Core Points - The stock of Maolai Optical (688502) closed at 357.82 yuan on November 10, 2025, down 0.89% from the previous trading day, with a total market capitalization of 18.893 billion yuan [1] - The company announced that it received approval from the China Securities Regulatory Commission (CSRC) for the issuance of convertible bonds to unspecified investors, valid for 12 months from the date of approval [1] Summary by Category Stock Performance - The stock opened at 360.0 yuan, reached a high of 365.0 yuan, and a low of 351.01 yuan, with a trading volume of 2.54 billion yuan and a turnover rate of 4.23% [1] Corporate Actions - The company will issue convertible bonds in accordance with the approved registration and will adhere to relevant laws and regulations, fulfilling disclosure obligations as required [1]

Core Points - The company, Maolai Optics, has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors [2] - The approval is valid for 12 months from the date of registration [2] - The issuance must strictly follow the application documents and issuance plan submitted to the Shanghai Stock Exchange [2]

Core Viewpoint - The application for the issuance of convertible bonds by Maolai Optical has changed its review status to effective registration, indicating progress in the company's financing efforts [1] Group 1 - Maolai Optical is issuing convertible bonds to unspecified objects, which may enhance its capital structure and provide funding for future projects [1] - The underwriting institution for this issuance is China International Capital Corporation Limited, suggesting a reputable partner in the capital markets [1]

Group 1 - Great Wall Technology has terminated the planning of control change matters and will resume trading on November 10, 2025 [2] - The actual controllers of Great Wall Technology were in discussions for a share transfer that could lead to a change in control, but they decided to terminate the planning due to a lack of consensus on core issues [2] Group 2 - Eight One Steel and other companies or shareholders are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [3] - Eight One Steel received a notice from the CSRC regarding the investigation, stating that their production and operations remain normal and will not be significantly affected [3] Group 3 - ST Chang Pharmaceutical has been investigated by the CSRC for suspected false reporting of financial data, which could lead to mandatory delisting if found guilty of major violations [4] - Intercontinental Oil and Gas is also under investigation, but the investigation pertains to a shareholder and does not affect the company's operations [4] Group 4 - Tianyi New Materials has agreed to undergo pre-restructuring due to creditor applications, which is expected to improve the chances of successful restructuring [6] - The pre-restructuring process will facilitate early communication with creditors and potential investors [6] Group 5 - Suzhou Planning intends to acquire 100% of Dongjin Aviation Technology through a combination of share issuance and cash payment, with a transaction price of 250 million yuan [7] - This acquisition aims to create a competitive integrated solution in air traffic management, addressing industry pain points and aligning with the development of the low-altitude economy [7] Group 6 - Del Shares plans to acquire 100% of Aizhuo Intelligent Technology through share issuance and will raise matching funds from specific investors [8] - The transaction has been reviewed and approved by the Shenzhen Stock Exchange's merger and reorganization review committee [8] Group 7 - Degute has decided to terminate its major asset restructuring transaction due to difficulties in forming a satisfactory plan within the effective time window [9] - The termination requires further negotiations and internal approval processes from the involved parties [9] Group 8 - Aerospace Hanyu's subsidiary has won a bid for a project worth approximately 246.3 million yuan, which is expected to positively impact the company's performance [11] - Huachang Communications has elected a new chairman, which may influence the company's strategic direction [11] Group 9 - Maolai Optical has received approval from the CSRC to issue convertible bonds to unspecified investors [12] - Tianchen Medical has adjusted its share repurchase plan, increasing the maximum repurchase price and total amount [12] Group 10 - Jiangsu Youxian's controlling shareholder plans to increase its stake in the company by investing between 100 million and 150 million yuan [21] - Jian Ke Institute plans to reduce its holdings by up to 1,466,600 shares [21]

Core Points - The company, Maolai Optics, has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors [1] - The issuance must be conducted strictly according to the submitted documents and issuance plan to the Shanghai Stock Exchange [1] - The approval is valid for 12 months from the date of registration [1] - The company is required to report any significant events to the Shanghai Stock Exchange from the date of registration until the completion of the issuance [1]

三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报 告上海证券交易所并按有关规定处理。 公司董事会将根据相关法律法规及上述批复文件的要求，在股东会的授权范 围内办理本次向不特定对象发行可转换公司债券的相关事宜，公司将根据该事项 的进展情况，按照有关规定和要求及时履行信息披露义务。敬请广大投资者注意 投资风险。 证券代码：688502 证券简称：茂莱光学 公告编号：2025-080 南京茂莱光学科技股份有限公司 关于向不特定对象发行可转换公司债券申请获得 中国证券监督管理委员会同意注册批复的公告 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。 南京茂莱光学科技股份有限公司（以下简称"公司"）于近日收到中国证券监 督管理委员会出具的《关于同意南京茂莱光学科技股份有限公司向不特定对象发 行可转换公司债券注册的批复》（证监许可〔2025〕2433 号），现将批复文件 主要内容公告如下： 一、同意公司向不特定对象发行可转换公司债券的注册申请。 二、公司本次发行应严格按照 ...

Core Viewpoint - The company, Maolai Optical (688502.SH), has received approval from the China Securities Regulatory Commission (CSRC) for the registration of its convertible bond issuance to unspecified investors [1] Group 1 - The approval is documented in the CSRC's notice numbered 2433, dated 2025 [1] - The company plans to issue convertible bonds, which allows investors to convert their bonds into shares at a later date [1]

Core Viewpoint - The company, Maolai Optical (688502.SH), has received approval from the China Securities Regulatory Commission for the registration of its convertible bond issuance to unspecified investors [1] Group 1 - The company has recently announced the receipt of a formal approval document from the China Securities Regulatory Commission [1] - The approval pertains to the company's application to issue convertible bonds [1] - The registration number for the approval is 证监许可〔2025〕2433号 [1]

Key Insights - The report highlights significant year-on-year revenue growth in Q3, driven by advancements in the semiconductor and AR/VR testing sectors, particularly for companies like Maolai Optics and Junsheng Electronics [4][7] - Companies such as Amazon and Yudong Network have shown resilience in their revenue streams, with Amazon's Q3 revenue reaching $180.2 billion, a 13% increase year-on-year, and Yudong Network's revenue growing by 84.04% in the same period [21][27] - The report indicates a structural shift in the secondary market, with new infrastructure sectors experiencing a favorable market environment despite overall market pressure [18] Group 1: Company Performance - Maolai Optics reported a revenue of 503 million yuan in the first three quarters of 2025, a 34.05% increase year-on-year, with a net profit of 46 million yuan, up 86.57% [4] - Junsheng Electronics achieved a revenue of approximately 154.97 billion yuan in Q3 2025, reflecting a 10.25% year-on-year increase, with a net profit of about 4.13 billion yuan, up 35.4% [7] - Concept Electronics reported a net profit increase of 173.46% year-on-year, with a revenue of 315 million yuan in the first three quarters of 2025 [12] Group 2: Industry Trends - The semiconductor sector is experiencing robust growth, with Maolai Optics reporting that 58.80% of its revenue comes from this field [5] - The report notes a significant increase in new business orders for Junsheng Electronics, with a total of 714 billion yuan in new orders accumulated in the first three quarters of 2025 [9] - The e-commerce sector, particularly Amazon, continues to show resilience, with various revenue streams exceeding expectations, including a 24% increase in advertising service revenue [23][24] Group 3: Future Outlook - Forecasts for Maolai Optics suggest revenues of 673 million yuan, 871 million yuan, and 1.07 billion yuan for 2025-2027, with corresponding net profits of 63 million yuan, 97 million yuan, and 139 million yuan [6] - Junsheng Electronics is expected to achieve revenues of 625.64 billion yuan, 673.16 billion yuan, and 726.56 billion yuan from 2025 to 2027, with net profits projected at 15.39 billion yuan, 18.54 billion yuan, and 21.65 billion yuan [11] - Amazon's revenue is projected to reach $711 billion, $800 billion, and $900 billion for 2025-2027, with net profits of $76.5 billion, $87.9 billion, and $108.9 billion [26]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10] Core Insights - The company reported a significant year-on-year revenue growth of 34.05% for the first three quarters of 2025, reaching 503 million yuan, with a net profit increase of 86.57% to 46 million yuan [1][3] - The revenue breakdown shows that the semiconductor sector contributed 58.80% of total revenue, followed by life sciences and medical at 18.24%, and AR/VR testing at 9.28% [3] - The gross margin for the first three quarters of 2025 was 47.75%, a slight decrease of 0.40 percentage points year-on-year, while the net margin improved by 2.56 percentage points to 9.08% [4] Financial Performance - For Q3 2025, the company achieved a revenue of 184 million yuan, reflecting a year-on-year growth of 37.27% and a quarter-on-quarter increase of 4.24% [3] - The net profit for Q3 2025 was 13 million yuan, up 45.03% year-on-year, although it saw a decline of 19.73% quarter-on-quarter [3] - The company’s gross margin for Q3 2025 was 44.46%, down 4.55 percentage points year-on-year and 4.53 percentage points quarter-on-quarter [4] Earnings Forecast - The company is projected to achieve revenues of 673 million yuan, 871 million yuan, and 1.07 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 63 million yuan, 97 million yuan, and 139 million yuan [4][10] - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are estimated to be 293, 192, and 134 respectively [4][10]