第五届董事会第十二次会议决议公告 证券代码：002841 证券简称：视源股份 公告编号：2025-053 广州视源电子科技股份有限公司 第五届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有任 何虚假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 广州视源电子科技股份有限公司（以下简称"公司"）第五届董事会第十二 次会议于 2025 年 11 月 21 日 10:00 以通讯方式召开。会议通知于 2025 年 11 月 18 日以电子邮件等方式发出。本次会议由董事长王洋先生主持，应出席董事 9 名，实际出席董事 9 名，公司其他高管列席本次会议。本次董事会会议的召开符 合《中华人民共和国公司法》《广州视源电子科技股份有限公司章程》和有关法 律法规的规定。 二、董事会会议审议情况 本次会议以投票表决方式形成如下决议： （一）以3票赞成，0票弃权，0票反对，6票回避，审议通过了《关于公司 2024年员工持股计划第一个锁定期解锁条件成就的议案》 关联董事王洋、杨铭、王毅然、周开琪、于伟、黄正聪对本议案回避表决。 本议案已经公司董事会薪酬与考核委员会审议通过。 1 第 ...

Core Insights - The rise of conference flat panels is replacing traditional office equipment like projectors and whiteboards, driven by the demand for smart office solutions post-pandemic [1][5] - MAXHUB, a brand under the company, has established a significant presence in over 140 countries, with more than 600,000 interactive flat panels delivered [1][4] - The global market for smart interactive flat panels is projected to reach 913,000 units by 2029, indicating robust growth in this sector [1] Company Overview - The company originated from the LCD display business and has expanded into the education and enterprise service markets, launching the "MAXHUB" and "Seewo" brands in 2009 and 2017 respectively [1][4] - MAXHUB holds a 28% market share in the commercial interactive flat panel market in China, which is expected to grow by 18.7% year-on-year in 2024, surpassing global growth rates [4] Market Dynamics - The global market for conference rooms exceeds 100 million, with over 20 million in China alone, indicating a vast demand for smart conference solutions [5] - The average price point for smart conference flat panels is approximately 10,000 yuan, positioning this market as a trillion-yuan opportunity [5] Strategic Initiatives - The company is focusing on expanding its overseas brand presence, particularly in developed countries for enterprise services and in "Belt and Road" countries for educational products [6] - Collaborations with international tech giants like Microsoft and Intel are crucial for integrating into global ecosystems and enhancing product offerings [6][7] Product Development - The company has developed unique features in its products, such as integration of Windows and Android systems, along with AI capabilities for enhanced user experience [6] - The company is also venturing into the robotics sector, with products like the MAXHUB A3 intelligent flexible robotic arm and MAXHUB X7 quadruped robot, targeting high-consumption markets [8] Future Prospects - The company plans to list on the Hong Kong Stock Exchange to support overseas market expansion and strategic investments [8] - The trend of A-share companies seeking dual listings in Hong Kong is increasing, with over 80 companies currently in the pipeline [9]

Core Viewpoint - The financing activities of Shiyuan Co., Ltd. (002841) indicate a positive sentiment among investors, with a net financing purchase of 333.55 million yuan on November 11, 2025, and a cumulative net purchase of 1,117.13 million yuan over the past three trading days [1][4]. Financing Summary - On November 11, 2025, the financing buy amounted to 16.52 million yuan, while financing repayment was 13.19 million yuan, resulting in a net financing purchase of 333.55 million yuan. The financing balance reached 304 million yuan, representing 1.44% of the circulating market value [1][2]. - The financing balance has shown a consistent increase over the past few days, with the following net purchases: 278.44 million yuan on November 10 and 505.14 million yuan on November 7 [2]. Margin Trading Summary - On November 11, 2025, there were no net sales of margin trading, with a total of 20,270 shares remaining in margin trading. The margin trading balance was 8.23 million yuan [3]. - The margin trading activities have shown fluctuations, with a net sale of 600 shares on November 10 and a net repayment of 1,200 shares on November 6 [3]. Overall Margin Balance - The total margin balance reached 313 million yuan on November 11, 2025, reflecting an increase of 3.26 million yuan or 1.05% from the previous day [4]. - The margin balance has been on an upward trend, with notable increases on November 7 (504.53 million yuan) and November 10 (276.86 million yuan) [4].

Core Points - Shenzhen Stock Exchange announced the evaluation results for information disclosure for 2024-2025, with Shiyuan Co., Ltd. (002841) receiving the highest rating of A for the fifth consecutive year since 2020 [1] - Among 5,104 companies evaluated in the Shanghai and Shenzhen markets, 953 received an A rating, accounting for approximately 18.67%; only 296 companies have been rated A for five consecutive years or more, representing just 5.80% [1] - Shiyuan Co., Ltd. emphasizes its commitment to compliance and efficient corporate governance, adhering to principles of truthful, accurate, complete, timely, and fair information disclosure [1] - The company aims to enhance the quality and transparency of its information disclosure and maintain close interaction with investors through diversified channels, striving to improve shareholder returns and fulfill social responsibilities [1]

Core Viewpoint - The stock price of Visionox has experienced fluctuations, with a year-to-date increase of 11.39% but a recent decline of 6.94% over the past five trading days [2] Group 1: Stock Performance - As of November 5, Visionox's stock price was 40.36 CNY per share, with a market capitalization of 28.09 billion CNY [1] - The stock has seen a 6.94% decline in the last five trading days, while it has increased by 1.41% over the past 20 days and 12.36% over the past 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Visionox reported a revenue of 18.09 billion CNY, reflecting a year-on-year growth of 5.45%, while the net profit attributable to shareholders was 867 million CNY, a decrease of 6.81% [3] - The company has distributed a total of 4.33 billion CNY in dividends since its A-share listing, with 1.80 billion CNY distributed over the last three years [4] Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Visionox was 28,600, a decrease of 12.26% from the previous period, with an average of 18,210 circulating shares per shareholder, an increase of 13.97% [3] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 20.45 million shares, which increased by 10.06 million shares compared to the previous period [4] Group 4: Business Overview - Visionox, established on December 28, 2005, and listed on January 19, 2017, specializes in the research, development, and sales of electronic products, including LCD display main control boards and interactive smart panels [2] - The company's revenue composition includes 26.30% from smart control components, 23.16% from smart terminals and applications, and 16.71% from commercial display devices and systems [2]

Core Viewpoint - The stock price of Visionox Technology Co., Ltd. has experienced fluctuations, with a recent decline of 2.02% on November 4, 2023, while the company has seen a year-to-date increase of 13.93% in its stock price [1][2]. Financial Performance - For the period from January to September 2025, Visionox reported a revenue of 18.087 billion yuan, reflecting a year-on-year growth of 5.45%. However, the net profit attributable to shareholders decreased by 6.81% to 867 million yuan [3]. - Cumulatively, the company has distributed 4.328 billion yuan in dividends since its A-share listing, with 1.8 billion yuan distributed over the past three years [4]. Shareholder Information - As of October 31, 2025, the number of shareholders for Visionox was 28,600, a decrease of 12.26% from the previous period. The average number of circulating shares per shareholder increased by 13.97% to 18,210 shares [3]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 20.4541 million shares, which is an increase of 10.0647 million shares from the previous period [4]. Market Activity - On November 4, 2023, the trading volume for Visionox was 142 million yuan, with a turnover rate of 0.65%. The total market capitalization stood at 28.732 billion yuan [1]. - The net outflow of main funds was 2.0457 million yuan, with large orders showing a buy of 19.7469 million yuan and a sell of 21.0217 million yuan [1].

Core Insights - The number of shareholders for the company decreased to 28,629 as of October 31, representing a decline of 3,999 shareholders or 12.26% compared to the previous period [2] - The company's stock price closed at 42.13 yuan, reflecting an increase of 0.98%, with a cumulative rise of 13.53% since the concentration of shares began [2] - The latest margin trading data shows a total margin balance of 310 million yuan, with a financing balance of 302 million yuan, indicating a reduction of 73.04 million yuan or 19.49% during the same period [2] - The company reported a revenue of 18.087 billion yuan for the first three quarters, marking a year-on-year growth of 5.45%, while net profit decreased by 6.81% to 867 million yuan [2] - Six institutions have issued buy ratings for the stock in the past month, with the highest target price set at 48.55 yuan by Guotou Securities [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has achieved steady revenue growth with a reported revenue of 18.087 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.45%. However, the net profit attributable to the parent company decreased by 6.81% to 867 million yuan [1] - In Q3 2025, the company reported revenue of 7.522 billion yuan, a year-on-year increase of 6.96%, and a net profit of 469 million yuan, which is a 7.79% increase compared to the same period last year [1] - The decline in gross profit margin is attributed to fluctuations in raw material prices and adjustments in the revenue structure of main products, but there is a clear trend of profit improvement in Q3, driven by the scaling of the AI education ecosystem and rapid growth in emerging businesses [1][2] Summary by Sections AI Education Ecosystem - The company has established a comprehensive education AI ecosystem through its subsidiary, Seewo, which integrates hardware, software, and services. This ecosystem has transitioned from "tool empowerment" to "platform operation" [2] - The core product, the classroom intelligent feedback system, utilizes multimodal data collection and AI analysis to generate objective classroom reports, with 19 key application demonstration areas established nationwide, covering over 3,000 schools [2] - The AI lesson preparation assistant has activated over one million users and is being applied on a large scale in domestic regions, as well as being adapted for international markets through the multilingual EasiClass platform [2] Overseas Brand Expansion - The company is rapidly expanding its overseas brand, MAXHUB, through customized products and localized operations. The XBar series has received Microsoft Teams certification for the European and American markets [2] - A global service network has been established with subsidiaries in 22 countries, and factories in Mexico and Vietnam enable rapid regional delivery. Collaborations with major companies like Microsoft and Indonesian telecommunications are driving significant revenue growth from overseas brands [2] Emerging Business Growth - The company is leveraging its foundational technologies in display, control, and AI to achieve breakthroughs in emerging fields such as robotics, creating a product matrix that includes both specialized and general-purpose products [3] - The quadruped robot X7 has been recognized for its innovative capabilities in complex inspection tasks in dairy factories and has been deployed in various scenarios, including substations and pedestrian streets [3] - The commercial cleaning robots have achieved bulk deliveries in Europe and Japan, becoming a new growth point in overseas markets. The robotics business is exploring innovative models that integrate with existing educational and office environments, showcasing strong scaling potential [3] Financial Forecast - The company is projected to achieve revenues of 23.201 billion yuan, 24.899 billion yuan, and 28.206 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 1.001 billion yuan, 1.156 billion yuan, and 1.340 billion yuan for the same years [3]

Investment Rating - The investment rating for the company is "Buy" [6][9][16] Core Insights - The company reported a revenue of 18.087 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.45%. The net profit attributable to shareholders was 868 million yuan, a decrease of 6.81% year-on-year. In Q3 alone, the revenue reached 7.522 billion yuan, with a year-on-year increase of 6.96%, and a net profit of 469 million yuan, up 7.79% year-on-year [3][4][5] - The company is experiencing steady growth in its smart components and education business, with significant growth in its overseas self-owned brands. The decline in enterprise services has narrowed, indicating a recovery trend [4][5] - The AI and education layout has shown significant results, with the Xiwo classroom intelligent feedback system established in 19 key application demonstration areas, covering over 4,000 schools and more than 10,000 classrooms. The company has also launched new robot products and is expanding its overseas market presence [6][5] Financial Performance Summary - For 2025, the company is expected to achieve revenues of 23.754 billion yuan, with net profits of 992 million yuan. The projected earnings per share (EPS) for 2025 is 1.42 yuan, with estimates for 2026 and 2027 being 1.77 yuan and 2.25 yuan respectively [6][11] - The company’s revenue growth rates are projected at 6% for 2025, 22% for 2026, and 24% for 2027, indicating a positive growth trajectory [11][6] - The company maintains a healthy financial position with a debt-to-asset ratio of 47.40% and a current market capitalization of approximately 22.574 billion yuan [9][11]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Insights - The company reported a year-on-year revenue increase of 5.5% for the first three quarters of 2025, reaching 18.1 billion yuan, while the net profit attributable to shareholders decreased by 7% to 870 million yuan [1] - In Q3 2025, the revenue was 7.52 billion yuan, reflecting a 7% year-on-year growth, and the net profit attributable to shareholders increased by 7.8% to 470 million yuan [1] - The company is accelerating the promotion of its education AI products, capitalizing on the ongoing digital transformation in the education sector driven by national policies [2] Revenue Analysis - Domestic education business showed steady growth in Q3, with significant contributions from various software and hardware products [2] - The LCD display main control board segment experienced rapid revenue growth, positively impacting overall revenue for the first three quarters [2] - The home appliance controller segment continued to benefit from a surge in domestic and international orders, maintaining a high growth rate in Q3 [2] - Overseas business faced challenges due to market demand fluctuations and tariff changes, but the MAXHUB overseas brand maintained strong growth [2] - The company's robotics segment saw good revenue growth, with the launch of intelligent flexible robotic arms and commercial cleaning robots in international markets [2] Profitability Analysis - For the first three quarters of 2025, the company's gross margin was 20.3%, a decrease of 1.7 percentage points year-on-year, while the net margin was 5.4%, down 0.3 percentage points [3] - In Q3 2025, the gross margin was 20.0%, down 1.5 percentage points year-on-year, but the net margin improved to 7.1%, an increase of 0.3 percentage points [3] Expense Analysis - The expense ratios for the first three quarters of 2025 showed a decrease in sales and management expenses, while R&D and financial expenses saw slight increases [8] - In Q3 2025, the expense ratios continued to reflect a similar trend, with reductions in sales, management, and R&D expenses [8] Earnings Forecast and Valuation - The company adjusted its revenue forecast for 2025-2027, expecting revenues of 23.89 billion, 27.58 billion, and 31.60 billion yuan respectively, with net profits of 1.00 billion, 1.21 billion, and 1.51 billion yuan [8] - Corresponding EPS estimates are 1.44, 1.74, and 2.16 yuan, with PE ratios projected at 30, 25, and 20 times [8]