证券代码：002881 证券简称：美格智能 公告编号：2025-085 美格智能技术股份有限公司 关于调整回购股份价格上限的公告 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。 重要内容提示： 1、调整前的回购股份价格上限：35.15元/股 2、调整后的回购股份价格上限：78.42元/股 3、回购股份价格上限调整生效日期：2025年10月16日（董事会审议通过之 日）。 一、本次回购股份的基本情况 美格智能技术股份有限公司（以下简称"公司"）于2024年11月1日召开了 第四届董事会第四次会议，于2024年11月14日召开了2024年第四次临时股东大会, 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金或专项贷 款资金，以集中竞价交易方式回购公司部分A股社会公众股，用于注销并减少公 司注册资本。本次回购金额不低于人民币3,000万元（含），且不超过人民币6,000 万元（含），回购价格不超过35.15元/股（含），具体回购股份数量以回购期满 时实际回购的股份数量为准。回购股份的实施期限自公司股东大会审议通过回购 股份方案之日起不超过12个月。具体 ...

美格智能技术股份有限公司 第四届董事会独立董事第三次专门会议审查意见 根据中国证监会《上市公司独立董事管理办法》《深圳证券交易所上市公司自 律监管指引第1号——主板上市公司规范运作》及《公司章程》等有关法律、法规和 规范性文件的规定，我们作为美格智能技术股份有限公司（以下简称"公司"）的 独立董事，于2025年10月16日召开了第四届董事会独立董事第三次专门会议，本着 勤勉尽责的原则，认真审阅了拟提交至公司第四届董事会第十一次会议审议的相关 事项，并对审议事项发表以下审查意见： 美格智能技术股份有限公司 第四届董事会独立董事第三次专门会议审查意见 一、《关于增加2025年度日常关联交易预计额度的议案》 公司本次增加2025年度日常关联预计额度系基于业务发展和经营需要，公司与 关联方发生的关联交易属于公司经营过程中的合理需求，并经管理层充分论证和谨 慎决策。本次关联交易定价均以市场价格为依据确定，遵循公平、公正、公开的原 则，不存在损害公司和全体股东特别是中小股东利益的情形。本次关联交易不会影 响公司正常的生产经营活动及独立性，不存在因关联交易而在业务上对关联方形成 依赖的情形。上述关联交易的决策程序符合相关法 ...

证券代码：002881 证券简称：美格智能 公告编号：2025-084 美格智能技术股份有限公司 关于增加2025年度日常关联交易预计额度的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 2025年2月28日，美格智能技术股份有限公司（以下简称"公司"）第四届 董事会第五次会议、第四届监事会第四次会议审议通过了《关于2025年度日常关 联交易预计的议案》，根据公司经营需要，对公司2025年度日常关联交易情况进 行了预计。预计2025年公司与关联方的关联交易总额不超过人民币3,605万元、 350万美元，其中向关联方租入场地交易金额不超过人民币505万元，接受关联方 提供劳务金额不超过人民币3,100万元，向关联方出售商品不超350万美元。具体 内容详见公司于2025年3月1日在《证券时报》及巨潮资讯网（www.cninfo.com.cn） 披露的《关于2025年度日常关联交易预计的公告》（公告编号：2025-012）。 （二）本次增加的日常关联交易情况 由于公司日本市场业务开拓情况较好，根据经营需要，公司 ...

证券代码：002881 证券简称：美格智能 公告编号：2025-082 截至公告披露日，王平先生所持质押股份情况如下： | | | | 本次解除质 | 本次解除质 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 名称 | 持股数量 （股） | 持股比 例 | 押前质押股 | 押后质押股 | 持股份 | 总股本 | 已质押股份 限售和冻结 | 占已质 押股份 | 未质押股份限 售和冻结数量 | 占未质 押股份 | | | | | 份数量（股） | 份数量（股） | 比例 | 比例 | | | | | | | | | | | | | 数量（股） | 比例 | （股） | 比例 | | 王平 | 102,417,560 | 38.997% | 13,560,000 | 12,850,000 | 12.55% | 4.89% | 0 | 0.00% | 0 | 0.00% | 注：1、上述限售股不包含高管锁定股； 2、上述质押股份不负担重大资产重 ...

Core Viewpoint - Meg Intelligent Technology Co., Ltd. has received notification from its controlling shareholder and actual controller, Mr. Wang Ping, regarding the release of part of his pledged shares on October 15, 2025 [1] Group 1: Share Pledge Details - A total of 190,000 shares pledged to Guojin Securities Co., Ltd. since April 27, 2023, and 330,000 shares since May 10, 2023, along with 190,000 shares pledged to Guojin Securities Asset Management Co., Ltd. since December 5, 2023, have been released [1] - After the release of the pledged shares, Mr. Wang Ping holds 102,417,560 shares, accounting for 38.997% of the total shares [1] Group 2: Current Pledge Status - Following the release, the number of pledged shares has decreased to 12,850,000, which represents 12.55% of Mr. Wang's total holdings and 4.89% of the company's total share capital [1] - There are no significant asset restructuring or performance compensation obligations associated with the pledged shares [1]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

证券代码：002881 证券简称：美格智能 公告编号：2025-081 公司于2024年12月27日实施了首次回购，截至2025年9月30日，公司通过股 份回购专用证券账户以集中竞价方式，累计回购公司股份568,500股，占公司总 股本的比例为0.22%；回购股份的最高成交价为34.67元/股，最低成交价为29.01 元/股，已使用资金总额为17,947,344.00元（不含交易费用）。本次回购实施符 合相关法律法规的要求以及公司既定的回购方案。 美格智能技术股份有限公司 关于股份回购进展的公告 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。 美格智能技术股份有限公司（以下简称"公司"）于2024年11月1日召开了 第四届董事会第四次会议，于2024年11月14日召开了2024年第四次临时股东大会, 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金或专项贷 款资金，以集中竞价交易方式回购公司部分A股社会公众股，用于注销并减少公 司注册资本。本次回购金额不低于人民币3,000万元（含），且不超过人民币6,000 万元（含），回购价格不超过35.15 ...

Core Points - Meige Intelligent announced the release of stock pledges by its controlling shareholder and actual controller, Mr. Wang Ping [1] - A total of 11,520,000 shares were released from pledge, representing 11.24% of his holdings and 4.38% of the company's total share capital [1]