国泰海通证券股份有限公司 关于 上海瀚讯信息技术股份有限公司 2025 年度向特定对象发行股票 并在创业板上市 之 上市保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二零二六年一月 上海瀚讯信息技术股份有限公司 上市保荐书 声 明 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"或"本 保荐机构"）及其保荐代表人孔海宾、归剑元根据《中华人民共和国公司法》（下 称《公司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上 市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《证券发行 上市保荐业务管理办法》（以下简称"《保荐管理办法》"）等有关法律、法规 和中国证券监督管理委员会（以下简称"中国证监会"）的有关规定以及深圳证 券交易所（以下简称"深交所"）的有关业务规则，诚实守信，勤勉尽责，严格 按照依法制定的业务规则和行业自律规范出具本上市保荐书，并保证上市保荐 书的真实、准确、完整。 如无特别说明，本上市保荐书中所涉简称与《上海瀚讯信息技术股份有限公 司 2025 年度向特定对象发行股票募集说明书》一致。 3-3-1 | 声 | 明 1 | | ...

证券代码：300762 证券简称：上海瀚讯 上海瀚讯信息技术股份有限公司 （上海市嘉定区鹤友路 258 号） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 本募集说明书所述事项并不代表审批机构对于本次向特定对象发行股票相 关事项的实质性判断、确认、批准，本募集说明书所述向特定对象发行股票相 关事项的生效和完成尚待取得有关审批机构的批准、核准或注册。 1-1-1 上海瀚讯信息技术股份有限公司 向特定对象发行股票募集说明书 二〇二六年一月 上海瀚讯信息技术股份有限公司 向特定对象发行股票募集说明书 发行人声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及 完整性承担相应的法律责任。 本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券的公 司信息披露内容与格式准则第 61 号——上市公司向特定对象发行股票募集说明 书和发行情况报告书》等要求编制。 本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负责； 因本次向特 ...

上海瀚讯信息技术股份有限公司 证券代码：300762 证券简称：上海瀚讯 公告编号：2026-004 上海瀚讯信息技术股份有限公司 董事会 2026 年 1 月 19 日 向特定对象发行股票申请获得深圳证券交易所 受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在任 何虚假记载、误导性陈述或者重大遗漏。 上海瀚讯信息技术股份有限公司（以下简称"公司"）近日收到深圳证券交 易所（以下简称"深交所"）出具的《关于受理上海瀚讯信息技术股份有限公司 向特定对象发行股票申请文件的通知》（深证上审〔2026〕11 号），深交所对 公司报送的向特定对象发行股票募集说明书及相关申请文件进行了核对，认为申 请文件齐备，决定予以受理。 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券监 督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施。最 终能否通过深交所审核，并获得中国证监会作出同意注册的决定及其时间尚存在 不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资 者注意投资风险。 特此公告。 ...

上海瀚讯信息技术股份有限公司 审计报告及财务报表 二○二四年度 上海瀚讯信息技术股份有限公司 审计报告及财务报表 审 计 报 告 一、 审计意见 我们审计了上海瀚讯信息技术股份有限公司（以下简称上海瀚讯） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了上海瀚讯 2024 年 12 月 31 日的合并及母公司 财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变 ...

北京植德律师事务所 关于上海瀚讯信息技术股份有限公司 申请向特定对象发行股票的 法律意见书 植德（证）字[2026]0002-1号 二〇二六年一月 北京植德律师事务所 Merits & Tree Law Offices 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com | 释 义 2 | | --- | | 一、本次发行的批准和授权 6 | | 二、发行人本次发行的主体资格 12 | | 三、本次发行的实质条件 12 | | 四、发行人的设立 16 | | 五、发行人的独立性 16 | | 六、发行人的股东及实际控制人 17 | | 七、发行人上市以来的股本及其演变 17 | | 八、发行人的业务 19 | | 九、关联交 ...

Group 1 - Multiple listed companies announced shareholder reduction plans, with notable reductions including Ruimaite at 4.98%, Youyan Silicon at 3%, Chengdu Xian Dao at 2.51%, and Zhen Shitong at 2.24% [1] - Other companies such as Lianchuang Optoelectronics and Xiongdi Technology announced reductions of 2%, while several others planned reductions of 1% [3] - The reasons given for these reductions were primarily "personal funding needs," which may be interpreted negatively in a sensitive market environment [3] Group 2 - Some stocks, like Zhizhi New Materials, experienced significant price increases but later clarified that their business does not involve popular market concepts such as AI or quantum technology, which led to a denial of the narrative supporting their stock price surge [4] - Liou Co. faced a trading suspension due to a 96.77% price increase over ten trading days, with the company indicating that its AI-related revenue is minimal [4] Group 3 - Several companies, including Kunlun Wanwei and Shanghai Hanhua, forecasted significant losses for 2025, with Kunlun Wanwei expecting a loss between 1.9 billion to 2.4 billion [6][7] - The list of companies predicting profit declines or losses is growing, with Weiyuan Co. expecting a more than 2000% drop in net profit [8] Group 4 - On January 16, 2026, institutional investors showed mixed sentiments, with Meinian Health receiving a net buy of 579.4 million and Sanan Optoelectronics 552.4 million, while Jin Feng Technology faced a net sell of 1.097 billion [9][12] - The divergence in fund flows indicates a split in market sentiment among institutional investors [12] Group 5 - Industry-wide pressures are emerging, with a report indicating that the smartphone market will face tight supply and rising prices for memory chips starting in the second half of 2025, which may lead to decreased consumer demand [14] - The automotive sector also reported declines, with major brands like BMW, Mercedes-Benz, and Audi showing significant drops in sales in China [14] Group 6 - Global commodity price fluctuations, such as a 4.56% drop in NY crude oil prices, are impacting the profitability of energy and raw material companies in the A-share market [16] - Despite negative news, market activity continues with notable trading in stocks like Tongyu Communications and Hongxiang Shares, indicating ongoing volatility [16] Group 7 - The evening of January 16, 2026, presented a mixed market landscape with ongoing shareholder reductions, risk warnings from popular stocks, and a blend of positive and negative earnings forecasts [17]

Core Insights - The public fund reports for Q4 2025 are being disclosed, showing a divergence in performance among equity funds, with several fund managers optimistic about investment directions such as AI infrastructure and commercial aerospace [1][2]. Group 1: Market Performance - The equity market experienced a volatile adjustment in Q4 2025, with 33 out of 56 disclosed equity funds reporting net value growth, while others faced varying degrees of decline [2]. - Notable funds like Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life and Qianhai Kaiyuan Ocean Mixed achieved over 30% net value growth in Q4 2025, with significant increases in fund shares [2]. - The Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life fund focused on global AI infrastructure, adjusting its holdings to emphasize optical communication and liquid cooling sectors [2]. Group 2: Sector Focus - Funds such as Ping An CSI Satellite Industry Index and Tongtai New Energy reported net value growth rates above 20% in Q4 2025, focusing on satellite manufacturing and controllable nuclear fusion sectors [3]. - Despite some funds experiencing net value declines of up to 15% in Q4 2025, most funds still achieved net value growth over the entire year [3]. Group 3: Investment Strategies - Fund managers are optimistic about the technology sector for 2026, with AI being highlighted as a key investment direction due to its ongoing nonlinear technological advancements [4]. - The investment strategy suggested by fund managers includes a focus on "hard" technologies over "soft" ones, with an emphasis on sectors like optical communication and liquid cooling, which are expected to yield higher excess returns [4]. - The commercial aerospace sector is anticipated to transition from exploration to growth, with increased launch frequencies and a focus on reusable rockets and satellite payloads [4]. Group 4: Long-term Outlook - Fund managers believe that adjustments in holdings are based on long-term industry trends, with potential for significant recovery in fund net values following favorable policy releases or industry advancements [5]. - The volatility of equity funds is more pronounced compared to fixed-income products, emphasizing the importance of clear investment frameworks and in-depth industry research by fund managers [5].

Core Insights - The Aerospace ETF Tianhong (159241) has shown active trading with a turnover of 10.95% and a transaction volume of 877.23 million yuan, while the CN5082 index tracking the aerospace industry has decreased by 1.99% [1] - Over the past six months, the Aerospace ETF Tianhong has experienced a significant growth of 411 million yuan [1] - In the last five trading days, the ETF has attracted a total inflow of 216 million yuan, with a net inflow rate exceeding 35% [1] Product Highlights - The Aerospace ETF Tianhong closely tracks the CN5082 index, which encompasses sectors such as aerospace equipment, military electronics, and satellite internet, focusing on high-tech barriers and strong R&D attributes [1] Hot Events - Amazon's low Earth orbit satellite is scheduled for launch on February 12 by Arianespace [1] - By the end of 2024, Amazon plans to deploy over 200 satellites in low Earth orbit, with the core goal of establishing a satellite constellation of over 3,200 satellites to provide network connectivity [2] Institutional Views - Open Source Securities believes that low Earth orbit satellite constellations have become a new battleground for major powers, with the satellite industry market space aiming for trillions, and significant growth potential expected in the low Earth orbit satellite market over the next decade [3]

Group 1 - The core point of the news is that Zhi Te New Materials and *ST Chengchang are resuming trading after completing stock suspension investigations due to significant price fluctuations, with Zhi Te New Materials experiencing a 198.6% increase in stock price this year [1][2][4][5] - Zhi Te New Materials clarified that its business does not involve AI applications, quantum technology, robotics, or commercial aerospace, and it has not generated related revenue [1][4] - *ST Chengchang reported that its stock price had abnormal fluctuations, with a significant increase in its trading price, and it warned investors about potential trading risks [3][6] Group 2 - Several companies, including Kunlun Wanwei, Shanghai Hanxun, Kosen Technology, Aerospace Information, and Hainan Development, announced expected losses for 2025, indicating a trend of declining performance in certain sectors [8][9][10][11] - Kosen Technology projected a net loss of 245 million to 330 million yuan for 2025, citing market demand fluctuations and strategic adjustments as reasons for the expected losses [10] - Aerospace Information estimated a net loss of 700 million to 980 million yuan for 2025, attributing the decline to intensified market competition and changes in industry dynamics [11]

Core Viewpoint - The news highlights significant stock movements and financial forecasts for several companies, indicating both strong performance in some cases and anticipated losses in others. Group 1: Stock Performance and Announcements - Zhite New Materials announced that its stock will resume trading on January 16 after a suspension for verification, stating that its business does not involve AI applications or related fields, and it has not generated related revenue. The stock has seen a cumulative increase of 198.6% this year, with all six trading days resulting in 20% daily limits [1][6]. - *ST Chengchang reported that its stock experienced severe trading fluctuations, with a closing price of 122.84 yuan per share and a rolling P/E ratio of 278.93, significantly higher than the industry average of 54.31 [2][7]. - Liou Co., a company in the AIGC sector, announced a stock suspension due to a 96.77% price deviation over ten trading days, with minimal impact from its AI-related business on overall performance [3][8]. Group 2: Earnings Forecasts and Losses - Multiple companies, including Kunlun Wanwei, Shanghai Hanxun, Kosen Technology, Aerospace Information, and Hainan Development, have projected losses for 2025 [4][9]. - Kunlun Wanwei and Shanghai Hanxun both expect negative net profits for 2025, indicating a downturn in their financial performance [10]. - Kosen Technology anticipates a net loss of 245 million to 330 million yuan for 2025, attributing this to market demand fluctuations and strategic adjustments [10]. - Aerospace Information forecasts a net loss of 700 million to 980 million yuan for 2025, citing intensified competition and declining business scale [10]. - Hainan Development expects a net loss of 440 million to 565 million yuan for 2025, with significant impacts from its subsidiary's financial difficulties and a planned bankruptcy [11].