Core Viewpoint - Guangfeng Technology's stock rose by 5.28% to 18.74 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 1.57%, resulting in a total market capitalization of 8.613 billion CNY [1] Company Overview - Guangfeng Technology, established on October 24, 2006, and listed on July 22, 2019, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and leasing of core components and complete products for laser display [1] - The revenue composition of Guangfeng Technology includes: 48.23% from laser optical engines, 44.37% from laser projection machines, 6.98% from other sources, and 0.42% from supplementary sources [1] Fund Holdings - Huashan Fund has a significant holding in Guangfeng Technology, with the Huashan CSI 1000 Index Enhanced A Fund (015148) holding 10,900 shares, accounting for 0.4% of the fund's net value, making it the eighth largest holding. The estimated floating profit today is approximately 10,300 CNY [2] - The Huashan CSI 1000 Index Enhanced A Fund was established on July 12, 2022, with a latest scale of 45.938 million CNY. Year-to-date returns are 23.13%, ranking 1953 out of 4206 in its category, while the one-year return is 22.42%, ranking 2043 out of 3986 [2]

Core Viewpoint - The successful debut of the QUASAR (Starry Sky) full-color laser spotlight by Guangfeng Technology at the closing ceremony of the 15th National Games highlights its advanced features and potential in the professional lighting market [1] Product Features - The QUASAR spotlight utilizes 300 units to create a core lighting system, achieving a powerful visual effect with high brightness and color purity [1] - It features an 850W full-color laser light source, achieving an illuminance of 60,000 lux at a distance of 100 meters, significantly outperforming industry standards [1] - The visible distance of the QUASAR spotlight reaches 10 kilometers, a breakthrough compared to the typical range of 2 to 5 kilometers for mainstream spotlights [1] Color Performance - The product includes 50 sets of LEE colors and a 16-bit high-precision full-color mixing engine, covering 98% of the BT2020 color gamut and capable of producing 16.77 million colors [1] - This extensive color palette allows for precise execution of celebration theme colors and smooth color transitions [1] Reliability and Durability - The QUASAR spotlight meets IP66 protection standards, making it resistant to heavy rain and dust, and operates in temperatures ranging from -40°C to 40°C [1] - It features a long-lasting laser light source designed for over 5 years of stable operation, reducing maintenance costs [1] Performance and Application - The spotlight's laser source has virtually no delay, allowing for instant effects without warm-up time or lag in color switching [1] - It is suitable for various applications, including large celebrations, urban landmark lighting, cultural tourism night tours, theme parks, and outdoor music festivals [1] Market Strategy - Guangfeng Technology aims to penetrate the global professional lighting market, leveraging the growing demand for high-brightness laser sources in the recovering cultural tourism and large-scale performance sectors [1] - The QUASAR spotlight is set to be officially launched at the ISE International Audiovisual Integration Equipment and Technology Exhibition in early 2026, promoting "Chinese intelligence" in lighting technology on international stages [1]

光峰科技Quasar全彩激 11月21日，第十五届全运会闭幕式在深圳前海欢乐剧场举行。以海天为幕，以城市为景，这是全运会历 史上第一次把闭幕式搬到了海滨实景舞台，为全国观众带来了一场精彩的文化艺术盛宴。 作为深圳本土的科技企业，光峰科技（688007.SH）携全新研发的，全球首款高功率全彩激光探照灯助 力全运会闭幕式，作为主舞台灯之一，服务整场演出打造海天一色的磅礴视觉效果，为盛会增添科技与 艺术交融的绚丽色彩。 光探照灯首秀第十五届全运会闭幕式 科技舞美服务闭幕式盛典 本次全运会闭幕式，粤港澳大湾区三地演员同台献艺，科技元素、岭南文化和大湾区的人文特色表现其 中，《遥远的歌谣》《大湾区交响》等多个节目都给观众留下了深刻的印象。 舞台最大的亮点之一，就是创新性地将陆域看台、水域舞台与城市背景融为一体，打造出名副其实 的"城市全景闭幕式"。而灯光则成为串联这一切的"点睛之笔"，它将不同元素巧妙结合，最终构成了这 场震撼全场的视觉盛宴。 光峰科技Quasar全彩激 光探照灯打造全运会闭幕式震撼光效 据光峰科技介绍，为呈现闭幕式导演组要求的恢宏、庄重的灯光效果，公司共投入超过300台Quasar全 彩激光探照灯，分 ...

Core Insights - The Laser Illuminated Projector Association (LIPA) held its 2025 annual conference in New York, featuring key players like Texas Instruments, Barco, Epson, and Panasonic, with GuoFeng Technology as the only council member from China [1] - GuoFeng Technology's Senior Director, James Tian, presented on the accelerating shift of AR glasses from professional to consumer markets, driven by advancements in AI technology [1] - The LCoS lighting module, which includes both LED and laser sources, is highlighted for its superior optical performance, with laser sources offering better beam directionality, monochromaticity, and brightness compared to LED [1] Company Developments - GuoFeng Technology has leveraged over a decade of technological expertise to convert its advantages into competitive products, particularly in the AR glasses sector [1] - The company has optimized its production processes based on first principles, significantly improving yield rates and reducing manufacturing costs, which enhances the competitiveness of its AR glasses [1] Product Highlights - The Dragonfly G1 optical engine features a single-eye resolution of 640x200, a field of view (FOV) of approximately 25°, and a compact size of about 0.35cc, making it suitable for various eyewear designs [1] - The Rainbow C1 RGB full-color LCoS optical engine supports both single and dual AR display options, with resolutions of 640x480 or 960x720, and a FOV of around 30°, catering to applications like navigation and gaming [1] Market Trends - The consumer-grade AR glasses market is rapidly emerging, with optical technology choices being critical for industry breakthroughs [1] - GuoFeng Technology's advancements are expected to lead to lower prices and enhanced experiences for AR glasses, facilitating a shift from niche products to everyday essentials [1]

证券代码：688007 证券简称：光峰科技 公告编号：2025-053 深圳光峰科技股份有限公司关于 参加2025年度深圳辖区上市公司 集体接待日活动的公告 特此公告。 深圳光峰科技股份有限公司董事会 2025年11月15日 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。 为增进投资者对深圳光峰科技股份有限公司（以下简称"公司"）价值及经营理念的认同感，以及加强与 投资者的互动交流，公司将参加由深圳证监局与中证中小投资者服务中心指导，深圳上市公司协会与深 圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司网上集体接待日"活动，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net）或关注微信公 众号：全景财经，或下载全景路演APP参与本次投资者集体接待日活动，活动时间为2025年11月20日 （星期四）14:30至17:00，其中公司与投资者线上互动交流的时间为15:40至17:00。 届时公司管理层将在线就公司业绩、发展战略、经营情况、可持续发 ...

证券代码：688007 证券简称：光峰科技 公告编号：2025-053 深圳光峰科技股份有限公司 关于参加 2025 年度深圳辖区上市公司集体接待日活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）或关注微信公众号：全景财经，或下载全景路演APP参与 本次投资者集体接待日活动，活动时间为2025年11月20日（星期四）14:30至 17:00，其中公司与投资者线上互动交流的时间为15:40至17:00。 届时公司管理层将在线就公司业绩、发展战略、经营情况、可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 深圳光峰科技股份有限公司董事会 2025 年 11 月 15 日 1 为增进投资者对深圳光峰科技股份有限公司（以下简称"公司"）价值及 经营理念的认同感，以及加强与投资者的互动交流，公司将参加由深圳证监局 与中证中小投资者服务中心指导，深圳上市公司协会与深圳市全景网络有限 ...

Core Insights - The 27th High-Tech Fair in Shenzhen showcases technological innovations, with a focus on the theme "Technology Empowers Industrial Integration to Create a Future" [1] - Guangfeng Technology (688007) presents its self-developed LCoS AR light engines, Dragonfly G1 and Rainbow C1, highlighting breakthroughs in optical performance, cost control, and power management [1] Company Highlights - Guangfeng Technology's Dragonfly G1 light engine features a "single light engine driving dual-eye display" architecture, allowing for compact design and efficient power consumption, with a typical single-eye light source power consumption of approximately 55 nit/mW [1] - The Rainbow C1 light engine supports both single and dual-eye AR display solutions, with a resolution of either 640x480 or 960x720, showcasing strong adaptability for full-color AR scenarios [1] - The showcased LCoS AR light engines enhance user experience in AR glasses and inject new vitality into the semiconductor ecosystem [1] Industry Insights - According to IDC's report, global smart glasses shipments are expected to reach 12.8 million units by 2025, representing a year-on-year growth of 26%, with China's market expected to reach 2.75 million units, a year-on-year increase of 107% [1] - Guangfeng Technology's original laser technology is widely applied in various fields, including cinema projection, automotive optics, professional displays, and home entertainment [1]

Industry Overview - The projector industry can be categorized by light source type (laser, LED, bulb, and hybrid), display technology (DLP, LCD, LCOS, CRT), and intelligence (smart and non-smart projectors) [1] - The industry chain consists of three main segments: upstream (components supply), midstream (manufacturing), and downstream (application and sales channels) [3][6] Industry Development - The projector industry in China has evolved through several phases since its inception around 1998, currently entering a prosperous period characterized by diverse product offerings and advanced production technologies [8] Policy Support - Government initiatives such as "Made in China 2025" and "Cultural Power" have significantly boosted the projector industry, leading to technological upgrades and collaborative development across the supply chain [10] - Various policies have been introduced to promote consumption and product upgrades, including incentives for replacing old appliances with new energy-efficient models [11][12] Market Performance - Different organizations report varying statistics on projector shipments in China for 2024, with estimates ranging from approximately 519 million to 689 million units [14] - The online retail market for projectors is expected to rebound in 2024, driven by major events and promotional activities, with a projected 6.5% year-on-year increase in sales volume [15] - The smart projector penetration rate in China is nearing 90%, reflecting a trend towards intelligent devices [16] Market Size and Revenue - The Chinese projector market is projected to reach approximately 136.5 billion yuan in 2024, despite a decline in sales revenue due to increased sales of lower-priced products [19] Competitive Landscape - The distribution of projector-related companies in China is concentrated in the southeastern coastal regions, with collaboration from central regions and major cities like Beijing and Shanghai [20] - In 2024, the leading brands in the domestic projector retail market include XGIMI and Xiaomi, with Xiaomi gaining significant market share through popular products [25] Future Outlook - The Chinese projector market is expected to exceed 26.9 billion yuan by 2030, driven by policy support, consumer demand for high-quality products, and technological advancements [26] - The industry is witnessing accelerated technological innovation, with laser technology becoming mainstream and increasing focus on high-resolution products [30] - The market is expanding into new application scenarios, including home entertainment, business, and education, with emerging trends in AR and immersive experiences [30]

Group 1 - The report highlights the positive sentiment around the Chinese economy, driven by policy support and a focus on high-quality development, as evidenced by President Xi Jinping's visit to Guangdong to promote reform and stability [3][29] - In the equity market, major indices showed slight increases, with the Shanghai Composite Index rising over 1% and the CSI 300 gaining 0.82% [3] - The bond market experienced a net withdrawal of funds amounting to 15,722 billion yuan, but liquidity is expected to improve in the coming months [3][27] Group 2 - The report on the monetary fund sector indicates a trend of extending durations and reducing holdings in certificates of deposit, with a shift towards financial bonds [5][30] - The monetary fund's net asset value reached approximately 14.63 trillion yuan, reflecting a seasonal growth trend [30] - The report anticipates continued expansion in the monetary fund sector, supported by the maturity of high-interest fixed deposits and regulatory adjustments favoring liquidity [30][31] Group 3 - The REITs market in China showed a cooling trend, with the CSI REITs Index declining by 3.8% and a significant drop in trading volume [6][8] - Despite the downturn, there are opportunities in the REITs market, particularly in defensive assets like rental housing and municipal infrastructure [8] - The report suggests a dual strategy of focusing on stable cash flow assets while exploring rebound opportunities in undervalued sectors [8] Group 4 - The coal-to-gas industry is experiencing a revival due to improved market pricing mechanisms and technological advancements, with 12 projects planned to produce a total of 440 billion cubic meters per year [9][10] - The report estimates that a coal-to-gas project with an annual output of 2 billion cubic meters could achieve a net profit of nearly 1.6 billion yuan under current pricing conditions [9] - The existing pipeline capacity for transporting gas from the west to the east is sufficient to accommodate the new coal-to-gas projects, facilitating regional price arbitrage [9] Group 5 - The report on Huamao Technology indicates a strong growth trajectory, with a projected increase in net profit from 300 million yuan in 2025 to 510 million yuan by 2027, driven by strategic acquisitions and market demand for AI-related products [11][17] - The company is expected to benefit from high growth in its optical module business, with significant revenue contributions anticipated from 800G and 400G products [17] - The acquisition of Fuchuang Youyue is expected to enhance Huamao's profitability and market position in the AI sector [11][17] Group 6 - The report on XGIMI Technology highlights a positive trend in domestic sales, with a revenue increase of 2.0% year-on-year, while overseas sales are expected to improve significantly due to strategic adjustments [18][34] - The company is focusing on expanding its commercial product line and leveraging its technological advantages to capture market share in the competitive landscape [34] - Profitability is projected to improve as the company reduces losses in its automotive segment and launches new commercial products [34] Group 7 - The report on Xinbao Co. indicates a decline in overseas sales due to macroeconomic pressures, while domestic sales have shown growth [19][36] - The company has managed to maintain profitability through effective cost control and operational efficiency, with a net profit increase of 7.1% year-on-year [19][37] - Future growth is anticipated as the company continues to optimize its operations and respond to market demands [19][38] Group 8 - The report on Guangfeng Technology indicates a challenging environment with a significant decline in revenue and profits, attributed to economic slowdown and increased competition [39] - The company is undergoing a critical transformation phase, focusing on core technologies and emerging business areas to establish new growth avenues [39]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is experiencing pressure on revenue and profits due to economic slowdown and intensified competition in certain business areas. However, it is in a critical transformation phase, focusing on a strategy of "core technology + core components + application scenarios," which has shown significant progress in emerging business areas, potentially creating a new growth curve [2] - The company has launched new products in the AR glasses and underwater laser radar sectors, which are expected to become core growth drivers. The AR glasses based on the LCOS solution and the first consumer-grade visible light underwater laser radar are anticipated to ignite market enthusiasm and open new market opportunities [2] - The automotive business is also expected to contribute significantly to future performance as it scales up production from designated projects [2] Financial Performance Summary - For Q3 2025, the company reported a gross margin of 32.0%, an increase of 2.5 percentage points year-on-year. However, the operating expense ratio rose to 32.9%, up 8.5 percentage points, leading to a net profit margin of -1.7% [3] - The company has adjusted its profit forecasts for 2025-2026 downwards but raised the forecast for 2027, expecting net profits of -0.73 million, 1.17 million, and 2.42 million for 2025, 2026, and 2027 respectively [3] Financial Data and Valuation - Projected revenue for 2025 is 2,338.65 million, with a growth rate of -3.30%. The net profit attributable to the parent company is expected to be -72.91 million [4] - The company’s earnings per share (EPS) for 2025 is projected at -0.16, with a price-to-earnings (P/E) ratio of -114.23 [4] Business Segments - The AR glasses optical machine segment is expected to become a core growth point due to successful customer expansion and technological validation [2] - The underwater laser radar segment has launched innovative products that are set to break traditional application barriers, with sales expected to start in 2026 [2] - The automotive business is gaining traction with designated projects, indicating a clear growth outlook [2]