关于董事会秘书辞职暨董事长代行董事会秘书职责 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： 智洋创新科技股份有限公司（以下简称"公司"）于近日收到董事会秘书谢 嘉乐先生提交的书面辞职报告，谢嘉乐先生因个人原因申请辞去董事会秘书职务。 谢嘉乐先生的辞职报告自送达公司董事会之日起生效，其辞职不会对公司的正常 运作及经营管理产生影响，辞职后，谢嘉乐先生不再担任公司任何职务。在公司 聘任新的董事会秘书之前，暂由公司董事长刘国永先生代为履行董事会秘书职责。 证券代码：688191 证券简称：智洋创新 公告编号：2026-015 智洋创新科技股份有限公司 二、离任对公司的影响 公司将按照《上海证券交易所科创板股票上市规则》《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》及《公司章程》等相关规定尽快 完成董事会秘书的选聘工作。在公司聘任新的董事会秘书之前，暂由公司董事长 刘国永先生代为履行董事会秘书职责。 截至本公告披露日，谢嘉乐先生未直接或间接持有公司股份，不存在应当履 行而未履行的承诺事项， ...

证券代码：688191 证券简称：智洋创新 公告编号：2026-014 智洋创新科技股份有限公司 股票交易异常波动公告 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。 重要内容提示： ●智洋创新科技股份有限公司（以下简称"公司"）股票于 2026 年 2 月 27 日、3 月 2 日、3 月 3 日连续 3 个交易日内收盘价格涨幅偏离值累计达到 30%， 根据《上海证券交易所交易规则》《上海证券交易所科创板股票异常交易实时监 控细则》的相关规定，属于股票交易异常波动的情形。 ●经公司自查，公司目前日常经营情况正常，未发生重大变化。经公司向控 股股东、实际控制人书面询证，截至本公告披露日，公司不存在应披露而未披露 的重大信息。 ●公司与深圳市灵明光子科技有限公司签署《战略投资意向协议》的事项， 存在履约的重大风险及不确定性： 1、本次签署的《战略投资意向协议》系各方建立合作关系的初步意向，是 各方进一步洽谈的基础，本次交易的具体方案将由相关各方根据尽职调查及审计 结果进一步协商谈判，且正式的协议签署尚需要履行必要的决策程序， ...

Core Viewpoint - Zhiyang Innovation (688191.SH) reported a significant increase in its annual performance for 2025, indicating strong growth across various financial metrics [1] Financial Performance Summary - The company achieved operating revenue of 1,190.28 million yuan, representing a year-on-year growth of 22.62% [1] - Operating profit reached 65.64 million yuan, with a year-on-year increase of 22.75% [1] - Total profit amounted to 65.72 million yuan, reflecting a year-on-year growth of 22.79% [1] - Net profit attributable to shareholders of the parent company was 64.20 million yuan, showing a year-on-year increase of 25.06% [1] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, was 52.41 million yuan, which is a year-on-year growth of 35.95% [1]

Financial Performance - Total operating revenue for 2025 reached CNY 119,027.71 million, a year-on-year increase of 22.62%[4] - Net profit attributable to shareholders of the parent company was CNY 6,420.16 million, reflecting a growth of 25.06% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 35.95%, amounting to CNY 5,240.76 million[4] - Basic earnings per share rose to CNY 0.28, up 27.27% from CNY 0.22 in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were CNY 175,746.58 million, a 15.51% increase year-on-year[4] - The company's equity attributable to shareholders decreased by 1.80% to CNY 87,078.00 million[4] - The net asset value per share decreased by 34.61% to CNY 3.76, primarily due to the increase in share capital[9] Revenue Sources and Efficiency - Main business revenue was CNY 118,944.11 million, with significant contributions from the power sector, which grew by 25.52% to CNY 100,610.29 million[6] - The proportion of operating expenses to revenue decreased by 5.02 percentage points, indicating improved operational efficiency[6] Capital Changes - The company's share capital increased by 50.29% to 23,165.04 million shares due to capital reserve conversion[9]

Core Viewpoint - Zhiyang Innovation (688191.SH) has decided to terminate its major asset restructuring plan to acquire controlling interest in Shenzhen Lingming Photon Technology Co., Ltd. due to failure to reach consensus on key transaction terms amid changing market conditions. The company's stock resumed trading on February 26, 2026, after being suspended since February 4, 2026 [1][2]. Group 1: Termination of Major Asset Restructuring - The company announced the termination of the major asset restructuring plan, which involved issuing ordinary shares, convertible bonds, and cash to acquire control of Lingming Photon [1][2]. - The decision to terminate was made after careful consideration, as the company and related parties could not agree on core transaction terms despite ongoing discussions [2]. - The termination will not adversely affect the company's business operations, financial status, or the interests of shareholders, particularly minority shareholders [2]. Group 2: Strategic Investment Agreement - On February 25, 2026, the company signed a strategic investment intention agreement with Lingming Photon, agreeing to invest approximately 300 million yuan in cash to acquire a minority stake in the company [3][4]. - The pre-investment valuation of Lingming Photon is estimated to be between 2.7 billion yuan and 3 billion yuan, with the company expected to hold approximately 9.09% to 10% of the shares post-investment [3]. - The investment will allow the company to nominate a board candidate and hold veto rights on major decisions, although it does not aim to gain control over Lingming Photon [3][4]. Group 3: Financial Performance of Lingming Photon - Lingming Photon reported revenues of 51.38 million yuan and 113.77 million yuan for the years 2024 and 2025, respectively, with net losses of 92.97 million yuan and 53.50 million yuan for the same periods [5][6]. - The company's total assets increased from 256.80 million yuan in 2024 to 281.48 million yuan in 2025, while owner’s equity decreased from 184.12 million yuan to 161.33 million yuan [6][7]. Group 4: Synergies and Strategic Importance - The company’s product portfolio includes industrial models, intelligent perception terminals, and smart drones, which align with Lingming Photon’s technology, creating potential synergies in supply chain and market [7]. - The strategic investment is seen as a way to strengthen the supply chain, enhance research and development capabilities, and accelerate the implementation of smart terminal products [7].

Core Viewpoint - Zhiyang Innovation Technology Co., Ltd. has shifted its strategy from planning to acquire a controlling stake in Shenzhen Lingming Photon Technology Co., Ltd. to making a strategic investment of 300 million yuan in cash, following a month-long suspension of its stock trading [2][3]. Group 1: Investment Details - Zhiyang Innovation signed a Strategic Investment Intent Agreement with Lingming Photon on February 25, planning to invest approximately 300 million yuan, which is expected to give Zhiyang a stake of about 9.09% to 10% in Lingming [3]. - The pre-investment valuation of Lingming Photon is estimated to be between 2.7 billion yuan and 3 billion yuan [3]. Group 2: Strategic Rationale - Lingming Photon is recognized as a high-quality provider of dToF (direct time of flight) sensor chips and system solutions, which aligns with Zhiyang's existing product offerings in industrial models, intelligent perception terminals, and intelligent drones [3]. - The collaboration is expected to create significant synergies in technology, supply chain, and market applications, enhancing Zhiyang's supply chain and R&D capabilities [3]. Group 3: Future Collaboration - The agreement outlines future cooperation in areas such as laser radar research and development, chip module procurement, and applications in intelligent inspection business [3][4]. - The partnership aims to leverage Zhiyang's extensive industrial data to provide tailored training samples for Lingming's dToF chips, facilitating rapid adaptation to specific industrial inspection needs [4]. Group 4: Governance and Control - Following the investment, Zhiyang is expected to become a significant shareholder with over 9% ownership, allowing it to nominate a director candidate and hold veto power over Lingming's overall sale [5][6]. - This arrangement is viewed as a strategic move to maintain influence without the risks associated with high ownership stakes, thus ensuring a prudent governance approach [6]. Group 5: Market Outlook - The initial strategic cooperation period is set for three years, with Lingming Photon projected to double its revenue by 2025, although it is still expected to operate at a loss [6].

Group 1 - The core viewpoint is that the electric grid equipment sector is experiencing strong performance despite a general decline in the A-share market, driven by increased global energy infrastructure upgrades and rising demand for new data centers [1] - The electric grid equipment ETF (159326) has seen a significant increase of 1.93% with a trading volume of 8.22 billion yuan, and has recorded a net inflow of 1.982 billion yuan over the past five days, reaching a historical high in scale [1] - Major stocks in the sector, such as Zhongtian Technology and Hengtong Optic-Electric, have hit the daily limit, indicating strong investor interest and confidence in the sector's growth potential [1] Group 2 - The electric grid equipment ETF (159326) is the only product tracking the China Securities Electric Grid Equipment Theme Index, focusing on ultra-high voltage and smart grid sectors, with a 90% weight on smart grid and 67% on ultra-high voltage, leading the market [2] - The ETF covers key industry leaders like Tebian Electric Apparatus and State Grid NARI, aligning with the high growth trajectory of ultra-high voltage projects and overseas exports, making it a vital tool for investors [2] - Global investment in electric grids is projected to exceed 400 billion USD, with AI expected to significantly boost electricity demand and related equipment needs, sustaining high industry prosperity [1]

Core Viewpoint - Zhiyang Innovation has decided to terminate its major asset restructuring plan to acquire controlling interest in Lingming Photon due to disagreements on core transaction terms, but will instead pursue a strategic investment and collaboration with Lingming Photon [1][3]. Group 1: Investment Details - Zhiyang Innovation has signed a Strategic Investment Intent Agreement with Lingming Photon, planning to invest approximately 300 million RMB in cash for equity acquisition [3]. - The pre-investment valuation of Lingming Photon is estimated to be between 2.7 billion RMB and 3 billion RMB, with Zhiyang Innovation expected to hold a stake of 9.09% to 10% post-investment [3]. - Zhiyang Innovation will have the right to nominate one board candidate and possess veto rights over the overall sale of Lingming Photon [3]. Group 2: Company Background - Lingming Photon, established in 2018, has raised funds up to Series C+ and has notable investors including ZhenFund, Xiaomi Investment, and Meituan Dragon Ball [5]. - Financial projections for Lingming Photon indicate total assets of approximately 281 million RMB by the end of 2025, with revenues of 51.38 million RMB and 114 million RMB for 2024 and 2025 respectively, while still operating at a loss [5]. Group 3: Strategic Collaboration - The strategic collaboration includes four main areas: R&D cooperation on LiDAR technology, procurement of LiDAR chips for Zhiyang Innovation's integrated products, joint promotion of LiDAR applications in smart inspection, and prioritizing mutual capital and equity cooperation [6]. - Zhiyang Innovation aims to leverage its resources to assist Lingming Photon in expanding financing channels, reducing costs, and improving governance [6]. - The Strategic Investment Intent Agreement is a framework agreement and is not expected to have a direct impact on Zhiyang Innovation's performance for 2026 and beyond, with specific impacts dependent on future project developments [6].

Core Viewpoint - The A-share market has seen a collective surge in power grid equipment stocks, driven by the increasing demand for AI and the recognition of electricity as a foundational element for technological advancement [1] Group 1: Market Performance - Zhiyang Innovation rose over 11.64%, with a total market value of 9.933 billion [2] - Tongguang Cable increased by 10.81%, reaching a market value of 8.725 billion [2] - Beijing Keri and Hangdian Co. both hit the daily limit, with market values of 6.074 billion and 11.5 billion respectively [2] - Shunma Electric grew by 7.10%, with a market value of 23 billion [2] - Sifang Co. increased by 5.92%, with a market value of 37.3 billion [2] - Other notable performers include Anke Rui, Wankong Zhizao, and Zhezhong Co., all showing gains above 4% [1][2] Group 2: Industry Outlook - The AI data center industry is expected to maintain high growth through 2026, supported by robust capital expenditure plans from leading internet companies [1] - Overseas power equipment manufacturers have shown strong performance, indicating high growth potential in the industry [1] - Companies providing power supply and distribution equipment for data centers are likely to see a surge in orders [1] - Technical service firms involved in smart grids, energy storage systems, and power dispatch systems will benefit from the ongoing smart grid transformation [1]

Group 1 - The A-share market saw a collective surge in power grid equipment stocks, with notable increases such as Zhiyang Innovation rising over 11% and Tongguang Cable nearly 11% [1] - The consensus in the tech industry is that "the end of computing power is electricity," highlighting the critical role of power infrastructure in supporting advancements in artificial intelligence [1] - A report from Founder Securities indicates that the AI data center industry is expected to maintain high growth through 2026, driven by significant capital expenditure plans from leading domestic and international internet companies [1] Group 2 - Companies directly providing power and distribution equipment to data centers are anticipated to see order growth first, while those involved in smart grid, energy storage systems, and power dispatch systems will benefit from the ongoing smart grid transformation [1] - The stock performance of key companies in this sector includes Zhiyang Innovation with a market cap of 9.933 billion and a year-to-date increase of 33.25%, and Tongguang Cable with a market cap of 8.725 billion and a year-to-date increase of 39.25% [2]