Investment Rating - The report gives a "Buy" rating for the company with a target price of 146.90 RMB based on a PE ratio of 158 for 2026 [4]. Core Views - The company focuses on the optical optoelectronics field, establishing differentiated competition and binding high-quality customers. It has shown steady growth with a revenue of 430 million RMB in the first three quarters of 2025, a year-on-year increase of 28%, and a net profit of 63.8 million RMB, up 15% year-on-year [2]. - The global optical module market is projected to grow from 14.7 billion USD in 2025 to 42.5 billion USD by 2032, with a compound annual growth rate (CAGR) of approximately 16% [2]. - The company has established partnerships with major global optical module manufacturers, which is expected to drive revenue growth due to strong downstream customer demand [2]. Summary by Sections Section 1: Focus on Optical Devices - The company has been deeply engaged in the optoelectronics field for over ten years, with a diversified product layout including precision optical components and fiber optic devices [14]. - The company has a relatively concentrated shareholding structure, with a stable core management team possessing strong technical backgrounds [21][25]. - The company is expected to benefit from increased demand for computing power, returning to a growth trajectory in 2024 with projected revenue of 450 million RMB, a 31% year-on-year increase [26]. Section 2: AI-Driven Growth in Optical Communication - The optical communication business is solid, benefiting from the AI wave, with the global optical module market expected to reach 12.62 billion USD in 2024 [38]. - The company’s products primarily serve the telecommunications and data communication markets, with significant growth opportunities driven by AI-related demand [40]. - Major cloud service providers are expected to increase capital expenditures significantly, which will create opportunities for the optical module and core component markets [40]. Section 3: Core Technology Platform - The company has established a systematic six-core technology platform through independent research and development, enhancing customer stickiness with customized services [70].

证券代码：688195 证券简称：腾景科技 公告编号：2025-057 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。 一、会议召开情况 腾景科技股份有限公司（以下简称"公司"）2025 年员工持股计划（以下 简称"本次员工持股计划"）第一次持有人会议于 2025 年 10 月 29 日以现场结 合通讯方式召开。本次会议由公司董事会秘书刘艺女士召集并主持，出席本次会 议的持有人共 41 人，代表公司 2025 年员工持股计划份额 21,698,763 份，占公 司 2025 年员工持股计划已认购总份额（不含预留部分）的 100.00%。 本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章和公 司《2025 年员工持股计划》及公司《2025 年员工持股计划管理办法》等有关规 定。 二、会议审议情况 会议经全体与会持有人表决，形成如下决议： （一）审议通过《关于设立腾景科技股份有限公司 2025 年员工持股计划管 理委员会的议案》 为保证公司本次员工持股计划的顺利进行，保障持有人的合法权益，根据 《2025 年员工 ...

Group 1 - The Fujian Free Trade Zone concept index rose by 2.65%, ranking fourth among concept sectors, with 96 stocks increasing in value [1][2] - Notable gainers included Luqiao Information, which hit a 30% limit up, and other stocks like Heli Tai, Fujian Cement, and Rishang Group also reached their daily limit [1] - The top gainers in the sector included Xiamen Xinda, Furi Electronics, and Tengjing Technology, with increases of 7.73%, 7.12%, and 6.85% respectively [1] Group 2 - The Fujian Free Trade Zone concept attracted a net inflow of 1.061 billion yuan from main funds, with 69 stocks receiving net inflows [2][3] - The leading stock in terms of net inflow was Aerospace Development, which saw a net inflow of 551 million yuan, followed by Heli Tai, Rongji Software, and Furi Electronics with net inflows of 409 million yuan, 284 million yuan, and 268 million yuan respectively [2] - The net inflow ratios for stocks like Pingtan Development, Rongji Software, and Aerospace Development were 82.30%, 39.66%, and 39.37% respectively [3] Group 3 - The top stocks in the Fujian Free Trade Zone concept based on daily performance included Aerospace Development with a 9.95% increase, Heli Tai with a 10.16% increase, and Rongji Software with a 10.03% increase [3] - Other notable performers included Furi Electronics and Rishang Group, which increased by 7.12% and 10.06% respectively [3] - Conversely, stocks like Xueda Education, Kehua Data, and Zijin Mining experienced declines of 5.45%, 5.22%, and 3.74% respectively [1][5]

Core Viewpoint - The company, Tengjing Technology, is currently experiencing a robust order backlog in the semiconductor equipment sector [1] Group 1: Company Insights - Tengjing Technology is positioned well within the semiconductor equipment industry due to a significant influx of orders [1]

Group 1 - The company, Tengjing Technology, has announced its capabilities in complex membrane structure design and high-precision coating processes [1] - The company provides high-performance optical film solutions for clients in the semiconductor equipment sector, contributing to the domestic production process in the industry [1] - Currently, there is a strong order backlog in the semiconductor equipment field, and the company is focused on enhancing its product delivery capabilities [1]

Group 1 - The core viewpoint of the news is that Tengjing Technology has experienced a significant stock price increase, rising 5.75% on October 28, with a total market capitalization of 16.258 billion yuan and a cumulative increase of 24.57% over the past seven days [1] - Tengjing Technology specializes in the research, production, and sales of precision optical components and fiber optic devices, with its main business revenue composition being 78.87% from precision optical components, 16.65% from fiber optic devices, and 4.43% from optical testing instruments [1] - The stock has seen a trading volume of 3.77 billion yuan and a turnover rate of 2.39% on the reporting date [1] Group 2 - Tianzhi Fund has a significant holding in Tengjing Technology, with the Tianzhi China Manufacturing 2025 Mixed Fund (350005) holding 3,100 shares, representing 2.36% of the fund's net value, ranking as the ninth largest holding [2] - The fund has generated a floating profit of approximately 21,200 yuan today and a total of 72,700 yuan during the seven-day increase [2] - The Tianzhi China Manufacturing 2025 Mixed Fund has a total scale of 15.5074 million yuan and has achieved a year-to-date return of 22.16% [2]

Group 1 - The company announced the unanimous decision of its board to appoint Mr. Huang Liancheng as the representative for securities affairs [1]

腾景科技股份有限公司 关于完成董事会换届选举 证券代码：688195 证券简称：腾景科技 公告编号：2025-056 及聘任高级管理人员、证券事务代表的公告 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券 交易所科创板股票上市规则》（以下简称"《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》等法律、法规、规范性文 件及《腾景科技股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 2025 年 10 月 24 日，腾景科技股份有限公司（以下简称"公司"）召开 2025 年 第一次临时股东大会，选举产生了公司第三届董事会成员。同日，公司召开第三 届董事会第一次会议，选举产生了董事长、专门委员会委员，并聘任第三届高级 管理人员及证券事务代表。现将相关情况公告如下： 一、董事会换届选举情况 （一）董事选举情况 2025 年 10 月 24 日公司召开 2025 年第一次临时股东大会，选举余洪瑞先生、 王启平先生、颜贻崇 ...

腾景科技股份有限公司 2025 年员工持股计划 证券简称：腾景科技 证券代码：688195 腾景科技股份有限公司 2025 年员工持股计划 二〇二五年十月 1 腾景科技股份有限公司 2025 年员工持股计划 声明 本公司及全体董事、监事保证本员工持股计划及其摘要不存在任何虚假记 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。 五、敬请广大投资者谨慎决策，注意投资风险。 3 腾景科技股份有限公司 2025 年员工持股计划 特别提示 2 腾景科技股份有限公司 2025 年员工持股计划 风险提示 一、有关公司 2025 年员工持股计划（以下简称"本员工持股计划"）的 具体的资金来源、出资金额、预计规模和具体实施方案等属初步结果，能否 完成实施，存在不确定性。 二、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员 工认购份额不足，本员工持股计划存在低于预计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及 投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投 资者对此应有充分准备。 四、本员工持股计划中有关公司业绩考核指标的 ...

福建天衡联合（福州）律师事务所 法律意见书 福建天衡联合律师事务所 Tenet & Partners 中国福州振武路 70 号福晟钱隆广场 43 层 福州 · 厦门·泉州·龙岩·上海 Http://www.tenetlaw.com 天衡联合律师事务所 Tenet & Partners 关于腾景科技股份有限公司 2025 年第一次临时股东会的 中国福州振武路 70 号福晟钱隆广场 43 层 Tel (86) 591-83810300 Fax (86) 591-83810301 福州 · 厦门 · 泉州 · 龙岩 · 上海 福建天衡联合(福州)律师事务所 关于腾景科技股份有限公司 致:腾景科技股份有限公司 引 言 福建天衡联合(福州)律师事务所接受腾景科技股份有限公司(以下简称"公 司"）的委托,指派本所律师参加公司 2025年第一次临时股东会(以下简称"本 次会议"）,并根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》《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》等法律、法规和规范性文件以及《腾 景科技股份有限公司章程》（以下 ...