北京市中伦（深圳）律师事务所 关于西安诺瓦星云科技股份有限公司 2024年第三次临时股东大会的 法律意见书 二〇二四年八月 法律意见书 2024 年第三次临时股东大会的 法律意见书 致：西安诺瓦星云科技股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受西安诺瓦星云科技 股份有限公司（以下简称"公司"）委托，指派程彬律师、孔维维律师出席并见 证公司 2024 年第三次临时股东大会（以下简称"本次股东大会"），并依据《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》"）、《上市公司股东大会规则》（以下简称"《股东 大会规则》"）以及《西安诺瓦星云科技股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，就本次股东大会的召集、召开程序、出席现场会议人 员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求 ...

证券代码：301589 证券简称：诺瓦星云 公告编号：2024-044 西安诺瓦星云科技股份有限公司 2024年第三次临时股东大会决议公告 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。 特别提示： 1、本次临时股东大会无新增、更改、否决议案的情形。 （一）会议召开情况 1、召开时间 现场会议时间：2024年8月19日（星期一）下午14:30 网络投票时间：2024年8月19日（星期一） 其中，通过深圳证券交易所交易系统进行网络投票的时间为2024年8月19日9:15-9:25， 9:30-11:30和13:00-15:00； 通过深圳证券交易所互联网投票系统投票时间为2024年8月19日9:15至15:00期间的 任意时间。 2、召开地点：陕西省西安市高新区云水三路1699号诺瓦科技园4号楼1层会议室。 4、召集人：公司董事会 5、会议主持人：公司董事长袁胜春先生 2、本次临时股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 3、召开方式：本次股东大会采取现场表决与网络投票相结合的方式。 6、本次股东大会会议的召集、召开与表决程序符合《中 ...

Investment Rating - Strong Buy (Maintained) with a target price of 262.5 RMB, compared to the current price of 162.70 RMB [1] Core Views - The company's profitability has improved year-over-year, with rapid growth in overseas revenue [1] - LED display control systems benefit from MLED penetration, solidifying the company's leading position in the industry [1] - Video processing equipment, a core component of the ultra-high-definition industry, is gaining market share overseas due to its cost-effectiveness [1] - Cloud services, represented by the dual "cloud" platforms (Screen Boss and Screen Elf), are poised for growth [1] Financial Performance - H1 2024 revenue reached 1.563 billion RMB, up 17.56% YoY, with net profit of 324 million RMB, up 37.69% YoY [1] - Q2 2024 revenue was 882 million RMB, up 13.89% YoY and 29.46% QoQ, with net profit of 202 million RMB, up 33.84% YoY and 64.71% QoQ [1] - H1 2024 gross margin was 55.54%, up 6.14 percentage points YoY, and net margin was 20.76%, up 3.04 percentage points YoY [1] - Domestic revenue in H1 2024 was 1.27 billion RMB, up 13.17% YoY, while overseas revenue was 289 million RMB, up 41.78% YoY [1] Business Segments LED Display Control Systems - Revenue from LED display control systems in H1 2024 was 757 million RMB, up 18.53% YoY, with a gross margin of 46.46%, up 7.72 percentage points YoY [1] - The global LED display market is expected to reach 12.955 billion USD by 2026, with a CAGR of 13.78% from 2021 to 2026 [1] - The small-pitch LED display market is projected to reach 10.921 billion USD by 2026, with a CAGR of 23.65% [1] - The micro-pitch LED display market is expected to reach 1.354 billion USD by 2026, with a CAGR of 40.08% [1] Video Processing Equipment - Revenue from video processing equipment in H1 2024 was 611 million RMB, up 12.26% YoY, with a gross margin of 67.21%, up 6.69 percentage points YoY [1] - The ultra-high-definition video industry in China is expected to exceed 7 trillion RMB by 2025 [1] - The company's products have a cost advantage of over 40% compared to overseas competitors, aiding in market share expansion [1] Cloud Services - Revenue from cloud services in H1 2024 was 88 million RMB, up 1.93% YoY, with a gross margin of 57.75%, up 3.18 percentage points YoY [1] - The dual "cloud" platforms (Screen Boss and Screen Elf) are highly regarded in the industry, with significant user activity [1] Financial Forecast - Expected revenue for 2024-2026: 4.213 billion RMB, 5.726 billion RMB, and 7.649 billion RMB, with YoY growth of 37.9%, 35.9%, and 33.6% respectively [1][2] - Expected net profit for 2024-2026: 809 million RMB, 1.146 billion RMB, and 1.617 billion RMB, with YoY growth of 33.2%, 41.7%, and 41.1% respectively [1][2] - The company's 2024 PE ratio is estimated at 30x, with a target market capitalization of 24.21 billion RMB [1] Industry Outlook - The LED display industry is expected to grow significantly, driven by MLED penetration and technological advancements [1] - The ultra-high-definition video industry is transitioning from 2K to 4K, with 8K products in the early stages of development [1]

Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company achieved significant growth in overseas revenue, with overseas revenue increasing by 41.78% YoY in H1 2024, exceeding expectations [2] - Gross margins improved significantly across all business segments, with LED display control systems reaching 46.46%, video processing systems at 67.21%, and cloud-based information release and management systems at 57.75% [2] - The company has strategically positioned itself in the MLED sector, offering comprehensive solutions including core inspection equipment and integrated circuits, which are in high demand due to rapid industry expansion [3] - The company's R&D investment increased by 35.40% YoY, accounting for 15.67% of total revenue, reflecting a strong focus on innovation and market expansion [2] Financial Performance - In H1 2024, the company reported revenue of RMB 1.563 billion (+17.56% YoY), net profit attributable to shareholders of RMB 324 million (+37.69% YoY), and operating cash flow of RMB 36 million (+137.91% YoY) [2] - For Q2 2024, revenue was RMB 882 million (+13.89% YoY), net profit attributable to shareholders was RMB 202 million (+33.84% YoY), and operating cash flow was RMB 99 million (+471.83% YoY) [2] - The company's direct sales model accounted for 67.25% of total revenue, an increase of 5.96 pct YoY, contributing to improved cash flow [2] Business Segments - LED display control systems generated revenue of RMB 757 million (+18.53% YoY) in H1 2024 [2] - Video processing systems contributed RMB 611 million (+12.26% YoY) in H1 2024 [2] - Cloud-based information release and management systems reported revenue of RMB 88 million (+1.93% YoY) in H1 2024 [2] Future Projections - The company is expected to achieve revenue of RMB 3.833 billion in 2024, RMB 5.068 billion in 2025, and RMB 6.726 billion in 2026, with YoY growth rates of 25.49%, 32.24%, and 32.70% respectively [3] - Net profit attributable to shareholders is projected to be RMB 808 million in 2024, RMB 1.139 billion in 2025, and RMB 1.555 billion in 2026, with YoY growth rates of 33.16%, 40.87%, and 36.59% respectively [3] - The current stock price corresponds to a PE ratio of 18.61x for 2024, 13.21x for 2025, and 9.67x for 2026 [3] Market Data - As of August 14, 2024, the company's A-share closing price was RMB 162.70, with a total market capitalization of RMB 3.008 billion [1] - The company's total share capital is 92.448 million shares, with 18.4896 million shares in actual circulation [1]

证券代码：301589 证券简称：诺瓦星云 公告编号：2024-043 西安诺瓦星云科技股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 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。 二、募集资金的存放和管理情况 （一）募集资金的管理情况 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》的相关规定，西安诺瓦星云科技股份有限公司（以 下简称"公司"）编制了截至 2024 年 6 月 30 日的募集资金存放与使用情况专项 报告，具体如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意西安诺瓦星云科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕624 号）同意注册，公司首次公 开发行人民币普通股（A 股）1,284.00 万股，每股面值 1.00 元，每股发行价格为 人民币 126.89 元。本次发行募集资金总额为 1,629,267,600.00 元，扣除 ...

第二届董事会第二十次会议决议公告 证券代码：301589 证券简称：诺瓦星云 公告编号：2024-040 西安诺瓦星云科技股份有限公司 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 西安诺瓦星云科技股份有限公司（以下简称"公司"）第二届董事会第二十 次会议通知于 2024 年 8 月 8 日以邮件的形式送达全体董事，会议于 2024 年 8 月 14 日以现场与通讯相结合的方式召开。会议由董事长袁胜春先生主持，应出席 的董事 7 人，实际出席的董事 7 人，独立董事毛志宏先生以通讯方式参加会议并 表决。公司监事及高级管理人员列席了本次会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等相关法 律、法规以及《西安诺瓦星云科技股份有限公司章程》的规定。 二、董事会会议审议情况 1. 审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审议，董事会认为：公司《2024 年半年度报告》及其摘要的编制符合法 律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确， 完整，不存在任何虚假记载、误导性陈述或者 ...

证券代码：301589 证券简称：诺瓦星云 公告编号：2024-041 1、审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审议，监事会认为：公司《2024 年半年度报告》及其摘要的编制和审议程序 符合法律、法规和《公司章程》的有关规定，其内容与格式符合中国证监会和深圳证 券交易所的各项规定，所包含的内容切实反映了 2024 年上半年公司的真实情况，所 记载事项不存在虚假记载、误导性陈述或重大遗漏，所披露的信息真实、准确、完整。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年半 年度报告》及《2024 年半年度报告摘要》。公司《2024 年半年度报告摘要》同日刊 登于《证券时报》《中国证券报》《上海证券报》《证券日报》。 西安诺瓦星云科技股份有限公司 第二届监事会第十四次会议决议公告 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 西安诺瓦星云科技股份有限公司（以下简称"公司"）第二届监事会第十四次会 议通知于 2024 年 8 月 8 日以书面的形式发出，会议于 2024 年 8 ...

2024 年半年度报告 2024 年 8 月 1 西安诺瓦星云科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 西安诺瓦星云科技股份有限公司 2024 年半年度报告全文 西安诺瓦星云科技股份有限公司 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人袁胜春、主管会计工作负责人张争及会计机构负责人(会计主 管人员)张争声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司需遵守《深圳证券交易所上市公司自律监管指引第 4 号——创业板 行业信息披露》中的"LED 产业链相关业务"的披露要求： 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | न्नी | | --- | | 第一节 | 重要提示、目录和释义 2 | | | --- | --- | --- | | ...

编制单位：西安诺瓦星云科技股份有限公司 单位：万元 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：西安诺瓦星云科技股份有限公司 单位：万元 | | | 往来方与上市公 | 上市公司核 | 2024 年期初往 | 2024 年 | 1-6 月往 | 2024 | 年 | 1-6 月 | 2024 年 | 1-6 | 2024 年 6 | 月 | 往来形成原 | 往来性质（经 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 资金往来方名称 | | 算的会计科 | | 来累计发生金额 | | | 往来资金的利 | | 月偿还累计 | | 末往来资金 | | | 营性往来、非 | | | | 司的关联关系 | | 来资金余额 | | | | | | | | | | 因 | | | | | | 目 | | | （不含利息） | | 息（如有） | | 发生金额 | | 余额 | | | 经营性往来） | | 控股股东 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company, Nova Star Cloud (301589), with a target price of 262.5 CNY based on a projected PE ratio of 30x for 2024 [1][3]. Core Insights - Nova Star Cloud has established itself as a leader in the LED display control system industry, benefiting from the growth of MLED technology and the increasing demand for high-definition video processing [1][5]. - The company has shown significant revenue growth, with a compound annual growth rate (CAGR) of 26.76% from 2018 to 2023, and a strong performance in Q1 2024, achieving a revenue of 681 million CNY, up 22.66% year-on-year [26][27]. - The report highlights the company's strategic focus on integrating video processing systems with display control systems, which is expected to enhance product competitiveness and market penetration [6][29]. Summary by Sections Company Overview - Founded in 2008, Nova Star Cloud specializes in video and display control technology, serving over 4,000 enterprises globally [20]. - The company has expanded its international presence, establishing service points in 37 regions, including 8 overseas locations, with a remarkable CAGR of 65.80% in overseas revenue from 2020 to 2023 [1][20]. LED Display Control Systems - The LED display control system market is experiencing high demand, driven by advancements in Mini/Micro LED technology and the increasing pixel density required for high-definition displays [1][6]. - Nova Star Cloud holds a market share exceeding 60% in the LED display control system sector, benefiting from strong customer loyalty and partnerships with leading display manufacturers [1][5]. Video Processing Equipment - The integration of video processing and display control systems is a growing trend, with the company’s video processing system revenue expected to reach 19 billion CNY by 2024, growing at a rate of 54% [1][6]. - The report emphasizes the potential for domestic manufacturers to capture a larger share of the high-end overseas market due to competitive pricing [1][6]. Cloud Services - The company is developing two cloud service platforms, "Screen Boss" and "Screen Spirit," which have gained popularity in the industry, with significant user engagement reported [1][6]. - The global IoT device connection is projected to grow significantly, providing a favorable environment for the company's cloud services [1][6]. Financial Projections - Revenue projections for 2024-2026 are 42.13 billion CNY, 57.26 billion CNY, and 76.49 billion CNY, with corresponding net profits of 8.09 billion CNY, 11.46 billion CNY, and 16.17 billion CNY [1][2]. - The report anticipates a steady increase in gross margins across various product lines, reflecting improved operational efficiency and market positioning [29][30].