海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所上海分所 北京市海问律师事务所 关于厦门乾照光电股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：厦门乾照光电股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》《上市公司股东会规 则》（以下统称"有关法律"）及《厦门乾照光电股份有限公司章程》（以下称"公 司章程"）的规定，北京市海问律师事务所（以下称"本所"）作为厦门乾照光电股 份有限公司（以下称"公司"）的特聘法律顾问，应公司的要求，指派郑燕律师和陈 邺律师（以下合称"本所律师"）出席公司于 2025 年 9 月 1 日召开的厦门乾照光电股 份有限公司 2025 年第二次临时股东大会（以下称"本次会议"），对本次会议召开的 合法性进行见证，并依法出具本法律意见书。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、出席本次会议人 员的资格及表决程序是否符合有关法律和公司章程的规定以及本次会议审议议案的表 决结果发表意见，并不对本次会议所审议的议案内容以及该等议案所表述的事实或数 据的真实性和准确性发表意见。本所律师假定公司提交给本所律师的资料（包括但 ...

证券代码：300102 证券简称：乾照光电 公告编号：2025-090 厦门乾照光电股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无增加、变更、否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1、会议召集人：董事会 2、会议主持人：董事长李敏华先生 3、会议召开时间： （1）现场会议召开日期、时间：2025 年 9 月 1 日（星期一）下午 16:00 （2）网络投票时间：2025 年 9 月 1 日。其中，通过深圳证券交易所交易系 统进行网络投票的时间为 2025 年 9 月 1 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通过深圳证券交易所互联网系统投票的具体时间为 2025 年 9 月 1 日 9:15—15:00 的任意时间。 4、会议的召开方式：本次临时股东大会采取现场表决与网络投票相结合的 方式召开。 5、现场会议召开地点：厦门火炬高新区（翔安）产业区翔天路 259-269 号 厦门乾 ...

证券代码：300102 证券简称：乾照光电 公告编号：2025-091 经董事会审议，同意补选姜建德先生（简历附后）为公司第六届董事会审计 委员会委员，任期自董事会审议通过之日起至第六届董事会届满之日止。 表决结果：9 名与会董事，9 票同意，0 票反对，0 票弃权，获得通过。 厦门乾照光电股份有限公司 第六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 厦门乾照光电股份有限公司（以下简称"公司"）第六届董事会第十四次会 议于 2025 年 9 月 1 日（星期一）下午以现场会议和通讯会议相结合的方式在公 司会议室召开。会议通知于 2025 年第二次临时股东大会补选产生第六届董事会 非独立董事后，以现场通知的方式发出，会议应出席董事 9 名，实际出席董事 9 名，其中独立董事实际出席 3 名。会议的召开符合《中华人民共和国公司法》和 《厦门乾照光电股份有限公司章程》的有关规定，会议由公司董事长李敏华先生 主持，公司监事、高级管理人员等相关人员列席了会议。 二、董事会会议审议情况 经与会董事认真讨论，会议以书 ...

证券代码：300102 证券简称：乾照光电 公告编号：2025-089 厦门乾照光电股份有限公司 关于召开 2025 年第二次临时股东大会通知的提示性公告 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）和《厦门乾照光电 股份有限公司公司章程》（以下简称"《公司章程》"）的有关规定，经厦门乾照光 电股份有限公司（以下简称"公司"或"乾照光电"）第六届董事会第十二次会 议审议通过，决定于 2025 年 9 月 1 日（星期一）召开公司 2025 年第二次临时股 东大会，现将会议有关事项提示公告如下： 一、本次股东大会召开的基本情况 1、股东大会届次：2025 年第二次临时股东大会 2、会议召集人：公司董事会。2025 年 8 月 15 日，公司召开第六届董事会 第十二次会议，审议通过了《关于提议召开公司 2025 年第二次临时股东大会的 议案》。 3、会议召开的合法、合规性 经公司第六届董事会第十二次会议审议通过，决定召开公司 2025 年第二次 临时股东大会。本次会议召集程序符合《深圳证券交易所创业板股票上 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.743 billion yuan for the first half of 2025, representing a year-on-year growth of 37.08%. The total profit reached 56 million yuan, up 72.65%, and the net profit attributable to shareholders was 69 million yuan, increasing by 88.04% [2][4]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.743 billion yuan, a year-on-year increase of 37.08%. The total profit was 56 million yuan, reflecting a growth of 72.65%, while the net profit attributable to shareholders was 69 million yuan, marking an increase of 88.04% [2][4]. Business Development - The company is focusing on high-end display technologies, particularly Mini/Micro LED, which has seen a revenue increase of 57% year-on-year. The traditional RGB small-pitch display market share exceeds 30%. The backlight business, in collaboration with the controlling shareholder Hisense, has achieved a revenue surge of 402% due to self-developed high-performance RGB-Mini LED backlight chips [9]. - The company is also expanding into the automotive HUD display market, with a revenue growth of 104%. The Micro MIP chip has received mass production certification from leading display companies, and significant breakthroughs have been made in Micro COG chip technology for large screens and wearable products [9]. Strategic Initiatives - The company is building new growth momentum through its ventures in commercial aerospace and optical communication, leveraging GaAs solar cells and VCSEL technology. The battery business has doubled in sales due to the booming commercial aerospace sector, maintaining the top domestic market share. The VCSEL business has achieved bulk supply in consumer electronics and medical aesthetics, while also positioning itself in the automotive laser radar market [9]. - The collaboration with Hisense enhances the company's core competitiveness through full-chain synergy, improving operational efficiency via lean management and smart manufacturing initiatives [9]. Future Outlook - The company is projected to achieve net profits attributable to shareholders of 131 million yuan, 222 million yuan, and 305 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 99X, 58X, and 42X [9].

Core Viewpoint - As of August 26, 2025, Qianzhao Optoelectronics (300102) reported a closing price of 14.5 yuan, reflecting a 3.42% increase, with a trading volume of 708,100 hands and a transaction amount of 1.036 billion yuan [1] Financial Performance - The latest financial results for Qianzhao Optoelectronics show total operating revenue of 1.743 billion yuan, a year-on-year increase of 37.08% - The net profit attributable to shareholders reached 69.2342 million yuan, up 88.04% year-on-year - The non-recurring net profit was 29.4642 million yuan, marking a year-on-year growth of 89.65% - The current ratio stands at 1.504, the quick ratio at 1.149, and the debt-to-asset ratio at 35.49% [1] Capital Flow - On the day of reporting, the net inflow of main funds was 92.4542 million yuan, accounting for 8.92% of the transaction amount - Large orders saw a net inflow of 117 million yuan, representing 11.31% of the transaction amount, while large orders experienced a net outflow of 24.7595 million yuan, accounting for 2.39% [1] Company Overview - Qianzhao Optoelectronics Co., Ltd. was established in 2006 and is located in Xiamen, primarily engaged in the manufacturing of computers, communications, and other electronic devices - The company has a registered capital of 920.333863 million yuan and a paid-in capital of 394.8579 million yuan - The legal representative of the company is Li Minhua [1] Investment and Intellectual Property - Qianzhao Optoelectronics has made investments in 17 enterprises and participated in 40 bidding projects - The company holds 17 trademark registrations and 542 patents, along with 29 administrative licenses [2]

Group 1 - The first and largest satellite ETF in the market (159206) has gained significant attention, with a strong performance in the satellite sector on August 26, showing an increase of over 1.42% [1] - The satellite ETF (159206) has a fund size of 286 million yuan as of August 25, 2025, and tracks the National Index for Commercial Satellite Communication Industry [5] - The ETF focuses on commercial aerospace and satellite communication, with a weight of 64% in satellite manufacturing [5] Group 2 - The satellite internet sector is expected to have far greater potential than traditional ground networks, providing communication support for remote areas and disaster response, and integrating with IoT and low-altitude economy technologies [4] - A senior technical expert indicated that the issuance of satellite internet licenses marks a significant step towards commercial operations in China's satellite internet field [3] - The commercial aerospace industry in China is entering a peak launch period, with a successful launch of a group of 10 low-orbit satellites on August 26, 2025 [5]

Core Insights - Qianzhao Optoelectronics reported a total revenue of 1.743 billion yuan for the first half of 2025, representing a year-on-year increase of 37.08% [1] - The net profit attributable to shareholders reached 69.23 million yuan, up 88.04% year-on-year [1] - The company experienced a significant increase in accounts receivable, which accounted for 969.21% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 was 1.743 billion yuan, compared to 1.272 billion yuan in 2024, marking a 37.08% increase [1] - Net profit attributable to shareholders rose from 36.82 million yuan in 2024 to 69.23 million yuan in 2025, an increase of 88.04% [1] - Gross margin decreased to 11.45%, down 22.31% year-on-year, while net margin improved to 3.97%, up 37.18% [1] - Total operating expenses were 117 million yuan, accounting for 6.69% of revenue, a decrease of 27.16% year-on-year [1] Cash Flow and Debt - Operating cash flow per share decreased by 46.47% to 0.19 yuan [1] - The company reduced its interest-bearing debt by 11.67%, with total interest-bearing liabilities at 1.16 billion yuan [1] - The net cash flow from operating activities decreased by 46.44%, attributed to changes in material procurement settlement methods [2] Business Evaluation - The company's return on invested capital (ROIC) was 2.42%, indicating weak capital returns historically [3] - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers [3] - The company has experienced four years of losses since its listing, suggesting a cautious investment outlook [3] Fund Holdings - Major funds holding Qianzhao Optoelectronics include Guotai Junan CSI 1000 Index Enhanced A, with a holding of 1.2275 million shares [3] - The fund's recent performance shows a net asset value increase of 1.52% on August 22, with a 78.67% rise over the past year [3]

Group 1 - The company achieved a revenue of 1.743 billion yuan in the first half of the year, representing a year-on-year growth of 37.08% [1] - The net profit attributable to shareholders reached 69.2342 million yuan, with a year-on-year increase of 88.04% [1] - The company focuses on its LED core business and expands into multiple application fields, leading to steady growth across all business segments [1] Group 2 - Revenue from Mini RGB products increased by 57% year-on-year [1] - The market share of traditional RGB small-pitch display products exceeded 30% [1] - The backlight business saw a revenue growth of 402% year-on-year, driven by the efforts of the controlling shareholder [1] Group 3 - The automotive business in the HUD display field experienced a revenue growth of 104% year-on-year [1] - The lighting business is focused on enhancing product positioning and optimizing gross margins through high-efficiency product solutions [1] - The MicroMIP chip has received mass production certification from leading companies in the display industry [1] Group 4 - The company is a leading supplier of gallium arsenide solar cell products in China, with product sales doubling year-on-year in the commercial aerospace sector [1] - The company maintains the top position in domestic market shipments [1] - VCSEL products are applicable in various fields, laying a technical foundation for future entry into the high-speed optical communication market [2] Group 5 - The company emphasizes technology research and development and the establishment of an intellectual property system, which supports sustainable development [2] - Collaboration with the controlling shareholder from technology development to market expansion enhances the company's ability to consolidate its LED core business while exploring new business areas [2] - The strategic layout advantage of the controlling shareholder supports the company's future international development [2]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The report discusses the challenges in data center link technologies, emphasizing the trade-offs between transmission distance, power consumption, and reliability. Copper cables offer high efficiency and reliability but are limited to distances of less than 2 meters, while optical links provide longer distances at the cost of higher power consumption and lower reliability [1][11]. - The introduction of the MOSAIC optical transmission technology by Microsoft aims to overcome the limitations of both optical and copper links, achieving long-distance transmission, low power consumption, and high reliability without requiring hardware changes [2][18]. - MOSAIC utilizes a wide-and-slow architecture with numerous parallel channels operating at lower data rates, employing Micro LEDs as transmitters to achieve high data rates [3][26]. Summary by Sections 1. Challenges in Current Link Technologies - Data center networks face fundamental trade-offs in transmission distance, power consumption, and reliability, with copper cables being limited in distance and optical links suffering from high power consumption [1][11]. - The performance of copper cables declines rapidly with increased data rates, while optical links experience significant power increases [12][15]. 2. MOSAIC Technology Overview - MOSAIC is designed to be backward compatible with existing standards and interfaces, allowing seamless integration into current network architectures [2][18]. - The architecture employs a large number of parallel channels, each operating at a lower data rate of 2 Gbps, to achieve higher aggregate speeds [3][26]. - MOSAIC has demonstrated the ability to maintain stable data transmission over distances of up to 30 meters, significantly exceeding traditional copper cable capabilities [32]. 3. Component Increment from MOSAIC - The implementation of MOSAIC is expected to benefit several components, including Micro LEDs, multi-core imaging fibers, TIR lenses, CMOS sensors, and Micro LED optical connectors [4][42]. - The report highlights specific companies that could benefit from this technology, such as Zhaochi Co., Sanan Optoelectronics, and Longfly Fiber [5][64]. 4. Investment Recommendations - The report suggests focusing on companies involved in the MOSAIC supply chain, particularly those producing Micro LEDs and related optical components, as they are likely to see significant growth with the adoption of this technology [4][64].