关于中际旭创股份有限公司 2025 年第一次临时股东会 之 北京中银（苏州）律师事务所 法律意见书 www.zhongyinlawyer.com 苏州•工业园区•月亮湾路 10 号•慧湖大厦 B 座 1902 室（215123） Room1902,North Wisdom Center,No.10 Moon Bay Rd,Suzhou Industrial Park, Jiangsu Province China Tel:(86512)62766638 Fax:(86512)62766665 二〇二五年二月 | 一、本次股东会的召集和召开程序 3 | | --- | | 二、本次股东会的召集人资格及出席本次股东会人员资格 4 | | 三、本次股东会的审议事项 5 | | 四、本次股东会的表决方式、表决程序及表决结果 5 | | 五、结论意见 6 | 北京中银（苏州）律师事务所 关于中际旭创股份有限公司 2025 年第一次临时股东会 之法律意见书 致：中际旭创股份有限公司 北京中银（苏州）律师事务所（以下简称"本所"）接受中际旭创股份有限 公司（以下简称"公司"或"中际旭创"）的委托，指派本所律师列席中际旭创 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 140 CNY per share [1][8]. Core Insights - The company is a global leader in the optical module sector, with significant advancements in emerging technologies such as 1.6T and silicon photonics. It is expected to maintain its leading position in the industry due to strong product demand driven by AI-related applications [9][11]. - The company forecasts a substantial increase in net profit for 2024, estimating a range of 4.6 to 5.8 billion CNY, representing a year-on-year growth of 111.64% to 166.85% [8][14]. - The report highlights the ongoing demand for high-speed products like 800G and 400G, which are expected to significantly contribute to revenue growth [9][14]. Company Overview - The company operates in the communication industry, with a current A-share price of 111.90 CNY as of February 12, 2025. The market capitalization is approximately 124.85 billion CNY [2]. - The company has a total of 1,121.17 million shares issued, with major shareholders including Shandong Zhongji Investment Holding Co., Ltd. holding 11.32% [2]. Financial Performance - The company reported a net profit of 1.22 billion CNY in 2022, with projections of 5.39 billion CNY for 2024 and 6.92 billion CNY for 2025, indicating a strong growth trajectory [12][14]. - The earnings per share (EPS) are expected to rise from 1.52 CNY in 2022 to 4.81 CNY in 2024, reflecting a significant increase in profitability [12][14]. Market Position - The company is recognized as the top optical module manufacturer globally, as per the 2023 LightCounting rankings, solidifying its competitive edge in the market [9]. - The report notes that the company is well-positioned to benefit from the increasing capital expenditures in the AI sector, with major players like OpenAI and Amazon planning substantial investments in AI infrastructure [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 140 CNY per share [1][8]. Core Insights - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 4.6 to 5.8 billion CNY, representing a year-on-year growth of 111.64% to 166.85% [8]. - The company holds a leading position in the optical module sector, with successful advancements in emerging technologies such as 1.6T and silicon photonics [9]. - The demand for high-speed products like 800G and 400G is anticipated to drive substantial revenue growth, with a projected net profit of 8.5 to 22.5 billion CNY in Q4 2024, marking a 76% increase year-on-year [9]. - The company is increasing capital expenditures in the AI sector, with significant investments from major players like OpenAI and Amazon expected to boost overall demand for AI-related infrastructure [9][11]. Company Overview - The company operates in the communication industry and has a current A-share price of 111.90 CNY as of February 12, 2025 [2]. - The company has a market capitalization of approximately 124.85 billion CNY and a total share count of 1,121.17 million [2]. - Major shareholders include Shandong Zhongji Investment Holding Co., Ltd., which holds 11.32% of the shares [2]. Financial Performance - The company forecasts a net profit of 5.39 billion CNY for 2024, with a year-on-year growth rate of 148.09% [12]. - The earnings per share (EPS) for 2024 is projected to be 4.81 CNY, reflecting a significant increase compared to previous years [12]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 23 in 2024 to 14 by 2026, indicating a potentially undervalued stock [12]. Product Portfolio - The company specializes in optical communication transceiver modules, with a notable market share in high-end products [4]. - The product mix includes optical components and automotive optoelectronics, contributing to the overall revenue growth [4]. Institutional Ownership - Institutional investors hold approximately 4.6% of the circulating A-shares, while general corporations account for 48.2% [5].

中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2024 年 4 月 18 日召开的第五届董事会第七次会议、第五届监事会第七次会议分别审议并通过了《关 于继续使用闲置募集资金进行现金管理的议案》，为提高暂时闲置募集资金的使用效 率，增加资金收益，在保证募集资金投资项目建设和募集资金正常使用的情况下， 公司及子公司苏州旭创科技有限公司、孙公司铜陵旭创科技有限公司和苏州旭创光 电产业园发展有限公司合计拟使用不超过人民币 70,000 万元的暂时闲置募集资金进 行现金管理，在额度范围内，资金可循环滚动使用；使用期限自股东大会审议通过 之日起十二个月内有效，单个投资产品的投资期限不超过十二个月；具体内容详见 公司在中国证监会指定创业板上市公司信息披露网站巨潮资讯网披露的《中际旭创 股份有限公司关于继续使用闲置募集资金进行现金管理的公告》（公告编号： 2024-033），该事项已经公司 2023 年度股东大会审议通过。 近期，公司全资孙公司铜陵旭创使用部分闲置募集资金进行现金管理，现将有 关情况公告如下： | 序 | 受托方 | 产品 | 关联 | 产品 | 金额 | 产品期限 | 预期年化 | 是否 | 资 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company is expected to benefit from the ongoing AI arms race and strong demand for optical modules, particularly in the context of AI infrastructure development [5][24]. - The company has shown consistent high growth in performance, with a projected revenue of 52 billion yuan for 2024, representing a year-on-year increase of 139% [4][21]. - The report highlights the increasing capital expenditures from major tech companies like Microsoft and Amazon, which are expected to drive demand for AI-related infrastructure [12][14]. Summary by Sections Section 1: AI Capital Expenditure - Major tech companies are significantly increasing their capital expenditures for AI infrastructure, with Microsoft planning to invest approximately 80 billion USD in FY2025 [12]. - Other companies like Meta and Amazon are also ramping up their investments, indicating a robust growth trajectory for AI-related technologies [13][14]. Section 2: Company Performance - The company has experienced rapid growth over the past seven quarters, with a forecasted revenue of 52 billion yuan for 2024, driven by strong demand for 800G and 400G optical modules [4][21]. - The Q4 revenue forecast is 14.5 billion yuan, reflecting a year-on-year growth of 65% and a quarter-on-quarter increase of 4.3% [4][21]. Section 3: Technological Advancements - The company is leading in new technologies such as silicon photonics and CPO, which are expected to enhance its competitive edge in the optical module market [5][22]. - The introduction of 1.6T optical modules is anticipated to further optimize profit margins and drive revenue growth [22]. Section 4: Financial Projections - The company is projected to achieve net profits of 52.5 billion yuan, 103.6 billion yuan, and 131.9 billion yuan for the years 2024 to 2026, respectively, with corresponding PE ratios of 21X, 11X, and 8X [24].

Investment Rating - The report maintains a BUY rating on Innolight with a target price of RMB186.00, indicating a potential upside of 45.0% from the current price of RMB128.25 [2][6]. Core Insights - Innolight is expected to see a significant increase in net profit (NP) for FY24, projected to rise by 111.6%-166.9% to RMB4.6 billion - RMB5.8 billion, with a midpoint of RMB5.2 billion reflecting a 139.2% year-over-year growth [1][6]. - The company is positioned as a key beneficiary in the ongoing AI infrastructure investment cycle, driven by strong global demand for computing power [1][6]. - Recent developments in AI spending, including substantial investments from major companies, indicate a robust outlook for AI-related products, particularly optical transceivers [1][6]. Financial Summary - Revenue is projected to grow from RMB10,718 million in FY23 to RMB24,269 million in FY24, representing a year-over-year growth of 126.4% [7][9]. - Net profit is expected to increase from RMB2,174 million in FY23 to RMB5,276 million in FY24, marking a 142.8% growth [7][9]. - The gross margin is anticipated to remain stable at around 33.3% in FY24, slightly decreasing to 32.3% in FY25 [7][9]. Share Performance - The stock has experienced a 1-month decline of 2.6% and a 3-month decline of 18.4%, indicating recent volatility [4]. - The 52-week high and low for the stock are RMB185.83 and RMB72.29, respectively, reflecting significant price fluctuations [2][4]. Growth Drivers - The main growth driver for Innolight in 2025 is expected to be the 800G product line, with a gradual ramp-up of 1.6T products anticipated in subsequent years [6][9]. - The company has seen strong demand for its 400/800G products, with a favorable product mix expected to shift towards higher sales of 800G products in 2025 [6][9]. Market Context - The report highlights that the fear surrounding the mainstream adoption of CPO solutions is overstated, as there are still technical challenges to overcome [1][6]. - Major AI spending initiatives, such as Meta's planned $60-65 billion capex for 2025 and ByteDance's $12 billion consideration for AI investments, underscore the ongoing demand for AI computing power [1][6].

夏朝阳先生在担任公司独立董事及相关专业委员会委员期间勤勉尽责，公司董事 会对夏朝阳先生在任职期间为公司发展所做出的贡献表示衷心感谢！ 证券代码：300308 证券简称：中际旭创 公告编号：2025-007 中际旭创股份有限公司 关于独立董事离职暨提名独立董事候选人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 中际旭创股份有限公司(以下简称"公司"或"中际旭创")董事会于近日收到独 立董事夏朝阳先生的书面辞职申请，因连续任职期将满 6 年，夏朝阳先生申请辞去公 司第五届董事会独立董事、董事会薪酬与考核委员会主任委员、董事会审计委员会委 员职务，辞职后将不再担任公司任何职务。 鉴于夏朝阳先生的离职未导致公司独立董事人数低于董事会总人数的 1/3 且未导 致公司董事会和专业委员会成员低于法定人数或其他不符合规定情形，根据《公司法》 《公司章程》的相关规定，夏朝阳先生的辞职申请自送达公司董事会之日起生效。 夏朝阳先生的原定任期为 2023 年 8 月 8 日至 2026 年 8 月 7 日，截至本公告日， 夏朝阳先生未直接或间接持有公司股份。 为保证公司董事 ...

中际旭创股份有限公司 为更好地履行独立董事职责，YAN ZHUANG(庄岩)先生承诺如下："本人承诺 参加最近一次独立董事培训并取得深圳证券交易所认可的独立董事资格证书。上市公 司中际旭创（300308）将公告本人的上述承诺。" 特此承诺 承诺人：YAN ZHUANG 2025 年 01 月 27 日 独立董事候选人关于参加独立董事培训 并取得独立董事资格证书的承诺 根据中际旭创股份有限公司（以下简称"中际旭创"或"公司"）第五届董事会 第十七次会议决议，YAN ZHUANG(庄岩)先生当选为公司第五届董事会独立董事候 选人，并提交公司股东会审议。截至公司本次董事会决议之日，YAN ZHUANG(庄岩) 先生尚未取得深圳证券交易所认可的独立董事资格证书。 ...

证券代码：300308 证券简称：中际旭创 公告编号：2025-006 中际旭创股份有限公司 关于变更回购股份用途并注销的公告 2022 年 10 月 10 日，公司召开第四届董事会第二十九次会议审议通过了《关于回 购公司股份方案的议案》，公司拟使用自有资金不低于人民币 30,000 万元（含）且不 超过人民币 60,000 万元（含）以集中竞价交易的方式回购公司股份，用于实施股权激 励计划或员工持股计划，截至 2022 年 12 月 14 日上述回购计划已经实施完成，公司 通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份 10,473,116 股，占 公司总股本的 1.3076%，最高成交价为 30.37 元/股，最低成交价为 26.47 元/股，支付 的总金额为 30,099.95 万元（含交易费用）。 2022 年 12 月 28 日，公司召开第四届董事会第三十一次会议审议通过了《关于中 际旭创股份有限公司第三期员工持股计划（草案）及其摘要的议案》等相关议案，该 事项已经公司 2023 年第一次临时股东大会审议通过。2023 年 3 月 17 日，公司回购专 用证券账户所持股份中的 1,120 ...

中际旭创股份有限公司 独立董事候选人声明与承诺 声明人 Yan Zhuang(庄岩)作为中际旭创股份有限公司第五届董事会独立 董事候选人，已充分了解并同意由提名人中际旭创股份有限公司董事会提名为 中际旭创股份有限公司（以下简称"公司"）第五届董事会独立董事候选人。 现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过中际旭创股份有限公司第五届董事会提名委员会资格审 查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切关系。 ☑ 是 □ 否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 ☑ 是 □ 否 如否，请详细说 ...