Report Summary 1. Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including new project information and the status of ongoing projects, while noting that issuance terms and progress may change and final prospectuses and underwriters should be consulted [1]. 3. Summary by Related Catalogs New Project Information Last Week - The 2025 private placement of exchangeable corporate bonds by Fujian State - owned Assets Management Co., Ltd. for professional investors received exchange feedback, with a proposed issuance size of 200 million yuan (the feedback size was reduced), the underlying stock being FUGuang Co., Ltd. (688010.SH), and the lead underwriter being Guoxin Securities. The exchange update date was October 24, 2025 [2]. - The 2025 private placement of exchangeable corporate bonds by O瑞金 Technology Co., Ltd. for professional investors received exchange feedback, with a proposed issuance size of 1.25 billion yuan, the underlying stock being Yongxin Co., Ltd. (002014.SZ), and the lead underwriter being CITIC Construction Investment Securities. The exchange update date was October 21, 2025 [2]. - The 2025 private placement of exchangeable corporate bonds by Hangzhou Iron & Steel Group Co., Ltd. for professional investors was accepted by the exchange, with a proposed issuance size of 1 billion yuan, the underlying stock being Hangzhou Iron & Steel Co., Ltd. (600126.SH), and the lead underwriter being Zheshang Securities. The exchange update date was October 23, 2025 [2]. - The 2025 private placement of science - and - technology innovation exchangeable corporate bonds by Sichuan Jiuzhou Investment Holding Group Co., Ltd. for professional investors was accepted by the exchange, with a proposed issuance size of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the lead underwriter being CITIC Securities. The exchange update date was October 20, 2025 [2]. Private EB Weekly Tracking (October 24, 2025) - A table shows the information of multiple private exchangeable bond projects, including bond names, lead underwriters, sizes, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].

Core Insights - The optical and optoelectronic sector experienced a rise of 1.05% on October 24, with Chenfeng Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Chenfeng Technology (603685) closed at 21.12, up 10.00% with a trading volume of 86,700 shares and a turnover of 175 million yuan [1] - Dongtian Micro (301183) closed at 101.10, up 8.42% with a trading volume of 113,300 shares [1] - Tianshan Electronics (301379) closed at 31.67, up 6.70% with a trading volume of 199,600 shares [1] - Other notable performers include Sudavige (300331) up 5.48% and Huichuangda (300909) up 5.46% [1] Capital Flow - The optical and optoelectronic sector saw a net outflow of 466 million yuan from institutional investors and 155 million yuan from retail investors, while retail investors had a net inflow of 621 million yuan [2] - The capital flow data indicates a mixed sentiment among different investor types within the sector [2] Individual Stock Capital Flow - Crystal Optoelectronics (002273) experienced a net outflow of 74.89 million yuan from institutional investors [3] - Wave Length Optoelectronics (301421) had a net inflow of 44.73 million yuan from institutional investors [3] - Sudavige (300331) saw a net inflow of 41.19 million yuan from institutional investors [3]

Core Viewpoint - Fuguang Co., Ltd. (688010.SH) announced the completion of a share reduction plan by a state-owned enterprise, which involved a total reduction of 1.6056 million shares, accounting for 1.00% of the company's current total share capital [1] Group 1 - The state-owned enterprise notified the company about the results of the share reduction on October 20, 2025 [1] - The share reduction was executed through centralized bidding transactions [1] - The share reduction plan period has now concluded [1]

关于持股 5%以上股东减持股份结果公告 证券代码：688010 证券简称：福光股份 公告编号：2025-049 福建福光股份有限公司 本公司董事会、全体董事及相关股东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。 重要内容提示： 持股 5%以上股东持股的基本情况 本次减持计划实施前，福建福光股份有限公司（以下简称"公司"）持股 5% 以上股东福建省国有资产管理有限公司（以下简称"国资公司"）持有公司无限售 流通股 30,887,869 股，占公司总股本 19.24%，上述股份来源为国资公司通过协 议转让取得的股份。 减持计划的实施结果情况 2025 年 6 月 27 日，公司披露了《关于持股 5%以上股东减持股份计划公告》 （公告编号：2025-039）：公司持股 5%以上股东国资公司拟通过集中竞价交易、 大宗交易的方式，合计减持不超过其持有的公司股份 4,816,846 股，即不超过公 司总股本的 3.00%。 2025 年 7 月 23 日，公司披露了《关于持股 5%以上股东权益变动触及 1%刻 度的提示性公告》（公告编号：2025-04 ...

福建福光股份有限公司发布公告，持股5%以上股东福建省国有资产管理有限公司减持计划时间已届 满。本次减持前，国资公司持有公司无限售流通股30,887,869股，占总股本19.24%。6月27日公司披露 减持计划，国资公司拟减持不超4,816,846股，即不超总股本3.00%。截至10月20日，国资公司通过集中 竞价累计减持1,605,615股，占总股本1.00%，减持价格区间为31.20 - 34.83元/股，减持总金额 51,404,257.17元，未完成原计划，当前持股比例降至18.24%。 ...

福光股份公告，持股5%以上股东福建省国有资产管理有限公司原计划减持不超481.68万股即3.00%，最 终于2025年7月21日至2025年7月28日通过集中竞价累计减持160.56万股，占公司总股本1.00%，成交价 31.2～34.83元/股，成交额5140.43万元，计划期满未完成剩余321.12万股。 ...

Core Viewpoint - The company has successfully transformed its business model during the "14th Five-Year Plan" period, expanding from specialized and security lenses to infrared lenses, automotive lenses, AR/VR, machine vision, and projection optics. The next five years will focus on rapid growth in automotive and infrared lens sectors [1][3]. Group 1: Business Transformation and Growth - The company has transitioned from producing specialized and security lenses to a broader range of optical products, including infrared and automotive lenses, as well as machine vision technologies [1]. - The company has participated in significant national projects, providing optical lenses for missions such as the "Shenzhou series," "Chang'e lunar exploration," and "Tianwen-1," contributing to major national initiatives [1]. - The company raised nearly 1 billion yuan during its IPO on the Sci-Tech Innovation Board, primarily investing in cutting-edge optical component technologies [1]. Group 2: Product Development and Innovation - In the machine vision sector, the company has designed a continuous zoom microscope lens system achieving a resolution of 0.9 micrometers, suitable for precision defect detection in semiconductor circuits [1]. - The company has successfully developed a relay lens that fills a domestic gap, applicable in the semiconductor equipment field [1]. - The company is accelerating the integration of customized product technologies into non-customized sectors such as security and automotive applications, responding to global market demands [2]. Group 3: Market Opportunities - The automotive lens sector is expanding, with the company developing various products, including side-view glass-plastic hybrid lenses and different specifications for driver monitoring systems (DMS) [3]. - The infrared lens market is in its early growth stage, with decreasing chip prices and improving imaging quality driving rapid industry development, particularly in applications like drones, automotive, and smart home technologies [3]. - The company aims to leverage both customized and non-customized product lines to drive growth across multiple sectors, including automotive, drones, smart homes, and security [3].

Core Viewpoint - The company has successfully transformed its business model during the "14th Five-Year Plan" period, expanding from specialized and security lenses to infrared lenses, automotive lenses, AR/VR, machine vision, and projection optics. The next five years will see rapid growth in automotive and infrared lens sectors [1]. Group 1: Company Background and Achievements - Fujian Fuguang Co., Ltd. has provided optical lenses for major national projects such as the "Shenzhou series," "Chang'e lunar exploration," and "Tianwen-1." The company originated from a state-owned factory established in 1958 and became the first company from Fujian to be listed on the Sci-Tech Innovation Board in 2019, raising nearly 1 billion yuan for cutting-edge optical technology investments [2]. - The company has made significant advancements in machine vision, achieving a resolution of 0.9um with its continuous zoom microscope lens, suitable for precision defect detection in semiconductor circuits [5]. Group 2: Product Development and Market Strategy - In the automotive lens sector, the company has developed a diverse product line, including side-view glass-plastic hybrid lenses and various specifications for driver monitoring systems (DMS) lenses. The automotive market is seen as mature, with the company leveraging its experience in customized products to enhance its offerings [6]. - The infrared lens market is identified as a key growth area, with the company noting that the prices of infrared detector chips are decreasing due to domestic production, leading to improved imaging quality and rapid industry growth. Applications in drones, automotive, and smart home scenarios are driving this market expansion [6]. - The company is pursuing a dual-driven strategy with both customized and non-customized products, focusing on high-end markets to meet national and industrial strategic needs [6].

Core Viewpoint - Fuguang Co., Ltd. is focusing on expanding both customized and non-customized product lines, leveraging digitalization and intelligence to meet new demands in optical technology and products, while seizing opportunities in artificial intelligence and big data [1][2]. Group 1: Business Strategy - The company aims to enhance its core competitiveness and market share in non-customized products such as security cameras, automotive lenses, infrared lenses, optical components, and projection machines [2]. - Fuguang plans to deepen its industry chain layout by advancing key national research projects, accelerating product upgrades, and optimizing manufacturing processes [2]. - The company is committed to increasing the scale and standardization of customized product production to ensure rapid revenue growth [2]. Group 2: Financial Performance - In the first half of 2025, Fuguang achieved nearly 300 million yuan in revenue, a year-on-year increase of approximately 10%, while the net profit attributable to shareholders was around -28.77 million yuan, indicating a narrowing loss compared to the previous year [1]. - Revenue from non-customized infrared lenses grew by 147% year-on-year, marking a significant highlight as key projects entered mass production [1]. Group 3: Product Development - Fuguang has made progress in various product lines, including the mass production of laser radar mirrors for domestic robotics projects and new products for sports TV lenses [3]. - The company has entered mass production of molded aspheric lenses for high-end smartphone cameras and has optimized multiple products in the commercial aerospace sector [3]. - The customized product market is expected to see stable and continuous growth as it evolves from mechanization and informatization to digitalization, networking, and intelligence [3]. Group 4: Future Outlook - Fuguang is establishing Fujian Xiaoxiang Optical Technology Co., Ltd. to focus on the research, production, and sales of ultra-thin micro-projection machines, enhancing its presence in automotive projection and AR fields [2]. - The company is also targeting high-end technology sectors such as infrared thermal imaging, machine vision, and medical optics, aiming to capture emerging development opportunities [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： ●会议召开时间：2025年10月10日（星期五）9:00-10:00 ●会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络文字互动 ●投资者可于2025年9月30日（星期二）17:00前将有关问题通过电子邮件的形式发送至公司董事会办公 室邮箱zhengquan01@forecam.com。公司将在业绩说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 福建福光股份有限公司（以下简称"公司"）已于2025年8月26日在上海证券交易所网站 （www.sse.com.cn）披露了公司《2025年半年度报告》。为加强与投资者的深入交流，使投资者更加全 面、深入地了解公司情况，公司拟以网络文字互动的方式召开2025年半年度业绩说明会，欢迎广大投资 者积极参与。 二、说明会召开的时间及方式 本次业绩说明会将于2025年10月10 ...