Group 1 - The core point of the news is the share swap merger agreement between Sunny Optical Technology (02382) and GoerTek Inc. (002241), which is expected to enhance their competitive strengths in the optical industry, particularly in AI and AR products [1][2] - The share swap agreement involves a transfer of shares valued at approximately RMB 1.903 billion from Ningbo Aolai to GoerTek Optical, in exchange for an increase in registered capital of about RMB 529.5 million [1] - After the completion of the share swap, Ningbo Aolai will hold approximately 30.00% of GoerTek Optical's shares, while Ningbo Shunao and Ningbo Shuncheng will collectively hold about 3.33% [1] Group 2 - Following the completion of the subscription, Ningbo Aolai will own approximately 31.31% of GoerTek Optical, making it the second-largest shareholder [2] - The board believes that the share swap and subscription will promote synergy between Shanghai Aolai and GoerTek Optical, significantly enhancing GoerTek Optical's core competitiveness in optical waveguide and other wafer-level micro-nano optical devices, especially for AI and AR applications [2]

格隆汇10月9日丨舜宇光学科技(02382.HK)发布公告，有关公司及集团若干附属公司与歌尔股份及歌尔 光学订立谅解备忘录的公告。根据谅解备忘录，2025年10月9日，公司、舜宇浙江光学、宁波舜奥、宁 波舜承、宁波奥来及上海奥来与歌尔股份及歌尔光学订立换股合并协议，据此，宁波奥来(连同宁波舜 奥及宁波舜承)同意以代价约人民币19.033亿元转让上海奥来全部股权予歌尔光学，以换取歌尔光学新 增注册资本合计约人民币5.295亿元。 换股完成后，宁波奥来将持有歌尔光学约30.00%股权以及宁波舜奥及宁波舜承将合共持有歌尔光学约 3.33%股权。上海奥来将于换股完成后成为歌尔光学的全资附属公司。 根据换股合并协议，在换股完成的前提下，宁波奥来与歌尔股份同意通过于完成日期各自向歌尔光学注 资人民币2亿元及人民币2亿元的方式，分别认购歌尔光学新增注册资本约人民币5564万元及约人民币 5564万元。于认购事项完成后，宁波奥来将持有经认购事项扩大后歌尔光学约31.31%的股权，并将成 为歌尔光学第二大股权拥有人。 基于预期的换股合并协议，重组将由宁波奥来及上海奥来实施，据此，宁波舜奥及宁波舜承将认购上海 奥来的股权，以使其 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不會就本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2382.HK） 內幕消息 (1)轉讓附屬公司全部股權以換取歌爾光學股權； 及 (2)進一步認購歌爾光學的股權 換股合併協議 茲提述有關本公司及本集團若干附屬公司與歌爾股份及歌爾光學訂立諒解備忘 錄的公告。 根據換股合併協議，在換股完成的前提下，寧波奧來與歌爾股份同意通過於 完成日期各自向歌爾光學注資人民幣200.00百萬元及人民幣200.00百萬元的方 式，分別認購歌爾光學新增註冊資本約人民幣55.64百萬元及約人民幣55.64百萬 元。 於認購事項完成後，寧波奧來將持有經認購事項擴大後歌爾光學約31.31%的股 權，並將成為歌爾光學第二大股權擁有人。 換股合併協議 本公告由舜宇光學科技（集團）有限公司根據上市 ...

Market Performance - The consumer electronics sector increased by 2.56% on October 9, with XW Communication leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Top Gainers - XW Communication (300136) closed at 29.60, up 14.73% with a trading volume of 1.2975 million shares and a transaction value of 3.652 billion [1] - Yunzhu Technology (688260) closed at 36.05, up 11.92% with a trading volume of 124,000 shares [1] - Deep Technology (000021) closed at 30.66, up 10.01% with a trading volume of 1.7635 million shares and a transaction value of 5.384 billion [1] Top Losers - Dongni Electronics (603595) closed at 23.81, down 7.89% with a trading volume of 192,900 shares and a transaction value of 467 million [2] - Xiechuang Data (300857) closed at 175.05, down 3.81% with a trading volume of 181,100 shares [2] - Darui Electronics (300976) closed at 70.29, down 3.45% with a trading volume of 38,700 shares and a transaction value of 274 million [2] Capital Flow - The consumer electronics sector saw a net inflow of 260 million from institutional investors, while retail investors experienced a net outflow of 56.3183 million [2][3] - Major stocks like Industrial Fulian (601138) had a net inflow of 687 million from institutional investors, while it faced a net outflow of 517 million from retail investors [3] Individual Stock Performance - Gol Electronics (002241) had a net inflow of 380 million from institutional investors but a net outflow of 126 million from retail investors [3] - Deep Technology (000021) recorded a net inflow of 284 million from institutional investors, with a net outflow of 60.8106 million from retail investors [3]

Core Viewpoint - The AI glasses concept has experienced significant market activity, with several companies seeing notable stock price increases, indicating growing investor interest in this sector [2] Company Performance - Rongqi Technology approached a 20% price increase limit during intraday trading [2] - Crystal Optoelectronics reached a price increase limit [2] - Other companies such as Xinwei Communication, Hengxuan Technology, Longqi Technology, GoerTek, and Xingchen Technology also reported substantial gains [2]

Summary of Conference Call Notes Industry Overview - **Industry**: Greater China Technology Hardware - **Date**: October 7, 2025 Key Companies Discussed 1. **Crystal Optech (002273.SZ)** 2. **Gosuncn Technology Group (300098.SZ)** 3. **Wingtech Technology Co Ltd (600745.SS)** 4. **OFILM Group (002456.SZ)** Core Insights and Arguments Crystal Optech - **Earnings Growth**: Reported 13% earnings growth in 2Q25 with gross margin improvement from 27.9% in 1Q25 to 30.9% in 2Q25 [2] - **Price Target Increase**: Price target raised from Rmb22 to Rmb32 due to better growth outlook for 2026-27 [8][20] - **Future Prospects**: Anticipation of a new product breakthrough from a key customer in 2H26, alongside ongoing product development [2] Gosuncn Technology Group - **Revenue Growth**: Achieved 47% revenue growth in 2Q25, with gross margin improving from 33.8% in 2Q24 to 38.1% in 2Q25 [3] - **Profitability**: Turned profitable in 2Q25 after four quarters of losses, with earnings estimates revised from a loss of Rmb4 million to a profit of Rmb96 million for 2025 [3] - **Price Target Increase**: Price target raised from Rmb3.60 to Rmb5.00 [8][20] Wingtech Technology Co Ltd - **Profit Turnaround**: Despite a revenue decline in 2Q25, the company achieved profit turnaround for the second consecutive quarter [4] - **Future Growth**: Expected high-margin business to drive revenue and earnings growth, with continuous capacity expansion planned [4] - **Price Target Increase**: Price target raised from Rmb38 to Rmb50 [8][20] OFILM Group - **Earnings Decline**: Reported a loss of Rmb50 million in 2Q25, leading to a 62% cut in earnings estimates for 2025 [5] - **Price Target Stability**: Price target remains unchanged at Rmb10, with expectations of earnings improvement driven by growth in the IoT division [5][20] - **Challenges**: Weak competitiveness and potential margin compression in the vehicle-related business due to fierce competition in the EV market [35] Additional Important Insights - **Earnings Estimates Revisions**: Significant revisions made for earnings estimates across the companies, with Crystal and Gosuncn seeing substantial upward revisions while OFILM faced downward adjustments [12][18] - **Market Sentiment**: Morgan Stanley's earnings forecasts are now 42% and 27% higher than consensus for 2025 and 2026, respectively [14] - **Valuation Methodology**: Price targets derived from a residual income model, maintaining cost of equity assumptions unchanged [19] Conclusion The conference call highlighted a positive outlook for Crystal, Gosuncn, and Wingtech, with significant earnings growth and price target increases. In contrast, OFILM faces challenges that have led to earnings downgrades and a cautious outlook.

Group 1 - The core point of the news is that GoerTek Inc. experienced a stock price increase of 5.04%, reaching 39.39 CNY per share, with a trading volume of 3.045 billion CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 137.887 billion CNY [1] - GoerTek's main business segments include smart hardware (54.17% of revenue), smart acoustic systems (22.17%), precision components (20.25%), and other supplementary services (3.41%) [1] Group 2 - From the perspective of fund holdings, one fund under Xingzheng Global Fund has a significant position in GoerTek, specifically the Xingquan Light Asset Mixed Fund (LOF) which held 3.4 million shares, accounting for 2.97% of the fund's net value, making it the eighth largest holding [2] - The Xingquan Light Asset Mixed Fund (LOF) has a total asset size of 2.666 billion CNY and has achieved a year-to-date return of 16.34%, ranking 5247 out of 8238 in its category [2]

Core Viewpoint - The consumer electronics sector is experiencing a wave of mergers and acquisitions, with GoerTek's recent acquisitions being particularly noteworthy, totaling over 10 billion yuan, marking the largest scale of mergers in the company's history [2][3] Mergers and Acquisitions - GoerTek announced plans to acquire Mia Precision and Changhong Industrial, followed by a loan acquisition of UK-based Plessey, and a proposed acquisition of 100% equity in Shanghai Aolai Optical [2] - The acquisition of Mia Precision and Changhong Industrial, valued at approximately 10.4 billion HKD (95 billion yuan), is significant as it marks GoerTek's first foray into the precision structural components business [2][3] Business Expansion - Post-acquisition, GoerTek aims to expand its business scale in precision components and extend its reach into emerging fields such as automotive electronics and wearable devices, thereby opening new growth avenues [3] - The acquisitions are expected to deepen GoerTek's collaboration with Apple, enhancing the company's future development value beyond the acquisition cost [3] Focus on Emerging Markets - GoerTek's smaller acquisitions also target clients like META, which remains dominant in the global AI glasses market, with META's partnership with Ray-Ban expected to yield over 1.5 million units in 2024 [5] - The acquisition of Plessey, a leading Micro-LED company, is strategically aimed at strengthening ties with META, which holds a significant market share in AR products [6] Strategic Shift - GoerTek is transitioning from being solely an Apple OEM to a diversified AI hardware manufacturer, aiming to reduce reliance on a single client and mitigate performance volatility [7][9] - The company plans to increase its R&D expenditure to 6.27% in the first half of 2025, focusing on acoustic, optical, and diversified smart hardware products [9] Technological Advancements - GoerTek has achieved breakthroughs in optical and acoustic technologies, providing advanced solutions for clients like Meta and Sony [10] - The acquisition of Plessey will enable GoerTek to control the entire supply chain from chip design to module packaging, ensuring high product yield and cost reduction [10] Global Market Position - In the first half of 2025, 84.63% of GoerTek's revenue came from overseas markets, highlighting the company's focus on regions with higher commercial maturity and consumer willingness to pay [11] - GoerTek's subsidiary, GoerTek Microelectronics, is set to go public in Hong Kong, which could serve as a bridge to overseas capital markets [12][13]

证券代码：002241 证券简称：歌尔股份 公告编号：2025-090 歌尔股份有限公司 关于 2025 年股票期权激励计划内幕信息知情人买卖 公司股票情况的自查报告 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"）2025 年 5 月 8 日召开的第六届董事会第 二十六次会议及第六届监事会第二十一次会议审议通过了《关于审议<歌尔股份有 限公司 2025 年股票期权激励计划（草案）及其摘要>的议案》等相关议案。 根据《上市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》等相关规定，经向中国证券登记结算有限责任公司深圳分公司 查询，公司对 2025 年股票期权激励计划（以下简称"本次激励计划"）内幕信息知情 人和激励对象在本次激励计划首次公开披露前 6 个月内（即 2024 年 11 月 8 日至 2025 年 5 月 8 日）买卖公司股票的情况进行了自查，具体情况如下： 一、核查的范围与程序 1、核查对象为本次激励计划的内幕信息知情人和激励对象。 2、本次激励计划的内幕信息知情人均填报了《内 ...

关于歌尔股份有限公司 2025 年第一次临时股东大会的法律意见 北京市天元律师事务所 京天股字（2025）第 619 号 为出具本法律意见，本所律师审查了《歌尔股份有限公司第六届董事会第二 十六次会议决议公告》《歌尔股份有限公司第六届监事会第二十一次会议决议公 告》《歌尔股份有限公司第六届董事会第二十八次会议决议公告》《歌尔股份有限 公司第六届监事会第二十三次会议决议公告》《歌尔股份有限公司第六届董事会 第三十次会议决议公告》《歌尔股份有限公司第六届监事会第二十五次会议决议 公告》《歌尔股份有限公司第六届董事会第三十二次会议决议公告》《歌尔股份有 限公司第六届监事会第二十七次会议决议公告》《歌尔股份有限公司关于召开 1 2025 年第一次临时股东大会的通知》（以下简称"《召开股东大会通知》"），以及 本所律师认为必要的其他文件和资料，同时现场审查了出席会议股东的身份和资 格、见证了本次股东大会的召开，并参与了本次股东大会议案表决票的现场监票 计票工作。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见出具日以 前已经发生或者存 ...