北京市天元律师事务所 关于歌尔股份有限公司实施 "家园 8 号"员工持股计划的 法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于歌尔股份有限公司实施 "家园 8 号"员工持股计划的 法律意见 京天股字（2025）第 509 号 致：歌尔股份有限公司 北京市天元律师事务所（以下简称"本所"）接受歌尔股份有限公司（以下简 称"歌尔股份"或"公司"）的委托，担任公司实施"歌尔股份有限公司'家园 8 号' 员工持股计划"（以下简称"本次员工持股计划"或"'家园 8 号'持股计划"）相关事 宜的专项法律顾问。 本所及经办律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）《关于上市公司实施员工持股计划试点的指导意见》 （以下简称"《指导意见》"）、深圳证券交易所（以下简称"深交所"）发布的《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》（以下 简称"《主板规范运作》"）等有关法律、行政法规 ...

Group 1 - OpenAI is collaborating with Luxshare Precision and GoerTek to enter the AI hardware market, focusing on consumer-grade AI devices [3][4] - Luxshare Precision's stock price surged by 51.6% over the past month, reaching a record high of 65.12 yuan on September 23, following the news of the partnership with OpenAI [3] - OpenAI's planned AI hardware includes smart glasses, digital voice recorders, and wearable badges, with initial products expected to launch by late 2026 or early 2027 [3][4] Group 2 - GoerTek is also in discussions with OpenAI, potentially supplying components like speakers and MEMS microphones for the AI hardware [4] - Analysts suggest that OpenAI's move into hardware could benefit various Chinese hardware companies in Apple's supply chain, including Luxshare Precision and GoerTek [4][10] - OpenAI's strategy to develop AI hardware is seen as a significant trend in the market, with a focus on creating "companion devices" that integrate AI capabilities [6][10] Group 3 - OpenAI's hardware ambitions have been evident since early 2023, with the recruitment of over 20 employees from Apple and a $6.5 billion acquisition of Jony Ive's company [6][9] - The collaboration with Jony Ive aims to produce a new form of AI hardware, potentially assembled in Vietnam and resembling a compact iPod [6] - The failure of the AI Pin device from Humane has prompted OpenAI to pursue a more integrated approach to hardware design [9] Group 4 - The consumer electronics industry is witnessing a wave of AI hardware innovation, driven by major players like OpenAI and Meta [12] - Meta's recent launch of the Ray-Ban smart glasses highlights the competitive landscape in the smart eyewear market [12] - Emerging startups are also making strides in AI hardware, with companies like Plaud AI achieving significant sales and revenue growth [14] Group 5 - The global market for wearable devices is projected to exceed 200 million units by 2025, with smart audio devices remaining the largest category [15] - IDC forecasts that smart glasses and robots will be among the most disruptive and valuable AI-enabled consumer hardware products [16] - The competitive landscape for smart glasses includes various types of manufacturers, each with unique advantages [16] Group 6 - Luxshare Precision is actively pursuing partnerships in the smart hardware sector, including a recent collaboration with PIMIC to develop new wearable products [16] - GoerTek's precision components are integral to AI-related functionalities in smart devices, positioning the company as a key player in the AI hardware market [17]

Core Viewpoint - OpenAI is collaborating with leading Chinese hardware companies, Luxshare Precision and GoerTek, to develop consumer-oriented AI hardware, which has positively impacted their stock prices and market perception [3][4][5]. Group 1: OpenAI's Hardware Strategy - OpenAI is entering the AI hardware market, focusing on developing companion devices such as smart glasses, digital voice recorders, and wearable badges, with initial products expected to launch by late 2026 or early 2027 [3][5][7]. - The collaboration with Luxshare Precision involves creating devices that will integrate OpenAI's AI models for enhanced human-computer interaction [3][4]. - OpenAI is also in discussions with GoerTek for components like speakers, indicating a broader strategy to leverage existing supply chains in China [4][5]. Group 2: Market Reactions and Stock Performance - Following the news of OpenAI's partnerships, Luxshare Precision's stock surged, reaching a historical high with a 51.6% increase over the past month [3]. - GoerTek's stock also experienced volatility, initially rising by 7.73% before retracting by 2.82% [4][5]. - Analysts suggest that OpenAI's move into hardware could benefit other companies in the Apple supply chain, including Lens Technology and AAC Technologies [5]. Group 3: Industry Trends and Future Outlook - The AI hardware market is witnessing a shift towards devices that prioritize user experience and service, with a projected increase in shipments of wearable devices and smart audio equipment [14][15]. - IDC forecasts significant growth in smart glasses and consumer robots, highlighting their potential disruptive value in the market [15]. - The collaboration between OpenAI and Jony Ive's company is expected to yield innovative AI hardware, with production anticipated to begin in Vietnam by 2027 [7][9].

Group 1 - Shenzhen Weiding Juxin Technology Co., Ltd. has successfully assembled and delivered its first high-precision stepper lithography machine, the WS180i series, which targets the growing fields of compound semiconductors and high-end optoelectronic devices [1] - The China Securities Consumer Electronics Theme Index (931494) rose by 1.47% as of September 24, 2025, with notable increases in component stocks such as Changying Precision (300115) up 11.54% and Tongfu Microelectronics (002156) up 10.00% [1] - The Consumer Electronics ETF (561600) increased by 1.18%, reaching a latest price of 1.29 yuan, and has seen a cumulative increase of 6.97% over the past week [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Consumer Electronics Theme Index accounted for 54.8% of the index, including companies like Cambricon (688256) and Luxshare Precision (002475) [2] - The weight and performance of key stocks in the index show varied trends, with Luxshare Precision down 1.66% and SMIC (688981) up 4.79% [4]

Core Insights - OpenAI is collaborating with Luxshare Precision and GoerTek to enter the AI hardware market, with a focus on consumer-grade AI devices [1][2] - The stock prices of Luxshare Precision and GoerTek have experienced significant fluctuations due to market reactions to OpenAI's hardware ambitions, with Luxshare's stock rising by 51.6% over the past month [1][2] - OpenAI plans to develop AI hardware such as smart glasses, digital voice recorders, and wearable badges, with initial products expected to launch by late 2026 or early 2027 [1][2] Company Developments - Luxshare Precision's stock reached a historical high of 65.12 yuan on September 23, 2023, following reports of its strategic partnership with OpenAI [1] - GoerTek's stock saw a 7.73% increase on September 22, 2023, but experienced a 2.82% decline the following day, indicating market volatility [2] - OpenAI has recruited over 20 employees from Apple for its consumer hardware initiatives, including key personnel with over a decade of experience at Apple [2] Industry Trends - The AI hardware market is witnessing a surge in interest, with major players like OpenAI and Meta leading the charge in developing innovative products [6] - The global wearable device market is projected to exceed 200 million units by 2025, with smart audio devices expected to surpass 500 million units, indicating strong growth potential [8] - The competition in the smart glasses market is intensifying, with various manufacturers, including internet companies and traditional eyewear firms, vying for market share [9]

Core Insights - Weifang's foreign trade has shown steady growth, with a total import and export value of 246.5 billion yuan from January to August, ranking third in Shandong Province and accounting for 10.6% of the province's total, reflecting a year-on-year increase of 7.4% [1][2] Group 1: Trade Performance - The monthly import and export value of Weifang exceeded 40 billion yuan for the first time in March, reaching 40.65 billion yuan, marking a historical high [1] - The export of electromechanical products reached 81.97 billion yuan, growing by 14.6%, which contributed 6.7 percentage points to the overall export growth [2] - The import and export value with countries along the Belt and Road reached 152.08 billion yuan, increasing by 12.3%, becoming a significant driver for Weifang's foreign trade growth [2] Group 2: Market Expansion and Innovation - Weifang has implemented the "Thousand Enterprises, Hundred Exhibitions" overseas market expansion plan, achieving significant results in market diversification, with imports and exports to Africa, the Middle East, and Latin America growing by 41.7%, 27.1%, and 26.2% respectively [2] - The city has established 6 new overseas warehouses, bringing the total to 74, with a total area exceeding 550,000 square meters, serving over 1,600 enterprises [2] - Cross-border e-commerce imports and exports reached 19.35 billion yuan, ranking first in the province [2] Group 3: Future Development Plans - Weifang aims to prioritize high-quality foreign trade development, continuously optimize the business environment, and support enterprises in market expansion, order acquisition, and brand creation [3]

Core Insights - The smart glasses industry is approaching a "critical point of explosion" with major tech companies like Meta launching new smart glasses [1] - Bank of America predicts that AI glasses will dominate growth from 2025 to 2027, while AR glasses are expected to take over as the main growth driver starting in 2028 [1][2] - China is positioned as a key player in the global smart glasses supply chain, controlling over 80% of core components [4] Industry Trends - The smart glasses market is entering a phase of accelerated demand release, characterized by a "two-phase differentiation" growth logic [2] - Phase one (2025-2027): AI glasses, which do not have displays, are expected to lead growth with an average annual shipment growth rate of 25% due to their mature technology and cost-effectiveness [2] - Phase two (2028 onwards): AR glasses are projected to replace AI glasses, with an average annual shipment growth rate of 101% as display technology and optical solutions improve [3] Market Outlook - The global smart glasses shipment volume is expected to have a compound annual growth rate (CAGR) of 40% from 2025 to 2030, with a potential doubling point around 2027 driven by consumer electronics replacement cycles and enterprise applications [3] Supply Chain Dynamics - The global smart glasses supply chain is characterized by "China dominance and regional division of labor," with Chinese suppliers covering key areas such as cameras, optical waveguides, MEMS, and batteries [4] - Major manufacturing bases for smart glasses are concentrated in China, while some non-core assembly processes are gradually moving to Southeast Asia to mitigate supply chain risks [5] Technological Barriers - The core competitive focus in the industry is on two technological directions: drug delivery efficiency and user adaptability, with companies holding key technology patents establishing differentiated barriers [6] Key Company Analysis - **GoerTek (歌尔股份)**: Recognized as a global assembly leader with over 70% of orders from major clients like Meta and Sony, target price set at 42 RMB based on a 34x PE ratio for 2026 [7][8] - **Crystal Optoelectronics (水晶光电)**: Core supplier of AR optical waveguide plates with a target price of 30 RMB based on a 27x PE ratio for 2026, supported by a stable 22% CAGR in earnings from 2024 to 2027 [10] - **Sunny Optical Technology (舜宇光学)**: Major supplier of camera modules with over 60% global market share, target price set at 104 HKD based on a 25x PE ratio for 2026 [12]

Core Viewpoint - The smart glasses industry is approaching a "breakout critical point" with major tech companies like Meta launching new smart glasses, and AI glasses expected to dominate growth from 2025 to 2027, followed by AR glasses from 2028 onwards. China is positioned as a key player in the global supply chain with over 80% supplier representation [1]. Industry Trends - The smart glasses market is entering a phase of accelerated demand release, characterized by a "two-stage differentiation" growth logic: - **First Stage (2025-2027)**: AI glasses will lead growth with an expected annual shipment growth rate of 25%, focusing on lightweight applications such as voice interaction and health monitoring [2]. - **Second Stage (2028 onwards)**: AR glasses will take over with an anticipated annual shipment growth rate of 101%, driven by advancements in display technology and computational power [2]. - The overall global smart glasses shipment compound annual growth rate (CAGR) from 2025 to 2030 is projected to reach 40%, with a doubling point expected around 2027 due to consumer electronics replacement cycles and enterprise applications [2]. Supply Chain Dynamics - The global smart glasses supply chain is characterized by "China dominance and regional division of labor": - **Supply Side**: Chinese companies control over 80% of core components, including cameras, optical waveguides, MEMS, and batteries, with significant market shares in camera modules, optical coatings, and assembly [3]. Manufacturing Landscape - China remains the core manufacturing base for smart glasses, with major production hubs in Shandong and Guangdong. However, electronic manufacturing services (EMS) are gradually shifting some non-core assembly operations to Southeast Asia to mitigate supply chain risks, while retaining core component production in China [4]. Technological Barriers - The industry's core competitive focus is on two main technological directions: - Drug delivery efficiency (e.g., optical transmittance for AR glasses, voice recognition accuracy for AI glasses) - User adaptability (e.g., lightweight design, battery life, and matching usage scenarios for different demographics) [5]. Key Company Analysis - **GoerTek**: Recognized as the global leader in smart glasses assembly, with over 70% of orders from major clients like Meta and Sony. The target price is set at 42 RMB based on a projected PE of 34 times for 2026, reflecting a 30% annual growth expectation in the smart glasses assembly business [6]. - **Crystal Optoelectronics**: A core supplier of optical waveguides for AR glasses, with a target price of 30 RMB based on a PE of 27 times for 2026. The company is expected to achieve a stable 22% CAGR in earnings from 2024 to 2027 [7]. - **Sunny Optical**: A leading supplier of camera modules for smart glasses, with a target price of 104 HKD based on a PE of 25 times for 2026. The company is positioned for growth due to improvements in the optical industry and the potential of smart glasses as a second growth curve [10].

Core Insights - The smart glasses industry is approaching a "breakout critical point" with major tech companies like Meta launching new smart glasses [1] - Bank of America predicts that AI glasses will dominate growth from 2025 to 2027, while AR glasses are expected to take over as the main growth driver starting in 2028 [1] - China is positioned to play a crucial role in the global smart glasses supply chain, controlling over 80% of suppliers [1] Industry Trends - The smart glasses market is entering a phase of accelerated demand release, characterized by a "two-stage differentiation" growth logic [2] - **First Stage (2025-2027)**: AI glasses will lead growth with an expected annual shipment growth rate of 25% due to their high technological maturity and cost control [2] - **Second Stage (2028 onwards)**: AR glasses are projected to replace AI glasses, with an anticipated annual shipment growth rate of 101% as display technology and optical solutions improve [2] - The overall market is expected to see a compound annual growth rate (CAGR) of 40% from 2025 to 2030, with a doubling point in shipments around 2027 driven by consumer electronics replacement cycles and enterprise applications [2] Supply Chain Dynamics - The global smart glasses supply chain is characterized by "China dominance and regional division of labor" [3] - **Supply Side**: Chinese companies control over 80% of core components, including cameras, optical waveguides, MEMS, and batteries, with significant market shares in key areas [3] - **Manufacturing Side**: China remains the core manufacturing base, while EMS companies are gradually shifting some non-core assembly operations to Southeast Asia to mitigate supply chain risks [3] - The industry focuses on two main technological directions: drug delivery efficiency and user adaptability, with companies holding core technology patents establishing differentiated barriers [3] Key Company Analysis - **GoerTek**: Upgraded to "Buy" due to its position as the world's largest smart glasses assembler, with over 70% of assembly orders from major clients like Meta and Sony. Target price set at 42 RMB based on a 34x PE ratio for 2026 [4] - **Crystal Optoelectronics**: Maintained "Buy" rating as a core supplier of AR optical waveguide plates, with a target price of 30 RMB based on a 27x PE ratio for 2026 [6] - **Sunny Optical**: Also rated "Buy," recognized for its dual capabilities in camera modules and optical waveguides, with a target price of 104 HKD based on a 25x PE ratio for 2026 [9]

Group 1 - OpenAI is collaborating with Luxshare Precision and GoerTek to enter the AI hardware market, with a focus on consumer-grade AI devices [2][3] - Luxshare Precision's stock price surged by 51.6% over the past month, reaching a record high of 65.12 yuan on September 23, influenced by OpenAI's hardware ambitions and strong iPhone 17 sales [2] - OpenAI plans to develop AI hardware such as smart glasses, digital voice recorders, and wearable badges, with initial products expected to launch by late 2026 or early 2027 [2][4] Group 2 - GoerTek is also in discussions with OpenAI, likely supplying components like MEMS microphones for the AI hardware [3][4] - Following the news of OpenAI's hardware initiatives, GoerTek's stock rose by 7.73% on September 22, but fell by 2.82% the next day [4] - Analysts suggest that OpenAI's move into hardware could benefit various Chinese hardware companies in Apple's supply chain, including Luxshare Precision and GoerTek [4] Group 3 - OpenAI's hardware strategy is seen as a response to the growing trend of "physical AI," with significant recruitment from Apple to bolster its hardware team [4][5] - The collaboration with Jony Ive's company, io Products, aims to produce a new form of AI hardware, potentially assembled in Vietnam and resembling the iPod Shuffle [5] - The AI hardware market is expected to grow, with predictions of over 200 million wearable devices shipped globally by 2025, indicating a shift towards service-oriented products [10][11] Group 4 - The competitive landscape for smart glasses includes various players, with each type of manufacturer having distinct advantages [11] - Chinese companies are rapidly gaining market share in AI hardware, leveraging their supply chain capabilities and cost control [11][12] - Luxshare Precision has recently partnered with a U.S. AI chip company to develop next-generation wearable products, focusing on low power consumption and compact design [12]