一、股东部分股份解除质押基本情况 聚光科技（杭州）股份有限公司（以下简称"本公司"）于近日接到本公司 控股股东之一浙江普渡科技有限公司（以下简称"普渡科技"）的通知，普渡 科技办理了部分解除质押业务，具体情况如下： | 1、股东股份部分解除质押的基本情况 | | --- | | 股东名称 | 是否为控股 股东或第一 | 本次解除质 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 | 押股份数量 | 股份比例 | 股本比例 | | | | | | 一致行动人 | | | | | | | | 普渡科技 | 是 | 15,865,000 | 30.61% | 3.54% | 2024/9/24 | 2025/9/26 | 云南国际信托 有限公司 | 证券代码：300203 证券简称：聚光科技 公告编号：2025-040 聚光科技（杭州）股份有限公司 关于控股股东办理部分解除质押业务的公告 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 ...

证券代码：300203 证券简称：聚光科技 公告编号：2025-041 聚光科技（杭州）股份有限公司 关于回购公司股份比例达到1%的进展公告 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。 聚光科技(杭州)股份有限公司(下称"公司")于2025年8月20日召开第五届 董事会第二次会议，审议通过了《关于回购公司股份方案的议案》。同意公司使 用自有资金和自筹资金，以集中竞价交易方式回购部分公司已在境内发行的人民 币普通股（A股）股票，并在未来适宜时机用于实施股权激励计划或员工持股计 划。本次回购资金总额不低于人民币10,000万元（含本数）且不超过人民币15,000 万元（含本数），回购价格不超过人民币29.50元/股（含），回购期限为自公司 董事会审议通过本次回购方案之日起12个月内。具体内容详见公司于2025年8月 20日、2025年8月27日分别在巨潮资讯网披露的《关于回购公司股份方案的公告》 （公告编号：2025-031）、《回购报告书》（公告编号：2025-037）。 公司已取得交通银行股份有限公司杭州浣纱支行出具的《交通银行股票回购 增持贷款承诺函》， ...

Group 1 - The company experienced a slight decline in revenue, with total operating income of 1.295 billion yuan in the first half of 2025, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, down 210.86% year-on-year [1] - Revenue breakdown by segment shows that instruments and consumables generated 896 million yuan, down 7.39% year-on-year; operational services brought in 213 million yuan, down 11.83%; and environmental governance and engineering contributed 135 million yuan, down 2.3% [1] Group 2 - The company is focusing on a "boutique" strategy for high-quality transformation and upgrading, concentrating resources on high-end analytical instruments and core supporting businesses, while appropriately scaling back unprofitable long-term projects [2] - The company has ceased signing new PPP contracts and is managing existing projects with a differentiated approach, aiming to enhance profitability through a focus on high-end analytical instruments [2] Group 3 - On August 20, the company announced a plan to repurchase shares using 100 to 150 million yuan at a price not exceeding 29.5 yuan per share, which will be used for future employee stock ownership plans or equity incentive plans, reflecting confidence in future development [3] Group 4 - Revenue forecasts for the company from 2025 to 2027 are projected at 4.101 billion yuan, 4.683 billion yuan, and 5.210 billion yuan, with EPS estimates of 0.71, 0.93, and 1.18 respectively, leading to corresponding PE ratios of 25.3, 19.2, and 15.1 times [4] - The company is focusing on core instrument businesses, with rich product and technology reserves and significant potential for domestic substitution, maintaining a "buy" investment rating [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing short-term pressure on performance, with a slight decline in revenue and a significant drop in net profit [4] - The strategic focus is on high-end scientific instruments, with expectations for continued breakthroughs in this area [5] - The company plans to repurchase shares to implement an employee stock ownership plan, reflecting confidence in future development [6] - Revenue forecasts for 2025-2027 are projected at 41.01 billion, 46.83 billion, and 52.10 billion yuan, respectively, with corresponding EPS of 0.71, 0.93, and 1.18 yuan [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.295 billion yuan, a year-on-year decrease of 8.23%, and a net profit attributable to shareholders of -51 million yuan, a decline of 210.86% [4] - Revenue breakdown by segment shows a decline in instruments and consumables by 7.39%, operational services by 11.83%, and environmental governance and engineering by 2.3% [4] - The company is implementing a "boutique" strategy for high-quality transformation, focusing on high-end analytical instruments and core supporting businesses [5] Earnings Forecast - The company forecasts revenue growth rates of 13.5% for 2025, 14.2% for 2026, and 11.3% for 2027, with net profit growth rates of 53.5%, 31.7%, and 27.0% for the same years [9][11]

Market Overview - On September 26, the environmental equipment sector rose by 0.23% compared to the previous trading day, with Longjing Environmental leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Longjing Environmental (600388) closed at 14.35, up 6.85% with a trading volume of 353,800 shares and a transaction value of 500 million yuan [1] - Other notable performers included Yanpai Co. (301081) with a 4.30% increase, closing at 10.91, and Fida Environmental (600526) with a 2.16% increase, closing at 5.21 [1] Capital Flow - The environmental equipment sector experienced a net outflow of 27.55 million yuan from institutional investors and a net outflow of 35.57 million yuan from speculative funds, while retail investors saw a net inflow of 63.11 million yuan [2] - Longjing Environmental had a net inflow of 36.85 million yuan from institutional investors, but a net outflow of 19.52 million yuan from speculative funds [3] Individual Stock Analysis - Fida Environmental (600526) saw a net inflow of 6.99 million yuan from institutional investors, while also experiencing a net outflow from retail investors [3] - Lawson (000890) had a net inflow of 19.06 million yuan from institutional investors, but a significant net outflow of 29.66 million yuan from retail investors [3]

Core Viewpoint - Wang Jian, the founder of 聚光科技 (Juguang Technology), is facing a debt crisis due to an investment in a PPP project in Yunnan, leading to significant share freezes and potential control instability of the company [1][3][4]. Company Overview - 聚光科技 was established in 2002 and is headquartered in Hangzhou, China. It went public in 2011 and focuses on high-end instrument equipment technology across various sectors, including smart environment and life sciences [4]. - Wang Jian holds a PhD from Stanford University and has extensive research experience in international testing technologies [4]. Shareholding and Financial Issues - As of September 22, 2023, 浙江睿洋科技有限公司 (Zhejiang Ruiyang Technology Co., Ltd.), a major shareholder, has 82.31% of its shares frozen, which constitutes 10.33% of the total shares of 聚光科技 [3][7]. - The frozen shares amount to 46.35 million shares out of a total of 56.31 million shares held by 睿洋科技, indicating a severe liquidity issue [3][7]. Legal and Project Background - The share freezes are linked to a PPP project in Yunnan, where 睿洋科技 provided financing guarantees for a project that was ultimately terminated, leading to legal actions from creditors [7][8]. - The total investment for the terminated project was initially estimated at 8.9 billion yuan, with plans for extensive agricultural and logistical infrastructure [8][9]. Project Management Issues - The project faced significant management challenges, including a lack of professional oversight and multiple changes in project leadership, which contributed to its failure [10]. - Local government officials have cited insufficient market conditions and poor project management as reasons for the project's collapse [10].

Core Viewpoint - Wang Jian, the founder of 聚光科技 (Juguang Technology), is facing a debt crisis due to an investment in a PPP project in Yunnan, which has led to the freezing of shares held by the controlling shareholder, 浙江睿洋科技有限公司 (Ruiyang Technology) [1][3][4] Group 1: Company Overview - 聚光科技 was established in 2002 and is headquartered in Hangzhou, China, focusing on high-end instrument equipment technology across various sectors including smart environment and life sciences [4] - The company went public in 2011 and has a current market capitalization of approximately 8.189 billion yuan [3] Group 2: Shareholding and Control Issues - As of September 22, 2023, Ruiyang Technology holds 56.31 million shares of 聚光科技, representing 12.55% of the total share capital, with 46.35 million shares (82.31%) frozen [3][7] - If the frozen shares are forcibly disposed of, Ruiyang Technology's shareholding would decrease to 61.95 million shares, or 13.81% of the total [7] Group 3: Investment and Project Details - The freezing of shares is linked to a PPP project in Yunnan, where Ruiyang Technology provided financing guarantees for the construction of the 杨广智慧农业小镇 (Yangguang Smart Agriculture Town) [7][10] - The total investment for the Yangguang project was initially estimated at 8.9 billion yuan, with a construction period of 2 years and an operational period of 18 years [9][10] - The project was terminated due to issues such as failure to complete necessary land expropriation and inadequate project management [11]

Core Viewpoint - Wang Jian, the founder of 聚光科技, is facing a debt crisis due to an investment in a PPP project in Yunnan, leading to significant share freezes and potential control instability of the company [3][6][10] Company Overview - 聚光科技, founded in 2002 and listed in 2011, is a high-tech platform enterprise focusing on advanced instrumentation and technology across various sectors including smart environment and life sciences [4][6] - Wang Jian holds a PhD from Stanford University and has a strong background in international testing technologies [4] Shareholding and Financial Issues - 浙江睿洋科技有限公司, a major shareholder of 聚光科技, has seen its shares frozen multiple times since 2022, with 82.31% of its holdings currently frozen [3][6] - As of September 22, 2023, 浙江睿洋科技 holds 56.31 million shares, representing 12.55% of the total shares, with 46.35 million shares frozen [3][6] Impact of the PPP Project - The freezing of shares is linked to a failed PPP project in Yunnan, where 浙江睿洋科技 provided financing guarantees for a project that was ultimately terminated [6][10] - The project, initially estimated at 8.9 billion yuan, included various construction components but faced significant management and market challenges, leading to its failure [8][10] Legal and Financial Ramifications - Legal actions initiated by 国开行云南分行 have resulted in court judgments against 浙江睿洋科技, leading to the judicial freezing of shares [7] - If the frozen shares are forcibly disposed of, the control of 聚光科技 could be significantly affected, potentially altering the ownership structure [3][6]

Core Viewpoint - Wang Jian, a Stanford PhD, is facing a debt crisis due to an investment in a project in Yunnan, leading to significant share freezes for the controlling shareholder of Juguang Technology [1][2][3] Group 1: Company Overview - Juguang Technology, founded in 2002 and listed in 2011, is a high-tech platform enterprise focusing on advanced instrument equipment technology, with business areas including smart environment, smart industry, smart laboratory, and life sciences [2] - The company is known for its founders' high academic backgrounds, with Wang Jian holding a PhD from Stanford University and Yao Naxin having an MBA from Stanford [2] Group 2: Shareholding and Freezing Situation - As of September 22, 2023, Zhejiang Ruiyang Technology Co., Ltd. holds 56.31 million shares of Juguang Technology, accounting for 12.55% of the total share capital, with 46.35 million shares (82.31%) frozen [1][2] - If the frozen shares are forcibly disposed of, the shareholding of Ruiyang Technology and its associates will drop to 61.95 million shares, representing 13.81% of the total share capital [2] Group 3: Cause of Share Freezing - The freezing of shares is primarily due to Ruiyang Technology providing financing guarantees for a terminated PPP project in Yunnan, which led to legal actions from creditors [3] - The project involved the construction of the Yangguang Smart Agriculture Town, which was halted, resulting in Ruiyang Technology being held jointly liable by the courts [3] Group 4: Project Details - The Yangguang Smart Agriculture Town project was initially estimated to require an investment of 8.9 billion yuan, utilizing a DBFOT model, with a construction period of 2 years and an operational period of 18 years [4][5] - The project included various construction components, such as an agricultural service center and a logistics park, with a total planned investment exceeding 38 billion yuan for related projects [6]

Group 1 - The core point of the article is that 聚光科技 (Juguang Technology) announced that as of the disclosure date, its shareholder 睿洋科技 (Ruiyang Technology) has had approximately 46.35 million shares frozen [1] - As of the report, 聚光科技's market capitalization is 8.5 billion yuan [1] - For the first half of 2025, 聚光科技's revenue composition is as follows: instruments and related software and consumables account for 69.24%, operational services and testing services and consulting services account for 16.42%, environmental governance equipment and engineering account for 10.46%, and other businesses account for 3.87% [1]