Core Viewpoint - The company, Foshan Nationstar Optoelectronics Co., Ltd., is experiencing a continuous decline in revenue and net profit from 2022 to 2024, primarily due to intensified competition in the LED packaging market, declining revenue from traditional products, and increased operating expenses [1][2]. Financial Performance - Revenue for the years 2022 to 2025 (up to September) is reported as follows: 3.58 billion, 3.54 billion, 3.47 billion, and 1.68 billion yuan, respectively. Net profit for the same period is 121 million, 86 million, 52 million, and 25 million yuan, indicating a downward trend [2]. - The decline in performance is attributed to reduced income from traditional LED packaging and components, low gross margins in trade business, and rising R&D and management expenses [2]. Business Segment Performance - The LED packaging and components segment, which accounts for over 74% of revenue, saw a decrease in income from 2.608 billion to 2.508 billion yuan from 2022 to 2024, with a gross margin maintained between 16% and 17% [3]. - Revenue from small-pitch products dropped significantly from 451 million to 141 million yuan, with a consistently negative gross margin. The gross margin for TOP white light products is only 0.51%, impacted by market competition and weak downstream demand [3]. - The trade and application products segment, managed by a subsidiary, reported a low gross margin of 0.14% to 0.75%, contributing minimally to profits [3]. - Integrated circuit packaging and testing showed fluctuating gross margins, with a negative margin of -0.25% in 2024, recovering to 7.91% in the first nine months of 2025, influenced by industry conditions [3]. - The external and chip products segment reported a negative gross margin of -28.15% in 2024 due to industry overcapacity and the company's small business scale [3]. Accounts Receivable and Inventory Management - As of the end of 2024, accounts receivable stood at 753 million yuan, representing 21.68% of revenue, an increase from 15.28% in 2022. The aging of accounts receivable is primarily within one year (98.55%), with a 100% collection rate from the top five customers [4]. - Inventory value at the end of 2024 was 916 million yuan, with a provision for inventory impairment of 102 million yuan, resulting in a provision rate of 10.01%. The company reports normal inventory turnover and sufficient orders on hand [4]. Fundraising Projects - The company plans to raise 981 million yuan to invest in projects focused on Mini/Micro LED display modules, optoelectronic sensors, and intelligent vehicle-mounted devices. These products are expected to have high added value, with projected gross margins of 15.98% and 18.67% for Mini LED backlight modules and vehicle-mounted devices, respectively [5]. - The company anticipates that the decline in traditional product revenue will be offset by the growth of emerging businesses, and with the release of capacity at the Geely Industrial Park, the expense ratio is expected to decrease. The fundraising projects are projected to add an annual net profit of 123 million yuan upon reaching full production [5].

中国（上海）自由贸易试验区商城路 618 号 股票简称：国星光电 股票代码：002449 二〇二五年十一月 佛山市国星光电股份有限公司 （广东省佛山市禅城区华宝南路 18 号） 向特定对象发行 A 股股票 募集说明书 保荐人（主承销商） 佛山市国星光电股份有限公司 向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 上海市锦天城律师事务所 关于佛山市国星光电股份有限公司 2025年度向特定对象发行股票的 补充法律意见书（一） 邮编：200120 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 关于佛山市国星光电股份有限公司 2025 年度向特定对象发行股票的 补充法律意见书（一） 致：佛山市国星光电股份有限公司 | | | 上海市锦天城律师事务所接受佛山市国星光电股份有限公司（以下简称 "发行人"或"公司"或"国星光电"）的委托，并根据发行人与本所签订的 《聘请律师合同》，作为发行人 2025 年度向特定对象发行股票的特聘专项法律 顾问，已出具《上海市锦天城律师事务所关于佛山市国星光电股份有限公司 2025 年度向特定对象发行股票的法律意见书》（以下简称"《法律意见书》" 或"原法律意见书"）及《上海市锦天城律师事务所关于佛山市国星光电股份 有限公司 2025 年度向特定对象发行股票的律师工作报告》（以下简称"《律师 工作报告》"）。 2025 年 10 月 20 ...

国泰海通证券股份有限公司 关于 佛山市国星光电股份有限公司 主板向特定对象发行股票 之 发行保荐书 3-1-1 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月 佛山市国星光电股份有限公司 发行保荐书 国泰海通证券股份有限公司 关于佛山市国星光电股份有限公司 主板向特定对象发行股票之发行保荐书 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐人"）接 受佛山市国星光电股份有限公司（以下简称"国星光电"、"公司"、"发行人"） 的委托，担任国星光电本次向特定对象发行 A 股股票（以下简称"本项目"） 的保荐人，徐振宇、王宁作为具体负责推荐的保荐代表人。 保荐人及指定的保荐代表人根据《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》"）和《上市公 司证券发行注册管理办法》（以下简称"《注册管理办法》"）等法律、法规和 中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所（以下 简称"深交所"）有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规 则、行业执业规范和道德准则出具发行保荐书，并保证所出具文件的真实性、准 确性和完 ...

国泰海通证券股份有限公司 关于 佛山市国星光电股份有限公司 主板向特定对象发行股票 之 上市保荐书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月 佛山市国星光电股份有限公司 向特定对象发行 A 股股票上市保荐书 声 明 （本上市保荐书中如无特别说明，相关用语具有与《佛山市国星光电股份有 限公司向特定对象发行 A 股股票募集说明书》中相同的含义）。 3-3-1 国泰海通证券股份有限公司（以下简称"国泰海通证券"、"保荐人"或"本 保荐人"）接受佛山市国星光电股份有限公司（以下简称"国星光电"、"公司" 或"发行人"）的委托，担任国星光电本次向特定对象发行 A 股股票（以下简 称"本次发行"）的保荐人，徐振宇、王宁作为具体负责推荐的保荐代表人，为 本次向特定对象发行股票上市出具上市保荐书。 本保荐人及保荐代表人已根据《中华人民共和国公司法》（下称《公司法》"）、 《中华人民共和国证券法》（下称"《证券法》"）、《证券发行上市保荐业务 管理办法》（下称"《保荐管理办法》"）、《上市公司证券发行注册管理办法》 （简称"《注册管理办法》"）、《深圳证券交易所股票上市规则》（下称 ...

证券代码：002449 证券简称：国星光电 公告编号：2025-059 佛山市国星光电股份有限公司 关于向特定对象发行股票审核问询函回复及募集说明书等 申请文件更新的提示性公告 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、误导性陈述或者重大遗漏。 佛山市国星光电股份有限公司(以下简称"公司"）于 2025 年 10 月 20 日收 到深圳证券交易所下发的《关于佛山市国星光电股份有限公司申请向特定对象发 行股票的审核问询函》（审核函〔2025〕120040 号）（以下简称"《审核问询 函》"）。公司会同相关中介机构对《审核问询函》所提出的问题进行了认真研 究和落实后，对《审核问询函》所列问题进行了逐项说明和回复，同时对募集说 明书等申请文件的内容进行了更新，具体内容详见公司于 2025 年 11 月 8 日在 巨潮资讯网披露的相关文件。鉴于公司 2025 年三季度报告已公开披露，公司会 同相关中介机构对募集说明书等申请文件中涉及的公司财务数据等内容进行了 相应更新，具体内容详见公司同日在巨潮资讯网披露的相关公告文件。 公司本次向特定对象发行 A 股股票事项尚需深圳证券交易所审核通过 ...

股票简称：国星光电 股票代码：002449 向特定对象发行股票的审核问询函 之回复报告 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 二○二五年十一月 深圳证券交易所： 佛山市国星光电股份有限公司 与 国泰海通证券股份有限公司 关于 根据深圳证券交易所上市审核中心 2025 年 10 月 20 日出具的《关于佛山市 国星光电股份有限公司申请向特定对象发行股票的审核问询函》（审核函〔2025〕 120040 号）（以下简称"审核问询函"）的要求，佛山市国星光电股份有限公 司（以下简称"国星光电"、"发行人"、"申请人"、"上市公司"或"公司"） 已会同国泰海通证券股份有限公司（以下简称"保荐人"或"国泰海通证券"）、 上海市锦天城律师事务所（以下简称"发行人律师"或"锦天城"）及信永中和 会计师事务所（特殊普通合伙）（以下简称"会计师"或"信永中和"）等中介 机构本着勤勉尽责、诚实守信的原则，对审核问询函所提出的问题进行了逐项落 实，现将有关事项回复如下，请予以审核。 说明： 除非文义另有所指，本回复中的简称或名词释义与募集说明书具有相同含义。 本回复报告的字体代表以下含义： | 黑体（不加 ...

佛山市国星光电股份有限公司 2024 年度 审计报告 | 索引 | 项码 | | --- | --- | | 审计报告 | 1-5 | | 公司财务报表 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-120 | 6-1-1 联系申托· +86 (010) 6554 2288 信永中和会计师事务所| 北京市东城区朝阳门北大街 telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 层 9/F. Block A. Fu Hu No.8. Chaovangme Donacheng District. Be 100027, P.R.China 审计报告 XYZH/2025GZAA1B0007 佛山市国星光电股份有限公司 佛山市国星光电股份有限公司全体股东: 一、审计意见 我们审计了佛山市国星光电股份有限公司(以下 ...

Core Insights - The company reported a revenue of 819 million yuan in Q3, a year-on-year decrease of 1.92% [2][3] - The net profit attributable to shareholders was 6.55 million yuan, down 37.45% year-on-year [2][3] - The net profit excluding non-recurring gains and losses was 751,000 yuan, showing a significant increase of 217.15% year-on-year [2][3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.5 billion yuan, a decline of 7.01% compared to the previous year [2][3] - The net profit attributable to shareholders for the same period was 31.12 million yuan, down 53.35% year-on-year [2][3] - The net profit excluding non-recurring gains and losses for the first three quarters was 12.99 million yuan, a decrease of 63.36% year-on-year [2][3] Cash Flow and Equity - The net cash flow from operating activities for the first three quarters was 84.9 million yuan, a decline of 56.55% year-on-year [4] - The net cash flow from financing activities was -190 million yuan, a decrease of 242 million yuan compared to the previous year [4] - The net cash flow from investing activities was -94.9 million yuan, compared to -139 million yuan in the same period last year [4] Assets and Shareholder Equity - Total assets at the end of the reporting period were approximately 6.14 billion yuan, compared to 6.25 billion yuan at the end of the previous year [3] - The equity attributable to shareholders was approximately 3.83 billion yuan, slightly up from 3.82 billion yuan at the end of the previous year [3]

Core Viewpoint - The company has disclosed its third-quarter financial report for 2025, including details on asset impairment provisions and the appointment of an auditing firm for the upcoming year [9][29][32]. Financial Data - The company reported a total asset impairment provision of 17.19 million yuan for the first three quarters of 2025, with 4.58 million yuan in asset write-offs [29][30]. - The write-off of inventory amounted to 4.58 million yuan, with the original value being 5.20 million yuan and recovery at 0.62 million yuan [30]. Shareholder and Board Meetings - The sixth board meeting was held on October 24, 2025, where the third-quarter report was approved with unanimous consent from all attending directors [9][10]. - The sixth supervisory board meeting also approved the third-quarter report with full agreement from all attending supervisors [24][25]. Auditing Firm Appointment - The company plans to reappoint ShineWing Certified Public Accountants (Special General Partnership) as its auditing firm for the year 2025, pending approval from the shareholders' meeting [32][33]. - The auditing firm has a strong track record, with a total revenue of 4.05 billion yuan in 2024, including 2.59 billion yuan from auditing services [35][36]. Asset Impairment and Write-off Details - The company has conducted a comprehensive review of its assets for impairment signs, leading to the recognition of impairment provisions based on expected credit losses [29][30]. - The total impact of the impairment provisions and asset write-offs on the company's consolidated profit for the first three quarters of 2025 is a reduction of 17.09 million yuan [30].