向特定对象发行股票申请文件的审核问询 函的回复报告 （修订稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年三月 关于北方光电股份有限公司向特定对象发行股票申请文件的审核问询函的回复报告 上海证券交易所： 关于北方光电股份有限公司 证券代码：600184 股票简称：光电股份 根据贵所于 2024 年 7 月 4 日出具的《关于北方光电股份有限公司向特定对 象发行股票申请文件的审核问询函》（上证上审（再融资）〔2024〕171 号）（以 下简称"问询函"）的要求，北方光电股份有限公司（以下简称"光电股份""公司""发 行人"）会同保荐人（主承销商）中信证券股份有限公司（以下简称"中信证券"）、 发行人律师北京金杜（成都）律师事务所（以下简称"金杜律所""发行人律师"）、 发行人会计师立信会计师事务所（特殊普通合伙）（以下简称"立信会计师""发 行人会计师"）等相关各方根据问询函要求对所列问题进行了逐项落实、核查。 现就问询函中的问题回复如下，请贵所予以审核。 说明： 1、除非文义另有所指，本问询函回复报告所用释义与募集说明书保持一致 2、本问询函回复报告中的字体代表 ...

近日，根据上交所对审核问询函回复的进一步审核意见，公司会同中介机构对审 核问询函回复、募集说明书等申请文件的部分内容进行了相应补充和更新，《关于向 特定对象发行股票申请文件的审核问询函的回复报告（修订稿）》等相关文件已于 2025 年 3 月 13 日在上海证券交易所网站（www.sse.com.cn）披露，敬请投资者注意 查阅。 证券代码：600184 股票简称：光电股份 编号：临 2025-07 北方光电股份有限公司 关于向特定对象发行 A 股股票的审核问询函回复及 募集说明书等申请文件更新的提示性公告 本公司董事会及全体董事保证本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、准确性和完整性承担个 别及连带责任。 北方光电股份有限公司（以下简称"光电股份"或"公司"）于 2024 年 7 月 4 日 收到上海证券交易所（以下简称"上交所"）出具的《关于北方光电股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2024〕171 号）（以 下简称"《审核问询函》"）。公司按照《审核问询函》的要求，会同相关中介机构就《审 核问询函》所列问题进行了认真研究和逐 ...

近日，新华光公司已办理完成了本次增资注册资本变更涉及的工商变更登记手 续，并取得了湖北省襄阳市市场监督管理局核发的《营业执照》，新华光公司注册 资本由人民币 20,000 万元变更为 21,073 万元，股权结构如下： | 股东名称 | 认缴注册资本 （人民币万元） | 实缴注册资本 （人民币万元） | 股权比例 | | --- | --- | --- | --- | | 北方光电股份有限公司 | 20,000 | 20,000 | 94.91% | | 北方光电集团有限公司 | 1,073 | 1,073 | 5.09% | | 合计 | 21,073 | 21,073 | 100% | 特此公告。 北方光电股份有限公司 关于控股股东向公司全资子公司增资暨关联交易的进展公告 本公司董事会及全体董事保证本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、准确性和完整性承担法 律责任。 一、关联交易事项概述 北方光电股份有限公司（以下简称"公司"）于 2025 年 2 月 14 日召开第七届 董事会第十四次会议，审议通过了《关于控股股东向公司全资子公司增资暨关联交 易的议案》，同意公司控 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [2][14]. Core Insights - The company is projected to incur a net loss of between 180 million to 200 million yuan in 2024, primarily due to a decline in revenue from defense products as customer plans have been postponed [5][6]. - The company has a backlog of defense product orders totaling approximately 1.49 billion yuan, with expectations for a turnaround as certain models are set to complete development and begin mass production [6]. - A proposed capital increase of up to 1.02 billion yuan aims to enhance capabilities in high-performance optical materials and advanced components, as well as digital R&D for precision-guided products [6]. - Strategic cooperation between major defense groups is anticipated to enrich the asset base available to the company as a listed platform [7]. - Forecasted net profits for 2024-2026 are projected at -188 million yuan, 7.6 million yuan, and 15 million yuan, respectively, with corresponding price-to-earnings ratios of 85 and 43 for 2025-2026 [7]. Financial Summary - The company’s revenue is expected to decline from 2.201 billion yuan in 2023 to 1.537 billion yuan in 2024, before rebounding to 2.432 billion yuan in 2025 and 3.075 billion yuan in 2026, reflecting a growth rate of -12.43%, -30.13%, 58.18%, and 26.45% respectively [10][13]. - The EBITDA is projected to shift from 127.08 million yuan in 2023 to -91.23 million yuan in 2024, then recover to 187.28 million yuan in 2025 and 266.36 million yuan in 2026 [10][13]. - The company’s net profit attributable to shareholders is forecasted to be 69.17 million yuan in 2023, dropping to -188.25 million yuan in 2024, and then recovering to 76.21 million yuan in 2025 and 150.24 million yuan in 2026 [10][13].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][7]. Core Insights - The company is expected to face a loss in 2024, with a projected net profit attributable to shareholders ranging from -200 million to -180 million yuan, primarily due to a decline in defense product revenues [5][6]. - The company has a backlog of defense product orders totaling approximately 1.49 billion yuan, with expectations for a turnaround in military product performance and growth in civilian product sales [6][7]. - A planned capital increase of up to 1.02 billion yuan aims to enhance production capabilities in high-performance optical materials and advanced components, as well as digital R&D for precision-guided products [6]. - Strategic cooperation between major defense groups is anticipated to enrich the asset base available to the company, enhancing its market position [7]. - Forecasted net profits for 2024-2026 are -188 million yuan, 76 million yuan, and 150 million yuan, respectively, with corresponding price-to-earnings ratios of 85 and 43 for 2025-2026 [7]. Company Overview - The latest closing price of the company's stock is 12.52 yuan, with a total market capitalization of 6.4 billion yuan [4]. - The company has a total share capital of 509 million shares, with a debt-to-asset ratio of 38% and a current price-to-earnings ratio of 92.06 [4].

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [5][9]. Core Insights - The company is positioned as a leader in the defense equipment sector, with a strong focus on precision-guided weapons and optical materials, which are expected to see increasing demand due to advancements in military technology and informationization [1][36]. - The global market for anti-tank missile systems is projected to grow from approximately 20.9 billion RMB in 2023 to 25.2 billion RMB by 2030, with a CAGR of 2.6% [1]. - The company plans to raise up to 1.02 billion RMB through a private placement to enhance its production capabilities in high-performance optical materials and precision-guided products, which is expected to significantly boost revenue and profit margins [2][4]. Summary by Sections Company Overview - The company has a long history dating back to 1953 and has undergone significant restructuring to focus on defense and optical materials [22][23]. - It operates primarily in two segments: defense equipment and optical materials, with defense products accounting for 74% of revenue in 2023 [26][32]. Defense Sector - The demand for precision-guided weapons is increasing, driven by modernization efforts in military capabilities and the need for advanced information systems [36][40]. - The company is a key player in the large weapon systems market, which has high entry barriers and is dominated by state-owned enterprises [44]. Optical Materials and Components - The optical materials segment is experiencing a shift towards domestic production, with the company holding a 15% share of the global market and a 30% share in China [2]. - The global market for military helmet display systems is expected to grow from 430 million USD in 2023 to 680 million USD by 2030, with a CAGR of 6.8% [1]. Financial Projections - Revenue is projected to grow from 16.6 billion RMB in 2024 to 30.1 billion RMB in 2026, with a CAGR of 11% [3]. - The company anticipates a return to profitability by 2026, with net profits expected to reach 1.1 billion RMB [3][4].

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [5][9]. Core Insights - The company is a leader in the defense equipment sector, with high product barriers and a strong position in the precision-guided weapon market, which is expected to see increasing demand due to rising penetration rates and military exercises [1][36]. - The optical materials and components segment is experiencing a shift towards China, with the company holding a significant market share in high-quality optical glass materials [2][3]. - The company plans to raise up to 1.02 billion RMB through a private placement to enhance its production capabilities, which is expected to accelerate revenue growth [2][4]. Summary by Sections Company Overview - The company has a long development history, restructured in 2010 to form a new layout focusing on defense and optical materials [22][23]. - It is backed by the state-owned China North Industries Group, providing a stable ownership structure [23][25]. - The business is divided into two main segments: defense equipment and optical materials and components [26][32]. Defense Sector - The defense sector is seeing rapid advancements in information technology, with increasing demand for precision-guided weapons and optical information equipment [36][40]. - The global market for anti-tank missile systems is projected to grow from 20.9 billion RMB in 2023 to 25.2 billion RMB by 2030, with a CAGR of 2.6% [1]. - The company is positioned as a leading player in the large weapon systems field, with significant barriers to entry [44]. Optical Materials and Components - The optical materials segment is experiencing a broad range of applications, with a global market share of approximately 15% and a 30% share in China [2][3]. - The market for military helmet display systems is expected to grow from 430 million USD in 2023 to 680 million USD by 2030, with a CAGR of 6.8% [1][2]. Financial Projections - Revenue is projected to grow from 16.6 billion RMB in 2024 to 30.1 billion RMB in 2026, with a CAGR of 11% [3][4]. - The company anticipates a return to profitability by 2026, with net profits expected to reach 1.1 billion RMB [3][4]. Investment and Growth Potential - The company is set to benefit from the increasing demand for precision-guided products and the expansion of its optical materials production capacity [2][10]. - The expected revenue from the new projects post-expansion is estimated at 6.6 billion RMB for high-performance optical materials and 5.9 billion RMB for precision-guided products [2][4].

北方光电股份有限公司 2025 年第一次独立董事专门会议决议 北方光电股份有限公司（以下简称"公司"）2025 年第 一次独立董事专门会议于 2025 年 2 月 13 日以通讯表决方式 召开。会议应出席独立董事 3 名，实际出席独立董事 3 名。 会议的召集、召开和表决程序符合《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司独立董事管理办法》和 公司《章程》的有关规定。独立董事本着基于客观、独立的 立场，对拟提交第七届董事会第十四次会议的议案进行了会 前审核并发表审核意见，具体如下： 《关于控股股东向公司全资子公司增资暨关联交易的 议案》 本次关联交易有利于推动新华光公司业务发展，进一步 加强公司产业布局。此次交易遵循了公平、公正、诚信的原 则，不存在损害公司及股东，特别是中小股东的利益。因此， 我们一致同意将以上议案提交公司董事会审议，关联董事在 审议议案时应回避表决。 独立董事：陈友春 雷亚萍 李 彬 二〇二五年二月十三日 1 ...

证券代码：600184 股票简称：光电股份 编号：临 2025-05 北方光电股份有限公司 关于控股股东向公司全资子公司增资暨关联交易的公告 北方光电股份有限公司（以下简称"公司"）于 2025 年 2 月 14 日召开第 七届董事会第十四次会议，审议通过《关于控股股东向公司全资子公司增资暨关 联交易的议案》，同意北方光电集团有限公司（以下简称"光电集团"）向公司全 资子公司湖北新华光信息材料有限公司（以下简称" 新华光公司"）增资 4,000 万元。 光电集团为公司控股股东，本次交易构成关联交易。本次交易未构成重 大资产重组。 本议案已经公司第七届董事会第十四次会议审议通过，关联董事已就关 联交易事项议案回避表决。本次关联交易金额未占公司最近一期经审计净资产绝 对值 5%以上，无需提交公司股东大会审议。 除公司在定期报告或临时报告中已披露的交易外，公司在过去 12 个月内 与光电集团之间没有发生《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第 5 号—交易与关联交易》规定的重大关联交易，也未与其 他关联人进行过类别相同的重大关联交易。 一、关联交易概述 为满足新华光公司项目发展需要，公 ...

北方光电股份有限公司 3、会议应表决董事 9 人，实际表决董事 9 人。 二、董事会会议审议情况 本次董事会会议以记名投票的方式审议了以下议案： 证券代码：600184 股票简称：光电股份 编号：临 2025-04 第七届董事会第十四次会议决议公告 本公司董事会及全体董事保证本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、准确性和完整性承 担法律责任。 一、董事会会议召开情况 1、北方光电股份有限公司（以下简称"公司"）第七届董事会第十四次会 议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交 易所股票上市规则》等有关规定和公司《章程》的规定。 2、会议于 2025 年 2 月 8 日以邮件、电话及专人送达书面通知的方式告知各 位董事，会议于 2025 年 2 月 14 日上午 10:00 以通讯表决方式召开。 本议案涉及关联交易事项，关联董事崔东旭、孙峰、陈良、周立勇、张沛回 避表决。本议案以 4 票同意获得通过，0 票反对，0 票弃权。 本议案已经公司 2025 年第一次独立董事专门会议审议通过。内容详见于同 日披露的公司临 2025-05 号《关于控股股 ...