Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The humanoid robot industry is entering a period of rapid expansion, with a projected demand of approximately 2.04 million units and a market space of about 305 billion yuan by 2030 in the manufacturing and housekeeping sectors of China and the US [1] - The demand for 3D visual sensors for humanoid robots is expected to grow significantly, from 14 million yuan in 2025 to 915 million yuan in 2030, with a CAGR of 132% [1] - The company is positioned in the top tier globally for 3D visual perception technology, with a comprehensive technology development capability across six major 3D visual sensing technologies [2] - The company has a strong product presence across various industries, serving over 1,000 clients including major players like Ant Group and China Mobile [2] - Ant Group, a major shareholder and client, has announced its entry into the humanoid robot field, indicating potential for deepened collaboration in the robot vision sensor domain [3] Financial Forecast and Valuation - Revenue projections for the company from 2024 to 2026 are 560 million, 810 million, and 1.22 billion yuan, representing year-on-year growth rates of 56%, 44%, and 51% respectively [4] - The company is expected to reduce its net loss from 60 million yuan in 2024 to a profit of 140 million yuan in 2026, with a significant increase in net profit growth of 787% in 2026 [4] - The price-to-sales (P/S) ratio is projected to decrease from 47 in 2024 to 22 in 2026, indicating improving valuation metrics [4]

Financial Performance - In 2024, the company achieved total operating revenue of RMB 56,218.58 million, an increase of 56.16% compared to the same period last year[4]. - The net profit attributable to the parent company was a loss of RMB 5,998.77 million, a reduction in loss of 78.26% year-on-year[6]. - The basic earnings per share were RMB -0.15, showing a significant reduction in loss compared to RMB -0.69 in the previous year[4]. Assets and Equity - The total assets at the end of 2024 were RMB 333,568.87 million, a decrease of 1.43% from the beginning of the period[7]. - The equity attributable to the parent company decreased by 4.83% to RMB 286,999.33 million[7]. Operational Strategy - The company focused on essential downstream markets, leading to significant growth in overall shipment volume and sales revenue[9]. - The company implemented cost reduction and efficiency enhancement measures, contributing to improved profitability despite ongoing losses[8]. - The company plans to enhance production capacity and optimize mass production planning in line with the successful launch of its 3D visual perception smart manufacturing base[8]. - The company is committed to the strategy of "technology innovation investment - commercial results transformation," accelerating the promotion of emerging scenarios and optimizing product structure[8]. Reporting Accuracy - The company has not identified any major uncertainties affecting the accuracy of this performance report[10].

Summary of Sensor Industry and Company Insights Industry Overview - The sensor market for robotics, particularly humanoid robots, is characterized by a relatively stable competitive landscape with fixed players in various segments. The technology routes are continuously evolving, including visual sensors (structured light, ToF cameras, and LiDAR) and tactile sensors (such as electronic skin) [1][2] Key Points on Sensor Types and Market Dynamics - The most notable and high-priced sensors currently are force sensors, especially six-dimensional force sensors. Inertial Measurement Units (IMUs) also hold a significant market share. Tactile sensors, including electronic skin, are gaining attention for their future value and potential [3][6] - The visual sensor market features companies like Orbbec, which excels in 3D vision technology, and other machine vision players like 00 Light. In the auditory domain, MEMS microphones remain the mainstream solution, with companies like Sensing Microelectronics expanding from acoustic microphones to pressure and inertial sensing [5][7] Emerging Companies and Technologies - Domestic companies such as Qiyi and Anpeilong are conducting cost-reduction tests for six-dimensional force sensors, while Hanwei Technology and Hesheng New Materials are making progress in tactile sensors [1][6] - The electronic skin technology faces challenges such as high flexibility, elasticity, integration disturbances, cost reduction, and production barriers. Future developments will be driven by technological advancements, collaborations, and the emergence of new players like Granular Sensors, Anpeilong, Hanwei Technology, and Fulei New Materials [8] Market Trends and Investment Opportunities - The most valuable and rapidly evolving fields are force and tactile sensing. The six-dimensional force sensor market is dominated by international players like ATI, while domestic companies are working on cost reduction to enhance competitiveness [6] - In the robotics sector, continuous attention should be given to 3D vision (Orbbec), six-dimensional force and tactile sensing (Qiyi, Anpeilong, Hanwei Technology), and auditory sensing (Sensing Microelectronics). These companies possess leading advantages and development potential in their respective markets [7] Inertial Sensors (IMUs) Insights - IMUs are crucial for collecting robot parameters, with applications ranging from consumer products to military uses. The market for IMUs is relatively stable, with key players like Zhongnong United excelling in chip-level IMUs and companies like Huayi Technology and Mixin making progress in module-level IMUs [9][10] Conclusion and Future Directions - The sensor industry, particularly in the fields of auditory, visual, and electronic skin technologies, is undergoing significant changes. Investors should focus on both established players and emerging companies with breakthrough potential. Continuous monitoring of industry dynamics is essential for timely adjustments in investment strategies [11][12]

本次权益变动前，上海云鑫持有奥比中光科技集团股份有限公司（以下简称 "公司"）股份 48,822,120 股，占公司总股本的 12.21%；本次权益变动后，上海云 鑫持有公司股份 48,000,120 股，占公司总股本的 12.00%。 本次权益变动不会导致公司控股股东及实际控制人发生变化。 一、本次权益变动基本情况 证券代码：688322 证券简称：奥比中光 公告编号：2025-008 奥比中光科技集团股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 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： 本次权益变动属于持股 5%以上股东上海云鑫创业投资有限公司（以下简称 "上海云鑫"）实施前期已披露的股份减持计划，不触及要约收购，不涉及披露权 益变动报告书。 1、本次权益变动未违反股东减持承诺，不存在违反《中华人民共和国证券法》《上市公司收 购管理办法》等法律法规和上海证券交易所业务规则等相关规定的情形。 2、本次权益变动所涉及股份均享有表决权，不存在表决权委托或受限等任何权利限 ...

证券代码：688322 证券简称：奥比中光 公告编号：2025-009 奥比中光科技集团股份有限公司 2025 年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 2 月 7 日 （二） 股东会召开的地点：深圳市南山区西丽街道松坪山社区高新北一道 88 号 奥比科技大厦 3 层会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 123 | | --- | --- | | 普通股股东人数 | 122 | | 特别表决权股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 510,943,473 | | 普通股股东所持有表决权数量 | 98,186,483 | | 特别表决权股东所持有表决权数量（每份特别表决权股份的表 | 412,756,990 | | 决权数量为：5） | | | 3、 ...

法律意见书 致：奥比中光科技集团股份有限公司 北京市金杜（深圳）律师事务所 关于奥比中光科技集团股份有限公司 2025 年第一次临时股东会之 北京市金杜（深圳）律师事务所（以下简称本所）接受奥比中光科技集团股 份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称 《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行 政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公 司于 2025 年 2 月 7 日召开的 2025 年第一次临时股东会（以下简称本次股东会）， 并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年第一次临时股东大会审议通过，于 2024 年 10 月 1 日刊登 于上海证券交易所网站（www.sse.com.cn，下同）的《奥 ...

2025 年 2 月 奥比中光科技集团股份有限公司 2025 年第一次临时股东会会议资料 奥比中光科技集团股份有限公司 奥比中光科技集团股份有限公司 2025 年第一次临时股东会会议资料 证券代码：688322 证券简称：奥比中光 奥比中光科技集团股份有限公司 2025 年第一次临时股东会会议资料 2025 年第一次临时股东会会议资料目录 会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有表决权的 股份总数，在此之后进入的股东无权参与现场投票表决。 四、会议按照会议通知上所列顺序审议、表决议案。 五、股东及股东代理人参加股东会依法享有发言权、质询权、表决权等权利。 股东及股东代理人参加股东会应认真履行其法定义务，不得侵犯公司和其他股东及 股东代理人的合法权益，不得扰乱股东会的正常秩序。 | 2025 | 年第一次临时股东会会议须知 1 | | --- | --- | | 2025 | 年第一次临时股东会会议议程 3 | | 议案一：关于 | 2025 年度日常关联交易预计的议案 5 | 奥比中光科技集团股份有限公司 2025 年第一次临时股东会会议资料 奥比中光科技集团股份有限公司 2025 年第一 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company is projected to achieve a revenue of 560 million yuan in 2024, representing a year-over-year growth of 55.55%. The net loss attributable to the parent company is expected to decrease by approximately 78.25% to 60 million yuan [1]. - The company's performance is anticipated to rebound significantly due to the continuous expansion of the AIOT sector and the release of production capacity [1]. - The introduction of the "smart medical insurance face recognition" system in several provinces is expected to accelerate the application of medical insurance scenarios [1]. - The company has launched two high-precision 3D scanners in collaboration with a leading industry player, which are expected to meet the growing demand across various sectors [2]. - The company has established partnerships with multiple domestic and international service robot clients, enhancing its market competitiveness and technological barriers [3]. - The company is leveraging its 3D visual perception technology to benefit from the growth of AI hardware and applications, positioning itself as a key player in the robotics vision sensor market [5]. Financial Summary - Revenue is projected to grow from 360 million yuan in 2023 to 560 million yuan in 2024, with a growth rate of 55.75% [6]. - The net profit attributable to the parent company is expected to improve from a loss of 275.88 million yuan in 2023 to a loss of 48.67 million yuan in 2024 [6]. - The company’s earnings per share (EPS) is forecasted to improve from -0.69 yuan in 2023 to -0.12 yuan in 2024, with a return to profitability expected in 2025 [6]. Market Position - The company is recognized as a domestic unicorn in the 3D vision sector, with its technology and products gaining global recognition [5]. - The company is expected to benefit from the booming robotics industry and the increasing demand for 3D printing applications [5].

证券代码：688322 证券简称：奥比中光 公告编号：2025-006 奥比中光科技集团股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2024/2/20，由公司控股股东、实际控制人、董事长、 | | --- | --- | | | 总经理黄源浩先生提议 | | 回购方案实施期限 | 本次回购用于维护公司价值及股东权益的期限为自 公司第二届董事会第三次会议审议通过回购方案之 | | | 日起不超过 3 个月，用于员工持股计划或股权激励的 | | | 期限为自公司第二届董事会第三次会议审议通过回 | | | 购方案之日起不超过 个月。 12 | | 预计回购金额 | 2,500 万元~5,000 万元 | | 回购价格上限 | 43.80 元/股 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 实际回购股数 | 120.0 ...

证券代码：688322 证券简称：奥比中光 公告编号：2025-003 奥比中光科技集团股份有限公司 第二届监事会第十一次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 公司及全资、控股子公司（均为合并报表范围内子公司，以下统称"子公司"） 2025 年度日常关联交易预计事项，是公司及子公司业务发展和生产经营的正常所需， 有利于公司整体健康可持续发展，关联交易价格定价合理公允、程序合规，不存在 损害公司及股东特别是中小股东利益的情形。 综上，我们一致同意上述事项，并同意将本议案提交至公司2025年第一次临时 股东会审议。 具体内容详见公司在指定信息披露媒体《上海证券报》《中国证券报》《证券 时报》《证券日报》、经济参考网（www.jjckb.cn）和上海证券交易所网站 （www.sse.com.cn）披露的《关于2025年度日常关联交易预计的公告》（公告编号： 2025-004）。 特此公告。 奥比中光科技集团股份有限公司 监事会 2025 年 1 月 21 日 奥比中光科技集团股份有 ...