Financial Performance - The company's operating revenue for Q3 2025 reached ¥208,120,847.50, representing a year-on-year increase of 64.55%[3] - The total profit amounted to ¥21,941,771.13, reflecting an 18.97% increase compared to the same period last year[3] - Net profit attributable to shareholders was ¥19,055,387.07, up by 10.24% year-on-year[3] - For the first nine months of 2025, the company achieved operating revenue of CNY 457,850,070.97, an increase of 43.53% compared to the same period last year[13] - The net profit attributable to shareholders of the listed company for the same period was CNY 39,619,960.65, up 5.23% year-on-year[13] - The net profit after deducting non-recurring gains and losses increased by 9.55% year-on-year, reaching CNY 35,888,461.99[13] - Total operating revenue for the first three quarters of 2025 reached ¥457,850,070.97, a significant increase of 43.5% compared to ¥318,981,499.59 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was ¥44,085,094.49, up from ¥39,732,960.37 in 2024, reflecting an increase of 8.5%[20] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥39,619,960.65, compared to ¥37,651,098.33 in 2024, marking a growth of 5.2%[20] - The basic earnings per share for the first three quarters of 2025 was ¥0.45, compared to ¥0.43 in 2024, indicating a growth of 4.7%[20] Research and Development - Research and development (R&D) expenses totaled ¥19,564,821.40, marking a 53.73% increase from the previous year[3] - The proportion of R&D investment to operating revenue was 9.40%, a decrease of 0.66 percentage points compared to the previous year[3] - Research and development expenses increased to ¥49,211,357.74 in the first three quarters of 2025, compared to ¥32,704,729.49 in 2024, indicating a rise of 50.4%[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,487,464,152.65, a 46.18% increase from the end of the previous year[4] - Total assets as of September 30, 2025, were CNY 1,487,464,152.65, an increase from CNY 1,051,932,877.43 at the end of 2024[16] - The company's inventory increased to CNY 170,410,709.34 from CNY 99,322,362.52 year-on-year[15] - Total liabilities as of the reporting date were ¥496,050,438.04, compared to ¥188,305,494.72 in the previous year, showing a substantial increase of 163.5%[19] - The company reported a total current liabilities of CNY 330,633,672.95, compared to CNY 158,800,486.96 in the previous year[16] - The company’s long-term borrowings increased to CNY 130,682,315.01 from CNY 3,738,539.08 year-on-year[16] Cash Flow - The net cash flow from operating activities showed a significant decline of 57.95%, primarily due to increased payments to suppliers and employee salaries[3] - The company reported a net cash flow from operating activities of ¥45,253,107.42 for the first three quarters of 2025, down from ¥107,625,663.76 in 2024[22] - The company reported cash received from subsidiaries' minority shareholders totaling $7.67 million[23] - Net cash flow from investment activities was -$237.14 million, a decrease from -$395.87 million in the previous period[23] - Total cash and cash equivalents at the end of the period amounted to $358.48 million, down from $457.43 million at the beginning of the period[23] - Net cash flow from financing activities was $131.18 million, compared to a net outflow of -$56.10 million in the previous period[23] - Cash inflow from financing activities totaled $164.41 million, while cash outflow was $33.23 million[23] - The company experienced a negative impact of -$448,036.44 from foreign exchange fluctuations on cash and cash equivalents[23] - The net increase in cash and cash equivalents for the period was -$61.15 million, compared to -$344.80 million in the previous period[23] - The company received $156.74 million in cash from borrowings during the financing activities[23] - Cash paid for dividends and interest amounted to $31.45 million, compared to $35.65 million in the previous period[23] Shareholder Information - The company reported a total of 7,216 common shareholders at the end of the reporting period[10] - The total equity attributable to shareholders of the parent company was ¥885,097,760.47, up from ¥860,643,149.46, reflecting a growth of 2.8%[19] Future Plans - The company implemented an equity incentive plan for core team members, with meetings scheduled for August 2024 and January 2025 to review the plan[12] - The company will not apply new accounting standards starting from 2025[24]

Core Insights - The company reported a third-quarter revenue of 208 million yuan, representing a year-on-year increase of 64.55% [1] - The net profit for the third quarter was 19.055 million yuan, showing a year-on-year growth of 10.24% [1] - For the first three quarters, the total revenue reached 458 million yuan, which is a 43.53% increase compared to the same period last year [1] - The net profit for the first three quarters amounted to 39.62 million yuan, reflecting a year-on-year growth of 5.23% [1]

Core Viewpoint - Zhongrun Optical has completed the business change registration and the filing of the Articles of Association, obtaining a new business license from the Zhejiang Provincial Market Supervision Administration [1] Group 1 - The company has recently finalized the necessary administrative procedures for its business operations [1] - The new business license signifies compliance with local regulatory requirements [1]

证券代码：688307 证券简称：中润光学 公告编号 2025-057 嘉兴中润光学科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 嘉兴中润光学科技股份有限公司（以下简称"公司"）于 2025 年 9 月 16 日 召开了第二届董事会第十一次会议和第二届监事会第十次会议，并于 2025 年 10 月 9 日召开了 2025 年第二次临时股东大会，审议通过了《关于变更公司注册资 本的议案》《关于取消监事会及修订<公司章程>的议案》。具体内容详见公司于 2025 年 9 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《关于取消 监事会并修订<公司章程>、修订及制定部分公司治理制度的公告》（公告编号： 2025-044）。 住所：浙江省嘉兴市秀洲区高照街道陶泾路 188 号 经营范围：光学镜片、光学镜头，光学仪器，光学辅材，投影仪用光学产品、 棱镜、光学原器、汽车摄像头模组、精密五金件、注塑件的研发、制造和销售， 以及光学领域内的技术开发和咨询； ...

嘉兴中润光学科技股份有限公司章程 第一章 总则 嘉兴中润光学科技股份有限公司 章程 二〇二五年十月 | 第二章 | 经营宗旨和范围 4 | | | --- | --- | --- | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 7 | | 第三节 | 股份转让 | 9 | | 第四章 | 股东和股东会 | 9 | | 第一节 | 股东 | 9 | | 第二节 | 控股股东和实际控制人 12 | | | 第三节 | 股东会的一般规定 13 | | | 第四节 | 股东会的召集 | 17 | | 第五节 | 股东会的提案与通知 19 | | | 第六节 | 股东会的召开 | 20 | | 第七节 | 股东会的表决和决议 23 | | | 第五章 | 董事会 | 27 | | 第一节 | 董事的一般规定 27 | | | 第二节 | 董事会 | 31 | | 第三节 | 独立董事 | 36 | | 第四节 | 董事会专门委员会 39 | | | 第六章 | 经理及其他高级管理人员 41 | | | 第七章 | 财务会计制度、利润分配和审计 43 | | ...

Core Viewpoint - The company, Jiaxing Zhongrun Optical Technology Co., Ltd., is set to hold a Q3 2025 performance briefing on November 3, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 3, 2025, from 15:00 to 16:00 [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from October 27 to October 31, 2025, through the Roadshow Center website or via the company's email [2][5]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [4]. - The company will address commonly asked questions during the briefing, ensuring transparency and engagement with investors [3][5].

证券代码：688307 证券简称：中润光学 公告编号：2025-056 嘉兴中润光学科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 嘉兴中润光学科技股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营 成果、财务状况，公司计划于 2025 年 11 月 03 日(星期一)下午 15:00-16:00 举行 2025 年第 三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2025 年 11 月 03 日(星期一) 下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址 ...

Market Overview - On October 21, the Shanghai Composite Index rose by 1.36%, the CSI 300 increased by 1.53%, the STAR 50 climbed by 2.81%, the CSI 1000 went up by 1.45%, the ChiNext Index surged by 3.02%, and the Hang Seng Index gained 0.65% [6] - The best-performing sectors on October 21 were telecommunications (+4.9%), electronics (+3.5%), construction decoration (+2.36%), comprehensive (+2.29%), and real estate (+2.25%). The worst-performing sectors included coal (-1.02%), food and beverage (+0.23%), transportation (+0.29%), beauty and personal care (+0.31%), and banking (+0.33%) [6] - The total trading volume for the A-share market on October 21 was 1,892.693 billion yuan, with a net inflow of 1.171 billion Hong Kong dollars from southbound funds [6] Key Recommendations - The report highlights Zhongrun Optical (688307) as a leading domestic brand in high-magnification optical zoom lenses, expanding into new fields such as drones and mobile robots. The company is expected to double its performance due to industry growth and increased market share from domestic replacements [7][8] - The report argues against the prevailing market view that new downstream products will only provide temporary boosts to the optical lens industry, asserting that the long-term outlook remains positive due to factors such as import substitution and the company's unique technological capabilities [7] - The target price for Zhongrun Optical is set at 66.27 yuan, with projected revenues of 660 million yuan, 1,170 million yuan, and 1,645 million yuan for 2025-2027, reflecting growth rates of 45%, 77%, and 44% respectively [8] Important Insights - The macroeconomic report anticipates a slight decline in economic growth to 4.7% in the fourth quarter, with an overall growth target of around 5% for the year, despite challenges [10] - The report emphasizes that there may be additional stimulus policies in the fourth quarter, with significant measures potentially being reserved for the first quarter of the following year to ensure a strong start [10] Industry Analysis - The medical device industry is expected to see accelerated innovation and international expansion, particularly in areas such as cardiac intervention, biological materials, and surgical robots. Companies like United Imaging Healthcare and Mindray Medical are highlighted as key players [11] - The report identifies catalysts for growth in the medical device sector, including moderate price reductions, the recovery of tenders, and the acceleration of new product launches [11]

Core Insights - On October 20, a total of 36 stocks received buy ratings from brokerages, with 7 stocks announcing target prices [1] - Based on the highest target prices, Zhongrun Optical, Huayou Cobalt, and Shenhuo Co. ranked highest in target price increase potential, with expected increases of 76.25%, 56.95%, and 46.65% respectively [1] - Among the rated stocks, 32 maintained their ratings, while 4 received their first ratings [1] - Five stocks attracted attention from multiple brokerages, with Chunfeng Power, Huayou Cobalt, and Fuyao Glass receiving the most ratings, at 3, 2, and 2 brokerages respectively [1] - In terms of industry distribution, the Materials II, Automotive and Auto Parts, and Capital Goods sectors had the highest number of stocks with buy ratings, totaling 13, 6, and 4 respectively [1]

Core Viewpoint - The company is a leading brand in domestic medium and large zoom lenses and one of the few suppliers of industrial drone lenses, benefiting from industry scale growth and market share increase, with potential for performance to double. Group 1: Industry Growth and Opportunities - Short-term growth driven by the rise of drones and smart robots, with drones opening a second growth curve due to new application scenarios in consumer, industrial, and military fields, where lenses are core components, and the company holds a 5.6% market share in 2021 [1] - The demand for laser radar is increasing due to the spatial perception needs of mobile robots, with the company expanding into household, service, collaborative, AMR, and humanoid robots [1] - Long-term prospects indicate that the optical lens industry will undergo a new round of transformation driven by the rapid development of emerging fields like embodied intelligence [1] Group 2: Digital Security Lens Demand - The demand for medium and large zoom lenses in the digital security sector is growing, despite a temporary slowdown in overall growth, driven by applications in border defense, rail transportation, and river monitoring [2] - The company has a strong technical foundation from its partnership with Kinoshita Optical, which has over 40 years of lens development history and provides services to renowned international companies [2] Group 3: Strategic Investments and Acquisitions - The company plans to acquire 51% of Dais Optoelectronics by mid-2025, focusing on precision optical components for laser devices, semiconductor equipment testing, and autonomous driving, with net profit commitments of 0.21, 0.29, and 0.40 billion yuan from 2025 to 2027 [2] - Investment in 45% of Blue Star Guangyu through its subsidiary Runyang Fund is also planned, targeting the domestic leading supplier of space optical communication payloads for low-orbit satellite communication and drone applications [2] Group 4: Financial Forecast and Valuation - The company is expected to achieve net profits of 0.6, 1.7, and 2.5 billion yuan from 2025 to 2027, with year-on-year growth rates of 19%, 164%, and 51% respectively, corresponding to PE ratios of 52, 20, and 13 times [3] - The company is actively expanding into emerging downstream fields, indicating significant performance elasticity, with a target price of 66.27 yuan based on a 35 times PE for 2026, initiating coverage with a "buy" rating [3]