Core Viewpoint - The company, Guangfeng Technology, is actively engaging with major AR glasses brands and is focused on advancing its AR glasses business following the release of its AR light engine solutions, which have garnered significant attention from the industry [2]. Group 1: Company Developments - Guangfeng Technology released two AR light engines, the Dragonfly G1 and Rainbow C1, on September 11, which have attracted high interest from AR glasses brand manufacturers [2]. - The company claims its AR light engine solutions are based on its capabilities in design, customization, and mass production of core components, providing competitive advantages in cost-effectiveness and display quality [2]. - The company is currently expanding its partnerships with both domestic and international leading AR glasses brands, actively promoting the implementation of its AR glasses business [2].

Core Viewpoint - The company emphasizes the importance of overseas market development and actively responds to the impact of US-China tariff policy adjustments by forming a special task force to monitor policy dynamics and adjust business strategies accordingly [1] Group 1: Business Strategy - The company is transforming tariff risk challenges into opportunities for supply chain restructuring and technological upgrades [1] - The company is actively expanding partnerships with core AR glasses brand manufacturers both domestically and internationally [1] Group 2: Product Development - The company's AR optical machine leverages its design, customization, and mass production capabilities in core components, achieving integration of the industrial chain and localization of core components [1] - This results in a competitive advantage in terms of cost-effectiveness and performance, providing superior display effects and user experience for AR glasses [1] Group 3: Market Engagement - The company is fully committed to advancing the implementation of its AR glasses business by engaging with mainstream AR glasses brand clients [1]

Core Viewpoint - In the third quarter of 2025, Guangfeng Technology reported a significant decline in revenue and profits, primarily due to economic downturns and intensified competition, leading to a strategic focus on core technology development and business transformation [3][4][5]. Financial Performance - The company achieved a revenue of 392 million yuan in Q3 2025, a year-on-year decrease of 38.62%, and a cumulative revenue of 1.35 billion yuan for the first three quarters, down 21.31% [4]. - The total profit for Q3 was a loss of 5.96 million yuan, a decline of 118.17% year-on-year, while the net profit attributable to shareholders was a loss of 4.64 million yuan, down 114.48% [4]. - For the first three quarters, the total profit loss reached 14.79 million yuan, a drop of 478.53%, with a net profit loss of 13.56 million yuan, down 415.7% [3][4]. - The net cash flow from operating activities for the first three quarters was 150 million yuan, an increase of 109.19% year-on-year, indicating improved liquidity [5]. Research and Development - R&D investment in Q3 amounted to 55.89 million yuan, a decrease of 7.47% year-on-year, while the total R&D investment for the first three quarters was 180.69 million yuan, an increase of 5.04% [4]. - The proportion of R&D investment to revenue was 14.27% in Q3, up 4.8 percentage points year-on-year, reflecting the company's emphasis on core technology during its business transformation [4]. Business Development - The company launched two new AR optical engines at the 26th China International Optoelectronic Expo, enhancing its competitive edge in the AR glasses market [5]. - Guangfeng Technology introduced two visible light underwater LiDAR products, marking a significant advancement in the industry and entering the complete machine development phase [6].

Core Insights - The company reported a revenue of 392 million yuan for Q3 2025, with a cumulative revenue of 1.353 billion yuan for the first three quarters [1] - The net cash flow from operating activities increased by 109.19% year-on-year, reaching 150 million yuan [1] - The company is in a critical transformation phase, focusing on independent research and development of core components and technology reserves [1] Business Developments - The company has made significant breakthroughs in upstream core components, integrating fundamental design with terminal applications, particularly in laser technology for AR glasses and robotics [1] - At the 26th China International Optoelectronic Expo, the company launched two flagship AR optical machines, the Dragonfly G1 and Rainbow C1, and introduced an innovative "LCoS + PVG waveguide" optical solution for AR glasses [1] - This new optical solution is expected to reduce the retail price of AR glasses to the range of 1,500 to 2,000 yuan, potentially reshaping the pricing structure of the AR glasses market [1] Market Expansion - The company is actively enhancing its design, customization, and mass production capabilities for upstream core components, while expanding partnerships with domestic and international AR glasses brands [2] - The company has launched visible light underwater laser radar products aimed at both consumer and professional markets, with the Yuanmou D1 being the first consumer-grade underwater blue laser radar, achieving a measurement range of 10 meters [2] - The Yuanmou T1 targets the marine economy market, focusing on high-value applications such as marine cadastral surveying and underwater archaeology [2] - The company is entering the complete machine development phase with mainstream brand manufacturers and leading solution providers for visible light underwater laser radar modules [2] Growth Outlook - With the stabilization of the current market and the emergence of hotspots in AR and underwater robotics, the company is poised to initiate a new cycle of high-quality growth as it continues to advance product launches and industry collaboration [2]

Core Insights - Shenzhen Guangfeng Technology Co., Ltd. reported a revenue of 392 million yuan for Q3 2025, with a cumulative revenue of 1.353 billion yuan for the first three quarters [1] - The company achieved a year-on-year increase of 109.19% in net cash flow from operating activities, reaching 150 million yuan [1] - Guangfeng Technology is in a critical business transformation phase, focusing on independent research and development of core components and technology reserves [1] Business Development - The company has made significant breakthroughs in upstream core components, integrating fundamental design with terminal applications, particularly in the fields of AR glasses and robotics [1] - Guangfeng Technology is enhancing its design, customization, and mass production capabilities for upstream core components, actively engaging with domestic and international AR glasses brands [1] - The launch of the D1 underwater laser radar product marks the industry's entry into the "10-meter underwater measurement era," attracting attention from pool robot manufacturers [2] Market Positioning - The company is strategically advancing the product rollout of AR optics and underwater laser radar, leveraging breakthroughs in upstream core components [2] - With the gradual realization of forward-looking layouts and continuous market demand, Guangfeng Technology is expected to enter a new phase of high-quality growth [2]

深圳光峰科技股份有限公司 公 司 章 程 二零二五年十月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和经营范围 | 2 | | 第三章 | 股份 | 2 | | 第四章 | 股东和股东会 | 6 | | 第五章 | 董事和董事会 | 24 | | 第六章 | 高级管理人员 | 37 | | 第七章 | 财务会计制度、利润分配和审计 | 39 | | 第八章 | 通知和公告 | 44 | | 第九章 | 合并、分立、增资、减资、解散和清算 44 | | | 第十章 | 利益相关者、环境保护与社会责任 | 48 | | 第十一章 | 争端解决机制 | 48 | | 第十二章 | 修改章程 | 48 | | 第十三章 | 附则 | 49 | 第一章 总则 第一条 为维护深圳光峰科技股份有限公司（以下简称"公司"）、股东、职工和 债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司章程指引》、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》" ...

Core Insights - Company reported Q3 2025 revenue of 392 million yuan, with a total revenue of 1.353 billion yuan for the first three quarters, and a net cash flow from operating activities increased by 109.19% year-on-year to 150 million yuan [1] - The company is focusing on independent research and development of core components and advancing strategic implementation and business transformation, entering a critical phase of business transition [1] - The company has made significant breakthroughs in upstream core components, integrating fundamental design with end applications, driving the intelligent use of laser technology in emerging scenarios like AR glasses and robots [1] Product Development - The company launched flagship AR optical machines, Dragonfly G1 and Rainbow C1, at the 26th China International Optoelectronic Expo, introducing an innovative "LCoS + PVG waveguide" optical solution for AR glasses [2] - This new solution is expected to significantly reduce the retail price of AR glasses to the range of 1,500 to 2,000 yuan, potentially reshaping the current pricing structure and supporting the industry's goal of mass production [1][2] Market Expansion - The company is enhancing its design, customization, and mass production capabilities for upstream core components, actively engaging with domestic and international AR glasses brands [2] - The company introduced visible light underwater laser radar products targeting both consumer and professional markets, with the YUANMOU D1 being the first consumer-grade underwater blue laser radar, achieving effective measurement capabilities up to 10 meters [2] - The company is participating in industry exhibitions to promote technology and industry exchanges, aiming to accelerate the development of underwater laser radar solutions [2] Growth Potential - With the stabilization of the market and the emergence of hotspots in AR and underwater robotics, the company is poised for a new cycle of high-quality growth driven by breakthroughs in upstream core components and ongoing product launches [2]

Core Insights - The company reported a revenue of 392 million yuan for Q3 2025, with a total revenue of 1.353 billion yuan for the first three quarters, and a net cash flow from operating activities increased by 109.19% year-on-year to 150 million yuan [1] - The company is focusing on independent research and development of core components and is in a critical business transformation phase [1] - The company has made significant breakthroughs in upstream core components, integrating fundamental design with terminal applications, particularly in the use of laser technology for AR glasses and robotics [1] Product Development - The company launched two flagship AR optical machines, the Dragonfly G1 and Rainbow C1, and introduced an innovative "LCoS + PVG waveguide" optical solution for AR glasses, which is expected to reduce the retail price of AR glasses to the range of 1500-2000 yuan [1] - The company is enhancing its upstream core component design, customization, and mass production capabilities, actively engaging with domestic and international AR glasses brands [2] - The company has also introduced visible light underwater laser radar products, including the Yuanmou D1, which enhances the effective ranging capability of consumer underwater robots to 10 meters, marking a significant advancement in the industry [2] Market Positioning - The company is participating in key industry exhibitions to promote its underwater laser radar technology and is entering the complete machine development phase with major brand manufacturers [2] - The company is well-positioned to capitalize on the stable market and the emerging fields of AR and underwater robotics, aiming for a new cycle of high-quality growth as market demands continue to rise [2]

Financial Performance - The company's revenue for Q3 2025 was approximately ¥391.74 million, representing a year-over-year decline of 38.62%[4] - The total profit for the period was a loss of approximately ¥5.96 million, a decrease of 118.17% compared to the previous year[4] - The net profit attributable to shareholders was a loss of approximately ¥4.64 million, down 114.48% year-over-year[4] - Total operating revenue for the first three quarters of 2025 was CNY 1,353,229,603.25, a decrease of 21.3% compared to CNY 1,719,599,203.83 in the same period of 2024[23] - The net loss for the first three quarters of 2025 was CNY 144,513,784.05, compared to a net profit of CNY 23,897,962.51 in the same period of 2024[24] - The company's operating profit for the first three quarters of 2025 was a loss of CNY 54,613,848.24, contrasting with a profit of CNY 39,793,514.97 in 2024[23] - The company reported a total comprehensive loss of CNY 141,389,909.62 for the first three quarters of 2025, compared to a comprehensive income of CNY 26,819,790.79 in 2024[24] Research and Development - Research and development expenses totaled approximately ¥55.89 million, accounting for 14.27% of revenue, an increase of 4.8 percentage points from the previous year[4] - Research and development expenses increased to CNY 180,691,624.27 in 2025 from CNY 172,023,725.41 in 2024, indicating a rise of 5.7%[23] - The company launched two AR glasses optical engines and two visible light underwater LiDAR products at the 26th China International Optoelectronic Expo, receiving significant industry attention[10] - The "Dragonfly G1" AR optical engine features an industry-first "one-to-two" design, while the "Rainbow C1" supports both monocular and binocular AR display solutions[11] - The "Distant View D10" is the industry's first consumer-grade visible light underwater LiDAR, enhancing underwater measurement capabilities to 10 meters[11] Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥3.84 billion, a decrease of 9.66% from the previous year[5] - The total liabilities decreased to CNY 1,372,684,893.23 in 2025 from CNY 1,585,782,677.96 in 2024, a reduction of 13.4%[20] - The total assets decreased to CNY 3,844,641,534.07 in 2025 from CNY 4,255,663,351.00 in 2024, reflecting a decline of 9.7%[20] - The company's equity attributable to shareholders decreased to CNY 2,575,643,704.87 in 2025 from CNY 2,740,047,895.12 in 2024, a decrease of 6.0%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,205[13] - The largest shareholder, Shenzhen Guangfeng Holdings Co., Ltd., holds 79,762,679 shares, accounting for 17.37% of total shares[13] - The company has a total of 79,762,679 unrestricted circulating shares held by the largest shareholder[14] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[14] Cash Flow - The net cash flow from operating activities was not applicable for the current period, but was approximately ¥149.62 million for the previous year[4] - Cash inflow from operating activities for the first three quarters of 2025 was approximately $1.74 billion, compared to $1.85 billion in the same period of 2024, reflecting a decrease of about 6.06%[28] - Net cash flow from operating activities increased to approximately $149.62 million in 2025 from $71.52 million in 2024, representing an increase of about 109.06%[28] - Cash inflow from investment activities totaled approximately $1.70 billion in 2025, up from $1.22 billion in 2024, marking an increase of about 39.2%[29] - Net cash flow from investment activities was negative at approximately -$507.86 million in 2025, compared to -$161.39 million in 2024, indicating a worsening of investment cash flow[29] - Cash inflow from financing activities was approximately $203.52 million in 2025, compared to $141.34 million in 2024, an increase of about 43.93%[29] - Net cash flow from financing activities was negative at approximately -$44.58 million in 2025, improving from -$261.97 million in 2024[29] - The ending cash and cash equivalents balance for 2025 was approximately $921.27 million, slightly down from $942.80 million in 2024[29] - The company received approximately $1.68 billion from investment recoveries in 2025, compared to $1.19 billion in 2024, reflecting a significant increase[29] - The company reported a cash outflow of approximately $2.21 billion from investment activities in 2025, compared to $1.38 billion in 2024, indicating increased investment expenditures[29] - The company experienced a negative impact of approximately -$2.44 million from exchange rate fluctuations on cash and cash equivalents in 2025[29] Financial Statements - The financial statements are unaudited as of September 30, 2025[15] - The weighted average return on net assets was -0.18%, a decrease of 1.34 percentage points compared to the previous year[4] - Total current assets amount to RMB 2,481,213,643.59, a decrease from RMB 2,955,806,569.15 in the previous period[18] - Cash and cash equivalents are reported at RMB 1,175,282,364.36, down from RMB 1,654,769,306.21[18] - Inventory stands at RMB 458,673,379.94, compared to RMB 595,519,245.19 previously[18] - Long-term equity investments are valued at RMB 6,700,103.46, slightly up from RMB 6,242,039.74[18] - Fixed assets have increased to RMB 641,146,997.14 from RMB 272,101,764.36[18]

关于变更注册资本暨修订《公司章程》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、准确性和完整性依法承担法律责任。 深圳光峰科技股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召 开第三届董事会第十次会议，审议通过《关于变更注册资本暨修订<公司章程> 的议案》。鉴于公司分别于 2021 年 10 月 25 日、2022 年 5 月 25 日召开 2021 年第四次临时股东大会、2021 年年度股东大会，分别审议通过《关于提请股东 大会授权董事会办理 2021 年第二期限制性股票激励计划相关事宜的议案》《关 于提请股东大会授权董事会办理 2022 年限制性股票激励计划相关事宜的议案》， 授权公司董事会负责办理公司 2021 年第二期限制性股票激励计划、2022 年限 制性股票激励计划相关事宜，包括修订《公司章程》、办理公司注册资本的变 更登记等事宜，故此次变更注册资本暨修订《公司章程》事项无需再次提交公 司股东大会审议。 现将有关情况具体公告如下： 一、公司变更注册资本情况 1、公司于 2025 年 8 月 28 日召开第三届董事 ...