Core Viewpoint - The company, Ruichuang Micro-Nano, has shown significant stock performance and financial growth, indicating strong market interest and operational success in the semiconductor and defense electronics sectors [1][2]. Financial Performance - As of June 30, 2025, Ruichuang Micro-Nano reported a revenue of 2.544 billion yuan, representing a year-on-year growth of 25.82% [2]. - The net profit attributable to shareholders for the same period was 351 million yuan, reflecting a substantial increase of 56.46% year-on-year [2]. - Cumulatively, the company has distributed 295 million yuan in dividends since its A-share listing, with 162 million yuan distributed over the past three years [3]. Stock Performance - The stock price of Ruichuang Micro-Nano increased by 56.30% year-to-date, with a 1.17% rise over the last five trading days, 7.80% over the last 20 days, and 14.50% over the last 60 days [1]. - As of September 16, the stock was trading at 73.35 yuan per share, with a market capitalization of 33.758 billion yuan [1]. Shareholder Structure - The number of shareholders decreased by 17.63% to 13,800 as of June 30, 2025, while the average number of circulating shares per person increased by 21.95% to 33,156 shares [2]. - Notable changes in institutional holdings include a decrease in shares held by Hong Kong Central Clearing Limited and an increase in holdings by the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF [3]. Business Overview - Ruichuang Micro-Nano, established in December 2009 and listed in July 2019, specializes in the design and manufacturing of specialized integrated circuits, MEMS sensors, and infrared imaging products [1]. - The company's main revenue sources include infrared thermal imaging and optoelectronic business (94.48%), microwave radio frequency business (2.94%), and other segments (2.59%) [1].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - The civil application of infrared technology is entering a period of explosive growth, characterized by the miniaturization and integration of detectors, along with deep integration with AI technology, which is driving the continuous expansion of application scenarios [23][41][42] Summary by Sections Event Overview - The CIOE Infrared Technology & Application Exhibition showcased leading enterprises releasing new products and full-scenario solutions, highlighting strong technological capabilities [23] Company Innovations - Raytron Technology's Turing M micro-module, featuring 8μm technology, won the "CIOE Innovative Product Award" and is redefining infrared sensing boundaries through full-chain innovation [24][25] - Guide Infrared presented a comprehensive technology portfolio and scenario-based new product matrix, focusing on the integration of infrared technology with immersive experiences [31] - Hikvision Microelectronics demonstrated its MEMS technology, achieving full-chain coverage from 12μm detectors to multi-scenario cores, showcasing its deep layout in the intelligent IoT field [37] Application Scenarios - Five key scenarios empowered by infrared technology include industrial safety, visual security, outdoor exploration, automotive-grade systems, and intelligent robotics, each demonstrating significant advancements in functionality and performance [26][29][30][32][36] - The RG630 handheld gas imager integrates an 8μm detector and AI algorithms, achieving a false alarm rate of less than 0.5% in petrochemical scenarios [26] - The automotive-grade infrared system supports a wide temperature range and enhances night-time pedestrian recognition distance to 200m, surpassing competitors [29] Market Trends - The integration of optical communication and infrared technology is a highlight, with products indicating that the combined application of "infrared + AI + 5G" is poised for explosive growth [40] - The trend towards low-cost and high-performance infrared technology is evident, with mature mass production processes driving down prices for civil products [42]

| 证券代码：688002 | 证券简称：睿创微纳 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | | 烟台睿创微纳技术股份有限公司 关于实施 2025 年半年度权益分派调整可转债转股价格 暨可转债转股连续停牌的提示性公告 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： 式的分配。 如在通过本次利润分配预案的董事会决议之日起至实施权益分派股权 登记日期间，公司总股本（扣除公司回购专用证券账户中的股份）发生变动的， 拟维持每股分配金额不变，相应调整分红总额。具体内容详见公司 2025 年 8 月 29 日于上海证券交易所网站（www.sse.com.cn）披露的《烟台睿创微纳技术股份有 限公司关于 2025 年半年度利润分配方案公告》（公告编号：2025-058）。 公司于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议通过《关于提请 股东大会授权董事会决定 2025 年各季度利润分配方案的议案》，公司股东大会 ...

Group 1 - The company announced a rights distribution for the first half of 2025, leading to the suspension of the conversion of "Rui Chuang Convertible Bonds" and an adjustment in the conversion price [1] - The conversion price was adjusted from 39.21 CNY per share to 39.13 CNY per share [1] - The suspension of conversion will take place from September 18, 2025, until the record date for the rights distribution, with conversion resuming on the first trading day after the record date [1] Group 2 - The company will disclose the implementation announcement of the rights distribution and the adjustment of the conversion price on September 19, 2025 [1]

Core Viewpoint - The 26th China International Optoelectronic Exposition (CIOE) showcases over 3,800 global optoelectronic companies, focusing on the integration of "optoelectronics + applications" to drive innovation and development in the industry [1] Group 1: Event Overview - The CIOE 2025 is held in Shenzhen, featuring eight major themes including information communication, precision optics, camera technology, laser and intelligent manufacturing, infrared & ultraviolet, intelligent sensing, new displays, AR & VR, and optoelectronic innovation [1] - The event includes ten special display areas to enhance the integration of technology and applications, aiming for a synergistic effect in the optoelectronic industry [1] Group 2: Dual Exhibition Model - The CIOE is held concurrently with the SEMI-e Shenzhen International Semiconductor Exhibition, creating a dual exhibition model that spans 300,000 square meters [3] - This model facilitates the integration of the optoelectronic and semiconductor industries, providing a platform for efficient communication and collaboration across the supply chain [3] Group 3: Optical Communication Advances - The demand for AI computing power is driving the deployment of 800G and 1.6T technologies, with major companies showcasing their advancements in optical communication at the CIOE [6] - Companies like LightSpeed Technology and Lixun Technology present innovative products and solutions aimed at enhancing AI data centers and optical interconnects [6] Group 4: Intelligent Vision and Optical Innovation - The development of intelligent vision is pushing optical technology innovations across various applications, with companies like Sunny Optical and Phoenix Optical showcasing cutting-edge products [8] - The exhibition highlights advancements in automotive camera modules, AR waveguides, and machine vision systems [8] Group 5: Laser Industry Transformation - The laser industry is undergoing a transformation towards intelligent manufacturing, with AI technologies penetrating the entire laser supply chain [10] - Companies like Han's Laser and Raycus Laser are presenting their latest products and solutions aimed at high-end manufacturing [11] Group 6: Infrared Technology Expansion - The civilian application of infrared technology is entering a period of rapid growth, with a focus on miniaturization and integration alongside AI [13] - Leading companies are showcasing innovative infrared modules and solutions for various sectors, including industrial temperature measurement and security [13] Group 7: Sensor Technology Innovations - The trend of multi-sensor fusion is prominent in the sensor industry, with companies like ams OSRAM and Chipone Technology presenting their latest sensor solutions [15] - Innovations in time-of-flight (ToF) technology and environmental sensing capabilities are highlighted [15] Group 8: New Display Technologies - The new display technology segment showcases diverse applications and innovations, with companies like YG Electronics and Visionox presenting their latest advancements [17] - The exhibition features solutions for semiconductor display vacuum coating and micro-OLED displays [17] Group 9: Research and Industry Collaboration - The event emphasizes the collaboration between industry, academia, and research institutions, showcasing over 20 top research units and their technological breakthroughs [20] - This collaboration aims to bridge the gap between laboratory research and market application, driving high-quality development in the optoelectronic industry [20] Group 10: Forums and Discussions - The CIOE hosts over 90 industry, application, and academic forums, gathering global experts to discuss trends and innovations in the optoelectronic field [21] - Key topics include AI-driven optical transmission technologies and the integration of optical technologies in emerging applications like smart vehicles and AR glasses [21]

Group 1 - The core viewpoint is that the 科创100ETF fund has shown significant growth, with a 3.63% increase and a total scale of 57.64 billion, making it the largest in its category [1][2] - Semiconductor stocks are experiencing a strong performance, driven by Oracle's announcement of a 359% year-on-year increase in unmet performance obligations, reaching 455 billion [1] - The ongoing global AI computing power competition is expected to drive demand in the semiconductor and consumer electronics sectors, with a focus on innovation and recovery in demand [1] Group 2 - The 科创100ETF fund closely tracks the 上证科创板100 index, which selects 100 securities from the Sci-Tech Innovation Board based on market capitalization and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the 上证科创板100 index account for 23.82% of the index, including companies like 东芯股份 and 华虹公司 [2]

Summary of Key Points Core Viewpoint - Yantai Ruichuang Micro-Nano Technology Co., Ltd. is expected to trigger the conditional redemption clause for its convertible bonds, "Ruichuang Convertible Bonds," if certain stock price conditions are met [2][6]. Group 1: Convertible Bond Issuance and Conditions - The company issued 15,646,900 convertible bonds at a face value of 100 RMB each, raising a total of 156,469.00 million RMB, with a net amount of 155,479.06 million RMB after expenses [2][3]. - The initial conversion price for the convertible bonds was set at 40.09 RMB per share, which has been adjusted multiple times due to stock incentive plans and annual profit distributions, currently standing at 39.35 RMB per share [4][5]. Group 2: Redemption Terms and Trigger Conditions - The redemption terms state that if the company's stock price remains at or above 130% of the conversion price for a specified number of trading days, the company has the right to redeem the bonds at face value plus accrued interest [5][6]. - As of the period from August 28, 2025, to September 10, 2025, the stock has already closed above the required threshold for 10 trading days, and if it continues to meet the criteria, the redemption clause will be triggered [2][6]. Group 3: Future Actions and Announcements - Upon triggering the redemption clause, the company will convene a board meeting to decide whether to redeem the bonds and will disclose the decision the next trading day [6].

| 证券代码：688002 | 证券简称：睿创微纳 公告编号：2025-067 | | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | 烟台睿创微纳技术股份有限公司 关于 "睿创转债" 预计满足赎回条件的提示性公告 烟台睿创微纳技术股份有限公司（以下简称"公司"）的股票自 2025 年 8 月 28 日至 2025 年 9 月 10 日期间，已有 10 个交易日的收盘价不低于当期转 股价格的 130%（即 50.973 元/股），若未来连续 20 个交易日内，公司股票有 5 个交易日的收盘价格不低于当期转股价的 130%（含 130%），将触发《烟台睿创 微纳技术股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）中规定的有条件赎回条款，公司有权决定按照债券面值 加当期应计利息的价格赎回全部或者部分未转股的"睿创转债"。 根据《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 的有关规定，公司将可能触发可转换公司债券有条件赎回条款的相关情况公告如 下： 一、可转债发行上市概况 根据中国证券监督管理委员会出具的《关于同意烟台睿创 ...

9月9日，睿创微纳盘中下跌2.02%，截至13:27，报72.41元/股，成交2.17亿元，换手率0.64%，总市值 333.26亿元。 机构持仓方面，截止2025年6月30日，睿创微纳十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1316.61万股，相比上期减少226.72万股。嘉实上证科创板芯片ETF（588200）位居第六大 流通股东，持股865.23万股，相比上期增加92.37万股。南方中证500ETF（510500）位居第七大流通股 东，持股536.84万股，相比上期增加76.52万股。南方军工改革灵活配置混合A（004224）位居第八大流 通股东，持股486.49万股，为新进股东。兴业兴睿两年持有期混合A（013910）位居第九大流通股东， 持股452.45万股，相比上期减少64.22万股。景顺长城新能源产业股票A类（011328）退出十大流通股东 之列。 资金流向方面，主力资金净流入176.81万元，特大单买入2415.32万元，占比11.11%，卖出1751.44万 元，占比8.06%；大单买入4065.75万元，占比18.71%，卖出4552.82万元，占比20.95%。 责 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 2.544 billion yuan in the first half of 2025, representing a year-on-year growth of 25.82%, and a net profit attributable to shareholders of 351 million yuan, up 56.47% year-on-year [5][11]. - The growth is driven by simultaneous demand release in multiple domestic and international sectors, with product technology upgrades and capacity expansion supporting operational improvements and cost reductions [2][11]. - The company is advancing its non-cooling infrared detector chip technology towards miniaturization, lightweight design, and high resolution, while also expanding its millimeter-wave radar product line into satellite internet terminals and 4D vehicle imaging radar [2][11]. - The establishment of an artificial intelligence subsidiary aims to enhance AI applications across various business areas, thereby improving the company's long-term competitiveness [2][11]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.407 billion yuan, a year-on-year increase of 38.67% and a quarter-on-quarter increase of 23.82% [5]. - The gross profit margin for the first half of 2025 was 50.72%, an increase of 1.26 percentage points year-on-year, with Q2 gross profit margin reaching 54.57%, up 2.31 percentage points year-on-year and 8.61 percentage points quarter-on-quarter [11]. - The company’s operating expenses ratio decreased to 32.15%, down 1.81 percentage points year-on-year, leading to a net profit margin increase of 2.83 percentage points to 11.37% [11]. Business Segments - The infrared thermal imaging and optoelectronic business revenue grew by 36.56% year-on-year to 2.403 billion yuan, while the microwave RF business revenue declined by 65.88% to 75 million yuan [11]. - The company is actively pursuing projects in various fields, including smart guidance, optoelectronic pods, individual soldier equipment, and unmanned equipment, in line with its strategic plans [11]. Future Outlook - The company expects to achieve net profits attributable to shareholders of 860 million yuan, 1.179 billion yuan, and 1.655 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 38, 28, and 20 times [11].