广东华商律师事务所 法律意见书 中国深圳福田区深南大道 4011 号港中旅大厦 21A-3 层、第 22、23、24、25、26 层， 21A-3/F.,22A/F.,23A/F.,24A/F., 25A/F., 26A/F.,CTSTower,No.4011,ShenNanRoad,ShenZhen, 电话（Tel.）：（86）755-83025555；传真（Fax.）：（86）755-83025068,83025058 邮编(P.C.)：518048；网址（Website）：http://www.huashang.cn 广东华商律师事务所 关于深圳市赢合科技股份有限公司 2023 年年度股东大会的 法律意见书 广东华商律师事务所 二○二四年五月 1 广东华商律师事务所 法律意见书 广东华商律师事务所 关于深圳市赢合科技股份有限公司 2023 年年度股东大会的 法律意见书 致：深圳市赢合科技股份有限公司 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》（以下简称"《证券法》"）及中国证券监督管理委员会《上市 公司股东大会规则》（以下简称"《股东大会规则》"）等法律、法规及规 ...

关于参加深圳证券交易所"湾区引擎'粤'强劲"—— 集体业绩说明会的公告 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。 深圳市赢合科技股份有限公司（以下简称"公司"）将于 2024 年 5 月 22 日（星期三）15:00-17:00 参加由深圳证券交易所组织召开的以"湾区引擎'粤' 强劲"为主题的集体业绩说明会活动，届时公司参会人员将回答投资者提问，倾 听投资者建议，帮助投资者深入了解公司经营发展情况，欢迎广大投资者积极参 与。现将有关事项公告如下： 一、说明会召开的时间、地点和方式 1、召开时间：2024 年 5 月 22 日（星期三）15:00-17:00 2、召开方式：图文与直播视频转播 3、现场会议地点：深交所 811 国际会议厅 4、公司出席人员：副董事长郑英霞女士，独立董事张玉兰女士，副总裁、 财务总监刘永青先生，董事会秘书李春辉先生（具体以当天实际参会人员为准）。 深圳市赢合科技股份有限公司 证券代码：300457 证券简称：赢合科技 公告编号：2024-024 二、投资者问题征集方式 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [2][16]. Core Insights - The company is a leading player in lithium battery equipment, benefiting from advancements in solid-state battery technology and the growth of its electronic cigarette business. It is expected to achieve significant profit growth from 2024 to 2026, with projected net profits of 9.22 billion, 11.87 billion, and 14.75 billion respectively, corresponding to P/E ratios of 12, 9, and 7 [4][13]. Company Overview - The company has a total share capital of 649.54 million shares and a market capitalization of approximately 10,691.39 million [2]. - The company’s revenue has grown from 1.65 billion in 2019 to 5.54 billion in 2023, with a CAGR exceeding 35% [7]. Lithium Battery Equipment Business - The company’s lithium battery equipment business is expected to benefit from the development of new technologies such as stacked battery technology and solid-state batteries, leading to rapid growth in scale. The company has established strong relationships with major clients like CATL, BYD, and LG, with an increasing proportion of overseas revenue [5][7]. - The revenue from lithium battery equipment is projected to grow from 9,020 million in 2022 to 16,271 million by 2026, with a growth rate of 73% in 2022 and 21% in 2024 [4]. Electronic Cigarette Business - The electronic cigarette business has seen rapid growth, with the SKE brand achieving a significant market share in the UK since its launch in late 2022. The company has expanded its production capacity and is expected to further enhance profitability as it continues to grow its market presence [5][7]. - The electronic cigarette segment generated revenue of 33.41 billion in 2023, accounting for 34% of total revenue [50]. Financial Performance - The company achieved total revenue of 97.5 billion in 2023, reflecting an 8.09% year-on-year increase, and a net profit of 5.54 billion, up 13.62% year-on-year [50]. - The gross profit margin improved to 29.76% in 2023, with a net profit margin of 10.54% [66]. Research and Development - The company invested 7.22 billion in R&D in 2023, representing 7.41% of its revenue, with a 49.5% increase in R&D spending [53]. - The company holds 1,735 patents and has a strong team of 2,476 R&D personnel, accounting for 26.25% of its total workforce [93].

Investment Rating - The report upgrades the company's rating to "Buy" due to the strong performance of its subsidiary SKELE and the enhanced certainty of its 2024 Q1 earnings [4] Core Views - The company's 2023 revenue reached 9.75 billion yuan, a year-on-year increase of 8.09%, with net profit attributable to the parent company of 554 million yuan, up 13.62% year-on-year [4] - In 2024 Q1, the company achieved revenue of 1.866 billion yuan, a year-on-year increase of 7.37%, and net profit attributable to the parent company of 159 million yuan, a year-on-year increase of 53.87% [4] - The lithium battery equipment business saw a decline in revenue by 25.01% to 6.408 billion yuan in 2023, but the average price per unit increased by 19.16% to 4.62 million yuan per unit [4] - The subsidiary SKELE achieved revenue of 3.341 billion yuan in 2023, a year-on-year increase of 512%, with a net profit of 1 billion yuan, up 1071% year-on-year [4] - The company has successfully expanded its customer base in the automotive sector, securing orders from major companies such as Volkswagen, Aion, Zeekr, Li Auto, and Geely [4] - The company has made breakthroughs in the UK and European markets, with its new products obtaining TPD certification and establishing a wholly-owned subsidiary in the UK [4] Financial Performance - The company's 2023 lithium battery equipment gross margin was 19.56%, an increase of 0.61 percentage points year-on-year [4] - SKELE's operating profit margin in 2023 was 35.11%, with a net profit margin of 29.93%, an increase of 14.28 percentage points year-on-year [4] - The company's 2024 Q1 minority shareholder profit was 130 million yuan, a year-on-year increase of 154.78%, with SKELE contributing approximately 265 million yuan in net profit [4] Market and Industry Analysis - The global e-cigarette market is dominated by the US, UK, and Canada, with China being a major exporter, with 2023 e-cigarette exports reaching 11.08 billion USD, a year-on-year increase of 12.48% [4] - The company's lithium battery equipment business has a leading position in the industry, with core products supplied to top battery and automotive companies such as CATL, BYD, LG Energy Solution, and Volkswagen [4] Valuation and Forecast - The report maintains the 2024 net profit forecast at 1.096 billion yuan, but lowers the 2025 forecast by 14.6% to 1.27 billion yuan, and adds a 2026 forecast of 1.462 billion yuan [4] - The current stock price corresponds to a PE ratio of 10x for 2024, 8x for 2025, and 7x for 2026 [4] Key Financial Metrics - The company's 2023 EPS was 0.85 yuan, with a forecasted EPS of 1.69 yuan for 2024, 1.96 yuan for 2025, and 2.25 yuan for 2026 [4] - The company's ROE (attributable to the parent company) was 8.97% in 2023, with forecasts of 15.31% for 2024, 15.38% for 2025, and 15.33% for 2026 [4] - The company's P/B ratio is 1.7x for 2023, with forecasts of 1.5x for 2024, 1.3x for 2025, and 1.1x for 2026 [4]

证券代码：300457 证券简称：赢合科技 公告编号：2024-021 深圳市赢合科技股份有限公司 第五届监事会第八次会议决议的公告 本公司及监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。 监事会 深圳市赢合科技股份有限公司（以下简称"公司"）第五届监事会第八次会 议于 2024 年 4 月 25 日以通讯表决方式召开。会议通知已于 2024 年 4 月 15 日以 电子邮件方式送达全体监事。本次会议应参加表决监事 3 名，实际参加表决监事 3 名。会议由监事会主席夹良军先生召集和主持，会议的召开和表决程序符合《公 司法》及《公司章程》的有关规定，合法有效。 二、监事会会议审议情况 经与会监事认真审议，通过了如下决议： 1、审议通过了《关于 2024 年第一季度报告的议案》 经监事会审议：公司董事会编制及审议公司《2024 年第一季度报告》的程 序符合法律、行政法规和中国证监会的规定，公司《2024 年第一季度报告》真 实、准确、完整的反映了公司 2024 年第一季度的实际经营情况，不存在任何虚 假记载、误导性陈述或者重大遗漏。因此，全体监事一致同意公司《2024 年 ...

证券代码：300457 证券简称：赢合科技 公告编号：2024-023 深圳市赢合科技股份有限公司 关于召开 2023 年年度股东大会的通知 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。 深圳市赢合科技股份有限公司（以下简称"公司"）第五届董事会第九次会 议审议通过了《关于召开 2023 年年度股东大会的议案》，决定于 2024 年 5 月 31 日（星期五）下午 15:00 召开公司 2023 年年度股东大会，现将会议有关事项通 知如下： 一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法性及合规性： 公司 2023 年年度股东大会会议的召开符合有关法律、法规、规范性文件和 《公司章程》的相关规定。 4、会议召开时间： 现场会议召开时间：2024 年 5 月 31 日（星期五）下午 15:00； 网络投票时间：2024 年 5 月 31 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 2024 年 5 月 31 日上午 9:15-9:25，9:30-11:30 和下午 1 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,865,810,442.46, representing a 7.37% increase compared to ¥1,737,760,238.21 in the same period last year[8] - Net profit attributable to shareholders for Q1 2024 was ¥158,525,394.16, a significant increase of 53.87% from ¥103,026,290.18 in Q1 2023[8] - The net profit after deducting non-recurring gains and losses was ¥157,242,101.31, up 97.53% from ¥79,602,767.19 in the previous year[8] - Basic and diluted earnings per share for Q1 2024 were both ¥0.24, reflecting a 50.00% increase from ¥0.16 in Q1 2023[8] - The weighted average return on equity increased to 2.53% from 1.78% year-on-year, an increase of 0.75%[8] - The company reported a profit before tax of ¥333,412,916.06, significantly higher than ¥161,243,211.55 in the previous year, marking a growth of 106.67%[41] - The company’s total comprehensive income for Q1 2024 was ¥288,197,804.50, compared to ¥153,931,787.48 in Q1 2023, showing an increase of 87.06%[41] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥16,621,813,124.98, down 5.25% from ¥17,542,084,316.71 at the end of the previous year[8] - Total liabilities decreased from 11.04 billion to 9.83 billion, a reduction of about 10.97%[20] - The total assets decreased from 17.54 billion to 16.62 billion, a reduction of approximately 5.25%[19] - The total liabilities and equity decreased by approximately 5.24% year-over-year, indicating a shift in the company's financial structure[40] - The company's total equity attributable to shareholders increased to ¥6,336,296,146.15, up from ¥6,174,470,080.48, representing a growth of 2.62%[40] Cash Flow - The net cash flow from operating activities was -¥366,652,929.13, a decline of 16.72% compared to -¥314,141,427.37 in the same period last year[8] - The total cash inflow from operating activities was 1,783,857,611.92, slightly down from 1,819,563,594.30 in the previous period[42] - Total cash inflow from investment activities was 298,285,784.37, while cash outflow was 291,963,905.23, resulting in a net cash flow of 6,321,879.14, a significant improvement from -67,648,726.37 in the previous period[42] - Cash inflow from financing activities totaled 363,883,334.69, with cash outflow of 356,944,679.55, leading to a net cash flow of 6,938,655.14, compared to -45,436,160.94 previously[43] - The ending balance of cash and cash equivalents was 1,806,303,803.33, up from 1,279,940,746.15 in the previous period[43] - The net increase in cash and cash equivalents for the period was -352,482,246.73, compared to -432,703,225.65 in the previous period, indicating a reduced cash outflow[43] Shareholder Information - The number of shareholders at the end of the reporting period was 36,726[31] Expenses - Research and development expenses for Q1 2024 were ¥96,259,056.17, a decrease of 23.26% compared to ¥125,388,626.81 in Q1 2023[40] - Payments to employees increased to 382,604,875.81 from 322,126,075.41, reflecting a rise in labor costs[42] Other Financial Metrics - Minority interests in net profit increased to ¥129,672,515.86 from ¥50,895,277.72, reflecting a growth of 154.66%[41] - The company recorded a non-operating loss of -2,386,367.78, which impacted overall profitability[55] - The company reported a government subsidy of 4,412,480.01, contributing positively to the financial results[55] - The company received tax refunds amounting to 58,196,163.29, an increase from 9,644,523.44 in the previous period[42]

证券代码：300457 证券简称：赢合科技 公告编号：2024-020 深圳市赢合科技股份有限公司 第五届董事会第九次会议决议的公告 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。 一、董事会会议召开情况 深圳市赢合科技股份有限公司（以下简称"公司"）第五届董事会第九次会 议于 2024 年 4 月 25 日以通讯表决方式召开。会议通知已于 2024 年 4 月 15 日以 电子邮件方式送达全体董事、监事及高级管理人员。本次会议应参加表决董事 8 名，实际参加表决董事 8 名。会议由董事长贾廷纲先生召集和主持，会议的召开 和表决程序符合《公司法》及《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 具体内容详见公司同日刊登在巨潮资讯网（http://www.cninfo.com.cn）的 《2024 年第一季度报告》。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 2、审议通过了《关于召开 2023 年年度股东大会的议案》 公司将于 2024 年 5 月 31 日（星期五）下午 15:00 在广东省惠州 ...

Financial Performance - The company's operating revenue for 2023 reached approximately ¥9.75 billion, representing an 8.09% increase compared to ¥9.02 billion in 2022[48]. - Net profit attributable to shareholders for 2023 was approximately ¥553.80 million, a 13.62% increase from ¥487.42 million in 2022[48]. - The net profit after deducting non-recurring gains and losses for 2023 was approximately ¥536.34 million, reflecting a 13.96% increase from ¥470.63 million in 2022[48]. - The net cash flow from operating activities for 2023 was approximately ¥1.40 billion, a significant increase of 325.45% compared to ¥328.83 million in 2022[48]. - The total assets of the company at the end of 2023 amounted to approximately ¥17.54 billion, marking a 6.94% increase from ¥16.37 billion at the end of 2022[48]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥6.17 billion, a 7.38% increase from ¥5.75 billion at the end of 2022[48]. - The basic earnings per share for 2023 was ¥0.85, up 13.33% from ¥0.75 in 2022[48]. - The company achieved a revenue of 974,978.59 million yuan in 2023, representing a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 55,380.48 million yuan, up 13.62% year-on-year[88]. Market Expansion and Business Development - The company has enhanced its market expansion efforts, with significant growth in international markets[15]. - The electronic cigarette business is expanding well, contributing positively to overall performance[4]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[56]. - The electronic cigarette business has expanded its market coverage to 167 countries and regions in 2023, an increase of 10 countries from 2022[57]. - The electronic cigarette business, under the subsidiary Skoll, has seen significant growth in Europe, with the establishment of a wholly-owned subsidiary in the UK to enhance market presence and customer service[82]. - The company has successfully expanded its customer base, securing orders from major automotive manufacturers such as Volkswagen and Geely, enhancing its market competitiveness[109]. Research and Development - The company has established a dedicated project team for new product development, improving R&D success rates and reducing development costs[3]. - The company invested over 700 million yuan in R&D in 2023, focusing on overcoming technical challenges and developing new products, resulting in a total of 1,735 patents and software copyrights by the end of the reporting period[88]. - The company is focusing on digital transformation, implementing a comprehensive digital management strategy to improve operational efficiency and management information levels[112]. - The company aims to enhance product efficiency and reduce costs through continuous innovation in lithium battery equipment automation and digitalization[110]. - The company has established a complete digital and intelligent solution to support battery enterprises in achieving high efficiency and low cost during large-scale expansions[104]. Operational Strategy and Efficiency - The company is implementing a "2211" operational strategy to promote cost reduction and efficiency improvement[6]. - The company’s procurement system underwent a comprehensive optimization, creating a centralized supplier management layout to improve supply chain efficiency[89]. - The establishment of a global localized service system for lithium battery equipment ensures comprehensive lifecycle management and rapid response to customer needs[87]. - The company has established a strict procurement management system to ensure product quality and supplier reliability[60]. - The company reported a decrease in raw material costs by 6.53% year-on-year, while labor costs increased by 71.20%[96]. Shareholder Returns and Dividends - The company reported a cash dividend of RMB 1.75 per share, totaling RMB 112,983,793.65, based on a total share capital of 645,621,678 shares after deducting repurchased shares[36]. - The company emphasizes maintaining a balance between performance growth and shareholder returns, aiming for a long-term, stable, and sustainable return mechanism[128]. - The total distributable profit for the year was 888,642,896.79 yuan[162]. - The company has not proposed a cash dividend distribution plan despite having positive profits available for distribution[164]. - The company maintains a focus on enhancing shareholder returns while ensuring compliance with regulations and transparency in its operations[162]. Talent and Human Resources - The company has been actively recruiting high-end talent with industry experience to support its growth strategy[14]. - The company continues to enhance its talent pool through stock incentive plans, granting 346.59 million restricted shares to 168 key employees to foster commitment and attract external talent[92]. - The company has established a comprehensive human resources management system covering recruitment, training, compensation, benefits, paid leave, performance evaluation, internal transfers, promotions, and personnel appointments[197]. - The company adheres to the talent philosophy of "merit-based selection and contribution first," actively recruiting talent from society and universities to promote employment[196]. Compliance and Governance - The company is committed to complying with disclosure requirements related to the lithium-ion battery industry[17]. - The company has a complete governance structure in compliance with relevant laws and regulations, ensuring operational integrity[136]. - The company operates independently from its controlling shareholders, ensuring complete independence in business, assets, personnel, and finance[136]. - The company has established a robust independent financial team, with no personnel holding concurrent positions in controlling shareholders' enterprises[137]. - The company’s management team is composed of professionals with diverse backgrounds and extensive experience in their respective fields[145]. Social Responsibility - The company actively fulfills its social responsibility through donations, volunteer activities, and community building, aiming to create a harmonious social atmosphere[200].

（一）董事会会议召开情况 报告期内，公司董事会共召开 8 次会议，会议的召开与表决程序符合《公司 法》和《公司章程》等法律法规的有关规定，具体情况如下： | 会议届次 | | 召开日期 | | 通过议案 | | --- | --- | --- | --- | --- | | 第四届董事会 | 2023 | | 年 | 1、《关于调整 2022 年限制性股票激励计划激励对象名单及 | | | | | | 授予数量的议案》 | | | | | | 2、《关于向 2022 年限制性股票激励计划激励对象授予限制 | | | | | | 性股票的议案》 | | 第三十四次会议 | 02 月 | 15 | 日 | 3、《关于董事会换届暨选举第五届董事会非独立董事候选 | | | | | | 人的议案》 | | | | | | 4、《关于董事会换届暨选举第五届董事会独立董事候选人 | | | | | | 的议案》 | | | | | | 5、《关于召开 2023 年第二次临时股东大会的议案》 | | 第五届董事会 | 2023 | | 年 | 1、《关于选举公司第五届董事会董事长的议案》 | | | | | | 2、《关于 ...