Core Insights - The company reported a consolidated revenue of RMB 5.959 billion for September 2025, representing a year-on-year increase of 0.10% and a month-on-month increase of 7.23% [1] - For the period from January to September 2025, the company's consolidated revenue was RMB 43.641 billion, showing a decrease of 0.83% compared to the same period last year [1] - In the third quarter of 2025 (July to September), the company's consolidated revenue reached RMB 16.427 billion, which is a year-on-year decrease of 1.16% but a quarter-on-quarter increase of 21.10% compared to the second quarter of 2025 [1]

| 证券代码：601231 | 证券简称：环旭电子 | 公告编号：2025-087 | | --- | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | | 环旭电子股份有限公司 关于 2025 年 9 月股份回购进展的公告 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。 | 回购方案首次披露日 | 2025/4/26 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 25 | 日~2026 | 年 | 月 | 日 24 | | 预计回购金额 | 1.5亿元~3亿元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,138,950股 | | | | | | | 累计已回购股数占总股本比例 | 0.05% | | ...

| 证券代码：601231 | 证券简称：环旭电子 | 公告编号：2025-086 | | --- | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | | 股票期权激励计划自主行权结果暨股份变动的公告 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。 重要内容提示： 1 可转债转股情况： 环旭电子股份有限公司（以下简称"环旭电子"或"公司"）2025 年第三季度共 有 24,000 元"环旭转债"换为公司股票，因转股形成的股份数量为 1,288 股； 截至 2025 年 9 月 30 日，累计共有 203,000 元"环旭转债"换为公司股票，累 计因转股形成的股份数量为 10,524 股，占"环旭转债"转股前（2021 年 12 月 9 日）公司已发行股份总额的 0.0005%。截至 2025 年 9 月 30 日，尚未转股 的"环旭转债"金额为 3,449,797,000 元，占可转债发行总额的 99.9941%。 股票期权激励计划行权结果： 2025 年第三季度公司股票期权激励计划共行权且完成 ...

Core Viewpoint - The company reported a slight increase in September consolidated revenue compared to the previous year, but a decrease in year-to-date revenue compared to the same period last year [1] Financial Performance - The consolidated revenue for September was 5.96 billion yuan, which is an increase of 0.1% year-on-year and a 7.23% increase month-on-month from August 2025 [1] - For the period from January to September 2025, the consolidated revenue totaled 43.641 billion yuan, reflecting a decrease of 0.83% compared to the same period last year [1] - In the third quarter of 2025 (July to September), the consolidated revenue was 16.427 billion yuan, showing a year-on-year decrease of 1.16% but a quarter-on-quarter increase of 21.10% compared to the second quarter of 2025 [1]

Summary of Key Points Core Viewpoint - The company has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its financial health [1] Group 1: Share Repurchase Details - As of September 2025, the company repurchased a total of 279,500 shares through centralized bidding, representing approximately 0.01% of its total share capital, with a maximum purchase price of 19.13 CNY per share and a minimum of 17.63 CNY per share, totaling 5.0968 million CNY (excluding transaction fees) [1] - By the end of September 2025, the cumulative share repurchase reached 1,138,900 shares, accounting for 0.05% of the total share capital, with a maximum price of 19.18 CNY per share and a minimum of 13.96 CNY per share, with a total expenditure of 18.3382 million CNY (excluding transaction fees) [1]

Core Points - Jing Cao, the Vice President of the company, submitted a resignation letter due to retirement, effective September 30 [1] - After resignation, Jing Cao will continue to serve as a consultant in a re-employed capacity [1] Company Summary - The company announced the resignation of its Vice President, Jing Cao, who will transition to a consulting role post-retirement [1]

| 证券代码：601231 | 证券简称：环旭电子 | 公告编号：2025-085 | | --- | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | | 环旭电子股份有限公司 关于公司高级管理人员退休离任的公告 环旭电子股份有限公司董事会 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 （如适用） | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | | | | | | | | | | | | | 承诺 | | Jing Cao | 副总经理 | 2025 | 年 9 | 年 2026 | 月 4 | 退休 | 是 | 顾问 | 否 | | | | 月 30 | 日 | 日 23 | | | | （返聘） | | (二) 离任对公司的影响 截至本公告披露日，Jing Cao 先生未持有公司股票，不存在应当履行而未履 行的承诺事项，其已按照公司 ...

Core Insights - The report from Guotou Securities highlights the shift in focus from broad applications to specific use cases in smart glasses, driven by technological advancements and cost constraints [1] - The smart glasses industry is entering a robust growth phase in 2023, following previous stages of technology validation, commercial trials, and product diversification [1] - AI glasses are emerging as a significant market segment, with Meta's Ray-Ban Meta leading the charge and expected to capture 98.68% of global AI glasses sales in 2024 [2] Smart Glasses Development - The development of smart glasses has gone through four phases: pre-2012 (technology validation), 2012-2016 (commercial trials), 2017-2022 (product diversification), and 2023 (robust growth) [1] - Smart glasses can be categorized based on optical display systems, with AI shooting glasses focusing on photography and voice interaction, VR glasses providing immersive experiences, and AR glasses overlaying virtual information on the real world [1] AI Glasses Market - AI glasses are characterized by the integration of cameras, Bluetooth controls, and voice interaction, sacrificing optical display for lightweight and low-cost designs [2] - The core logic of AI shooting glasses is to achieve portability and practicality for all-day wear, targeting markets previously dominated by action cameras [2] AR Glasses Insights - AR glasses utilize micro-displays and optical modules to project virtual images onto real-world scenes, categorized into viewing glasses and full-domain glasses [3] - Viewing glasses are lightweight and designed for portable viewing, while full-domain glasses are used for outdoor navigation and industrial applications, albeit at a higher price point [3] VR Glasses Overview - Traditional VR glasses focus on providing an immersive experience, primarily for gaming and viewing, with a market that is relatively mature [4] - The expected sales for traditional VR glasses in Q2 2025 is 1.26 million units, reflecting a year-on-year growth of 6.7% [4] Industry Chain and Competitive Landscape - The upstream sector focuses on chips, optical modules, and screens, with Micro OLED expected to become a primary solution for XR devices by 2030 [5] - In the midstream, Thunderbird Innovation holds a 50% market share in AI/AR glasses online sales, while PICO dominates the domestic VR market [5] - The downstream sector is supported by offline channels, with Doctor Glasses establishing over 100 smart display cabinets [5] Key Companies to Watch - Companies to monitor include Luxshare Precision and GoerTek in manufacturing, Sunny Optical Technology and OFILM in optics, and various firms in storage and display technologies [7]

Group 1 - The report highlights the top ten convertible bonds for October, emphasizing companies like Zhengfan Technology, Wentai Technology, and Huanxu Electronics, which are positioned for growth in their respective sectors [1][2][57]. - Zhengfan Technology's non-equipment business is a key driver of its continuous performance growth, focusing on high-tech industries such as integrated circuits and biopharmaceuticals [8][9]. - Wentai Technology is recognized as a global leader in automotive semiconductors, with a strong focus on high ASP products that support its future growth [38][39]. Group 2 - Huanxu Electronics provides comprehensive manufacturing services for electronic products, with a strong presence in cloud computing and data centers, indicating robust demand in these sectors [46][48]. - The report suggests that the "反内卷" (anti-involution) trend may create opportunities for midstream sectors like new energy and steel, which could see price recoveries [2][58]. - The report anticipates that the inflow of fixed-income funds into the convertible bond market will continue, supporting valuations and reducing the likelihood of significant declines in October [2][58]. Group 3 - The report identifies specific convertible bonds to watch, including those from companies like TianNeng Heavy Industry, which is a domestic leader in wind power tower manufacturing, and is expected to benefit from increasing demand in the renewable energy sector [42][43]. - The agricultural chemical sector is highlighted through Hebang Biological, which is experiencing improved profitability due to favorable supply-demand dynamics in glyphosate products [24][27]. - The report also notes that companies like Youfa Group are poised to benefit from the new round of supply-side reforms, enhancing their national and international market presence [19][20].

Group 1 - The consumer electronics sector saw a slight increase of 0.1% on September 25, with Jiebang Technology leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Notable gainers in the consumer electronics sector included Jiebang Technology, which rose by 15.95% to a closing price of 134.50, and Zhidong Technology, which increased by 12.67% to 16.10 [1] Group 2 - The consumer electronics sector experienced a net outflow of 3.123 billion yuan from institutional investors, while retail investors saw a net inflow of 3.2 billion yuan [2] - Major stocks with significant net inflows from retail investors included Gaor Technology, which had a net inflow of 3.52 million yuan, and Xinya Electronics with 3.13 million yuan [3] - Conversely, stocks like Longyang Electronics and Yingqu Technology faced notable net outflows from both institutional and retail investors, indicating a shift in market sentiment [3]