二、董事会会议审议情况 证券代码：603551 证券简称：奥普科技 公告编号：2025-062 奥普智能科技股份有限公司 第三届董事会第二十四次会议决议公告 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 奥普智能科技股份有限公司(以下简称"公司")第三届董事会第二十四次 会议于 2025 年 11 月 7 日以电子邮件方式发出通知和会议材料， 2025 年 11 月 13 日以现场方式召开。会议应出席董事 7 人，实际出席会议的董事 7 人。会 议由董事长 Fang James 主持。本次董事会会议的召集、召开和表决程序符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 表决结果： 7 票同意， 0 票反对， 0 票弃权。 本次董事会会议形成如下决议： （一）审议通过了《关于 2023 年限制性股票激励计划预留部分授予第二个 解锁期解锁条件成就的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《奥 普科技关于 2023 年限制性股票激励计划预留授 ...

Core Insights - The kitchen and bathroom appliance sector saw a rise of 0.71% on November 12, with Boss Electric leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Sector Performance - Boss Electric (002508) closed at 20.40, up 2.62% with a trading volume of 160,700 shares and a transaction value of 327 million yuan [1] - Wanhe Electric (002543) closed at 11.55, up 1.49% with a trading volume of 52,200 shares and a transaction value of 59.99 million yuan [1] - Sunrise Oriental (603366) closed at 10.00, up 0.60% with a trading volume of 250,100 shares and a transaction value of 252 million yuan [1] - Zhejiang Meida (002677) closed at 7.85, up 0.51% with a trading volume of 209,800 shares and a transaction value of 166 million yuan [1] - Other notable performances include Vatti (002035) at 6.50, up 0.15%, and Aopu Technology (603551) at 11.18, down 0.36% [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 4.05 million yuan from main funds, while retail funds saw a net inflow of 21.31 million yuan [1] - Boss Electric had a main fund net inflow of 28.33 million yuan, while retail funds saw a net outflow of 18.06 million yuan [2] - Zhejiang Meida had a main fund net inflow of 2.87 million yuan, with retail funds experiencing a net outflow of 12.60 million yuan [2] - Other companies like Vatti and Aopu Technology also showed significant net outflows from main funds [2]

Group 1: Market Overview - The kitchen and bathroom appliance sector increased by 0.38% on November 11, with Shuaifeng Electric leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Group 2: Stock Performance - Shuaifeng Electric (code: 605336) closed at 16.74, up 3.72% with a trading volume of 159,600 shares and a transaction value of 262 million [1] - Other notable performers included Mars (code: 300894) with a 1.74% increase, and Sunrise Oriental (code: 603366) with a 0.91% increase [1] - Zhejiang Meida (code: 002677) and Vatti (code: 002035) showed minimal changes, with the former up 0.39% and the latter unchanged [1] Group 3: Capital Flow Analysis - The kitchen and bathroom appliance sector experienced a net outflow of 1.73 million from institutional investors and 13.48 million from retail investors, while individual investors saw a net inflow of 15.21 million [1] - Shuaifeng Electric had a net inflow of 11.10 million from institutional investors, while other companies like Daybreak Oriental and Aopu Technology also saw varying levels of net inflow and outflow [2] - Notably, Boss Electric (code: 002508) had a significant net outflow of 3.77 million from institutional investors, but a net inflow of 18.15 million from retail investors [2]

Core Insights - The kitchen and bathroom appliance sector experienced a 1.04% increase on November 10, with Zhejiang Meida leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Zhejiang Meida (002677) closed at 7.78, up 2.77% with a trading volume of 142,700 shares and a turnover of 110 million yuan [1] - Boss Electric (002508) closed at 19.95, up 1.99% with a trading volume of 85,900 shares and a turnover of 170 million yuan [1] - Sunrise Oriental (603366) closed at 9.85, up 1.97% with a trading volume of 155,600 shares and a turnover of 152 million yuan [1] - Other notable stocks include Aopu Technology (603551) at 11.17, up 1.55%, and Mars Man (300894) at 12.66, up 1.52% [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 21.63 million yuan from institutional investors and 8.06 million yuan from retail investors, while individual investors contributed a net inflow of 29.69 million yuan [1] - Boss Electric had a net inflow of 15.60 million yuan from institutional investors, while experiencing a net outflow of 1.43 million yuan from retail investors [2] - Sunrise Oriental also saw a net inflow of 14.82 million yuan from institutional investors, with retail investors contributing a net outflow of 7.18 million yuan [2]

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 0.31% on November 4, with Yitian Smart leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Zhejiang Meida (002677) closed at 7.64, up 0.92% with a trading volume of 133,700 shares and a turnover of 102 million yuan [1] - Shuaifeng Electric (605336) closed at 15.80, up 0.64% with a trading volume of 31,600 shares and a turnover of 49.92 million yuan [1] - Sunrise Oriental (603366) closed at 10.23, up 0.39% with a trading volume of 335,000 shares and a turnover of 342 million yuan [1] - Mars Man (300894) closed at 12.56, up 0.08% with a trading volume of 33,100 shares and a turnover of 41.35 million yuan [1] - Aopu Technology (603551) closed at 10.92, unchanged with a trading volume of 20,800 shares and a turnover of 22.69 million yuan [1] - Boss Electric (002508) closed at 19.54, down 0.46% with a trading volume of 61,200 shares and a turnover of 120 million yuan [1] - Vatti (002035) closed at 6.37, down 0.78% with a trading volume of 109,200 shares and a turnover of 69.75 million yuan [1] - Wanhe Electric (002543) closed at 11.28, down 0.79% with a trading volume of 38,800 shares and a turnover of 44.02 million yuan [1] - Yitian Smart (300911) closed at 39.41, down 1.45% with a trading volume of 46,300 shares and a turnover of 181 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net inflow of 5.57 million yuan from institutional investors, while retail investors contributed a net inflow of 8.99 million yuan [1] - However, there was a net outflow of 14.56 million yuan from speculative funds [1] Individual Stock Capital Flow - Sunrise Oriental (603366) had a net inflow of 13.20 million yuan from institutional investors, while it experienced a net outflow of 13.12 million yuan from speculative funds [2] - Zhejiang Meida (002677) saw a net inflow of 10.34 million yuan from institutional investors, with a net outflow of 6.22 million yuan from speculative funds [2] - Shuaifeng Electric (605336) had a net inflow of 2.40 million yuan from institutional investors, with a net outflow of 1.24 million yuan from speculative funds [2] - Yitian Smart (300911) experienced a net inflow of 1.66 million yuan from institutional investors, but a net outflow of 9.21 million yuan from retail investors [2] - Aopu Technology (603551) had a net outflow of 0.23 million yuan from institutional investors, while retail investors contributed a net inflow of 0.70 million yuan [2] - Boss Electric (002508) saw a net outflow of 2.73 million yuan from institutional investors, but a net inflow of 11.66 million yuan from retail investors [2] - Wanhe Electric (002543) experienced a net outflow of 3.75 million yuan from institutional investors, with a net inflow of 0.46 million yuan from retail investors [2] - Vatti (002035) had a significant net outflow of 14.91 million yuan from institutional investors, while retail investors contributed a net inflow of 11.78 million yuan [2]

Core Viewpoint - On November 3, a total of 12 listed companies will have their restricted shares unlocked, with a total market value of approximately 8.307 billion yuan [1] Summary by Category Restricted Share Unlocking Details - Yunding Technology (Stock Code: 000409) will unlock 153 million shares from a private placement of A-shares [1] - China Unicom (Stock Code: 600050) will unlock 250 million shares related to equity incentive restrictions [1] - Ningbo Yunsheng (Stock Code: 600366) will unlock 5.857 million shares from equity incentives [1] - Changrun Co., Ltd. (Stock Code: 603201) will unlock 387,500 shares from equity incentives [1] - Lingda Co., Ltd. (Stock Code: 300125) will unlock 630,000 shares from equity incentives [1] - Wanda Information (Stock Code: 300168) will unlock 1.2701 million shares from equity incentives [1] - Qunxing Toys (Stock Code: 002575) will unlock 7.2 million shares from equity incentives [1] - Lushan New Materials (Stock Code: 603051) will unlock 391,200 shares from equity incentives [1] - Hongbo Pharmaceutical (Stock Code: 301230) will unlock 4.8251 million shares from pre-issue restrictions [1] - Oppein Home (Stock Code: 603551) will unlock 60,000 shares from equity incentives [1] - Yihe Jiaye (Stock Code: 301367) will unlock 2.34362 million shares from pre-issue restrictions [1] - Ruina Intelligent (Stock Code: 301129) will extend the lock-up period for 8.8992 million shares [1]

Core Viewpoint - The kitchen and bathroom appliance sector experienced a 1.32% increase on October 31, with "Rising Sun" leading the gains, while the overall market indices saw declines [1] Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - "Rising Sun" (603366) closed at 10.11, up 2.22% with a trading volume of 405,600 shares and a transaction value of 406 million yuan - "Yitian Intelligent" (300911) closed at 39.17, up 2.06% with a trading volume of 64,600 shares and a transaction value of 250 million yuan - "Boss Electric" (002508) closed at 19.55, up 1.98% with a trading volume of 125,900 shares and a transaction value of 244 million yuan - "Mars Man" (300894) closed at 12.53, up 1.70% with a trading volume of 62,600 shares and a transaction value of 77.93 million yuan - "Shuai Xing Electric" (605336) closed at 15.49, up 0.78% with a trading volume of 19,300 shares and a transaction value of 29.93 million yuan [1] Capital Flow Analysis - The kitchen and bathroom appliance sector saw a net inflow of 12.57 million yuan from main funds, while retail funds had a net inflow of 24.23 million yuan - However, speculative funds experienced a net outflow of 36.79 million yuan [1] Detailed Capital Flow for Individual Stocks - "Boss Electric" (002508) had a main fund net inflow of 35.73 million yuan, while speculative funds saw a net outflow of 29.83 million yuan - "Rising Sun" (603366) had a main fund net inflow of 2.80 million yuan, with speculative funds net inflow of 3.66 million yuan - "Wanhua Electric" (002543) experienced a main fund net outflow of 1.38 million yuan, while speculative funds had a net inflow of 1.16 million yuan - "Mars Man" (300894) had a main fund net outflow of 6.23 million yuan, with retail funds seeing a net inflow of 15.37 million yuan [2]

Market Overview - The kitchen and bathroom appliance sector increased by 0.45% compared to the previous trading day, with "Rising Sun" leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - "Rising Sun" (603366) closed at 68.6, up 2.91% with a trading volume of 485,300 shares and a turnover of 487 million yuan [1] - "Boss Electric" (002508) closed at 19.17, up 1.21% with a trading volume of 208,700 shares and a turnover of 40.5 million yuan [1] - "Mars Man" (300894) closed at 12.32, up 1.15% with a trading volume of 91,900 shares and a turnover of 114 million yuan [1] - "Yitian Smart" (300911) closed at 38.38, up 0.47% with a trading volume of 70,000 shares and a turnover of 27.3 million yuan [1] - "Vatti" (002035) closed at 6.39, up 0.16% with a trading volume of 93,600 shares and a turnover of 59.9 million yuan [1] - "Vanward" (002543) closed at 11.52, down 0.35% with a trading volume of 57,200 shares and a turnover of 6.6 million yuan [1] - "Shuaiyu Electric" (605336) closed at 15.37, down 0.90% with a trading volume of 19,200 shares and a turnover of 2.97 million yuan [1] - "Aopu Technology" (603551) closed at 11.01, down 1.26% with a trading volume of 26,800 shares and a turnover of 2.96 million yuan [1] - "Zhejiang Meida" (002677) closed at 7.46, down 3.62% with a trading volume of 195,700 shares and a turnover of 148 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 9.55 million yuan from institutional investors, while retail investors saw a net inflow of 9.32 million yuan [1] - "Mars Man" (300894) had a net inflow of 9.95 million yuan from institutional investors, while retail investors had a net outflow of 13.72 million yuan [2] - "Rising Sun" (603366) saw a net inflow of 4.05 million yuan from institutional investors, but retail investors had a net outflow of 2.70 million yuan [2] - "Boss Electric" (002508) experienced a significant net outflow of 24.69 million yuan from institutional investors, while retail investors had a net inflow of 32.38 million yuan [2] - "Zhejiang Meida" (002677) had a net outflow of 9.71 million yuan from institutional investors, but retail investors had a net inflow of 23.88 million yuan [2]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 15.2 yuan [2][9]. Core Views - The company's performance is under pressure due to the impact of the real estate market, but there are expectations for operational improvement in the future [2][9]. - In Q3 2025, the company achieved a revenue of 430 million yuan, a year-on-year increase of 0.4%, while the net profit attributable to the parent company was 50 million yuan, a year-on-year decrease of 18.6% [2][9]. - The gross margin for Q3 2025 was 43.1%, down 0.6 percentage points year-on-year, attributed to a focus on a "functional and affordable" pricing strategy amid a challenging industry environment [9]. - The increase in marketing expenses has led to a short-term pressure on profitability, with the net profit margin decreasing to 12.0%, down 2.8 percentage points year-on-year [9]. Financial Summary - Total revenue projections for the company are as follows: 1,866 million yuan in 2024, 1,888 million yuan in 2025, 1,986 million yuan in 2026, and 2,111 million yuan in 2027, with corresponding growth rates of -6.5%, 1.2%, 5.2%, and 6.3% respectively [5][10]. - The net profit attributable to the parent company is projected to be 297 million yuan in 2024, 280 million yuan in 2025, 306 million yuan in 2026, and 341 million yuan in 2027, with growth rates of -3.9%, -6.0%, 9.5%, and 11.4% respectively [5][10]. - The company’s price-to-earnings (P/E) ratio is expected to be 15 in 2024, 16 in 2025, 14 in 2026, and 13 in 2027 [5][10].

Core Insights - The report highlights the acceleration of demand and continuous improvement in profitability for the companies analyzed, particularly in the semiconductor and copper industries, with significant year-on-year growth in revenue and net profit [12][13][14]. Company Summaries Unigroup Guowei (002049.SZ) - The company reported a revenue of 4.904 billion yuan for Q1-Q3 2025, representing a 15.1% year-on-year increase, and a net profit of 1.263 billion yuan, up 25.0% year-on-year [12]. - In Q3 2025 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, with net profit soaring by 109.6% to 571 million yuan [12]. - The growth is attributed to the recovery in special business demand, stable development in traditional consumer markets, and accelerated expansion in eSIM and automotive safety chips [14]. Luoyang Copper (603993) - The company achieved a revenue of 145.49 billion yuan for Q1-Q3 2025, a decrease of 6.0% year-on-year, but net profit surged by 72.6% to 14.28 billion yuan, driven by rising copper prices and increased production and sales [13][14]. - Q3 2025 revenue was 50.71 billion yuan, down 2.4% year-on-year but up 4.0% quarter-on-quarter, with net profit increasing by 96.4% year-on-year to 5.61 billion yuan [14]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, and has acquired Lumina Gold Company to diversify its mineral portfolio [14]. Other Companies - The report also covers various companies such as Nanjing Bank, which reported a revenue of 419 billion yuan for 9M25, up 8.8% year-on-year, and a net profit of 180 billion yuan, up 8.1% year-on-year, indicating a stable performance [20]. - New Australia Co. is highlighted for benefiting from the rising prices of Australian wool, with expectations of significant performance elasticity due to favorable supply and demand dynamics [19]. Industry Insights - The semiconductor industry is experiencing a new cycle of prosperity, driven by increased demand for special integrated circuits and advancements in high-end AI visual perception and automotive electronics [14]. - The copper industry is seeing a rebound in prices and production, with companies like Luoyang Copper capitalizing on this trend to enhance profitability and expand operations [14]. - The report emphasizes the importance of technological modernization and structural optimization in traditional industries as key components of future growth strategies [11].