Group 1 - The core viewpoint of the article highlights that Jufei Optoelectronics (SZ 300303) is engaging with investors through a research meeting scheduled for August 24-25, 2025, with the company secretary participating in the discussions [1] - For the first half of 2025, Jufei Optoelectronics reported that its revenue composition was 91.27% from LED products and 8.73% from other businesses [1] - As of the report date, Jufei Optoelectronics has a market capitalization of 9.4 billion yuan [1]

Group 1: Financial Performance - The company achieved total operating revenue of 165,687.92 million yuan in the first half of 2025, representing an 18.90% increase compared to the same period last year [2] - The net profit attributable to shareholders of the listed company was 12,416.09 million yuan, a decrease of 15.93% year-on-year [2] Group 2: Growth Drivers - Future growth drivers include the increased penetration of Mini LED backlight applications, growth in market share for automotive LEDs and mid-size LED backlights, and expansion in overseas markets for traditional businesses [3] - The company maintains an open attitude towards mergers and acquisitions, actively seeking potential investment targets that align with its long-term strategic planning [3] Group 3: Research and Development - R&D investment for the first half of 2025 was 106,510,574.95 yuan, reflecting a 17.56% increase from the previous year [3] - The company is focused on new technologies and trends, ensuring a robust pipeline of new product development projects [3] Group 4: Market Trends and Production Plans - The Mini LED backlight market is experiencing a trend towards mainstream display technology, driven by decreasing costs and increasing penetration rates [3] - The company is expanding production lines in Huizhou and Wuhu to meet customer demand for Mini LED backlight products [4] Group 5: Shareholder Engagement and Risk Management - The company emphasizes market value management and shareholder returns, with repurchased shares intended for employee stock ownership plans or equity incentives [4] - Current tariffs have limited impact on the company due to its diversified customer base and delivery regions, enhancing its ability to withstand international risks [4]

Summary of 聚飞光电 Conference Call Company Overview - **Company**: 聚飞光电 (Jufei Optoelectronics) - **Date**: August 25, 2025 Key Industry Insights - **Industry**: LED and Optoelectronics - **Market Trends**: Benefiting from national subsidy policies and high-quality product demand, with stable overseas market demand [2][3] Core Business Performance - **Revenue Growth**: Company reported an 18.9% increase in revenue for the first half of the year [2][6] - **Profit Decline**: Non-recurring net profit decreased by 6% due to product structure adjustments and increased competition in large-size and MINI products, leading to a 2% drop in gross margin [2][7] - **Product Segmentation**: - **LED Products**: Accounted for 91% of revenue, with significant growth in MINI backlight for TVs and automotive products [3][4] - **Automotive Products**: Grew by approximately 30%, with automotive backlight ranking among the top three globally [2][3][11] - **Mini LED and Micro LED**: Contributed to the growth in small-sized displays, which have a higher gross margin than the company's overall margin [10] Market Share and Product Mix - **Automotive Product Share**: 15% of total revenue, with MINI backlight for TVs increasing from 20% to 25% [2][4] - **Traditional Lighting**: Experienced a decline, but overseas demand remains strong, maintaining a 22% share in large-size backlight [2][4] - **Other Segments**: Optical modules and optical materials accounted for 7-8%, while LED key lights and home appliance infrared displays made up 3% [5] Future Development Focus - **Strategic Focus**: Emphasis on expanding MINI backlight both domestically and internationally, with significant development expected in overseas markets [2][8] - **Collaboration**: Plans to collaborate with major companies like Samsung and LG to mitigate tariff risks through global supply [8][14] - **Investment in R&D**: Increased investment in R&D and human resources to address market competition and improve product offerings [7][20] Challenges and Adjustments - **Competition**: Intense competition in the TV market, particularly for low-end MINI products, has pressured overall gross margins [9][19] - **Resource Allocation**: Challenges in resource distribution and personnel strength in the automotive display sector, leading to lost orders [20] - **Profitability Outlook**: Anticipated improvement in gross margin in the second half of the year due to strategic adjustments and focused problem-solving [21] Financial Projections - **Revenue Expectations**: Projected revenue for new business segments around 50 million yuan, with ongoing subsidies to support growth while controlling overall operational impact [18] Conclusion 聚飞光电 is positioned to leverage its strengths in the LED and optoelectronics market, with a clear focus on expanding its MINI backlight segment and enhancing its international presence. Despite facing challenges in competition and resource allocation, the company is optimistic about improving profitability and market share through strategic partnerships and increased R&D investment.

Core Viewpoint - As of August 25, 2025, Jufei Optoelectronics (300303) reported a closing price of 6.68 yuan, reflecting a decline of 1.47% with a turnover rate of 5.7% and a trading volume of 757,400 hands, amounting to 507 million yuan in transaction value [1] Financial Performance - For the first half of 2025, the company achieved total operating revenue of 1.657 billion yuan, representing a year-on-year growth of 18.90% [1] - The net profit attributable to shareholders was 124 million yuan, a decrease of 15.93% year-on-year [1] - The non-recurring net profit was 85.2 million yuan, down 6.34% year-on-year [1] - The current ratio stood at 1.752, the quick ratio at 1.575, and the debt-to-asset ratio at 39.66% [1] Capital Flow - On the reporting day, the main capital saw a net outflow of 22.85 million yuan, accounting for 4.51% of the transaction value [1] - Large orders experienced a net outflow of 11.12 million yuan, representing 2.19% of the transaction value, while super large orders had a net outflow of 11.72 million yuan, accounting for 2.31% [1] - Small orders recorded a net inflow of 15.87 million yuan, which is 3.13% of the transaction value [1] Company Background - Jufei Optoelectronics was established in 2005 and is located in Shenzhen, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 1.329965141 billion yuan and a paid-in capital of 1.278023219 billion yuan [1] - The legal representative of the company is Xing Meizheng [1] Investment and Intellectual Property - The company has made investments in 11 enterprises and participated in 37 bidding projects [2] - It holds 48 trademark registrations and 355 patents, along with 67 administrative licenses [2]

Core Viewpoint - 聚飞光电 (300303) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.657 billion yuan, an increase of 18.9% year-on-year compared to 1.393 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 124 million yuan, down 15.93% from 148 million yuan in the previous year [1]. - The gross margin decreased to 21.51%, down 11.45% year-on-year, while the net margin fell to 7.39%, a decline of 29.91% [1]. - The company reported a significant increase in accounts receivable, which reached 1.202 billion yuan, representing a 23.92% increase from 970 million yuan [1]. Cash Flow and Financial Health - Operating cash flow per share improved to 0.27 yuan, up 36.07% year-on-year, indicating better cash generation from operations [1]. - The company’s cash and cash equivalents increased by 33.17%, attributed to higher cash deposits during the reporting period [3]. - The company’s debt situation improved, with interest-bearing liabilities decreasing by 78.34% to 100 million yuan [1][3]. Investment Metrics - The return on invested capital (ROIC) for the previous year was 9.06%, indicating average capital returns [4]. - The historical median ROIC over the past decade was 7.1%, suggesting generally weak investment returns [5]. - The company’s ability to manage accounts receivable is a concern, with accounts receivable reaching 353.87% of net profit [5]. Fund Holdings - The largest fund holding in 聚飞光电 is 申万菱信中证1000指数增强A, with 222,400 shares held, maintaining its position [5]. - Other notable funds include 广发国证2000ETF and 国联智选先锋股票A, indicating growing interest in the stock [5].

Group 1 - The company reported a total operating revenue of 1,656.8792 million yuan, representing an increase of 18.90% compared to the same period last year [1] - The net profit attributable to shareholders of the listed company was 124.1609 million yuan, a decrease of 15.93% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 85.1967 million yuan, down 6.34% from the previous year [1] Group 2 - The headquarters building of the company has officially commenced operations, leading to an increase in related operating expenses [1]

深圳市聚飞光电股份有限公司 独立董事专门会议工作制度 第一条 为进一步完善深圳市聚飞光电股份有限公司（以下简称"公司"） 法人治理，充分发挥独立董事在公司治理中的作用，促进公司的规范运作，保护 股东特别是中小股东的合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等法律法规的规定以及《深圳市聚飞光电股份有限公司章程》（以下简称 《公司章程》），制定本制度。 0 第七条 独立董事专门会议应当由过半数独立董事共同推举一名独立董事召 集和主持；召集人不履职或者不能履职时，两名及以上独立董事可以自行召集并 推举一名代表主持。 第八条 独立董事应当亲自出席独立董事专门会议，因故不能亲自出席会议 的，独立董事应当事先审阅会议材料，形成明确的意见，并书面委托其他独立董 事代为出席。 第九条 独立董事专门会议的表决，实行一人一票。表决方式为记名投票表 决。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的 公司及其主要股东、实际控制人不存在直接或者间接利 ...

深圳市聚飞光电股份有限公司 投资者接待和推广制度 第一章 总则 第一条 为贯彻证券市场公开、公平、公正原则，规范深圳市聚飞光电股份 有限公司（以下简称"公司"）接待和推广的行为和管理，促进公司与投资者和 潜在投资者（以下统称"投资者"）之间的良性关系，加强公司与外界的交流和 沟通，改善公司治理，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）等法律法规和中国证监 会、深圳证券交易所有关文件以及公司章程的规定，结合公司实际情况，制定本 制度。 第二条 本制度所述的接待和推广工作是指公司通过接受投资者调研、邮寄 资料、一对一沟通、现场参观、电话咨询、业绩说明会、分析师会议和路演、新 闻采访等活动，加强公司与投资者之间沟通，增进投资者对公司了解的工作。 第三条 推广和接待的基本原则： 1、公平、公开、公正原则； 2、信息披露合规、完整原则； 3、推广和接待活动客观、真实、准确、完整的原则； 4、保密原则； 5、高效率、低成本的原则； 6、国家法律法规及深圳证券交易所对上市公司信息披露规定的其他原则。 1 第四条 制定本制度的目的： 1、规范公司接待和推广工 ...

深圳市聚飞光电股份有限公司 财务负责人管理制度 第一章 总 则 第一条 为规范深圳市聚飞光电股份有限公司（以下简称"公司"）财务负责人行为，提 高公司财务工作质量，加强公司财务监督，健全公司内部监控机制，保障公司规范运作和健 康发展，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国会计法》 （以下简称《会计法》）、《中华人民共和国证券法》（以下简称《证券法》）、《深圳证券交易 所股票上市规则》及《深圳市聚飞光电股份有限公司章程》等有关规定，特制定本制度。 第二条 财务负责人是对公司财务、会计活动进行管理和监督的高级管理人员，会计机 构负责人是依法对公司经营活动进行会计核算和监督的负责人。 第三条 财务负责人定期参加公司经营管理会议，对公司所有财务数据信息、财务报告 的真实性、准确性、完整性、及时性、公平性负责；向总经理、董事会及董事会审计委员会 报告工作，接受董事会审计委员会的监督。 第四条 财务负责人及会计机构负责人必须严格遵守国家有关法律、法规和制度的规定， 认真履行职责，切实维护公司及全体股东的利益。 第二章 任职资格和条件 第八条 会计机构负责人任职资格和条件如下： （一）具有高度 ...

第四条 公司不得利用会计政策变更和会计估计变更操纵公司业绩以及所有 者权益等财务指标。 第二章 会计政策变更、会计估计变更、会计差错更正的决策程序 第一节 会计政策变更 深圳市聚飞光电股份有限公司 会计政策、会计估计变更及会计差错管理制度 第一章 总则 第一条 为适应公司规范运作的需要，加强财务会计管理，确保公司会计信 息的真实性、准确性和完整性，规范公司会计政策变更、会计估计变更及会计差 错更正的程序及信息披露，保护投资者的合法权益，根据《证券法》、《上市公司 信息披露管理办法》、《企业会计准则》、中国证监会《公开发行证券的公司信息 披露编报规则第 19 号—财务信息的更正及相关披露》、《深圳证券交易所上市公 司自律监管指南第 1 号》（业务办理：第四部分 定期报告披露相关事宜）和《公 司章程》等的有关规定，制定本制度。 第二条 本制度适用于公司会计政策变更、会计估计变更、会计差错更正及 其信息披露。 第三条 本制度所称会计政策变更、会计估计变更和差错更正事项是指《企 会计准则第 28 号——会计政策、会计估计变更和差错更正》定义的会计政策变 更、会计估计变更和会计差错。 （一）本次会计政策变更情况概述，包 ...