证券代码：002241 证券简称：歌尔股份 公告编号：2025-117 歌尔股份有限公司 第七届董事会第一次会议决议公告 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、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司"）第七届董事会第一次会议（以下简 称"本次会议"）通知于 2025 年 11 月 4 日以电子邮件方式发出，于 2025 年 11 月 7 日在公司会议室以现场加通讯表决方式召开。公司董事长姜滨先生主持会议， 会议应出席董事 9 名，实际出席董事 9 名。本次会议符合有关法律、法规及《歌 尔股份有限公司章程》（以下简称"《公司章程》"）的规定，会议合法有效。公 司董事会秘书徐大朋先生列席了本次会议。 一、董事会会议审议情况 经审议，形成如下决议： 1、审议通过《关于选举公司第七届董事会董事长、副董事长的议案》 董事会同意选举姜滨先生为公司第七届董事会董事长，选举姜龙先生为公司 第七届董事会副董事长，任期自本次董事会审议通过之日起至第七届董事会任期 届满之日止。 表决结果：同意：9 票；反对：0 票；弃权：0 票 2、审议通过《关于选举公司第七届董事会审计委员会 ...

Core Viewpoint - Qingdao Goer Starqi Intelligent Technology Co., Ltd. has been established with a registered capital of 200 million yuan, focusing on manufacturing virtual reality devices, wearable smart devices, and smart home consumer devices [1] Company Summary - The new company is wholly owned by Goer Group [1] - The establishment of this company indicates Goer Group's strategic expansion into the smart technology sector [1] Industry Summary - The company operates in the rapidly growing fields of virtual reality and wearable technology, which are expected to see significant demand in the coming years [1] - The focus on smart home consumer devices aligns with current trends in consumer electronics, emphasizing convenience and connectivity [1]

Group 1 - The event "First Bond Cultivation, Moving Forward in Weifang" was held to enhance the bond market's support for financing technology innovation, attended by over 200 participants from relevant departments, banks, and key enterprises [1] - Experts from Shanghai Stock Exchange, People's Bank of China Shandong Branch, and Dongfang Jincheng International Credit Rating Co., Ltd. provided policy interpretations on technology innovation bonds in both exchange and interbank markets [1] - Companies like GoerTek Inc. and Industrial Bank Weifang Branch shared insights on the issuance and underwriting of technology innovation bonds [1] Group 2 - Weifang Municipal Finance Bureau has prioritized support for technology innovation, increasing financial input and optimizing policy supply, with a total of 522 technology projects supported since 2021 [2] - From January to October this year, Weifang enterprises issued bonds totaling 52.1 billion yuan, a year-on-year increase of 10% [2] - GoerTek successfully issued a 1 billion yuan technology innovation bond in June at a record low interest rate of 1.7% for private enterprises in Shandong Province [2] - The Weifang Municipal Finance Bureau plans to continue collaborating with various departments to support technology innovation enterprises in broadening financing channels and reducing costs [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **AI glasses** market, particularly focusing on **Meta's** performance and its impact on the supply chain, including companies like **Goertek** and **Sunny Optical**. Core Insights and Arguments 1. **Sales Performance of Meta AI Glasses**: - The new **Ray-Ban Meta glasses** and **Oakley Meta Vanguards** are performing well, with the Ray-Ban display glasses selling out within **48 hours** [1][2] - **Reality Labs** revenue increased by **74% YoY** to **US$470 million**, driven by strong demand for AI glasses and stocking up of Quest headsets ahead of the holiday season [1][2] 2. **Future Revenue Expectations**: - Anticipated decline in **4Q25** revenue due to pull-forward stocking and a high base from the previous year, although this is partially offset by significant growth in AI glasses [1][2] 3. **AI Glasses Shipment Growth**: - **3Q25** global AI glasses shipments reached approximately **1.65 million units**, a **370% YoY** and **90% QoQ** increase, with Meta accounting for **1.12 million units** [3] - Meta's AI glasses shipments since launch in **4Q23** have approached **4 million units**, with **2.3-2.4 million units** shipped in the first nine months of **2025** [3] 4. **Production Forecast Adjustments**: - Meta has raised its production forecast for **2025/26** to **12 million/30 million+ units**, up from previous estimates of **10 million/20 million** [3] 5. **Beneficiaries of AI Glasses Market**: - **Goertek** and **Sunny Optical** are identified as key beneficiaries of the AI glasses market, with Goertek gaining market share in new AI glasses series and Sunny Optical continuing to supply camera modules [1][3] Additional Important Insights 1. **Market Dynamics**: - Other brands in the AI glasses market have also seen significant growth, with some brands experiencing a **1667% YoY** increase in shipments [3] 2. **Valuation Insights**: - Goertek's target price is set at **Rmb38**, based on a **28.2x 2026E P/E**, reflecting stabilizing AirPods shipments and AI smart glass demand [5] - Sunny Optical's target price is set at **HK$103**, based on a **23x 2026E P/E**, driven by a new camera cycle in smart vehicles and XR [7] 3. **Risks to Consider**: - Key risks for Goertek include lower-than-expected VR/AR penetration rates and increased competition leading to ASP pressures [6] - For Sunny Optical, risks include slower shipments of domestic-brand smartphones and high inventory levels impacting volume growth [8]

Core Insights - Qingdao Goer Starqi Intelligent Technology Co., Ltd. has been established with a registered capital of 200 million RMB, focusing on manufacturing virtual reality devices, wearable smart devices, and smart home consumer devices [1][2] Company Information - The legal representative of the company is Li Youbo, and it is wholly owned by Goer Group Co., Ltd. (stock code: 002241) [1][2] - The company is registered in the computer, communication, and other electronic equipment manufacturing industry, with its registered address located at Songling Road, Qingdao, Shandong Province [2] Business Scope - The business scope includes technology services, development, consulting, and transfer, as well as manufacturing and sales of virtual reality devices, wearable smart devices, smart home consumer devices, and digital video monitoring systems [2]

Group 1 - Qingdao Goer Starqi Intelligent Technology Co., Ltd. has been established with a registered capital of 200 million RMB [1] - The legal representative of the company is Li Youbo [1] - The company's business scope includes manufacturing virtual reality devices, wearable smart devices, and smart home consumer devices [1] Group 2 - The company is wholly owned by Goer Group [1]

Core Viewpoint - The stock of GoerTek Inc. has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 21.46%, indicating volatility in the market performance of the company [1]. Financial Performance - For the period from January to September 2025, GoerTek achieved a revenue of 68.107 billion yuan, representing a year-on-year decrease of 2.21%. However, the net profit attributable to shareholders increased by 10.33% to 2.587 billion yuan [2]. - Cumulatively, GoerTek has distributed 5.476 billion yuan in dividends since its A-share listing, with 2.227 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, GoerTek's stock price was 31.17 yuan per share, with a total market capitalization of 110.518 billion yuan. The trading volume was 9.32 billion yuan, with a turnover rate of 0.95% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent instance on October 10, where it recorded a net buy of -418 million yuan [1]. Shareholder Information - As of September 30, 2025, GoerTek had 319,000 shareholders, a decrease of 7.74% from the previous period. The average number of circulating shares per person increased by 10.02% to 9,813 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 102 million shares, which is a decrease of 4.1903 million shares from the previous period [3].

Group 1 - Dongbei Securities will distribute a cash dividend of 1 RMB per 10 shares (including tax), with the record date on November 11, 2025, and the ex-dividend date on November 12, 2025 [1] - GoerTek will distribute a cash dividend of 1.468875 RMB per 10 shares (including tax), with the record date on November 11, 2025, and the ex-dividend date on November 12, 2025 [1] - Qiangbang New Materials will distribute a cash dividend of 0.625 RMB per 10 shares (including tax), with the record date on November 12, 2025, and the ex-dividend date on November 13, 2025 [1] Group 2 - Zhu Laoliu will distribute a cash dividend of 1.5 RMB per 10 shares (including tax), with the record date on November 11, 2025, and the ex-dividend date on November 12, 2025 [2]

Core Viewpoint - The electronic industry shows significant growth in Q3 2025, with a notable increase in net profit across various sub-sectors, particularly in satellite electronics, semiconductors, and AI supply chains [4]. Summary by Sections Overall Industry Performance - In Q3 2025, 650 companies in the electronic industry reported a total net profit of 163.7 billion yuan, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 20% [4]. Sub-industry Performance - The top three sub-industries by year-on-year net profit growth in Q3 2025 are: - Satellite Electronics: 200 million yuan, +113% - Semiconductors: 22.11 billion yuan, +89% - AI Supply Chain: 22.06 billion yuan, +84% [4]. Detailed Sub-sector Growth - Among 74 detailed sub-sectors, the top five in terms of year-on-year net profit growth are: - LED-LED Power: 8 million yuan, +644% - LED-LED Display: 193 million yuan, +431% - Display-Equipment: 202 million yuan, +250% - Semiconductor-Digital GPU and CPU: 1.242 billion yuan, +242% - Semiconductor-Analog: 459 million yuan, +218% [4]. Leading Companies in the Electronic Industry - The top five companies by net profit and year-on-year growth in Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Cambricon Technologies: 567 million yuan, turned profitable - Haiguang Information: 760 million yuan, +13% - Luxshare Precision: 4.874 billion yuan, +32% - Hikvision: 3.662 billion yuan, +20% [5]. Semiconductor Sector Leaders - The leading companies in the semiconductor sub-industry for Q3 2025 are: - Cambricon Technologies: 567 million yuan, turned profitable - Haiguang Information: 760 million yuan, +13% - Northern Huachuang: 1.922 billion yuan, +14% - Zhongwei Company: 505 million yuan, +28% - OmniVision Technologies: 1.182 billion yuan, +17% [6]. AI Industry Chain Leaders - The top five companies in the AI industry chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Cambricon Technologies: 567 million yuan, turned profitable - Zhongji Xuchuang: 3.137 billion yuan, +125% - Haiguang Information: 760 million yuan, +13% - Xinyi Sheng: 2.385 billion yuan, +205% [7]. Nvidia Supply Chain Performance - The leading companies in the Nvidia supply chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Zhongji Xuchuang: 3.137 billion yuan, +125% - Shenghong Technology: 1.102 billion yuan, +261% - Shengyi Technology: 1.017 billion yuan, +131% - Huitian Technology: 1.035 billion yuan, +46% - Tianfu Communication: 566 million yuan, +76% [8]. Apple Supply Chain Performance - The top five companies in the Apple supply chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Luxshare Precision: 4.874 billion yuan, +32% - Lens Technology: 1.700 billion yuan, +13% - Pengding Holdings: 1.175 billion yuan, -1% - GoerTek: 1.171 billion yuan, +5% [9].

Core Viewpoint - Goer Group (歌尔股份) announced its cash dividend plan for the first three quarters of 2025, distributing 0.15 RMB per share to all shareholders, with specific amounts for different investor categories [1] Summary by Categories Dividend Distribution - The dividend distribution is based on a total share capital of 3.472 billion shares, excluding 73.5715 million repurchased shares [1] - The cash dividend of 0.15 RMB per share is inclusive of tax, while the net amount for certain investors will be 0.135 RMB per share [1] Key Dates - The record date for the dividend distribution is set for November 11, 2025, and the ex-dividend date is November 12, 2025 [1]