Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1]. Core Insights - The low-altitude logistics scenarios are accelerating, with significant developments such as沃飞长空 receiving the CCAR-135 operational qualification certificate, marking it as the first domestic eVTOL manufacturer qualified for short-distance aerial tours and passenger flights [1][26]. - The low-altitude economy sector has outperformed the market, with the万得低空经济指数 rising by 1.96%, surpassing the Shanghai Composite Index by 0.86 percentage points [6][14]. - National and local policies are increasingly supportive of the low-altitude economy, with initiatives aimed at enhancing drone applications in logistics and tourism [21][22][23]. Summary by Sections Market Review - From May 26 to June 8, the low-altitude economy sector outperformed the market, with the万得低空经济指数 increasing by 1.96% and the国证通用航空指数 rising by 3.12% [6][14]. - The report highlights various local government initiatives aimed at promoting the development of the low-altitude economy, including the establishment of low-altitude flight service platforms in regions like Hubei [25][26]. Policy Dynamics - The National Postal Bureau emphasized the development of drone technology for logistics, aiming to enhance low-altitude economic growth [21]. - The Ministry of Industry and Information Technology, along with other agencies, released a digital transformation plan for the electronic information manufacturing industry, which includes applications for drones and low-altitude logistics [22]. Industry Developments - The report details significant advancements in the industry, such as the launch of the移动机场 2.0 by圣翔航空, which allows for flexible deployment of vertical takeoff and landing airports [34]. - Major contracts and partnerships are being formed, including a 100-unit order from中航租赁 for the御风未来 M1B eVTOL, indicating strong market demand [30][32]. - Joby Aviation's collaboration with a Saudi Arabian company aims to establish a distribution agreement for eVTOLs, with potential deliveries of up to 200 aircraft valued at approximately $1 billion [40].

Group 1 - Sanjia Technology plans to acquire 51% stake in Anhui Zhonghe Semiconductor Technology for a cash consideration of RMB 121 million [1] - Zhonghe Technology specializes in semiconductor packaging equipment and has a strong team in product R&D and market promotion [1] - The company reported projected revenues of RMB 105 million and RMB 120 million for 2023 and 2024, respectively, with a net profit of RMB -421,800 and RMB 2.34 million for the same years [1] Group 2 - The performance commitment from the natural person Zong Lei and Guo Zhi Xing Semiconductor includes net profits of no less than RMB 11.5 million, RMB 20 million, and RMB 28.5 million for the years 2025, 2026, and 2027 [2] - If the cumulative net profit falls short of RMB 60 million after three years, the performance commitment parties will provide cash compensation to the listed company [2] - The acquisition is expected to optimize resource allocation, enhance market share, and improve R&D capabilities, contributing to the high-quality development of the listed company [2]

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 证券代码：000925 证券简称：众合科技 公告编号：临 2025-045 浙江众合科技股份有限公司 关于股份回购进展情况的公告 浙江众合科技股份有限公司（以下简称"公司"）于 2025 年 1 月 20 日召开 的第九届董事会第八次会议审议通过了《关于回购部分社会公众股份方案暨取得 股票回购专项贷款的议案》，同意公司使用自有资金及股票回购专项贷款资金通 过集中竞价交易方式回购部分股份用于股权激励或员工持股计划，回购总金额不 低于人民币 4,250 万元（含）且不超过人民币 8,500 万元（含），回购价格不超 过人民币 12.46 元/股（含），实施期限为自董事会审议通过本次回购方案之日 起 12 个月内。具体内容详见公司于 2025 年 1 月 22 日在《证券时报》《上海证 券报》及巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购部分社会 公众股份方案暨取得股票回购专项贷款的公告》（公告编号：2025-007）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 ...

近年来，低空经济犹如一颗璀璨新星，迸发出惊人的发展活力。国家统计局新闻发言人付凌晖5月19日 在国新办发布会上表示，4月份，智能无人飞行器制造、智能车载设备制造行业增加值分别增长74.2% 和29.3%，大幅快于规模以上工业增速。中商产业研究院发布的《2025—2030年中国低空经济分析及发 展趋势研究预测报告》显示，2023年中国低空经济市场规模达5059.5亿元，增速达33.8%。中商产业研 究院分析师预测，2024年中国市场规模将达到9702.5亿元，2025年市场规模将达到1.5万亿元。 这些亮眼数据的背后，是低空经济产业链全面升级和深度整合的结果。以无人机产业为例，从核心零部 件研发到整机制造，从飞行控制系统开发到应用场景拓展，中国已形成完整的产业生态，多地正在加快 建设低空智能融合基础设施，包括无人机起降场、充电桩、监控系统等。这些基础设施的完善，将进一 步释放低空经济的发展潜力，为产业创新提供更广阔的舞台。 政策开道技术赋能 共筑发展坦途 从国家战略到地方实践，各级政府正加大政策力度为低空经济腾飞铺就坦途。在国家层面，低空经济已 被列为战略性新兴产业之一，地方政府则争相出台配套政策，从空域管理松 ...

浙江众合科技股份有限公司 第九届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 证券代码：000925 证券简称：众合科技 公告编号：临 2025—044 1、浙江众合科技股份有限公司（以下简称"公司"）第九届董事会第十二 次会议通知于 2025 年 5 月 9 日以电子邮件或电话形式送达全体董事； 2、会议于 2025 年 5 月 16 日以通讯表决的方式召开； 3、会议应参加表决的董事 10 人,实际参加表决的董事 10 人； 4、会议在保证所有董事充分发表意见的前提下，以面签或电子邮件送达方 式审议表决。本次会议的召集、召开与表决程序符合《公司法》《公司章程》的 有关规定。 二、董事会会议审议情况 会议以记名投票表决方式审议并通过了以下两项议案： （一）审议并通过《关于授权指定成员参与 K3199-25E-LR Re-signalling 项目资格预审及投标的议案》 在参与港澳台及海外市场的投标活动中，客户通常要求提供董事会授权的投 标行为授权书，以确保投标行为的真实性和有效性。 近期，公司收到香港铁路有 ...

《应对突发事件管理制度暨应急预案》 浙江众合科技股份有限公司 应对突发事件管理制度暨应急预案 （本制度经 2025 年 5 月 16 日公司召开的第九届董事 会第十二次会议审议通过） 第一章 总则 第一条 为加强浙江众合科技股份有限公司（以下简称"公司"或"本公司"）全 面风险管理建设，提升应对突发事件的应急管理效能，构建高效反应及应急处理 机制，最大限度地减轻突发事件所引发的不良影响及损失，维护公司日常经营秩 序及企业稳定，保护广大投资者合法权益，根据《公司法》《证券法》《突发事 件应对法》、中国证监会《证券、期货市场突发事件应急预案》《上市公司信息 披露管理办法》以及公司《章程》《信息披露管理制度》等规定，并结合公司实 际情况，特制定本制度。 第二条 本制度所称突发事件是指突然发生的、有别于日常经营的、已经或 者可能会对公司的经营、财务状况以及对公司的声誉、股票价格产生严重影响的、 需要采取应急处置措施予以应对的紧急事件。 第三条 公司应对突发事件工作实行"预防为主、预防与应急处置相结合" 的原则。 第四条 本制度适用于公司内突然发生，严重影响或可能导致或转化为严重 影响证券市场稳定的公司紧急事件的处置。 ...

| 证券代码：000925 证券简称：众合科技 公告编号：临 2025—043 | | | --- | --- | | 浙江众合科技股份有限公司 | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 | | | 载、误导性陈述或者重大遗漏。 | | | 特别提示 | | | 一、会议召开和出席情况 | | | （1）现场会议召开时间为：2025年5月14日（星期三）13:30 | | | （2）网络投票时间 | | | ①深圳证券交易所互联网投票系统投票时间为：2025年5月14日（星期三）9:15— | | | ②深圳证券交易所交易系统投票具体时间为：2025年5月14日（星期三）9:15—9:25， | | | （3）现场会议召开的地点：杭州市滨江区江汉路 1785 号双城国际四号楼 17 楼会 | | | 议室 | | | （4）会议召开的方式：现场投票和网络投票相结合的方式 | | | （5）召集人：公司董事会 | | | （6）主持人：副董事长何昊先生 | | | 本次会议的召集、召开与表决符合《公司法》《公司章程》的规定。 | | | 人数354人 | | | 出席本次股东 ...

证券代码：000925 证券简称：众合科技 公告编号：临 2025—043 浙江众合科技股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议召开时间为：2025年5月14日（星期三）13:30 （2）网络投票时间 ①深圳证券交易所互联网投票系统投票时间为：2025年5月14日（星期三）9:15— 15:00 ②深圳证券交易所交易系统投票具体时间为：2025年5月14日（星期三）9:15—9:25， 9:30—11:30和13:00—15:00 （3）现场会议召开的地点：杭州市滨江区江汉路 1785 号双城国际四号楼 17 楼会 议室 （4）会议召开的方式：现场投票和网络投票相结合的方式 （5）召集人：公司董事会 （6）主持人：副董事长何昊先生 本次会议的召集、召开与表决符合《公司法》《公司章程》的规定。 2、会议出席情况 | 出席本次股东会现场会议和网络投票 | 人数35 ...

法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 关 于 浙江众合科技股份有限公司 2024 年度股东会 国浩律师（杭州）事务所 众合科技 2024 年度股东会法律意见书 国浩律师（杭州）事务所 关 于 浙江众合科技股份有限公司 2024 年度股东会 法律意见书 致：浙江众合科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受贵公司的委托，指派律 师出席贵公司于 2025 年 5 月 14 日在杭州市滨江区江汉路 1785 号双城国际四号 楼 17 楼会议室召 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].