北京中银（苏州）律师事务所 关于中际旭创股份有限公司 二〇二五年五月 | 一、本次股东会的召集和召开程序 3 | | --- | | 二、本次股东会的召集人资格及出席本次股东会人员资格 4 | | 三、本次股东会的审议事项 5 | | 四、本次股东会的表决方式、表决程序及表决结果 6 | | 五、结论意见 9 | 2024 年度股东会 之 法律意见书 www.zhongyinlawyer.com 苏州•工业园区•月亮湾路 10 号•慧湖大厦 B 座 1902 室（215123） Room1902,North Wisdom Center,No.10 Moon Bay Rd,Suzhou Industrial Park, Jiangsu Province China Tel:(86512)62766638 Fax:(86512)62766665 致：中际旭创股份有限公司 北京中银（苏州）律师事务所（以下简称"本所"）接受中际旭创股份有限 公司（以下简称"公司"或"中际旭创"）的委托，指派本所律师列席中际旭创 2024年度股东会（以下简称"本次股东会"），对本次股东会的相关事项进行见 证并出具法律意见书。 根据《中 ...

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。 重要提示： 证券代码：300308 证券简称：中际旭创 公告编号：2025-062 中际旭创股份有限公司 2024 年度股东会决议公告 1、本次股东会没有否决议案的情况； 2、本次股东会没有涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议召开时间：2025 年 5 月 15 日（星期四）下午 14:00，会期半天。 网络投票时间为 2025 年 5 月 15 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 15 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进行网络投票的具体时间为 2025 年 5 月 15 日上 午 9:15 至下午 15:00 的任意时间。 2、现场会议地点：山东省烟台市龙口市诸由观镇驻地中际旭创会议室 3、会议召开方式：本次股东会采取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：公司董事长刘圣先 ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 硅光模块是基于硅光子技术的新一代光通信器件，其应用场景跟传统光模块类似，高集成度及兼容CMOS工艺成为其核心优势。硅光模块以硅光技术为核心，将激 光器、调制器、探测器等光/电芯片都集成在硅光芯片上，再与DSP/TIA/DRVER等电芯片组成硅光模块; 传统光模块中各器件分立，需要连接与封装。硅光技术 以其材料特性以及CMOS工艺的先天优势，能够很好的满足数据中心对更低成本、更高集成、更低功耗、更高互联密度等要求，重要性将愈加凸显，Photonics- SOI（Photonics Silicon-On-Insulator）绝缘体上硅材料平台可以让标准CMOS晶圆厂实现了高速光发射器和接收器芯片的大批量生产品圆，为数据中心内链路提 供了高数据速率和高性价比的收发器解决方案。 硅光模块：下一代高集成光传输模块（从分立器件向硅光技术发展） 国信证券 图:硅光模块应用及产品工艺概览 图:传统光模块(上图)对比硅光模块(下图)结构 超大规模数据中心 服务器机架/开关 光收发器 EML L Photonics- ...

经济观察报记者 郑晨烨 在一个月前的4月14日，记者曾以采购商的身份前往华强电子世界一线走访，彼时，记者咨询的型号为英特尔至强E5-4650V2处理器的价格为65元一个，且 档口老板表示没有大量现货。5月13日，记者再次了解同型号处理器价格时，发现该处理器价格已跌落至35元。 与华强北市场迅速"解冻"同步，众多外向型企业也闻风而动，力图抓住90天"窗口期"。 "《联合声明》发布第二天，我们就接到了好几家美国客户的邮件，要求立刻重启之前因关税问题暂停的订单，并且希望我们能尽快发货。"深圳一家主营智 能穿戴产品出口的企业负责人王力告诉记者。 "之前因关税问题而推迟或取消订单的客户，很多都来咨询了，有美国客户之前压了差不多9个集装箱的产品，现在要求尽快发货。"2025年5月13日，深圳一 家大型跨境物流公司的货运代理何先生略带兴奋地告诉记者。 何先生所描述的，正是《中美日内瓦经贸会谈联合声明》（下称《联合声明》）于5月12日下午3点发布之后，外贸领域骤然回暖的一个侧影。 商务部新闻发言人就《联合声明》发表谈话时表示，本次中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，美方取消了共计91%的加征关税，中 方相应 ...

通信板块近期表现持续亮眼，今日逆势上涨，博创科技涨停，新易盛、联特科技、太辰光等多股高涨， 通信ETF（515880）逆势上涨超2%。 政策层面，《终端设备直连卫星服务管理规定》和《上海市关于加快培育商业航天先进制造业集群的若 干措施》为通信行业提供了新的发展机遇。这些政策不仅规范了行业发展，还明确了未来几年的产业规 模目标，为投资者提供了明确的政策导向。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 在投资影响方面，通信行业受益于AI算力基础设施的建设和运营商的高股息价值，成为市场关注的焦 点。国信证券报告指出，光模块/光器件领域收入和归母净利润同比分别增长60%/123%，物联网领域收 入和归母净利润同比分别增长23%/48%。此外，中美关税缓和也为通信板块中海外业务占比较高的公司 带来了积极影响。 每日经济新闻 通信ETF（515880）跟踪中证全指通信设备指数，该指数涵盖了通 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock price appreciation exceeding 15% relative to the benchmark index [4][6]. Core Insights - The company is experiencing robust growth driven by strong demand for computing hardware and an increase in the proportion of high-speed products, which enhances profitability [2][3]. - The marginal impact of tariffs has weakened, with exemptions for certain semiconductor classifications, allowing the company to mitigate risks through early overseas capacity planning [3]. - The company is well-positioned to benefit from the expansion of both domestic and international demand, particularly in high-speed optical modules [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 238.62 billion yuan, a year-on-year increase of 122.64%, and a net profit of 51.71 billion yuan, up 137.93% [1]. - For Q1 2025, the company reported a revenue of 66.74 billion yuan, a 37.82% year-on-year increase, and a net profit of 15.83 billion yuan, reflecting a 56.83% year-on-year growth [1][9]. Demand and Market Dynamics - The demand for computing hardware remains strong, with significant capital expenditures from North American cloud providers, particularly Meta, which increased its capital expenditure guidance from 60-65 billion USD to 64-72 billion USD [3]. - The company is adapting to the rapid increase in domestic demand for high-speed optical modules by reallocating funds to enhance production capacity [3]. Profitability and Cost Management - The company's gross margin has improved due to a higher proportion of new structure and high-speed products, alongside cost reductions and improved yield from overseas factories [2]. - The expense ratio has decreased, with a year-on-year decline of 1.35 percentage points in 2024, indicating effective cost control measures [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 367.39 billion yuan, 454.74 billion yuan, and 528.94 billion yuan, respectively, with corresponding net profits of 80.83 billion yuan, 99.75 billion yuan, and 118.61 billion yuan [4]. - The report anticipates a continued increase in profitability, with projected PE ratios of 13, 11, and 9 for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to benefit significantly from the expansion of computing hardware demand and the iterative advancements in technology, particularly in high-speed optical modules [4][3]. - The demand for computing hardware is strong both domestically and internationally, with a notable increase in the proportion of high-speed products contributing to revenue growth [2][3]. - The marginal impact of tariffs has weakened, allowing the company to mitigate risks through early overseas capacity planning [3]. Financial Performance - In 2024, the company achieved a revenue of 238.62 billion yuan, representing a year-on-year growth of 122.64%, and a net profit of 51.71 billion yuan, up 137.93% [1]. - For Q1 2025, the company reported a revenue of 66.74 billion yuan, a year-on-year increase of 37.82%, and a net profit of 15.83 billion yuan, up 56.83% [1][9]. - The gross margin improved due to a higher proportion of new structure and high-speed products, with Q4 2024 and Q1 2025 gross margins reaching 35.08% and 36.70%, respectively [2]. Demand and Market Dynamics - The capital expenditure of North American cloud providers remains high, with Meta's guidance increasing from 60-65 billion USD to 64-72 billion USD [3]. - The domestic market is also seeing a significant increase in the number of tenders for 400G products starting in the second half of 2024, with the introduction of 800G products accelerating [3]. - The company is adapting its investment projects to enhance domestic production capacity for high-end optical modules [3]. Profitability Forecast - The company is projected to achieve revenues of 367.39 billion yuan, 454.74 billion yuan, and 528.94 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 80.83 billion yuan, 99.75 billion yuan, and 118.61 billion yuan [4].

截至2025年5月13日 10:54，创业板指数(399006)上涨0.07%，成分股东方日升(300118)上涨15.50%，新产业(300832)上涨5.94%，华大基因(300676)上涨 4.69%，新易盛(300502)上涨4.13%，三环集团(300408)上涨3.28%。 创业板ETF平安(159964)多空胶着，最新报价1.33元。 截至5月12日，创业板ETF平安近1周日均成交883.37万元。 创业板ETF平安管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 创业板ETF平安紧密跟踪创业板指数，创业板指由创业板中市值大、流动性好的100只股票组成，反映创业板市场的运行情况。 规模方面，创业板ETF平安最新规模达5.17亿元，创近1月新高。 消息面上，国务院国资委发文称，要把因地制宜发展新质生产力摆在更加突出的位置，切实优化战略性新兴产业和未来产业布局，加快推进关键核心技术攻 关，发挥好科技创新、产业控制、安全支撑作用；要抓实重大项目，围绕经济社会发展重点领域和关键环节，结合国家所需和央企所长，谋划一批具有战略 性、基础性、引领性的重大项目，不断强化国有经济战略支撑。在关税 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024 and Q1 2025, driven by increased demand for optical modules and a favorable product mix [1][2]. Financial Performance - In 2024, the company achieved a revenue of 23.861 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1]. - For Q1 2025, the revenue reached 6.674 billion yuan, reflecting a year-on-year growth of 37.82%, with a net profit of 1.583 billion yuan, an increase of 56.83% [1]. Product Demand and Market Trends - The sales volume of optical modules surged from 7.45 million units to 14.59 million units in 2024, driven by strong capital expenditure in computing infrastructure [1]. - The average price of optical modules increased from 1,367 yuan in 2023 to 1,569 yuan in 2024, indicating an improved product mix with a higher proportion of high-end modules [1]. - The company anticipates continued growth in demand for 1.6T optical modules, with significant deployment expected in the second half of 2025 [2]. Inventory and Production Capacity - The company's inventory increased from 4.295 billion yuan at the end of 2023 to 7.05 billion yuan at the end of 2024, and further to 7.82 billion yuan by the end of Q1 2025, indicating preparedness for strong demand [2]. - The production capacity doubled year-on-year, aligning with the increase in inventory and anticipated demand [2]. Cost Management and Profitability - The expense ratio for Q1 was 7.07%, a decrease of 1.32 percentage points year-on-year and 2.43 percentage points quarter-on-quarter, attributed to significant revenue growth [3]. - The gross margin for Q1 2025 increased by 3.94 percentage points year-on-year, reflecting improved profitability [2]. Strategic Initiatives - The company launched a joint product with CarLink, focusing on high-bandwidth optical communication modules for smart automotive applications, enhancing its position in the automotive market [4]. - The company is evaluating the potential for exemption applications for exports to the U.S., which could mitigate procurement risks [3]. Investment Outlook - The company forecasts net profits of 7.87 billion yuan, 10.33 billion yuan, and 12.40 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6][4]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 23.86 billion yuan, up 122.64% year-on-year, and net profit at 5.17 billion yuan, up 137.93% [1][4]. - In Q1 2025, the company achieved revenue of 6.67 billion yuan, a year-on-year increase of 37.82%, and net profit of 1.58 billion yuan, up 56.83% [1]. - The growth in sales volume of optical modules is attributed to strong capital expenditure in computing infrastructure, with sales volume increasing from 7.45 million units to 14.59 million units [1]. - The company is expanding into the automotive sector with a new high-bandwidth optical communication module, aiming to support smart cockpit and autonomous driving applications [4]. Financial Performance - The company's gross margin is expected to continue improving, with the average price of optical modules increasing from 1,367 yuan in 2023 to 1,569 yuan in 2024 [1]. - The inventory levels have increased significantly, with stock at the end of 2024 reaching 7.05 billion yuan, up from 4.29 billion yuan at the end of 2023, indicating preparedness for strong demand [2]. - The company’s Q1 expense ratio decreased to 7.07%, down 1.32 percentage points year-on-year, primarily due to significant revenue growth [3]. Market Position and Strategy - The company has enhanced its non-U.S. business share, with plans to apply for exemptions for its U.S. exports, indicating a strategic move to mitigate procurement risks [3]. - The partnership with CarLink aims to develop integrated optical communication solutions for the automotive market, showcasing the company's commitment to innovation in high-speed data transmission [4]. - The forecast for net profit from 2025 to 2027 is projected at 7.87 billion yuan, 10.33 billion yuan, and 12.40 billion yuan respectively, with corresponding P/E ratios of 14X, 10X, and 9X [4].