Investment Rating - The industry investment rating is "Overweight" (first time) [6] Core Insights - In January 2026, TV panel prices are expected to see a slight increase across the board due to the upcoming World Cup in June and the continuation of national subsidy policies [6] - In Q3 2025, global OLED display shipments increased by 65% year-on-year, with a total of approximately 644,000 units shipped [6] - Major panel manufacturers are maintaining full production capacity, while brand manufacturers are strategically increasing inventory ahead of demand [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.82% compared to the CSI 300 index, with an absolute return of 20.21% [3] Market Trends - The demand for TV panels is expected to rise due to the World Cup and subsidy policies, leading to a potential price increase in January [6] - The supply side has seen tight conditions for certain production lines, which may lead to price adjustments for specific panel types [6] Company Insights - ASUS, Samsung, and MSI are the top three companies in OLED display shipments, with market shares of 21.9%, 18.0%, and 14.4% respectively [6] - Samsung is set to launch new Micro RGB TVs in 2026, featuring advanced LED technology [6] Investment Recommendations - Companies to watch include TCL Technology, JD.com A, OLED, Lite-On Technology, and Kangguang Technology due to the expected rise in TV panel prices and OLED shipment growth [6]

Group 1 - The company, 康冠科技, will participate in the CES 2026 exhibition with multiple products including AI interactive glasses, mobile smart screens, gaming monitors, and smart TVs [1] - The exhibition will take place from January 6 to January 9, 2026, at the LVCC-Central Hall, with booth numbers 康冠科技 20417 and KTC brand 16041 [1] - KTC will showcase a next-generation AI media station in collaboration with Consult Red, featuring the Qualcomm Dragonwing platform, inviting attendees to experience its performance [1]

Core Viewpoint - Kangguan Technology (001308) announced that it provided a joint liability guarantee of 250 million yuan to Ping An Bank's Shenzhen branch for Huizhou Kangguan, resulting in a total external guarantee balance of 495.23604 million yuan, which accounts for 64.45% of the latest audited net assets, with no overdue external guarantees from the company or its subsidiaries [1]. Summary by Categories - **Company Guarantee** - The company provided a joint liability guarantee of 250 million yuan to Ping An Bank [1] - The total external guarantee balance after this transaction is 495.23604 million yuan [1] - **Financial Impact** - The total external guarantee balance represents 64.45% of the latest audited net assets [1] - The company and its subsidiaries have no overdue external guarantees [1]

证券代码：001308 证券简称：康冠科技 公告编号：2025-087 深圳市康冠科技股份有限公司 关于为全资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%； 本次担保在公司股东大会审议通过的担保额度范围内。具体情况如下： 其中，公司下属全资子公司惠州市康冠科技有限公司（以下简称"惠州康 冠"）获审通过的担保额度为 300,000.00 万元人民币。公司担保范围包括但不 限于申请银行综合授信、借款、银行承兑汇票、信用证、履约保函、专项贷款 或开展其他日常经营融资业务等。担保方式包括但不限于一般保证、连带责任 担保、股权质押、抵押担保等其他符合法律法规要求的担保。 二、担保进展情况 近日，康冠科技向平安银行股份有限公司深圳分行（以下简称"平安银行 1 深圳分行"）申请综合授信额度 80,000 万元，其中该额度下的 25,000 万元转授 信给惠州康冠，并承担连带保证责任，即本次转授信被担保债权的最高限额为 25,000 万元。 | | | | 公司持有被 ...

深圳市康冠科技股份有限公司 关于为全资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、本次被担保对象深圳市皓丽智能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%。 敬请投资者注意相关风险。 证券代码：001308 证券简称：康冠科技 公告编号：2025-086 注：1、本表中被担保方最近一期资产负债率以被担保方最近一年经审计财务报表或者 最近一期财务报表数据孰高为准； 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 8 月 25 日、2025 年 10 月 15 日分别召开了第二届董事会第 三十次会议、2025 年第二次临时股东大会，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 供担保额度总计不超过等值人民币 800,000.00 万元。担保额度有效期 ...

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].

Core Viewpoint - The resignation of Ms. Fan Yushu Xin as the Director of the Secretary Office and Securities Affairs Representative of Shenzhen Kangguan Technology Co., Ltd. is due to personal reasons, and her resignation will not affect the normal operations of the company [1][2]. Group 1 - The company received a written resignation report from Ms. Fan Yushu Xin, effective immediately upon delivery to the board [1]. - Ms. Fan held 80,147 unexercised stock options at the time of her resignation and has no outstanding commitments to fulfill [1]. - The company expressed gratitude for Ms. Fan's contributions during her tenure, particularly in corporate governance, information disclosure, and investor relations [1]. Group 2 - The company will promptly appoint a qualified individual to take over the role of Securities Affairs Representative in accordance with relevant regulations [1].

证券代码：001308 证券简称：康冠科技 公告编号：2025-085 深圳市康冠科技股份有限公司 关于证券事务代表辞职的公告 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。 深圳市康冠科技股份有限公司（以下简称"公司"）董事会于近日收到公 司董秘办主任、证券事务代表范誉舒馨女士提交的书面辞职报告，范誉舒馨女 士因个人原因辞去公司董秘办主任、证券事务代表一职。辞职后，范誉舒馨女 士将不再担任公司的其他职务，其辞职报告自送达董事会之日起生效。 董事会 2025 年 12 月 4 日 1 截至本公告披露日，范誉舒馨女士持有已获授但尚未行权的股票期权数量 为 80,147 份，不存在应当履行而未履行的承诺事项。范誉舒馨女士在任职期间 恪尽职守、勤勉尽责，在公司治理、信息披露、投资者关系等方面发挥了重要 作用，公司及公司董事会对范誉舒馨女士在任职期间为公司所做的贡献表示衷 心感谢！ 范誉舒馨女士的辞职不会影响公司相关工作的正常开展，公司将根据《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 1 号——主板上市公司规范运作》等相关规定，尽快聘任符合 ...

Core Viewpoint - The resignation of the company's Secretary of the Board and Securities Affairs Representative, Fan Yushuxin, is due to personal reasons and will not affect the company's normal operations [1] Group 1 - The board of directors received a written resignation report from Fan Yushuxin, effective immediately upon delivery [1] - Fan Yushuxin holds 80,147 stock options that have been granted but not yet exercised, with no outstanding commitments [1] - The company plans to promptly appoint a new Securities Affairs Representative [1]

Core Viewpoint - The company announced the resignation of its Secretary of the Board and Securities Affairs Representative, Fan Yushu Xin, due to personal reasons, effective immediately upon delivery of the resignation report to the board [1] Group 1 - Fan Yushu Xin will no longer hold any other positions within the company following her resignation [1] - As of the announcement date, Fan Yushu Xin holds 80,147 stock options that have been granted but not yet exercised [1] - There are no unfulfilled commitments that need to be addressed by Fan Yushu Xin [1]