Group 1 - The company held its third extraordinary general meeting of shareholders on November 27, 2025, at its headquarters in Guizhou Province [2] - The meeting was chaired by the chairman, Mr. Zhu Zhiyong, and utilized a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [2][3] - All seven current directors attended the meeting, along with the company secretary and some senior management personnel [3][4] Group 2 - One of the key resolutions discussed was the proposal for the company to engage in accounts receivable factoring and to subscribe to asset-backed securities related to accounts receivable, which was approved [5] - The related shareholders, China Zhinhua Electronics Group Co., Ltd. and China Electronics Investment Holdings Co., Ltd., abstained from voting on the proposal [6] - The proposal was categorized as an ordinary resolution and was passed with more than half of the valid voting rights represented at the meeting [6] Group 3 - The meeting was witnessed by Beijing Zhonglun Law Firm, with lawyers Li Zhen and Cui Hongju confirming that the meeting's procedures and voting were in accordance with relevant laws and regulations [6]

证券日报网讯 11月27日，振华风光在互动平台回答投资者提问时表示，公司已在信号链及电源管理器 领域形成完整产品体系，拥有360余款可供货产品，其中多款产品可实现对TI/ADI等国际厂商的替代。 未来，公司将持续加大研发投入，扩充产品品类；拓展系统级解决方案（已推出电机控制、信号调理和 射频收发三大系统方案），逐步实现从元器件供应商向系统方案供应商的转型升级。 （文章来源：证券日报） ...

Core Viewpoint - The company, Zhenhua Wind Power, maintains a low debt-to-asset ratio, indicating a robust financial structure that enhances its risk resistance and financing flexibility [1] Financial Structure - The company's low debt-to-asset ratio reflects a stable financial structure, which is beneficial for risk management and financing options [1] - The total asset turnover is influenced by industry characteristics, product R&D cycles, and market conditions [1] Resource Optimization - The company is actively optimizing resource allocation by increasing R&D investment to expand applications in high-reliability integrated circuit products, aiming to improve asset utilization efficiency [1] Strategic Adjustments - Future strategies will be dynamically adjusted based on market demand, balancing financial stability with asset operational efficiency to lay a foundation for long-term sustainable development [1]

北京市中伦律师事务所 关于贵州振华风光半导体股份有限公司 2025 年第三次临时股东会的 法律意见书 致：贵州振华风光半导体股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受贵州振华风光半导体股份 有限公司（以下简称"公司"）委托，指派律师见证公司 2025 年第三次临时股 东会（以下简称"本次股东会"）。本所律师根据《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》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》等相关法律、法规、规章、规范性文件及《贵州振华风 光半导体股份有限公司章程》（以下简称"《公司章程》"）的规定，对本次股 东会的相关事项进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记 ...

一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 27 日 （二） 股东会召开的地点：贵州省贵阳市高新区高纳路 819 号贵州振华风光半 导体股份有限公司 101 办公大楼 5 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 证券代码：688439 证券简称：振华风光 公告编号：2025-045 贵州振华风光半导体股份有限公司 2025年第三次临时股东会决议公告 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：关于 2025 年开展应收账款保理及认购应收账款资产支持证券暨 关联交易的议案 审议结果：通过 表决情况： | 1、出席会议的股东和代理人人数 | 93 | | --- | --- | | 普通股股东人数 | 93 | | 2、出席会议的股东所持有的表决权数量 | 37,641,930 | | 普通股股东所持有表决权数量 | 37 ...

Core Insights - The company has over 30 products in the commercial aerospace support sector that have completed testing and is tracking user demand closely to ensure delivery capabilities [1] - The revenue from these products is expected to gradually materialize based on the progress of user projects, with a typical delivery cycle of 3-6 months [1] - The company will disclose specific revenue targets from commercial aerospace in the future based on market demand and order progress [1] Summary by Categories Product Development - The company has developed over 30 products for the commercial aerospace support sector that have successfully completed testing [1] Revenue Generation - Some products have already formed supporting orders, with revenue expected to emerge in line with user project timelines [1] - The delivery cycle for products is generally between 3 to 6 months, which includes production and testing [1] Future Outlook - The company plans to set revenue contribution targets from commercial aerospace for the next three years based on market demand and order fulfillment progress [1] - Specific data regarding revenue targets will be disclosed in future periodic reports [1]

Core Viewpoint - Zhuhai Wind Power (688439.SH) has formed some supply orders in the commercial aerospace supporting field, indicating a positive outlook for revenue generation in this sector [1] Group 1: Company Developments - The company stated that the product delivery cycle typically ranges from 3 to 6 months, including production and testing [1] - Currently, the company is closely tracking user demand plans to ensure delivery capabilities [1] - Revenue from commercial aerospace is expected to gradually materialize based on the progress of user projects [1] Group 2: Future Outlook - The company will disclose its revenue contribution targets from commercial aerospace over the next three years based on market demand, order progress, and overall business development [1] - Specific figures will be provided in the company's future periodic reports [1]

Core Viewpoint - The company emphasizes a development strategy that combines technological innovation with market demand, aiming to balance R&D investment with short-term performance through optimized resource allocation and improved R&D efficiency [1] Group 1: Product Development - The company is focusing on key areas such as signal chains, power management, RISC-V MCUs, and RF microwave technologies, utilizing a strategy of "new products, new customers, new fields" to explore incremental market opportunities [1] - The RISC-V MCU development began in June 2022, with two MCU products completed by November 2025, both passing user-end software and hardware compatibility verification and ready for mass production, with a steady increase in orders [1] - The company remains optimistic about the market development of RISC-V, despite the industry requiring a learning and adaptation period for large-scale applications [1] Group 2: Market Feedback and Expansion - The high-speed, high-precision operational amplifiers have achieved breakthroughs in high-voltage rail-to-rail enhancement technology, improving key indicators such as wide dynamic range and low input bias [1] - Although the aforementioned products have passed user trials, bulk orders have not yet materialized due to adjustments in industry demand [1] - The company is expanding into emerging fields such as commercial aerospace and drones through specialized teams, with several radiation-resistant new products already included in the small satellite selection directory [1]

Core Viewpoint - Zhuhai Wind Power (688439.SH) has formed some supply orders in the commercial aerospace supporting field, indicating a positive development in its business operations [1] Group 1: Business Operations - The company has established supply orders for certain products in the commercial aerospace sector [1] - The typical delivery cycle for the company's products is 3-6 months, which includes production and testing [1] - The company is closely tracking user demand plans to ensure delivery capabilities [1] Group 2: Revenue Expectations - Revenue from commercial aerospace is expected to gradually materialize based on the progress of user projects [1] - The company will disclose specific revenue targets related to commercial aerospace based on market demand, order progress, and overall business development at an appropriate time [1] - Future revenue contributions will be detailed in the company's subsequent periodic reports [1]

Core Viewpoint - The company, Zhenhua Fengguang, has successfully developed a series of products utilizing its System in Package (SiP) technology, focusing on signal conditioning and motor drive applications, showcasing significant advancements in miniaturization and integration [1] Group 1: Product Development - The company has developed new products such as the rotary decoder driver and three-phase bridge driver controller, with the rotary decoder driver featuring a package size of 6mm x 6mm and a decoding resolution of 16 bits [1] - The company has made breakthroughs in micro-system integration packaging, mastering key processes like the combination of organic and metal SiP, RDL and TSV technologies, and 3D multi-board stacking packaging technology [1] Group 2: Competitive Advantages - The competitive advantages of the SiP technology include miniaturization and high-density integration, significantly reducing product size and enhancing system integration to meet lightweight equipment demands [1] - Performance optimization is achieved by shortening signal transmission paths, reducing power consumption and latency, and enhancing system reliability, making it suitable for high-reliability applications in extreme environments [1] - The company has established technical barriers by mastering core technologies such as 3D multi-board stacking packaging and high-speed signal integrity simulation, supporting domestic system-level solutions [1]