关于 蓝思科技股份有限公司 2023 年限制性股票 激励计划回购注销部分获授但尚未解除限 售的限制性股票的 法律意见书 中国 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. CHINA 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网址（Website）：https://www.sundiallawfirm.com 法律意见书 广东信达律师事务所 关于蓝思科技股份有限公司 2023 年限制性股票激励计划 回购注销部分获授但尚未解除限售的限制性股票 的法律意见书 信达励字（2025）第 022 号 致：蓝思科技股份有限公司 根据蓝思科技股份有限公司（以下简称"公司"）与广东信达律师事务所（以 下简称"信达"）签订的《专项法律顾问聘请协议》，信达接受公司的委托，担 任公司 2023 年限制性股票激励计 ...

Core Insights - The mask concept stocks experienced a net inflow of 182 million yuan on March 26, with a rise of 1.16% in the concept index [1] - A total of 80 stocks within the concept rose, while 15 stocks declined [1] Company Summaries - Gree Electric (000651) saw a net inflow of 198 million yuan, accounting for 11.98% of its market [2] - BYD (002594) had a net inflow of 175 million yuan, with a price increase of 1.74% [2] - Lens Technology (300433) recorded a net inflow of 135 million yuan, with a price increase of 1.39% [2] - Huazhong CNC (300161) experienced a net inflow of 58.32 million yuan, with a significant price increase of 6.45% [2] - Genesis (300083) had a net inflow of 54.91 million yuan, with a price increase of 2.66% [2] - Hanyu Group (300403) saw a net inflow of 50.92 million yuan, with a price increase of 5.7% [2] - Jinlong Automobile (600686) recorded a net inflow of 39.78 million yuan, with a price increase of 1.94% [2] - Huasheng Co. (600156) had a net inflow of 39.65 million yuan, with a notable price increase of 10.06% [2] - Cixing Co. (300307) experienced a net inflow of 39.22 million yuan, with a price increase of 10.2% [2] - Hezhuo Intelligent (603011) recorded a net inflow of 30.07 million yuan, with a price increase of 9.96% [2]

Core Viewpoint - The article discusses the journey of Zhou Qunfei, the founder of Lens Technology, highlighting her rise from humble beginnings to becoming a billionaire and the challenges the company faces due to its heavy reliance on Apple as a major client [2][4][10]. Company Overview - Lens Technology plans to initiate an H-share IPO on the Hong Kong Stock Exchange to enhance its global strategy, brand image, and competitiveness [2]. - The company primarily relies on manufacturing glass panels for iPhones, which has led to significant growth but also a dependency on Apple [2][10]. Historical Background - Zhou Qunfei's early life was marked by hardship, including the loss of her mother and financial struggles, leading her to drop out of school and work in factories [4]. - She founded Lens Technology in 2003, initially gaining success by supplying glass for Motorola's Razr V3 and later becoming a key supplier for Apple [5][6]. Financial Performance - In 2016, Lens Technology experienced a significant decline in profits, with a net profit drop of 21.98% and revenue decrease of 11.56% due to Apple's declining sales [8]. - The company's reliance on Apple is evident, with Apple contributing 70.96% of its revenue in 2022 and 57.83% in 2023, amounting to 331.36 billion and 315.12 billion respectively [10]. Market Challenges - Apple's sales in China have been declining, with a 19% drop in iPhone sales in Q1 2024, leading to concerns about Lens Technology's future revenue from this client [10]. - The company's gross margin has decreased from 23.84% in 2015 to 16.63% in 2023, indicating pressure on profitability due to Apple's pricing strategies [11]. Strategic Shifts - Lens Technology is attempting to diversify its client base by developing relationships with companies like Xiaomi and Huawei, and exploring opportunities in the electric vehicle and AI sectors [9][10]. - The company has reported revenue growth in new sectors, with 50 billion from electric vehicle-related businesses in 2023 and over 14 billion from smart wearable technology [9].

蓝思科技（300433）3月24日主力资金净流入 2180.25万元 金融界消息 截至2025年3月24日收盘，蓝思科技（300433）报收于25.97元，上涨3.3%，换手率0.98%， 成交量48.71万手，成交金额12.60亿元。 通过天眼查大数据分析，蓝思科技股份有限公司共对外投资了29家企业，参与招投标项目57次，知识产 权方面有商标信息94条，专利信息465条，此外企业还拥有行政许可149个。 来源：金融界 蓝思科技最新一期业绩显示，截至2024三季报，公司营业总收入462.28亿元、同比增长36.74%，归属净 利润23.71亿元，同比增长43.74%，扣非净利润21.00亿元，同比增长45.96%，流动比率1.277、速动比率 0.932、资产负债率41.34%。 天眼查商业履历信息显示，蓝思科技股份有限公司，成立于2006年，位于长沙市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本497347.9998万人民币，实缴资本 497347.9998万人民币。公司法定代表人为周群飞。 资金流向方面，今日主力资金净流入2180.25万元，占比成交额1.73%。其中，超大单净 ...

Core Insights - Fudan Microelectronics, Lens Technology, and Orbbec are experiencing stock price increases, significantly outperforming the market, due to their roles as core suppliers for Alipay's "Tap to Pay" service [1][2] - The rapid deployment and promotion of Alipay's "Tap to Pay" across over 100 cities and 1,000 business districts in China has led to increased investor interest in these companies [1][2] Company Performance - As of March 24, stock prices for Lens Technology, Fudan Microelectronics, and Orbbec rose by 3.06%, 0.15%, and 0.29% respectively, indicating strong market performance compared to the overall market [1] - Analysts attribute this stock performance to the swift adoption of Alipay's "Tap to Pay" service, which enhances payment convenience and security [1] Industry Trends - The NFC (Near Field Communication) technology, which underpins Alipay's "Tap to Pay," is gaining traction in China, with smartphone shipments reaching 314 million units in 2024 [2] - The global NFC payment market is projected to reach $67.71 billion by 2028, driven by the increasing adoption of NFC-enabled smartphones and advancements in 5G, IoT, and AI technologies [2] - Companies in the NFC supply chain, including Fudan Microelectronics, Lens Technology, and Orbbec, are expected to benefit from the expanding market and the continued rollout of "Tap to Pay" [2]

而随着蓝思科技在港股递交申请书，市场对NFC技术在国内的应用市场也产生了浓厚兴趣。支付宝"碰一下"背后有多家上市公司参与其中，包括蓝思科技 和奥比中光提供整机设备，复旦微电的NFC芯片，以及拉卡拉和新大陆在全国范围内合作投放"碰一下"支付终端，覆盖零售、餐饮、交通等多个场景，此 外还有新国都作为收单机构参与推广，联合推动"碰一下"支付的普及。 行业预测，随着移动支付的普及和支持NFC功能的智能手机出货量的爆发式增长，NFC行业在中国有望达到数千亿元的市场规模。这条赛道的想象空间正 在打开，蓝思科技的赴港上市无疑将为其注入新的动力，也预示着NFC产业的进一步发展。 01 "碰一下"覆盖全国100个城市，产业链隐形冠军浮出水面 2024年7月，支付宝开始在全国范围内推广"碰一下"支付，此后，蓝思科技通过官方微信认领了这款支付宝"碰一下"收款一体机核心供应商的身份，并被市 场戏称为新晋的"碰一下概念股"。作为支付宝支付设备的整机组装商，公司深度参与NFC和移动支付新风口。 2025年3月，中国消费电子产业链迎来标志性事件——作为苹果核心供应商的蓝思科技正式向港交所递交上市申请，计划募集资金加速全球化布局。 这家深耕 ...

Core Viewpoint - Blue Si Technology is planning to issue H shares for overseas listing, with a proposed issuance of up to 7% of the total share capital, expected to take place in July or August 2023, under the leadership of its founder Zhou Qunfei, known as the "Glass Queen" [2][4]. Group 1: Company Overview - Blue Si Technology is primarily recognized as a supplier of glass cover plates for Apple products, positioning itself as a leading player in the Apple supply chain [3][7]. - The company has faced challenges in recent years due to a downturn in the consumer electronics market, leading to a strategic shift towards diversifying its business beyond Apple, including investments in AI glasses, robotics, and NFC ecosystems [4][12]. Group 2: Financial Performance - The company's reliance on Apple has increased significantly, with the proportion of revenue from Apple orders rising from 43.07% in 2019 to 66.49% in 2021, leading to a dependency issue [11]. - Blue Si Technology experienced substantial financial losses, with a cumulative net loss exceeding 1.6 billion yuan from Q4 2021 to Q1 2022, attributed to a sharp decline in revenue from Apple orders [12]. Group 3: Market Position and Future Prospects - The company is part of a broader trend among Apple supply chain companies seeking to reduce dependency on a single client, as evidenced by its efforts to explore new markets and product lines [4][6]. - Zhou Qunfei's wealth has seen significant fluctuations, with her net worth increasing from 45.5 billion yuan in 2023 to 63.5 billion yuan in 2024, reflecting the volatile nature of the tech supply chain [9].

➢ AI 端侧的全面布局：折叠屏、机器人和智能头显等。公司 2016 年已前瞻 布局智能机器人领域，人形机器人方面，公司组建团队攻克关节模组、灵巧 手、躯干及头部面罩与总成等核心部件的设计制造，形成从精密零部件到整机 组装的一站式解决方案。折叠屏领域，公司布局多年，掌握上下折、左右折、 多折的 UTG 和 CPI 折叠屏制造工艺，具备保护膜及贴合、铰链、钛铝合金中框 及玻璃背板等关键配套部件及相关贴合组装能力。此外，公司还将牢牢把握 AIPC、支付终端、智能头显等新 AI 终端带来的机遇。 ➢ 我们认为，蓝思科技在人形机器人、折叠屏等新的 AI 终端研发生产能力， 是公司在传统消费电子的技术与经验的复用，其在精度、效率以及成本控制等 方面有较强优势，有助于打开成长的天花板。 ➢ 冲刺 H 股，全球化布局。25 年 3 月 12 日，公司召开第五届董事会和监事 会的第二次会议，审议通过了《关于公司发行 H 股股票并在香港联合交易所有 限公司主板上市的议案》等相关议案，在有效期内（即经公司股东大会审议通 过之日起 24 个月或同意延长的其他期限）择机完成本次发行上市。 ➢ 赴港股上市有助于拓宽融资渠道，加速海外生 ...

蓝思科技（300433.SZ）事件点评 ➢ AI 端侧的全面布局：折叠屏、机器人和智能头显等。公司 2016 年已前瞻 布局智能机器人领域，人形机器人方面，公司组建团队攻克关节模组、灵巧 手、躯干及头部面罩与总成等核心部件的设计制造，形成从精密零部件到整机 组装的一站式解决方案。折叠屏领域，公司布局多年，掌握上下折、左右折、 多折的 UTG 和 CPI 折叠屏制造工艺，具备保护膜及贴合、铰链、钛铝合金中框 及玻璃背板等关键配套部件及相关贴合组装能力。此外，公司还将牢牢把握 AIPC、支付终端、智能头显等新 AI 终端带来的机遇。 ➢ 我们认为，蓝思科技在人形机器人、折叠屏等新的 AI 终端研发生产能力， 是公司在传统消费电子的技术与经验的复用，其在精度、效率以及成本控制等 方面有较强优势，有助于打开成长的天花板。 ➢ 主业+汽车稳步前行，推进产业链垂直整合。公司消费电子基本盘持续开 疆拓土，与国内头部消费电子品牌达成长期深度合作，具备快速研发、量产能 力，已将玻璃、金属、蓝宝石、陶瓷、塑胶、碳纤维等新材料应用于多代、多 款中高端智能手机，在相关机型中占较大份额。新能源汽车方面，公司深入拓 展汽车玻璃等产品，并 ...

蓝思科技（300433.SZ）事件点评 冲刺 H 股，全球化布局 2025 年 03 月 16 日 ➢ 事件：3 月 13 日，蓝思科技发布公告：为进一步推进全球化战略布局，增 强综合竞争力，公司拟发行境外上市外资股（H 股）股票，并申请在港交所主 板挂牌上市。 ➢ 冲刺 H 股，全球化布局。25 年 3 月 12 日，公司召开第五届董事会和监事 会的第二次会议，审议通过了《关于公司发行 H 股股票并在香港联合交易所有 限公司主板上市的议案》等相关议案，在有效期内（即经公司股东大会审议通 过之日起 24 个月或同意延长的其他期限）择机完成本次发行上市。 ➢ 赴港股上市有助于拓宽融资渠道，加速海外生产基地的建设、进一步优化 供应链的全球化布局，实现海外客户需求的匹配、以及做好快速响应，公司此 举有望进一步增强自身在全球的竞争力。 ➢ AI 端侧的全面布局：折叠屏、机器人和智能头显等。公司 2016 年已前瞻 布局智能机器人领域，人形机器人方面，公司组建团队攻克关节模组、灵巧 手、躯干及头部面罩与总成等核心部件的设计制造，形成从精密零部件到整机 组装的一站式解决方案。折叠屏领域，公司布局多年，掌握上下折、左右折、 ...