致：武汉华中数控股份有限公司 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 北京市嘉源律师事务所 关于武汉华中数控股份有限公司 2025 年第四次临时股东大会的 法律意见书 北京市嘉源律师事务所 关于武汉华中数控股份有限公司 2025 年第四次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 嘉源(2025)-04-450 北京市嘉源律师事务所（以下简称"本所"）接受武汉华中数控股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法 律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《武汉华 中数控股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律 师对公司 2025 年第四次临时股东大会（以下简称"本次股东大会"）进行见证， 并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 证券代码：300161 证券简称：华中数控 公告编号：2025-063 武汉华中数控股份有限公司 2025年第四次临时股东大会决议公告 同意 15,038,615 股，占出席本次股东会有效表决权股份总数的 94.8078％； 反对 792,800 股，占出席本次股东会有效表决权股份总数的 4.9980％；弃权 30,800 股（其中，因未投票默认弃权 0 股），占出席本次股东会有效表决权股份总数的 0.1942％。 1.本次股东大会无变更、否决议案的情况； 2.本次股东大会无变更前次股东大会决议的情况。 一、会议召开和出席情况 武汉华中数控股份有限公司（以下简称"公司"）2025 年第四次临时股东大会 采取现场投票和网络投票相结合的方式进行。其中，现场会议于 2025 年 6 月 23 日 14:30 在公司四楼会议室召开；通过深圳证券交易所交易系统进行网络投票的 时间为 2025 年 6 月 23 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通 过深圳证券交易所互 ...

一、获取项目经费的基本情况 近日，武汉华中数控股份有限公司（以下简称"公司"）收到国家高质量发 展专项项目经费 387.50 万元及省级制造业高质量发展专项项目经费 2,000 万元， 本次合计收到项目经费 2,387.50 万元，合计占公司 2024 年度经审计净利润绝对 值的 43.12%。公司获得的上述项目经费为现金形式，上述资金已经到账。 二、经费的类型及其对上市公司损益的影响 证券代码：300161 证券简称：华中数控 公告编号：2025-062 武汉华中数控股份有限公司 关于获得项目经费的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 2.经费对上市公司的影响 具体对公司利润的影响数据仍须以审计机构审计确认后的结果为准，敬请投 资者注意风险。 三、备查文件 1. 收款凭证 武汉华中数控股份有限公司董事会 二〇二五年六月二十三日 1.经费的类型与确认计量 根据规定，公司本次收到的项目经费中，其中 793.75 万元认定为与资产相 关，1,593.75 万元认定为与收益相关；上述经费将作为递延收益入账，公司将结 合项目进展情况分期计入其他收益。 ...

证券代码：300161 证券简称：华中数控 公告编号：2025-061 截至公告披露日，公司控股股东及一致行动人质押股份数量占其所持有公 司股份数量比例不超过 50%，具体情况如下： | 股东名称 | 持股数量 | 持股比 | 本次质押 前质押股 | 本次质押 后质押股 | 占其所 持股份 | 占公司 总股本 | 已质押股份情况 | | 未质押股份情况 未质押 股份限 | 占未质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 已质押股 | 占已 | | | | | | | | | | | 份限售和 | 质押 | | | | | （股） | 例 | 份数量 | 份数量 | 比例 | 比例 | 冻结、标 | | 售和冻 | 押股份 | | | | | （股） | （股） | | | 记数量 | 股份 | 结数量 | 比例 | | | | | | | | | | 比例 | | | | | | | | | | | （股） | | （股） | | | 卓尔智造 | | | | | | | | | ...

Investment Rating - The report maintains a positive investment rating for the low-altitude economy and machinery equipment sectors [6]. Core Insights - The low-altitude economy is supported by various provincial policies aimed at infrastructure development and market cultivation, indicating a strong policy foundation for growth [3]. - The machinery equipment sector shows resilience, with leading domestic companies maintaining competitive advantages in both supply and demand, particularly in the excavator market, which saw a 17.4% year-on-year increase in sales from January to May 2025 [3][4]. Weekly Market Review - From June 8 to June 13, 2025, the Shanghai Composite Index fell by 0.25%, while the ShenZhen Component Index decreased by 0.60%. The machinery equipment sector underperformed, dropping by 1.17% [11]. - Among sub-sectors, general equipment, specialized equipment, and engineering machinery saw declines of -1.89%, -0.58%, and -1.52% respectively [11][14]. Key Sector Tracking Low-altitude Economy - Various provinces, including Sichuan and Hainan, are implementing policies to enhance low-altitude infrastructure and market development, which is expected to drive industry growth [3][4]. - Recommended companies in this sector include Deep City Transportation, Sujiao Science and Technology, and WanFeng AoWei [4]. Machinery Equipment - The excavator market reported sales of 18,202 units in May 2025, a year-on-year increase of 2.12%, with exports rising by 5.42% [3]. - The report suggests focusing on companies like Sany Heavy Industry and XCMG in the engineering machinery sector, and Giant Star Technology in the export chain segment [4].

Summary of Conference Call Records Industry Overview - The focus is on the **high-end equipment** sector within the context of **China's self-sufficiency** strategy, particularly in light of increasing restrictions from the U.S. and Western countries on Chinese technology [1][2][5] Core Insights and Arguments - **Self-sufficiency as Investment Theme**: The current geopolitical climate emphasizes the need for self-sufficiency, supported by China's 14th Five-Year Plan, which signals strong policy backing for domestic alternatives [1][2] - **Investment Strategy**: The strategy involves mapping macroeconomic and market correlations, focusing on policy-supported areas, critical sectors facing supply chain constraints, and fields with low domestic production rates but short technology advancement cycles [1][4] - **Key Sectors for Investment**: The report highlights several sub-sectors within the mechanical industry, including: - **Semiconductor Equipment**: Low domestic production rates, with photolithography machines near zero, inspection segments below 5%, and testing machines under 10% [12] - **Scientific Instruments**: Companies are encouraged to enhance market share through continuous R&D [12] - **High-end Equipment**: Low domestic production rates for five-axis machine tools (approximately 10%) and high-end CNC systems (in single digits) [12] Historical Context and Market Dynamics - **Past Market Trends**: The mechanical sector has historically been influenced by external pressures and domestic policy support. Key events include: - **2018-2020**: U.S.-China trade tensions led to a surge in high-end equipment manufacturing, particularly in the semiconductor sector [7][8] - **2021**: Further U.S. restrictions on the semiconductor industry prompted domestic companies to focus on mature process chip production [7] - **2022 Onwards**: The addition of Chinese wafer manufacturers to the U.S. entity list had a limited initial impact, with companies performing well despite market concerns [7][8] Investment Opportunities and Recommendations - **Focus on Low Domestic Production**: The emphasis is on sectors with low domestic production rates that have the potential for significant growth due to policy support and market demand [2][10] - **Encouragement for Investors**: Investors are urged to explore specific stocks within the self-sufficiency strategy, particularly in the semiconductor and high-end equipment sectors, where valuations may not be high [11] Additional Important Points - **Technological Progress and Policy Catalysts**: The acceleration of technological advancements and supportive policies is expected to create substantial investment opportunities in the mechanical sector [11] - **Long-term Viability**: The sustainability of the self-sufficiency sector's growth is contingent on achieving higher domestic production rates and the ability of companies to convert orders into performance to manage valuations [9]

证券代码：300161 证券简称：华中数控 公告编号：2025-060 武汉华中数控股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 武汉华中数控股份有限公司（以下简称"公司"）于近日接到控股股东卓尔智 造集团有限公司（以下简称"卓尔智造"）通知，卓尔智造将其所持有的公司部分 股份办理了解除质押手续，具体事项如下： 二〇二五年六月十六日 截至公告披露日，公司控股股东及一致行动人质押股份数量占其所持有公 司股份数量比例不超过 50%，具体情况如下： | | | | 本次解除 | 本次解除 | | | 已质押股份情况 已质押 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占其所 | 占公司 | 股份限 | 占已 | 未质押 | | | 股东名称 | 持股数量 | 持股比 | 质押前质 | 质押后质 | 持股份 | 总股本 | | | 股份限 | 占未质 | | | （股） ...

Core Insights - Suofeng CNC Technology Co., Ltd. aims to become a "hidden champion" in the horizontal machining center sector by enhancing processing efficiency, precision, and composite capabilities [1][2] - The company has developed a series of high-end CNC equipment, including horizontal and gantry machining centers, and has recently updated its machine for processing ceramic materials to its fifth generation [1][2] - Suofeng CNC has established partnerships with several universities and research institutions, leading to the development of innovative products such as a precision five-axis ultrasonic machining center [2][3] Company Overview - Founded in 2017, Suofeng CNC is a high-end CNC equipment manufacturer that provides complete solutions and has a product lineup that includes horizontal and gantry machining centers [1] - The company has over 2,000 clients, including industry leaders like AVIC, China Steel Group, and China National Heavy Duty Truck Group, and its products are exported to countries such as Germany and India [2] Financial Performance - In the previous year, Suofeng CNC achieved a revenue of over 200 million yuan and is targeting 280 million yuan for the current year [2] - The HMC-630H+V composite machining center alone generated over 30 million yuan in contract orders last year [2] Industry Context - The CNC machine tool industry is a foundational and strategic sector, often referred to as the "mother machine" of manufacturing, and is crucial for the entire manufacturing supply chain [1] - The Liuhe CNC machine tool industrial park has developed a complete industrial chain over 20 years, focusing on high-end CNC machine tools and supporting the transition to intelligent manufacturing [3] Technological Advancements - Liuhe has established a "one center and four platforms" framework to support the development of CNC machine tools, focusing on digital design, optimization, and performance testing [3] - The collaboration with Huazhong CNC aims to enhance the technological capabilities of Liuhe's machine tool enterprises, promoting industry integration and development [3]

Investment Rating - The investment rating for the machinery equipment industry is "Recommended" [2][4][48] Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization. The recent market has shown rapid rotation of hotspots, suggesting a favorable environment for left-side layout in less crowded sectors [4][48] - The operating rate of engineering machinery has decreased, while export demand continues to recover. In May 2025, the average operating rate for major engineering machinery products was 59.5%, down 5.01 percentage points year-on-year and 2.45 percentage points month-on-month [4][49] - Domestic demand is expected to recover due to a new round of concentrated replacement cycles, the gradual effects of real estate easing policies, and the catalytic effects of national large-scale replacement policies [49] Summary by Sections Industry Performance - The machinery equipment index rose by 1.18% from June 3 to June 6, 2025, ranking 18th among 31 primary industries. Sub-industries such as laser equipment (+5.08%) and engineering machinery components (+3.46%) performed well, while textile and apparel equipment (-1.77%) and engineering machinery complete machines (-1.16%) saw declines [4][48] - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, with domestic sales of 12,547 units (+16.4%) and exports of 9,595 units (+19.3%) [40][49] Key Data - As of May 2025, the manufacturing PMI was 49.5%, with a month-on-month increase of 0.5 percentage points. The production index and new orders index showed signs of recovery, indicating improved business expectations and operational activities [18][50] - The production of industrial robots in April 2025 was 71,547 units, a year-on-year increase of 51.5%, attributed to the "old-for-new" policy and effective loan interest subsidies for equipment upgrades [29][51] Company Focus - Companies to watch include XCMG (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion (000157.SZ) for engineering machinery, and Huazhong CNC (300161.SZ), Neway CNC (688697.SH), and Haitian Precision (601882.SH) for general equipment [4][49][50] - The report highlights the importance of focusing on high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diversified downstream applications [51]

Core Viewpoint - China's economy is transitioning from high-speed growth to high-quality development, emphasizing the importance of equitable distribution of corporate growth benefits and skill enhancement for workers [2][3]. Group 1: Employee Income and Job Stability - A good income level and stable job tenure for employees are fundamental guarantees for high-quality production, technical accumulation, and the core competitiveness of enterprises [4][5]. - The quality of products and services is closely linked to the presence of skilled employees, as seen in successful companies like Würth and the domestic example of Lao Gan Ma [4]. Group 2: Employee Value and Skill Enhancement - Recognizing and enhancing the quality and technical value of employees is essential for long-term high-quality development and technology transfer within companies [5][6]. - Companies like BYD and JD have implemented incentive-based salary structures and career advancement opportunities, significantly boosting employee motivation and retention [5][6]. Group 3: Addressing Employment Discrimination - The need to eliminate employment discrimination is critical for the growth of the manufacturing sector, as many young people view it as a low-status job [6][10]. - The persistent labor shortage in manufacturing, particularly in skilled positions, highlights the importance of changing perceptions and improving job conditions [6][10]. Group 4: Talent Development and Training - Companies must invest in employee training and create tailored career development plans to ensure a stable talent pipeline for sustainable growth [7][10]. - The rapid growth of the new energy sector exemplifies the need for companies to develop long-term talent strategies to meet increasing demand [7][10]. Group 5: Importance of Vocational Education and Industry Collaboration - There is a mismatch between the skills of recent graduates and the needs of industries, necessitating closer collaboration between educational institutions and companies [8][9]. - Successful models from Germany demonstrate the effectiveness of apprenticeship programs in aligning educational outcomes with industry requirements [8][9]. Group 6: Challenges in the Manufacturing Sector - The difficulty in attracting talent to the manufacturing sector stems from limited growth opportunities and insufficient high-quality development within companies [10][11]. - Improving the perception of manufacturing jobs and enhancing profit margins are essential for attracting skilled workers and fostering a competitive environment [10][11].