Core Viewpoint - Lianchuang Electronics is undergoing a significant change in control with the entry of Jiangxi State-owned Assets, which will enhance its capital structure and operational capabilities through a directed share issuance and share transfer agreement [1][3]. Group 1: Control Change and Financing - Jiangxi Xingsheng Investment Co., the current controlling shareholder, has signed a share transfer agreement with North Source Intelligent, which will acquire 70.87 million shares, representing 6.71% of the total share capital for 900 million yuan [3]. - Following the completion of the transaction, the controlling shareholder will change to North Source Intelligent, with Jiangxi Guozhi Venture Capital Management Co. becoming the indirect controlling shareholder [3]. - Lianchuang Electronics plans to issue up to 189 million shares at a price of 8.62 yuan per share, aiming to raise no more than 1.63 billion yuan, which will be used to supplement working capital and repay interest-bearing debts [3]. Group 2: Company Overview and Industry Position - Lianchuang Electronics specializes in optical lenses and imaging modules, as well as touch display devices, with applications in smart terminals, smart vehicles, smart homes, and smart cities [4]. - The company possesses a comprehensive R&D and manufacturing capability across the entire optical and optoelectronic industry chain, recognized as a national intellectual property demonstration enterprise and a national technology innovation demonstration enterprise [4]. - The optical lens sector is a crucial component of the strategic emerging industries in China, receiving substantial policy support due to its importance in digital economy and smart manufacturing [4]. Group 3: Market Opportunities and Industry Trends - The global optical lens market is experiencing strong growth opportunities driven by the rise of advanced driver assistance systems, automotive electronics, and artificial intelligence, leading to increased demand for high-precision optical components [5]. - The Ministry of Industry and Information Technology has issued a plan to support growth in the automotive sector, which includes conditional approval for L3-level vehicle production, thereby expanding the market for automotive optical components [5]. - In the consumer electronics sector, the demand for high-end smartphones with multiple camera configurations is increasing, alongside a significant growth in the global smart glasses market [5].

根据新的发展规划，联创电子划定出三条清晰执行路径：一是主攻车载光学，依托玻塑混合镜头技术优 势，锁定蔚来、华为、地平线等核心Tier 1平台，将其打造为公司最重要的利润来源，同时布局微纳光 学技术，切入医疗内窥镜赛道，培育第二增长曲线；二是触控显示业务转守，该板块不再追求规模扩 张，转而以提升设备稼动率、降低摊销为核心，以利润为导向精简运营；三是严控资本开支，告别过去 五年高强度研发与固投模式，未来三年重心转向内部管理与降本增效，不再新增大规模固定资产投入。 这场战略转型的核心逻辑，是借助国资赋能的资源与资金优势，将联创电子的技术壁垒转化为市场订单 与利润，实现从"多元布局"到"专精特新"的跨越。 经济观察网 随着国资入主落定，联创电子（002036）明确未来三年战略转型核心方向，宣布放弃"综合 电子制造企业"定位，全面聚焦光学产业，剑指"光学科技巨头"目标。 "在三年内，联创电子的资源将倾注于具有行业优势地位的光学产业。"接近联创电子的相关人士表示。 ...

Group 1 - The core viewpoint is that the market valuation logic of Lianchuang Electronics has fundamentally changed due to state-owned capital involvement, a 1.63 billion yuan private placement, and a clear three-year strategic transformation plan [1][2] - The valuation framework has shifted from traditional consumer electronics manufacturing to a high-growth technology enterprise model centered on automotive optics, supported by state-owned capital [1] - Previously, Lianchuang Electronics' valuation was significantly affected by the fluctuations in the consumer electronics cycle, but the combination of "state-owned capital involvement + strategic focus" has altered the market's assessment of its value [1] Group 2 - The automotive optics sector is currently experiencing a golden period of increasing penetration rates and unit adoption, providing a broad and more certain market space that supports the valuation restructuring [1] - Lianchuang Electronics possesses technological advantages in fields such as molded glass and glass-plastic composites, along with a strategic positioning advantage by securing core clients like NIO and Huawei, which enhances its potential to deliver performance in the high-end optics sector [1] - The combination of "state-owned capital involvement + private placement + strategic focus" is seen as a timely and critical restructuring, with future key points focusing on the speed and scale of domestic major client orders [2]

截至公告披露日，联创电子控股股东为江西鑫盛投资有限公司（以下简称"江西鑫盛"），实际控制 人为韩盛龙。 2025年12月24日，江西鑫盛与南昌市北源智能产业投资合伙企业（有限合伙）（以下简称"北源智 能"）签订了《江西鑫盛投资有限公司与南昌市北源智能产业投资合伙企业（有限合伙）关于联创电子 科技股份有限公司之股份转让协议》（以下简称"《股份转让协议》"），约定北源智能分批支付 899,999,990.70元收购江西鑫盛持有的联创电子无限售流通股70,866,141股（占上市公司股份总数的 6.71%）。江西鑫盛与北源智能不存在关联关系。 上述股份转让完成后，公司控股股东将变更为北源智能，江西国资创业投资管理有限公司（以下简 称"江西国资创投"）为联创电子的间接控股股东，联创电子的实际控制人将变更为江西省国有资产监督 管理委员会（以下简称"江西省国资委"）。 本次协议转让尚需取得江西省国有资本运营控股集团有限公司（以下简称"江西国控"）党委会、总 办会、董事会审议通过，并取得国资监管机构的审核批准、国家市场监督管理总局反垄断局对经营者集 中反垄断申报的批准（如涉及）、深圳证券交易所的合规确认及向中国证券登记结算 ...

Core Viewpoint - Lianchuang Electronics is undergoing a change in its controlling shareholder and actual controller, with the transfer of shares to Beiyuan Intelligent and the involvement of Jiangxi Guozhi Venture Capital Management [2][3] Group 1: Share Transfer Details - Jiangxi Xingsheng Investment Co., Ltd. will transfer 70,866,141 shares of Lianchuang Electronics, representing 6.71% of the total shares, to Beiyuan Intelligent for a total price of 899,999,990.7 yuan, at a price of 12.70 yuan per share [2] - After the share transfer, the controlling shareholder will change to Beiyuan Intelligent, while Jiangxi Guozhi Venture Capital will become an indirect controlling shareholder, with the actual controller being the Jiangxi Provincial State-owned Assets Supervision and Administration Commission [2] Group 2: A-Share Issuance Plan - To further consolidate control, Lianchuang Electronics plans to issue A-shares to specific investors, with Jiangxi Guozhi Venture Capital intending to fully subscribe in cash [3] - The issuance price is set at 8.62 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days, with a maximum of 189,095,127 shares to be issued, raising up to 1,629,999,994.74 yuan [3] - If both the share transfer and the A-share issuance are completed, Jiangxi Guozhi Venture Capital's direct and indirect shareholding will reach 20.89% of the total shares post-issuance, further solidifying its control [3] Group 3: Background of Related Parties - Jiangxi Xingsheng was established in August 2010 with a registered capital of 10 million yuan, focusing on investment management and consulting [3] - Beiyuan Intelligent was founded in December 2025 with a registered capital of 950 million yuan, and its actual controller is also the Jiangxi Provincial State-owned Assets Supervision and Administration Commission [3] - Jiangxi Guozhi Venture Capital, established in May 2012 with a registered capital of 30.238 million yuan, is a wholly-owned subsidiary of Jiangxi Guokong, which operates multiple listed companies and has substantial assets and profits, providing strong capital support for the transaction [4]

Group 1 - Guangqi Technology's controlling shareholder proposed a share buyback of 50 million to 100 million yuan for employee stock ownership plans or equity incentives [1] - Xingyuan Zhuomai received a supplier designation from a domestic electric vehicle manufacturer to develop and supply reducer shell components, with expected sales of approximately 575 million yuan over four years from 2027 to 2030 [2] - Weigao Bio's application for clinical trials of subcutaneous human immunoglobulin has been accepted by the National Medical Products Administration, targeting primary immunodeficiency diseases [3] Group 2 - Hongda Electronics disclosed uncertainty regarding the IPO progress of its associate Jiangsu Zhanxin, in which it holds a 13.79% stake [4] - Kangchen Pharmaceutical received FDA approval to conduct clinical trials for its KC1086 project, aimed at treating advanced recurrent or metastatic solid tumors [5] - Kweichow Moutai adjusted its share buyback price ceiling to 1863.67 yuan per share, effective from December 19, 2025 [6] Group 3 - Mousse Co. announced that its controlling shareholder and actual controllers committed not to reduce their holdings within one year [7] - Tongxingbao's subsidiary signed a business contract worth 43.166 million yuan for a cloud expansion project [8] - Kaifa Electric announced plans for three shareholders to collectively reduce their holdings by 0.6999% [9] Group 4 - Longpan Technology plans to increase the production capacity of lithium iron phosphate cathode materials from 62,500 tons per year to 100,000 tons per year [10] - Zhuhai Guanyu announced plans for two shareholders to reduce their holdings by up to 3% [11] - Jiaheng Home Textiles is planning a change in control, leading to a temporary suspension of its stock [12] Group 5 - Kehua Bio's subsidiary received a medical device registration certificate for a gene polymorphism detection kit [13] - Saitex New Materials' actual controller plans to reduce holdings by up to 3% [14] - Sanhui Electric announced a shareholder's plan to reduce holdings by up to 2% [15] Group 6 - Binhua Co. plans to establish a venture capital fund with a total scale of 400 million yuan, focusing on strategic emerging industries [16] - Jindun Co. announced plans for two shareholders to reduce their holdings by up to 4% [17] - Hengdian East Magnetic's controlling shareholder plans to reduce holdings by up to 1% [18][19] Group 7 - Luxin Investment's controlling shareholder plans to reduce holdings by up to 1% [20] - Huakang Clean announced a joint bid for a hospital procurement project worth 157 million yuan [21] - Xuedilong plans to reduce its repurchased shares by up to 488,560 shares [22] Group 8 - Enhua Pharmaceutical's subsidiary signed an exclusive commercial cooperation agreement for three long-acting antipsychotic products [23] - Aier Eye Hospital plans to acquire partial equity in 39 institutions for a total of 963 million yuan [24] - Gaozheng Mining plans to acquire 100% equity of Overseas Explosives for 510 million yuan [25] Group 9 - Donghong Co. plans to repurchase shares worth 30 million to 60 million yuan for employee stock ownership plans [26] - Bear Electric's controlling shareholder plans to reduce holdings by up to 0.64% [27] - *ST Zhengping announced the initiation of pre-restructuring by the Xining Intermediate Court [28][29] Group 10 - Caesar Travel's shareholder plans to reduce holdings by up to 3% [30] - Lianchuang Electronics announced a change in controlling shareholder to Jiangxi State-owned Assets Supervision and Administration Commission [31] - Beixin Road and Bridge plans to transfer 5.33% equity in Henan Yuhang for 243 million yuan [32] Group 11 - Fenglong Co. is planning a change in control, with stock resuming trading [33]

Core Viewpoint - The recent acquisition of controlling stake by state-owned capital marks a new development phase for Lianchuang Electronics, focusing on strategic transformation towards automotive optics [1][2][3] Group 1: Ownership Change - Lianchuang Electronics resumed trading on December 25 after a week-long suspension due to the transfer of shares from Jiangxi Xinsong Investment Co., Ltd. to Nanchang Beiyuan Intelligent Industry Investment Partnership [1][2] - The share transfer involved approximately 90 million shares at a price of 12.70 yuan per share, resulting in a change of control to Beiyuan Intelligent, with Jiangxi State-owned Capital Venture Management Co., Ltd. as the indirect controlling shareholder [2][3] Group 2: Capital Injection - A concurrent 1.63 billion yuan locked price private placement was announced, with Jiangxi State-owned Capital committing to fully subscribe to the new shares at a minimum price of 8.62 yuan per share [3][4] - This capital injection is expected to alleviate long-term funding shortages and provide essential financial resources for the company's strategic transformation over the next three years [3][4] Group 3: Strategic Focus - Lianchuang Electronics plans to pivot towards becoming a "optical technology giant," concentrating resources on the optical industry, particularly automotive optics, while reducing focus on other electronic manufacturing sectors [7][8] - The company aims to develop automotive optics as its primary profit source, leveraging its glass-plastic hybrid lens technology to secure partnerships with key players like NIO and Huawei [8][10] Group 4: Market Context - The automotive optics sector is experiencing growth due to rising penetration rates of Advanced Driver Assistance Systems (ADAS) and the trend towards intelligent vehicles, presenting a more stable market opportunity compared to consumer electronics [10][11] - The strategic shift aligns with broader industry trends, as companies in the optical components sector are increasingly focusing on high-growth areas such as automotive, AR/VR, and intelligent sensing technologies [10][11] Group 5: Future Outlook - The new ownership structure and strategic focus are expected to enhance Lianchuang Electronics' market positioning, potentially transforming it into a technology leader backed by state capital [9][11] - The company is set to prioritize market expansion, operational efficiency, and converting technological advantages into tangible orders and profits over the next three years [8][9]

Core Viewpoint - Lianchuang Electronics experienced a stock price decline of 2.50% on December 25, with a current price of 11.30 CNY per share and a total market capitalization of 11.926 billion CNY [1] Group 1: Stock Performance - The stock price of Lianchuang Electronics has increased by 20.21% year-to-date, with a 1.25% rise over the last five trading days and a 13.57% increase over the last 20 days, while it has decreased by 5.20% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on February 12, where it recorded a net purchase of 78.38 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Lianchuang Electronics reported a revenue of 6.489 billion CNY, a year-on-year decrease of 16.20%, while the net profit attributable to shareholders was 50.92 million CNY, reflecting a year-on-year increase of 210.26% [2] Group 3: Shareholder Information - As of December 10, 2025, the number of shareholders for Lianchuang Electronics was 109,700, a decrease of 7.08% from the previous period, with an average of 9,599 circulating shares per shareholder, an increase of 7.62% [2] - The company has distributed a total of 274 million CNY in dividends since its A-share listing, with 9.6623 million CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 23.5766 million shares, an increase of 5.6268 million shares from the previous period [3] - Southern CSI 1000 ETF, ranked fourth among circulating shareholders, held 9.6917 million shares, a decrease of 191,600 shares from the previous period [3]

Group 1 - The core point of the news is that Lianchuang Electronics is undergoing a change in control, with Jiangxi State-owned Assets taking over the company through a share transfer agreement and a private placement to raise up to 1.63 billion yuan [1] - Jiangxi Xinshi Investment Co., the current controlling shareholder, will transfer 70.87 million shares, representing 6.71% of the total share capital, to Beiyuan Intelligent, which will become the new controlling shareholder [1] - The company plans to issue up to 189 million shares at a price of 8.62 yuan per share to Jiangxi Guozhi Venture Capital, raising a total of no more than 1.63 billion yuan, which will be used to supplement working capital and repay interest-bearing debts [1] Group 2 - Jiangxi Guozhi Venture Capital primarily engages in equity investment and reported revenues of 13.70 million yuan and net profits of 8.99 million yuan for 2024, with revenues of 8.85 million yuan and net profits of 5.34 million yuan for the first ten months of 2025 [2] - Lianchuang Electronics has been focusing on the optical lens industry since its successful listing in December 2015 and has expanded into integrated circuit business and new optical-electronic sectors [2] - The company has faced challenges in its optical and touch display businesses due to declining consumer electronics demand, with a non-net profit of -33.48 million yuan in Q3 2023 [2] - The current competitive landscape in the automotive lens market is characterized by a few strong players, with Sunny Optical Technology holding about 30% of the global market share, while Lianchuang Electronics and O-Film Technology follow closely [2] - The optical industry is facing multiple risks, including lower-than-expected demand in the automotive and consumer electronics sectors, intense competition in the mobile lens and wide-angle lens markets, and slow capacity ramp-up [2] Group 3 - The company is currently focusing its resources on developing its optical business, particularly in the automotive lens and high-definition wide-angle lens sectors, while the smart terminal manufacturing business remains stable compared to last year [3] - Future plans include concentrating on the optical business and exploring markets such as smart vision, robotics, and AR glasses [3]

Core Viewpoint - The actual controller of Lianchuang Electronics is set to change to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission, with the company resuming trading on December 25, 2025 after a five-day suspension [1][8]. Group 1: Share Transfer and Control Change - Lianchuang Electronics announced that its controlling shareholder, Jiangxi Xingsheng, signed a share transfer agreement with Beiyuan Intelligent, agreeing to pay 900 million yuan to acquire 70.8661 million unrestricted circulating shares, representing 6.71% of the total shares [1][9]. - Following the completion of the transfer, the controlling shareholder will change to Beiyuan Intelligent, with Jiangxi Guozhi Chuangtou becoming the indirect controlling shareholder, and the actual controller will be the Jiangxi Provincial State-owned Assets Supervision and Administration Commission [9][12]. Group 2: Capital Increase and Financial Strategy - Lianchuang Electronics signed a conditional share subscription agreement with Jiangxi Guozhi Chuangtou, which plans to subscribe for up to 189 million shares through cash, representing 15.19% of the total shares post-issuance [12]. - After the completion of the share transfer and issuance, Jiangxi Guozhi Chuangtou will directly and indirectly hold 20.89% of the total shares, with the company’s controlling shareholder changing to Jiangxi Guozhi Chuangtou [12]. Group 3: Financial Performance and Future Strategy - The funds raised will be used to supplement working capital and repay interest-bearing debts, helping to alleviate financial pressure and reduce liquidity risks, while also lowering the debt-to-asset ratio [12]. - Lianchuang Electronics is committed to deepening its focus on the optical industry, optimizing product structure, expanding product variety, and improving product quality, which will support its transition towards automotive optical business [12][4]. - For the first three quarters of 2025, the company reported total revenue of 6.489 billion yuan, a year-on-year decrease of 16.20%, while achieving a net profit of 50.92 million yuan, marking a turnaround from losses [13].