公司第三届董事会独立董事专门会议第八次会议审议通过《关于公司关联交 易的议案》。独立董事认为议案涉及的新办公场所装修及研发测试中心建设是基 于公司业务发展需要，定价遵循市场化交易原则，交易价格公允，不存在损害公 司和中小股东利益的情况。 国泰海通证券股份有限公司 关于青岛雷神科技股份有限公司 关联交易的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为青 岛雷神科技股份有限公司（以下简称"雷神科技"、"发行人"或"公司"）向 不特定合格投资者公开发行股票并在北京证券交易所上市的保荐人，根据《证券 发行上市保荐业务管理办法》、《北京证券交易所股票上市规则》等相关规定， 对公司关联交易事项进行了专项核查，具体情况如下： 一、关联交易概述 （一）关联交易概述 为满足日益增长的办公与研发需求，雷神科技已购置云谷二期 5 号楼 13 至 15 层作为新办公场所及研发测试中心场地。目前，该场地已进入装修及测试中 心建设阶段。公司通过招标方式分别遴选了办公楼装修及测试中心建设的合作单 位，其中青岛沃棣家居有限公司中标雷神科技新办公楼部分精装修工程；卡奥斯 工业智能研究院（青岛）有限公司中标雷神科 ...

Core Viewpoint - The main issue with Xibei lies in consumer communication, particularly regarding the perception of pre-prepared dishes and their pricing [3][5][6] Group 1: Consumer Perception - There is a disconnect between industry standards for pre-prepared dishes and consumer expectations, leading to misunderstandings [3][5] - Consumers often prioritize their own standards over industry norms, as illustrated by the example of Thunder Technology, which adapted to consumer feedback regarding product quality [4][5] - The failure to effectively communicate with consumers has resulted in a negative perception of Xibei's offerings [5][6] Group 2: Public Relations Strategy - Xibei's decision to open its kitchen to the public was criticized as a poor public relations move, as it did not align with consumer expectations [7][9] - The company’s approach to addressing the controversy has been seen as overly technical and lacking in emotional resonance, failing to engage consumers effectively [37][39] - The reliance on data and professional arguments in public discourse has not resonated with the general public, leading to a one-sided narrative against Xibei [34][36] Group 3: Brand Image and Communication - The brand's image has been negatively impacted by stories that portray its leadership as arrogant, which can deter consumer support [46][47] - Effective consumer communication requires brands to empathize with consumer perspectives and avoid challenging their basic understandings [60][62] - The concept of "knowledge curse" suggests that brands may struggle to communicate effectively if they assume consumers share their level of industry knowledge [59][62]

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The report indicates that the high-quality development of the Beijing Stock Exchange (北交所) is expected to yield significant results in 2025, with a positive outlook for the overall performance of the exchange in the coming year [21] - The report highlights the performance of the North Exchange 50 Index, which experienced a decline of 3.11% to close at 1528.98 points as of September 28, 2025, while other indices such as the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 showed increases of 1.07%, 1.96%, and 6.47% respectively [3][6] - The report emphasizes the average market capitalization of the 277 constituent stocks in the North Exchange, which stands at 3.138 billion yuan, and notes a significant valuation premium compared to other A-share markets [8][11] Summary by Sections 1. North Exchange Market Overview - As of September 28, 2025, the North Exchange has 277 constituent stocks with an average market capitalization of 3.138 billion yuan [6] - The North Exchange A-shares had a median PE ratio of 47 times, significantly higher than the median PE ratios of 29 times for the entire A-share market, 39 times for ChiNext, and 41 times for Sci-Tech Board, indicating a valuation premium of 164%, 121%, and 116% respectively [8] 2. Industry Performance - The top five performing industries in the A-share market for the week were electrical equipment, non-ferrous metals, electronics, media, and public utilities, with respective increases of 3.86%, 3.52%, 3.51%, 0.63%, and 0.28% [11] 3. North Exchange Individual Stock Performance - Among the 277 stocks listed on the North Exchange, 19 stocks increased in value, while 256 stocks decreased, resulting in an increase ratio of 7% [13] 4. New Stocks on the North Exchange - As of September 28, 2025, 19 companies, including Dongsheng Jin Material and Baiying Biological, have reached the inquiry stage, while three companies, including Jingchuang Electric and Dapeng Industrial, are in the registration stage [17][18] 5. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for investment in 2025, including: 1. Data Centers: KLT and Shuguang Shuchuang 2. Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [21]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company focuses on the esports equipment market, with a strategic emphasis on AIPC and AI technologies, aiming to enhance computing power and user experience [3][5]. - The esports industry is expected to experience significant growth, with the overall market projected to exceed 200 billion yuan by 2027, driven by supportive policies and a resurgence in esports events [4][39][42]. - The company has established a dual-driven strategy of "esports + domestic innovation," enhancing its brand value to 21.839 billion yuan and positioning itself as a key player in the domestic innovation sector [5][13]. Company Overview - The company specializes in high-performance esports PCs and peripherals, including laptops, desktops, monitors, and gaming accessories, catering to various user needs in esports, video creation, and digital design [3][5]. - In the first half of 2025, the company achieved a revenue of 1.388 billion yuan, reflecting a year-on-year growth of 13.19%, with a net profit of 14.3353 million yuan, up 69.31% [3][6]. - The company is recognized for its innovative products, including the launch of the Thunder ZERO18 and AI smart glasses, which solidify its competitive edge in the high-end market [3][18]. Industry Analysis - The global AIPC shipment is projected to reach 48 million units in 2024, accounting for 18% of total PC shipments, with expectations to exceed 100 million units by 2025 [4][50]. - The esports market is characterized by a young demographic, with 78.7% of users aged 30 and below, indicating a strong consumer base with significant spending power [40][41]. - The report highlights the increasing integration of AI technologies in the AIPC sector, which is anticipated to drive rapid advancements in the PC industry [50][56].

Core Insights - The financial reports of 64 listed companies in Qingdao show overall stable performance, with 40 companies achieving revenue growth and 29 companies achieving both revenue and net profit growth in the first half of the year [1][15] - Haier Smart Home leads in both revenue and profit among Qingdao listed companies, reporting revenue of 156.49 billion yuan and net profit of 12.03 billion yuan [1][9] - Emerging industries such as new-generation information technology and artificial intelligence are highlighted as key growth areas, supported by policies like "old-for-new" [3][20] Industry Performance - New-generation information technology and artificial intelligence are prioritized industries in Qingdao, with companies like Hisense achieving revenue of 27.23 billion yuan, a 6.95% increase, and net profit of 1.06 billion yuan, a 26.63% increase [3][16] - The logistics sector shows strong performance, with companies like LeCang Logistics achieving a revenue increase of 20% and a net profit increase of 898.4% [13][12] - The automotive market continues to thrive, with companies like Sanxiang Technology reporting revenue of 5.29 billion yuan, a 22.3% increase, and net profit of 0.39 billion yuan, an 88.9% increase [6][20] Emerging Industries - 36 out of 64 listed companies are involved in emerging industries such as smart connected new energy vehicles, green energy, and intelligent equipment, accounting for over 56% of the total [20] - In the green energy sector, companies like Teruid achieve revenue of 6.255 billion yuan, a 16.72% increase, and net profit of 0.327 billion yuan, a 69.32% increase [7][21] Advantageous Industries - The three main advantageous industries in Qingdao are smart home appliances, high-end chemicals and new materials, and modern light industry, which show strong resilience and stability [8][22] - The smart home appliance sector benefits from the "old-for-new" policy, with Haier Smart Home's overseas business growing significantly in regions like South Asia and the Middle East [9][22] Service Sector - The service sector contributes nearly 60% to Qingdao's economic growth, with financial and logistics industries maintaining growth, while the retail sector undergoes significant adjustments [12][13] - Qingdao Bank reports a net profit of 3.152 billion yuan, a 16.25% increase, reflecting stable growth in a complex market environment [12][13]

青岛雷神科技股份有限公司 章程 （2025 年 9 月 2 日，2025 年第一次临时股东会审议通过） 青岛雷神科技股份有限公司 章 程 二〇二五年九月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东会 | 7 | | 第一节 | 股东的一般规定 | 7 | | 第二节 | 控股股东和实际控制人 11 | | | 第三节 | 股东会的一般规定 12 | | | 第四节 | 股东会的召集 18 | | | 第五节 | 股东会的提案与通知 20 | | | 第六节 | 股东会的召开 22 | | | 第七节 | 股东会的表决和决议 25 | | | 第五章 | 董事和董事会 31 | | | 第一节 | 董事的一般规定 31 | | | 第二节 | 董事会 35 | | | 第三节 | 独立董事 41 | | | 第四节 | 董事会专门委员会 44 | | | 第六 ...

证券代码：872190 证券简称：雷神科技 公告编号：2025-088 青岛雷神科技股份有限公司 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，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 9 月 2 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 5.会议主持人：董事长路凯林 6.召开情况合法合规的说明： 公司董事会已于 2025 年 8 月 15 日在北京证券交易所指定的信息 披露平台上发布了本次股东会通知公告。本次会议的召集、召开与表 决程序符合《中华人民共和国公司法》和《青岛雷神科技股份有限公 司章程》的有关规定，会议合法有效。 2025 年第一次临时股东会决议公告 1.公司在任董事 9 人，出席 9 人； 2.公司在任监事 3 人，出席 3 人； 3.公司董事会秘书出席会议； 4.公司高级管理人员及见证律师列席会议。 二、议案审议情况 （二）会议出席情况 出席和授权出席本次股东会的股东共 7 人，持有表 ...

上海锦天城(青岛)律师事务所 关于青岛雷神科技股份有限公司 2025 年第一次临时股东会的 法律意见书 锦 天 域 律 师事 务 所 ALLBRIGHT LAW OFFICES 地址:青岛市市南区香港中路 8 号青岛中心大厦 45 层 电话:(0532)55769077 传真: (0532)55769155 邮编: 266071 上海锦天城(青岛)律师事务所 法律意见书 上海锦天城(青岛)律师事务所 关于青岛雷神科技股份有限公司 2025 年第一次临时股东会的 法律意见书 致青岛雷神科技股份有限公司: 上海锦天城(青岛)律师事务所(以下简称"本所")接受青岛雷神科技股份 有限公司(以下简称"公司"或"雷神科技")的委托,指派陈静、孙一杰律师出席 了公司于 2025年9月2日召开的 2025年第一次临时股东会(以下简称"本次股 东会")。现根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》(以下简称"《证券法》")和《上市公司股东会规则》(以 下简称"《股东会规则》")等法律、行政法规、规范性文件以及《青岛雷神科技 股份有限公司章程》(以下简称"《公司章程》")的规定,对本次股东 ...

证 券 研 究 报 告 科技制造引领，寻找景气成长 ——北交所25年二季报总结 2025.09.02 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 主要内容 2 ◼ 北证二季报盈利压力再现。截至25Q2，北证单季营收增速+4.9%、环比-0.4pct，单季归母净利润增速-16.6%、环比 -8.8pct，ROEttm达+6.0%、环比-0.1pct；拆分ROE来看，25Q2，北证资产周转率TTM达62.6%、环比+0.5pct， 北证销售净利率TTM达5.5%、环比-0.2pct。其中，盈利压力主要源于两方面，1）Q2海外扰动影响显现，我国对美 出口增速大幅下滑，25Q2，北证出口50%以上企业单季扣非净利润增速转负、达-4.4%，环比-21.0pct。2）供给压 力、北证固定资产增速达历史高位，25Q2，北证固定资产增速达+30.2%、环比+2.0pct，处于历史高位，对北证盈 利能力形成压力，25Q2北证毛利率TTM达22.4%、环比-0.3pct，下滑幅度高于其他板块。展望后续，固定资产增速 的拐点有望在下半年出现，关注北证供给优化后的盈利弹性，截至2 ...

国泰海通证券股份有限公司 关于青岛雷神科技股份有限公司 2025 年半年度持续督导跟踪报告 | 事项 | 工作内容 | | --- | --- | | 1.审阅公司信息披露文件 | 保荐机构及时审阅公司信息披露文件。 | | 2.督导公司建立健全并有效执行 | 保荐机构督导公司建立健全规则制度,并有效执行规则 | | 规则制度 | 制度。 | | 3.监督公司募集资金存放与使用 | 保荐机构查阅公司募集资金使用台账、募集资金专户银 | | | 行对账单、了解募投项目实施进度并实地查看募投项目 | | | 进展情况、及时审阅募集资金信息披露相关文件等。 | | 4.督导公司规范运作 | 保荐机构查阅公司章程、公司治理相关制度、三会会议 | | | 资料等,同时通过日常沟通、现场核查、访谈等方式, | | | 督促公司规范运作。 | | 5.现场检查情况 | 保荐机构对公司开展了现场检查,主要对公司是否存在 | | | 車 大违规、经营财务状况是否存在車大风险、公司治理 | | | 和信息披露合规性等方面进行核查并督导。 | | 6.发表专项意见情况 | 保荐机构对公司预计 2025年度日常性关联交易、购买 | ...