法律意见书 安徽天禾律师事务所 关于 东华工程科技股份有限公司 2025 年第二次临时股东会 的法律意见书 天律意 2025 第 03171 号 致：东华工程科技股份有限公司 根据《中华人民共和国证券法》（下称"证券法"）、《中华人民共和国公 司法》（下称"公司法"）、《上市公司股东会规则》和《东华工程科技股份有 限公司章程》（下称"《公司章程》"）的有关规定，安徽天禾律师事务所接受 东华工程科技股份有限公司（以下简称"公司"）的委托，指派胡承伟、朱华耀 律师（以下简称"天禾律师"）出席公司 2025 年第二次临时股东会（以下简称 "本次股东会"）并对本次股东会相关事项进行见证，出具法律意见书。 本法律意见书是天禾律师根据对有关本次股东会事实的了解及对我国现行 法律、法规和规范性文件的理解而做出的。 天禾律师同意将本法律意见书作为本次股东会的公告文件，随公司其他文件 一并提交深圳证券交易所审核公告。天禾律师根据《证券法》第 163 条的要求， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，参与了本次股东会并 对公司提供的有关文件和事实进行了核查和验证，现出具法律意见书如下： 一、关于本次股东会的召集、召 ...

Core Viewpoint - Donghua Technology's stock has shown a mixed performance in recent trading, with a year-to-date increase of 18.71% but a decline of 10.95% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Donghua Technology achieved a revenue of 6.795 billion yuan, representing a year-on-year growth of 5.61%, while the net profit attributable to shareholders was 365 million yuan, up 14.97% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 840 million yuan, with 255 million yuan distributed over the last three years [3] Shareholder Information - As of November 10, 2025, the number of shareholders for Donghua Technology reached 41,100, an increase of 27.64% from the previous period, while the average circulating shares per person decreased by 21.65% to 13,222 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 3.0456 million shares, an increase of 72,800 shares from the previous period [3] Stock Performance - As of November 20, Donghua Technology's stock price was 11.55 yuan per share, with a market capitalization of 8.178 billion yuan [1] - The stock has experienced a trading volume of 35.5082 million yuan and a turnover rate of 0.57% on the same day [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 29 [1] Business Overview - Donghua Technology, established on July 18, 2001, and listed on July 12, 2007, is based in Hefei, Anhui Province, and operates in sectors including chemical engineering, environmental governance, and infrastructure [1] - The company's main business revenue composition includes 88.80% from general contracting, 8.28% from other sources, and 2.92% from design and technical services [1] - The company is categorized under the construction decoration - professional engineering - chemical engineering sector and is involved in concepts such as solar thermal power, solid waste treatment, medical waste treatment, energy conservation and environmental protection, and hydrogen energy [1]

Core Insights - Donghua Technology (002140) reported that as of November 10, the number of shareholders was approximately 41,100 [1] Company Information - The company actively engages with investors through interactive platforms, indicating a commitment to transparency and communication [1]

证券代码：002140 证券简称：东华科技 公告编号：2025-057 东华工程科技股份有限公司 关于召开 2025 年第二次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据东华工程科技股份有限公司（以下简称"公司""本公司""东 华科技"）第八届董事会第十一次会议决议，本公司将于 2025 年 11 月 21 日以现场结合网络投票方式召开公司 2025 年第二次临时股东会，并 已于 2025 年 10 月 31 日在《证券时报》、巨潮资讯网上发布《关于召 开 2025 年第二次临时股东会通知的公告》（东华科技 2025-055 号）。 1.股东会届次：2025年第二次临时股东会 按照中国证监会关于加强社会公众股股东权益保护的相关规定，公 司现将 2025 年第二次临时股东会有关事项再次公告如下： 2.召集人：本公司董事会 一、召开会议的基本情况 1 6.股权登记日：2025 年 11 月 14 日（星期五） 7.出席对象： （1）在股权登记日持有本公司股份的全体股东或其代理人； 截至 2025 年 11 月 14 日（星期五）下午 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, emphasizing long-term growth logic, low valuations, and high dividend yields [12][15][22]. Core Viewpoints - The market has been characterized by a "high cut low" trend since the fourth quarter, with the dividend index rising by 8.3% from early October, significantly outperforming major indices [2][15]. - The construction sector has shown significant underperformance year-to-date, with a rise of only 11.6%, ranking 23rd among 30 industries, while valuations remain at historical lows [2][22]. - Key investment directions include overseas expansion driven by urbanization and industrialization in emerging markets, and regional economic support in areas like Sichuan and Xinjiang [3][7][15]. Summary by Sections Overseas Demand and Expansion - The report highlights the sustained high demand for overseas construction, driven by urbanization and industrialization in emerging countries, such as Saudi Arabia's "Vision 2030" and various infrastructure investment plans in Southeast Asia [3][24]. - Chinese companies are accelerating their overseas operations, with 3,667 A-share companies disclosing overseas revenue, totaling 9.52 trillion yuan, a 56.58% increase from 2020 [3][27]. - Recommended companies benefiting from this trend include China Chemical Engineering, Jinggong Steel Structure, Jianghe Group, and China National Materials [6][15][22]. Regional Economic Opportunities - The report identifies Sichuan, Xinjiang, and Tibet as regions likely to receive significant policy support, with Sichuan positioned as a strategic hub for national development [7][29]. - Investment in Xinjiang's coal chemical industry is projected to accelerate, with estimated annual investments of 690 billion yuan in 2025, 1,293 billion yuan in 2026, and 2,156 billion yuan in 2027 [7][30]. - Key companies recommended in this context include Sichuan Road and Bridge, China Chemical Engineering, Sanwei Chemical, and Donghua Technology [7][15][35]. High Dividend Yield Opportunities - Many recommended companies have committed to high dividend payouts, with Sichuan Road and Bridge promising a minimum payout ratio of 60% from 2025 to 2027, and Jinggong Steel Structure committing to at least 70% [8][35]. - Expected dividend yields for 2026 are projected at 6.6% for Sichuan Road and Bridge, 6.3% for Jinggong Steel Structure, and 5.4% for China National Materials, indicating strong investment appeal [8][35]. Semiconductor Cleanroom Sector - The report notes that the AI development wave is driving demand for semiconductor cleanrooms, with global investment expected to reach 168 billion yuan by 2025 [9][35]. - Key players in this sector include Yaxin Integration, Shenghui Integration, and Bocheng Co., which are positioned to benefit from the expanding market [9][35]. Commercial Satellite Sector - The report emphasizes the increasing support for the commercial aerospace industry, with a focus on low-orbit satellite constellations and a projected surge in satellite launches starting next year [10][11]. - Recommended companies in this area include Shanghai Port Bay, which is expected to benefit from the increase in launch activities [10][11].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].

Core Insights - The professional engineering sector saw an increase of 0.99% on November 13, with Sanwei Chemical leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Summary of Key Points Performance of Leading Stocks - Sanwei Chemical (002469) closed at 9.26, up 6.81%, with a trading volume of 635,000 shares and a transaction value of 587 million yuan [1] - Aiman Co. (605289) closed at 69.93, up 6.16%, with a trading volume of 46,200 shares and a transaction value of 318 million yuan [1] - Yongfu Co. (300712) closed at 31.58, up 4.29%, with a trading volume of 152,900 shares and a transaction value of 477 million yuan [1] - Donghua Technology (002140) closed at 12.97, up 3.93%, with a trading volume of 305,000 shares and a transaction value of 395 million yuan [1] - Baili Technology (6568209) closed at 7.50, up 3.02%, with a trading volume of 274,900 shares and a transaction value of 205 million yuan [1] Performance of Declining Stocks - Nenghui Technology (301046) closed at 29.01, down 3.04%, with a trading volume of 62,400 shares and a transaction value of 183 million yuan [2] - China Haicheng (002116) closed at 11.48, down 2.63%, with a trading volume of 621,400 shares and a transaction value of 705 million yuan [2] - Jinggong Steel Structure (600496) closed at 4.45, down 1.33%, with a trading volume of 567,700 shares and a transaction value of 252 million yuan [2] Capital Flow Analysis - The professional engineering sector experienced a net outflow of 418 million yuan from main funds, while retail funds saw a net inflow of 128 million yuan [2]

Group 1 - The core viewpoint of the news is that Donghua Technology has seen a significant increase in its stock price, rising by 5.45% to reach 13.16 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 9.317 billion CNY [1] - Donghua Engineering Technology Co., Ltd. is located in Hefei, Anhui Province, and was established on July 18, 2001, with its listing date on July 12, 2007. The company primarily engages in engineering businesses related to chemicals, environmental governance, and infrastructure, as well as modern service industries such as commercial factoring [1] - The revenue composition of Donghua Technology includes 88.80% from general contracting, 8.28% from other sources, and 2.92% from design and technical services [1] Group 2 - From the perspective of the top ten circulating shareholders of Donghua Technology, Western Lide Fund has a fund that entered the top ten shareholders, holding 1.3236 million shares, which accounts for 0.24% of the circulating shares. The estimated floating profit today is approximately 900,000 CNY [2] - The Western Lide Carbon Neutral Mixed Fund A (012975) was established on August 9, 2021, with a latest scale of 771 million CNY. Year-to-date returns are 50.24%, ranking 923 out of 8145 in its category, while the one-year return is 29.99%, ranking 2008 out of 8059. Since its inception, it has incurred a loss of 11.63% [2] Group 3 - The fund manager of Western Lide Carbon Neutral Mixed Fund A is Chen Baoguo, who has been in the position for 5 years and 274 days. The total asset scale of the fund is 1.67 billion CNY, with the best fund return during his tenure being 179.87% and the worst being -12.05% [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 1.53% this week, outperforming the broader market by 0.21 percentage points, with sectors like clean rooms and chemical engineering showing strong performance [1][4] - High demand in the semiconductor-related clean room sector and the chemical engineering industry chain is recommended for investment, particularly in regions like Xinjiang and Tibet where infrastructure growth is expected [1][3] - The clean room sector shows a high level of order backlog, with significant contracts signed by companies like Yaxiang Integration and Shenghui Integration, indicating robust future performance [2][13] - The coal chemical investment landscape is promising, with projected investments exceeding 1 trillion yuan nationally, driven by green energy initiatives and the International Maritime Organization's net-zero emissions framework [3][16][20] - Anticipated infrastructure stimulus in the fourth quarter is expected to benefit the construction sector, with a focus on major transportation projects and regional opportunities in high-growth areas [22][25] Summary by Sections 1. Industry Investment Opportunities - Focus on the high-demand semiconductor clean room sector, with Yaxiang Integration reporting an order backlog of 6.105 billion yuan and a significant improvement in gross margins [2][13] - The coal chemical sector is projected to see investments of nearly 500 billion yuan in Xinjiang alone, with a national total exceeding 1 trillion yuan, indicating a strong growth trajectory [3][19] - The fourth quarter is expected to see increased infrastructure spending, with special bonds and long-term treasury bonds being issued at a rapid pace, enhancing investment in construction [22][23] 2. Market Performance Review - The construction index's performance this week reflects a positive trend, with notable gains in individual stocks such as Hainan Development (+27%) and Chongqing Construction (+25%) [4][29] - The clean room engineering sector is highlighted for its low valuation compared to peers, making it an attractive investment opportunity [14][15] 3. Investment Recommendations - Emphasis on infrastructure projects in regions with high growth potential, particularly in water conservancy, railways, and aviation, with specific recommendations for companies like Sichuan Road and Bridge and China Communications Construction [36][37] - Attention to the nuclear power sector and emerging business directions, with recommendations for companies like Libat and China Nuclear Engineering [38] - The clean room sector is expected to benefit from domestic substitution trends and the demand for new display panel production lines, with a focus on companies like Baicheng Co. and Shenghui Integration [38]

Core Viewpoint - Donghua Technology's stock has shown significant growth this year, with a year-to-date increase of 33.92% and a recent surge of 11.18% over the past five trading days [1]. Financial Performance - For the period from January to September 2025, Donghua Technology reported a revenue of 6.795 billion yuan, reflecting a year-on-year growth of 5.61%. The net profit attributable to shareholders was 365 million yuan, marking a 14.97% increase compared to the previous year [2]. - The company has distributed a total of 840 million yuan in dividends since its A-share listing, with 255 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 7, Donghua Technology's stock price was 13.03 yuan per share, with a trading volume of 211 million yuan and a turnover rate of 3.02%. The total market capitalization stood at 9.225 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 29 [1]. Shareholder Structure - As of October 31, the number of shareholders for Donghua Technology was 32,200, a decrease of 2.13% from the previous period. The average number of circulating shares per shareholder increased by 2.17% to 16,877 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.0456 million shares, an increase of 72,800 shares from the previous period. Century Securities has reduced its holdings by 103,500 shares [3].