泰豪科技股份有限公司 2024 年年度股东大会会议资料 泰豪科技股份有限公司 2024 年年度股东大会会议资料 现场会议时间：2025 年 5 月 22 日（周四）14:00 网络投票时间：通过交易系统投票平台的投票时间为股东大会召开当日的交 易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东大会召开当日的 9:15-15:00 现场地点：江西南昌国家高新开发区泰豪军工大厦一楼会议室 会议议程： 1、会议开始 2、宣读和审议议案（含独立董事述职） 3、回答股东提问 4、投票表决 5、宣布表决情况 6、见证律师宣读法律意见书 7、宣读大会会议决议 8、会议结束 二○二五年五月 | 泰豪科技股份有限公司 2024 | 年年度股东大会会议议程 2 | | | --- | --- | --- | | 2024 | 年度董事会工作报告 | 3 | | 2024 | 年度监事会工作报告 | 7 | | 2024 | 年度财务决算报告 | 9 | | 2024 | 年度利润分配预案 | 17 | | 2024 | 年年度报告（全文及摘要） | 18 | | ...

中国经济网北京5月9日讯 据同花顺iFinD数据显示，2025年4月份，中加基金旗下共有8只基金（各份额 分开计算，下同）跌幅超过7%。 跌幅最大的中加核心智造混合C单月下跌了10.27%。一季报显示，该基金前十大重仓股为科泰电源、恒 玄科技、泰豪科技、潍柴重机、雄韬股份、麦格米特、小米集团、比亚迪、兆威机电、步科股份。从其 重仓方向看，主要为芯片、信息装备、新能源、互联网平台领域。 而其余的中加新兴成长混合、中加转型动力混合、中加低碳经济六个月持有混合在一季度的前十大重仓 股与中加核心智造几乎完全一样，这也是导致这些基金遭遇同样大跌的原因。 中加基金4月份跌超7%基金一览 来源：同花顺 但最根本是，这些基金都由同一位基金经理管理，这就是张一然。资料显示，张一然2012年4月至2015 年9月就职于中信产业基金金融市场部，历任金融工程研究员、传媒研究员。2015年11月至2019年12月 就职于北京泓澄投资管理有限公司，任科技行业研究员、科技行业高级研究员。2020年6月加入中加基 金管理有限公司，2021年7月管理公募基金至今，累计管理年限不足4年。 这其中最惨就是中加低碳经济六个月持有混合，该基金成立于2 ...

Summary of Key Points from Conference Call Records Industry Overview - The discussion revolves around the AI chip industry and the potential regulatory changes under the Trump administration, which may impact the AI supply chain positively [1][2]. Core Insights and Arguments - The U.S. Department of Commerce spokesperson criticized the Biden administration's AI rules as overly complex and bureaucratic, suggesting that a simpler rule will enhance U.S. innovation and maintain its leadership in AI [1]. - It is anticipated that the new AI diffusion rules will take effect on May 15, with indications that the Trump administration may not enforce these rules, although this decision is not yet finalized [1]. - Major cloud service providers (CSPs) have reported better-than-expected capital expenditures, with a total of $71.1 billion in Q1 2025, reflecting a year-over-year increase of 59% [1]. - Specific CSPs' capital expenditures include Microsoft at $15.8 billion (yoy +59%), Google at $17.2 billion (yoy +43%), Amazon at $24.3 billion (yoy +62%), and Meta at $12.9 billion (yoy +93%) [2]. - Meta has raised its full-year capital expenditure forecast for 2025 to $64-72 billion, up from a previous estimate of $60-65 billion [2]. Market Dynamics - The market is currently in a macro policy vacuum, with a focus on technology growth, particularly in AI and robotics, as the main narratives [2]. - Previous trade tensions have suppressed valuations and expectations for AI-related companies, but recent announcements from CSPs and potential regulatory relaxations are expected to improve sentiment and valuations in the AI supply chain [2]. Investment Recommendations - The report suggests focusing on key industry players that are likely to benefit from both domestic and overseas AI development initiatives, including: 1. Power electronics: Magpowr, Euron, Liandian, Fala Electronics, Zhongrong Electric, Weilan Lithium, Jianghai Co., etc. [2] 2. Transformers: Jinpan Technology, Mingyang Electric, etc. [2] 3. UPS & HVDC: Zhongheng Electric, Kstar, etc. [2] 4. Diesel generation: Kotec Power, Taihao Technology, Weichai Heavy Machinery, etc. [2] 5. Liquid cooling and others: Chuanhuan Technology, Yingweike, Shenghong Co., Shenling Environment, Gaolan Co., etc. [2].

Group 1 - The company plans to acquire a 27.46% stake in Jiangxi Taihao Military Industry Group Co., Ltd. through a share issuance to several investment funds [2] - The transaction is expected to be classified as a related party transaction and will not result in a change of the company's actual controller [3] - The company's stock was suspended from trading starting March 24, 2025, to protect investor interests and avoid significant impacts on the stock price [3] Group 2 - On April 3, 2025, the company held board and supervisory meetings to approve the transaction proposal and related announcements [4] - The company will not convene a shareholders' meeting until the audit and evaluation work related to the transaction is completed [5] - The company will continue to advance the transaction and fulfill its information disclosure obligations according to relevant laws and regulations [6]

股票代码：600590 股票简称：泰豪科技 公告编号：临 2025-036 泰豪科技股份有限公司 关于发行股份购买资产暨关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易的基本情况 泰豪科技股份有限公司（以下简称"公司"）拟通过发行股份的方式向北京 国发航空发动机产业投资基金中心（有限合伙）、中兵国调（厦门）股权投资基 金合伙企业（有限合伙）、中兵投资管理有限责任公司、重庆泰和峰私募股权投 资基金合伙企业（有限合伙）、榆林市煤炭资源转化引导基金合伙企业（有限合 伙）购买其合计持有的江西泰豪军工集团有限公司 27.46%股权（以下简称"泰 豪军工 27.46%股权"）（以下简称"本次交易"）。 二、本次交易的进展情况 根据《上市公司重大资产重组管理办法》等相关法律法规规定，本次交易不 构成重大资产重组，预计构成关联交易，不构成重组上市，本次交易不会导致公 司实际控制人发生变更。 因有关事项尚存在不确定性，为了维护投资者利益，避免对公司股价造成重 大影响，根据上海证券交易所的相关规定，经公司申请， ...

2025年4月29日，国科军工(688543.SH)发布2025年一季报。 公司股东户数为1.24万户，前十大股东持股数量为1.04亿股，占总股本比例为58.92%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 江西省军工控股集团有限公司 | 33.81% | | 2 | 南昌嘉晖投资管理中心(有限合伙) | 10.24% | | 3 | 杨明华 | 3.41% | | 4 | 泰豪科技股份有限公司 | 3.11% | | ട് | 国家军民融合产业投资基金有限责任公司 | 1.91% | | 6 | 东温氏投资有限公司 | 1.80% | | 7 | 陈功林 | 1.37% | | 8 | 江西省井冈山北源创业投资管理有限公司-南昌玖沐新世纪产业投资合伙企业(有 限合伙) | 1.24% | | 9 | 基本养老保险基金二一零一组合 | 1.02% | | 10 | 中国工商银行股份有限公司-富国军工主题混合型证券投资基金 | 1.01% | 公司营业总收入为1.25亿元，在已披露的同业公司中排名第6，较去年同报告期营业总收入减少5 ...

Summary of Conference Call Records Industry Overview - The cloud infrastructure market is expected to experience rapid growth in 2025, driven by the implementation of AI applications and the launch of AI chips by major manufacturers, with total investment projected to reach 380 billion RMB [1][2][4] - The cloud computing sector underwent a significant adjustment in Q1, but pessimistic expectations have been largely digested, making it a suitable time for investment if actual demand does not decline significantly during the earnings season [1][5] Key Insights and Arguments - Domestic cloud computing structures differ from overseas, with a higher expected proportion of inference-related applications. Progress in models and applications is promising, as seen with Alibaba's release of a native multimodal model [1][6] - The IDC industry is witnessing an improvement in supply-demand dynamics, with significant delivery schedules and scales anticipated in 2025. The Q1 reports from the three major telecom operators indicate rapid growth in IDC business, presenting a good opportunity for investment [1][9] - Data center construction relies heavily on capital expenditure expansion from IDC manufacturers, with 2025 being a year of strong performance certainty. Attention should be paid to inventory and contract liabilities changes [1][10] Investment Opportunities - The current market conditions are favorable for positioning in the cloud computing sector, especially with major companies like Alibaba and Tencent expected to report strong earnings [1][5] - The IDC industry is recovering from a phase of oversupply, and government regulations are expected to facilitate healthier development. The focus should be on revenue realization from major operators [9][12] - The liquid cooling technology is gaining traction, with a higher penetration rate expected in 2025. Monitoring manufacturer certification and industry penetration rates will be crucial [14] Additional Important Points - The diesel generator market is experiencing tight supply and demand, with significant price increases expected due to limited core engine resources [3][22] - The AIGC infrastructure-related companies are seeing substantial capital expenditure growth, with IDC-related businesses showing significant growth in Q1 [15] - The overall trend in the IaaS sector is a long-term price increase, influenced by capital expenditure and computing power construction [19] Recommendations - Focus on investment in IDC, cooling systems, and domestic computing power-related sectors, as these areas are expected to see significant capital expenditure expansion in 2025 [11][18] - Companies like Yingwei and others in the cooling sector are recommended for investment due to their strong performance and market positioning [10][12]

Core Viewpoint - The "fixed income +" products have seen a significant rebound in scale during the first quarter of 2025, driven by a recovery in market risk appetite and the promotion of these products by public funds [1][4]. Group 1: Fund Performance - The Zhongou Fengli fund, managed by Hua Licheng, experienced a net subscription of over 5.7 billion units, with a scale increase of over 6.2 billion yuan, entering the 10 billion yuan fund category [2]. - The fund's A-share, Hong Kong stock, and convertible bond positions were 8.85%, 8.56%, and 7.13% respectively at the end of the first quarter [2]. - The A-share return for the Zhongou Fengli fund was 1.78%, outperforming its benchmark [2]. - The Jingshun Changcheng Jingyi Shuangli fund, managed by Li Yiwen and Dong Han, saw a net subscription of over 2.8 billion units, with a scale increase of over 5 billion yuan, surpassing 20 billion yuan in total scale [2]. Group 2: Investment Strategies - The Yongying Fund's "fixed income +" products showed diverse scale increases, with the Yongying Tiantian Yue 6-month holding and Yongying Stable Enhancement both adding over 4 billion yuan in scale [3]. - The Yongying Tiantian Yue fund focuses on seizing opportunities in interest rate bonds and credit bonds while adjusting the duration and convertible bond positions [3]. - The Yongying Stable Enhancement fund achieved an A-share return of 2.57%, ranking first among "fixed income +" products with over 4 billion yuan in scale increase [3]. Group 3: Market Trends - The recovery of "fixed income +" products in scale is attributed to the "9.24" market rally, which enhanced investor preference for equity investments [4]. - Research indicates that "fixed income +" products with lower "equity exposure" have become more popular, driven by concerns over missing out on market opportunities [4]. - The overall strategy for "fixed income +" products has shifted towards defensive positions, with a slight increase in equity allocations and a focus on defensive sectors like gold and technology-related industries [5].

Core Viewpoint - The annual report of Taihao Technology Co., Ltd. indicates a challenging financial year with a net profit loss and no profit distribution planned due to negative retained earnings, while highlighting growth opportunities in military and emergency equipment sectors driven by government policies and market demand [4][14]. Company Overview - Taihao Technology focuses on military equipment and emergency response products, with a strategic emphasis on integrating military and civilian applications [11][12]. - The company has a strong presence in military communication systems, navigation equipment, and power supply systems, with a commitment to innovation and technology advancement [7][9][10]. Industry Situation - The military industry is experiencing short-term pressures but is expected to grow long-term, supported by increasing market demand and government policies, particularly in military trade [5]. - The emergency equipment sector is gaining traction due to rising disaster response needs, with government initiatives aiming to enhance the industry significantly by 2025, targeting a market scale exceeding 1 trillion yuan [6]. Financial Performance - In 2024, the company reported a revenue of 4.36 billion yuan, a 1.71% increase from the previous year, but faced a net profit loss of approximately 940 million yuan, a significant decline compared to the prior year [14]. - The company’s retained earnings were negative, leading to the decision not to distribute profits or increase capital reserves [4]. Product and Market Development - The company’s military equipment includes advanced communication systems and navigation devices, which are critical for military operations and are expected to see increased demand due to modernization efforts [8]. - The emergency power supply products are positioned to benefit from the growing data center market, with an estimated 10 billion yuan demand for high-capacity diesel generators driven by AI applications [10]. Strategic Initiatives - The company is exploring opportunities in the energy storage market, leveraging its existing technology and distribution networks to provide integrated solutions [11]. - Government funding initiatives, including a 1 trillion yuan special bond issuance for disaster recovery, are expected to boost procurement budgets for emergency equipment, positively impacting the company’s revenue [7].

Group 1 - The company announced the introduction of strategic investors for its wholly-owned subsidiary, Jiangxi Taihao Military Industry Group Co., Ltd., with a total capital increase of 798.2851 million yuan [2][4] - After the capital increase, the strategic investors will hold a total of 27.88% equity in Taihao Military Industry, which will remain a controlled subsidiary of the company [2][4] - The strategic investors include Beijing Guofa Aviation Engine Industry Investment Fund Center, Yulin Coal Resource Transformation Guidance Fund, Chongqing Taihefeng Private Equity Investment Fund, among others [2][4] Group 2 - The company is currently advancing the process of acquiring a total of 27.46% equity in Taihao Military Industry through the issuance of shares [4] - Recent agreements have been signed to amend the original investment agreements, terminating certain special rights previously held by the investors, such as the "repurchase right" [4][6] - The new agreements will take effect upon signing and will have the same legal effect as the original agreements, with certain clauses being suspended until the transaction is approved by the Shanghai Stock Exchange [6][7] Group 3 - The company reported a total asset impairment provision of 536,436,183.54 yuan for the year 2024, which will reduce the pre-tax profit for the consolidated financial statements [10][19] - The company also wrote off assets totaling 48,957,739.60 yuan, which will increase the pre-tax profit for the consolidated financial statements by 2,858,445.79 yuan [10][19] - The overall impact of the asset impairment and write-off will result in a net reduction of 533,577,737.75 yuan in the pre-tax profit for the year 2024 [19] Group 4 - The company reported a net loss of 991,034,446.51 yuan for the year 2024, leading to an unremedied loss amounting to one-third of the paid-in capital [22][23] - The primary reasons for the loss include delays in military projects and a decline in profitability for its subsidiary, Shanghai Hongsheng System Engineering Co., Ltd., due to intensified industry competition [23] - The company plans to accelerate military project progress, enhance market expansion in the emergency power supply sector, increase R&D investment, and continue to divest inefficient assets [23][24] Group 5 - The company plans to apply for a total comprehensive credit limit of up to 7.29 billion yuan for the year 2025, with a guarantee amount not exceeding 2.49 billion yuan for its subsidiaries [38][39] - The credit limit will be valid from the date of approval by the 2024 annual general meeting until the 2025 annual general meeting [38][39] - The company has no overdue guarantees and is within the authorized guarantee limit approved by the shareholders [41][56] Group 6 - The company intends to renew its contract with Da Xin Accounting Firm for the 2025 financial audit and internal control audit [60] - Da Xin Accounting Firm has extensive experience in securities services and has provided audit services to over 10,000 companies [62] - The renewal of the accounting firm is subject to approval at the upcoming shareholders' meeting [60][62]