深圳英飞拓科技股份有限公司 第一章 总则 第一条 为落实深圳英飞拓科技股份有限公司（以下简称"公司"）资产保值 增值责任，增强公司高级管理人员的工作积极性和开拓创新精神，提高公司经营 管理水平，促进公司经济效益增长，形成权责利相适应的有效激励机制，建立科 学规范、公平合理的年度薪酬分配制度，根据国家、省、市有关法律法规、《公 司章程》和上级产权单位相关要求，结合公司实际，特制定本制度。 第二条 本制度适用于公司高级管理人员（以下简称"高管"），包括总经理、 副总经理、财务总监、董事会秘书以及公司董事会明确的其他高级管理人员。 第三条 高管薪酬与绩效管理遵循以下原则 （一）合法合规原则。公司贯彻执行国家、省、市的收入分配政策，按照法 律法规和上级产权单位相关规定规范高管人员薪酬与绩效管理。 （二）市场匹配原则。公司通过对标行业市场薪酬，科学厘定高管薪酬水平， 确保薪酬水平与企业战略定位相匹配。 （三）绩效导向原则。按照责权利相统一要求，强化绩效在高管薪酬分配中 的作用，建立与业绩考核结果紧密挂钩的薪酬机制，实现业绩升、薪酬升，业绩 降、薪酬降。 第二章 薪酬绩效管理机构与职责 第四条 公司董事会负责、薪酬与考核 ...

Core Insights - The third Chain Expo showcased 651 participating companies from 75 countries and regions, with foreign exhibitors accounting for 35% of the total, indicating an increase in international participation [1] - The event highlighted the importance of collaboration in the supply chain, with a focus on digitalization and sustainability, as well as the establishment of exhibitor alliances [1][5] - The presence of major global companies like Apple and Nvidia underscored the significance of China's supply chain in the global market [2][5] Group 1: Event Overview - The Chain Expo featured over 1200 companies engaged in industry chain cooperation, emphasizing the international character of the event [1] - The event included more than 70 specialized activities aimed at addressing specific business needs, showcasing innovations in supply chain technology [1] - The participation of foreign companies has increased, reflecting China's growing attractiveness as a destination for foreign investment [1][5] Group 2: Key Exhibitors and Innovations - Apple collaborated with suppliers like Sunwoda, Shandong Innovation, and Jieshida to showcase advancements in smart manufacturing and renewable energy [2] - Sunwoda presented its self-developed magnetic levitation conveyor line, achieving 100% domestic production [3] - Nvidia's participation marked its first at the Chain Expo, focusing on collaborative solutions across various sectors, including automotive and industrial digitalization [4] Group 3: Industry Perspectives - Industry experts noted that the joint participation of companies illustrates a symbiotic relationship within the supply chain, enhancing collaboration and efficiency [4] - The increasing presence of foreign exhibitors, particularly from Europe and the US, indicates that global companies view China as an essential partner in resource allocation [5] - Executives from companies like Cargill and Qualcomm emphasized the importance of collaboration and innovation in driving growth within the Chinese market [6] Group 4: Policy and Future Outlook - Chinese authorities are actively promoting policies to ensure the stability of global supply chains, including optimizing the business environment and expanding financing channels [7] - The Chain Expo aims to foster long-term cooperative relationships rather than focusing solely on immediate sales, highlighting the importance of sustained partnerships [7] - The event serves as a platform for enhancing global supply chain cooperation, with a vision of creating a win-win scenario for all participants [7]

Core Viewpoint - The legal opinion letter from Zhejiang Tiance (Shenzhen) Law Firm confirms that Shenzhen Jiemite Technology Co., Ltd.'s 2024 restricted stock incentive plan adjustments and repurchase of certain restricted stocks have obtained the necessary approvals and comply with relevant regulations [2][5][10]. Group 1: Implementation of the Incentive Plan - The 2024 restricted stock incentive plan has been submitted for review and approval by the company's board of directors [5]. - The plan includes a list of initial grant recipients and has received unanimous consent from the supervisory board without any objections during the public notice period [5][6]. - The company has conducted necessary meetings to approve adjustments and repurchase of restricted stocks as part of the incentive plan [6]. Group 2: Adjustments and Repurchase Details - The repurchase price for the restricted stocks has been adjusted in accordance with the company's profit distribution plan, which involves a cash dividend of RMB 0.45 per 10 shares [6][7]. - The adjusted repurchase price for the restricted stocks is set at RMB 9.455 per share, calculated by deducting the dividend from the original grant price of RMB 9.50 [7][8]. - The repurchase involves three individuals who no longer qualify for the incentive due to resignation, with a total of 24,000 shares to be repurchased using the company's own funds [10]. Group 3: Legal Compliance and Conclusion - The legal opinion asserts that the adjustments and repurchase actions are in compliance with the relevant laws and regulations, including the Company Law and the Management Measures for Equity Incentives [8][10]. - The company is required to fulfill information disclosure obligations and complete the necessary procedures for share cancellation and capital reduction [10].

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is actively enhancing services for foreign investors by organizing events that facilitate direct engagement between high-quality listed companies in the Shenzhen market and international investors [1][2] Group 1: Event Overview - The SZSE hosted an event titled "Foreign Investors Visit Listed Companies in the Guangdong-Hong Kong-Macao Greater Bay Area" on July 18, which included representatives from over 20 foreign sovereign funds and large long-term asset management institutions [1] - The event featured visits to three Shenzhen-listed companies: Luxshare Precision, Megmeet, and CIMC Vehicles, focusing on the theme of new productive forces in the development of enterprises in the Greater Bay Area [1] Group 2: Strategic Initiatives - The SZSE has been implementing a dual approach of "going out" and "bringing in," having organized over 100 roadshows for Shenzhen-listed companies abroad while also conducting a series of activities to enhance mutual understanding and trust with foreign investors [1] - Future plans include expanding the depth and breadth of services for foreign investors under the guidance of the China Securities Regulatory Commission, aiming to attract more long-term foreign capital into the market [2]

Core Viewpoint - The fund "Guangfa ESG Responsibility Investment Mixed A" reported a profit of 5.0087 million yuan in Q2 2025, with a net asset value growth rate of 1.85% during the period [2]. Fund Performance - As of July 17, the fund's unit net value was 0.912 yuan, with a three-month growth rate of 10.76%, a six-month growth rate of 5.49%, and a one-year growth rate of 7.61% [3]. - The fund's performance ranks 290 out of 607 for three months, 481 out of 607 for six months, and 510 out of 601 for one year among comparable funds [3]. Fund Management - The fund manager, Wang Haitao, oversees four funds, all of which have positive returns over the past year [2]. - The fund's average stock position since inception is 66.91%, with a peak of 85.68% at the end of H1 2025 and a low of 31.95% at the end of Q1 2023 [14]. Investment Strategy - The fund has made minor adjustments to its portfolio, increasing holdings in stable operating assets such as banks while reducing exposure to companies in electronics, power equipment, machinery, and textiles with high U.S. market shares [2]. - The fund emphasizes ESG ratings in its investment selection process, focusing on companies with strong competitiveness and governance [2]. Fund Size and Concentration - As of the end of Q2 2025, the fund's size was 285 million yuan [16]. - The fund has a high concentration of holdings, with its top ten stocks including Changjiang Electric Power, Luxshare Precision, CATL, and others [19]. Risk Metrics - The fund has a Sharpe ratio of -0.25 since inception [9]. - The maximum drawdown since inception is 21.54%, with the largest quarterly drawdown occurring in Q3 2023 at 9.56% [12].

Group 1: Market Growth and Trends - The global LED display market is projected to reach $79.71 billion by 2025 and $102.36 billion by 2028, with a compound annual growth rate (CAGR) of 7% from 2023 to 2028 [2] - The Mini LED market is expected to grow significantly, with a projected market size of $33 billion by 2028 and a CAGR of approximately 40% from 2024 to 2028 [2] - The transition from 2K to 4K and the emergence of 8K video technology indicates substantial growth potential in the video processing equipment industry [3] Group 2: Revenue and International Expansion - The company's overseas revenue grew by 32.03% year-on-year in 2024, accounting for 19.10% of total revenue, with stable growth in Europe and North America, and rapid growth in Southeast Asia and Latin America [3] - The company plans to increase its international market efforts, including expanding its workforce and participating in overseas exhibitions to enhance global influence [3] Group 3: Competitive Landscape and Intellectual Property - The video image display control industry has high barriers to entry, with few manufacturers achieving large-scale sales in the domestic market [3] - As of the end of 2024, the company holds 27 patents (22 invention patents) and 238 software copyrights, with a total of 1,177 domestic patents [3] Group 4: Profit Margins and Sales Structure - The disparity in gross margins between domestic and international sales is attributed to higher quality and performance requirements from foreign clients, leading to higher-priced product sales [4] - The sales structure differs, with a higher proportion of video processing systems and sending cards sold internationally, contributing to higher gross margins abroad [4] Group 5: Production and Supply Chain Management - The company employs a combination of external processing and internal production, focusing on efficiency and resource optimization [5] - To mitigate supply chain risks, the company collaborates with multiple international and domestic suppliers and establishes annual cooperation agreements with key suppliers [7]

Investment Rating - The investment rating for Wenta Technology Co., Ltd. has been downgraded from AA to AA- by China Chengxin International, with a stable outlook [5][8]. Core Insights - The downgrade is attributed to the company's asset sales, significant goodwill, substantial losses, and challenges posed by the international political environment, which align with the current difficulties faced by Wenta Technology [2][19]. - The company has strategically divested its low-margin product integration business, focusing on its more profitable semiconductor operations, although the profitability and capacity of the semiconductor business have also declined [2][19]. - The company reported a net loss of 2.858 billion yuan in 2024, a significant drop from a profit of 969 million yuan in 2023, primarily due to large asset impairment losses [7][10]. Summary by Sections 1. External Rating Downgrade - The downgrade reflects ongoing challenges, including stagnation in optical business, high goodwill, and risks associated with the international political environment [5][6]. - The company sold its product integration business, which previously accounted for 79.17% of its revenue in 2024, leading to a significant decline in future revenue [6][10]. 2. Operating Conditions - As of April 11, 2025, Wenta Technology Group holds a 12.37% stake in the company, with significant share pledges raising concerns about shareholder equity risks [9]. - The company’s revenue from semiconductor operations was 14.715 billion yuan in 2024, with a net profit of 2.297 billion yuan, indicating a focus on maintaining competitiveness in this sector [11][12]. 3. Asset, Cash Flow, and Debt Overview - As of March 2025, total assets were 70.742 billion yuan, with goodwill accounting for 30.39% of total assets, raising concerns about potential impairment risks [14][15]. - The company’s cash flow from operating activities showed fluctuations, with net cash outflows from investing activities narrowing in 2024 [16]. - Total interest-bearing debt was 17.3 billion yuan, with a short-term debt ratio of 48.95%, indicating manageable short-term repayment pressures [16][17].

Core Viewpoint - The third China International Supply Chain Promotion Expo showcases the collaborative growth of multinational companies and local enterprises, emphasizing the resilience and integration of China's supply chain, which boosts multinational companies' confidence in deepening their presence in China [1][6]. Group 1: Green Collaboration in Supply Chains - Apple and its suppliers, including XINWANDA and JIESIDE, are demonstrating a deep integration with China's supply chain, showcasing innovations such as a magnetic levitation conveyor line that improves production efficiency by 200%-300% compared to traditional lines [2]. - XINWANDA has achieved 100% green electricity usage for its production lines supplying Apple, with an overall green electricity share of 40% [2]. - JIESIDE has implemented solar panels and energy storage facilities in its factories, currently achieving a green electricity share of 10%, with plans for full green production [2]. - Schneider Electric's "Zero Carbon Plan" aims to help 1,000 global suppliers, including 270 in China, reduce carbon emissions by 50% by 2025 [2][3]. Group 2: Deep Collaboration Reshaping Industry Ecosystems - McDonald's China, along with 11 partners, launched the "McChain" initiative, emphasizing a collaborative approach among brands, employees, and suppliers to foster a new ecosystem in China [4]. - The initiative promotes high standards for chicken quality and animal welfare, with suppliers like Qindao Jiulian Group committing to 100% cage-free chicken farming [4]. - GE Healthcare has driven local production, collaborating with over 1,000 supply chain partners to enhance growth and innovation [4][5]. Group 3: Confidence in China's Supply Chain - The competitiveness of China's supply chain is highlighted by its comprehensive integration and rapid response capabilities, which lower logistics costs and enhance efficiency [6]. - Schneider Electric emphasizes China's strategic importance, noting that it is the only country with full R&D capabilities across all its business lines [6]. - Experts point out that China is enhancing its position in high-end industries and creating new opportunities for global enterprises through unified market construction and demand expansion strategies [7].

Group 1 - The core viewpoint is that Chongqing's electric vehicle exports are expected to grow by over 50% in the first half of 2025, indicating a strong upward trend in the region's export capabilities [1] - In the first half of 2025, Chongqing's total foreign trade value reached 365.18 billion yuan, an increase of 7.6%, with exports amounting to 252.2 billion yuan, growing by 7%, and imports at 112.98 billion yuan, increasing by 9.1% [1] - Key drivers of export growth include electric vehicles, motorcycles, and mobile phones, with mobile phone exports at 26.14 billion yuan (22.4% growth), motorcycle exports at 13.36 billion yuan (48.4% growth), and electric vehicle exports at 5.55 billion yuan (53.3% growth) [1] Group 2 - Chongqing's automotive industry is developing into a "smart connected new energy vehicle capital," with government initiatives to enhance the ecosystem for local manufacturers like Changan and Seres [1] - The region is also recognized for its production of motorcycles and laptops, with laptop exports leading the nation at 72.92 billion yuan and agricultural product exports reaching 860 million yuan, marking a 14.5% increase [1] - Chongqing's trade partnerships are diversifying, with ASEAN being the largest trade partner, and trade with ASEAN reaching 63.87 billion yuan (17.5% growth), while trade with Belt and Road countries totaled 162.38 billion yuan (3% growth) [2]

Group 1: Event Overview - The third China International Supply Chain Promotion Expo opened in Beijing on July 16, with over 1,100 representatives from more than 100 countries and regions attending the opening ceremony [1] - The expo's theme is "Linking the World, Creating the Future," featuring six major chains: advanced manufacturing, smart automotive, green agriculture, clean energy, digital technology, and healthy living [1] - A total of 651 enterprises and institutions from 75 countries and regions participated, with 35% of exhibitors being international, indicating a higher level of globalization [1] Group 2: Importance of Cooperation - The current global economic slowdown and rising protectionism are damaging global supply chains, increasing costs, and reducing economic efficiency [2] - Multiple speakers at the expo emphasized the need for cooperation to maintain the stability and smooth operation of global supply chains [2] - The China Council for the Promotion of International Trade (CCPIT) president highlighted the expo's focus on helping businesses find partners and solutions [2] Group 3: Initiatives and Proposals - The "Beijing Initiative" was released, advocating for the maintenance of global supply chain security, innovation-driven development, and deeper cooperation among the global business community [3] Group 4: Platform for Open Cooperation - The expo has evolved into a platform for high-level opening up and global sharing, enhancing trade promotion, investment cooperation, and innovation [4] - Apple showcased its collaboration with three Chinese suppliers, highlighting a $20 billion investment in smart and green manufacturing in China over the past five years [4] Group 5: Innovations and Technologies - Qingdao Beer demonstrated its global supply chain innovation, emphasizing the interconnectedness of its production process [5] - The Beijing Changmu Valley Medical Technology Co., Ltd. showcased its AI-assisted orthopedic surgery robot, marking a significant technological advancement in the healthcare sector [6] - Syngenta Group presented its agricultural innovations, focusing on efficient and sustainable supply chains [6] Group 6: China's Supply Chain Advantages - China plays a crucial role in global supply chains, providing strong support for international cooperation and innovation [7] - Sanofi highlighted its 30 years of localized manufacturing in China, showcasing its end-to-end healthcare ecosystem [7] - Medtronic expressed confidence in China's position as a major medical market and innovation hub, emphasizing its commitment to local value chain development [7]