Group 1 - The core viewpoint of the announcement is that the company, Lianchuang Electronics Technology Co., Ltd., has received a follow-up credit rating for its convertible bonds and overall credit status, maintaining a stable outlook [1][2]. - The previous credit rating for the company was AA- with a stable outlook, and the same rating applies to the "Lianchuang Convertible Bonds" [1][2]. - The follow-up rating report was issued by Dongfang Jincheng International Credit Assessment Co., Ltd. on June 25, 2025, confirming the ratings [2]. Group 2 - The announcement emphasizes the company's commitment to accurate and complete information disclosure, ensuring no misleading statements or significant omissions [1]. - The rating report is available on the official website of the company and provides detailed insights into the company's credit status [2]. - The board of directors of Lianchuang Electronics Technology Co., Ltd. officially released this announcement on June 27, 2025 [4].

证券代码：002036 证券简称：联创电子 公告编号：2025—053 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》《上市公司 证券发行管理办法》的相关规定，联创电子科技股份有限公司（以下简称"公司"） 委托信用评级机构东方金诚国际信用评估有限公司（以下简称"东方金诚"）对 公司主体及公开发行的可转换公司债券（以下简称"联创转债"）信用状况进行 了跟踪评级。 公司前次主体信用评级结果为 AA-，评级展望为稳定；"联创转债"前次信 用评级结果为 AA-；评级机构为东方金诚，评级时间为 2024 年 6 月 27 日。 东方金诚在对公司主体概况、行业分析、经营概况、财务分析等进行综合分 析与评估的基础上，于 2025 年 6 月 25 日出具了《联创电子科技股份有限公司主 体及"联创转债"2025 年度跟踪评级报告》（以下简称"《评级报告》"）（东 方金诚债跟踪评字【2025】037 ...

信用等级通知书 东方金诚债跟踪评字【2025】0375 号 联创电子科技股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"联 创转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA-，评级展望为稳定，同 时维持"联创转债"信用等级为 AA-。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十五日 东方金诚债跟踪评字【2025】0375 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与评级对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受 评级对象和第三方组织或个人 ...

Core Viewpoint - The announcement details the share pledge and extension of share pledge by the controlling shareholder, Jiangxi Xinsong Investment Co., Ltd., indicating ongoing financial maneuvers to secure funding and manage liquidity [1][2][3] Share Pledge Basic Situation - Jiangxi Xinsong has pledged 6,000,000 shares, accounting for 6.55% of its holdings and 0.57% of the company's total equity, with the purpose of financing its own operations [1] - The pledge initiation date and the pledge expiration date are not specified, but it is noted that the pledge is not for the purpose of selling shares [1] Share Pledge Extension Situation - Jiangxi Xinsong has also extended the pledge of 6,600,000 shares, which represents 7.21% of its holdings and 0.62% of the company's total equity [2] - The extension is part of a process involving debt replacement [2] Cumulative Pledge Situation - As of the announcement date, Jiangxi Xinsong and its concerted actors have a total of 91,584,312 shares pledged, which is 8.65% of their holdings and 72,080,000 shares pledged, representing 78.70% of their total shares [2] - The total pledged shares account for 8.77% of the company's total equity, with 72,080,000 shares pledged [2] Controlling Shareholder and Concerted Actors' Pledge Situation - The controlling shareholder's pledged shares do not pose a risk to the company's main business or its ongoing operational capabilities, and there are no performance compensation obligations arising from this pledge [3] - The company will continue to monitor the changes in pledge status and risks, ensuring timely information disclosure [3]

证券代码：002036 证券简称：联创电子 公告编号：2025-052 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 关于控股股东部分股份质押及质押延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 联创电子科技股份有限公司（以下简称"公司"）近日收到控股股东江西鑫 盛投资有限公司（以下简称"江西鑫盛"）的告知函，获悉江西鑫盛将所持有公 司的部分股份办理股份质押和质押延期，现将有关情况公告如下： | | 是否为 | | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大 | 本次质押 | 所持 | 司总 | 是否 | 为补 | | | | | | 股东名称 | 股东及 | 股数（股） | 股份 | 股本 | 为限 | 充质 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | | 一致行 | | 比例 | 比例 | 售股 | 押 | | | | | | | 动人 | | ...

Investment Rating - The report gives an "Accumulate" rating for the company [4][6]. Core Views - The company focuses on the optical sector and is a leading enterprise in high-end lenses and modules, with 41% of its revenue and 76% of its gross profit coming from optical products [2][15]. - The company is expected to benefit from the increasing penetration of smart vehicles and the rising number of cameras per vehicle, particularly from partnerships with major automotive clients like Tesla and BYD [2][30]. - The company has a competitive advantage in the molded glass process, which is essential for producing aspherical glass lenses, and is a major supplier in this field [3][66]. Summary by Sections Company Overview - The company was established in 2006 and has evolved from traditional optical lenses to focus on high-definition wide-angle lenses and automotive lenses, entering the smart vehicle sector around 2015 [12][15]. - The company has established strong partnerships with leading clients in various fields, including automotive and mobile devices [18][19]. Financial Data - The company is currently in a performance transition phase, with revenue expected to recover as the automotive optical business grows and consumer electronics demand rebounds [20][21]. - Revenue projections for 2025-2027 are estimated at 113 billion, 124 billion, and 134 billion yuan, with net profits of 1.1 billion, 3.2 billion, and 5.0 billion yuan respectively [4][74]. Production Capacity and Market Position - The company is expanding its production capacity for automotive optical products, with significant projects underway, including a 240 million high-end automotive lens project [61][64]. - The global automotive camera market is projected to grow significantly, with the company positioned to capture a share of this growth through its advanced technology and production capabilities [55][60]. Competitive Advantages - The molded glass process used by the company creates a technical moat, as it is one of the few companies capable of mass-producing aspherical glass lenses [3][66]. - The company has a strong focus on high-end mobile optical products, benefiting from a structural recovery in the global smartphone market [68][70]. Future Outlook - The automotive optical products are expected to be a key growth driver for the company, supported by the recovery in consumer electronics and the realization of automotive display orders [4][74]. - The company is also expanding its global footprint with new factories in Mexico and Vietnam to better serve North American and Southeast Asian markets [61][64].

Core Insights - The ultrafast laser market in China is experiencing rapid growth, with the market size increasing from 2.26 billion yuan in 2018 to 4.02 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 12.21% [1][14] - The market is projected to exceed 4.55 billion yuan in 2024, with a year-on-year growth of 13.18% [1][14] - The demand for ultrafast lasers is driven by the need for high-efficiency and precision processing across various industries, supported by national policies favoring high-end manufacturing [1][14] Industry Overview - Ultrafast lasers, including picosecond and femtosecond lasers, are characterized by extremely short pulse durations, high peak power, and precise energy focusing [1][3] - The technology is based on mode-locking techniques, which ensure short pulse widths, making ultrafast lasers suitable for advanced manufacturing applications [3][5] Industry Development History - The development of ultrafast lasers in China has progressed through four stages, starting from the first ruby laser developed in 1960 to the significant advancements in picosecond and femtosecond laser technologies in the 2000s [5] - The industry saw a substantial increase in shipments, with 2,300 units sold in 2020, nearly doubling from previous years [5] Industry Chain - The ultrafast laser industry chain includes upstream components such as optical and electronic components, with a trend towards domestic production of core parts [7][26] - The downstream applications are diverse, covering sectors like medical aesthetics, aerospace, precision machinery, energy, and consumer electronics [7] Market Trends - The ultrafast laser technology is evolving towards higher power, narrower pulse widths, and shorter wavelengths, enhancing processing speed and quality [23] - The demand for ultrafast lasers is expanding in precision manufacturing, consumer electronics, and renewable energy sectors, with increasing penetration rates [24] Key Companies - Notable companies in the ultrafast laser market include Inno Laser, Han's Laser, Delong Laser, and Raycus Laser, which are positioned in the second tier of the global market [17][19][21] - Inno Laser is recognized for its advanced capabilities in various laser technologies and is projected to achieve a revenue of 301 million yuan in 2024, reflecting a growth of 27% [19] - Han's Laser, a leading provider of intelligent manufacturing equipment, is expected to generate 14.771 billion yuan in revenue in 2024, with a growth of 4.83% [21]

证券代码：002036 证券简称：联创电子 公告编号：2025—051 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 关于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 导性陈述或者重大遗漏。 特别提示： 联创电子科技股份有限公司（以下简称"公司"）及控股子公司对外担保总额超过最 近一期净资产 100%。公司存在向合并报表范围内资产负债率超过 70%的控股子公司提供担 保的情形，请投资者充分关注担保风险。 二、担保进展情况 2025 年 5 月，公司为合并报表范围内下属公司提供担保金额为 34,500.00 万元；具体情况如下： 一、担保情况概述 公司于 2024 年 4 月 26 日召开了第八届董事会第二十九次会议审议通过了 《关于 2024 年度为子公司提供担保额度的议案》，并于 2024 年 5 月 21 日经 2023 年年度股东大会审议通过，同意公司及下属全资子公司对合并报表范围内的公司 提供担保的预计额度合计不超过人民币 1,031,600.00 万元，其中对资产负债率 低于 70%的子公司提供的担保额度不超过 566,6 ...

Group 1 - The company has completed the cancellation of stock options and repurchase of restricted stocks as part of the 2022 incentive plan due to unmet performance targets for the third exercise period [2][3] - A total of 7.916 million stock options granted to 311 incentive recipients have been canceled, along with additional cancellations due to changes in employment status of certain recipients [2] - The cancellation of stock options will not affect the company's total share capital or financial results, ensuring no harm to the interests of shareholders, especially minority shareholders [3] Group 2 - The company has submitted the application for the cancellation of the stock options to the China Securities Depository and Clearing Corporation Limited, which has been confirmed and completed [3] - The cancellation process adheres to relevant laws, regulations, and the company's articles of association, ensuring compliance with the 2022 incentive plan [3]

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