北京浩天律师事务所 关于石家庄通合电子科技股份有限公司 2023年限制性股票激励计划调整授予价格、首次及预留 授予部分第一个归属期符合归属条件、作废处理部分已 授予尚未归属的限制性股票相关事项的 法律意见书 二〇二五年八月 北京浩天律师事务所 1 北京浩天律师事务所 关于石家庄通合电子科技股份有限公司 2023年限制性股票激励计划调整授予价格、首次及预留授予部分 第一个归属期符合归属条件、作废处理部分已授予尚未归属的限 制性股票相关事项的 法律意见书 致：石家庄通合电子科技股份有限公司 北京浩天律师事务所（以下简称"本所"）接受石家庄通合电子科技股份有限公 司（以下简称"公司"或"通合科技"）的委托，担任通合科技2023年限制性股票激励 计划的专项法律顾问，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》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业规则 （试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政法规、 ...

Group 1 - The stock price of Tonghe Technology closed at 20.54 yuan on August 6, 2025, down by 0.19 yuan, a decrease of 0.92% from the previous trading day [1] - The company operates in the power equipment industry, focusing on high-voltage fast charging, battery swapping concepts, and new energy vehicle-related fields [1] - As of July 31, 2025, the total number of shareholders increased to 23,100, an increase of 669 shareholders, representing a growth of 2.98% [1] Group 2 - The average number of shares held per shareholder decreased from 6,903 shares to 6,703 shares, with an average market value of 134,400 yuan per shareholder [1] - On August 6, the net outflow of main funds was 7.1549 million yuan, accounting for 0.22% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 56.4501 million yuan, representing 1.77% of the circulating market value [1]

证券日报网讯通合科技（300491）8月6日在互动平台回答投资者提问时表示，截至2025年7月31日，公 司普通股股东总数为23132户。 ...

Group 1 - The core viewpoint of the news is that Tonghe Technology (300491) has experienced a decline in stock price and significant changes in its financial performance as of the first quarter of 2025 [1] - As of August 5, 2025, the stock price of Tonghe Technology closed at 20.73 yuan, down 0.53%, with a turnover rate of 7.52% and a trading volume of 116,600 hands, amounting to 240 million yuan [1] - The latest financial report indicates that the total operating revenue for the first quarter of 2025 was 207 million yuan, representing a year-on-year growth of 16.14%, while the net profit attributable to shareholders decreased by 184.76% to 6.52 million yuan [1] Group 2 - The company has a current ratio of 1.631, a quick ratio of 1.254, and a debt-to-asset ratio of 46.49% [1] - Tonghe Technology has made investments in four companies and participated in 296 bidding projects, indicating active engagement in business development [2] - The company holds 325 patents and has one trademark, along with 25 administrative licenses, showcasing its focus on intellectual property [2]

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [4][15]. Core Viewpoints - The increase in capital expenditures (CapEx) by major overseas tech companies such as Google, Meta, Microsoft, and Amazon validates the high prosperity of the AI and computing power industry, indicating a long-term growth opportunity in the computing infrastructure sector [12][13][14]. - The urgency for domestic computing power autonomy is highlighted by the recent security issues surrounding NVIDIA chips, which may accelerate the development of domestic chip manufacturers [14]. Summary by Sections Investment Insights - The report emphasizes that the power generation sector remains a logical choice for both volume and profit growth, recommending companies like Weichai Heavy Machinery, and also suggests focusing on the gradually increasing penetration of HVDC segments with companies like Kehua Data, Hewei Electric, and Tonghe Technology [4][14]. - It also highlights the benefits for server power supplies and liquid cooling segments, recommending companies such as Invec, Shenling Environment, and Oulu Tong [4][14]. Industry Dynamics - The report notes that major tech companies have collectively raised their 2025 capital expenditure plans, reflecting sustained demand for computing power driven by AI [12][13]. - It mentions that the domestic computing power industry is expected to see accelerated growth due to increased focus on data security and core technology autonomy [14]. Key Companies and Earnings Forecast - The report provides a table of key companies with their earnings per share (EPS) and price-to-earnings (PE) ratios, indicating a bullish outlook for companies like Magpower and Shenling Environment, which are rated as "Buy" [16][17].

Core Viewpoint - Shijiazhuang Tonghe Electronic Technology Co., Ltd. has obtained a patent for a "plug-in switch combination," indicating its ongoing innovation efforts in the electrical machinery and equipment manufacturing sector [1] Company Overview - Shijiazhuang Tonghe Electronic Technology Co., Ltd. was established in 1998 and is located in Shijiazhuang City, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of 174.738099 million RMB [1] Investment and Projects - The company has invested in 4 enterprises and participated in 294 bidding projects [1] - It holds 325 patent information entries and has 1 trademark information entry [1] - Additionally, the company possesses 25 administrative licenses [1]

Group 1 - The core viewpoint of the news is that Tonghe Technology (300491) has shown a positive stock performance with a closing price of 20.77 yuan, up 3.59% as of August 1, 2025, with a trading volume of 179,600 hands and a transaction amount of 367 million yuan [1] - The company experienced a net inflow of main funds amounting to 24.09 million yuan, accounting for 6.56% of the transaction amount, with significant contributions from large orders [1] - The latest financial report for Tonghe Technology indicates total operating revenue of 207 million yuan for Q1 2025, representing a year-on-year growth of 16.14%, while net profit attributable to shareholders decreased by 184.76% to 6.52 million yuan [1] Group 2 - Tonghe Technology, established in 1998 and located in Shijiazhuang, primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 1.747 billion yuan [2] - The company has made investments in four enterprises and participated in 292 bidding projects, showcasing its active engagement in the market [2] - In terms of intellectual property, Tonghe Technology holds one trademark and 325 patents, along with 25 administrative licenses [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is a leading enterprise in charging modules, focusing on power electronic products centered around DC power, with balanced development in three strategic directions: new energy vehicles, smart grids, and aerospace [1][5] - The company is expected to achieve stable growth through multi-business collaboration, despite a decline in profitability due to intensified competition in the charging pile market [1][4] Charging Business - In 2024, the charging and swapping business revenue is projected to be 783 million RMB, a year-on-year increase of 20.4%, driven by strong downstream demand, with a total of 4.222 million new charging infrastructure units added in China, up 24.6% year-on-year [2] - The gross margin for this segment is 21.26%, down 6.32 percentage points year-on-year, primarily due to price reductions caused by increased industry competition [2] Smart Grid Business - The smart grid revenue for 2024 is expected to reach 211 million RMB, reflecting a year-on-year growth of 19.5%, with a gross margin of 36.92%, down 1.73 percentage points due to rising raw material costs [3] - The core product in this segment, the power operation power supply, maintains a leading market share, and revenue is expected to grow steadily in 2025 due to increased investment in the power grid [3] Financial Projections - The company’s net profit attributable to shareholders is projected to be 79 million RMB in 2025 and 116 million RMB in 2026, with significant downward adjustments from previous estimates [4][17] - The target price for the company is set at 20.25 RMB, based on a projected PE ratio of 45 times for 2025 [4][5]

证券代码：300491 证券简称：通合科技 公告编号：2025-029 石家庄通合电子科技股份有限公司 3、本次实施的分配方案与股东大会审议通过的分配方案是一致的。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 2024年年度权益分派实施公告 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。 石家庄通合电子科技股份有限公司（以下简称"公司"）2024年年度权益分派 方案已经2025年5月20日召开的2024年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、2025年5月20日，公司2024年年度股东大会审议通过了《2024年度利润 分配预案》的议案，具体方案如下：以现有总股本174,738,099股为基数，向全 体股东每10股派发现金股利0.68元（含税），合计派发现金股利11,882,190.73元 （含税），不送红股，不以公积金转增股本。 若在分配预案实施前公司总股本发生变动，将按照分配总额不变的原则对 分配比例进行调整。 2、自分配方案披露至实施期间公司股本总额未发生 ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This week, companies like Credo and Wistron reported better-than-expected Q1 results, while major players in the copper cable and AI application sectors, such as Amphenol and Palantir, continue to see stock price increases [5][14]. - The domestic AI sector is experiencing a rebound, driven by strong performance metrics, such as the monthly payment amount for Keling AI exceeding 100 million RMB for two consecutive months [5][14]. - The report suggests that the current AI market cycle will see continued valuation recovery in overseas chains, while domestic chains have a straightforward logic with strong upward expectations. Specific recommendations include focusing on Weichai Heavy Machinery, Kehua Data, Tonghe Technology, and others in the HVDC and server power supply segments [6][17]. Summary by Sections Investment Viewpoints - The report emphasizes that both overseas and domestic AI sectors are poised for significant growth, with specific recommendations for companies like Weichai Heavy Machinery and Kehua Data, which are expected to benefit from increasing market penetration and power enhancements [6][17]. Industry Dynamics - The report highlights recent advancements in AI, including the launch of the Qwen3-Embedding series by Alibaba, which has shown exceptional performance in text representation and ranking tasks [5][14]. - It also notes the ongoing developments in the education sector with the introduction of EduBench, a comprehensive evaluation benchmark for educational scenarios [20]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several key companies, including: - Weichai Heavy Machinery (32.09 RMB, EPS: 0.56 in 2024, PE: 30.99) [19] - Kehua Data (43.5 RMB, EPS: 0.68 in 2024, PE: 42.35) [19] - Yingweike (26.72 RMB, EPS: 0.61 in 2024, PE: 66.43) - Buy rating [19] - Maigemi Te (47.21 RMB, EPS: 1.08 in 2024, PE: 43.71) - Buy rating [19] - Tonghe Technology (18.77 RMB, EPS: 0.13 in 2024, PE: 144.38) - Increase rating [19] - Oulutong (112.04 RMB, EPS: 2.65 in 2024, PE: 40.32) [19] - Shenling Environment (35.54 RMB, EPS: 0.43 in 2024, PE: 82.65) - Buy rating [19]