Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][17] Core Insights - The company's mid-year report for 2025 shows revenue of 19.652 billion RMB, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of approximately 1.646 billion RMB, a year-on-year increase of 52.6% [7] - The optimization of product structure has led to a gross margin of 19.8%, an increase of 2.6 percentage points year-on-year, with gross profit of approximately 3.894 billion RMB, a year-on-year increase of 20% [7] - The high-end transformation of the mobile business is significant, with mobile business revenue of 13.25 billion RMB in H1 2025, a year-on-year increase of 1.7%, despite a decline in shipment volumes for mobile lenses and modules [7] - The company has maintained its position as the global leader in automotive lens shipments since 2012, with automotive business revenue of 3.4 billion RMB in H1 2025, a year-on-year increase of 18.2% [7] - The company is vertically integrated across the entire supply chain, positioning itself at the core of the XR supply chain, with XR business revenue of 1.2 billion RMB in 2025, a year-on-year increase of 21.1% [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 31.681 billion RMB - 2024: 38.294 billion RMB - 2025E: 41.601 billion RMB - 2026E: 43.705 billion RMB - 2027E: 45.916 billion RMB - Net profit attributable to shareholders is projected to be: - 2023: 1.099 billion RMB - 2024: 2.699 billion RMB - 2025E: 3.498 billion RMB - 2026E: 3.982 billion RMB - 2027E: 4.439 billion RMB [6][8]

Core Viewpoint - The news highlights the strong performance of Apple-related stocks in the Hong Kong market, driven by analyst predictions regarding Apple's upcoming foldable devices, including the iPhone and iPad, which are expected to significantly increase sales volumes in the coming years [1] Group 1: Stock Performance - Most Apple-related stocks in the Hong Kong market showed strong gains, with notable increases: - GoerTek rose by 6% - Lens Technology and BYD Electronics increased by nearly 5% - AAC Technologies rose by 4% - Q Technology increased by 2.6% - Sunny Optical rose by 2% - FIH Mobile saw a slight increase of 0.19% [1] Group 2: Product Launch Plans - Analyst Ming-Chi Kuo revealed that Apple plans to launch its first foldable iPhone in 2026 and a foldable iPad in 2028, both utilizing ultra-thin glass cover solutions supplied exclusively by Corning [1] - The estimated shipment volumes for the foldable iPhone have been revised upwards to 8-10 million units for 2026 and 20-25 million units for 2027, compared to previous estimates of 6-8 million and 10-15 million units respectively [1] - For the foldable iPad, Apple anticipates a higher pricing strategy, with a display area of 18 to 20 inches when unfolded, and an estimated first-year shipment of 500,000 to 1 million units [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 本月底法定/註冊股本總額： HKD 10,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 舜宇光學科技(集團)有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02382 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 舜宇光學科技(集團)有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02382 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,00 ...

财报显示，2025年上半年，舜宇光学营收为 196.52亿元，同比增长4.2%；公司股东应占期内溢利 约16.46亿元，同比增长52.56%；毛利率提升至19.8%，同比增加2.6个百分点。 与财务端的全面增长不同，舜宇光学在业务端出现了"冰火两重天"的局面，其最依赖的手机镜头上 半年出现了下跌。 2025年6月，舜宇光学手机镜头出货量9505.6万件，环比减少3.1%，同比减少12.7%。舜宇光学在 公告中表示，出货量下降的原因之一是"公司专注于中高端案子，且产品结构较去年同期显著改 善"。 经济学家、中国金融智库特邀研究员余丰慧对经济观察报表示，手机光学市场现在的游戏规则已经 变了，要么追量、要么追质，没有中间路线。舜宇光学正在退出那些利润微薄、竞争惨烈的市场， 将资源倾注于高端镜头，试图尽可能守住利润水平。 从消费电子到新兴市场，舜宇光学的转身既充满机遇，也伴随 着前所未有的挑战与不确定性。 作者： 濮振宇 封图：图虫创意 全球光学巨头舜宇光学正站在转型的十字路口。2025年上半年，舜宇光学的业绩呈现出"冰火两重 天"的图景：传统支柱手机镜头业务在行业红海中主动收缩，出货量同比下滑；与此同时，包括车 载 ...

Core Viewpoint - Sunny Optical is at a transformative crossroads, with its traditional mobile lens business declining while its automotive lens segment is experiencing significant growth, marking a strategic shift towards automotive applications and AI glasses [1][2][4]. Financial Performance - In the first half of 2025, Sunny Optical reported revenue of 19.652 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of approximately 1.646 billion yuan, up 52.56% [2]. - The gross profit margin improved to 19.8%, an increase of 2.6 percentage points year-on-year [2]. Business Segment Analysis - The mobile lens segment saw a decline, with shipments of 95.056 million units in June 2025, down 3.1% month-on-month and 12.7% year-on-year [2]. - The automotive business revenue reached 3.4 billion yuan in the first half of 2025, reflecting an 18.2% year-on-year growth [3][4]. Market Trends - The smartphone optical market is undergoing a significant transformation, with major players focusing on high-end products while lower-tier manufacturers target the low-end market [3]. - IDC has revised the global smartphone shipment growth forecast for 2025 from 2.3% to 0.6%, indicating a challenging market environment [2]. Strategic Initiatives - Sunny Optical is collaborating with GoerTek to develop AI glasses, marking a strategic pivot towards emerging markets [1][6]. - The partnership aims to leverage both companies' strengths, with Sunny Optical providing technical resources and GoerTek offering market access [8]. Industry Outlook - The automotive lens market is expected to grow significantly, driven by the increasing adoption of intelligent driving technologies in China [4]. - The average number of cameras per passenger car in China is projected to rise from 1.6 in 2020 to 6 by 2025, presenting growth opportunities for lens suppliers [4]. Competitive Landscape - Sunny Optical maintains its position as the global leader in automotive lens market share, but faces increasing competition from established players like Largan Precision and Yujingguang [9]. - The AI/AR industry is still in its early stages, with significant technical challenges that could impact user experience and commercialization [10]. Future Investments - Sunny Optical plans to invest 2 to 3 billion yuan in capital expenditures in 2025 to support the mass production of advanced driving components [10]. - The company is also constructing a new industrial center in Vietnam, with an investment of 2 to 2.5 billion USD, to enhance production capacity [10].

Core Insights - The 2025 China Private Enterprises Top 500 list has been released, with the entry threshold rising to 27.023 billion yuan, and total operating revenue reaching 4.305 trillion yuan [2][3] - Notable companies in the scientific instruments sector include Midea Group, GoerTek, Sunny Optical, and Mindray [3] Group 1: Financial Performance - The total operating revenue of the top 500 private enterprises reached 4.305 trillion yuan, with total assets amounting to 5.115 trillion yuan and net profits totaling 180 billion yuan [3][4] - The top three companies in the list are JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. [4][7] Group 2: Industry Trends - The top 500 private enterprises are actively investing in strategic emerging industries, with 309 companies reporting investments in 627 projects across sectors such as new materials, new energy, and high-end equipment manufacturing [4] - 64.20% of these enterprises have developed digital transformation strategies, while 83.00% are advancing green and low-carbon transformations [4] Group 3: Research and Development - The total R&D expenditure of the reporting companies is 1.13 trillion yuan, with an average R&D investment intensity of 2.77% [5] - There are 171 companies with R&D expenses exceeding 1 billion yuan, and 19 companies with R&D expenses over 10 billion yuan, primarily in sectors like computer and communication equipment manufacturing [5] Group 4: Intellectual Property - The top 500 private enterprises hold 721,600 valid patents, with a growth rate of 8.23%, and have participated in the formulation of 9,948 national standards and 7,568 industry standards [5]

根据华安基金和Wind的数据，目前国内政策的逆周期调节正在发力，增量的货币和财政政策有望进一 步出台。中国明确将财政政策视为稳定经济增长和扩大内需的重要工具，强调加大财政支出的力度和速 度。财政赤字、地方政府专项债券的发行额度，乃至必要时的特别国债等措施都将为经济注入更多流动 性。此外，提振内需，尤其是刺激国内消费，已被提升至前所未有的高度，预计还将出台更多超常规措 施，通过补贴和减税等手段激励消费，显示出财政扩张的广泛空间。 未来，随着内地实施一系列旨在稳定增长和扩展内需的宏观政策，港股市场中内地企业的盈利能力和基 本面将有望得到改善，为整体市场表现提供有力支持。 02 AI技术发展带动港股科技股业绩增长 来源：市场资讯 （来源：ETF炼金师） 01 港股市场基本面因政策刺激而改善 长久以来，港股市场受内地经济波动的显著影响，主要由于在香港证券交易所上市的内地企业（包括H 股、红筹股和中资民营股）占据了港交所总市值的75%。这些上市公司的核心业务运作和收入来源均依 赖于内地经济，因而其盈利能力直接受到内地宏观政策和经济环境变化的影响。当内地经济数据表现强 劲且政策环境向好时，港股往往表现活跃；相反，经济下行 ...

Core Viewpoint - Haitong International's report indicates that Sunny Optical Technology (02382) achieved revenue in the first half of the year that broadly met expectations, with a significant highlight being its profitability, which saw a 52.6% year-on-year increase to 1.65 billion RMB [1] Financial Performance - The company's net profit rose by 52.6% to 1.65 billion RMB [1] - Management expressed confidence in sustaining revenue growth at a mid to high single-digit percentage [1] Price Target and Rating - Haitong International raised the target price for the company from 72.1 HKD to 90.53 HKD, maintaining an "outperform" rating [1] Business Segments and Projections - The company is expected to achieve higher profit margins due to stable smartphone shipment volumes [1] - Average prices for lenses and modules are projected to increase by 25% and 13% this year, with further increases of 1.6% and 6% expected next year [1] - Revenue from automotive products is anticipated to grow by 20% and 18% over the next two years [1] - Profit expansion is expected across all business segments [1]

Core Viewpoint - Haitong International's report indicates that Sunny Optical Technology (02382) achieved revenue in line with expectations for the first half of the year, with a significant highlight being its profitability, which saw a year-on-year increase of 52.6% to 1.65 billion RMB [1] Revenue and Profitability - The company's management reiterated confidence in sustaining revenue growth at a mid to high single-digit percentage [1] - The target price for the company has been raised from HKD 72.1 to HKD 90.53, maintaining an "outperform" rating [1] Business Segments Performance - Higher profit margins are anticipated for Sunny Optical due to stable smartphone shipment volumes [1] - The average selling prices for lenses and modules are expected to increase by 25% and 13% respectively this year, with further increases of 1.6% and 6% projected for next year [1] - Revenue from the automotive product segment is expected to grow by 20% and 18% over the next two years [1] - Profit expansion is anticipated across all business segments [1]