Core Viewpoint - The company has successfully completed the first unlock period for its stock option and restricted stock incentive plan for 2024, allowing 139,200 shares to be released from restrictions, which accounts for 0.5317% of the total share capital [1][5][9]. Summary by Sections Incentive Plan Approval Process - The company held its fourth board meeting on July 10, 2025, where it approved the conditions for the first unlock period of the restricted stock incentive plan [1][4]. - The incentive plan was publicly announced and went through a verification process by the supervisory board, with no objections raised during the public notice period [2][3]. Unlock Conditions - The first unlock period for the restricted stock was set for 12 months from the grant date, with 40% of the total restricted stock eligible for release [5]. - The unlock conditions included no negative audit opinions for the last fiscal year and no violations of regulations by the incentive recipients [6][7]. Performance Assessment - The performance targets for the first unlock period required a minimum of 30% growth in either revenue or net profit compared to the previous year [7][8]. - The company achieved a net profit of 135,571,540.00 yuan for 2024, reflecting a growth rate of 127.39% compared to the previous year, thus meeting the performance criteria for the unlock [8]. Changes in Share Structure - Following the unlock, the total number of restricted shares decreased from 3,510,000 to 2,118,000, while the total share capital remained at 261,801,844 shares [9][10]. - The proportion of restricted shares in circulation changed from 30.85% to 30.31% after the unlock [9].

证券代码：002881 证券简称：美格智能 公告编号：2025-065 特别提示： 1、公司 2024 年度股票期权与限制性股票激励计划首次授予限制性股票第一 个解除限售期符合可解除限售条件的激励对象人数为 200 人，可解除限售的限制 性股票数量为 139.2 万股，占目前公司股本总额的 0.5317%。 2、本次解除限售股份的上市流通日期：2025 年 7 月 30 日。 美格智能技术股份有限公司（以下简称"公司"）于2025年7月10日召开了 第四届董事会第九次会议，审议通过了《关于2024年度股票期权与限制性股票激 励计划首次授予限制性股票第一个解除限售期解除限售条件成就的议案》。截至 本公告日，公司本次解除限售股份上市流通的相关事宜已办理完毕，现将相关情 况公告如下： 一、2024年度股票期权与限制性股票激励计划已履行的相关审批程序 美格智能技术股份有限公司 关于2024年度股票期权与限制性股票激励计划 首次授予限制性股票第一个解除限售期解除限售股份 上市流通的提示性公告 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、误导性陈述或重大遗漏。 4、2024年7月1日，公司召 ...

Core Insights - The report highlights the ongoing support from the Ministry of Agriculture and Rural Affairs for Hainan to enhance agricultural technology innovation and develop tropical agriculture and marine fisheries [2] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued opinions to strengthen financial services for rural reform and promote comprehensive rural revitalization [2] - The report notes the significant growth in the medical insurance sector, with 2.53 billion people participating in maternity insurance and a cumulative expenditure of 4,383 billion yuan by June 2025 [2] - The logistics and supply chain in the clothing sector are evolving with a trend towards multi-format integration, including online and offline retail models [2][5] Company-Specific Insights - New Beiyang has won a bid for the cash handling equipment procurement project for China Construction Bank, indicating its strong market position [6] - Angel Yeast plans to acquire a 55% stake in Shengtong Sugar Industry for 506 million yuan, which will enhance its presence in the sugar industry [6] - Guoke Tiancai has received approval from the Shenzhen Stock Exchange for its application to issue convertible bonds, reflecting its growth strategy [6] - NIO has established a comprehensive network of 1,001 battery swap stations across major highways, addressing user concerns about charging anxiety [6] Industry Insights - The clothing consumption market in China is showing resilience, with a projected retail sales figure of 1,071.62 billion yuan for 2024, and a 1.5% year-on-year growth in online retail sales [2][5] - The report indicates that the smart connected vehicle market is expected to grow significantly, with the wireless communication module market projected to reach 50 billion yuan by 2024, growing at a compound annual growth rate of 21% [12] - The report emphasizes the importance of the automotive sector's transition to international markets, with companies like Ningbo Gaofa planning to establish production bases overseas [8][10]

Economic News - The construction of the Yarlung Zangbo River hydropower project has officially commenced, signaling a strong commitment from the central government to enhance clean energy development and improve local livelihoods while addressing climate change [5][6][8] - The National Energy Administration has noted a generally loose coal supply and demand situation this year, with prices continuing to decline, prompting regulatory measures to stabilize the coal market [1][4] - The Ministry of Commerce has released a list of prohibited and restricted import and export goods for the Hainan Free Trade Port, aiming to facilitate its construction [4] Company Insights - Huadong Medicine's subsidiary has received FDA approval for a new drug application for injectable caspofungin, aligning with the company's strategy for internationalization in the pharmaceutical sector [4] - Jinlong Co. has signed a letter of intent to acquire a 29.3151% stake in Shenzhen Benmao Technology, which reported total assets of 1.978 billion yuan and a net profit of 53.62 million yuan for 2024 [4] - Guizhou Moutai has established a joint venture for a scientific research institute, contributing 490 million yuan in cash and equipment [4] Investment Recommendations - The report highlights several stocks as potential investment opportunities, including China Power Construction, Gotion High-tech, and Yili Group, among others, indicating a focus on companies that are likely to benefit from ongoing infrastructure and energy projects [3][10] - The Yarlung Zangbo River hydropower project is expected to significantly boost demand for construction materials, particularly cement and steel, benefiting local companies in Tibet [9][10] Industry Analysis - The Yarlung Zangbo River hydropower project represents a massive investment of 1.2 trillion yuan, which is projected to have a substantial positive impact on GDP and related industries [8][9] - The construction of this project is anticipated to create significant demand for high-quality products and advanced equipment across various sectors, including hydropower engineering and construction materials [9][10] - The report emphasizes the importance of long-term strategic projects in stabilizing the economy and enhancing domestic demand, particularly in the context of external uncertainties and real estate market challenges [6][7][8]

Core Insights - The report highlights the strategic move of the company to establish an overseas subsidiary and invest in a production base in Morocco, with a total planned investment of up to 20 million USD, aimed at expanding its international market presence [7] - The company has successfully entered the supply chains of major automotive manufacturers, including Renault and Stellantis, indicating a strong foothold in the automotive sector [7] - The company maintains a robust financial position with a net profit margin consistently above 10% since 2022, and cash assets totaling 1.02 billion RMB as of 2024 [8] Company Business Overview - The company is actively implementing a "going out" strategy to enhance its global industrial layout, which is expected to bring new growth opportunities [7] - The company has a strong cost and expense control capability, which has allowed it to sustain a stable profitability [8] - The forecasted net profit for the company from 2025 to 2027 is projected to be 221 million, 256 million, and 299 million RMB respectively, with corresponding EPS of 0.99, 1.15, and 1.34 RMB [9] Industry Insights - The report emphasizes the growing demand for intelligent connected vehicles, which is driving the need for high-performance communication modules [11] - The market for wireless communication modules in intelligent connected vehicles is expected to grow significantly, with a projected compound annual growth rate of 21% from 2020 to 2024, reaching 5 billion RMB by 2024 [11] - The company is positioned to benefit from this trend, having established a leading market share of 35.1% in the 5G vehicle-mounted module sector as of 2024 [12]

Investment Rating - The report initiates coverage with a "Buy" rating for Meige Intelligent [2][11]. Core Views - Meige Intelligent adopts a dual strategy of modules and solutions, establishing a first-mover advantage in key industries such as smart connected vehicles and IoT [3][19]. - The smart connected vehicle market is projected to grow significantly, with the wireless communication module market expected to reach CNY 50 billion by 2024 and CNY 159 billion by 2029, reflecting a compound annual growth rate (CAGR) of 26% from 2024 to 2029 [4][40]. - The company is positioned as a leader in the 5G smart module market, with a projected shipment of 881,000 units in 2024, capturing a market share of 35.1% [5][56]. Summary by Sections Company Overview - Meige Intelligent focuses on 4G/5G wireless communication technology and IoT solutions, providing various wireless communication modules and solutions to global customers [6][22]. Product Strategy - The company has evolved through three phases: precision component processing, expansion into 4G technology applications, and the current focus on wireless communication modules and IoT solutions [3][19]. Market Growth - The smart connected vehicle market is rapidly expanding, with domestic market size expected to reach CNY 1,365 billion by 2024 and CNY 3,012 billion by 2029, growing at a CAGR of 17% [38]. - The global edge AI market is forecasted to grow from CNY 321.9 billion in 2025 to CNY 1,223 billion by 2029, with a CAGR of 39.6% [31][33]. Financial Projections - Revenue projections for Meige Intelligent are CNY 37.86 billion, CNY 45.59 billion, and CNY 54.05 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 2.29 billion, CNY 3.04 billion, and CNY 3.93 billion [5][57].

证券代码：002881 证券简称：美格智能 公告编号：2025-064 美格智能技术股份有限公司 关于2024年度股票期权与限制性股票激励计划 首次授予股票期权第一个行权期自主行权的提示性公告 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、误导性陈述或重大遗漏。 特别提示： 1、公司首次授予股票期权代码：037451，期权简称：美格JLC3。 2、公司2024年股票期权与限制性股票激励计划首次授予股票期权第一个行 权期符合行权条件的激励对象共计152人，可行权的期权数量为63.12万份，行权 价格为20.97元/份。 3、本次行权采用自主行权模式。 4、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 5、本次股票期权行权期限自2025年7月1日至2026年6月30日止，根据可交易 日及行权手续办理情况，本次实际可行权期限为2025年7月22日之日起至2026年6 月30日止。 | 姓名 | 职务 | 获授的股票期权 数量（万份） | 本次可行权的股票 期权数量（万份） | 本次可行权数量 占授予的股票期 权数量比例 | 剩 余 尚 未 行 权 的数量（万份） | | --- ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant year-over-year increase in 2025 H1 net profit, ranging from RMB 70 million to RMB 85 million Key Financial Performance Indicators | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: RMB 70 million – RMB 85 million | Profit: RMB 33.4823 million | | Year-over-year Growth | 109.07% - 153.87% | - | | **Net Profit After Deducting Non-recurring Gains/Losses** | Profit: RMB 67.3 million – RMB 82.3 million | Profit: RMB 31.9293 million | | Year-over-year Growth | 110.78% - 157.76% | - | | **Basic Earnings Per Share** | Profit: RMB 0.27/share – RMB 0.32/share | Profit: RMB 0.13/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) This performance forecast has not been audited by an accounting firm - This performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance growth is driven by high-speed growth in smart automotive, 5G mobile broadband, and overseas IoT product shipments - During the reporting period, the company's operating revenue and net profit continued to grow, primarily driven by[5](index=5&type=chunk) - **Smart Automotive, 5G Mobile Broadband, Overseas IoT Intelligent Fields**: Product shipments maintained high-speed growth[5](index=5&type=chunk) - **Edge AI**: Application of high-computing power modules continued to deepen[5](index=5&type=chunk) - **Market Development**: Balanced development achieved in both domestic and overseas markets[5](index=5&type=chunk) [Risk Warning](index=1&type=section&id=IV.%20Risk%20Warning) The company advises investors that this preliminary performance forecast is unaudited, with final data in the 2025 semi-annual report - This performance forecast data represents preliminary estimates by the company's finance department and has not been audited by an accounting firm[6](index=6&type=chunk) - Specific financial data will be detailed in the company's 2025 semi-annual report, reminding investors to be aware of investment risks[6](index=6&type=chunk)

Group 1: Annual Reports and Dividends - Gujinggong Liquor (000596) reported 2024 revenue of 23.578 billion yuan, up 16.41%, and net profit of 5.517 billion yuan, up 20.22%. The company plans to distribute a cash dividend of 50 yuan per 10 shares, totaling 2.643 billion yuan [2] - Luzhou Laojiao (000568) reported 2024 revenue of 31.196 billion yuan, up 3.19%, and net profit of 13.473 billion yuan, up 1.71%. The company plans to distribute a cash dividend of 45.92 yuan per 10 shares, totaling 6.759 billion yuan [2] - Gree Electric (000651) reported 2024 revenue of 189.164 billion yuan, down 7.26%, and net profit of 32.185 billion yuan, up 10.91%. The company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 11.17 billion yuan [3] Group 2: Q1 2025 Performance - Gujinggong Liquor reported Q1 2025 revenue of 9.146 billion yuan, up 10.38%, and net profit of 2.330 billion yuan, up 12.78% [2] - Gree Electric reported Q1 2025 revenue of 41.507 billion yuan, up 14.14%, and net profit of 5.904 billion yuan, up 26.29% [3] - National City Mining (000688) reported Q1 2025 revenue of 0.053 billion yuan, up 77.25%, and net profit of 0.0612 billion yuan, up 18279.65% [4] - Taiyuan Iron & Steel (000825) reported Q1 2025 revenue of 23.31 billion yuan, down 4.71%, and net profit of 0.0188 billion yuan, up 5506.92% [4] - Shenfang A (000029) reported Q1 2025 revenue of 0.033 billion yuan, up 457.38%, and net profit of 0.0724 billion yuan, up 3718.51% [4] - Qingda Environmental Protection (688501) reported Q1 2025 revenue of 0.0619 billion yuan, up 317.43%, and net profit of 0.0687 billion yuan, up 990.26% [4] - Tianbao Infrastructure (000965) reported Q1 2025 revenue of 0.0169 billion yuan, down 34.62%, and net profit of 0.01 billion yuan, up 737.29% [4] - Taihe Intelligent (603656) reported Q1 2025 revenue of 0.0105 billion yuan, up 10.19%, and net profit of 0.0002097 billion yuan, up 716.41% [5] - Meg Intelligent (002881) reported Q1 2025 revenue of 0.0997 billion yuan, up 73.57%, and net profit of 0.0463 billion yuan, up 616.02% [5] - Shengda Biological (603079) reported Q1 2025 revenue of 0.0203 billion yuan, up 9.95%, and net profit of 0.0217 billion yuan, up 469.35% [5] - Jincai Interconnection (002530) reported Q1 2025 revenue of 0.0206 billion yuan, down 33%, and net profit of 0.001364 billion yuan, up 466.95% [5] - XinSai Co. (600540) reported Q1 2025 revenue of 1.215 billion yuan, up 312.03%, and net profit of 0.01819 billion yuan, up 315.74% [6]