华林证券股份有限公司 关于深圳市康冠科技股份有限公司 首次公开发行前已发行股份部分解除限售并上市流通的核查意见 华林证券股份有限公司（以下简称"华林证券"或"保荐机构"）作为深圳 市康冠科技股份有限公司（以下简称"康冠科技"或"公司"）首次公开发行股 票并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关法律、法规的规定，对康冠科技首次公开发行前已发行股份部分解除限售 并上市流通事项进行了核查，具体核查情况如下： 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 2024 年 5 月 29 日，公司在巨潮资讯网披露了《关于公司 2023 年股票期权 激励计划第一个行权期行权条件达成的公告》和《关于公司 2022 年股票期权激 励计划第二个行权期行权条件达成的公告》，经公司第二届董事会第二十次会议、 第二届监事会第十九次会议审议通过，公司 2023 年股票期权激励计划的第一个 行权期和 2022 年股票期权激励计划第二个行权 ...

Group 1: Core Insights - The event "AI+3D" technology aims to revolutionize visual experiences by integrating virtual images into real-world scenarios, showcasing the potential of the intelligent display industry in Longgang District [1][30] - Longgang's "AI+3D" intelligent display industry is characterized by its strong capabilities and diverse ecosystem, with companies leading in fields such as naked-eye 3D display and 5D holographic technology [5][31] Group 2: Company Highlights - Yinglun Technology, founded in 2010, has developed light field naked-eye 3D display technology that resolves traditional 3D display issues, achieving over 30% revenue growth and projected sales exceeding 100 million in 2024 [8][10] - The company plans to build the world's first fully automated liquid crystal lens 3D display screen production line, benefiting from supportive policies in Longgang [10][31] - Yuezhou Banquet's 5D holographic technology enhances event experiences, allowing for immersive virtual scenes in various settings, thus driving new consumption patterns in the cultural tourism sector [12][16] Group 3: Technological Innovations - The light field naked-eye 3D technology utilizes a nanometer-level optical maze to control light direction, enabling a natural 3D visual experience [9][10] - Banduo Technology, established in 2019, focuses on AI+3D display technology and aims to apply it across various sectors, including emergency response and medical fields, with plans for international market expansion [20][22] - Kangguan Technology has a comprehensive product matrix covering all display scenarios, emphasizing the integration of cutting-edge technology with user needs, and has a strong presence in over 100 countries [24][26] Group 4: Industry Development - Longgang's intelligent display industry benefits from a combination of policy support, technological innovation, and ecosystem collaboration, positioning it for future growth and global competitiveness [31][32] - The region's cluster effect, complete supply chain, and potential for technological breakthroughs contribute to its leading advantage in the smart display sector [32][30]

Core Viewpoint - On September 18, a total of 6 listed companies had their restricted shares unlocked, with a total market value of approximately 13.475 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - For 佛燃能源 (Forn Energy), stock code 002911, 9.9 million shares were unlocked under equity incentive restrictions - For 莱克电气 (Leek Electric), stock code 603355, 2.3528 million shares were unlocked under equity incentive restrictions - For 祥和实业 (Xianghe Industry), stock code 603500, 273,200 shares were unlocked under equity incentive restrictions - For 天地数码 (Tiandi Digital), stock code 300743, 222,700 shares were unlocked under equity incentive restrictions - For 康冠科技 (Kangguan Technology), stock code 001308, 459 million shares had an extended lock-up period but were unlocked - For 理工导航 (Rigong Navigation), stock code 688282, 5.148 million shares were unlocked [1]

Group 1: Nutritional Functional Food Industry - The nutritional functional food industry in China is experiencing rapid growth, with a market size projected to reach 522.3 billion yuan in 2024 and 720.3 billion yuan by 2029, representing a CAGR of 6.6% from 2024 to 2029 [2][7] - The market for nutritional functional foods specifically is expected to grow from 233.1 billion yuan in 2024 to 349.9 billion yuan in 2029, with a CAGR of 8.5% [7][8] - The industry has established a complete supply chain, including upstream raw material suppliers, midstream manufacturers, and downstream distributors [8][9] - Key companies in the North Exchange related to this industry include Kangbiter, Wuxi Jinghai, and Hengmei Health, each occupying different positions in the supply chain [9] Group 2: PEEK Material Industry - The PEEK material market in China is projected to reach 1.455 billion yuan in 2024, with a year-on-year growth of 21.14% [11] - PEEK materials are widely used in critical components across automotive, electronics, and aerospace sectors, with automotive manufacturing accounting for 27% of global PEEK consumption [11] - The competitive landscape for global PEEK production is characterized by a few strong players, with the UK-based Victrex being the largest producer [11] Group 3: Electronic Industry - Kangguan Technology - Kangguan Technology reported a revenue of 6.935 billion yuan in the first half of 2025, a year-on-year increase of 5.06%, with a net profit of 384 million yuan, down 6.03% [16][17] - The company plans to distribute a cash dividend of 3.60 yuan per 10 shares, reflecting a dividend payout ratio exceeding 65% [16] - The growth in innovative display products is notable, with a revenue increase of 39.16% in the first half of 2025 [17] Group 4: Pharmaceutical Industry - Sanofi Pharmaceutical - Sanofi Pharmaceutical achieved a revenue of 4.355 billion yuan in the first half of 2025, a slight decline of 1.07%, while the net profit increased by 19.13% to 1.358 billion yuan [20][21] - The company’s overseas revenue grew by 70%, with a presence in over 35 countries [21][22] - The company has a rich pipeline of clinical trials, with significant potential for future growth [22][23] Group 5: New Consumption - Chaohongji - Chaohongji has submitted an application for H-share listing, which is expected to enhance its global strategy and brand image [24][25] - The company has expanded its international presence by opening stores in Malaysia, Thailand, and Cambodia, with two stores in Cambodia as of the first half of 2025 [24][25] - The brand is focusing on younger consumers, with a significant portion of its customer base being from the post-80s to post-00s generation [26]

Core Viewpoint - Kangguan Technology reported a net profit attributable to shareholders of 384 million yuan in the first half of 2025, a year-on-year decline of 6.03% [1] - The company generated a net cash flow from operating activities of 800 million yuan, an increase of 180.43% year-on-year [1] - The company plans to distribute a cash dividend of 3.60 yuan (including tax) for every 10 shares, with a dividend payout ratio exceeding 65%, indicating a strong financial position and potential for sustained profitability [1] Financial Performance - In Q2, the company achieved a net profit attributable to shareholders of 170 million yuan, a year-on-year decline of 24.15% [1] - The overall revenue and shipment volume decreased in the first half of the year due to a strategic shift in the smart TV segment, focusing on high-margin clients along the "Belt and Road" initiative [1] - Despite the decrease in revenue and shipment volume, the gross margin showed marginal improvement [1] Product and Market Strategy - The company experienced growth in both volume and price for innovative display products, while demand for smart interactive display products remained stable [1] - The strategic adjustment in the smart TV segment aims to reduce shipments to large-scale clients and refocus on high-margin long-tail markets [1] - The company continues to strengthen its AI initiatives, venturing into areas such as AI glasses and companion robots [1] Investment Outlook - Given the positive developments in innovative display products, the company maintains a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company demonstrates confidence in its operations through mid-term dividends and continues to strengthen its AI layout [5] - The company reported a revenue of 6.935 billion yuan in the first half of 2025, a year-on-year increase of 5.06%, with a net profit attributable to shareholders of 384 million yuan, down 6.03% year-on-year [6] - The company plans to distribute a cash dividend of 3.60 yuan per 10 shares (including tax), with a dividend payout ratio exceeding 65%, reflecting a solid financial position and the ability to sustain profitability [6] Financial Performance - Revenue forecast for 2023 to 2027 is as follows: 13.447 billion yuan (2023), 15.587 billion yuan (2024), 18.840 billion yuan (2025E), 21.735 billion yuan (2026E), and 24.997 billion yuan (2027E) with growth rates of 16.05%, 15.92%, 20.87%, 15.37%, and 15.01% respectively [5] - The company’s innovative display products achieved a revenue of 899 million yuan in the first half of 2025, a year-on-year increase of 39.16%, with a shipment volume growth of 48.05% [6] - The smart interactive display products generated a revenue of 1.995 billion yuan, up 9.81% year-on-year, while smart TVs reported a revenue of 3.634 billion yuan with a gross margin of 11.88% [6] Profitability and Valuation - The forecasted net profit attributable to shareholders for 2025 to 2027 is 1.021 billion yuan (2025), 1.243 billion yuan (2026), and 1.453 billion yuan (2027), with year-on-year growth rates of 22.48%, 21.72%, and 16.94% respectively [7] - The current price-to-earnings (P/E) ratios are projected to be 15.91 (2025), 13.07 (2026), and 11.18 (2027) [7] - The company is actively enhancing its AI layout, venturing into AI glasses and companion robots, indicating a focus on innovation and market adaptation [6]

Group 1 - The U.S. and China held trade talks in Madrid on September 14 [2] - Poland's president signed a resolution allowing NATO troops to be stationed in Poland, part of NATO's "Eastern Sentinel" operation [3] - Japan's elderly population aged 65 and above reached a record high of 29.4% of the total population, totaling 36.19 million [4] Group 2 - New housing rental regulations took effect on September 15 to address market issues such as false listings and deposit disputes [5] - China's railway construction saw fixed asset investment exceed 500 billion yuan in the first eight months of the year, a year-on-year increase of 5.6% [6] - National grain purchases exceeded 100 million tons during the summer harvest season [7] Group 3 - The 2025 China International Service Trade Fair concluded with over 900 achievements in various sectors, attracting nearly 2,000 offline exhibitors [8] - Domestic flight ticket searches surged over 30% as the National Day holiday approaches [9] - Insurance companies in Beijing received over 10,000 claims due to hail damage to vehicles [10] Group 4 - Changzhou aims to become a "new energy capital," securing 33 key projects with a total investment of 33.7 billion yuan [11] - Trump urged an appeals court to approve the dismissal of Federal Reserve Governor Cook, citing allegations of mortgage fraud [12] - A U.S. judge ruled that the federal government's directive to lay off probationary employees was illegal [13] Group 5 - U.S. coffee retail prices surged nearly 21% year-on-year in August, marking the largest increase in nearly 28 years, attributed to tariff policies [15] - Venezuela's Defense Minister condemned U.S. military reconnaissance flights over Venezuela, claiming an increase in intelligence operations [16] - Train services in northern Germany faced significant delays due to a fire in a signal device [17] Group 6 - Xibei announced a suspension of kitchen tours in its restaurants to ensure operational efficiency [19] - Reports of overseas credit card fraud have raised concerns about payment security among users of Shanghai Pudong Development Bank [20] - This week, 47 companies will have their lock-up shares released, with a total market value of approximately 78.55 billion yuan [21] Group 7 - Four new stocks are set to be issued this week in the Shanghai and Shenzhen markets, with specific issuance dates and prices outlined [25][26]

Group 1: US-China Economic Talks - Chinese Vice Premier He Lifeng will lead a delegation to Spain from September 14 to 17 to discuss US unilateral tariff measures, export controls, and TikTok among other economic issues [1] - China emphasizes its commitment to protecting the legitimate rights and interests of its companies and insists on a fair business environment for Chinese firms operating in the US [1] Group 2: Fiscal Policy Outlook - The Ministry of Finance indicates that there is still ample room for future fiscal policy to stimulate growth, with the government debt ratio at 68.7% and total government debt projected to reach 92.6 trillion yuan by the end of 2024 [2] - The government will maintain policy continuity and stability while enhancing flexibility and foresight to support high-quality economic development [2] Group 3: Semiconductor Industry Developments - The Ministry of Commerce has initiated an anti-dumping investigation into imported analog chips from the US, responding to domestic industry requests [3] - The Chinese Semiconductor Industry Association supports the investigation, advocating for a fair competitive environment and encouraging technological innovation [3][4] Group 4: Financial Regulations and Corporate Governance - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against Beijing Oriental Tong Technology Co., Ltd. for financial fraud, proposing fines totaling 2.29 billion yuan and initiating delisting procedures [5] - The CSRC will also transfer any criminal evidence to law enforcement agencies as part of its regulatory responsibilities [5] Group 5: Digital Currency and E-Document Regulations - The National Internet Information Office is drafting regulations to promote and standardize the use of electronic documents, encouraging financial institutions to explore the use of digital currency for cross-border payments [6] Group 6: Automotive Industry Initiatives - Eight government departments have jointly released a work plan to stimulate growth in the automotive industry, focusing on technological innovation and the development of smart and connected vehicles [7] - The plan includes initiatives to enhance the application of intelligent networked technologies and support the development of competitive Chinese automotive brands [7] Group 7: Stock Market Performance - The Nasdaq Composite Index reached a new all-time high, with significant gains in major tech stocks such as Tesla, which rose over 7% [8] - The Nasdaq Golden Dragon China Index saw mixed performance among Chinese concept stocks, with notable increases in companies like Bilibili and Weibo [8] Group 8: Upcoming Economic Data Releases - Key economic data, including industrial output and fixed asset investment, will be released by the National Bureau of Statistics on September 15, while the Federal Reserve is expected to announce interest rate decisions on September 18 [9]

Group 1 - The Chinese and US sides will hold talks in Spain from September 14 to 17 to discuss unilateral tariff measures, export controls, and TikTok issues [2] - The Chinese government emphasizes its commitment to protecting the legitimate rights and interests of its companies, particularly regarding data privacy and security [2] - The Ministry of Finance indicates that there is still ample room for fiscal policy to exert influence, with a government debt ratio of 68.7% and total debt amounting to 92.6 trillion yuan [3] Group 2 - The Ministry of Commerce has initiated an anti-dumping investigation into imported analog chips from the US, responding to domestic industry requests [4] - The semiconductor industry in China supports the investigation, advocating for a fair environment for healthy development [4] - Preliminary evidence shows that the price of the investigated products from the US has significantly decreased, with a dumping margin exceeding 300% [5] Group 3 - The China Securities Regulatory Commission (CSRC) has announced penalties against Beijing Oriental Tong Technology Co., Ltd. for serious financial fraud, proposing fines totaling 229 million yuan [6] - The CSRC plans to initiate delisting procedures for the company due to significant violations of securities laws [6] Group 4 - The State Internet Information Office is drafting regulations to promote and standardize the application of electronic documents, encouraging the use of digital currency for cross-border payments [7] - The automotive industry is set to receive support from eight departments, focusing on technological innovation and the development of smart and connected vehicles [9] Group 5 - The Nasdaq Composite Index reached a new high, with significant gains in major tech stocks, including Tesla, which rose over 7% [10] - Upcoming economic data releases include industrial value-added and fixed asset investment figures, with expectations of a 92% probability of a 25 basis point rate cut by the Federal Reserve [11] Group 6 - The CSRC has approved the IPO registration of Xiamen Hengkun New Materials Technology Co., Ltd. and five new stocks are set to be issued this week [12] - A total of 54 companies will have their restricted shares released this week, amounting to 6.275 billion shares and a total market value of approximately 195.03 billion yuan [14]

【重磅新闻】 8月国民经济运行数据将公布 9月15日，国家统计局将公布8月工业增加值、固定资产投资、社零等经济数据。国务院新闻办公室定于 9月15日上午10时举行新闻发布会，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌 晖介绍2025年8月份国民经济运行情况，并答记者问。 美联储将公布利率决议 9月18日，美联储将公布利率决议。CME"美联储观察"的数据显示，美联储9月降息25个基点的概率为 92%，降息50个基点的概率为8%。 中国对俄将试行免签 外交部发言人郭嘉昆9月2日在例行记者会上回答相关提问时表示，自2025年9月15日至2026年9月14日， 对俄罗斯持普通护照人员试行免签政策。俄罗斯持普通护照人员来华经商、旅游观光、探亲访友、交流 访问、过境不超过30天，可免办签证入境。 下周A股解禁市值超780亿元 Wind数据显示，下周（9月15日至21日），A股市场将有47家上市公司迎来限售股解禁。以个股最新价 计算，下周解禁股对应市值合计785.47亿元。从规模上看，17只个股解禁市值超过10亿元。稳健医疗、 康冠科技解禁市值逾100亿元，分别为159.43亿元、105.9亿元。 | | ...