Core Viewpoint - On August 6, no A-share listed companies disclosed any increase in shareholding, while 23 companies announced share reductions by their shareholders [1] Summary by Category Share Reduction Details - Keri Technology: Shareholders plan to reduce their holdings by no more than 3.03% of the company's shares [2] - Tianhe Co.: Director and senior management member Luo Xuanbin plans to reduce holdings by no more than 0.15% [2] - Mind Electronics: Shareholders intend to reduce holdings by no more than 4% of the total share capital [2] - Maidi Technology: Shareholder Wang Jianhua plans to reduce holdings by no more than 0.2321% [2] - Tianneng Heavy Industry: Specific shareholder Zheng Xu plans to reduce holdings by no more than 30.0845 million shares [2] - Kabeiyi: Directors and senior management plan to reduce their holdings [2] - Jingsheng Co.: Shareholder Xinrui Jicheng plans to reduce holdings by no more than 3% [2] - Anlian Ruishi: Huiwen Tianfu and Qi Liang plan to reduce a total of no more than 700,000 shares [2] - Lichang Food: Shareholders Li Gao Xing and Li Gao Chuang plan to reduce their holdings [2] - Shuyuan Pingmin: Controlling shareholder plans to reduce holdings by no more than 2% [2] - Qianhong Pharmaceutical: Shareholders holding more than 5% plan to reduce holdings by no more than 2.09 million shares [2] - Zhongsheng Pharmaceutical: Director and executive Long Chunhua plans to reduce holdings by no more than 900,000 shares [2] - Kangqiang Electronics: Shareholder Si Maishi plans to reduce holdings by no more than 1% [2] - Pulutong: Shareholders plan to reduce holdings by no more than 0.98% [2] - Binhua Co.: Shareholder Zhang Zhongzheng plans to reduce holdings by no more than 0.8211% [2] - Kanshe Co.: Five individual shareholders plan to reduce holdings by no more than 0.99% [2] - Haoyuan Pharmaceutical: Su Xin Fund plans to reduce holdings by no more than 3% [2] - Diweier: Shareholders plan to reduce holdings by no more than 0.82% [2] - Dongfang Guoxin: Controlling shareholder reduced holdings by 2.68 million shares on August 5 [2] - Feilin Geer: During stock price fluctuations, CEO Liu Dunyin reduced holdings by 8,600 shares [2] - Yongxin Optical: Angao International plans to reduce holdings by no more than 200,000 shares [2] - Wuzhou Special Paper: Controlling shareholder's concerted action plans to reduce holdings by no more than 0.36% [2] - Tianyang New Materials: Zhuhai Hengqin Caidong Fund plans to reduce holdings by no more than 3% [2]

Group 1 - The core viewpoint of the report is that Yongxin Optical (603297.SH) is rated as a buy due to its potential in high-end optical microscope domestic substitution and growth in related product volumes [2] - The company has been deeply involved in the automotive optical field for many years, with the gradual penetration of LiDAR into lower-priced models expected to drive volume growth [2] - The stable development of barcode machine vision, along with medical optics and semiconductor optics, is anticipated to be important growth drivers for the company in the future [2]

证券代码：603297 证券简称：永新光学 公告编号：2025-030 宁波永新光学股份有限公司 持股 5%以上大股东减持股份计划公告 安高国际资源有限公司保证向本公司提供的信息内容真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，持股 5%以上大股东安高国际资源有限公司（以下简称 "安高国际"）共持有宁波永新光学股份有限公司（以下简称"公司"）股份 6,434,077 股，占公司总股本的 5.80%，股份来源为公司首次公开发行股票前已 发行的股份及权益分派资本公积转增股本取得的股份。 根据《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高 级管理人员减持股份》等法律法规的相关规定，上市公司大股东、董事、高级管 理人员计划以集中竞价交易及大宗交易方式减持股份的，减持期间为本公告披露 之日起 15 个交易日后的 3 个月内。（若此期间公司有派息、送股、资本公积金转 增股本、配股等除权除息事项的，减持股份数、股权比例将相应进行调整） | 股东名称 | 安高国际资源有 ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for A-share CFOs reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - A notable case is that of Mao Fengli from Yongxin Optical, who, despite having nearly 10 years of stable experience, earns only 313,000 yuan annually, which is 50.18 million yuan below the average CFO salary [1][2] Salary Distribution - Among the group of CFOs with secondary vocational education, Mao Fengli ranks 15th out of 19, indicating a mid-to-low salary position [2] - The highest salary among this group is 1.221 million yuan for Yang Fan from Zhenhua Co., while the lowest is 123,400 yuan for Zhang Liping from Huaxi Technology [2][3] Salary Changes - Mao Fengli received a salary increase of 21,500 yuan in 2024, reflecting a growth rate of 7.38%, while the highest salary increase was 245,000 yuan for Hao Kongchen from Chunxue Food, with a growth rate of 43.74% [2] - The largest salary decrease was recorded by Meng Weizhong from Shangfeng Cement, who experienced a reduction of 105,100 yuan, equating to a decline of 13.08% [2] Age and Experience - Mao Fengli, at 62 years old, is among the oldest CFOs in the group, while the youngest is 47-year-old Fan Xiaofei from Pengling Co. [2] - The case of Mao Fengli illustrates the diversity within A-share financial executives, where educational background does not necessarily hinder long-term service in the optical components industry [2] Company Performance - Yongxin Optical reported total revenue of 892 million yuan and a net profit of 209 million yuan in 2024, reflecting a decline of 11.37% [2] - The company's total market value stands at 10.428 billion yuan, with a stock price decline of 5.57% [2]

Group 1 - LiDAR is a core sensor for autonomous driving, offering significant advantages in performance, anti-interference, and information capacity compared to cameras and millimeter-wave radars [3][15][23] - The cost of LiDAR has significantly decreased from tens of thousands of yuan to around 2000-3000 yuan, leading to increased shipments from major manufacturers [3][23][28] - The demand for LiDAR is expected to surge in 2024, driven by the explosion of mid-to-high-level autonomous driving needs represented by NOA (Navigation on Autopilot) [3][52][56] Group 2 - The penetration rate of NOA is steadily increasing, which is driving the rise in LiDAR installations [42][43] - Robotaxi services are rapidly developing, with significant market recognition, further pushing the demand for LiDAR [56][63] - The mandatory implementation of AEB (Automatic Emergency Braking) systems is expected to enhance the usage rate of LiDAR in vehicles [66][72] Group 3 - The market for LiDAR is entering a golden period of "volume and price rise," with Chinese manufacturers leading globally in scale, cost, and production rhythm [4][28][40] - Major companies in the LiDAR sector include Juxing Technology, Yongxin Optical, Yutong Optical, and Junsheng Electronics, which are recommended for investment [4][3][40] - The overall market for LiDAR is projected to grow significantly, with the penetration of LiDAR in lower-priced vehicles expected to increase [28][37][40]

Core Insights - Yongxin Optical is recognized as a national-level manufacturing champion and has entered a new phase of domestic substitution in high-end optical microscopes [1] - The high-end optical microscope market in China has significant potential but has been dominated by foreign companies for a long time [1] - The company has developed technical capabilities comparable to top global optical microscope manufacturers through OEM, industry-academia-research collaboration, and undertaking major national projects [1] Industry Summary - The high-end microscope segment has seen rapid growth, achieving over 5% domestic substitution and further increasing market share year-on-year [1] - In 2024, the company's microscope business revenue is expected to decline by 14% to 356 million yuan due to industry demand recovery and equipment update policies, raising concerns about the pace of domestic substitution [1] - Despite the overall revenue decline, high-end microscope revenue continues to grow [1] - The implementation of China's scientific instrument domestic substitution strategy and increasing uncertainty in the international trade environment are expected to accelerate breakthroughs in the company's optical microscope business [1] - Increased funding for equipment updates in 2025, with the first batch of funds already allocated and the second batch undergoing project review, is anticipated to expedite the procurement process for high-end microscopes [1] - The company's microscope business is projected to resume growth starting in 2025 [1] Valuation Summary - Based on comparable companies' 2025 price-to-earnings (PE) ratio of 44 times, the target price is set at 110.88 yuan, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.88 CNY based on a 44x PE valuation for 2025 [2][5]. Core Views - The company is positioned to benefit significantly from the domestic substitution of high-end microscopes, with a current market share of over 5% in this segment. The growth is expected to accelerate due to government policies and increased funding for equipment updates [9]. - The barcode business remains stable, with a long-term gross margin of approximately 40%. The company has successfully expanded into high-performance module products, enhancing customer loyalty and collaboration [9]. - The laser radar optical components business is entering a phase of scale production, with revenues expected to exceed 100 million CNY in 2024, benefiting from the trend of "smart driving equality" [9]. Financial Forecasts - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.52 CNY, 3.10 CNY, and 3.85 CNY respectively, reflecting a downward adjustment from previous forecasts due to lower revenue and gross margin expectations [2][10]. - Revenue is expected to grow significantly from 1,123 million CNY in 2025 to 1,768 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 24.9% [4]. - The gross margin is projected to improve from 39.3% in 2025 to 40.6% in 2027, indicating a positive trend in profitability [4].

Core Viewpoint - The announcement highlights that the controlling shareholder, Yongxin Optoelectronics Co., Ltd., has seen its shareholding percentage increase from 28.99% to 29.04% due to the company's recent share repurchase and cancellation, without any change in the number of shares held [1][2]. Group 1: Shareholding Changes - The total share capital of Ningbo Yongxin Optical Co., Ltd. has decreased from 111,150,500 shares to 110,936,700 shares following the completion of the share repurchase [1]. - As a result of this reduction in total shares, Yongxin Optoelectronics' shareholding percentage increased passively, reaching 29.04% [1][2]. - This change in shareholding does not trigger any mandatory tender offer obligations and does not alter the status of the controlling shareholder or actual controller of the company [1][2]. Group 2: Compliance and Regulations - The announcement complies with the relevant regulations regarding the disclosure of changes in shareholding when the percentage reaches a 1% threshold [2]. - The company confirms that the information provided is accurate and complete, with no misleading statements or omissions [1].

触及 1%刻度的提示性公告 证券代码：603297 证券简称：永新光学 公告编号：2025-029 宁波永新光学股份有限公司 关于控股股东持股比例被动增加 公司控股股东永新光电实业有限公司保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 因宁波永新光学股份有限公司（以下简称"公司"）已于近日完成回购注销 2023 年限制性股票激励计划部分限制性股票（以下简称"回购注销"）的相关事 宜，公司总股本由 111,150,500 股减少至 110,936,700 股。导致控股股东永新光 电实业有限公司（以下简称"永新光电"）在持有公司股份数量不变的情况下， 持股比例由 28.99%被动增加至 29.04%，适用权益变动触及 1%整数倍的情形，本 次权益变动不会导致公司控股股东及实际控制人发生变化。具体如下： | 权益变动方向 | 比例增加√ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 28.99% | | | | 权益变动后合计比例 | 29.0 ...

上海君澜律师事务所 关于 宁波永新光学股份有限公司 回购注销实施相关事项 之 法律意见书 二〇二五年七月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于宁波永新光学股份有限公司 回购注销实施相关事项之 法律意见书 致：宁波永新光学股份有限公司 上海君澜律师事务所（以下简称"本所"）接受宁波永新光学股份有限公司（以 下简称"公司"或"永新光学"）的委托，根据《上市公司股权激励管理办法》（以下 简称"《管理办法》"）及《宁波永新光学股份有限公司 2023 年限制性股票激励计划》 （以下简称"《激励计划》"或"本次激励计划"）的规定，就永新光学实施回购注销本 次激励计划部分限制性股票（以下简称"本次回购注销实施"）相关事项出具本法律意 见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业务管 理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所 发表的结论性意见合法、准确， ...