Core Viewpoint - Songbao Investment Co., Ltd. plans to reduce its stake in Chengzhan Optoelectronics by up to 5,299,177 shares, representing 3% of the company's total share capital, within a specified period from October 9, 2025, to January 8, 2026 [1] Summary by Relevant Sections - Shareholding Details - Songbao Investment holds 6,259,007 shares, accounting for 3.54% of the total share capital of Chengzhan Optoelectronics [1] - Reduction Plan - The planned reduction will occur through centralized bidding or block trading methods [1] - The reduction period is set for three months, starting from 15 trading days after the announcement [1]

证券代码：003019 证券简称：宸展光电 公告编号：2025-060 宸展光电（厦门）股份有限公司 关于股东减持股份的预披露公告 股东松堡投資有限公司保证向本公司提供的信息内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、持有宸展光电（厦门）股份有限公司（以下简称"公司"或"本公司"）股份 6,259,007 股（占本公司总股本比例 3.54%）的股东松堡投資有限公司（以下简称"松堡 投資"）计划自本公告披露之日起 15 个交易日后的 3 个月内（2025 年 10 月 9 日至 2026 年 1 月 8 日）以集中竞价或大宗交易方式合计减持公司股份不超过 5,299,177 股 （占公司总股本比例的 3%）。 1 （二）本次减持计划的主要内容 | | | 投資 | 松堡 | | | 名称 | 股东 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 易 | 或大宗交 | 集中竞价 | | 方式 | 减持 | | 月 8 日） | 月 9 日至 20 ...

Core Viewpoint - Songbao Investment Co., Ltd. plans to reduce its stake in Chengzhan Optoelectronics (003019.SZ) by up to 5,299,177 shares, representing 3% of the total share capital, within a specified period from October 9, 2025, to January 8, 2026 [1] Summary by Category - **Shareholder Action** - Songbao Investment holds 6,259,007 shares, accounting for 3.54% of the company's total share capital [1] - The planned reduction will occur through centralized bidding or block trading [1] - **Reduction Timeline** - The reduction period is set from October 9, 2025, to January 8, 2026, which is 15 trading days after the announcement [1]

Group 1 - The company 松堡投资 plans to reduce its holdings by up to 5.2992 million shares, representing 3% of the total share capital [1] - The reduction period is set from October 9, 2025, to January 8, 2026 [1] - 松堡投资 currently holds 6.259 million shares, which accounts for 3.54% of the company's total shares [1]

Group 1: Report Overview - The research object of the report is Chenzhan Optoelectronics, belonging to the optoelectronic industry, and the reception time was on August 29, 2025 [16] - Participating research institutions include Penghua Fund, Yinhua Fund, CITIC Securities, Guotai Junan Asset Management, Guoshou Anbao, etc [2] Group 2: Company Operation - In the first half of 2025, the company achieved a revenue of 1.196 billion yuan and a net profit attributable to shareholders of 112 million yuan. Affected by the decline in sales in the North American new - energy vehicle market and the increase in equity incentive expenses, the revenue and net profit declined slightly, but the overall profitability remained strong [23] - The company's main business plans for 2025 include adjusting strategies for the ODM, OBM MicroTouch, and intelligent cockpit business segments, improving the global manufacturing system, enhancing R & D capabilities, and building a global team [24] Group 3: Key Questions and Answers Revenue Structure - In the first half of 2025, the ODM business contributed nearly 65% of the revenue, the vehicle - display business contributed over 28%, and the rest came from the MicroTouch self - owned brand business [25] Gross Margin - The company's comprehensive gross margin in the first half of 2025 was 23.92%, a 0.36% increase from the same period last year, mainly due to the decrease in the revenue contribution of low - margin vehicle - display products [25] - The decline in the gross margin of vehicle - display products was due to the small revenue scale and the fact that the Thai factory was still in the production - ramping - up period [25] Factory Capacity - The company's first factory in Thailand has entered mass production, mainly producing vehicle - display screens for North American new - energy vehicle manufacturers and meeting the all - in - one machine production needs of some European and American customers. The company plans to expand the production capacity of all - in - one machines in Thailand and may expand production capacity in Europe and America in the future [25] Orders and Revenue Outlook - The company's orders in the second half of 2025 meet expectations. The management will strive to achieve the revenue target for 2025 set in the second - phase restricted - stock equity incentive plan [26] Product Proportion - The proportion of all - in - one machines in the commercial display segment has steadily increased, reaching nearly 47% in the first half of the year [27] Self - owned Brand Business - The company has been focusing on the development of its self - owned brand business. In 2025, MicroTouch adopted the overseas subsidiary model to develop in synergy with the group and adjusted its business expansion strategy. As of now, it has obtained orders from many well - known global enterprises [27]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved a revenue of 1.196 billion CNY and a net profit of 112 million CNY, reflecting a slight decline due to the downturn in the North American electric vehicle market [3] - The gross profit margin for the first half of 2025 was 23.92%, an increase of 0.36% compared to the same period last year, primarily due to a decrease in revenue contribution from lower-margin products [5] - The revenue structure for the three main business segments in the first half of 2025 showed that ODM contributed nearly 65%, while automotive displays accounted for over 28% [4] Group 2: Strategic Plans and Adjustments - The company plans to adjust its strategies across three main business segments: ODM, OBM MicroTouch™, and smart cockpit, to promote collaborative development [3] - There is a focus on enhancing the global manufacturing system and core competitiveness, as well as improving core technology R&D capabilities [3] - The company aims to build an efficient global team to expand and maintain its global customer base [3] Group 3: Production and Capacity Expansion - The first factory in Thailand has successfully entered mass production, primarily serving North American electric vehicle manufacturers [7] - The company plans to continue expanding production capacity in Thailand and may consider expanding production in Europe and the U.S. based on macroeconomic changes and customer needs [7] Group 4: Market Outlook and Orders - The company’s orders for the second half of 2025 are in line with expectations, and management is committed to overcoming challenges such as U.S. tariffs and increased market competition to meet revenue targets for the year [8] - The share of all-in-one machines in the commercial display segment has steadily increased, reaching nearly 47% in the first half of 2025 [9] Group 5: Brand Development and Client Acquisition - The company has made significant investments in marketing and brand building for its proprietary brand, MicroTouch™, which has led to increased brand recognition and a robust client reserve [10] - The business strategy has shifted from a "channel-centric" approach to a "product-centric" approach, successfully securing orders from several globally recognized enterprises [10]

Core Viewpoint - The report from Cinda Securities indicates that ChenZhan Optoelectronics achieved a net profit attributable to shareholders of 112 million yuan in the first half of 2025, representing a year-on-year decrease of 13.85% [1] Group 1: Company Overview - ChenZhan Optoelectronics is a provider of commercial human-machine interaction intelligent terminal solutions, with product offerings including touch all-in-one machines, touch displays, various smart self-service terminals, and embedded modules [1] - The company's ODM business model provides customized products and services to global clients, covering product design, hardware and software selection, manufacturing, and validation [1] Group 2: Business Development - Following the acquisition of MicroTouch™ in 2020, the company has been developing its own brand and has gradually established and improved its agent channels globally, leading to increased brand recognition [1] - MicroTouch™ is now independently developing under an overseas subsidiary model, enhancing the synergy with the group [1] Group 3: Strategic Partnerships - The company has invested in Hongtong Technology to enter the smart cockpit business, which has been providing high-quality touch display assembly solutions to automotive manufacturers in Europe, America, and China since 2017, demonstrating strong competitiveness in the mid-to-high-end market [1] - A partnership with Satogate has been established to explore new scenarios for encrypted payments [1]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report discusses the company's performance and future projections, indicating a positive outlook for the upcoming years [1][4]. Core Viewpoints - The company reported a revenue of 1.196 billion yuan in H1 2025, a year-on-year decrease of 8.64%, and a net profit attributable to shareholders of 112 million yuan, down 13.85% year-on-year [1]. - The main business segments include smart interactive display devices, smart interactive all-in-one machines, smart vehicle display screens, and touch display modules, with varying performance across these segments [2][3]. - The company has entered a strategic partnership with Satogate to explore new scenarios for cryptocurrency payments, leveraging its expertise in industrial-grade touch displays and POS terminals [3]. Summary by Relevant Sections Financial Performance - In H1 2025, the smart interactive display device business generated 325 million yuan, down 3.88% year-on-year; the smart interactive all-in-one machine business achieved 410 million yuan, up 12.31%; the smart vehicle display screen business saw a revenue of 329 million yuan, down 24.02%; and the touch display module and other businesses generated 132 million yuan, down 23.62% [2]. - The company’s expense ratios for sales, management, R&D, and finance were 4.22%, 6.55%, 4.22%, and -0.36%, respectively, with year-on-year increases of 1.47 percentage points, 1.52 percentage points, 0.89 percentage points, and 0.58 percentage points [2]. - The gross margin was 23.92%, reflecting a slight increase of 0.10 percentage points year-on-year, while the net profit margin was 9.39%, down 0.57 percentage points year-on-year [2]. Business Development - The company has been enhancing its brand recognition globally since acquiring MicroTouch™ in 2020 and is now developing its own brand while establishing a network of agents [3]. - The company has a stake in Hongtong Technology, which provides touch display solutions to automotive manufacturers, enhancing its position in the smart cockpit market [3]. Profit Forecast - The company is projected to achieve net profits of 227 million yuan, 295 million yuan, and 377 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 31, 24, and 18 times based on the closing price on August 27, 2025 [4].

Core Viewpoint - The financial performance of Chanzhan Optoelectronics (003019) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, with significant increases in expenses impacting overall profitability [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.196 billion yuan, a decrease of 8.64% year-on-year [1]. - Net profit attributable to shareholders was 112 million yuan, down 13.85% year-on-year [1]. - The gross margin was 23.92%, an increase of 1.51% year-on-year, while the net margin decreased to 9.26%, down 5.14% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 125 million yuan, accounting for 10.42% of total revenue, which is a 52.34% increase year-on-year [1]. - Earnings per share (EPS) decreased to 0.62 yuan, down 19.48% year-on-year, while the net asset value per share increased to 9.08 yuan, up 9.58% year-on-year [1]. Cash Flow Analysis - Operating cash flow per share increased significantly by 225.91% to 0.85 yuan, attributed to reduced cash payments for goods and services due to lower revenue [1][2]. - The net cash flow from investing activities decreased by 157.61%, influenced by a reduction in redeemed financial products [2]. - The net cash flow from financing activities increased by 98.35%, due to the previous year's stock buyback and cash payments for mergers [2]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 8.92%, indicating average capital returns [3]. - The historical median ROIC since the company's listing is 16.36%, suggesting better investment returns in the past [3]. - Analysts expect the company's performance for 2025 to reach 223 million yuan, with an average EPS forecast of 1.27 yuan [3]. Segment Performance - In Q1 2025, the company achieved a revenue of 622 million yuan, with the ODM business segment contributing nearly 60% of total revenue, while the MicroTouch brand contributed 10% and the smart cockpit segment contributed around 30% [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：003019证券简称：宸展光电公告编号：2025-058 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 根据中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《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》以及《深圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定，宸展光电（厦门）股份有限公司（以下简称"公司"或"本公司"）就2025年半年度募集资金存放与使 用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准宸展光电（厦门）股份有限公司首次公开发行股票的批复》(证 监许可[2020]2652号)核准，本公司由主承销商海通证券股份有限公司采用公开发行方式发行人民币普通 股（A股）3,200.00万股（每股面值1元），发行价格为每股23.58元，募集资金总额为人民币 754,560,000.00元，扣除承销费等 ...