北京市君泽君（深圳）律师事务所 法律意见书 北京市君泽君（深圳）律师事务所 广东省深圳市福田区金田路 4028 号荣超经贸中心 28 层、29 层 邮编：518035 关于乔锋智能装备股份有限公司 2025 年第二次临时股东会的 电话：0755-33988188 传真：0755-33988199 北京市君泽君（深圳）律师事务所 法律意见书 （2025）君深意字第 382 号 致：乔锋智能装备股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）以及中国证券监 督管理委员会（以下简称"中国证监会"）发布的《上市公司股东会规则》（以下 简称"《股东会规则》"）的有关规定，北京市君泽君（深圳）律师事务所（以下 简称"本所"）受乔锋智能装备股份有限公司（以下简称"公司"）委托，指派律 师出席公司 2025 年第二次临时股东会（以下简称"本次股东会"），并就本次股 东会的召集和召开程序、召集人资格、出席和列席会议人员资格、表决程序及表决 结果等事宜发表如下法律意见： 一、本次股东会的召集、召开程序 为召开本次股东会，公司董事会于 2025 年 8 月 26 日在中国证监会信息披露指 定网站（http:// ...

9月9日，乔锋智能跌3.69%，成交额2.71亿元。两融数据显示，当日乔锋智能获融资买入额3205.72万 元，融资偿还3918.89万元，融资净买入-713.17万元。截至9月9日，乔锋智能融资融券余额合计2.20亿 元。 融资方面，乔锋智能当日融资买入3205.72万元。当前融资余额2.20亿元，占流通市值的7.62%，融资余 额超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年6月30日，乔锋智能十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股34.41万股，相比上期减少17.68万股。 责任编辑：小浪快报 资料显示，乔锋智能装备股份有限公司位于广东省东莞市常平镇园华路103号，成立日期2009年5月5 日，上市日期2024年7月10日，公司主营业务涉及数控机床研发、生产及销售。主营业务收入构成为： 立式加工中心83.81%，其他(补充)9.19%，卧式加工中心2.95%，龙门加工中心2.57%，其他数控机床 1.48%。 截至6月30日，乔锋智能股东户数1.06万，较上期增加4.34%；人均流通股2279股，较上期减少4.16%。 2025年1月-6月，乔锋智能实现营业收 ...

Core Viewpoint - The company, Qiaofeng Intelligent (301603.SZ), is actively involved in the precision processing of liquid cooling plates, which are essential components in AI servers and electric vehicle battery cooling systems, indicating a growing demand for related CNC machine tools [1] Industry Summary - The demand for equipment related to liquid cooling plate processing is primarily driven by the pace of downstream liquid cooling technology adoption and the expansion of application scenarios [1] - In the AI server sector, the increasing computing density is rapidly boosting the demand for liquid cooling solutions, with liquid cooling plates being a critical component, leading to a direct increase in the procurement of related processing equipment [1] - The electric vehicle sector is also experiencing an upgrade in battery thermal management requirements, which is gradually increasing the penetration of liquid cooling technology, thus providing growth opportunities for liquid cooling plate processing equipment [1] - The liquid cooling industry is currently in a rapid development phase, and the scale of equipment demand will dynamically change based on the production capacity planning of downstream clients, such as server manufacturers and automotive parts suppliers, as well as the commercialization progress of liquid cooling solutions [1] - The company will continue to monitor technological trends and market demands in the liquid cooling field, optimizing the performance of equipment suitable for liquid cooling plate processing to seize business opportunities arising from industry development [1]

Company Overview - JiaoFeng Intelligent Equipment Co., Ltd. is located in Dongguan, Guangdong Province, established on May 5, 2009, and listed on July 10, 2024. The company specializes in the research, production, and sales of CNC machine tools [1][2]. Stock Performance - As of September 8, JiaoFeng's stock price increased by 2.02%, reaching 80.70 CNY per share, with a trading volume of 226 million CNY and a turnover rate of 7.52%. The total market capitalization is 9.745 billion CNY [1]. - Year-to-date, JiaoFeng's stock price has risen by 89.35%, with a 4.01% increase over the last five trading days, 32.73% over the last 20 days, and 65.95% over the last 60 days [1]. Financial Performance - For the first half of 2025, JiaoFeng reported revenue of 1.214 billion CNY, a year-on-year increase of 50.36%, and a net profit attributable to shareholders of 179 million CNY, up 56.43% year-on-year [2]. Shareholder Information - As of June 30, 2025, JiaoFeng had 10,600 shareholders, an increase of 4.34% from the previous period, with an average of 2,279 circulating shares per shareholder, a decrease of 4.16% [2]. - The company has distributed a total of 109 million CNY in dividends since its A-share listing [3]. Institutional Holdings - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares compared to the previous period [3]. Industry Classification - JiaoFeng belongs to the machinery equipment sector, specifically in general equipment and machine tools. It is associated with concepts such as new energy vehicles, Industry 4.0, margin trading, new industrialization, and robotics [2].

Core Viewpoint - The company, Qiao Feng Intelligent, emphasizes its commitment to independent research and development in the five-axis and gantry-style six-axis machining centers, ensuring complete ownership of core technologies and intellectual property rights [2] Group 1: Product Development - The five-axis and gantry-style six-axis machining centers are entirely self-developed products, with key research and development processes managed by the company's technical team [2] - The company has secured multiple invention patents, utility model patents, and software copyrights related to these products, ensuring independence in product research, production, and sales [2] Group 2: Industry Collaboration - The CNC machine tool industry exhibits characteristics of supply chain collaboration, leading the company to partner with quality suppliers for core components like CNC systems and high-end lead screws [2] - All collaborations are based on compliant procurement and technology authorization systems, which do not affect the company's overall technical solutions and core intellectual property rights for the five-axis and six-axis products [2] Group 3: Future Investment - The company plans to increase its investment in the research and development of high-end CNC machine tools, aiming to strengthen technological barriers and intellectual property reserves in the high-end product sector [2]

Group 1 - The company, Qiao Feng Intelligent, is expanding its presence in the 3C (computer, communication, consumer electronics) sector, specifically through the application of CNC (computer numerical control) machine tools in the consumer electronics industry [2] - The focus includes the processing of core metal components for various consumer electronic terminals, such as smartphones, laptops, tablets, and smart wearables [2]

Group 1: Sales Performance - The general equipment industry experienced a nearly 10% year-on-year growth in the first half of 2025, accounting for approximately 36% of total revenue [2] - The consumer electronics sector saw a growth of about 190%, with revenue share increasing from around 5% two years ago to over 20% [2] - The automotive parts sector, primarily for the new energy vehicle industry, grew approximately 60%, contributing around 14% to total revenue [2] - The mold industry experienced a year-on-year growth of about 160%, representing around 8% of total revenue [2] - The engineering machinery sector rebounded with a growth of approximately 170%, accounting for about 5% of total revenue [2] - Other industries, including aerospace and medical devices, also achieved double-digit growth [2] Group 2: Competitive Advantages - High self-manufacturing rate of core components reduces procurement costs and supply chain risks [3] - The company has established a comprehensive production system with 26 major production processes and over 170 inspections, ensuring quality control throughout the production cycle [4] - A flexible production model allows for customization while maintaining delivery efficiency for standard orders [5] - The company has a well-established service team with 37 permanent locations nationwide, enhancing customer service efficiency [4] Group 3: Future Growth Drivers - The machine tool industry is supported by national policies, accelerating smart manufacturing and industry upgrades, with ongoing demand for equipment replacement [6][7] - New production bases in Dongguan and Nanjing will alleviate capacity constraints and support expansion into new energy and overseas markets [7] - The introduction of high-end products such as horizontal machining centers and CNC lathes is expected to drive future growth [7] Group 4: Product Applications and Innovations - The company has successfully applied its equipment in the foldable screen smartphone sector, enhancing processing precision and efficiency [8] - Ongoing investments in the robotics sector, including partnerships with downstream robotics companies, aim to improve hardware manufacturing capabilities [5] Group 5: Profitability Factors - The company's self-manufacturing approach enhances efficiency and quality, contributing to higher overall gross margins [9] - A direct sales model, primarily in the East China region, contrasts with competitors relying on distributors, affecting gross margin levels [9] Group 6: Strategic Outlook - The company is open to investment and acquisition opportunities in high-quality domestic and international machine tool enterprises to accelerate industry layout and business development [10]

Group 1 - The company, Qiao Feng Intelligent, announced on September 5 that it will ensure the principle of fairness in information disclosure by uniformly disclosing the number of shareholders in its periodic reports [2]

Group 1 - The core viewpoint of the article is that Qiao Feng Intelligent (301603) is currently not supplying CNC machine tools directly to Xiaopeng Motors, but rather supporting the supply chain of Xiaopeng's suppliers by providing CNC machine tools for related component processing [1] Group 2 - The company engages in the CNC machine tool business, which is crucial for the manufacturing processes of automotive suppliers [1] - The interaction with investors indicates a focus on maintaining transparency regarding the company's operational relationships within the automotive supply chain [1]

Core Viewpoint - The company, Qiao Feng Intelligent (301603), is a leading domestic CNC machine tool manufacturer that is actively investing in the development of CNC machine tools for humanoid robot components [1] Group 1: Company Overview - Qiao Feng Intelligent is recognized as a leading CNC machine tool enterprise in China [1] - The company has already applied some of its machine tool products in the manufacturing of humanoid robot components, showcasing relevant application cases and clients [1] Group 2: Strategic Initiatives - The company places significant emphasis on the research and development of CNC machine tools and technologies specifically for the humanoid robot sector [1] - Through equity investment and business collaboration with Kepler Robotics, the company aims to be closer to the core processing scenarios of robot components, such as precision metal parts like rolling ball screws and planetary gearbox housings [1] - This partnership will enable the company to gain immediate insights into market demands and data feedback from the front line, facilitating the rapid adaptation and iteration of CNC machine tools for the robotics industry [1]