华泰联合证券有限责任公司 一、募集资金基本情况 关于深圳光峰科技股份有限公司 2024 年募集资金存放与使用情况的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"） 作为深圳光峰科技股份有限公司（以下简称"光峰科技"、"公司"）首次公 开发行股票并在科创板上市持续督导阶段的保荐机构，根据《证券发行上市保 荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等法律、法规、规章、规范性文件，对光峰科技 2024 年募集资金的存 放与使用情况进行了核查，并发表如下意见： （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意深圳光峰科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2019〕1163 号）核准，公司由主承销 商华泰联合证券采用询价方式，向社会公众公开发行人民币普通股（A 股）股 票 6,800 万股，发行价为每股人民币 17.50 元，募集资金总额为 119,000.00 万元， 坐扣承销及保荐费（不含增值税）9,578.49 万元后的募集资金 ...

上 海 兰 迪 律 师 事 务 所 关于深圳光峰科技股份有限公司 2021 年第二期限制性股票激励计划 作废部分限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16 th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于深圳光峰科技股份有限公司 2021 年第二期限制性股票激励计划 作废部分限制性股票的法律意见书 致：深圳光峰科技股份有限公司 上海兰迪律师事务所接受深圳光峰科技股份有限公司（以下简称"光峰科技" 或"公司"，证券代码为 688007）的委托，为公司实施 2021 年第二期限制性股票 激励计划（以下简称"本激励计划"）所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管 ...

Core Viewpoint - In the first quarter of 2025, the company reported a revenue of 461 million yuan, marking a year-on-year growth of 3.67%, with significant contributions from its automotive optical business, which grew by 64.03% to 78.78 million yuan, showcasing the company's strong capabilities in technological innovation and market expansion [1] Group 1: Financial Performance - The company achieved a revenue of 461 million yuan in Q1 2025, reflecting a 3.67% increase year-on-year [1] - The automotive optical business saw a remarkable growth of 64.03%, generating 78.78 million yuan in revenue [1] Group 2: Automotive Business Expansion - The company secured three high-quality projects from well-known domestic and international automotive manufacturers, reinforcing its leading position in the automotive optical sector [2] - A notable project awarded in March 2025 involves a major international automotive company, focusing on new product applications in smart cockpits for global series models [2] - The company has partnered with Huawei, supplying automotive projection systems for the Wanjie M8 and 2025 Wanjie M9, with over 150,000 units delivered in 2024 [2] Group 3: Technological Innovation - The company continues to invest in core technologies and components, focusing on AR/AI, robotics, and automotive optics [4] - A strategic partnership with Valeo was established to launch a new generation of automotive lighting solutions, enhancing vehicle safety and comfort [4] - The company's products were showcased at the Osaka Expo, demonstrating its technical strength and successful entry into overseas markets [4] Group 4: Future Development Plans - The founder and CEO outlined plans to enhance competitiveness through resource investment in upstream strategic directions, organizational changes, and exploring new market opportunities [5] - The company acknowledges the cyclical nature of business operations and emphasizes the importance of strategic patience and determination [5]

Industry Overview - The projector industry has seen rapid development since 2016, driven by consumer-level penetration, new light source applications, and the expansion of online channels [1][17] - The COVID-19 pandemic significantly impacted the industry in 2020, causing fluctuations in shipment volumes [1][17] - As of 2023, the projector shipment volume in China is expected to grow annually, with an estimated total shipment of approximately 5.5 million units in 2024 and a projected 9.26 million units by 2028 [1][17] Market Structure - The projector market is primarily divided into home and commercial segments, with home projectors accounting for over 80% of the market share in 2024 [18] - The consumer base is becoming younger, leading to increased demand for smart home entertainment solutions [18] Industry Development History - The projector industry in China can be divided into three stages: the embryonic phase (1990-2000), the initial phase (2000-2010), and the rapid development phase (2010-present) [5] - The market for home projectors has grown significantly, with nearly 70% market share in 2022 [5] Industry Chain - The projector industry chain consists of three main segments: upstream (core components like chips and lenses), midstream (manufacturers), and downstream (end-user applications) [7][9] - Upstream suppliers include companies like Rockchip, Allwinner Technology, and Sony, while midstream manufacturers include companies like XGIMI and Fengmi [9] Key Companies - XGIMI Technology has established itself as a leading domestic brand, achieving full-chain self-research capabilities and strong sales performance [21][23] - Other notable companies in the industry include BenQ, Epson, Sony, and Panasonic, which dominate the commercial projector market [21] Market Trends - Online channels are becoming a significant sales avenue for projectors, shifting the consumer structure from B2B to B2C [27] - The consumer market is expected to continue growing, driven by the demand for high-quality home entertainment experiences [28] - New application scenarios, including automotive and AR/VR technologies, are emerging as growth points for the industry [30]

Core Viewpoint - Valeo and Guangfeng Technology have announced a strategic partnership to launch a new generation of automotive lighting solutions featuring Guangfeng's ALL-in-ONE color laser headlights at the 2025 Shanghai Auto Show [1][3] Group 1: Company Overview - Valeo is a globally recognized high-tech enterprise in the mobility sector, leading in electrification, advanced driver assistance systems, and intelligent lighting [3] - Guangfeng Technology's ALL-in-ONE laser headlights integrate multiple advanced technologies into a compact module, enabling adaptive high beams, road surface projection, and in-car cinema functions [3] Group 2: Technological Advancements - The lighting system equipped with Guangfeng's optical system can switch between different lighting modes based on driving scenarios, such as using high beams on highways and anti-glare modes in urban areas, with a brightness adjustment feature of 10 levels [5] - Guangfeng's ALPD® semiconductor laser technology allows the lighting module to achieve brightness up to 10 times that of standard automotive LEDs, with a 200% increase in luminous flux and lower energy consumption [5] Group 3: Strategic Implications - The partnership is expected to enhance both companies' positions in the next-generation lighting sector, combining Guangfeng's advanced laser technology with Valeo's extensive experience in automotive lighting design and manufacturing [11] - Valeo's established customer base includes leading automotive manufacturers like Mercedes-Benz and BMW, providing direct access to top-tier automotive supply chains [11] - The collaboration is anticipated to open up new opportunities for Guangfeng in the overseas automotive optical market, leading to increased cash flow and profit growth [11][12]

Group 1 - The Shanghai Auto Show showcased robots as models, with companies like Guangfeng Technology using humanoid robots for presentations [1] - Guangfeng Technology's CEO highlighted the potential of integrating laser technology in vehicles, envisioning future robots as smaller versions of cars that assist in daily tasks [1] - The company has secured 13 vehicle-mounted projects, expanding its offerings in automotive applications [1] Group 2 - The Chinese automotive industry is experiencing a strategic opportunity, with a strong integration of smart electric vehicles and consumer electronics [2] - Guangfeng Technology's "Lingjing" intelligent vehicle optical system leverages AI to enhance user interaction, allowing voice commands to control projection devices [2] - The new solution includes seven application scenarios, such as ambient projection and dynamic ground lighting, improving both safety and entertainment for users [2]

Core Insights - The article highlights the innovative advancements of Guangfeng Technology in the automotive optical system sector, particularly with the launch of the "Lingjing" intelligent vehicle optical system at the 2025 Shanghai Auto Show, which aims to enhance user experience through voice-controlled optical devices [2][3] - Guangfeng Technology's automotive optical business has surpassed 600 million yuan in 2024, achieving this milestone in just three years since entering the market [2][3] - The company has transitioned from being an industry newcomer to a significant supplier, recently securing exclusive supply qualifications for a leading international automotive brand [2][3] Business Strategy - In 2021, Guangfeng Technology outlined a strategic blueprint focusing on "core technology + core components + application scenarios" to penetrate the automotive optical market [3] - The company has established deep collaborations with major domestic new energy vehicle manufacturers, creating a stable and efficient supply chain and quality system [3] R&D Challenges - The development of the vehicle projection system involved extensive testing, including over ten thousand tests to ensure the stability of the projection screen under extreme conditions [4][5] - The company invested over 80 million yuan in the "screen challenge," emphasizing the importance of team spirit and perseverance in overcoming technical hurdles [5] Future Outlook - Guangfeng Technology aims to accelerate the localization of laser technology and achieve breakthroughs in upstream core technologies, with a focus on expanding application scenarios [3][6] - The company is also exploring the integration of AI with automotive optics and other fields, such as AR glasses and robotics, to drive new market opportunities [5][6] Entrepreneurial Philosophy - The founder of Guangfeng Technology believes that successful entrepreneurial teams are driven by a strong desire for exploration and innovation, contrasting with teams that pursue entrepreneurship for other reasons [6][7] - The company has raised over 100 million USD in funding, reflecting its commitment to hard technology innovation and the value of time compounding in business growth [6][7]

Group 1 - The Shanghai Auto Show 2025 opened on April 23, attracting global attention in the automotive industry, with Guangfeng Technology showcasing its latest intelligent vehicle optical system [1][5] - Guangfeng Technology presented a futuristic vehicle at the auto show, highlighting the deep integration of vehicle optical systems and AI technology, which is expected to lead a new trend in the automotive optical field [2][3] - Since its establishment in 2007, Guangfeng Technology has rapidly industrialized its ALPD semiconductor laser source technology, gaining significant orders from leading domestic and international automotive companies, with a total of 13 designated projects [4] Group 2 - The 2025 Shanghai Auto Show, held from April 23 to May 2, features nearly 1,000 renowned companies from 26 countries and regions, with an exhibition area exceeding 360,000 square meters, marking a new record in scale [5] - The auto show serves as a crucial platform for automotive companies to showcase the latest technologies and products, as well as an opportunity for industry professionals to exchange ideas and explore future developments [5]

证券代码：688007 证券简称：光峰科技 公告编号：2025-011 深圳光峰科技股份有限公司 关于 2025 年度以集中竞价交易方式首次回购公司股份的公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/10 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 6 个月 | | 预计回购金额 | 1,000 万元~2,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 26.67 万股 | | 累计已回购股数占总股本比例 | 0.0581% | | 累计已回购金额 | 384.27 万元 | | 实际回购价格区间 | 14.31 元/股~14.47 元/股 | 一、 2025 年度回购股份的基本情况 公司于 2025 年 4 月 9 日召开第三届董事会第六次会议，审议通过《关于 2025 年度以集中竞价交易方式回购公司股份方 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][10]. Core Views - The company has successfully showcased its laser display technology at the Osaka World Expo, enhancing its global market presence [3][5]. - Continuous expansion into new application scenarios for laser displays, including automotive displays and laser engraving machines, is expected to drive new growth [4][6]. - The company is recognized as a global leader in laser display technology, with projected revenue from automotive displays exceeding 600 million in 2024, marking a significant growth trajectory [4][10]. Summary by Relevant Sections Company Performance - The company utilized nearly 100 laser projection devices at the World Expo to create impactful visual experiences for various pavilions, including the China Pavilion [3][5]. - The application of the company's technology at the Expo demonstrates its technical strength and aids in the dissemination of its products globally [5]. New Growth Opportunities - The company is set to showcase its automotive optical display solutions at the Shanghai Auto Show, with innovations such as window displays and laser headlights [4][6]. - The introduction of a laser engraving machine at the Hong Kong Spring Electronics Fair is anticipated to provide additional growth momentum [6][9]. Financial Projections - The company forecasts net profits for 2024-2026 to be 30 million, 200 million, and 260 million respectively, with year-on-year changes of -72%, +603%, and +27% [4][10]. - Corresponding price-to-earnings ratios are projected to be 237, 34, and 27 times for the same periods [10].