证券代码：002456 证券简称：欧菲光 公告编号：2025-109 欧菲光集团股份有限公司 关于对外担保事项的进展公告 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、误导性陈述或重大遗漏。 特别风险提示： 欧菲光集团股份有限公司（以下简称"欧菲光"或"公司"）及控股子公司 对外担保总额已超过最近一期经审计净资产的100%，担保金额超过公司最近一 期经审计净资产的50%。本次被担保对象南昌欧菲光电技术有限公司（以下简称 "南昌光电"）截至2025年9月30日的资产负债率为83.06%。敬请投资者注意相关 风险。 一、担保情况概述 1、公司分别于2025年2月24日、2025年3月14日召开第六届董事会第三次（临 时）会议、2025年第一次临时股东大会，审议通过了《关于2025年度为合并报表 范围内公司提供担保额度预计的议案》，同意公司及合并报表范围内子公司为合 并报表范围内子公司及公司提供担保，预计总担保额度为不超过人民币724,000 万元（或等值外币）。担保额度的有效期为股东大会审议通过之日起12个月内有 效。公司可以根据实际情况，将股东大会审议通过的担保额度在被担保对象之间 ...

Group 1: Market Performance - The China Securities Intelligent Vehicle Theme Index (930721) rose by 2.20% as of December 1, 2025, with component stocks such as Guanghetong (300638) increasing by 20.01% and Beijing Junzheng (300223) by 17.04% [1] - The Intelligent Vehicle ETF Fund (159795) also saw a rise of 2.14%, marking its third consecutive increase, with a latest price of 1.05 yuan [1] - Over the past week, the Intelligent Vehicle ETF Fund has accumulated a rise of 3.63% [1] Group 2: Company Developments - Leap Motor reported a record high delivery of 70,327 units in November, representing a year-on-year growth of over 75%, maintaining a growth trend for nine consecutive months [3] - Xiaomi Group announced the launch of its embodied AI model MiMo-Embodied, which integrates autonomous driving and embodied intelligence, with Xiaomi's vehicle deliveries exceeding 40,000 units in November [3] - Great Wall Motors introduced the VLA auxiliary driving model and previewed a new generation of the auxiliary driving system, CPMaster [3] Group 3: Investment Insights - Ideal Auto plans to invest 12 billion yuan in R&D for 2025, with over 6 billion yuan allocated to AI [4] - According to GF Securities, as overseas automakers lose market share, they are accelerating their smart technology advancements to enhance competitiveness, while Chinese brands are positioned to benefit from global opportunities in the intelligent vehicle supply chain [4] - The integration of intelligent vehicles and robotics is expected to expand the valuation ceiling of the sector, with the Intelligent Vehicle ETF Fund closely tracking the performance of leading companies in intelligent vehicle applications [4] Group 4: Index Composition - As of September 9, 2025, the top ten weighted stocks in the China Securities Intelligent Vehicle Theme Index (930721) include Chipone (688521), Luxshare Precision (002475), and Top Group (601689), collectively accounting for 48.47% of the index [4][5]

Core Viewpoint - O-Film Technology Co., Ltd. has experienced a decline in stock price this year, with a slight recovery noted recently, while the company continues to face challenges in profitability despite revenue growth [2][3]. Financial Performance - As of January to September 2025, O-Film achieved a revenue of 15.816 billion yuan, representing a year-on-year growth of 9.29%. However, the net profit attributable to shareholders was -68.0486 million yuan, a decrease of 244.42% compared to the previous year [3]. - The company's stock price has decreased by 3.09% year-to-date, with a 0.34% drop over the last five trading days, a 2.60% decline over the last 20 days, and a significant 16.95% drop over the last 60 days [2]. Shareholder Information - As of November 10, 2025, the number of shareholders for O-Film was 516,600, a decrease of 1.33% from the previous period. The average number of circulating shares per person increased by 1.35% to 6,417 shares [3]. - The company has distributed a total of 648 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [4]. Market Activity - On November 26, O-Film's stock rose by 2.02%, reaching 11.61 yuan per share, with a trading volume of 668 million yuan and a turnover rate of 1.77%. The total market capitalization stood at 39.009 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on May 20, where it recorded a net purchase of 311 million yuan [2]. Business Overview - O-Film, established on March 12, 2001, and listed on August 3, 2010, is headquartered in Shenzhen, Guangdong Province. The company specializes in optical imaging modules, optical lenses, microelectronics, and products related to smart vehicles, primarily serving the consumer electronics and smart automotive sectors [2]. - The revenue composition of O-Film's main business includes 75.60% from smartphone products, 12.83% from smart automotive products, and 11.23% from new field products [2].

Industry Overview - The automotive camera market is experiencing unprecedented growth driven by the electrification and intelligence trends in the automotive industry, with the Chinese market expected to reach 15.68 billion yuan in 2024 and an annual compound growth rate of 19.1% from 2020 [1] - By 2025, the Chinese market is projected to exceed 100 million units in shipments and 23.7 billion yuan in market size, while the global market is anticipated to surpass 13.28 billion USD [1] Technological Advancements - The automotive camera technology is advancing in three major directions: performance upgrades through embedded AI chips for real-time environmental perception, integrated innovation via multi-sensor fusion designs, and domestic substitution with local companies like Sunny Optical and OFILM increasing market share [2] - The integration of advanced technologies such as intelligent dynamic exposure adjustment and HDR will significantly enhance imaging quality under extreme conditions [2] Company Profile: OFILM - OFILM has been actively involved in the smart automotive sector since 2015, obtaining supplier qualifications from over 20 domestic automakers and pursuing certifications from international manufacturers [3] - The company categorizes its smart automotive business into three segments: driving domain, body domain, and cockpit domain, focusing on smart driving, body electronics, and intelligent cockpit solutions [3] Product Offerings - OFILM has achieved mass production of various automotive camera products, including 2M and 8M front-view cameras, 3M and 8M side-view cameras, and multiple models of surround-view cameras [3] - The company has developed a comprehensive solution covering both interior and exterior vehicle scenarios, including driver monitoring systems (DMS) and passenger monitoring systems (OMS) [4] Strategic Initiatives - OFILM is committed to enhancing its automotive camera, lens, laser radar, and automatic parking domain controller product lines, aiming to provide advanced sensor and domain controller solutions for higher levels of autonomous driving [5] - The company plans to increase resource allocation across R&D, sales, and production to drive rapid growth in smart automotive-related revenue, leveraging its strong R&D capabilities and automated manufacturing processes [5]

Core Viewpoint - O-Film Technology plans to acquire a 28.2461% stake in O-Film Microelectronics for 1.791 billion yuan and raise up to 800 million yuan in supporting funds, with the aim of enhancing its capabilities in sensor modules and related technologies [1] Group 1: Acquisition Details - The acquisition price for O-Film Microelectronics is set at 1.791 billion yuan, with an assessed value of 6.34 billion yuan, resulting in a premium of 112.81% [1] - O-Film Microelectronics specializes in the development and production of fingerprint recognition modules and 3D sensing modules, serving as the sole implementation entity for O-Film's related business [1] Group 2: Financial Performance - O-Film Microelectronics reported revenues of 2.856 billion yuan, 3.175 billion yuan, and 732 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively [1] - The net profit attributable to the parent company for the same periods was 237 million yuan, 279 million yuan, and 36.618 million yuan [1] Group 3: Customer and Supplier Concentration - O-Film Microelectronics has a high customer concentration, with the top five customers accounting for 79.40%, 78.30%, and 79.29% of revenue during the reporting periods [2] - O-Film is the largest customer of O-Film Microelectronics, with sales proportions of 66.22%, 73.18%, and 73.47% [2] Group 4: Related Transactions - The company explained that the high customer concentration is reasonable due to the characteristics of the downstream market and the strategic focus on high-end models [2][3] - O-Film Microelectronics sells through the parent company and its subsidiaries to meet customer management needs and improve efficiency [3] Group 5: Fundraising Necessity - The company plans to use the raised funds for the development and industrialization of new ultrasonic fingerprint modules, automotive optical sensing modules, and machine vision optical sensing modules [3] - Previous fundraising efforts in September 2021 raised 3.53 billion yuan, with 2 billion yuan allocated for working capital, and the remaining funds intended for high-pixel optical lens projects [3][4] Group 6: Financial Health - In the first three quarters of 2025, the company reported revenues of 15.816 billion yuan, a year-on-year increase of 9.29%, but incurred a net loss of 68.0486 million yuan compared to a profit of 47.1192 million yuan in the previous year [4]

Group 1: Market Growth and Trends - The automotive electronic architecture (E/E architecture) is rapidly evolving, leading to significant growth in the domain controller (Domain Controller) and zone controller (ZCU) markets, with the domestic domain controller market expected to reach 47.6 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 58% from 2023 to 2027 [1] - The ZCU and body domain controllers are anticipated to be key competitive areas, with the domestic ZCU market projected to reach 28 billion yuan and the body domain controller market expected to reach 19.6 billion yuan by 2027 [1] - Enhanced Advanced Driver Assistance Systems (ADAS) features and smart cockpit and infotainment functionalities are primary drivers of the rapid growth in the domain controller market, significantly improving vehicle technology and user experience [1] Group 2: Supplier Relationships and Industry Dynamics - The evolution of automotive E/E architecture is profoundly impacting the supply relationships between automakers and automotive electronics suppliers, shifting the core competitiveness of automakers from mechanical manufacturing to a focus on software and algorithms [2] - Two potential collaboration models are emerging between automakers and Tier 1 suppliers: one where Tier 1 handles the hardware design and production of domain controllers and middleware software, and another where Tier 1 collaborates with chip manufacturers to develop and sell central domain controllers to automakers [2] - The continuous growth of the domain controller market presents new development opportunities for industry chain enterprises, including Tier 1 suppliers [2] Group 3: Company Positioning and Product Development - O-Film, a leading player in the optical and optoelectronic industry, has entered the smart automotive sector since 2015 and has secured supplier qualifications from over 20 domestic automakers [2] - The company has structured its smart automotive business into three segments: intelligent driving, body electronics, and smart cockpit, aligning with industry trends of domain concentration and integration [2] - O-Film is developing a comprehensive product line in intelligent driving systems, including onboard cameras, lenses, LiDAR, and automated parking domain controllers, to support higher levels of autonomous driving [3] Group 4: Technological Advancements and Integration - In the body electronics sector, O-Film has a strong technical foundation in hardware and software, with its BCM/BGM body domain control products showcasing high integration and leading technology levels in China [3] - The company adheres to an open and shared principle, providing high-standard software while manufacturing its hardware, resulting in cost advantages and attracting a broad customer base [3] - O-Film is also focusing on the smart cockpit area, developing optical sensors and dashboard products, including driver monitoring and passenger monitoring systems for facial recognition and fatigue detection applications [3] Group 5: Future Outlook - The domain-centric E/E architecture is expected to dominate the automotive E/E architecture landscape for a considerable time, with domain controllers becoming increasingly central to the automotive industry chain [4] - O-Film is intensifying its efforts in the smart automotive business across R&D, sales, and production, leveraging its strong R&D capabilities and automated manufacturing processes to drive rapid revenue growth in smart automotive-related sectors [4]

Economic News - The People's Bank of China and 12 departments issued a plan to enhance financial support for consumption in Beijing, focusing on the automotive sector, especially new energy vehicles, with measures including reasonable loan ratios, terms, and interest rates [1] - The Ministry of Industry and Information Technology released guidelines for building high-standard digital parks, aiming to establish around 200 parks by 2027 and promote digital transformation for industrial enterprises [1] - The State Post Bureau reported that the postal industry generated a revenue of 156.42 billion yuan in October, a year-on-year increase of 7.9%, with express delivery revenue reaching 131.67 billion yuan, up 4.7% [1][4] Company Insights - Xiaomi Group reported an adjusted net profit of 11.311 billion yuan for the third quarter, representing a year-on-year increase of 80.9% [4] - O-film Technology plans to issue shares to acquire a 28.2461% stake in O-film Microelectronics [4] - Tianyi Ma intends to purchase a 98.56% stake in Xingyun Kaiwu for a transaction amount of 1.189 billion yuan [4] Industry Analysis: Agriculture and Animal Husbandry - In October, pig prices showed a slight rebound but lacked sustained support, with average prices for piglets, live pigs, and pork at 25.80 yuan/kg, 12.57 yuan/kg, and 23.41 yuan/kg respectively, reflecting month-on-month declines of 14.19%, 8.95%, and 4.47% [7] - The supply side saw a decrease in the breeding sow inventory, with a reported 40.35 million heads, down 0.70% from the previous month, indicating potential for accelerated capacity reduction due to low prices and policy adjustments [8] - The industry anticipates a gradual acceleration in capacity reduction, with leading companies like Muyuan Foods reducing their breeding sow inventory significantly [9] Industry Analysis: Transportation - The airline industry experienced an overall improvement in supply-demand dynamics, with an increase in passenger load factors in October, reflecting a year-on-year increase of approximately 1.8 percentage points [12][13] - Domestic airlines increased capacity by about 3.6% year-on-year in October, driven by the National Day holiday, which boosted travel demand [13] - International route capacity saw a significant year-on-year increase of approximately 14.3%, although there are concerns about potential oversupply as passenger load factors remained stable [14] Investment Recommendations - The report suggests focusing on leading companies in the pig farming sector, such as Muyuan Foods, which have strong cost advantages and high performance visibility [9] - In the airline sector, the report highlights the importance of maintaining supply control and improving load factors to enhance profitability, recommending attention to major airlines benefiting from these trends [17]

Industry Overview - The Chinese machine vision market is experiencing steady growth, with a projected sales increase of 9.2% in 2024, up 0.6 percentage points from 2023, driven by the rapid development of downstream industries such as electronics, lithium batteries, and glass [1] - The government's support for the manufacturing sector's shift towards intelligence and automation is evident, with initiatives like the "Artificial Intelligence +" action and the "5G + Industrial Internet" plan promoting machine vision applications [1] Future Projections - From 2025 to 2027, the Chinese machine vision industry is expected to grow significantly, with revenues projected to rise from 39.54 billion yuan in 2025 to 58.08 billion yuan in 2027, reflecting an average annual growth rate of 21.2%, surpassing the growth rates of the past three years [2] Company Insights - O-Film has established itself as a leading provider of machine vision depth camera system solutions in China, developing a comprehensive 3D vision perception technology system, particularly strong in 3D Time-of-Flight (ToF) technology [2] - The company has built vertical integration capabilities from chip-level components to system integration, with successful commercial applications in smartphones, smart vehicles, service robots, AR/VR, and IoT [2] Product Developments - In the mobile sector, O-Film's ToF front-facing facial recognition module maintains a leading market share among Android devices [3] - In the automotive sector, the company's ToF Driver Monitoring System (DMS) solution has become a sole supplier for several major domestic car manufacturers, and its RGBD multi-modal fusion perception solution has achieved automotive-grade certification [3] - O-Film's innovative dual TX solution for robotic vacuum cleaners enhances navigation and obstacle avoidance while reducing the overall height of the device [3] Strategic Direction - Machine vision is positioned as a core technology at the intersection of artificial intelligence and industrial automation, with expanding market size and application scenarios [4] - O-Film plans to continue its focus on the machine vision sector, developing various industrial camera products and providing customized services, aiming to become a full-stack solution provider in the machine vision field [4]

Core Viewpoint - O-film Technology (002456.SZ) is undergoing a restructuring process involving the issuance of shares to purchase assets and raise supporting funds, with concerns raised by the Shenzhen Stock Exchange regarding the projected gross margin of its core target, O-film Microelectronics, which is expected to rise from 21.87% in 2025 to 24.40% in 2030, despite a declining actual gross margin in recent years [1][2] Group 1 - The projected gross margin for O-film Microelectronics is expected to increase from 21.87% in 2025 to 24.40% in 2030, while the actual gross margins for 2023, 2024, and Q1 2025 are 18.26%, 18.43%, and 16.67% respectively [1] - The Shenzhen Stock Exchange has inquired about the discrepancy between the projected gross margin and the actual performance, particularly in light of industry-wide pricing pressures on high-margin products [1] - O-film Technology attributes the fluctuations in gross margin to short-term factors, including seasonal characteristics affecting the shipment of high-margin ultrasonic modules and strategic pricing decisions in the competitive market for automotive 3D sensing products [1] Group 2 - The core logic behind the anticipated increase in gross margin is a strategic adjustment in product mix, with O-film Microelectronics' ultrasonic fingerprint recognition modules holding over 46% of the global market share and 3D sensing modules rapidly expanding in automotive and robotics sectors [2] - The revenue contribution from these high-margin products is projected to increase from 67.42% in 2025 to 76.34% in 2030, which, combined with economies of scale, is expected to drive overall gross margin growth [2]

Core Viewpoint - O-Film Group Co., Ltd. plans to acquire a 28.2461% stake in O-Film Microelectronics (Nanchang) Co., Ltd. from Nanchang Chanmeng Investment Management Co., Ltd. through a share issuance and raise supporting funds, which does not constitute a major asset restructuring or related party transaction [1][4]. Group 1 - The company received an inquiry letter from the Shenzhen Stock Exchange regarding the application for the share issuance and asset acquisition on October 21, 2025 [1][4]. - The company and relevant intermediaries have responded to the inquiry letter by providing detailed explanations and justifications for the related matters [1][4]. - The transaction is subject to approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2]. Group 2 - The company has revised the draft report for the share issuance and asset acquisition in response to the inquiry letter, ensuring that the content remains accurate and complete [4][5]. - The revisions made to the draft report do not affect the overall transaction plan [6].