Group 1 - The sports industry sector is experiencing significant growth, with stocks such as Huayang Racing, Lisheng Sports, and Eurasia Group reaching their daily limit up [1] - As of September 5, notable stock performances include Huayang Racing up by 29.98% to 48.52, and Lisheng Sports up by 10.02% to 15.04 [2] Group 2 - The State Council has issued an opinion aimed at unleashing sports consumption potential, with a goal to cultivate world-class sports enterprises and events by 2030, targeting a total industry scale exceeding 70 trillion yuan [3] - Key measures include expanding sports product supply, stimulating consumer demand, strengthening sports enterprises, and enhancing service levels to create a favorable market environment [3] Group 3 - Sports consumption is identified as a significant area for improvement, with a strong demand for sports events across urban and rural areas, indicating a vibrant market [4] - China's sports consumption as a percentage of income is comparable to developed countries, but per capita spending remains significantly lower, suggesting room for growth in the sports economy [4]

Group 1 - The sports industry sector opened high, with Lisheng Sports and Shuhua Sports reaching the daily limit up [1] - Huayang Racing surged over 20%, indicating strong investor interest [1] - Jinling Sports, Yeguangming, and Kangbiter all increased by over 10%, reflecting positive market sentiment [1] Group 2 - Other companies such as Zhongti Industry, Yinuowei, Gongchuang Turf, Kangliyuan, and Zhejiang Nature also experienced gains, contributing to the overall upward trend in the sector [1]

Group 1 - The food processing sector increased by 1.03% on September 4, with Gai Shi Food leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] - Gai Shi Food's stock price rose by 16.36% to 15.36, with a trading volume of 261,400 shares and a transaction value of 385 million yuan [1] Group 2 - The food processing sector saw a net inflow of 15.27 million yuan from main funds, while retail funds had a net inflow of 86.17 million yuan [2] - The stock of Huifa Food experienced a net inflow of 56.97 million yuan from main funds, despite a net outflow of 21.70 million yuan from retail funds [3] - Xiwang Food had a net inflow of 25.68 million yuan from main funds, with retail funds showing a net outflow of 15.37 million yuan [3]

太平洋证券股份有限公司 关于北京康比特体育科技股份有限公司的 四、其他事项 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 （以下简称《上市规则》）等有关法律法规、规范性文件等的规定，太平洋证券 作为北京康比特体育科技股份有限公司（以下简称"公司"或"康比特"）的保 荐机构，负责康比特公司的持续督导工作，并出具 2025 年半年度持续督导跟踪 报告。 | 一、持续督导工作概述 | | --- | | 序号 | 项目 | 工作内容 | | --- | --- | --- | | 1 | 公司信息披露文件审阅情况 | 保荐机构及时审阅了公司信息披露文件。 | | 2 | 督导公司建立健全并有效执行 | 保荐机构督促康比特建立健全规则制度，并严格 | | | 规则制度 | 执行公司治理制度。 | | 3 | 募集资金使用监督情况 | 保荐机构查阅了公司募集资金专户银行对账单， 年上半年度康 | | | | 核查公司募集资金使用情况。2025 | | | | 比特募集资金存放与使用符合相关规定。 | | 4 | 督导公司规范运作情况 | 保荐机构通过日常沟通、查 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company has announced a new stock incentive plan, granting 2 million stock options at a price of 17.30 yuan per share, which represents 1.61% of the total share capital. This plan aims to enhance team cohesion and core competitiveness by expanding the incentive coverage to 69 individuals, including 53 core employees and 2 executives [5][8]. - The company is expected to experience robust growth in 2025, driven by the expansion of its core product categories and a diversified product matrix. Key strategies include upgrading existing products, launching new energy formulas, and targeting various consumer segments [8]. - The company is positioned to benefit from long-term policies promoting high-quality development in the sports industry, with significant growth expected in sports consumption and services by 2030 [8]. - The profit forecast has been adjusted downward due to high whey prices impacting gross margins, but revenue projections remain unchanged. The company is expected to generate net profits of 79 million, 86 million, and 117 million yuan for 2025, 2026, and 2027, respectively [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,040 million yuan in 2024 to 2,054 million yuan in 2027, with a compound annual growth rate (CAGR) of 27.5% [7]. - The net profit for 2025 is estimated at 79 million yuan, reflecting a decrease of 11.1% year-on-year, with a recovery expected in subsequent years [7]. - The gross margin is forecasted to improve gradually from 32.2% in 2025 to 36.8% in 2027, as the company implements cost control measures [7].

Market Overview - On August 27, the food processing sector declined by 1.84%, with Kangbiter leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances include: - ST Chuntian (600381) closed at 4.64, up 0.65% with a trading volume of 149,700 shares and a turnover of 70.91 million yuan [1] - Jinzi Ham (002515) closed at 7.15, down 0.28% with a trading volume of 348,800 shares and a turnover of 251 million yuan [1] - Shuanghui Development (000895) closed at 24.82, down 1.15% with a trading volume of 126,200 shares and a turnover of 316 million yuan [1] - Kangbiter (833429) closed at 21.61, down 3.87% with a trading volume of 47,700 shares and a turnover of 104 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 387 million yuan from institutional investors, while retail investors saw a net inflow of 273 million yuan [2] - The capital flow for specific stocks shows: - Guangming Meat Industry (600073) had a net inflow of 12.26 million yuan from institutional investors [3] - Huifa Food (603536) experienced a net outflow of 1.52 million yuan from institutional investors [3] - ST Chuntian (600381) had a net outflow of 2.11 million yuan from institutional investors [3]

Group 1 - Core conclusion for 汇顶科技 (603160.SH): The company is a global leader in fingerprint sensors, with strong growth potential across its four core businesses: sensing, AI computing, connectivity, and security. Revenue projections for 2025-2027 are 55.24 billion, 65.8 billion, and 78.4 billion CNY, with net profits of 8.56 billion, 10.78 billion, and 12.68 billion CNY respectively [1][9] - In the first half of 2025, 汇顶科技 achieved revenue of 22.51 billion CNY, a slight decrease of 0.2% year-on-year, while net profit increased by 35.7% to 4.31 billion CNY. The gross margin was 43.3% and net margin was 19.1% [6][7] - The company launched several new products, including a new light sensor and enhanced NFC solutions, which are expected to drive growth during the upcoming consumer electronics peak season [8][9] Group 2 - Core conclusion for 聚辰股份 (688123.SH): The company is experiencing significant growth in its DDR5 SPD and automotive-grade EEPROM products, with revenue projections for 2025-2027 at 13.09 billion, 17.95 billion, and 24.03 billion CNY, and net profits of 4.42 billion, 6.32 billion, and 8.67 billion CNY respectively [2][13] - In the first half of 2025, 聚辰股份 reported revenue of 5.75 billion CNY, an increase of 11.69% year-on-year, and net profit of 2.05 billion CNY, up 43.50%. The gross margin improved to 60.25% [11][12] Group 3 - Core conclusion for 芒果超媒 (300413.SZ): The company maintains stable performance in its 芒果 TV platform, with revenue projections for 2025-2027 at 14.47 billion, 15.10 billion, and 18.95 billion CNY, reflecting year-on-year growth of 6%, 4%, and 25% respectively [3][16] - In the first half of 2025, 芒果超媒 achieved revenue of 59.64 billion CNY, a decrease of 14.31% year-on-year, with net profit of 7.63 billion CNY, down 28.31%. The company is focusing on content investment to enhance user engagement [15][16] Group 4 - Core conclusion for 特宝生物 (688278.SH): The company is experiencing high growth in its product pipeline, particularly with 派格宾, and is actively expanding its early-stage innovative pipeline. Revenue projections for 2025-2027 are 36.96 billion, 49.38 billion, and 64.70 billion CNY, with net profits of 10.91 billion, 14.42 billion, and 18.98 billion CNY respectively [4][20] - In the first half of 2025, 特宝生物 reported revenue of 15.1 billion CNY, a growth of 27.0%, and net profit of 4.3 billion CNY, up 40.6% [18][19] Group 5 - Core conclusion for 华峰化学 (002064.SZ): The company is projected to achieve stable long-term growth despite a decline in revenue in the first half of 2025. Revenue projections for 2025-2027 are 277.84 billion, 293.43 billion, and 305.67 billion CNY, with net profits of 21.33 billion, 28.64 billion, and 31.46 billion CNY respectively [29][31] - In the first half of 2025, 华峰化学 reported revenue of 121.37 billion CNY, a decrease of 11.70%, and net profit of 9.83 billion CNY, down 35.23% [29][30]

北京市君致律师事务所 关于北京康比特体育科技股份有限公司 2025 年股权激励计划的 法 律 意 见 书 君致法字 2025241 号 中国·北京·北三环东路 36 号环球贸易中心 B 座 11 层 100013 Add:11 F, Block B, Global Trade Center,No.36 North Third Ring East Road, Beijing,100013 1 | | | | | | 北京市君致律师事务所 关于北京康比特体育科技股份有限公司 2025 年股权激励计划的法律意见书 君致法字 2025241 号 致：北京康比特体育科技股份有限公司 北京市君致律师事务所接受北京康比特体育科技股份有限公司（以下简称 "康比特"或"公司"）的委托，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》）、《上市公司股权激励 管理办法》（以下简称《管理办法》）、《北京证券交易所股票上市规则》（以下简 称《上市规则》）、《北京证券交易所上市公司持续监管办法（试行）》（以下简称 《持续监管办法》）、《北京证券交易所上市公司持续监管指引第 3 号-股权激 ...

上海荣正企业咨询服务（集团）股份有限公司 证券简称：康比特 证券代码：833429 关于 北京康比特体育科技股份有限公司 2025 年股权激励计划（草案） 之 独立财务顾问报告 2025 年 8 月 1 | 一、释义 | | --- | | 二、声明……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4 | | 三、基本假设 | | 四、本激励计划的主要内容 … | | (一) 激励对象的范围及分配情况 … | | (二) 授予的股票期权数量 . | | (三) 股票期权的有效期、授予日及授予后相关时间安排 . | | (四) 股票期权行权价格 … | | (五) 本激励计划的授予与行权条件 ………………………………………………………………………………………10 | | (六) 本激励计划其他内容 . | | 五、独立财务顾问意见…………………………………………………………………………………………………………………… ...

北京康比特体育科技股份有限公司 关于对拟认定核心员工进行公示并征求意见的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：833429 证券简称：康比特 公告编号：2025-105 根据相关法律法规及规范性文件规定，特向公司全体员工公示并征集意见， 公示期自 2025 年 8 月 26 日至 2025 年 9 月 4 日。公司员工对上述核心员工的认 定名单如有任何异议，需在公示期内以书面形式向公司提出。 上述核心员工认定尚需经公司董事会薪酬与考核委员会审核并发表意见，并 需提交公司股东会审议。 2 二、备查文件 北京康比特体育科技股份有限公司 董事会 一、拟认定核心员工提名情况 2025 年 8 月 25 日，北京康比特体育科技股份有限公司（以下简称"公司"） 董事会薪酬与考核委员会 2025 年度第三次会议和第六届董事会第十四次会议审 议通过了《关于认定公司核心员工的议案》，提名乔莉、蒋伟国、田秀媛等 53 人 为公司核心员工，具体名单如下： | 序号 | 姓名 | 类别 | | --- ...