中信证券股份有限公司 关于海目星激光科技集团股份有限公司 放弃参股公司优先认购权暨与关联人共同投资的核查意见 中信证券股份有限公司（以下简称"中信证券""保荐人"）作为海目星激 光科技集团股份有限公司（以下简称"海目星""公司"）持续督导工作的保荐 人，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》（以下简称"《证券法》"）《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上市公司募集资金监管规则》《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》等相关法律法规 和规范性文件的规定，就海目星本次放弃参股公司优先认购权暨与关联人共同投 资的事项进行了审慎核查，核查情况如下： 一、关联对外投资概述 （一）对外投资的基本概况 1、本次交易概况 海目星的参股公司光显科技（广东）有限公司（以下简称"光显科技"）因 自身经营发展需要，拟增资扩股引入投资者深圳市国华光电科技有限公司（以下 简称"国华光电"），拟新增注册资本 1,500 万元。公司出于整体发展战略考虑， 拟放弃对光显科技本次增资扩股的优先认购权。本次交易完成后，光显科技注册 资本将由 ...

证券代码：688559 证券简称：海目星 公告编号：2026-014 海目星激光科技集团股份有限公司 关于放弃参股公司优先认购权暨与关联人共同投资 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： 本次交易系深圳市国华光电科技有限公司（以下简称"国华光电"）以 现金 300 万元及经评估后作价 1,200 万元的电子纸显示、液晶智能调控技术相关 的知识产权，合计 1,500 万元人民币的价格认购光显科技（广东）有限公司（以 下简称"光显科技"）新增注册资本 1,500 万元人民币，即按照 1 元/注册资本 的价格对光显科技进行增资。公司就本次增资事项放弃优先认购权。增资完成 后，公司持有光显科技股权比例将由 40.6250%下降至 37.1429%，最终持股比例 以工商变更登记为准 至本次关联交易为止，过去 12 个月内公司与同一关联人或与不同关 联人之间相同交易类别下标的相关的关联交易占公司最近一期经审计总资产 或市值的比例未达 1%以上，且未超过 3,000 万元 交易实施尚需履行的审批及其他相关程序 ...

证券代码：688559 证券简称：海目星 公告编号：2026-013 海目星激光科技集团股份有限公司 第三届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 海目星激光科技集团股份有限公司（以下简称"公司"）第三届董事会第二 十三次会议通知于 2026 年 3 月 20 日以电子邮件及通讯方式送达全体董事，会议 于 2026 年 3 月 25 日采用现场结合通讯方式召开。本次会议由董事长赵盛宇先生 主持，会议应到董事 9 名，实到董事 9 名，符合《中华人民共和国公司法》和《海 目星激光科技集团股份有限公司章程》（以下简称"《公司章程》"）等有关法 律法规规定，表决形成的决议合法、有效。 二、董事会会议审议情况 与会董事就如下议案进行审议，并表决通过以下事项： （一）审议通过《关于放弃参股公司优先认购权暨与关联人共同投资的议 案》 深圳市国华光电科技有限公司拟以现金 300 万元及经评估后作价 1,200 万元 的知识产权，合计 1,500 万元人民币的价格认购光显科技（广东 ...

重要内容提示： 实际控制人及其一致行动人持股基本情况 本次减持计划实施前，海目星激光科技集团股份有限公司（以下简称"公司"） 实际控制人赵盛宇先生直接持有公司 2,636,441 股，占公司目前总股本的 1.06%； 南京盛世海康创业投资合伙企业（有限合伙）（以下简称"盛世海康"）直接持有 公司股份 39,095,550 股，占公司目前总股本的 15.78%；盐城海合恒辉一号创业 投资合伙企业（有限合伙）（以下简称"盐城海合"）直接持有公司股份 14,291,250 股，占公司目前总股本的 5.77%；泰安海合恒辉二号投资合伙企业（有限合伙） （以下简称"泰安海合"）直接持有公司股份 12,234,000 股，占公司目前总股本 的 4.94%。 赵盛宇先生分别持有盛世海康 80.26%股权、持有盐城海合 92.35%股权、持 有泰安海合 90%的股权，上述三个股东为同一控制关系，且上述股东所持股份均 已上市流通。 证券代码：688559 证券简称：海目星 公告编号：2026-012 海目星激光科技集团股份有限公司 关于实际控制人的一致行动人减持计划时间 届满暨减持股份结果公告 本公司董事会、全体董事及相关股东 ...

证券代码：688559 证券简称：海目星 公告编号：2026-011 海目星激光科技集团股份有限公司 关于实际控制人及其一致行动人权益变动触及 1%刻度的 提示性公告 公司实际控制人赵盛宇先生及其一致行动人南京盛世海康创业投资合伙企业（有限合伙）、盐 城海合恒辉一号创业投资合伙企业（有限合伙）、泰安海合恒辉二号投资合伙企业（有限合伙）保 证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 26.92% | | | 权益变动后合计比例 | 25.43% | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ 否☑ | | | 是否触发强制要约收购义务 | 是□ 否☑ | | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控股 ...

在AI算力需求指数级爆发与6G通信前夜，光通信技术正站在从"高速"向"超高速"跃迁的关键节点。谁 能打通核心工艺的"任督二脉"，谁就能在万亿级算力基建中占据先机。 3月16日，海目星（688559.SH）在互动平台的两则回复直指市场核心关切。其一，公司明确表示，已 获全球算力头部公司的供应商code，坐实此前市场关于其已进入英伟达供应链的传闻。其二，承认具有 加工铌酸锂材料和薄膜铌酸锂光波导技术储备，能够制造低损耗的光波结构。 据悉，铌酸锂素有 "光学硅" 之称，是光电子领域的黄金基础材料。随着AI数据中心对速率、功耗的要 求逼近极限，以及光模块从800G向1.6T、3.2T演进，传统材料与工艺面临瓶颈，而薄膜铌酸锂凭借超高 电光系数和带宽优势，被业界视为支撑下一代数据中心互连的"理想材料"。 业内人士表示，海目星的核心突破在于针对传统铌酸锂器件体积大、损耗高、难集成的痛点，通过攻克 超薄薄膜加工、晶圆键合及超低损耗波导刻蚀等工艺，实现超薄化、低损耗与可集成三大核心目标。 手握英伟达的code，又有铌酸锂这一前沿技术储备，海目星在AI算力时代的"野心"已经日渐清晰。公司 正以精密激光工艺为核心，加速打通从体块 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - CATL's capacity utilization rate has reached a historical high of 96.9% by the end of 2025, indicating a strong need for capacity expansion due to the inability to meet future order growth [6] - There is a strong and urgent demand for lithium battery equipment driven by the need for capacity expansion, with CATL's planned capacity under construction reaching 321 GWh by the end of 2025 [6] - The demand for lithium batteries is supported by dual drivers: the growth in power batteries and energy storage batteries, with sales growth of 41.85% and 29.13% respectively in 2025 [6] - New technologies such as solid-state batteries and dry electrode processes are expected to bring additional growth opportunities for equipment manufacturers [6] - Investment recommendations include focusing on equipment manufacturers with complete line delivery capabilities and those benefiting from new technologies [6] Summary by Sections Industry Overview - CATL's total battery capacity reached 772 GWh with a production of 748 GWh in 2025, marking a significant increase in capacity utilization compared to previous cycles [6] Demand Drivers - The urgent need for capacity expansion is highlighted by CATL's inability to fulfill all orders due to current production limits [6] - The strong market demand for electric vehicles and energy storage solutions is expected to continue driving lithium battery demand [6] Technological Advancements - Solid-state batteries are projected to enter mass production between 2027 and 2028, which will create new investment opportunities in equipment [6] - The dry electrode process is anticipated to reduce costs by over 50% and increase demand for related equipment [6] Investment Recommendations - Focus on leading manufacturers such as XianDao Intelligent, HaiMuXing, and LiYuanHeng for their strong ties with major clients [6] - Consider companies benefiting from advancements in solid-state and dry electrode technologies, such as HongGong Technology and Nacono [6]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - Solid-state batteries are gaining policy attention and have broad prospects, with industrialization imminent. They are viewed as the next generation of lithium battery technology due to their high energy density and intrinsic safety. The Chinese government is accelerating the development and industrialization of solid-state battery technology through major projects and standardization efforts [2][9]. - The equipment sector is expected to benefit first from the technological iteration and capacity construction in solid-state batteries. Key equipment such as dry electrode and isostatic pressing machines are anticipated to be in demand as the production processes evolve [2][19]. - Leading companies like XianDao Intelligent, LiYuanHeng, and HaiMuXing are capable of providing integrated solutions for solid-state battery production lines, indicating a competitive landscape in the equipment supply sector [2][56]. Summary by Sections 1. Solid-State Batteries: Policy Emphasis and Broad Prospects - Solid-state batteries are recognized for their potential to overcome the performance limitations of traditional lithium batteries, with significant policy support from the Chinese government [9][19]. - Major automotive companies are planning to validate and mass-produce solid-state batteries between 2026 and 2030, indicating a robust growth trajectory for this technology [19][20]. 2. Equipment Sector: Key Equipment Expected to Thrive - The production process for solid-state batteries will differ significantly from traditional lithium batteries, necessitating new equipment investments. Approximately two-thirds of the equipment may need to be newly purchased if dry processing methods are adopted [2][35]. - The dry electrode process is highlighted as a critical technology for both solid-state battery mass production and cost reduction in liquid batteries, with high technical barriers [40][41]. 3. Solid-State Battery Equipment Participants - Key players in the solid-state battery equipment sector include companies like NaKonoer, HongGong Technology, and RongQi Technology, which are involved in various stages of production [57]. - The demand for laser equipment is expected to increase in solid-state battery production, with applications in insulation and cutting processes [46][49]. 4. Investment Recommendations - The report suggests focusing on leading companies with comprehensive solution capabilities in the solid-state battery equipment sector, as they are likely to benefit from the capacity expansion in solid-state batteries and traditional lithium battery production cycles [2][19].

Summary of BYD's Second-Generation Battery Fast Charging Technology Conference Call Industry and Company Involved - **Company**: BYD (Build Your Dreams) - **Industry**: Electric Vehicle (EV) Battery Supply Chain Key Points and Arguments 1. Battery Core Components - **Cathode Materials**: - **Fengyuan Co., Ltd. (002805)**: Exclusive supplier of high-pressure lithium iron phosphate for BYD's fast-charging battery, involved in joint R&D and exclusive adaptation [1] - **Defang Nano (300769)**: Core supplier of lithium manganese iron phosphate, supporting the second-generation blade battery's high rate and energy density improvements [1] - **Hunan YN Energy (301358)**: Leading supplier of lithium iron phosphate cathodes, deeply integrated with BYD, benefiting from the ramp-up of fast-charging batteries [1] 2. Electrolytes and Separators - **Tinci Materials (002709)**: Leading supplier of high-rate electrolytes, utilizing LiFSI technology to reduce internal resistance, suitable for fast-charging needs [1] - **Enjie Co., Ltd. (002812)**: Supplier of ultra-thin wet separators (4μm), enhancing ionic conductivity and ensuring fast charging stability [1] 3. Structural Components and Equipment - **Kodali (002850)**: Core supplier of blade battery casings, meeting the structural requirements of the second-generation short blade and high-rate designs [1] - **Haimeixing (688559)**: Provides laser equipment for the second-generation blade, covering the entire process from electrode processing to welding, with BYD as its second-largest customer (approximately 15% of revenue) [1] - **Lianying Laser (688518)**: Main supplier for cell/PACK laser welding, utilizing blue laser technology for copper-aluminum welding, with a high market share [1] 4. Onboard High Voltage and Control - **Silicon Carbide Chips**: - **San'an Optoelectronics (600703)**: The only domestic company with a full silicon carbide supply chain, providing automotive-grade SiC chips for high-voltage fast charging and efficient energy conversion [1] - **Tianyue Advanced (688234)**: Holds a 25% global market share in silicon carbide substrates, entering BYD's supply chain to support SiC chip production [1] 5. High Voltage Connectors and Charging Guns - **Yonggui Electric (300351)**: Validated 1000V liquid-cooled high-voltage connectors and charging guns by BYD, with a single vehicle supply value of approximately 1200 yuan [1] 6. Onboard Power Modules - **Xinrui Technology (300745)**: Supplier of high-power charging SCM super-fast charging modules, suitable for megawatt fast-charging high-voltage platforms [1] 7. Charging Infrastructure - **Ultra Charging Piles and Power Modules**: - **XJ Electric (000400)**: Awarded the first batch of megawatt fast charging station equipment by BYD, providing 600kW liquid-cooled ultra charging piles [1] - **Shenghong Co., Ltd. (300693)**: Signed a strategic agreement with BYD for core power modules of megawatt charging stacks [1] 8. Charging Modules and Power Supplies - **Yingkerui (300713)**: Supplier of 1000V efficient power modules, achieving a conversion efficiency of 98.5%, supporting peak power output [1] Core Conclusions - **Key Certainties**: Exclusive long-term agreements for cathode materials, exclusive adaptation of laser equipment, and full-chain support for SiC chips [1] - **Leading Suppliers for Fast Charging Components**: Tinci Materials (electrolytes), Enjie Co., Ltd. (separators), Yonggui Electric (high-voltage connectors), and XJ Electric (ultra charging piles) [1]

Company and Industry Summary Company: 海目星 (Haimu Star) Key Points - **Industry Context**: The demand for high-speed transmission in data centers is continuously increasing. The Micro LED CPO (Chip-on-Panel) solution demonstrates significant energy-saving effects in data center interconnection scenarios, with power consumption only 5% of that of copper cable solutions. This positions the Micro LED CPO as a potential alternative for optical interconnection due to its energy efficiency [1][2] - **Product Development**: 海目星 is strategically developing four key Micro LED devices to support the industrialization of CPO optical interconnection: 1. **Mass Transfer Equipment**: Achieves high-speed positioning, precise alignment, and breakthroughs in laser processing technology [1] 2. **Mass Welding Equipment**: Completes the development of G2.5 generation panels and has achieved small-batch production [1] 3. **Laser Repair Equipment**: Overcomes critical technical bottlenecks in chip removal, pad leveling, and chip welding [1] 4. **Collaboration with Fuzhou University**: Focuses on breakthroughs in Micro LED mass detection technology, filling a gap in the industry [1] - **Order Growth**: The company has signed nearly 100 million in new orders for 2025, with expectations to exceed 130 million in 2026. As of January-February, 20 million has already been completed, indicating a high order completion rate and gradually improving gross margins [2] - **Future Projections**: The year 2026 marks the first year for the company's equity incentive and employee stock ownership plan assessment. The fourth quarter of 2025 confirmed a performance inflection point, with expectations for quarterly performance to be realized. Projected earnings for 2026 and 2027 are 50 million and 70 million respectively, corresponding to PE ratios of 28x and 20x. The company continues to be recommended for investment [2]