首次授予部分第三个归属期归属条件成就之 独立财务顾问报告 2025 年 4 月 公司简称：聚灿光电 证券代码：300708 上海荣正企业咨询服务（集团）股份有限公司 关于 聚灿光电科技股份有限公司 2022 年限制性股票激励计划 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本次限制性股票激励计划已履行的审批程序 | 6 | | 五、独立财务顾问意见 | 9 | | （一）2022 | 年限制性股票激励计划归属期归属条件成就情况 9 | | （二）本次限制性股票可归属的具体情况 | 11 | | （三）结论性意见 | 12 | | 六、备查文件及咨询方式 | 13 | | （一）备查文件 | 13 | | （二）咨询方式 | 13 | 一、释义 3 二、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由聚灿光电提供，本激励 计划所涉及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告 所依据的所有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、 虚假或误导性陈述，并对其合法性、真实性、 ...

法律意见书 上海天衍禾律师事务所 关于 聚灿光电科技股份有限公司 2022 年限制性股票激励计划相关事项 之 法律意见书 地址：中国•上海 云岭东路 89 号长风国际大厦 2006 室 法律意见书 上海天衍禾律师事务所 关于 电话：(86)021-52830657 传真：(86)021—5289556 法律意见书 释 义 | 聚灿光电、公司、上市公 | 指 | 聚灿光电科技股份有限公司 | | --- | --- | --- | | 司 | | | | 激励计划、本次激励计划 | 指 | 聚灿光电科技股份有限公司 2022年限制性股票激励计划 | | 限制性股票、第二类限制 | 指 | 符合本次激励计划授予条件的激励对象，在满足相应归 | | 性股票 | | 属条件后分次获得并登记的公司股票 | | 《考核管理办法》 | 指 | 《聚灿光电科技股份有限公司限制性股票激励计划实施 | | | | 考核管理办法》 | | 《激励计划（草案）》 | 指 | 《聚灿光电科技股份有限公司 2022 年限制性股票激励计 | | | | 划（草案）》 | | 《激励计划（草案修订 | 指 | 《聚灿光电科技股份有限公司 2 ...

聚灿光电科技股份有限公司 聚灿光电科技股份有限公司 监事会关于公司 2022 年限制性股票激励计划 监事会 首次授予部分第三个归属期归属名单的核查意见 二〇二五年四月十日 聚灿光电科技股份有限公司（以下简称"公司"）监事会根据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证 券交易所创业板股票上市规则（2023 年修订）》（以下简称"《上市规则》"）等有 关法律、法规和规范性文件以及《聚灿光电科技股份有限公司 2022 年限制性股 票激励计划（草案修订稿）》以下简称"《激励计划》"）、《聚灿光电科技股份有限 公司章程》（以下简称"《公司章程》"）的规定，对《激励计划》首次授予部分第 三个归属期可办理归属的激励对象名单进行审核，发表核查意见如下： 首次授予部分的 30 名激励对象因个人原因离职、1 名激励对象不具备激励 对象的资格（陈静女士因 2024 年经选举担任监事职务）、1 人考核得分对应个人 层面归属系数为 0.8、1 人考核得分对应个人层面归属系数为 0.5，其余 182 名 ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-031 聚灿光电科技股份有限公司 第四届监事会第六次会议决议公告 本公司及监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、 监事会会议召开情况 聚灿光电科技股份有限公司（以下简称"公司"）第四届监事会第六次会议（以 下简称"会议"）通知于 2025 年 4 月 3 日送达全体监事，于 2025 年 4 月 10 日上午 10:00 以现场结合通讯方式召开。本次会议应出席监事 3 名，实际出席监事 3 名。 本次会议由高利先生主持。本次会议的召集、召开和表决程序符合《中华人民共和 国公司法》等有关法律、法规及《聚灿光电科技股份有限公司章程》（以下简称"公 司章程"）的有关规定，会议合法有效。 二、 会议审议情况 1、审议通过了《关于2025年第一季度报告的议案》 监事会审议通过了《关于2025年第一季度报告的议案》，监事会认为公司 《2025年第一季度报告》内容真实、准确、完整，不存在任何虚假记载、误导性 陈述或者重大遗漏。 具体内容详见同日公布在中国证监会指定信息披露网站巨潮资讯网 （http://w ...

证券代码：300708 证券简称：聚灿光电 公告编号：2025-030 聚灿光电科技股份有限公司 第四届董事会第六次会议决议公告 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 聚灿光电科技股份有限公司(以下简称"公司")第四届董事会第六次会议（以 下简称"会议"） 通知于 2025 年 4 月 3 日送达全体董事，于 2025 年 4 月 10 日上 午 9:00 以现场结合通讯表决的方式召开。本次会议应参加表决董事 6 名，实际 参加表决董事 6 名。本次会议由潘华荣先生召集并主持，相关程序符合《中华人 民共和国公司法》等有关法律、法规及《聚灿光电科技股份有限公司章程》的有 关规定，会议合法有效。 二、会议审议情况 1、审议通过了《关于2025年第一季度报告的议案》； 表决结果：同意：6 票；反对：0 票；弃权：0 票。 2、审议通过了《关于调整2022年限制性股票激励计划授予价格的议案》 公司于2025年2月26日披露了《2024年年度权益分派实施公告》，以公司现有 总股本剔除已回购股份32,831,660.00股后的643,38 ...

Financial Performance - The company's revenue for Q1 2025 was ¥731,410,133.16, representing a 21.80% increase compared to ¥600,483,216.63 in the same period last year[5] - Net profit attributable to shareholders was ¥61,441,573.69, up 27.72% from ¥48,107,581.92 year-on-year[5] - The basic earnings per share rose to ¥0.09, an increase of ¥0.02 from ¥0.07 in the same period last year[5] - Total operating revenue for the current period reached ¥731,410,133.16, an increase of 21.8% compared to ¥600,483,216.63 in the previous period[22] - Net profit for the current period was ¥61,441,573.69, representing a 28% increase from ¥48,107,581.92 in the previous period[24] Cash Flow - The net cash flow from operating activities surged to ¥176,153,137.71, a significant increase of 666.02% compared to ¥22,995,912.52 in the previous year[5] - Operating cash inflow for the current period reached ¥890,751,008.51, a significant increase of 62.6% compared to ¥547,141,906.45 in the previous period[26] - Cash received from sales of goods and services was ¥878,687,576.27, compared to ¥529,998,487.75, representing a growth of 66.0%[26] - The company’s cash flow from operating activities showed a strong recovery, indicating improved operational efficiency and revenue generation capabilities[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,671,905,220.15, reflecting a 0.86% increase from ¥4,632,254,475.38 at the end of the previous year[5] - Total liabilities rose to ¥1,995,043,716.58, compared to ¥1,915,414,479.23, indicating an increase of 4.2%[21] - The total equity attributable to shareholders decreased to ¥2,676,861,503.57 from ¥2,716,839,996.15, a decline of 1.5%[21] Research and Development - The company is committed to continuous investment in R&D, focusing on Mini/Micro LED chip development and manufacturing expansion, which will diversify its product offerings[17] - Research and development expenses for the current period were ¥32,758,092.09, up from ¥29,200,157.20, reflecting a commitment to innovation[23] Product Development and Market Position - The company is advancing a project to produce 2.4 million pieces of red and yellow light epitaxial wafers and chips, with partial production expected to commence by January 11, 2025[15] - The company has successfully transitioned from monochrome to full-color LED chip supplier, enhancing its product matrix across three core application areas: lighting, backlighting, and display[16] - High-end products, including high-efficiency lighting and automotive lighting, are increasingly contributing to revenue growth, leading to improved product average prices and gross margins[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 57,161, with the largest shareholder holding 19.11% of the shares[10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company is transitioning to a full-color LED chip supplier, expanding from GaN-based blue-green LED epitaxial wafers and chips to GaAs-based red-yellow LED epitaxial wafers and chips [8] - The company achieved a revenue of 2.76 billion yuan in 2024, a year-on-year increase of 11.23%, and a net profit of 196 million yuan, a significant year-on-year increase of 61.44% [8] - The LED market is expected to reach a value of 13.003 billion USD in 2025, despite challenges such as increased costs due to tariffs and suppressed consumer demand [8] - The company maintains industry-leading profitability due to refined management and advantages from late-stage equipment procurement [8] - Future revenue growth is anticipated from the completion of the annual production of 2.4 million red-yellow LED epitaxial wafers and chips [9] Financial Data and Forecast - Revenue projections for 2025-2027 are 3.332 billion yuan, 3.882 billion yuan, and 4.543 billion yuan respectively, with corresponding EPS of 0.41 yuan, 0.51 yuan, and 0.62 yuan [7][10] - The gross margin is expected to improve, with projections of 15.71%, 17.04%, and 17.22% for 2025-2027 [9][10] - The company’s net profit is forecasted to grow significantly, with estimates of 276 million yuan in 2025, 343 million yuan in 2026, and 417 million yuan in 2027 [7][10]

Group 1: Industry Overview and Company Positioning - The domestic LED chip localization rate has exceeded 90%, yet the company has maintained revenue growth for seven consecutive years, with a net profit increase of over 60% in 2024 [2][4] - The company focuses on high-end products such as high-efficiency lighting and automotive lighting, which have seen strong sales performance [2][4] - The company has established itself as a key player in the LED chip industry, ranking among the top six globally by 2024 [6][30] Group 2: Strategic Initiatives and Product Development - The company has launched a red-yellow light project, marking its entry as a full-spectrum LED chip supplier, with an annual production capacity of 2.4 million pieces [4][22] - The red-yellow light chips are expected to enhance product offerings in various applications, including automotive displays and professional color accuracy in media [4][5] - The company has invested significantly in R&D, with a compound annual growth rate of 20.56% over the past five years, ensuring continuous innovation and product upgrades [12][18] Group 3: Financial Performance and Growth Metrics - In 2024, the company achieved a revenue of 2.76 billion yuan, a year-on-year increase of 11.23%, and a net profit of 196 million yuan, up 61.44% [14][30] - The gross margin reached 24.99%, reflecting a 6.78% increase year-on-year, driven by product structure upgrades and cost control measures [12][14] - The company has maintained high production capacity utilization rates, with LED chip production reaching 22.83 million pieces in 2024, marking a growth of 5.02% from 2023 [14][30] Group 4: Market Trends and Future Outlook - The Mini LED market is projected to reach a scale of 30 billion yuan by 2025, indicating significant growth potential in emerging sectors [8][10] - The company anticipates that the red-yellow light project will contribute over 100 million yuan in annual profit once fully operational [29][30] - The company is well-positioned to leverage growth in sectors such as automotive lighting and plant lighting, which are expected to see substantial demand increases [10][30] Group 5: Sustainability and ESG Commitment - The company is recognized as a national-level green factory, focusing on innovations in third-generation semiconductor materials and energy-saving processes [33][34] - The company aims to integrate ESG principles into its core strategy, enhancing its commitment to sustainable development and carbon neutrality [33][34] - Efforts include reducing environmental impact through cleaner production methods and promoting energy-efficient applications in downstream markets [34][33]

Company Overview - Juzi Optoelectronics has a production base covering an area of 320 acres, ranking among the top in the industry for single production bases [2] - The main business involves the research, production, and sales of compound optoelectronic semiconductor materials, with key products including blue-green light epitaxial wafers and chips [3] Project Development - The "annual production of 2.4 million red and yellow light epitaxial wafers and chips project" has partially commenced production, with expectations to achieve full capacity by the second or third quarter of 2025 [4] - Once fully operational, the project is projected to increase annual revenue by over 600 million CNY and net profit by approximately 100 million CNY [4] Competitive Advantages - The company has a forward-looking layout for the gallium arsenide project, with advantages including: - Mature technology and stable production processes [3] - Advanced and automated equipment, leading to cost-effective production [3] - High production capacity and low public costs due to existing facilities [3] - A broad potential customer base, enhancing market opportunities [3] Operational Efficiency - The company maintains a high per capita revenue and production efficiency, exceeding industry averages by more than double [5] - Management strategies to sustain high efficiency include: - Focusing resources on core business areas [5] - Emphasizing innovation and equipment upgrades [5] - Implementing flat management structures to empower teams [5] - Establishing competitive compensation and benefits to motivate employees [5] Future Outlook - The company aims to continue optimizing internal management and enhancing team dynamics to maintain a leading position in the competitive market [6]

Core Viewpoint - Jucan Optoelectronics is a key player in the LED chip industry, focusing on refined management to solidify its development foundation and expanding its Mini/Micro LED capacity while establishing a second growth curve through its red and yellow light business [1][2]. Group 1: Company Overview - Jucan Optoelectronics has been deeply engaged in blue and green LED since its listing, achieving an orderly expansion of production capacity at its Suqian plant, with a monthly chip capacity reaching 1.954 million pieces by the end of 2024 [1]. - The company has demonstrated resilience in its performance amid market fluctuations, with steady revenue growth and improved profitability due to capacity expansion and market demand [1]. - Through refined management, the company has effectively controlled costs and maintained high production utilization rates, significantly outperforming its peers [1]. Group 2: Product Development and Market Trends - The demand for full-color LED products is increasing, with major domestic display manufacturers like BOE, TCL, and Hisense collaborating with RGB full-color chip companies [2]. - The transition to a full-color LED chip manufacturer is essential for the company, with plans to invest 800 million yuan in red and yellow light epitaxial wafer and chip capacity construction, partially operational by January 2025 [2]. - The Mini LED technology is currently a core technology in the LED industry, with a projected domestic market size of 30 billion yuan by 2025, while Micro LED is in its early stages but holds potential in small devices [3]. Group 3: Capacity Expansion and Future Projections - The company’s Mini LED production capacity reached 1.2 million pieces per year by 2023, with further expansion expected to add 7.2 million pieces per year by August 2026 [3]. - The company forecasts net profits of 305 million, 348 million, and 401 million yuan for 2025-2027, with year-on-year growth rates of 56.04%, 13.94%, and 15.31% respectively, indicating strong future performance [4]. - The current stock price corresponds to price-to-earnings ratios of 28.25, 24.79, and 21.50 for the years 2025-2027, reflecting a favorable investment outlook [4].