监事会关于 2025 年股票期权激励计划相关调整事项及 授予事宜的审核意见 歌尔股份有限公司 4、本次激励计划规定的股票期权授予条件已成就，监事会同意以 2025 年 10 月 20 日为本次激励计划的授予日，向符合授予条件的 5,972 名激励对象授予股票期 权 5,971.652 万份。 歌尔股份有限公司监事会 二○二五年十月二十日 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关法律、 行政法规、部门规章、规范性文件以及《歌尔股份有限公司章程》的有关规定，歌 尔股份有限公司（以下简称"公司"）监事会对公司 2025 股票期权激励计划（以下 简称"本次激励计划"）相关调整事项及授予事宜进行了认真核查，并发表如下审核 意见： 1、本次激励计划中 330 名激励对象因工作变更或离职等原因，已不再满足成为 本次激励计划激励对象的条件，本次激励计划激励对象总数由 6,302 人调整至 5,972 人，拟授予激励对象的股票期权总数由 6,806 万份调整为 5,971.652 万份。 2、公司对本次激励计划激励对象及数量的调整，符合《管理办法》等法律法规 及《歌尔股份有限公司 2025 年股票期权 ...

Group 1 - Company Silan Microelectronics plans to invest 20 billion yuan in the construction of a 12-inch high-end analog integrated circuit chip manufacturing production line project, with a total planned capacity of 45000 wafers per month [1] - The project will be implemented in two phases, aiming to achieve an annual production capacity of 540000 wafers after completion [1] Group 2 - Nvidia CEO Jensen Huang will attend the APEC Business Leaders Summit in South Korea and is expected to meet with executives from Samsung and SK Hynix to discuss high bandwidth memory supply and AI collaboration opportunities [2] - Huang stated that Nvidia's market share in high-end chips in China has dropped from 95% to 0% due to U.S. export controls, and he hopes to return to the Chinese market [3] Group 3 - China's meteorological sounding system has upgraded to the Beidou sounding system, achieving over 99% accuracy in atmospheric observation data, marking a significant advancement in high-altitude meteorological observation [6] - The Beidou sounding system has established 353 receiving stations nationwide, with 131 sounding stations accounting for 12% of the global total [6] Group 4 - The user base for generative AI in China reached 515 million by June 2025, with a penetration rate of 36.5%, showing significant growth in the user demographic [7] - Over 90% of users prefer domestic AI models, and China leads the world in AI patent applications, accounting for 38.58% of the global total [7] Group 5 - Cambrian Technology reported a third-quarter revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan [8] - The company’s revenue for the first three quarters reached 4.607 billion yuan, with a year-on-year growth of 2386.38% [8] Group 6 - GoerTek announced the termination of a planned acquisition of Mega Precision Technology and Channel Well Industrial for approximately 10.4 billion HKD due to a lack of agreement on key terms [9] - The termination was mutually agreed upon and will not adversely affect the company's financial performance [9] Group 7 - Amsung Electronics signed a strategic cooperation agreement with Sichuan Development Leading Capital to promote high-quality development in aerospace and satellite industries [10] - The collaboration aims to optimize market strategies and explore new opportunities in various sectors, including communication navigation and satellite internet [10] Group 8 - Hanwei Technology plans to acquire a 25.699% stake in Chongqing Stabao for approximately 27.98 million yuan and will also invest 18 million yuan for further capital increase [11] - After the transaction, Hanwei will hold 35.39% of Stabao, which has established the first domestic production line for 10 million film platinum temperature-sensitive chips annually [12] Group 9 - Jingwei Technology intends to acquire 100% of Zhongxing System for 850 million yuan, entering the private network communication field [13] - The acquisition is expected to create significant synergies with Jingwei's recent strategic layout in the semiconductor sector [13] Group 10 - Yitian Intelligent has established a fund that has acquired 77.4% of a company specializing in AI computing power services, with related orders amounting to 10-11 billion yuan [14] - The fund's total size is 2 billion yuan, with Yitian and its affiliates contributing 998 million yuan [14] Group 11 - Hikvision reported a 14.94% year-on-year increase in net profit for the first three quarters, reaching 9.319 billion yuan, with total revenue of 65.758 billion yuan [15] - The third-quarter revenue was 23.94 billion yuan, reflecting a 0.66% year-on-year growth [15] Group 12 - Jingjia Micro signed a strategic cooperation agreement with Jilin University Zhengyuan to develop integration solutions for its GPU products [16] - The collaboration will focus on optimizing compatibility and computing power scheduling for security and virtualization products [16] Group 13 - Yongmota signed a strategic cooperation framework agreement with a leading humanoid robot company to jointly develop cost-effective intelligent robot actuators and joint components [17] - The agreement aims to leverage both parties' strengths to explore deeper collaboration in the robotics field [17]

Group 1: Technology Updates - Microsoft announced a major update for Windows 11, introducing AI features that allow users to interact with devices using voice commands and integrate Copilot into the taskbar [2] - Apple CEO Tim Cook revealed that Apple Intelligence is working to enter the Chinese market, emphasizing the transformative potential of AI in people's lives [3] Group 2: Corporate Actions - GoerTek announced the termination of its planned acquisition of two subsidiaries of Lianfeng Commercial Group due to failure to reach agreement on key terms [4] - UBTECH Robotics secured a contract worth 126 million yuan for the procurement and installation of intelligent data collection and testing center equipment [5] - Silan Microelectronics plans to invest 20 billion yuan in a 12-inch high-end analog integrated circuit chip manufacturing line, aiming for a production capacity of 540,000 pieces annually [5] - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set to undergo a listing review on October 24, focusing on high-performance GPU chips for various applications [6] - WeRide Inc. has passed the listing hearing for a secondary listing on the Hong Kong Stock Exchange [7] Group 3: Financing and Investments - Tianbing Technology initiated its IPO process, focusing on the development of liquid rocket engines and launch vehicles [9] - Yidao Information plans to acquire 100% equity of Langguo Technology and Chengwei Information, enhancing its capabilities in smart education and IoT [10] - Jingwei Huikai intends to acquire 100% equity of Zhongxing System for 850 million yuan, entering the private network communication sector [11] - AI video company Aishi Technology completed a 100 million yuan B+ round financing, reporting an annual recurring revenue of over 40 million USD [12]

Group 1 - The "Strong Country with Me" job fair at Nanjing University of Aeronautics and Astronautics featured 237 manufacturing companies, highlighting the sector's dominance in recruitment [1][3] - The manufacturing industry is undergoing a "digital intelligence" upgrade, shifting job demands from physical labor to intellectual roles, with a focus on positions such as smart manufacturing engineers and integrated circuit engineers [3][5] - Companies like Chip Love Technology and GoerTek are expanding their workforce, indicating a growing demand for technical talent in research and development roles [5][7] Group 2 - Employers are increasingly prioritizing "practical experience" and "professional matching" when selecting candidates, with students who have hands-on experience being more favored [7][8] - There is a noticeable increase in graduates' willingness to work in the manufacturing sector, driven by the potential for long-term career growth and stability despite initial challenges [8][9] - The Nanjing University of Aeronautics and Astronautics has implemented a comprehensive employment training system to enhance students' job readiness, focusing on technological innovation as a core competency for future employment [9]

早 报 精 选 4、财政部等三部门：11月1日起纳税人销售自产的利用海上风力生产的电力产品，增值税即征即退50%。 5、士兰微：拟200亿元共同投建12英寸高端模拟集成电路芯片制造生产线项目。 宏 观 新 闻 1、 中国共产党第二十届中央委员会第四次全体会议将于10月20日至23日在北京召开。主要议程：中共中央政治局向中央委员会报 告工作，研究关于制定国民经济和社会发展第十五个五年规划的建议。会议分析研究当前经济形势，部署下半年经济工作。 2、北京时间10月18日上午，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行 视频通话，双方围绕落实今年以来两国元首历次通话重要共识，就双边经贸关系中的重要问题进行了坦诚、深入、建设性的交流，同 意尽快举行新一轮中美经贸磋商。 3、为巩固拓展经济回升向好势头，财政部宣布采取两项措施：近期，中央财政从地方政府债务结存限额中安排5000亿元下达地方， 规模较上年增加1000亿元，支持范围亦有拓展；同时，财政部明确今年将提前下达2026年新增地方政府债务限额。 5、中国互联网络信息中心在2025（第六届）中国互联网基础资源大会上发布《生 ...

Group 1 - Yidao Information plans to acquire 100% equity of Langguo Technology and Chengwei Information, with trading resuming on October 20, 2025. The acquisition will be financed through a combination of share issuance and cash payments, and is expected to constitute a major asset restructuring [1][3] - Langguo Technology is a leading provider of smart device technology solutions focused on interactive control and device interconnectivity, while Chengwei Information specializes in digital solutions for the IoT industry, possessing advanced RFID core technology. The acquisition aims to enhance product offerings and market positioning in the AIoT and RFID sectors [2] Group 2 - China Life Insurance expects a net profit increase of 50% to 70% year-on-year for the first three quarters of 2025, projecting a profit range of approximately 156.79 billion to 177.69 billion yuan [4] - The company emphasizes its role as an economic stabilizer and its commitment to long-term, value-driven investments, which have contributed to a significant increase in investment returns [4] Group 3 - Silan Microelectronics has signed a strategic cooperation agreement with the Xiamen municipal government to jointly invest in a 12-inch high-end analog integrated circuit chip manufacturing line, with a total planned investment of 20 billion yuan [5][6] - The project aims to establish a production capacity of 45,000 wafers per month and will be implemented in two phases, with the first phase requiring an investment of 10 billion yuan [5] Group 4 - Weigao Blood Products is planning to issue shares to acquire 100% equity of Weigao Purui Pharmaceutical Packaging, which will become a wholly-owned subsidiary upon completion of the transaction. The stock will be suspended from trading starting October 20, 2025, for a period not exceeding 10 trading days [14] - *ST Haihua is undergoing a change in control, with trading resuming on October 20, 2025, following a series of agreements related to share transfers and voting rights [16][28] Group 5 - Various companies have reported their third-quarter earnings, with notable performances including: - Wohua Pharmaceutical: Revenue of 625 million yuan, up 8.31%, and net profit of 63.995 million yuan, up 179.34% [8] - Zijin Mining: Revenue of 254.2 billion yuan, up 10.33%, and net profit of 37.864 billion yuan, up 55.45% [8] - Huyao Co.: Revenue of 589.41 billion yuan, up 29.57%, and net profit of 42.16 billion yuan, up 39.59% [9] - Companies like Hikvision and Xianheng Medical have also reported varying results, with Hikvision achieving a revenue of 657.58 billion yuan, up 1.18%, and net profit of 93.19 billion yuan, up 14.94% [10]

Core Viewpoint - The acquisition plan by GoerTek, involving approximately 9.5 billion RMB (about 10.4 billion HKD), has been unexpectedly terminated after nearly three months of planning due to the inability to reach consensus on key terms between the parties involved [1][3][4]. Group 1: Acquisition Details - GoerTek announced the termination of the acquisition of 100% equity in Mega Precision Technology Limited and Channel Well Industrial Limited, subsidiaries of Luen Fung Commercial Holdings Limited [1][3]. - The acquisition was initially aimed at enhancing GoerTek's competitiveness in the precision components sector and was disclosed on July 23, 2025 [2][3]. - The termination was attributed to the failure to agree on critical terms during due diligence, audit, and evaluation processes [1][4]. Group 2: Company Position and Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals and will continue to pursue growth through internal development and diversified investments [5][6]. - The precision components segment has become the fastest-growing and highest-margin area for GoerTek, with reported revenue of 7.604 billion RMB, a year-on-year increase of 20.54%, and a gross margin of 23.49% [6]. Group 3: Ongoing Initiatives - GoerTek is actively pursuing other strategic initiatives, including a significant transaction by its subsidiary GoerTek Optical, which plans to increase its registered capital by 530 million RMB to acquire 100% equity in Shanghai Aolai for 1.903 billion RMB [7]. - GoerTek Microelectronics, responsible for sensor business, is also preparing for an IPO in Hong Kong, having submitted its application to the stock exchange in July 2025 [8]. - In 2024, GoerTek Microelectronics achieved revenue of 4.536 billion RMB and a profit of 309 million RMB, positioning itself as the largest acoustic sensor provider globally with a market share of 43% [8].

Group 1: China-US Economic Relations - Chinese Vice Premier He Lifeng held a video call with US Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss important issues in bilateral economic relations and agreed to hold a new round of economic consultations soon [1] Group 2: Local Government Debt Management - The Ministry of Finance will continue to advance the new local government debt limit for 2026 ahead of schedule, focusing on major strategic projects and supporting local governments in resolving hidden debts and overdue payments to enterprises [2] Group 3: Financial Market Opening - The People's Bank of China aims to enhance the transparency and efficiency of financial markets, attract more foreign institutional investments, and support the construction of Shanghai as an international financial center [3] Group 4: Deposit Rate Adjustments - Several small and medium-sized banks have recently lowered deposit rates, with Shanghai Huari Bank reducing its three-year fixed deposit rate from 2.3% to 2.15%. Analysts expect further interest rate cuts in the fourth quarter [4] Group 5: Corporate Governance Regulations - The China Securities Regulatory Commission announced new corporate governance guidelines effective January 1, 2026, aimed at regulating the behavior of controlling shareholders and enhancing transparency in related party transactions [5] Group 6: Financial Performance of Companies - Cambrian's Q3 revenue reached 1.727 billion yuan, a year-on-year increase of 1332.52%, with a net profit of 567 million yuan. The company’s total revenue for the first three quarters was 4.607 billion yuan, up 2386.38% [6] - Zijin Mining reported a 10.33% increase in revenue to 254.199 billion yuan for the first three quarters, with a net profit of 37.864 billion yuan, reflecting a 55.45% year-on-year growth [8] Group 7: Trade Tariffs - President Trump signed an executive order imposing a 25% tariff on imports of medium and heavy trucks and parts, effective November 1, along with a 10% tariff on imported buses [9] Group 8: Market Events - Upcoming significant events include the release of China's Q3 macroeconomic data and the latest LPR values, as well as meetings involving the Federal Reserve and APEC finance ministers [11] Group 9: Investment Strategies - CITIC Securities suggests that after the end of the dividend rotation, investors should closely monitor new strategic themes related to resource security and supply chain safety, which may persist into the next year [12]

Group 1 - The Chinese government is set to continue the early issuance of new local government debt limits for 2026, focusing on major strategic projects and addressing hidden debt issues [2] - The People's Bank of China aims to enhance the openness of financial markets and attract more foreign investment by improving transparency and efficiency [3] - A number of small and medium-sized banks have recently lowered deposit interest rates, with expectations of further interest rate cuts in the fourth quarter [4] Group 2 - The China Securities Regulatory Commission has introduced new corporate governance guidelines for listed companies, effective January 1, 2026, to regulate the behavior of controlling shareholders and enhance transparency [5] - Cambricon Technologies reported a significant increase in revenue and net profit for the third quarter, with year-on-year growth of 1332.52% in revenue [6] - Zijin Mining Group achieved a 55.45% year-on-year increase in net profit for the first three quarters, driven by production growth and effective cost management [9] Group 3 - GoerTek has terminated its planned acquisition of two companies due to a lack of agreement on key terms, which will not adversely affect its financial performance [7][8] - The U.S. has imposed a 25% tariff on imported medium and heavy trucks, which may impact related industries and trade dynamics [10] - The upcoming APEC finance ministers' meeting and other significant economic data releases are expected to influence market trends [14]

Core Insights - The "2025 China VR Top 50 Enterprises" list was officially released at the "2025 World VR Industry Conference," marking the seventh consecutive year of publication [1] - In 2025, the number of enterprises with revenue exceeding 100 million yuan reached 31, with a significant representation of both hardware and VR large-space content companies [1][6] - Over half of the listed companies have been recognized as national high-tech enterprises, indicating a strong focus on innovation and technology [1][6] Revenue and Growth - The revenue scale of the "China VR Top 50 Enterprises" has remained stable, with 31 companies achieving annual sales exceeding 100 million yuan, accounting for over 60% of the list [6] - Companies with annual sales between 10 million and 100 million yuan represent the largest share, while those with sales between 1 million and 10 million yuan increased from 9 to 15 compared to the previous year, showcasing rapid growth among small and medium-sized VR enterprises [6] Research and Development - The average R&D investment of the "China VR Top 50 Enterprises" has consistently remained around 50% from 2019 to 2025, with a total of 75,084 invention patents reported in 2025 [6] - The top ten companies in terms of patent numbers are primarily involved in hardware, near-eye display technology, development software, and industry solutions, with notable companies including BOE, GoerTek, HTC, and XREAL [6] Innovation and Recognition - The number of enterprises recognized as national-level "specialized, refined, and innovative" small giants and national high-tech enterprises has significantly increased from 4 in 2023 to 38 in 2025, representing 76% of the total [6] - In 2025, 27 companies were awarded national high-tech enterprise status, and 11 were recognized as national-level specialized and innovative small giants [6] Regional Distribution - Beijing leads the nation in the number of listed enterprises, with Jiangxi and Shenzhen forming the second tier, indicating a growing regional influence and the initial formation of a VR ecosystem [7]