烟台德邦科技股份有限公司 章 程 二〇二五年八月 目 录 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 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》）和其他有关规定，制订本章程。 第二条 烟台德邦科技股份有限公司系依照《公司法》和其他有关规定成立 的股份有限公司（以下简称"公司"或"本公司"）。公司由烟台德邦科技有限 公司整体变更组织形式、以发起方式设立。有限公司原有股东作为公司发起人。 公司在山东省烟台市市场监督管理局注册登记，并取得营业执照，统一社会信用 代码为"91370600746569906J"。 第三条 公司于2022年7月15日经中国证券监督管理委员会（以下简称"中 国证监会"）同意注册批复，首次向社会公众发行人民币普通股3,556万股，于 第四条 公司注册名称：烟台德邦科技股份有限公司。 公司英文名称：Darbond Technology Co., Ltd. 第五条 公司住所：山东省烟台市经济技术开发区开封路3-3号(C-41小区)。 邮政编码：265618 第六条 公司注册资本为人民币14,224万元。 ...

Core Viewpoint - The article emphasizes the importance of focusing on structural alpha opportunities in various sectors, particularly in real estate and metals, as market conditions evolve and performance indicators shift [4][5][6]. Group 1: Market Overview - In June, major A-share indices experienced an overall increase, with the ChiNext index rising by 6.1% [4]. - The Hong Kong stock market showed a fluctuating upward trend due to improved overseas conditions and domestic risk appetite [4]. Group 2: Real Estate Sector - The real estate sector is currently exhibiting weak beta, but structural highlights are emerging due to further regional and urban differentiation [5]. - From January to May 2025, the sales amount of commercial residential properties in key cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu) increased by 14.4% [5]. - The transaction volume and price of land in 30 core cities tracked by Everbright rose, with a transaction area increase of 15.6% and a floor price increase of 23.9% [5]. Group 3: Metals Sector - The price of electrolytic aluminum reached a three-month high, indicating potential recovery in the steel sector's profitability towards historical average levels [6]. - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions," which may positively impact steel companies [6]. Group 4: Copper Industry - LME copper inventory has dropped to a 22-month low, leading to tight copper supply outside the U.S. and a subsequent price increase due to short-covering [8]. - Domestic air conditioning production is expected to decline by 13% year-on-year from July to September, indicating a slowdown in demand [8]. Group 5: Semiconductor and Chemical Materials - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, with a year-on-year growth of about 19.7% [9]. - The steady growth in the semiconductor market is expected to drive demand for semiconductor materials [9]. Group 6: Renewable Energy - The wind power sector is anticipated to see improved profitability due to stable pricing and cost reductions in components [10]. - The photovoltaic sector is expected to benefit from upcoming policies aimed at preventing excessive competition, with a focus on specific technologies and companies [10].

Summary of Conference Call Records Industry Overview - The conference call discusses the advancements in domestic production of high-end optical materials, specifically COC (Cyclic Olefin Copolymer) materials, packaging materials, and semiconductor materials, highlighting the potential for domestic breakthroughs in these sectors [1][2][4]. Key Points and Arguments COC Materials - COC materials are characterized by high transparency and lack of monomer residue, making them suitable for applications in high-end mobile phone lenses, displays, and medical devices. The demand is expected to grow due to the rise of 5G smartphones and autonomous driving [1][2]. - Domestic companies such as Akril, Tuo Xi Technology, and Jinfa Technology are actively pursuing localization, with Akril having established a production line for high-transparency materials and planning a 30,000-ton optical materials project. Akril anticipates sales of over 1,000 tons of COC monomers and polymers by 2026, increasing to over 3,000 tons by 2027, with a net profit exceeding 50 million [1][3]. PSPI (Polyimide Resin) - PSPI combines the functions of photoresist and dielectric insulation, reducing material costs and shortening the integrated circuit manufacturing process while improving pattern accuracy and yield. It is primarily used in integrated circuits and OLEDs [1][4]. - The PSPI market is currently dominated by Japanese companies such as Toray, Hitachi Chemical, and Asahi Kasei, as well as DuPont from the U.S. However, domestic firms like Aolide and Dinglong Co. have achieved breakthroughs in localization [4]. Semiconductor Market Trends - The global semiconductor sales are projected to reach $630.5 billion in 2024, representing a year-on-year growth of 19.7%, with the Asia-Pacific region accounting for $340.79 billion, a growth of 17.5% [2][5]. - By 2025, the global semiconductor market size is expected to reach $697.1 billion, with an annual compound growth rate of 10% from 2024 to 2029, indicating a steady increase in semiconductor material demand [5][6]. - The importance of self-sufficiency in China's semiconductor sector is emphasized due to export controls imposed by foreign companies on Chinese semiconductor equipment and materials. Key areas to monitor include photoresists, wet electronic chemicals, electronic specialty gases, and CMP (Chemical Mechanical Planarization) [6]. Additional Important Information - The conference highlights the potential health benefits of COC materials, as they do not contain bisphenol A, which is a concern in PC materials, making them suitable for high-end food-grade plastics [2]. - The ongoing developments in the semiconductor supply chain post-2023 are noted, with a significant recovery in sales expected in 2024 [5]. This summary encapsulates the critical insights from the conference call, focusing on the advancements in high-end optical materials and the semiconductor industry, along with the implications for domestic production and market growth.

Core Viewpoint - Aolide has shown a mixed financial performance in 2024, with a slight increase in revenue but a significant decline in net profit, while the materials business has turned profitable and the company has secured a major order from BOE for 8.6-generation equipment, indicating potential future growth [2][4][5]. Financial Performance - In 2024, Aolide achieved operating revenue of 533 million yuan, a year-on-year increase of 3.0%, but the net profit attributable to shareholders decreased by 26.0% to 90 million yuan [2]. - The gross profit margin for the year was 51.22%, and the net profit margin was 16.97% [2]. - In Q4 2024, the company reported operating revenue of 69 million yuan, down 32.8% year-on-year and 43.3% quarter-on-quarter, with a net profit of -11 million yuan [2]. - For Q1 2025, Aolide's revenue was 153 million yuan, a decrease of 40.7% year-on-year but an increase of 121.8% quarter-on-quarter, with a net profit of 25 million yuan, marking a turnaround [2]. Business Segments - The materials business generated revenue of 363 million yuan in 2024, a growth of 14.31% year-on-year, and has shown consistent revenue growth for five consecutive years since the company went public [3]. - In Q1 2025, the materials segment achieved sales of 136 million yuan, a year-on-year increase of 5.33%, setting a record for first-quarter material revenue [3]. - The equipment business reported revenue of 169 million yuan in 2024, with significant projects completed and new orders secured, including a 655 million yuan order from BOE for 8.6-generation equipment [4]. Future Outlook - The company anticipates that new products in the materials segment will begin to gain market traction in 2025, contributing to revenue growth [3]. - Aolide's net profit forecasts for 2025, 2026, and 2027 are projected at 163 million, 343 million, and 565 million yuan, respectively, reflecting an adjustment in expectations due to the recent order from BOE [5].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][18]. Core Views - The company achieved a revenue of 533 million yuan in 2024, a year-on-year increase of 3.0%, but the net profit attributable to the parent company decreased by 26.0% to 90 million yuan [1]. - The materials business showed a robust performance with a revenue of 363 million yuan in 2024, marking a growth of 14.31% year-on-year, and is expected to contribute positively to future earnings as new products are launched [2]. - The company successfully won a bid for a 6.55 billion yuan order for 8.6 generation evaporation source equipment from BOE, which is anticipated to enhance revenue growth in the coming years [3]. Financial Performance Summary - In 2024, the company reported total revenue of 533 million yuan, with a gross margin of 51.22% and a net margin of 16.97% [1]. - The first quarter of 2025 saw a revenue of 153 million yuan, a year-on-year decline of 40.7%, but a significant quarter-on-quarter increase of 121.8%, resulting in a net profit of 25 million yuan [1][2]. - The projected net profits for 2025-2027 are 163 million yuan, 343 million yuan, and 565 million yuan respectively, reflecting a significant recovery and growth trajectory [4]. Business Segment Insights - The materials segment has shown consistent growth, achieving a historical high of 136 million yuan in revenue for Q1 2025, with expectations for continued expansion as new products gain market traction [2]. - The equipment segment faced challenges due to industry transitions but has secured significant contracts that are expected to positively impact future performance [3]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 23.97, indicating a favorable valuation compared to future earnings growth [5]. - The projected revenue growth rates for 2025, 2026, and 2027 are 58.94%, 78.24%, and 41.54% respectively, showcasing strong growth potential [5].

本周（6月9日—6月13日），A股市场将有两只新股申购，为沪市主板的华之杰(603400)和创业板的新 恒汇(301678)，两股分别将于本周二和周三申购。 资料显示，华之杰聚焦智能控制领域，是电动工具关键功能零部件的重要供应商，与百得集团、TTI集团等下 游头部企业已形成长期稳定的合作关系。新恒汇深耕智能卡业务领域，系国内唯一实现核心封装材料柔性引线 框架量产的企业，目前全球市占率领先。 具体来看，华之杰单一账户申购上限为8000股，顶格申购需持沪市市值8万元。 招股书显示，华之杰定位于智能控制行业，致力于以锂电池电源管理、智能控制、无刷电机驱动和控制等技术 为核心，主要为锂电电动工具、消费电子领域提供有效的电源管理和动力驱动方面的系统解决方案，主要产品 包括智能开关、智能控制器、无刷电机、精密结构件等关键功能零部件，是集研发、生产和销售为一体的企 业。 经过二十余年的经营发展和积累，公司顺应锂电电动工具、消费电子领域由交流电源有绳电动工具向直流电源 无绳电动工具发展、由镍镉电池向锂电池发展、由有刷电机向无刷电机发展、由单一品类向集成化和智能化发 展等行业趋势，先后布局智能开关、智能控制器、无刷电机、精密结 ...

Core Viewpoint - The "Smart Consumption Industry Week" performance briefing highlighted the positive development signals in the smart consumption sector, showcasing the technological innovations and market expansions of participating companies [1] Group 1: Industry Trends - The "Artificial Intelligence +" initiative aims to accelerate the development and application of new technologies in the smart consumption sector, creating high-growth consumption opportunities [2] - The automotive industry's shift towards electrification and intelligence has opened a strategic window for the in-car projection market, with leading companies like XGIMI focusing on smart cockpit and smart lighting projections [3] Group 2: Company Performance - Hengxuan Technology reported a net profit of 191 million yuan in Q1 2025, a 590% increase year-on-year, driven by the rise of smart wearable devices and supportive national policies [2] - Zhuhai Guanyu continues to enhance its competitive edge in consumer batteries while developing sodium-ion and solid-state batteries, aiming for stable and efficient power supply in low-temperature scenarios [4] - Aolaide has maintained steady revenue growth in its materials business for five consecutive years, with ongoing upgrades to its OLED terminal materials and new product developments expected to gain market traction by 2025 [4][6] Group 3: Market Dynamics - Companies are experiencing robust production and sales growth due to consumer confidence recovery and local consumption subsidy policies [5] - Shihua Technology achieved revenues of 795 million yuan and a net profit of 280 million yuan in 2024, with a 442% increase in high-performance optical materials revenue, indicating strong market demand [6] - The maturation of OLED production processes is expected to lower manufacturing costs, facilitating the adoption of OLED displays in mid-range vehicles, thus expanding their market presence [6]

Core Insights - The company reported strong financial performance for 2024, with revenue of 3.338 billion yuan (YoY +25%) and a net profit of 521 million yuan (YoY +135%) [1] - The semiconductor business segment showed significant growth, achieving revenue of 1.52 billion yuan (YoY +77%), indicating a successful strategic transformation [3] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares for 2024 [1] Group 1: 2024 Annual Report Highlights - Total revenue reached 3.338 billion yuan, with a year-over-year increase of 25% [1] - Net profit attributable to shareholders was 521 million yuan, reflecting a 135% increase year-over-year [1] - The gross profit margin was 46.88%, up by 9.93 percentage points year-over-year, while the net profit margin was 19.14%, an increase of 8.35 percentage points [1] - In Q4 2024, revenue was 912 million yuan (YoY +15%, QoQ +1%), with a net profit of 144 million yuan (YoY +216%, QoQ -9%) [1] Group 2: 2025 Q1 Report Highlights - For Q1 2025, the company achieved revenue of 824 million yuan (YoY +16%, QoQ -10%) and a net profit of 141 million yuan (YoY +73%, QoQ -2%) [2] - The gross profit margin for Q1 2025 was 48.82%, with year-over-year and quarter-over-quarter increases of 4.56 percentage points and 0.80 percentage points, respectively [2] - The net profit margin was 20.44%, reflecting a year-over-year increase of 4.31 percentage points [2] Group 3: Semiconductor Business Performance - The semiconductor business generated 1.52 billion yuan in revenue, with notable contributions from various product lines [3] - CMP polishing pads achieved revenue of 716 million yuan (YoY +72%), with record monthly sales [3] - CMP polishing liquids and cleaning liquids generated 215 million yuan (YoY +179%), with multiple new products in the pipeline [3] - Semiconductor display materials reached 402 million yuan (YoY +131%), with increasing market share [3] Group 4: 2025 Q1 Business Insights - CMP polishing pads generated 220 million yuan (YoY +63%, QoQ +14%) [4] - Semiconductor display materials achieved revenue of 130 million yuan (YoY +86%, QoQ +8%) [4] - The traditional printing consumables segment remained stable, although revenue slightly declined due to market demand [4] - The company has adjusted its profit forecasts for 2025-2027, reflecting confidence in its electronic materials platform strategy [4]