证券代码：001308 证券简称：康冠科技 公告编号：2025-055 深圳市康冠科技股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 1、本次被担保对象惠州市康冠科技有限公司资产负债率超过 70%； 2、公司及下属全资或控股子公司担保金额（均为公司合并报表范围内主体 之间的担保）超过上市公司最近一期经审计净资产 50%。 康冠科技就康冠医疗向中国银行股份有限公司深圳布吉支行（以下简称 "中国银行深圳布吉支行"）申请综合授信额度事项提供最高额连带责任保证， 被担保债权的最高限额为 1,000 万元。 敬请投资者注意相关风险。 一、担保情况概述 深圳市康冠科技股份有限公司（以下简称"公司"、"上市公司"或"康 冠科技"）于 2025 年 3 月 21 日、2025 年 4 月 15 日分别召开了第二届董事会第 二十四次会议、2025 年第一次临时股东大会，审议通过了《关于 2025 年度公司 及子公司提供担保额度预计的议案》，同意公司为子公司提供担保、子公司之 间互相担保及子公司对上市公司提供担保额度总 ...

Core Insights - The announcement by the National Medical Products Administration in July 2025 aims to optimize the lifecycle regulation to support the innovation of high-end medical devices, highlighting key areas such as medical robots, advanced medical imaging equipment, AI medical devices, and new biological materials [1] Company Overview - Shenzhen Kangguan Medical Equipment Co., Ltd. is a pioneer in AI medical devices and high-end medical imaging equipment, established in 2015 and a subsidiary of Kangguan Technology (001308) [1] - The company is recognized as a national high-tech enterprise and has received various certifications, including AEO customs advanced certification [1] Product Offerings - The company's product line includes a range of medical display products such as radiology diagnostic monitors, endoscopic monitors, imaging center consultation screens, ultrasound displays, integrated operating room displays, medical tablets, and AI medical integrated machines [1] - The endoscopic monitor utilizes self-developed RGB color calibration technology, compliant with DICOM international standards, providing high-precision 3D imaging for surgical scenarios [2] - The imaging center consultation screen is designed for multi-disciplinary collaboration, featuring large-size displays that meet medical imaging requirements [2] Technological Advancements - The Kangguan AI medical integrated machine incorporates AI solutions for dynamic lesion recognition and model training, featuring hardware with performance equivalent to RTX 3050-3060 level graphics cards [3] - The company has developed a closed-loop self-research color management system, ensuring precise calibration and color accuracy for medical imaging devices [3][4] Quality Assurance - The company adheres to international color standards, ensuring uniform brightness and color across the display, which is critical for clinical diagnosis [4] - The calibration process involves measuring the full RGB color gamut and optimizing key tone values, ensuring accurate representation of medical images [4] Market Presence - As of mid-2025, Kangguan Medical's display products have been deployed in over 1,000 hospitals across more than 30 provinces in China [5] - The company aims to leverage its AI and medical technology to enhance color accuracy, imaging standardization, and intelligent diagnosis, supported by a strong engineering team and extensive intellectual property [5]

Core Viewpoint - The National Medical Products Administration has introduced ten measures to support the innovation and development of high-end medical devices, including medical robots, advanced medical imaging equipment, and AI medical devices, which is expected to benefit companies like Kangguan Technology [1][2]. Company Overview - Kangguan Medical, a subsidiary of Shenzhen Kangguan Technology Co., Ltd., was established in 2015 and is recognized as a national high-tech enterprise [1]. - The company’s medical display products cover a full range of medical imaging products, including radiology diagnostic monitors and endoscopic monitors, playing a crucial role in surgical visualization, consultation collaboration, and intelligent radiology diagnosis [1]. Product Innovations - The endoscopic monitor utilizes self-developed RGB color calibration technology, complies with DICOM international standards, and supports high-precision 3D imaging, enhancing surgical efficiency and safety during procedures like "Da Vinci" robotic surgeries [1]. - The AI-integrated medical imaging machine features dynamic lesion recognition and model training capabilities, optimizing hospital radiology workflows and reducing reliance on high-level physicians [2]. Market Expansion - Kangguan Medical's display products are currently installed in over 1,000 hospitals across more than 30 provinces in China [2]. - The company aims to leverage its parent company's technological strength to iterate on medical display hardware and integrate AI-assisted diagnostic algorithms, creating a comprehensive color management and intelligent terminal display solution [2].

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Core Viewpoint - The announcement details the second exercise period of the stock option incentive plan for Shenzhen Kangguan Technology Co., Ltd., allowing eligible participants to exercise a total of 7,098,108 stock options at a price of 21.36 yuan per option from April 28, 2025, to March 12, 2026 [1][12]. Summary by Sections Stock Option Plan Details - The total number of stock options available for exercise in the second period is 7,098,108, with an exercise price set at 21.36 yuan per option [1]. - The actual exercise period is from the completion of procedures by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. until March 12, 2026 [1][12]. Approval and Verification - The company convened the fifth meeting of the second supervisory board to verify the list of incentive objects and approved the management measures for the implementation of the stock option incentive plan [2]. - The independent directors expressed their opinions on the proposals related to the stock option incentive plan [2][3]. Adjustments to the Incentive Plan - The stock option exercise price was adjusted from 29.65 yuan to 22.14 yuan due to the departure of 33 incentive objects and the voluntary waiver of one object [4][13]. - As of July 20, 2023, the company completed the cancellation of 320,032 stock options that had not been exercised [5][14]. Performance Conditions - The second exercise period's performance conditions require that the company’s revenue growth must meet or exceed 24% to trigger the exercise rights [8]. - The individual performance assessment results for the incentive objects will determine their eligibility to exercise the options [9]. Impact on Company Structure - If all options are exercised, the total share capital will increase from 700,610,130 shares to 707,708,238 shares, with minimal impact on earnings per share and net asset return [17]. - The exercise of options will not significantly alter the company's shareholding structure or affect the controlling shareholder [17]. Tax and Compliance - The personal income tax obligations for the incentive objects will be borne by them, with the company responsible for withholding and remitting the taxes as per national regulations [18]. - The participating directors and senior management will comply with relevant laws regarding short-term trading during the exercise period [18].

证券代码：001308 证券简称：康冠科技 公告编号：2025-054 深圳市康冠科技股份有限公司 关于 2024 年股票期权激励计划第一个行权期 采用自主行权模式的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、2024 年股票期权激励计划期权简称：康冠 JLC3，期权代码：037446。 2、2024 年股票期权激励计划符合本次行权条件的 2,086 名激励对象在第一 个行权期可行权的股票期权数量共计 1,050.3786万份，行权价格为 25.74元/份。 3、本次行权采用自主行权模式。 4、公司 2024 年股票期权激励计划共三个行权期，第一个行权期可行权期 限为：2025 年 6 月 30 日至 2026 年 6 月 26 日。实际可行权期限为：自中国证券 登记结算有限责任公司深圳分公司的手续办理完成之日起至 2026 年 6 月 26 日止 （如遇节假日提前至最后一个交易日止）。截至本公告日，中国证券登记结算有 限责任公司深圳分公司的手续已办理完成。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 2 202 ...

证券代码：001308 证券简称：康冠科技 公告编号：2025-053 深圳市康冠科技股份有限公司 关于 2023 年股票期权激励计划第二个行权期 2、2023 年股票期权激励计划符合本次行权条件的 1,048 名激励对象在第二 个行权期可行权的股票期权数量共计 7,098,108 份，行权价格为 21.36 元/份。 3、本次行权采用自主行权模式。 4、公司 2023 年股票期权激励计划共三个行权期，第二个行权期可行权期 限为：2025 年 4 月 28 日至 2026 年 3 月 12 日。实际可行权期限为：自中国证券 登记结算有限责任公司深圳分公司的手续办理完成之日起至 2026 年 3 月 12 日止 （如遇节假日提前至最后一个交易日止）。截至本公告日，中国证券登记结算有 限责任公司深圳分公司的手续已办理完成。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 2023 年 2 月 23 日，公司召开第二届董事会第五次会议，审议通过了《关于 <深圳市康冠科技股份有限公司 2023 年股票期权激励计划（草案）>及其摘要的 议案》《关于<深圳市康冠科技股份有限公司 2023 年股票期权激励计划实 ...

Summary of Key Points Core Viewpoint - A total of 35 stocks received buy ratings from institutions today, with Kangguan Technology having its rating upgraded, and 20 stocks receiving initial attention from institutions [1]. Institutional Ratings - 38 buy rating records were released today, involving 35 stocks, with Kangguan Technology and SF Express being the most noted, each having 2 buy rating records [1]. - Among the stocks rated, 12 provided future target prices, with 8 stocks showing an upside potential exceeding 20%. Zhejiang Rongtai has the highest upside potential at 44.28%, with a target price of 65.00 yuan compared to the latest closing price of 45.05 yuan [1][2]. - Other stocks with significant upside potential include Kefu Medical and Zhidema, with upside potentials of 37.53% and 37.08%, respectively [1]. Market Performance - The average performance of stocks with buy ratings today was a decline of 0.64%, underperforming the Shanghai Composite Index. Among these, 9 stocks saw price increases, with the largest gains from Guangda Special Materials (6.67%), Jiechuang Intelligent (3.93%), and Nanya New Materials (3.57%) [1]. - Conversely, stocks with the largest declines included Wanma Technology (-10.51%), Hengxuan Technology (-3.17%), and Nanjiguang (-3.16%) [1]. Industry Focus - The electronics sector was the most favored, with 7 stocks including Kangguan Technology and Nanjiguang making it to the buy rating list. The machinery and computer sectors also attracted attention, with 5 and 3 stocks respectively [2].

Core Viewpoint - The company is strategically focusing on innovative display products, particularly in the AI and new display sectors, which are expected to drive significant growth and enhance brand value [1][2][3] Group 1: Company Performance - The KTC brand performed exceptionally well during the 618 shopping festival, ranking among the top five display brands on JD.com, indicating strong market recognition [1] - KTC's products, such as the H27T22S-3 and M27T6S, achieved the highest sales and revenue in the 2K/2K Mini LED gaming monitor category, surpassing competitors by 47% and 60% respectively [1] - The company’s innovative display business generated revenue of 1.519 billion yuan in 2024, marking a 58% year-on-year increase, with shipment volume growing by 111% [2] Group 2: Product Innovation - The company launched AI interactive glasses at the ByteDance Volcano Engine Spring Conference, featuring advanced capabilities such as "always-on chat" and "AI memory" [3] - The introduction of innovative products like mobile smart screens and smart beauty mirrors is expected to enhance product value through AI integration [2][3] - The KTC brand's strategic push into overseas markets is anticipated to be a major growth driver, particularly in high-margin segments [2] Group 3: Financial Projections - The company forecasts net profits of 1.06 billion yuan, 1.24 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27%, 17%, and 19% [3] - The expected price-to-earnings ratios for the same years are projected at 15x, 12x, and 10x, indicating a favorable valuation outlook [3]