（记者 胡玲） 每经头条（nbdtoutiao）——"中国版英伟达"上市，首日暴涨425%，中一签能赚28万元！梁文锋成"大赢 家"，一天浮盈近3000万元！还有大佬早已提前入场…… 每经AI快讯，兆驰股份（SZ 002429，收盘价：6.81元）发布公告称，2025年12月3日至12月5日期间， 兆驰股份接受瑞民基金等投资者调研，公司副总经理兼董事会秘书单华锦参与接待，并回答了投资者提 出的问题。 2025年1至6月份，兆驰股份的营业收入构成为：电子制造及互联网服务占比100.0%。 ...

Group 1: Optical Module Business Development - The company's optical module strategy focuses on "terminal-driven modules and module verification chips," aiming for gradual self-control of key components [3] - Stable mass production has been achieved in the 200G and below low-speed optical module sector, with good economic benefits [3] - High-speed optical module samples (400G/800G) are currently in testing with major domestic clients, with small batch shipments expected in Q2 2025 [3] Group 2: PCB Production Line Investment - The company has initiated the investment in a PCB production line, which is a core measure of its full-chain collaborative strategy [4] - This investment aims to enhance supply chain autonomy, improve product consistency, and accelerate the mass production process of optical modules and high-end display products [4] Group 3: Low-Speed Optical Module Strategy - The 200G and below low-speed optical modules are considered a strategic focus due to their strong demand, stable orders, and significant economies of scale [5] - The company plans to leverage low-speed modules to support the production of high-speed modules, driving rapid market penetration and profitability for 400G/800G products [5] Group 4: Optical Chip Business Progress - The optical chip business is transitioning from initial stages to industrialization, with 25G DFB laser chips ready for mass production [6] - The integration of chip technology with existing LED technology enhances R&D efficiency and product stability, reinforcing the company's competitive edge in optical communication [6] Group 5: LED Industry Competitiveness - The company's core competitiveness in the LED industry stems from its vertically integrated structure across the supply chain, enabling cost optimization and rapid market response [7] - As of Q3 2025, LED business net profit accounted for over 60%, with Mini RGB chip market share exceeding 50% [7] Group 6: Accounts Receivable Management - Accounts receivable primarily arise from overseas retail channel clients, with a low historical bad debt rate due to long-term partnerships [8] - The company has taken measures such as purchasing export credit insurance to mitigate risks associated with accounts receivable, with expectations for improved structure and reduced pressure in the future [8]

Core Insights - The company has successfully completed aging tests for its DFB laser chip and has begun small-scale shipments, marking a significant breakthrough in the optical communication core component sector [1] - The company aims to establish a vertically integrated layout in optical communication, covering "optical chips - optical devices - optical modules," which lays a solid foundation for the scalable development of its optical communication business [1] Group 1: Technological Advancements - The company has built an industrial cluster centered on optical technology over two decades, maintaining a leading position in smart terminals and LED industries, and expanding into three major business segments: smart display, LED, and optical communication [2] - The semiconductor division has established the world's largest digital intelligent compound semiconductor LED chip production base, achieving a complete independent industrial chain from substrate to chip manufacturing, with over 1,500 related invention patents [2][3] Group 2: Competitive Advantages - As a latecomer in the LED chip sector, the company has adopted mature and efficient production processes, leveraging existing facilities and equipment for the development of optical communication laser chips, significantly reducing initial project costs and technical adaptation challenges [3] - The company’s long-term accumulation in smart, information, and digital fields has enabled precise and efficient resource allocation, reinforcing the hardware foundation and process assurance for the optical chip project [3] Group 3: Growth and Transformation - The company’s long-term strategy focuses on establishing an industrial cluster based on optical technology, expanding into more niche areas of compound semiconductors beyond smart terminals, LED, and optical communication [4] - In the first three quarters of 2025, new businesses, including the LED and optical communication sectors, contributed over 60% of profits, becoming the core driver of operational growth and demonstrating a positive trend towards high-end breakthroughs [4] Group 4: Future Prospects - The company has initiated intelligent upgrades to its optical module production lines to enhance large-scale delivery capabilities, focusing on next-generation optical communication technologies to meet the demands of AI deployment [5] - With the ongoing rollout of 5G, the acceleration of 6G, and the increasing construction of data centers, the optical communication industry presents vast development opportunities, positioning the company to leverage these trends for significant breakthroughs in its optical communication business [5]

Core Viewpoint - The black home appliance sector experienced a slight increase of 0.29% on November 28, with *ST Gauss leading the gains, while the overall market indices also showed positive movement [1] Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1] Individual Stock Performance - *ST Gauss (002848) closed at 8.00, with a rise of 4.99% and a trading volume of 98,100 shares, totaling a transaction value of 77.37 million yuan - Hisense Visual (600060) closed at 25.91, up 1.49%, with a trading volume of 77,100 shares and a transaction value of 199 million yuan - Other notable stocks include: - Tongzhou Electronics (002052) at 12.78, up 1.27% - Cheny Intelligent (301578) at 35.68, up 0.76% - Sichuan Changhong (600839) at 9.46, up 0.21% - Jiuliang Technology (688609) at 10.12, up 0.10% - XGIMI Technology (688696) at 111.20, down 0.26% [1] Capital Flow Analysis - The black home appliance sector saw a net outflow of 147 million yuan from main funds, while retail investors contributed a net inflow of 224 million yuan - Detailed capital flow for selected stocks includes: - Hisense Visual: Main funds net inflow of 3.27 million yuan, retail net inflow of 13.73 million yuan - *ST Gauss: Main funds net inflow of 609,500 yuan, retail net outflow of 803,880 yuan - Sichuan Changhong: Main funds net outflow of 45.55 million yuan, retail net inflow of 61.65 million yuan - Sichuan Jiuzhou: Main funds net outflow of 48.61 million yuan, retail net inflow of 94.84 million yuan [2]

Core Viewpoint - The company, Zhao Chi Co., Ltd. (002429.SZ), has announced that its automotive-grade vertical structure chips have entered mass production [1] Group 1 - The company has confirmed the mass production of automotive-grade vertical structure chips [1]

Market Overview - The black home appliance sector increased by 0.06% compared to the previous trading day, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Tongzhou Electronics (002052) closed at 12.82, up 2.64% with a trading volume of 287,900 shares and a turnover of 373 million yuan - Non-Axis Co. (002429) closed at 6.38, up 1.92% with a trading volume of 860,600 shares and a turnover of 551 million yuan - Hisense Visual (600060) closed at 25.73, up 0.16% with a trading volume of 82,600 shares and a turnover of 21.2 million yuan - Other notable stocks included Skyworth Digital (000810) down 0.42% and Sichuan Changhong (600839) down 0.73% [1] Capital Flow - The black home appliance sector experienced a net outflow of 29.03 million yuan from institutional investors and 37.88 million yuan from speculative funds, while retail investors saw a net inflow of 66.92 million yuan [1] - Detailed capital flow for key stocks: - Tongzhou Electronics had a net inflow of 23.68 million yuan from institutional investors but a net outflow of 6.77 million yuan from speculative funds [2] - Sichuan Jiuzhou (000801) saw a net inflow of 1.89 million yuan from institutional investors and a net inflow of 2.41 million yuan from speculative funds [2] - Sichuan Changhong (600839) had a significant net outflow of 41.26 million yuan from institutional investors [2]

（文章来源：证券日报） 证券日报网讯兆驰股份11月25日在互动平台回答投资者提问时表示，公司经营情况敬请参阅公司定期报 告及相关公告。 ...

证券日报网讯 兆驰股份（002429）11月25日在互动平台回答投资者提问时表示，公司积极推进全球化 Local策略，通过完善海外产能布局与优化全球运营体系，保障业务盈利稳定。同时，公司正加快越南 生产基地智能化改造，以实现降本增效。 ...

Core Viewpoint - The company is advancing its LED business into the automotive sector through a vertically integrated approach in the LED field, focusing on both upstream and downstream operations [1] Group 1: Automotive Lighting Solutions - The company provides "chip-packaging integrated ODM" services in the automotive lighting sector, successfully entering multiple international mainstream automotive supply chains [1] - The company offers comprehensive automotive lighting solutions to car manufacturers [1] Group 2: MiniLED Products - The company's MiniLED chips and lamp products have achieved mass production and are being applied at scale in end-user automotive companies [1] Group 3: Technological Advantage - The company is one of only two domestic mainstream LED chip manufacturers that possess automotive-grade vertical structure technology, indicating a significant technological barrier [1]

Group 1 - The company,兆驰股份, is actively developing research in silicon photonics and PIC technology [1] - The goal is to create solutions aimed at co-packaged optics (CPO) architecture [1]