Group 1 - The company announced the withdrawal of its application for a simplified procedure to issue shares to specific targets on November 12, 2025 [1] - On November 17, 2025, the company and its sponsor, Dongfang Securities, submitted the withdrawal application to the Shanghai Stock Exchange [1] - The Shanghai Stock Exchange issued a decision on November 18, 2025, to terminate the review of the company's simplified share issuance application [1]

Group 1 - The report highlights a significant recovery in the private placement market in 2025, driven by favorable policies and increased market activity, leading to a pronounced profit effect [4][5][6] - The "Merger Six Guidelines" initiated a new round of relaxed policies for mergers and acquisitions, enhancing market activity and increasing the number of related private placement projects [16][18] - The implementation of the "Long-term Capital Market Entry Plan" allows various institutional investors to participate in private placements, potentially increasing investment in pricing-based private placements [17][21] Group 2 - The number and scale of new private placement proposals have significantly increased, with a 92.3% year-on-year rise in competitive private placement proposals and a 105.3% increase in financing scale from January to October 2025 [5][19] - The average fundraising amount per project has notably increased, with competitive private placements averaging 15.22 million yuan, a 69.63% year-on-year growth [6][34] - The average yield of competitive private placements reached 38.69% by October 31, 2025, marking a new high since 2020, with a substantial increase from the previous year [6][37] Group 3 - The report emphasizes the focus on high-end manufacturing and innovative sectors, with the top five industries for new private placement financing being electronics, computers, machinery, power equipment, and automobiles [28] - The report identifies key investment themes, including smart vehicles, high-end manufacturing, and outdoor products, with specific companies recommended for investment [8][52] - The report notes that the private placement market is increasingly supporting the dual innovation sector, with nearly 50% of new financing proposals coming from the Sci-Tech Innovation Board and the Growth Enterprise Market [28][32]

Market Overview - The optical and optoelectronic sector experienced a decline of 0.96% on November 14, with Aolaide leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the optical and optoelectronic sector included: - Huaying Technology (Code: 000536) with a closing price of 5.31, up 9.94% and a trading volume of 1.2575 million shares, totaling 661 million yuan [1] - Heli Tai (Code: 002217) closed at 3.33, up 3.10% with a trading volume of 3.1467 million shares, totaling 105.5 million yuan [1] - Major decliners included: - Aolaide (Code: 688378) closed at 25.48, down 10.66% with a trading volume of 135.6 thousand shares, totaling 360 million yuan [2] - Wanrun Technology (Code: 002654) closed at 15.51, down 9.67% with a trading volume of 1.3589 million shares, totaling 2.159 billion yuan [2] Capital Flow - The optical and optoelectronic sector saw a net outflow of 645 million yuan from institutional investors, while retail investors contributed a net inflow of 625 million yuan [2] - The detailed capital flow for selected stocks showed: - Huaying Technology had a net inflow of 433 million yuan from institutional investors, while retail investors had a net outflow of 229 million yuan [3] - Heli Tai experienced a net inflow of 103 million yuan from institutional investors, with retail investors seeing a net outflow of 72.73 million yuan [3]

Core Insights - The optical and optoelectronic sector saw a slight increase of 0.34% on November 13, with Tianshan Electronics leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Tianshan Electronics (301379) closed at 29.65, with an increase of 8.01% and a trading volume of 193,400 shares, amounting to 568 million yuan [1] - Other notable gainers included: - Gobi Jia (920438) at 41.20, up 4.99% [1] - Mulinsen (002745) at 9.33, up 4.71% [1] - Changyang Technology (6628899) at 19.38, up 4.42% [1] - Conversely, the following stocks experienced declines: - Visionox (002387) at 9.66, down 4.36% [2] - Qianzhao Optoelectronics (300102) at 14.22, down 4.05% [2] - ST Yushun (002289) at 35.80, down 2.27% [2] Capital Flow - The optical and optoelectronic sector experienced a net outflow of 343 million yuan from institutional investors, while retail investors saw a net inflow of 324 million yuan [2] - Notable capital flows included: - Tianshan Electronics had a net outflow of 58.29 million yuan from institutional investors [3] - Mulinsen saw a net inflow of 37.24 million yuan from institutional investors [3] - Aolaide (688378) had a net inflow of 35.93 million yuan from institutional investors [3]

Core Viewpoint - The company has initiated research and development in silicon-based OLED technology and is collaborating with GoerTek on device structure and material compatibility [1] Group 1 - The company has started its silicon-based OLED related business development [1] - Collaboration with GoerTek focuses on the development of silicon-based OLED device structures and material compatibility [1]

Core Viewpoint - The company has initiated research and development for silicon-based OLED technology and is collaborating with GoerTek on device structure and material adaptation [1] Group 1 - The company has started the layout for silicon-based OLED related business [1] - Collaboration with GoerTek focuses on the development of silicon-based OLED device structures and material compatibility [1]

Core Viewpoint - Aolide (688378.SH) announced the withdrawal of its application for a simplified procedure to issue shares to specific targets and plans to resubmit the application after adjusting its financing plan based on regulatory considerations and business development [1]. Financing Plan - The company initially planned to raise a total of up to 269.86 million yuan (approximately 26.99 million) through the issuance of shares, with a maximum of 300 million yuan and not exceeding 20% of the net assets at the end of the last fiscal year [1]. - The net proceeds from the fundraising were intended for the OLED display core material PSPI production base project and to supplement working capital [1]. - The proposed issue price was set at 17.20 yuan per share [1]. Shareholders and Ownership - The issuance was targeted at several investors, including individuals and fund management companies, all subscribing in cash at the same price [2]. - The major shareholders, Xuan Jingquan and Xuan Lingyi, control 33.39% of the company's shares, significantly influencing management decisions [4][5]. - The company has undergone share transfers, with a recent transfer involving 6,244,447 shares at a price of 21.00 yuan per share, totaling approximately 131 million yuan [4]. Financial Performance - In 2024, Aolide reported revenues of 533 million yuan, a 3% increase year-on-year, but net profit attributable to shareholders decreased by 26.04% to approximately 90.43 million yuan [11]. - For the first three quarters of 2025, the company experienced a 16.12% decline in revenue, totaling 389 million yuan, and a significant 69.03% drop in net profit to approximately 31.36 million yuan [12].

Core Viewpoint - The company, Aolaide, is committed to advancing the development and technological upgrades of perovskite vapor deposition equipment in accordance with the strategic cooperation agreement with BOE Technology Group, aiming to strengthen their competitive advantages [1] Group 1 - Aolaide is responding to investor inquiries regarding its strategic direction in perovskite vapor deposition equipment [1] - The company emphasizes adherence to the principles outlined in its strategic partnership with BOE [1] - The collaboration aims to jointly promote product development and technological advancements [1]

Group 1 - The company has made progress in the perovskite field with the assembly and debugging of a 650*450 perovskite evaporation machine, and is steadily promoting this product in the market [2] - The company is also developing a larger 1.2m*2.4m perovskite evaporation machine, indicating a focus on expanding its product offerings [2] - The company leverages its competitive advantage in linear evaporation sources in the panel field to achieve precise temperature control and good material utilization in the perovskite evaporation process, which helps avoid material degradation during evaporation [2]

Core Viewpoint - The company announced the withdrawal of its application for a simplified procedure to issue shares to specific targets and will reapply for the issuance [1] Group 1 - The fifth meeting of the company's fifth board of directors is scheduled for November 12, 2025, to review the decision [1] - The company has agreed to withdraw the relevant application documents for the stock issuance and will resubmit them [1]