Core Points - The company announced a cash dividend of 0.6 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on April 30, 2025 [2][3] - The total number of shares eligible for the dividend distribution is 138,579,091 shares, resulting in a total cash dividend payout of approximately 83,147,454.60 yuan (including tax) [3][6] - The company will not issue bonus shares or increase capital reserves during this distribution [3][4] Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the dividend record date [2][3] - The company’s repurchased shares will not participate in the dividend distribution [6][7] - The cash dividends for individual shareholders will be subject to different tax treatments based on their holding periods, with specific tax rates outlined for different categories of shareholders [8][9][10] Implementation Method - Cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with specific instructions for shareholders who have not completed designated trading [5][6] - The company will handle the cash dividend distribution for its major shareholder, Shandong Energy Group [7]

Group 1 - The core viewpoint of the legal opinion is that the differentiated equity distribution proposed by the company complies with relevant laws and regulations, and does not harm the interests of the company and its shareholders [7] - The company plans to distribute a cash dividend of 6.00 RMB per 10 shares (including tax) to all shareholders, with a total cash dividend amounting to approximately 83,239,654.80 RMB based on the share count as of March 31, 2025 [3][4] - The total share capital of the company is 139,950,000 shares, and after accounting for shares in the repurchase account, the number of shares eligible for profit distribution is 138,732,758 shares [3][4] Group 2 - The company has conducted a share buyback, increasing the number of shares in the repurchase account from 1,217,242 to 2,041,139 shares, which affects the number of shares eligible for profit distribution [4][5] - The adjusted total cash dividend amount based on the new share count is approximately 83,147,454.60 RMB, maintaining the cash dividend of 6.00 RMB per 10 shares [4][5] - The differentiated equity distribution does not involve stock dividends or capital reserve transfers, ensuring that the number of circulating shares remains unchanged [5][6] Group 3 - The legal opinion confirms that the shares in the repurchase account do not participate in the profit distribution, adhering to the principle of differentiated equity distribution [5][7] - The impact of the differentiated equity distribution on the ex-dividend reference price is minimal, with an absolute value impact of less than 1% [6][7] - The legal opinion concludes that the differentiated equity distribution does not violate the Company Law, Securities Law, or other relevant regulations [7]

Core Points - The company has announced a differentiated dividend distribution plan for the fiscal year 2024, which was approved at the annual shareholders' meeting on April 30, 2025 [1][2] - The cash dividend is set at 0.6 yuan per share, with a total cash dividend distribution amounting to approximately 83.24 million yuan (including tax) based on the number of shares eligible for distribution [2][3] - The total share capital of the company is 140,620,230 shares, with 138,732,758 shares eligible for the dividend after excluding shares held in the repurchase account [2][3] Dividend Distribution Details - The cash dividend distribution will not include stock dividends or capital reserve transfers, meaning the total number of circulating shares will remain unchanged [2] - The reference price for the ex-dividend trading will be calculated based on the formula: Ex-dividend reference price = (Previous closing price - Cash dividend) / (1 + Change in circulating shares ratio), with the circulating shares change ratio being 0 due to no changes in circulating shares [2][3] - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with specific arrangements for shareholders who have not completed designated transactions [3][4] Tax Implications - For individual shareholders holding shares for more than one year, the cash dividend will be exempt from personal income tax, resulting in an actual cash dividend of 0.6 yuan per share [5] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but the tax will be calculated based on the holding period [5] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in an actual cash dividend of 0.54 yuan per share after tax [6]

证券代码：688663 证券简称：新风光 公告编号：2025-038 新风光电子科技股份有限公司2024年年度权益分派 实施公告 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： 每股现金红利0.6元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/19 | 2025/6/20 | 2025/6/20 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 30 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章及其他规范性文件以及《公 司章程》的有关规定，公司回 ...

法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于 新风光电子科技股份有限公司 差异化权益分派事项的 法律意见书 释 义 在本法律意见书中，除非文意另有所指，下列词语具有下述涵义： | 本所 | 指 | 浙江天册律师事务所 | | --- | --- | --- | | 公司/新风光 | 指 | 新风光电子科技股份有限公司 | | 本次差异化权益分派 | 指 | 新风光本次拟进行的差异化权益分派 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《自律监管指引第 7 号》 | 指 | 《上海证券交易所上市公司自律监管指引第 7 号——回购 股份》 | | 《公司章程》 | 指 | 现行有效的《新风光电子科技股份有限公司章程》 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所、证券交易所 | 指 | 上海证券交易所 | | 中国 | 指 | 中华人民共和国，为本法律意见书之目的，不包括香港特 ...

Group 1: Industry Overview - Huawei launched four new models of the Pura series, significantly enhancing the camera system with potential use of three different 1-inch sensors, indicating a shift towards domestic CIS manufacturers gaining recognition in high-end markets [2] - The global AI server shipments are projected to reach 1.81 million units in 2025, with high-end AI servers equipped with high bandwidth memory (HBM) expected to exceed 1 million units, marking a 40% year-on-year increase [3] Group 2: Advanced Manufacturing - CATL announced the mass production of a 587Ah battery cell with a high energy density of 435Wh/L and a cycle efficiency of 95.5%, positioning it competitively on a global scale [6] - The domestic energy storage industry is expected to grow significantly, with installed capacity projected to exceed 78GW in 2024, a year-on-year increase of over 147%, and the total industry output value expected to surpass 1 trillion yuan by 2025 [6] Group 3: Battery Market Dynamics - In May, China's power battery installation volume reached 57.1GWh, a year-on-year increase of 43.1%, with lithium iron phosphate batteries accounting for 81.6% of the total installed volume [7] - China holds over 70% of the global market share for power batteries, with domestic companies expanding their presence in Europe, South America, and Southeast Asia [7] Group 4: Consumer Electronics - Yingshi Innovation leads the global consumer-grade panoramic camera market, with an expected market share of 81.7% in 2024, significantly outpacing competitors [9] - The company's revenue is projected to grow from 159 million yuan in 2017 to 5.574 billion yuan in 2024, reflecting a compound annual growth rate of 66.2% [10]

Core Viewpoint - The outdoor sports and short video content trends, along with the maturity of VR/AR technology, are driving the transition of action cameras and panoramic cameras from niche equipment for extreme sports enthusiasts to mainstream creative production tools, leading to a high growth period for the industry [1][3]. Market Overview - The global action camera market reached a size of 31.44 billion yuan in 2023, projected to grow to 51.35 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.0%. The panoramic camera market is expected to grow from 5.03 billion yuan to 7.85 billion yuan during the same period, with a CAGR of 11.8% [3]. - Despite the current low market penetration, attributes such as "experience-oriented," "community-focused," and "user-generated content (UGC) tools" continue to attract consumers seeking personalized expression, highlighting the industry's "blue ocean" characteristics [3]. Competitive Landscape - Major players in the market include Yingshi Innovation, GoPro, and DJI, with the future competition likely focusing on AI-enabled features and software ecosystem innovation rather than just hardware iterations [1][4]. - The trend of technology integration between action cameras and panoramic cameras is evident, with the boundaries of their functionalities becoming increasingly blurred, potentially leading to the development of "all-in-one" personal imaging devices [3][4]. Future Growth Potential - The industry is currently at a critical "breaking out" phase, benefiting from the explosive demand for outdoor sports and short video content, indicating significant future growth potential [4]. - While concerns about low hardware barriers exist, the competition is expected to extend into AI, software ecosystems, and differentiated innovation, leading to a reconfiguration of industry barriers [4]. - With technological integration and evolving user demands, the action camera and panoramic camera industry may enter a new innovation cycle, with Chinese manufacturers likely to gain a more proactive position in global competition due to their technological accumulation and market insights [4].

Summary of the Conference Call for YingShi Innovation Company Overview - **Company**: YingShi Innovation - **Industry**: Smart Imaging Devices - **Key Products**: Insta360 ONE X series, Go series, S Pro series, modular cameras, and professional VR cameras [2][5][18] Financial Performance - **2024 Revenue**: 5.57 billion RMB, a 60% increase year-over-year - **2024 Profit**: 990 million RMB, a 106.6% increase year-over-year - **Revenue Forecast**: - 2025: 8 billion RMB - 2026: 10.8 billion RMB - 2027: 14 billion RMB - **Profit Forecast**: - 2025: 1.2 billion RMB - 2026: 1.7-1.8 billion RMB - 2027: 2.5 billion RMB [2][15] Market Position and Trends - **Market Share**: Over 60% in the global panoramic camera market - **Global Market Size**: - Panoramic camera market: 5 billion USD in 2023, expected to reach 7.9 billion USD by 2027 - Action camera market: Over 30 billion RMB in 2023, expected to maintain double-digit growth - Drone market: 50 billion RMB in 2023, projected to grow to over 100 billion RMB [2][8][30][32] Product and Technology Insights - **Core Product Contribution**: 86% of revenue from consumer-grade smart imaging products, with Insta360 ONE X series contributing over 50% [2][4] - **Software Capabilities**: Insta360 APP offers cloud storage, cloud services, and AI editing, addressing post-processing pain points [11][12] - **R&D Focus**: Increasing R&D expenditure and personnel ratio, with a strong emphasis on innovation [26][27] Sales and Distribution - **Sales Model**: Combination of online and offline sales, with online sales approaching 50% in 2024 - **Global Reach**: Revenue from overseas markets exceeds 75%, with distribution in over 50 countries [3][22] Competitive Landscape - **Key Competitors**: DJI (drones), GoPro (action cameras), and other emerging brands - **Market Dynamics**: Despite DJI's larger scale, YingShi Innovation is positioned to compete effectively through product expansion and innovation [16][33] Strategic Partnerships and Supply Chain - **Supply Chain Stability**: Collaborations with key suppliers like Luxshare Precision to address capacity bottlenecks and tariff issues [14][43] - **Strategic Allocations**: Attracting core employees and supply chain partners for future expansion [14][45] Future Growth Potential - **Growth Drivers**: Continuous product innovation, market expansion, and strong brand recognition in overseas markets [34][41] - **Profitability Outlook**: Expected to maintain high growth rates in both revenue and profit, particularly in professional-grade products [44] Conclusion YingShi Innovation is positioned as a leader in the smart imaging device market, with strong financial performance, a robust product lineup, and significant growth potential driven by innovation and market expansion strategies. The company is well-equipped to navigate competitive pressures and capitalize on emerging market opportunities.

Summary of the Conference Call on the Action Camera Industry Industry Overview - The global action camera market is projected to sell approximately 20 million units in 2024, with panoramic cameras accounting for about 2 million units. Xi'an Catering holds a dominant position in the panoramic camera market, with sales reaching 1.44-1.5 million units [1][2] - The wide-angle camera market is primarily led by GoPro, DJI, and Yingshi, with total sales between 6-7 million units [1][2] - The main user groups for action cameras are sports enthusiasts (over 80% market share) and Vlog creators, with the latter's penetration rate currently below 10% [1][8] Key Insights and Arguments - Future growth drivers for the action camera market include increasing demand from sports enthusiasts (cycling, skiing, etc.) and Vlog creators, particularly as Vlog user penetration has significant growth potential [1][5] - The competitive landscape is fragmented, with intense competition among GoPro, DJI, and Yingshi, while the panoramic camera segment has a higher technical barrier and fewer brands [1][15] - Key components in action cameras include SoC chips (30% cost), sensors (10%-15%), and lens modules (10%-15%). GoPro, DJI, and Yingshi have different chip selections, with Sony and OmniVision dominating the sensor market [3][16][17] Market Dynamics - The action camera market is expected to see a shift towards Vlog users, who represent a significant growth opportunity despite their current low penetration [9][10] - The performance of action cameras in stabilization technology is crucial for both sports and Vlog users, with current models achieving high resolutions (up to 8K) [7][11] - The market is characterized by a mix of high-end brands and low-end white-label products, with the latter catering to budget-conscious consumers [25] Challenges and Opportunities - Major challenges for Vlog users include the distortion caused by wide-angle lenses and the need for improved audio quality and image stabilization [13][12] - The action camera market is currently fragmented, but there is potential for consolidation as brands begin to overlap in product offerings [15] - The future of the action camera market may involve price competition, but significant technological advancements are still needed in areas like low-light performance and audio quality [32] Competitive Landscape - GoPro's competitive edge has diminished, with its technology being surpassed by competitors like Yingshi and DJI. GoPro's pricing strategy has also affected its market position [27] - Yingshi is expected to maintain a leading position in the panoramic camera market, while DJI and Yingshi are projected to split the wide-angle market evenly [28] - The entry of new competitors into the action camera space is limited due to the high technical requirements and existing brand loyalty [29] Future Directions - The action camera industry is likely to see further technological iterations, particularly in image quality, stabilization, and audio enhancements [32] - Companies like DJI and Yingshi may explore opportunities in the AI glasses market, leveraging their existing technology and supply chain advantages [33][34] - The Vlog camera segment is anticipated to grow significantly, with companies like DJI already achieving notable sales with products like the Pocket 3 [36]

Group 1 - The company plans to acquire an additional 2.832% equity stake in its subsidiary, Yanzhou Dongfang Electromechanical Co., Ltd., for a total of 3.977 million yuan, increasing its ownership from 50% to 52.832% [6][10][14] - The acquisition aims to enhance the company's control over the subsidiary, improve operational efficiency, and optimize resource allocation [6][14] - The financial data of Yanzhou Dongfang Electromechanical Co., Ltd. shows total assets of 391.7949 million yuan and net assets of 119.0279 million yuan as of March 31, 2025 [9][10] Group 2 - The company intends to renew its financial services agreement with Shandong Energy Group Financial Co., Ltd., expanding the services from only bill acceptance to include deposit services and comprehensive credit services [15][18] - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [15][18] - The financial services agreement aims to lower financing costs and improve capital efficiency for the company and its subsidiaries [15][18] Group 3 - The company proposes to cancel its supervisory board and transfer its responsibilities to the audit committee of the board of directors, in compliance with the new Company Law effective from July 1, 2024 [20][21] - The company will revise its articles of association accordingly to reflect this change [20][21] - The proposed changes have already been approved by the company's board of directors and supervisory board [20][21]