Core Viewpoint - Mingpu Optoelectronics is a significant player in the domestic optical communication components sector, focusing on product research and development with strong technical capabilities and product competitiveness [1] Group 1: Business Performance - For Q3 2025, Mingpu Optoelectronics reported revenue of 1.213 billion yuan, ranking 18th among 36 companies in the industry. The top company, ZTE Corporation, achieved revenue of 100.52 billion yuan, while the industry average was 6.434 billion yuan [2] - The net profit for the same period was -154 million yuan, placing the company 31st in the industry. The leading company, Zhongji Xuchuang, reported a net profit of 7.57 billion yuan, with the industry average at 668 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Mingpu Optoelectronics was 66.36%, an increase from 59.54% in the previous year, significantly higher than the industry average of 38.12%, indicating potential debt pressure [3] - The gross profit margin for Q3 2025 was 13.25%, slightly up from 12.60% year-on-year, but still well below the industry average of 30.08%, suggesting room for improvement in profitability [3] Group 3: Executive Compensation - The chairman and president, Yang Xianjin, received a salary of 980,700 yuan in 2024, a decrease of 231,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 26.59% to 48,000, while the average number of circulating A-shares held per shareholder increased by 36.23% to 3,698.51 [5]

Core Viewpoint - On October 31, a total of four listed companies will have their restricted shares unlocked, with a total market value of approximately 1.992 billion yuan [1] Group 1: Company Specifics - Mingpu Guangci (Stock Code: 002902) will unlock 468,000 shares under equity incentive restrictions [1] - Meino Energy (Stock Code: 001299) will unlock 135 million shares from pre-issue restrictions [1] - Haoshanghao (Stock Code: 001298) will unlock 10.44 million shares from pre-issue restrictions [1] - Longyang Electronics (Stock Code: 301389) will unlock 2.492 million shares from pre-issue restrictions [1]

Core Viewpoint - The stock of Mingpu Optoelectronics has shown fluctuations in recent trading days, with a slight increase on October 29, 2023, despite a year-to-date decline in stock price [1][2]. Company Overview - Mingpu Optoelectronics, established on June 25, 2008, and listed on September 29, 2017, is located in Dongguan, Guangdong Province. The company specializes in the research, production, and sales of optical and magnetic communication components [2]. - The revenue composition of the company includes: magnetic components (58.20%), optical communication products (19.16%), power adapters (12.23%), communication power supply system equipment (7.55%), and others (2.84%) [2]. Financial Performance - For the period from January to September 2025, Mingpu Optoelectronics reported a revenue of 1.213 billion yuan, representing a year-on-year decrease of 1.31%. The net profit attributable to the parent company was -150 million yuan, a year-on-year decrease of 7.27% [2]. - Since its A-share listing, the company has distributed a total of 45.4802 million yuan in dividends, with 6.9802 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Mingpu Optoelectronics was 48,000, a decrease of 26.59% from the previous period. The average circulating shares per person increased by 36.23% to 3,698 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 2.0473 million shares as a new shareholder [3].

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 406,424,997.18 yuan, down 5.32% year-on-year, and a net loss of 76,559,033.6 yuan, a decrease of 27.03% compared to the previous year [2][3] Financial Performance - For the first nine months of 2025, the company achieved total revenue of 1,212,566,310.68 yuan, a slight decline of 1.31% year-on-year [2][3] - The net profit attributable to shareholders for the same period was -149,597,771.26 yuan, down 7.27% year-on-year [2][3] - The net profit excluding non-recurring items was -131,532,774.02 yuan, showing a year-on-year increase of 10.86% [2][3] - The net cash flow from operating activities was -112,230,072.80 yuan, a decrease of 19.1% year-on-year [2][3] Earnings Per Share - Basic and diluted earnings per share for the quarter were both -0.3258 yuan, reflecting a decrease of 27.32% year-on-year [3] - For the first nine months, the earnings per share were -0.6357 yuan, down 3.77% year-on-year [3] Asset and Equity Position - As of September 30, 2025, the company's total assets were 2,461,752,243.23 yuan, a decrease of 7.43% from the end of the previous year [2][3] - The equity attributable to shareholders was 844,353,070.47 yuan, down 11.5% from the end of the previous year, primarily due to losses impacting retained earnings [2][3] Investment and Control Changes - The company transferred shares in its subsidiaries, resulting in a loss of control and a significant drop in investment income, which decreased by 6030.88% year-on-year, contributing to the net loss [4]

Group 1 - The core point of the article is that Mingpu Optoelectronics (SZ 002902) held its 14th meeting of the 5th Board of Directors on October 24, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, the revenue composition of Mingpu Optoelectronics is entirely from the manufacturing of computers, communications, and other electronic devices, accounting for 100.0% [1] - As of the report date, the market capitalization of Mingpu Optoelectronics is 5.3 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have generated $80 billion in overseas licensing deals this year, indicating a strong performance in the biopharmaceutical sector [1] - A dialogue with Lu Gang, a partner at Chuangdong Investment, highlights the contrast between the hot secondary market for biopharmaceuticals and the cooling fundraising environment in the primary market [1]

证券代码：002902 证券简称：铭普光磁 公告编号：2025-083 东莞铭普光磁股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、本次董事会会议由董事长杨先进先生召集，会议通知于 2025 年 10 月 20 日以邮件等方式发出。 2、本次董事会会议于 2025 年 10 月 24 日在公司会议室以现场结合通讯的方 式召开。 3、本次董事会会议应出席董事 7 人，实际出席 7 人，其中通讯出席董事为 杨先进先生、李竞舟先生、杨先勇先生、杨忠先生、缪永林先生、李军印先生、 殷凌虹女士。 1、审议《关于 2025 年第三季度报告的议案》；同意 7 票，反对 0 票，弃权 0 票，该议案获得通过。 此议案已经第五届董事会审计委员会第十二次会议审议通过。 具体内容详见同日刊登在公司指定信息披露媒体《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）的《2025 年第三季度报告》。 1 三、备查文件 1、公司第五届董事会第十四次会议决议； 2、公司第五届董事会审计委员 ...

Financial Performance - The company's revenue for Q3 2025 was ¥406,424,997.18, representing a decrease of 5.32% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was -¥76,559,033.60, a decline of 27.03% year-on-year[5] - The basic earnings per share for Q3 2025 was -¥0.3258, down 27.32% from the previous year[5] - Total operating revenue for the current period is ¥1,212,566,310.68, a decrease of 1.3% from ¥1,228,720,658.87 in the previous period[21] - Net profit for the current period is -¥153,519,263.17, compared to -¥143,613,296.95 in the previous period, indicating a worsening loss[22] - Basic and diluted earnings per share are both -¥0.6357, compared to -¥0.6126 in the previous period[23] - The total comprehensive income for the current period is -¥152,959,728.51, compared to -¥143,482,391.53 in the previous period[23] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥2,461,752,243.23, a decrease of 7.43% from the end of the previous year[5] - The total liabilities amount to ¥1,633,561,397.17, a decrease from ¥1,706,600,908.78 in the previous period[22] - The total equity attributable to shareholders of the parent company is ¥844,353,070.47, down from ¥954,048,752.99[22] - The total current assets as of September 30, 2025, amounted to 1,306,680,776.38, down from 1,568,834,362.62 at the beginning of the period[18] - The total non-current assets as of September 30, 2025, were 1,155,071,466.85, an increase from 1,090,588,935.20 at the beginning of the period[18] Cash Flow - The company reported a cash flow from operating activities net amount of -¥112,230,072.80 for the year-to-date, a decline of 19.10%[5] - Cash flow from operating activities is ¥1,014,604,655.77, a decrease from ¥1,046,028,556.09 in the previous period[24] - The net cash flow from operating activities was -112,230,072.80, compared to -94,228,481.97 in the previous period, indicating a decline in operational cash generation[25] - The net cash flow from investing activities for the first nine months of 2025 was -70,744,958.84, a decrease of 69.35% compared to -230,817,593.23 in the same period of 2024, primarily due to a reduction in cash payments related to other investment activities[12] - The net cash flow from financing activities for the first nine months of 2025 was 124,278,598.64, a decrease of 64.95% from 354,620,893.54 in the same period of 2024, mainly due to a decrease in cash received from investment absorption[12] Investments - The company experienced a significant decrease in trading financial assets, down 67.13% to ¥23,053,561.64 due to the maturity of structured deposits[9] - Long-term equity investments increased by 91.31% to ¥51,362,136.55, attributed to the transfer of equity stakes in subsidiaries[9] - The company recorded an investment loss of -¥30,676,198.80, a drastic decline of 6,030.88% due to the loss of control over subsidiaries[10] - The company reported an investment loss of -¥30,676,198.80, compared to a gain of ¥517,228.14 in the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 48,028, with no preferred shareholders having restored voting rights[14] - The largest shareholder, Yang Xianjin, holds 27.53% of the shares, amounting to 64,702,422 shares, with 57,376,816 shares subject to lock-up[14] - The company has a total of 11,800,000 shares held by Shenzhen Jiayi Asset Management Co., Ltd., which is the second-largest shareholder[15] Operational Costs and Expenses - Total operating costs decreased to ¥1,343,044,316.61, down 1.9% from ¥1,368,612,106.02[22] - Research and development expenses for the current period are ¥92,425,065.03, down from ¥100,739,919.37[22] - Financial expenses rose by 36.41% to ¥24,591,230.01, primarily due to increased interest expenses on borrowings[10] - Cash paid to employees increased to 334,612,020.39 from 309,846,937.53, indicating a rise in labor costs[25] - Cash paid for other operating activities decreased to 101,747,278.54 from 144,374,117.41, suggesting improved cost management[25] Government Support - The company received government subsidies amounting to ¥4,969,366.79 during the reporting period, contributing positively to its financials[6] Other Financial Metrics - The ending balance of cash and cash equivalents was 132,484,870.83, a decrease from 155,674,851.93 in the previous period[26] - The company received 17,445,699.48 in tax refunds, compared to 24,543,435.17 previously, reflecting a decrease in tax-related cash inflows[25] - The impact of exchange rate changes on cash and cash equivalents was 1,578,660.28, compared to -8,247,400.70 previously, showing a positive shift in currency effects[25] - Total cash inflow from investment activities was 197,393,226.60, up from 181,196,089.95, while cash outflow was 268,138,185.44, down from 412,013,683.18, resulting in a net cash flow of -70,744,958.84, an improvement from -230,817,593.23[25] - Cash inflow from financing activities totaled 673,877,230.14, compared to 818,387,261.28, while cash outflow was 549,598,631.50, up from 463,766,367.74, leading to a net cash flow of 124,278,598.64, down from 354,620,893.54[25]

Core Insights - The company reported a revenue of 406 million yuan for the third quarter, representing a decline of 5.32% [1] - The net profit for the third quarter was a loss of 76.559 million yuan, a decrease of 27.03% [1] - For the first three quarters, the total revenue was 1.213 billion yuan, down 1.31% year-on-year [1] - The net profit for the first three quarters showed a loss of 150 million yuan, reflecting a decline of 7.27% [1]

Core Viewpoint - The CPO concept has experienced a resurgence, leading to a "limit-up" trend in related stocks, driven by breakthroughs in domestic GPU technology and strong demand for AI computing power [1][3]. Group 1: CPO Concept and Stock Performance - The CPO sector has seen significant investment interest, with stocks like Yuanjie Technology hitting a 20% limit-up, and other companies such as Huilv Ecology and Cambridge Technology also reaching their limits [2][3]. - By the end of the trading day, Yuanjie Technology led with a 14.49% increase, while several other stocks in the sector showed substantial gains, indicating a strong market sentiment [2][3]. Group 2: Domestic GPU Breakthroughs - Domestic GPU advancements are a key factor in the CPO surge, with Muxi Co. successfully overcoming technical barriers in high-performance GPU chip development, positioning itself as a leader in the field [3]. - Muxi's new flagship GPU, the Xiyun C600, integrates large-capacity storage and mixed-precision computing capabilities, enhancing its performance for AI model training [3]. Group 3: Financial Performance of Key Companies - Cambrian's third-quarter report revealed a revenue of 1.727 billion yuan, a year-on-year increase of 1333%, and a net profit of 567 million yuan, marking a significant turnaround from losses in the previous year [3][4]. - Cambrian's strong performance has positively influenced its stock, which saw a nearly 7% increase during trading [4]. Group 4: Market Outlook and Demand Trends - The CPO sector is expected to maintain high growth due to increasing AI computing power demands, with significant adjustments in procurement plans from overseas clients [5]. - The light module market is experiencing rapid growth driven by technological advancements and increasing demand, with leading companies expected to maintain strong profitability [5][6]. Group 5: Investment Recommendations - Institutions recommend focusing on leading companies with core technologies and scale advantages within the CPO industry, particularly in critical areas like optical chips and engines [6]. - The ongoing demand for high-speed optical modules is anticipated to benefit top-tier manufacturers, sustaining high growth rates in their performance [6].

Market Overview - The Shanghai Composite Index closed at 3859.80 points, above the annual line, with a change of 0.52% [1] - The total trading volume of A-shares reached 14312.80 billion yuan [1] Stocks Breaking Annual Line - A total of 148 A-shares have surpassed the annual line today, with notable stocks including: - Tengda Technology with a deviation rate of 9.43% - Shengyang Technology at 9.02% - Jida Zhengyuan at 8.67% [1] - Stocks with smaller deviation rates that just crossed the annual line include *ST Biology, Hongte Technology, and Yunding Technology [1] Top Performers - The top three stocks with the highest deviation rates are: 1. Tengda Technology: Today's increase of 10.01%, turnover rate of 22.36%, latest price at 23.85 yuan [1] 2. Shengyang Technology: Today's increase of 10.00%, turnover rate of 6.20%, latest price at 12.10 yuan [1] 3. Jida Zhengyuan: Today's increase of 10.02%, turnover rate of 8.23%, latest price at 26.57 yuan [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Shengbang Safety with an increase of 8.32% and a deviation rate of 6.63% [1] - Pingmei Co. with an increase of 6.35% and a deviation rate of 5.95% [1] - Tianao Electronics with an increase of 10.00% and a deviation rate of 5.73% [1]