10%) being key locations [5][19] - **Profitability**: Overseas gross margins are generally higher than domestic margins, with Indonesian server and PC business margins exceeding 25% [5][19] Risk Management - **Trade War Mitigation**: Aohai has optimized its global layout to enhance competitiveness and reduce risks associated with international tensions [9] - **Customer Base Expansion**: Actively expanding into new customer segments, including those in the new energy vehicle sector [9] Shareholder Returns - **Dividend Policy**: The company has a dividend yield exceeding 4%, reflecting a commitment to shareholder returns and financial health [10][26] Future Outlook - **Gross Margin Improvement**: Expected to reach 22-23% in the medium term, with potential to exceed 25% in the long term as higher-margin businesses expand [14] - **Server Business Growth**: Projected revenue of 550-600 million yuan in 2025, with significant growth anticipated in subsequent years [28] Conclusion - **Long-term Strategy**: Aohai Technology aims to leverage its existing technology and project accumulation to capture growth opportunities in the consumer electronics and automotive sectors, while maintaining a focus on shareholder value creation through dividends and strategic growth initiatives [33]

Industry Overview - The Chinese smart terminal charging and storage product industry is experiencing rapid growth and technological upgrades, with a market size projected to reach 57.352 billion yuan in 2024, reflecting a year-on-year growth of 6.62% [1][15] - The demand for efficient charging and storage solutions is driven by sectors such as consumer electronics and new energy vehicles [1][15] - Key technological advancements include the widespread adoption of fast charging technology, with 100W fast charging becoming a standard for flagship smartphones, and breakthroughs in magnetic resonance technology in wireless charging [1][15] Industry Development History - The industry has evolved through four main stages: 1. **Emergence (2000-2010)**: Growth driven by the rise of smartphones and mobile internet, with basic wired chargers dominating the market [4] 2. **Growth (2011-2015)**: Rapid proliferation of smart devices and the introduction of fast charging technology, leading to increased market size [5] 3. **Maturity (2016-2020)**: Market competition intensified, with advancements in wireless charging and diversified storage products [6] 4. **Innovation (2021-present)**: Integration of IoT and AI technologies, with a surge in demand for storage and new energy solutions under the "dual carbon" goals [6] Industry Value Chain - The upstream of the industry includes raw materials, electronic components, and technological innovation, while the midstream focuses on manufacturing smart terminal charging and storage products [8] - The downstream applications span consumer electronics, smart homes, new energy vehicles, and industrial manufacturing [8] Market Trends - The industry is expected to see continued technological innovation, with a focus on fast charging, wireless charging, and smart technologies [22] - Market demand is becoming increasingly diversified and scenario-based, requiring customized solutions for various applications [23] - The competitive landscape is evolving, with a concentration of market share among leading brands, while smaller companies may face pressure to differentiate or exit the market [24] Key Companies - **Aohai Technology**: A leading player in the industry with a market share of nearly 17% in mobile chargers, focusing on R&D and innovation [17][18] - **Tianbao Group**: A global leader in power supply solutions, emphasizing technological innovation and expanding into emerging markets [20] - Other notable companies include Xiaomi, Huawei, and various manufacturers specializing in smart charging and storage solutions [17][18]

Group 1: Financial Performance - The company plans to distribute a cash dividend of RMB 9 per 10 shares for the fiscal year 2024, with a total cash dividend of RMB 411 million for the first three quarters of 2024, resulting in a dividend yield of 4.02% based on a market capitalization of RMB 10.236 billion as of April 30, 2025 [2][3] - In Q4 2024, the company reported revenue of RMB 1.877 billion, a year-on-year increase of 16.89% and a quarter-on-quarter increase of 18.44%. The net profit attributable to shareholders was RMB 164 million, up 77.78% year-on-year [3][4] - For Q1 2025, revenue was RMB 1.442 billion, a year-on-year increase of 5.79%, with a net profit of RMB 125 million, reflecting a 1.70% increase year-on-year [3][4] Group 2: Stock Buyback and Incentives - The company has conducted stock buybacks to enhance its long-term incentive mechanism and motivate management and key personnel, signaling confidence in its future development [4][5] - The company has successfully met its previous equity incentive targets for two consecutive years, establishing a good reputation in the industry and attracting high-end talent [5] Group 3: Industry Outlook and Growth Drivers - The company is positioned to benefit from the rapid growth of AI and smart manufacturing, focusing on high-performance servers, AIoT smart terminals, and service robots, which are driving demand for smart hardware [6][7] - Future growth will be driven by the integration of AI technology and industry transformation, leading to increased demand for high-power smart devices and the ongoing transition of electric vehicles towards intelligence [7][8] Group 4: Globalization and Supply Chain Strategy - The company has established a global manufacturing network with six smart manufacturing bases, effectively mitigating the impact of potential tariffs on its operations [8][10] - The company’s revenue from U.S. products accounts for approximately 10%, with U.S. sales contributing only about 3% of total revenue, indicating limited direct impact from U.S. tariffs [8][10] Group 5: Technological Innovations - The company has developed a comprehensive set of power conversion solutions, including rectifiers, inverters, and DC-DC converters, and is focused on enhancing product efficiency through high-frequency technology [8][12] - Key technological advancements include hardware integration, AI-assisted software development, and innovative materials, positioning the company as a leader in the power electronics sector [12][13] Group 6: Future Development Directions - The company aims to enhance its vertical technology capabilities in magnetic technology, thermal management, and semiconductor applications to achieve competitive advantages in technology and cost [15][16] - The company is expanding its product offerings in the robotics power supply sector, ensuring compatibility with mainstream robotic products and providing comprehensive power solutions [16][17]