根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 市公司信息披露管理办法》等有关法律、法规和规范性文件以及公司相关内部保 密制度的规定，公司对 2025 年限制性股票激励计划（以下简称"激励计划"或 "本激励计划"）采取了充分必要的保密措施，同时对本激励计划的内幕知情人 进行了必要登记。根据《管理办法》《上海证券交易所科创板股票上市规则》《科 创板上市公司自律监管指南第 4 号——股权激励信息披露》等规范性文件的要 求，公司对本激励计划内幕知情人及激励对象在激励计划草案公开披露前 6 个月 内（2025 年 4 月 25 日至 2025 年 10 月 24 日，以下简称"自查期间"）买卖公 司股票的情况进行自查，具体情况如下： 证券代码：688677 证券简称：海泰新光 公告编号：2025-065 青岛海泰新光科技股份有限公司关于 2025 年限制性股票激励计划内幕信息知情人 与激励对象买卖公司股票的自查报告 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。 青岛海泰新光科技股份有限公司（以下简称"公司"） ...

证券代码：688677 证券简称：海泰新光 公告编号：2025-066 青岛海泰新光科技股份有限公司 2025年第三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 （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 | 61 | | --- | --- | | 普通股股东人数 | 61 | | 2、出席会议的股东所持有的表决权数量 | 74,225,074 | | 普通股股东所持有表决权数量 | 74,225,074 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 62.6428 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 62.6428 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次股东会由公司董事会召集，以现场投票和网络投票相结合的方式进行表 （一） ...

北京章天 4分析 关于青岛海 T 限公司 2025 年第三次临时股东会的法律意见书 致:青岛海泰新光科技股份有限公司 北京竞天公诚(杭州)律师事务所(以下简称"本所")接受青岛海泰新光科 技股份有限公司(以下简称"公司")的委托,指派本所律师列席了公司于2025 年11月10日上午10:00在公司会议室召开的公司2025年第三次临时股东会〈以下 简称"本次股东会"),并依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股东会规则》等中国现行法律、法规和相关规范性文件(以下简 称"中国法律法规")及《青岛海泰新光科技股份有限公司章程》(以下简称"公 司章程")的规定,就本次股东会的召集和召开程序、出席会议人员资格、召集 人资格、会议表决程序和表决结果等事宜(以下简称"程序事宜")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有关本次股东会的文件, 包括但不限于公司第四届董事会第八次会议决议以及根据上述决议内容刊登的 公告,关于召开本次股东会的通知、本次股东会的会议资料,同时听取了公司就 有关事实的陈述和说明,列席了本次股东会。公司承诺其所提供的文件和所作的 陈述和说明是完整、真 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company experienced rapid growth in Q3 2025, with revenue reaching RMB 448 million and net profit attributable to shareholders at RMB 136 million. The endoscope and light source module businesses are growing quickly, with a forecasted EPS of RMB 1.51, 1.86, and 2.30 for 2025-2027, respectively. The target price is set at RMB 57.33, with a PE of 38X for 2025 [4][9]. - Overseas order demand is steadily recovering, particularly from U.S. clients, with significant growth in the endoscope business, which saw a 100% year-on-year increase in Q3 2025. The company has unexecuted orders from U.S. clients totaling RMB 300 million [4][9]. - The company is expanding its collaboration with U.S. clients across multiple product categories, including hysteroscopes and cystoscopes, with production expected to ramp up in 2024. The development of next-generation endoscope systems is progressing well [4][9]. Financial Summary - For the fiscal years 2023A to 2027E, the company’s total revenue is projected to grow from RMB 471 million in 2023 to RMB 847 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.3%. Net profit attributable to shareholders is expected to increase from RMB 146 million in 2023 to RMB 276 million in 2027 [3][4]. - The company’s net profit margin is projected to remain stable, with a net profit margin of approximately 30.2% in 2025, and the return on equity (ROE) is expected to improve from 11.3% in 2023 to 17.5% in 2027 [3][4]. Production and Capacity Expansion - The company is actively reducing tariff risks by relocating production to Thailand, with most products sold to the U.S. now being produced there. The second phase of the Thailand factory is set to expand production capabilities and is expected to be completed in the first half of 2026 [4][9]. - The U.S. factory has established an endoscope assembly line and is expanding its production area to accommodate repair services, which is currently under construction [4][9].

Investment Rating - The report maintains a "Buy" rating for several key companies in the pharmaceutical and biotechnology sector, including WuXi AppTec, Sangamo Therapeutics, and Tigermed [2][8]. Core Insights - The report highlights a positive outlook for the pharmaceutical sector, anticipating a recovery in demand and profitability for innovative drug companies, particularly in the CRO/CDMO and life sciences upstream segments [7][14]. - The recent national medical insurance negotiations have concluded, with a focus on supporting innovative drug chains, and the new drug list is set to be implemented on January 1, 2026 [14][56]. - The report emphasizes the importance of monitoring developments in innovative therapies for breast cancer, particularly the advancements in KAT6 inhibitors and PI3K/mTOR inhibitors [15][20]. Summary by Sections Company Performance - Key companies recommended for investment include WuXi AppTec, WuXi Biologics, and Tigermed, all showing strong growth potential [2][8]. - The report notes that the pharmaceutical sector's overall market capitalization is approximately 731.50 billion, with a circulating market value of around 661.54 billion [5]. Market Trends - The report indicates that the pharmaceutical sector has experienced a decline of 2.40% recently, while the broader market (CSI 300) increased by 0.82%, suggesting a challenging environment for the sector [7][14]. - The report anticipates a gradual recovery in revenue and profit growth for the pharmaceutical sector, with a focus on innovative drugs and medical devices [14][56]. Regulatory Developments - The recent national medical insurance negotiations involved 120 companies, with 127 drugs participating in the basic medical insurance drug list negotiations [14][56]. - The introduction of a dual directory review model is expected to further support the innovative drug chain [14][56]. Innovation Focus - The report highlights the ongoing clinical trials for Celcuity's Gedatolisib and the advancements in KAT6 inhibitors by domestic companies, indicating a strong focus on innovative cancer therapies [15][20]. - The report suggests that companies like Kangchen Pharmaceutical are making significant strides in the KAT6 inhibitor space, positioning themselves competitively in the international market [53].

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is focused on integrating optical technology with cutting-edge applications in the medical device industry, particularly in high-performance endoscope products. It has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and technological capabilities [2][7]. Company Overview - Qindao Haitai New Light was established on June 11, 2003, and went public on February 26, 2021. Its main business includes the research, development, production, and sales of medical endoscope devices and optical products. The revenue composition is as follows: medical endoscope devices 64.86%, optical products 21.63%, maintenance services 13.09%, and leasing 0.42% [7]. - As of September 30, 2025, the company reported a revenue of 448 million yuan, representing a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 136 million yuan, also showing a growth of 40.03% [7]. Market Position and Financials - The company has a significant overseas revenue share of 69.12%, benefiting from the depreciation of the Renminbi [3]. - The total market capitalization of the company is 5.828 billion yuan, with a trading volume of 38.349 million yuan and a turnover rate of 0.66% on November 7 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders is 5,188, a decrease of 1.84% from the previous period. The average circulating shares per person increased by 1.87% to 23,106 shares [7]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 207 million yuan distributed over the past three years [8]. Technical Analysis - The average trading cost of the stock is 46.47 yuan, with the current price approaching a support level of 48.40 yuan. A breach of this support level may indicate a potential downward trend [6].

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is focused on integrating optical technology with cutting-edge applications in the medical device industry, particularly in high-performance endoscopic instruments. It has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which enhances its competitiveness and stability in the industry [2][3]. Company Overview - Qindao Haitai New Light was established on June 11, 2003, and went public on February 26, 2021. Its main business includes the research, development, production, and sales of medical endoscopic instruments and optical products. The revenue composition is as follows: medical endoscopic instruments 64.86%, optical products 21.63%, maintenance services 13.09%, and leasing 0.42% [7]. - As of September 30, 2025, the company reported a revenue of 448 million yuan, a year-on-year increase of 40.47%, and a net profit attributable to shareholders of 136 million yuan, also up 40.03% year-on-year [7]. Market Position and Financials - The company has a significant overseas revenue share of 69.12%, benefiting from the depreciation of the RMB [3]. - The total market capitalization is 5.868 billion yuan, with a trading volume of 42.7961 million yuan and a turnover rate of 0.73% on November 6 [1]. - The average trading cost of the stock is 46.52 yuan, with the current price near a support level of 48.40 yuan [6]. Shareholder Information - As of September 30, 2025, the number of shareholders is 5,188, a decrease of 1.84% from the previous period. The average number of circulating shares per person is 23,106, an increase of 1.87% [7]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 207 million yuan distributed over the past three years [8].

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is focused on integrating optical technology with cutting-edge applications in the medical device industry, particularly in high-performance endoscopic instruments. It has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and technological capabilities [2][7]. Company Overview - Qindao Haitai New Light was established on June 11, 2003, and went public on February 26, 2021. Its main business includes the research, development, production, and sales of medical endoscopic instruments and optical products. The revenue composition is as follows: medical endoscopic instruments 64.86%, optical products 21.63%, maintenance services 13.09%, and leasing 0.42% [7]. - As of September 30, 2025, the company reported a revenue of 448 million yuan, representing a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 136 million yuan, also showing a growth of 40.03% [7]. Market Position and Financials - The company has a significant overseas revenue share of 69.12%, benefiting from the depreciation of the Renminbi [3]. - The total market capitalization of the company is 5.881 billion yuan, with a trading volume of 43.31 million yuan and a turnover rate of 0.74% on November 5 [1]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders is 5,188, a decrease of 1.84% from the previous period. The average circulating shares per person increased by 1.87% to 23,106 shares [7]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 207 million yuan distributed over the past three years [8]. Technical Analysis - The average trading cost of the stock is 46.49 yuan, with recent reductions in holdings but at a slowing pace. The current stock price is near a support level of 48.40 yuan, which is critical for potential rebounds [6].

Core Viewpoint - The company has announced the public disclosure and verification of the list of incentive recipients for its 2025 restricted stock incentive plan, which was approved by the board of directors [2][8]. Disclosure Situation - The company disclosed the draft of the 2025 restricted stock incentive plan and related documents on the Shanghai Stock Exchange website on October 25, 2025 [2]. - From October 25 to November 3, 2025, the company publicly announced the names and positions of the proposed incentive recipients internally for a period of 10 days, during which employees could provide feedback [3]. Verification Opinions - The board's remuneration and assessment committee confirmed that all individuals listed as incentive recipients meet the qualifications stipulated by relevant laws and regulations [4]. - The basic information of the proposed incentive recipients is accurate, with no falsehoods or significant omissions [5]. - None of the proposed incentive recipients fall under the disqualifications outlined in the management regulations, including recent inappropriate designations or legal violations [6]. - The proposed incentive recipients include the company's actual controller and key personnel, excluding shareholders with more than 5% ownership and independent directors [7].

证券代码：688677 证券简称：海泰新光 公告编号：2025-064 青岛海泰新光科技股份有限公司薪酬与考核委员会 关于公司 2025 年限制性股票激励计划首次授予激励对象名 单的公示情况说明及核查意见 一、公示情况 1、公司于 2025 年 10 月 25 日在上海证券交易所网站（www.sse.com.cn）上 披露了《2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 及其摘要、《2025 年限制性股票激励计划实施考核管理办法》《2025 年限制性股 票激励计划激励对象名单》等文件。 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。 青岛海泰新光科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第四届董事会第八次会议，审议通过了《关于公司 2025 年限制性股票激 励计划（草案）及其摘要的议案》及相关议案。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》"）、 《上市公司股权激励管理办法》（以下简称"《管理办法 ...