Group 1 - The company has indicated that it possesses technology reserves related to UTG but has not yet achieved large-scale production and shipment [1]

Core Viewpoint - Shanghai Stock Exchange has raised inquiries regarding Woge Optoelectronics' plan to issue stocks to specific targets, focusing on the rationality of its glass-based MiniLED display backlight module investment project and the risks of capacity digestion [1] Group 1: Investment Project Details - The total investment for the project is 2.006 billion yuan, with an expected annual sales revenue of 3.116 billion yuan upon full production, and a post-tax internal rate of return of 14.26% [1] - The company currently has an annual production capacity of 60,000 units, with a capacity utilization rate of approximately 30% [2] Group 2: Expansion Plans and Market Outlook - The fundraising aims to expand production capacity to 6.05 million units per year within two years, which can meet the production needs of 800,000 to 1 million 85-inch televisions, representing only 0.32%-0.40% of the global television shipment volume in 2025 and 5.93%-7.41% of MiniLED television shipments [2] - The global shipment volume of MiniLED is expected to reach 13.5 million units in 2025, driven by a surge in demand for large-sized televisions, indicating a broad industry outlook [2] Group 3: Customer and Order Status - The company has established mass production cooperation with AUO and has terminal coverage with major clients such as Hisense and Xiaomi, with 15 core customers in mass production or verification stages [2] - As of the end of October 2025, the company has orders worth 3.5 million yuan and has developed targeted capacity digestion plans, with each product category's capacity being relatively low compared to the corresponding market share, indicating no significant capacity digestion risks [2]

Group 1 - The company, Jiangxi Woge Optoelectronics Group Co., Ltd., received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance on November 10, 2025 [1] - The company has conducted thorough research and addressed the questions raised in the inquiry letter in collaboration with relevant intermediaries [1] - The company plans to publicly disclose its responses to the inquiry letter and related documents on the Shanghai Stock Exchange's website [1] Group 2 - The issuance of A-shares to specific investors is subject to approval by the Shanghai Stock Exchange and the China Securities Regulatory Commission, indicating uncertainty in the approval process [2] - The company commits to timely information disclosure in accordance with relevant laws and regulations regarding the issuance of stocks to specific investors [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 江西沃格光电集团股份有限公司（证券代码：603773，证券简称：沃格光电）于2025年12月20日发布公 告称，公司已完成对上海证券交易所关于向特定对象发行股票申请文件审核问询函的回复工作，相关回 复文件已公开披露。该向特定对象发行股票事项后续仍需上交所审核通过及中国证券监督管理委员会同 意注册后方可实施，存在不确定性。 公告显示，沃格光电于2025年11月10日收到上交所出具的《关于江西沃格光电集团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)〔2025〕367号）。收到问询函后，公司会 同相关中介机构对问询函提出的问题进行了认真研究和逐项落实，目前已根据要求对问询函回复进行公 开披露，具体内容详见公司同日在上交所网站披露的相关文件。 公司特别提示，本次向特定对象发行股票事项尚需经上交所审核通过，并获得中国证监会作出同意注册 的决定后方可实施，最终能否通过上交所审核及中国证监会注册，以及审核、注册的时间均存在不确定 性。公司将根据该事项的进展情况，严格按照上市公司向特定对象发行股票相关法律法规的要求及时履 行信息披露义务，敬请广大 ...

证券代码：603773 证券简称：沃格光电 关于江西沃格光电集团股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐人（主承销商） （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 二〇二五年十二月 7-1-1 江西沃格光电集团股份有限公司 审核问询函回复 上海证券交易所： 贵所于 2025 年 11 月 10 日出具的《关于江西沃格光电集团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）〔2025〕367 号）（以下简称 "审核问询函"）已收悉。 江西沃格光电集团股份有限公司（以下简称"沃格光电""公司""发行人"）会同 中德证券有限责任公司（以下简称"保荐人""保荐机构""中德证券"）、天健会计师事 务所（特殊普通合伙）（以下简称"会计师""申报会计师""天健所"）等中介机构，本 着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行认真讨论、核查与落实， 并逐项进行回复说明。具体回复内容附后。 除另有说明外，本审核问询函回复中使用的释义或简称与《江西沃格光电集团股份 有限公司 2025 年度向特定对象发行 A 股股票募集说明书》（以下简称"募集说 ...

江西沃格光电集团股份有限公司 关于向特定对象发行股票申请文件的 审核问询函回复的提示性公告 证券代码：603773 证券简称：沃格光电 公告编号：2025-102 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。 江西沃格光电集团股份有限公司（以下简称"公司"或"沃格光电"）于2025年 11月10日收到上海证券交易所（以下简称"上交所"）出具的《关于江西沃格光电集 团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） 〔2025〕367号）（以下简称"《审核问询函》"），上交所审核机构对公司向特定对 象发行股票申请文件进行了审核，并提出了问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》提出 的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复进行公开 披露，具体内容详见公司同日在上交所网站上披露的《关于江西沃格光电集团股份有 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》等相关文件。 公司2025年度向特定对象发行A股股票事项尚需经上交所审核通过，并获得中 ...

目 录 | 一、关于本次募投项目………………………………………………第 | 1—15 | 页 | | --- | --- | --- | | 二、关于业务与经营情况…………………………………………第 | 15—70 | 页 | | 三、其他……………………………………………………………第 | 71—76 | 页 | 关于江西沃格光电集团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中 有关财务事项的说明 天健函〔2025〕3-215 号 上海证券交易所： 由中德证券有限责任公司转来的《关于江西沃格光电集团股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕367 号， 以下简称审核问询函）奉悉。我们已对审核问询函所提及的江西沃格光电集团股 份有限公司（以下简称沃格光电公司或公司）财务事项进行了审慎核查，现汇报 如下。 一、关于本次募投项目 根据申报材料，1）本次募集资金总额不超过 150,000 万元，扣除发行费用 后，将用于玻璃基 Mini LED 显示背光模组项目、补充流动资金及偿还银行贷款； 其中，玻璃基 Mini LED 显示背光模组项目环评手续正在办理中。2） ...

Core Viewpoint - The report from Zhongyou Securities indicates that Woge Optoelectronics is experiencing steady revenue growth, with improving quarterly performance in Q3. The company is expected to benefit from industry trends towards lightweight, high-definition, and large-size display products, alongside its long-term advantages in technology, quality, and customer base [1] Group 1 - The revenue from the company's optoelectronic glass processing and optoelectronic display device business is steadily increasing [1] - The wholly-owned subsidiary Chengdu Woge has achieved a key breakthrough in self-developed glass-based ECI technology, providing glass processing services for the first domestic G8.6 generation AMOLED production line [1] - The project is expected to start trial production in Q4 2025 and enter mass production in 2026, with the first equipment officially moved on-site in November 2025 [1] Group 2 - The company is steadily advancing glass-based TGV technology and glass-based multilayer interconnect GCP technology, extending applications from MicroLED direct display to future communications, optical communications, and advanced packaging for high-performance chips [1] - The investment rating for the company is maintained at "Buy" [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Insights - The company has shown steady revenue growth, with a 15.66% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.9 billion yuan. However, the net profit attributable to shareholders decreased by 35.45% to -67 million yuan [3][4]. - The company's glass processing and display device businesses are developing steadily, benefiting from industry trends towards lightweight, high-definition, and large-size products. A significant technological breakthrough in glass-based ECI technology is expected to enhance profitability and solidify the company's leading position in the glass processing sector [4][5]. - The company is advancing its glass-based TGV technology and GCP technology, which are being extended to various fields, including Micro LED direct display and advanced packaging for high-performance chips. This diversification is expected to accelerate commercialization and enhance market competitiveness [5]. Financial Projections - Revenue projections for the company are 2.65 billion yuan in 2025, 3.33 billion yuan in 2026, and 5 billion yuan in 2027, with corresponding net profits of -110 million yuan, 141.78 million yuan, and 498.55 million yuan respectively. The company anticipates significant growth in net profit starting in 2026 [6][9][12]. - The report highlights a projected revenue growth rate of 19.4% in 2025, 25.6% in 2026, and 50.4% in 2027, indicating a strong upward trend in financial performance [9][12]. Company Overview - The latest closing price of the company's stock is 32.40 yuan, with a total market capitalization of 7.3 billion yuan. The company has a total share capital of 225 million shares, all of which are circulating [2]. - The company's largest shareholder is Yi Weihua, and it has a debt-to-asset ratio of 67.7% [2]. Market Performance - The stock has shown a performance trend with a notable increase of 57% from December 2024 to December 2025, reflecting positive market sentiment towards the company's growth prospects [8].

Group 1 - The A-share market saw a significant rise in the photoresist sector, with companies such as Wogang Optoelectronics and Wavelength Optoelectronics increasing by over 6% [1] - Other companies like Xinyuan Optics and China Shipbuilding Gas also experienced gains of over 3% [1] - The overall positive movement in the sector indicates growing investor interest and potential opportunities within the photoresist industry [1]