Core Viewpoint - The article discusses the performance forecasts for the first half of 2025 from several companies in the display and electronics industry, highlighting significant profit declines for some and growth for others, influenced by market conditions and operational challenges [1][5][8]. Company Summaries 彩虹股份 (Rainbow Co., Ltd.) - Expected net profit for H1 2025 is between 410 million to 480 million yuan, a decrease of 47.59% to 55.23% year-on-year [1] - The decline is attributed to lower TV panel prices, a significant drop in G6 glass substrate sales, and increased financial costs due to external investments [1] - Despite the profit drop, the company continues to enhance production capacity for large-size high-refresh liquid crystal panels and expand its glass substrate business [1] 冠捷科技 (AOC Technology) - Forecasted net loss for H1 2025 is between -450 million to -490 million yuan [2] - The loss is due to intensified competition in the global display industry, declining product prices, and increased marketing expenditures [3] - The company plans to focus on technological innovation and product upgrades to improve its operational performance [4] 四川长虹 (Sichuan Changhong) - Expected net profit for H1 2025 is between 439 million to 571 million yuan, an increase of approximately 56.53% to 103.59% year-on-year [5] - The growth is mainly due to significant increases in non-recurring gains from investments, despite a decline in net profit excluding non-recurring items [5] - The company faces challenges in its real estate and home appliance sectors due to market conditions and increased competition [5] 深纺织 (Shenzhen Textile) - Projected net profit for H1 2025 is between 28 million to 42 million yuan, a decrease of 4.31% to 36.20% year-on-year [6] - The decline is influenced by falling product prices, increased procurement costs due to currency fluctuations, and higher R&D expenses [7] - Non-recurring gains are expected to impact net profit positively, primarily from changes in the fair value of financial products [7] 南京熊猫 (Nanjing Panda) - Expected net loss for H1 2025 is between -54 million to -45 million yuan [8] - The loss is attributed to transitional challenges in the industrial internet and smart manufacturing sectors, along with intense competition in the power and communication markets [8] 宝明科技 (Baoming Technology) - Forecasted net loss for H1 2025 is between -12 million to -15 million yuan, a reduction in loss of 67.67% to 74.14% year-on-year [9] - The improvement is due to increased gross margins in core products, despite ongoing losses from depreciation and other factors [10] - The company specializes in LED backlight sources and lithium battery composite copper foil production [10]

Group 1 - The company expects to report a net loss of approximately -54 million to -45 million yuan for the first half of 2025 [1] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be around -59 million to -50 million yuan [1] - The previous year's net profit attributable to the parent company was -68.2 million yuan, indicating a worsening financial situation [2] Group 2 - The total profit for the previous year was -36.57 million yuan, showing a decline in profitability [2] - The earnings per share for the current period is projected to be -0.0746 yuan [4] - The company attributes the expected losses to reduced completion and settlement of projects, impacting revenue and net profit [3]

[Core Performance Forecast Summary](index=1&type=section&id=Important%20Content%20Notice) This section provides a high-level overview of the company's expected negative net profit for the first half of 2025 and key financial data forecasts [Applicability of Performance Forecast](index=1&type=section&id=Applicability%20of%20Performance%20Forecast) The company anticipates a negative net profit for the first half of 2025, meeting the specific conditions for a performance forecast - The specific condition for the performance forecast is a **negative net profit**[3](index=3&type=chunk) [Key Financial Data Forecast](index=1&type=section&id=Key%20Financial%20Data%20Forecast) The company projects negative net profit attributable to shareholders of the parent company and negative net profit after deducting non-recurring gains and losses for the first half of 2025 2025 H1 Performance Forecast | Indicator | Forecast Range (RMB Million) | | :--- | :--- | | Net Profit Attributable to Shareholders of the Parent Company | -54 to -45 | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses | -59 to -50 | [Details of 2025 H1 Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This section outlines the forecast period, specific financial projections, and the status of the certified public accountant's review for the first half of 2025 [Forecast Period](index=1&type=section&id=(I)%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1, 2025, to June 30, 2025 - The performance forecast period is from **January 1, 2025, to June 30, 2025**[4](index=4&type=chunk) [Specific Forecast Data](index=1&type=section&id=(II)%20Performance%20Forecast%20Details) Preliminary calculations by the finance department indicate an expected loss for the first half of 2025, with specific ranges for net profit and net profit after deducting non-recurring gains and losses 2025 H1 Performance Forecast (Detailed) | Indicator | Forecast Range (RMB Million) | | :--- | :--- | | Net Profit Attributable to Shareholders of the Parent Company | Approximately -54 to -45 | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses | Approximately -59 to -50 | - The company expects to incur a **loss** for the first half of 2025[4](index=4&type=chunk) [CPA Review Status](index=1&type=section&id=(III)%20The%20certified%20public%20accountant%20has%20not%20issued%20a%20special%20statement%20on%20whether%20the%20company's%20current%20performance%20forecast%20is%20appropriate%20and%20prudent.) The certified public accountant has not issued a special statement regarding the appropriateness and prudence of the company's current performance forecast - The certified public accountant has **not issued a special statement** on whether the company's current performance forecast is appropriate and prudent[4](index=4&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Position%20for%20the%20Prior%20Period) This section reviews the company's operating performance and financial position for the first half of 2024, including profit data and earnings per share [Prior Period Profit Data](index=1&type=section&id=(I)%20Total%20Profit) For the first half of 2024, the company reported negative total profit, net profit attributable to shareholders of the parent company, and net profit after deducting non-recurring gains and losses 2024 H1 Operating Performance | Indicator | Amount (RMB Million) | | :--- | :--- | | Total Profit | -36.5743 | | Net Profit Attributable to Shareholders of the Parent Company | -68.1981 | | Net Profit Attributable to Shareholders of the Parent Company After Deducting Non-Recurring Gains and Losses | -76.5493 | [Prior Period Earnings Per Share](index=2&type=section&id=(II)%20Earnings%20Per%20Share) The company's earnings per share for the first half of 2024 was negative 2024 H1 Earnings Per Share | Indicator | Amount (RMB) | | :--- | :--- | | Earnings Per Share | -0.0746 | [Analysis of Reasons for Expected Loss](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period's%20Expected%20Loss) This section details the primary factors contributing to the company's anticipated loss, including business transformation and market competition [Impact of Industrial Internet and Smart Manufacturing Business Transformation](index=2&type=section&id=1.%20The%20company's%20industrial%20internet%20and%20smart%20manufacturing%20businesses%20are%20in%20a%20transition%20and%20adjustment%20period.) The company's industrial internet and smart manufacturing businesses are undergoing a transition, resulting in fewer project completions and settlements in the first half, negatively affecting revenue and net profit - Industrial internet and smart manufacturing businesses are in a **transition and adjustment period**, with fewer project completions, acceptances, and settlements in the first half, impacting operating revenue and net profit attributable to the parent company[6](index=6&type=chunk) [Intensified Market Competition in Power and Communication Businesses](index=2&type=section&id=2.%20Existing%20market%20competition%20in%20power%20and%20communication%20businesses%20is%20fierce.) Intense market competition in the power and communication sectors has led to a decrease in revenue, consequently affecting net profit attributable to the parent company - Intense market competition in power and communication businesses led to a **decrease in revenue**, impacting net profit attributable to the parent company[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This section highlights that while no major uncertainties affect the forecast's accuracy, the preliminary nature of the data necessitates investor caution [Risk Warning](index=2&type=section&id=Risk%20Warning) The company confirms no significant uncertainties impact the accuracy of this performance forecast, but it remains a preliminary, unaudited estimate - There are **no significant uncertainties** affecting the accuracy of this performance forecast[7](index=7&type=chunk) - This performance forecast is a **preliminary estimate** by the company's finance department based on its professional judgment and has **not been audited** by a certified public accountant[7](index=7&type=chunk) [Other Explanations and Disclaimer](index=2&type=section&id=V.%20Other%20Explanations) This section clarifies that the forecast data is preliminary and advises investors to refer to the official semi-annual report for accurate financial information [Other Explanations](index=2&type=section&id=Other%20Explanations) The forecast data is preliminary, and investors should rely on the officially disclosed 2025 semi-annual report for accurate financial figures - The forecast data is only preliminary, and the specific accurate financial data will be subject to the company's officially disclosed **2025 semi-annual report**[8](index=8&type=chunk) - Investors are kindly reminded to be aware of **investment risks**[8](index=8&type=chunk)

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong stocks related to brain-computer interface technology, with notable gains in specific companies [1] - Nanjing Panda Electronics Co., Ltd. (00553.HK) saw a significant increase of 14% in its stock price [1] - Micron Brain Science (02717.HK) experienced an 11% rise in its stock value [1]

Core Insights - The article highlights a significant increase in the stock prices of companies involved in brain-computer interface technology, specifically Nanjing Panda Electronics, which rose by 14%, and MicroPort NeuroTech, which increased by 11% [1] Industry Developments - The National Medical Products Administration (NMPA) has announced measures to optimize the lifecycle regulation to support the innovation and development of high-end medical devices [1] - The announcement includes guidance for the registration of products related to artificial intelligence and biomaterials, indicating a regulatory push towards advanced medical technologies [1] - Policies supporting medical devices based on brain-computer interface technology are being developed in collaboration with relevant departments [1]

Core Viewpoint - The brain-computer interface (BCI) sector is experiencing significant growth, driven by advancements from companies like Neuralink and recent breakthroughs in China, indicating a potential commercialization of BCI technology in the near future [2][4][5]. Group 1: Neuralink Developments - Neuralink has showcased its latest research and product development, with 7 participants currently using the device for an average of 50 hours per week, peaking over 100 hours [2]. - The company plans to implant devices in the speech cortex by the end of 2025 to decode silent speech from brain signals, and aims to increase electrode channels to 3,000 by 2026 to explore restoring vision [2][3]. - By 2028, Neuralink anticipates implanting over 25,000 electrodes to address mental health issues and explore integration with AI, potentially allowing humans to control robots directly [3]. Group 2: Market Potential and Growth - The global BCI market is projected to grow from $2.62 billion in 2024 to approximately $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% [4]. - The BCI technology is recognized as one of the most disruptive technologies of the 21st century, with expectations for a surge in medical product applications over the next 5 to 10 years [4]. Group 3: Domestic Developments in China - Recent successful trials in China, including the first invasive BCI-assisted rehabilitation for a stroke patient, highlight the rapid advancement of BCI technology towards commercialization [4]. - The "Beijing Brain Institute" has developed a flexible, high-throughput, semi-invasive BCI system that has entered clinical trials, marking significant progress in the field [4]. Group 4: Industry Insights - The domestic BCI industry is benefiting from technological breakthroughs and supportive government policies, which are expected to accelerate the commercialization process [5]. - BCI products are categorized into non-invasive and invasive types, with non-invasive products leading in commercialization, while invasive products are still in clinical research stages [6]. - Despite the promising outlook, the BCI industry faces challenges related to safety, regulatory approval, and the need for foundational research [6][7].

Group 1 - The 2025 Nanjing Artificial Intelligence Industry Development Matching Event focuses on the integration of AI technology, particularly large models, with the manufacturing industry to drive digital transformation and intelligent upgrades in traditional industries [1][2] - Nanjing has over 400 AI companies, with core output value exceeding 10 billion yuan, establishing itself as a leading AI park in the Yangtze River Delta region [2] - The Nanjing Economic and Technological Development Zone has launched a public service platform for large model aggregation, providing comprehensive industry services including technology support, evaluation testing, and innovation incubation [3] Group 2 - A total investment of 2 billion yuan has been committed to four key projects, including the establishment of the headquarters for Minglue Technology, a leading data application software service provider, and projects from Nanjing Panda and Tuyang Technology [4] - The event also saw the signing of agreements to establish several key laboratories in collaboration with Nanjing University of Posts and Telecommunications, enhancing research capabilities in AI and related fields [2][3]

Core Insights - Neuralink, a brain-machine interface company owned by Elon Musk, released a one-hour video showcasing its latest research achievements and product development direction [1] - The company has reached a total of 7 participants in its trials, including 4 patients with spinal cord injuries and 3 patients with amyotrophic lateral sclerosis (ALS) [1] - Participants are reported to be using the devices at a high frequency, with an average usage time of approximately 50 hours per week, and peak usage exceeding 100 hours [1] Company Performance - Nanjing Panda Electronics Co., Ltd. (00553.HK) saw an increase of 8.87% in its stock price [1] - MicroPort Scientific Corporation (02717.HK) experienced a rise of 4.72% in its stock price [1]

Group 1 - The A-share brain-computer interface sector opened high, with Jihua Group hitting the daily limit up [1] - Aipeng Medical rose over 7%, indicating strong investor interest [1] - Other companies such as Innovation Medical, Nanjing Panda, and Sanbo Brain Science also experienced gains [1]

国浩律师（南京）事务所 法律 意见书 国浩律师（南京）事务所 关 于 南京熊猫电子股份有限公司 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层（210036） 电话/Tel: +86-25-89660900 传真/Fax: + 86-25-89660966 网址/Website:http://www.grandall.com.cn 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》"）和中国证券监督管理委员会《上市公司 股东大会规则》（以下简称"《股东大会规则》"）的规定，国浩律师（南京）事 务所（以下简称"本所"）接受南京熊猫电子股份有限公司（以下简称"公司"）董 事会的聘请，指派景忠律师、杨菲律师出席并见证了公司于 2025 年 6 月 20 日在 南京市经天路 7 号公司会议室召开的 2024 年年度股东大会，并依据有关法律法 规以及《公司章程》的规定，对本次股东大会的召集、召开程序、出席人员资格、 召集人资格、大会表决程序等事宜进行了审查，现发表法律意见如下： 一、本次股东大会的召集、召开程序 公司于 2025 年 ...