中航光电科技股份有限公司 独立董事 2024 年度述职报告 （王秀芬） 作为中航光电科技股份有限公司（以下简称"公司"）的独立董事，本人按照 《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》《上市公司独立董事管理办法》等法律法规和《公司章程》 《独立董事制度》的要求，在 2024 年度勤勉地履行了职责，独立、谨慎、认真 地行使了公司赋予的权利，及时了解公司的经营状况，积极出席公司召开的相关 会议及独立董事专门会议，认真审议各项议案，充分发挥了独立董事及各专业委 员会委员的作用，切实维护了公司和全体股东尤其是社会公众股股东的合法权益。 现将本人 2024 年履职情况报告如下： 各位股东： 一、独立董事的基本情况 （一）基本情况 王秀芬，中国国籍，1965 年出生，硕士研究生学历，会计学二级教授，硕 士生导师。现在郑州航空工业管理学院商学院从事会计教学工作。2021 年 12 月 至今，任中原农业保险股份有限公司（非上市公司）独立董事；2025 年 2 月至 今担任宇通重工股份有限公司独立董事；2020 年 9 月至今，任公司独立董事。 （二）是否存在影响独立性的情况 ...

中航光电科技股份有限公司 独立董事 2024 年度述职报告 （翟国富） 各位股东： 作为中航光电科技股份有限公司（以下简称"公司"）的独立董事，本人按 照《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》《上市公司独立董事管理办法》等法律法规和《公司章程》 《独立董事制度》的要求，在 2024 年度勤勉地履行了职责，独立、谨慎、认真 地行使了公司赋予的权利，及时了解公司的经营状况，积极出席公司召开的相关 会议及独立董事专门会议，认真审议各项议案，充分发挥了独立董事及各专业委 员会委员的作用，切实维护了公司和全体股东尤其是社会公众股股东的合法权益。 现将本人 2024 年履职情况报告如下： 一、独立董事的基本情况 （一）基本情况 翟国富，中国国籍，1963 年出生，博士研究生学历，教授、博士生导师。 2002 年 7 月至今，任哈尔滨工业大学电气工程学院教授、博士生导师；2023 年 4 月至今，任电子元器件可靠性与质量一致性教育部重点实验室主任；2024 年 8 月至今；任贵州航天电器股份有限公司独立董事；2020 年 9 月至今，任公司独 立董事。 （二）是否存在 ...

中航光电科技股份有限公司 董事会关于对公司独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》的要求，中航光电科技股份有限公司（以 下简称"公司"）通过独立董事王秀芬、翟国富、鲍卉芳出具的《2024 年度独 立董事独立性自查报告》，以及核查任职人员名单、股东名册，比对规则等方式， 对在任的三名独立董事王秀芬、翟国富、鲍卉芳独立性情况出具评估意见如下： 二〇二五年三月二十九日 上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况，符合中国证券监督 管理委员会《上市公司独立董事管理办法》、深圳证券交易所《上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关规则中对独立董事独立性的相 关要求。 中航光电科技股份有限公司 董 事 会 ...

中航光电科技股份有限公司 独立董事 2024 年度述职报告 （鲍卉芳） 各位股东： 作为中航光电科技股份有限公司（以下简称"公司"）的独立董事，本人按 照《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》《上市公司独立董事管理办法》等法律法规和《公司章程》 《独立董事制度》的要求，在 2024 年度勤勉地履行了职责，独立、谨慎、认真 地行使了公司赋予的权利，及时了解公司的经营状况，积极出席公司召开的相关 会议及独立董事专门会议，认真审议各项议案，充分发挥了独立董事及各专业委 员会委员的作用，切实维护了公司和全体股东尤其是社会公众股股东的合法权益。 现将本人 2024 年履职情况报告如下： 一、独立董事的基本情况 （一）基本情况 鲍卉芳，中国国籍，1963 年出生，硕士研究生学历。2003 年 5 月至今，任 北京市康达律师事务所合伙人律师；2022 年 1 月至今，担任厦门吉比特网络技 术股份有限公司独立董事；2020 年 9 月至今，任公司独立董事。 （二）是否存在影响独立性的情况说明 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《深 圳证券交 ...

Financial Performance - The basic earnings per share for 2024 is 1.6091 yuan, a decrease of 0.45% compared to 2023's 1.6163 yuan [1] - The net profit for 2024 is 33.54 billion yuan, showing a slight increase of 0.45% from 33.39 billion yuan in 2023 [1] - The total operating revenue for 2024 is 206.86 billion yuan, reflecting a growth of 3.05% from 200.74 billion yuan in 2023 [1] - The return on equity for 2024 is 15.67%, down 11.37% from 17.68% in 2023 [1] - The net asset per share increased by 15.2% to 11.14 yuan in 2024 from 9.67 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 111,100.21 million shares, accounting for 53.83% of the circulating shares, with an increase of 438.51 million shares compared to the previous period [2] - China Aviation Technology Industry Co., Ltd. holds 77,866.35 million shares, representing 37.73% of the total share capital, with no change [2] - Henan Investment Group Co., Ltd. holds 16,911.87 million shares, accounting for 8.19% of the total share capital, also unchanged [2] Dividend Distribution - The company has announced a dividend distribution plan of 10 yuan per share (including tax) [3]

Financial Performance - The company achieved a total profit of 3.764 billion RMB and sales revenue of 20.686 billion RMB, meeting the goals of "steady growth, sustainability, and high quality" in 2024[4]. - The company's operating revenue for 2024 reached ¥20,685,528,503.12, representing a 3.04% increase compared to ¥20,074,439,569.16 in 2023[25]. - The net profit attributable to shareholders for 2024 was ¥3,354,288,683.06, a slight increase of 0.45% from ¥3,339,290,323.66 in 2023[25]. - The total assets at the end of 2024 were ¥41,246,813,453.82, marking a 15.96% increase from ¥35,569,904,322.27 at the end of 2023[25]. - The net assets attributable to shareholders increased by 15.13% to ¥23,597,612,509.70 at the end of 2024, compared to ¥20,496,289,780.79 at the end of 2023[25]. - The basic earnings per share for 2024 was ¥1.6091, a decrease of 0.45% from ¥1.6163 in 2023[25]. - The diluted earnings per share for 2024 increased by 1.14% to ¥1.5793 from ¥1.5615 in 2023[25]. - The weighted average return on equity decreased by 2.01 percentage points to 15.67% in 2024, down from 17.68% in 2023[25]. - The company reported a total revenue of 20.686 billion yuan in the reporting period, representing a year-on-year growth of 3.04%[104]. - The total profit for the year reached 3.764 billion yuan, with a net profit attributable to shareholders of 3.354 billion yuan, reflecting a growth of 0.81% and 0.45% respectively[105]. Dividend Policy - The company plans to distribute a cash dividend of 8 RMB per 10 shares (including tax) to all shareholders[9]. - The company plans to distribute a cash dividend of CNY 8 per 10 shares (including tax) for the 2024 fiscal year, reflecting a commitment to return value to shareholders[163]. - The company has committed to shareholder returns, having distributed a total of 2.793 billion yuan in cash dividends over the past three years[105]. Market Expansion and Strategy - The company expanded its product categories and enhanced its product portfolio, focusing on new industries such as commercial aerospace, low-altitude economy, and satellite internet[4]. - The company has established local production capabilities in Germany and accelerated international customer certification in Vietnam, indicating steady progress in international market expansion[4]. - The company is actively pursuing international expansion and enhancing its global marketing system[93]. - The company is focusing on the development of new energy vehicle capabilities to increase market share[93]. - The company is committed to achieving its "dual carbon" goals and promoting green development through the establishment of national and industry-level "green factories"[94]. Research and Development - The company has implemented over 100 key research projects annually, focusing on high-speed and high-density transmission technologies[43]. - The company invested 2.252 billion yuan in R&D during the reporting period, with a total of over 5,900 authorized patents by the end of 2024[107]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[138]. Technology and Innovation - The company reported significant advancements in technology, including breakthroughs in high-temperature and high-pressure molding technology and high-precision mirror processing technology[5]. - The company is focusing on smart manufacturing and the development of new manufacturing models to significantly improve production efficiency[6]. - The company is committed to innovation in new products and technologies to maintain competitive advantages[99]. Quality Management - The company has constructed a comprehensive quality management system and improved testing capabilities to enhance cost competitiveness[6]. - The company has received multiple quality management certifications, including GB/T19001 and AS9100D, ensuring high product quality standards[44]. - The company is implementing a comprehensive quality management system to address quality risks associated with its expanding product complexity[96]. Corporate Governance - The company has been recognized as an excellent enterprise in the "Science and Technology Reform Demonstration Action" and has improved its corporate governance and operational efficiency[42]. - The company’s controlling shareholder maintained independence in personnel, finance, and operations, ensuring the protection of minority shareholders' interests[113]. - The company has established independent financial management systems, ensuring no interference from major shareholders in financial decisions[114]. Environmental Responsibility - The company has complied with all relevant environmental protection laws and regulations, with no penalties incurred for violations during the reporting period[175]. - The company has successfully renewed its pollutant discharge permit, valid from April 3, 2024, to April 2, 2029, following the national environmental protection requirements[176]. - The company invested CNY 12.6523 million in environmental governance and protection in 2024, and has fully paid the environmental protection tax as required[182]. Employee and Talent Development - The total number of employees at the end of the reporting period was 19,314, with 8,833 in production, 867 in sales, and 6,866 in technical roles[155]. - The company has a total of 3,869 employees with a master's degree or higher, indicating a strong emphasis on educational qualifications within the workforce[156]. - The company has made significant progress in talent development and compliance management, contributing to its long-term stability and growth[42]. Risk Management - The company has established a comprehensive risk management and internal control system, with 100% of the total assets and operating income of the evaluated units included in the company's consolidated financial statements[172]. - The internal control audit report issued by the accounting firm provided a standard unqualified opinion, confirming effective financial reporting internal controls in all significant aspects[173]. - The company has implemented a risk early warning and monitoring system, enhancing its ability to respond to major risks effectively[172]. Strategic Acquisitions - The company has initiated a strategic acquisition plan, aiming to acquire two smaller firms by the end of 2024 to enhance its technology capabilities[119]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million allocated for potential deals[134].

Core Viewpoint - The year 2025 is projected to be the year of large-scale implementation of the low-altitude economy, with high-end equipment ETFs (159638) expected to benefit significantly from this trend [1][4]. Group 1: Market Performance - As of March 26, 2025, the CSI High-end Equipment Sub-index has risen by 0.42%, with notable increases in constituent stocks such as Zhenhua Technology (up 4.82%) and Hangjin Technology (up 3.96%) [1]. - The high-end equipment ETF (159638) has seen a rise of 0.38%, with a trading volume reaching 24.64 million yuan [1]. Group 2: Fund Flow and Investment - The latest scale of the high-end equipment ETF has reached 1.139 billion yuan, with a net inflow of 3.171 million yuan [3]. - Over the past five trading days, there have been net inflows on four days, totaling 24.08 million yuan [3]. - Leveraged funds are actively investing, with the latest margin buying amounting to 2.321 million yuan and a margin balance of 31.896 million yuan [3]. Group 3: Industry Outlook - The high-end equipment ETF closely tracks the CSI High-end Equipment Sub-index, focusing on leading companies in aerospace, military equipment, and satellite navigation, which are expected to benefit from the low-altitude economy boom [3]. - According to Zhejiang Securities, various provincial low-altitude economic development plans and support measures are being rolled out in 2024, with 2025 anticipated to be a pivotal year for large-scale application of new technologies and products in this sector [4]. - The low-altitude economy is expected to play a significant role in macroeconomic recovery and has strategic importance in the competition between emerging industries in China and abroad [4].

Investment Rating - The report does not explicitly state an investment rating for the deep-sea technology industry. Core Insights - The 2025 government work report first mentions deep-sea technology as an emerging industry, indicating its importance alongside commercial aerospace and low-altitude economy [12][15]. - Various regions, including Hainan and Shandong, have introduced policies to accelerate the development of deep-sea technology, with plans to enhance innovation and build a comprehensive industrial chain [15][17]. - The development of deep-sea technology is crucial for resource exploration and ensuring security in deep-sea environments, as it encompasses advanced technologies for exploration, resource development, and environmental research [22][25]. Summary by Sections Section 1: Government Initiatives - The 2025 government work report positions deep-sea technology as a priority emerging industry, with significant policy support from various provinces [12][15]. - Specific plans include enhancing deep-sea technology innovation platforms and building a robust industrial ecosystem [15][17]. Section 2: Importance of Deep-Sea Technology - Deep-sea areas, defined as waters deeper than 1000 meters, hold vast strategic resources and are critical for national security [19][22]. - The report highlights the rich resources in deep-sea oil, gas, and minerals, emphasizing the need for technological advancements to exploit these resources sustainably [25][29]. Section 3: Industry Growth and Investment - The national marine production value surpassed 10 trillion yuan in 2024, with deep-sea equipment identified as a key growth area [37][40]. - Investment in the deep-sea equipment sector has shown rapid growth, with significant increases in funding from 19 million yuan in 2021 to 75 million yuan in 2024 [41][42]. Section 4: Underwater Defense Systems - The report discusses the importance of submarines and unmanned underwater vehicles (UUVs) in modern underwater defense systems, highlighting their roles in surveillance and combat [46][57]. - UUVs are noted for their autonomy and capability to perform various missions, with a projected market space of 53.1 billion USD for UUVs in the U.S. Navy alone over the next decade [64][66]. Section 5: Ocean Observation Networks - The establishment of underwater observation networks is emphasized as a critical infrastructure for continuous marine monitoring, with significant investments from multiple countries [72][76]. - China has initiated its underwater observation network projects, enhancing its capabilities in marine data collection and environmental monitoring [76][81]. Section 6: Deep-Sea Space Stations - The concept of deep-sea space stations is introduced as a long-term underwater research platform, with ongoing developments in China aimed at creating advanced operational capabilities [86][91]. - These platforms are expected to support comprehensive experiments and resource development in deep-sea environments [86][91].

Core Viewpoint - The establishment of the National Military-Civilian Integration Industry Investment Fund Phase II, with a registered capital of 59.6 billion yuan, is a significant driver for the strong performance of military and civilian integration stocks, particularly those related to military technology and electronics [1][3][6]. Group 1: Market Performance - "Zhong" stocks, especially military-related ones, showed remarkable strength, with the Zhong stock index rising nearly 1% and military ETFs increasing by approximately 1.5% [3]. - Military electronics stocks experienced a substantial increase, with the sector index rising by 2.5%, indicating a strong recovery after several days of adjustment [3][6]. - Specific stocks such as Zhongyida and China First Heavy Industries hit the daily limit, while others like China Nuclear Technology and China Nuclear Construction also outperformed the market [1][3]. Group 2: Fund Details - The National Military-Civilian Integration Industry Investment Fund Phase II includes shareholders such as the Ministry of Finance, various government investment funds, and major military state-owned enterprises like China Aerospace and China Shipbuilding [1][4]. - The fund's activities will focus on private equity investments, investment management, and asset management, aiming to accelerate the commercialization of military technology [6]. Group 3: Industry Outlook - The military-civilian integration sector is projected to reach a production value of 7.3 trillion yuan by 2024, with civilian applications accounting for 6.27 trillion yuan and military applications for 1.03 trillion yuan [6]. - The global military expenditure is entering a high-growth phase, with potential opportunities for China's military trade, driven by increasing defense budgets in various countries [7]. - The U.S. has announced significant investments in military technology, such as the sixth-generation fighter jet F-47, which could influence global military dynamics and create opportunities for Chinese military exports [6][7].

Summary of the Conference Call on the Military Industry Industry Overview - The military industry, particularly the upstream electronic components sector, is experiencing a positive recovery trend, with significant order increases observed in companies like Hongda Electronics and Lili Electric [3][4][5] - The military industry has shown upward changes since early 2020, with a notable increase in orders for upstream components and mechanical processing companies [3][4] Key Points and Arguments - **Order Growth**: Hongda Electronics reported a month-on-month order increase to 240 million yuan in February 2025, up from 150 million yuan in the same month last year, indicating a fundamental change in downstream demand [4][5] - **Driving Factors**: The surge in foreign trade demand and the rigid requirements of the 14th Five-Year Plan are the main drivers of this growth, with foreign orders expected to significantly increase from the second half of 2024 [3][4][5] - **Sustained Demand**: The military industry's large-scale procurement needs are a fundamental logic, with expectations for ammunition demand to exceed historical peaks by 2025 and maintain high levels in 2026 [7][8] - **Investment Recommendations**: Three categories of military stocks are suggested for investment: - Blue-chip stocks with strong performance capabilities (e.g., Fuhua, AVIC Optoelectronics) [9] - Controversial stocks that present investment opportunities (e.g., Optoelectronic Aviation Equipment) [9] - Dark horse stocks with significant expectation gaps (e.g., chip companies Chengdu Huamei, Tianjin Equipment) [9] Notable Companies and Their Prospects - **Chengdu Huamei**: This company has enhanced its product capabilities in both digital and analog chips, launching new products for AI computing. It is positioned as a leading player in the domestic market [11][12][15] - **Tianjin Equipment**: A dark horse in the missile sector, this company has a strong market share in missile packaging and related materials, with expectations for high growth in the next 2-3 years [14][16] - **Philihua**: Holds a monopoly in the quartz fiber sector, with strong pricing power and significant growth potential expected in 2025 [9] Sector-Specific Insights - **Deep Sea Sector**: The deep-sea field is a key focus of the 14th Five-Year Plan, with investment opportunities in titanium alloy companies involved in underwater equipment construction, such as Western Materials and Baotai Co. [10] - **Overall Market Sentiment**: The military industry is expected to maintain high prosperity levels, with a positive outlook on order and contract sustainability due to stable budget execution and increased demand from various military sectors [6][7][8] Conclusion - The military industry is poised for significant growth driven by external demand and strategic planning, making it a compelling area for investment. Key players in the electronic components sector are expected to benefit from this trend, with specific companies highlighted as strong investment candidates.