2025年员工持股计划第一次持有人会议决议的公告 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、 误导性陈述或重大遗漏。 东莞市宇瞳光学科技股份有限公司（以下简称"公司"）2025 年员工持股计划（以 下简称"本员工持股计划"）第一次持有人会议于 2025 年 11 月 10 日以现场和通讯相 结合的方式召开。会议由董事会秘书陈天富先生主持，本次会议应出席持有人 12 人， 实际出席持有人 12 人，代表本员工持股计划份额 9,350,270 份，占公司本员工持股计 划总份额的 100%。本次会议的召集、召开和表决程序符合公司本员工持股计划的有关规 定。会议审议通过了以下议案： 证券代码：300790 证券简称：宇瞳光学 公告编号：2025-075 东莞市宇瞳光学科技股份有限公司 上述三位管理委员会委员均未在公司担任董事、高级管理人员职务，未在公司第一 大股东单位担任职务，与持有公司 5%以上股东、公司董事、高级管理人员不存在关联关 系。 表决结果：同意 9,350,270 份，占出席持有人会议的持有人所持份额总数的 100%； 反对 0 份，占出席持有人会议的持有人所持份额总数的 ...

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, driven by growth in new consumer businesses and automotive lens segments [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.362 billion yuan, a year-on-year increase of 18.49%, and a net profit attributable to shareholders of 188 million yuan, up 40.99% year-on-year [4]. - In Q3 2025, the company recorded revenue of 946 million yuan, representing a year-on-year growth of 27.06% and a quarter-on-quarter increase of 18.22% [4]. - The gross profit margin for Q3 2025 was 24.37%, showing a slight year-on-year increase of 0.02 percentage points but a decrease of 0.81 percentage points from the previous quarter [4]. Cost Management - The overall expense ratio for the first three quarters of 2025 decreased to 14.10%, down 2.69 percentage points year-on-year, indicating effective cost management [5]. - The breakdown of expenses for Q3 2025 included sales, management, R&D, and financial expenses at 1.52%, 5.36%, 5.66%, and 1.56% respectively, all showing year-on-year reductions [5]. Industry Outlook - The glass aspheric lens market is experiencing high demand, particularly in applications such as automotive, action cameras, panoramic cameras, drones, and AI glasses [6]. - The company plans to invest 337 million yuan to expand its production capacity for glass aspheric lenses, which is expected to add 28.4 million pieces per year, enhancing its competitive edge [6]. Automotive Optical Business - Since 2021, the company has strategically focused on the automotive optical business, offering products like automotive lenses, HUD optical components, lidar optical components, and smart car lights [7]. - In the first half of 2025, the automotive optical business generated revenue of 164 million yuan, reflecting a year-on-year growth of 37.78%, indicating strong market acceptance [7].

Core Viewpoint - Yutong Optical experienced a stock price decline of 2.11% on November 4, with a current price of 30.62 CNY per share and a market capitalization of 11.456 billion CNY. The stock has increased by 61.23% year-to-date, but has seen slight declines in the last five and twenty trading days [1]. Financial Performance - For the period from January to September 2025, Yutong Optical reported a revenue of 2.362 billion CNY, representing a year-on-year growth of 18.49%. The net profit attributable to shareholders was 188 million CNY, showing a significant increase of 40.99% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Yutong Optical was 30,700, a decrease of 40.84% from the previous period. The average number of circulating shares per shareholder increased by 69.03% to 10,579 shares [2]. Dividend Distribution - Since its A-share listing, Yutong Optical has distributed a total of 240 million CNY in dividends, with 88.93 million CNY distributed over the last three years [3]. Major Shareholders - The largest circulating shareholder as of September 30, 2025, is Hong Kong Central Clearing Limited, holding 13.5362 million shares, which is an increase of 9.2362 million shares from the previous period [3].

Core Points - The company Dongguan Yutong Optical Technology Co., Ltd. has announced its 2025 semi-annual equity distribution plan, which was approved at the second extraordinary general meeting of shareholders held on September 15, 2025 [2][4][6]. Summary by Sections Equity Distribution Plan - The equity distribution plan involves distributing a cash dividend of 0.5 yuan (including tax) for every 10 shares held, based on a total share capital of 374,118,981 shares, excluding 2,429,000 shares that have been repurchased [2][6]. - The total cash dividend to be distributed amounts to 18,584,499.05 yuan (including tax) [2][6]. Shareholder Rights - Shares held in the company's repurchase account do not have rights to profit distribution, which affects the calculation of the distribution base [2][3]. - The distribution will be executed on the basis of 371,689,981 shares after excluding the repurchased shares [2][6]. Important Dates - The record date for shareholders entitled to the dividend is November 6, 2025, and the ex-dividend date is November 7, 2025 [7]. Distribution Method - Cash dividends will be directly credited to the accounts of shareholders through their custodial securities companies on the ex-dividend date [9]. Taxation Details - Different tax rates apply for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors [6].

Core Points - Yutong Optical announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 0.5 RMB per 10 shares to all shareholders [1] - The record date for the dividend is set for November 6, 2025, while the ex-dividend date is November 7, 2025 [1]

Core Viewpoint - Yutong Optical is the largest security lens manufacturer globally, maintaining the top market share for ten consecutive years, with significant production capabilities in optical lenses [1] Group 1: Business Performance - In Q3 2025, Yutong Optical reported revenue of 2.362 billion yuan, ranking 4th among 26 companies in the industry, with the industry leader Hikvision generating 65.758 billion yuan [2] - The net profit for the same period was 188 million yuan, placing the company 6th in the industry, while Hikvision's net profit was 10.254 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Yutong Optical's debt-to-asset ratio was 55.99%, down from 63.22% year-on-year, but still above the industry average of 31.60% [3] - The gross profit margin for Q3 2025 was 24.57%, an increase from 22.87% year-on-year, yet lower than the industry average of 38.30% [3] Group 3: Executive Compensation - Chairman Zhang Pingguang's salary increased to 943,200 yuan in 2024, up by 243,100 yuan from 2023 [4] - General Manager Jin Yonghong's salary rose to 1,008,300 yuan in 2024, an increase of 257,800 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 40.84% to 30,700, while the average number of shares held per shareholder increased by 69.03% to 10,600 [5] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 13.5362 million shares, an increase of 9.2362 million shares from the previous period [5] Group 5: Business Highlights and Future Outlook - Yutong Optical is expanding its automotive optical products, collaborating with multiple car manufacturers, and seeing rapid growth in its automotive lens business, including advancements in lidar and HUD technologies [5] - The company is also focusing on new consumer markets, particularly in molded glass, which is expected to become a new growth point due to product advantages and downstream application expansion [5] - Forecasts for net profit from 2025 to 2027 are 298 million, 498 million, and 613 million yuan, respectively, with a target price of 43.89 yuan based on a 33x P/E ratio for 2026 [5] - Yutong Optical's performance is expected to accelerate, with projected revenues of 3.35 billion, 4.41 billion, and 5.70 billion yuan from 2025 to 2027, and net profits of 300 million, 500 million, and 700 million yuan, respectively [6]

证券代码：300790 证券简称：宇瞳光学 公告编号：2025-074 东莞市宇瞳光学科技股份有限公司 2025 年半年度权益分派实施公告 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。 2、本次权益分派实施后计算除权除息价格时，按公司总股本 374,118,981 股折算 后的每 10 股现金分红金额=18,584,499.05/374,118,981*10=0.496753 元（保留六位小 数，最后一位直接截取，不四舍五入）。在保证本次权益分派方案不变的前提下，2025 年半年度权益分派实施后的除权除息价格=股权登记日（2025 年 11 月 6 日）收盘价 -0.0496753 元/股。 东莞市宇瞳光学科技股份有限公司（以下简称"公司"或"本公司"）2025 年半年 度权益分派方案已获 2025 年 9 月 15 日召开的 2025 年第二次临时股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 1、公司 2025 年半年度权益分派方案已于 2025 年 9 月 15 日召开的 2025 年第二次 临时股东大会审议通过 ...

Investment Rating - The report upgrades the investment rating of Yutong Optical to "Strong Buy" [1][7]. Core Views - Yutong Optical achieved record high quarterly revenue in Q3 2025, with significant growth driven by the automotive and new consumer markets, indicating a long-term growth potential for the company [1][7]. - The company reported a total revenue of 2.362 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.49%, and a net profit attributable to shareholders of 188 million yuan, up 40.99% year-on-year [1][7]. - The report highlights the strong performance in Q3 2025, with revenue reaching 946 million yuan, a year-on-year increase of 27.06% and a quarter-on-quarter increase of 18.22% [1][7]. Financial Summary - The projected total revenue for Yutong Optical is expected to grow from 2.743 billion yuan in 2024 to 5.602 billion yuan by 2027, with a compound annual growth rate (CAGR) of 20.4% [3][8]. - The net profit attributable to shareholders is forecasted to increase significantly from 184 million yuan in 2024 to 613 million yuan in 2027, reflecting a CAGR of 23.2% [3][8]. - The earnings per share (EPS) is projected to rise from 0.49 yuan in 2024 to 1.64 yuan in 2027, indicating strong profitability growth [3][8]. Business Growth Drivers - The company is actively expanding its automotive optical product line, including vehicle-mounted lenses, HUDs, and laser radar, which are expected to benefit from the growing demand for autonomous driving and connected vehicles [7]. - Yutong Optical is also focusing on the new consumer market, particularly in the production of glass aspheric lenses, which are gaining traction in various applications such as action cameras, AI glasses, and drones [7]. - The report emphasizes that the company's aspheric glass business is positioned for rapid growth, supported by its capabilities in large-scale production [7].

Group 1 - The report highlights that the wealth management market in China has seen a significant increase in scale, reaching a new high despite valuation rectification pressures, with a third-quarter increase of 1.46 trillion yuan, which is 620 billion yuan more than the same period last year [5] - The report indicates that the financial institutions' deposit growth has slowed down, with a total increase of 4.76 trillion yuan in deposits in the third quarter, which is a decrease of 400 billion yuan year-on-year [5] - The wealth management and bond fund scales have shown a year-on-year decrease in the second half of the year, while deposits have started to recover [5] Group 2 - The report discusses the growth potential of the pool cleaning robot industry, which has a current market size of 2.5 billion USD and is expected to grow to 4.21 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [6] - The company is positioned as a leading player in the pool cleaning robot market, holding a 9.2% market share and ranking third globally, with the top five manufacturers accounting for approximately 74.9% of the market [6] - The report emphasizes the company's competitive advantages, including strong R&D capabilities, comprehensive product offerings, and a robust multi-channel sales strategy [6] Group 3 - The report notes that the company has experienced a slowdown in revenue growth, with a 2025 year-to-date revenue of 1.76 billion yuan, reflecting an 18.7% increase year-on-year, while net profit has decreased by 29% [11] - The company is expected to face continued pressure on profitability due to significant investments in new product molds [11] - The report projects net profits for the company to be 121 million yuan, 145 million yuan, and 171 million yuan for 2025, 2026, and 2027, respectively, indicating a decline in 2025 followed by growth in subsequent years [11] Group 4 - The report indicates that the company has achieved a significant increase in revenue and net profit, with a third-quarter revenue of 19.68 billion yuan, representing a 129.19% year-on-year growth [31] - The new game "杖剑传说" has contributed significantly to the company's revenue growth, with total revenue from this game reaching 11.66 billion yuan in the first three quarters of 2025 [31] - The report highlights the company's strong performance in overseas markets, with a 59.46% year-on-year increase in overseas revenue [33]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown significant performance acceleration in Q3 2025, with revenue reaching 2.362 billion yuan, a year-on-year increase of 18.49%, and a net profit of 188 million yuan, up 40.99% year-on-year. The gross margin improved to 24.57%, and the net margin reached 7.96% [1]. - The growth is driven by increasing demand in the downstream smart automotive and new consumer markets, particularly in the aspheric glass lens business, which is expected to grow rapidly [1][2]. - The company is well-positioned in the non-spherical glass lens market, with a strong foothold in emerging sectors such as drones, action cameras, and AI glasses, benefiting from high demand and limited domestic production capacity [2]. - The company has established a solid market position in the security lens sector, maintaining the largest market share globally for ten consecutive years, and is making progress in expanding its smart home product offerings to overseas clients [3]. - The strategic expansion into automotive optics, including surround view and cabin lenses, is expected to enhance performance, with significant collaborations with major automotive manufacturers [3][4]. Financial Summary - The company is projected to achieve revenues of 3.347 billion yuan in 2025, 4.413 billion yuan in 2026, and 5.697 billion yuan in 2027, with year-on-year growth rates of 22.0%, 31.9%, and 29.1% respectively [4][10]. - Net profit is expected to reach 298 million yuan in 2025, 497 million yuan in 2026, and 697 million yuan in 2027, with growth rates of 62.6%, 66.5%, and 40.3% respectively [4][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 38.7, 23.3, and 16.6 times respectively [4][10].