Core Viewpoint - The acquisition of 122 million euros by Jiahe Intelligent raises concerns among investors regarding the decision-making process, especially given the company's current focus on mid-to-low-end markets while attempting to integrate a high-end brand [2]. Group 1: Acquisition Details - Jiahe Intelligent announced its acquisition of the high-end audio brand Beyerdynamic, which is recognized for its strong brand heritage and global presence in professional audio products [2]. - The acquisition is part of Jiahe Intelligent's strategy to enhance its operational quality, expand its scale, and strengthen its capabilities in response to supportive policies for mergers and acquisitions in the technology and innovation sectors [2]. Group 2: Strategic Goals - The company aims to transition from an ODM model to developing its own brand, thereby increasing business value and enhancing its market position [2]. - By acquiring Beyerdynamic, Jiahe Intelligent intends to create a "manufacturing + brand" development model, which will help diversify its product and technology offerings and accelerate its globalization efforts [2]. Group 3: Long-term Vision - This acquisition aligns with Jiahe Intelligent's long-term development plan, which focuses on sustainable, stable, and healthy growth while creating greater value for shareholders [2].

Core Viewpoint - The company is actively pursuing acquisitions to enhance its operational quality and expand its scale, despite the increasing risks associated with international investments and geopolitical tensions [1]. Group 1: Company Strategy - The company is responding to new policies, including the "National Nine Articles" and "Merger Six Articles," which support mergers and acquisitions for companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market [1]. - The management emphasizes that the acquisition of German company Bayer is aligned with its core business and aims to strengthen its position in the industry [1]. Group 2: Market Context - The current international landscape is characterized by complex geopolitical conflicts and heightened overseas investment risks, which raise concerns about the company's acquisition strategy [1]. - The approval process for the acquisition is noted to be complicated, with potential impacts from policy changes and international relations [1].

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, indicating a strategic choice to maintain its current financing structure [1] Summary by Sections - **Company Decision**: The board of directors approved the resolution not to redeem the "Jiahe Convertible Bonds" early during the meeting held on August 15, 2025 [1] - **Future Conditions**: The company will not exercise the early redemption rights for the "Jiahe Convertible Bonds" for the next six months, from August 18, 2025, to February 17, 2026, even if the conditional redemption clauses are triggered [1]

Group 1 - The company Jiahe Intelligent (SZ 300793) announced that its 28th meeting of the third board of directors was held on August 15, 2025, via communication voting, where it reviewed the proposal regarding the non-early redemption of convertible bonds [1] - For the year 2024, the company's revenue composition is entirely from the electronics industry, with a 100.0% share [1] - As of the report date, Jiahe Intelligent has a market capitalization of 7.4 billion yuan [1]

| | | 佳禾智能科技股份有限公司 关于不提前赎回可转换公司债券的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 特别提示： 佳禾智能科技股份有限公司（以下简称"公司"）股票价格自2025年7月24 日至2025年8月15日期间已有十五个交易日的收盘价不低于"佳禾转债"当期转 股价格（即13.46元/股）的130%（即17.498元/股）。根据《佳禾智能科技股份有 限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）的约定，已触发"佳禾转债"有条件赎回条款。 公司于2025年8月15日召开第三届董事会第二十八次会议，审议通过了《关 于不提前赎回可转换公司债券的议案》。公司董事会决定本次不行使"佳禾转债" 的提前赎回权利，且在未来六个月内（自2025年8月18日至2026年2月17日）"佳 禾转债"再次触发有条件赎回条款时，公司均不行使提前赎回权利。 敬请广大投资者详细了解"佳禾转债"相关规定，并及时关注公司后续公告， 注意投资风险。 一、可转换公司债券基本概况 （一）可转换公司债券发行情况 经中国证券监督管理委员会证监许可 ...

招商证券股份有限公司 关于佳禾智能科技股份有限公司 不提前赎回佳禾转债的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为佳禾智 能科技股份有限公司（以下简称"佳禾智能"或"公司"）2024 年度向不特定对象 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》《可转换公司债券管理办法》《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》《深圳证券 交易所上市公司自律监管指引第 15 号——可转换公司债券》等有关规定，对佳 禾智能不提前赎回"佳禾转债"事项进行了认真、审慎的核查，核查情况及核查 意见如下： 一、可转换公司债券基本概况 （一）可转换公司债券发行情况 经中国证券监督管理委员会证监许可﹝2023﹞182 号《关于同意佳禾智能 科技股份有限公司向不特定对象发行可转换公司债券注册的批复》同意，佳禾 智能于 2024 年 1 月 4 日向不特定对象发行了可转换公司债券 10,040,000 张，每 张债券面值 100 元。募集资金总额 1,004,000,000 元，扣除相关发行费用 10,088,444.39 元 ...

第三届董事会第二十八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 | 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-072 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 结合当前的市场情况及公司自身实际情况，为保护债券持有人利益，公司 董事会决定本次不行使"佳禾转债"的提前赎回权利，且在未来六个月内（自 2025 年 8 月 18 日至 2026 年 2 月 17 日）"佳禾转债"再次触发有条件赎回条款 时，公司均不行使提前赎回权利。自 2026 年 2 月 17 日后首个交易日重新计算， 若"佳禾转债"再次触发有条件赎回条款，届时董事会将另行召开会议决定是 否行使"佳禾转债"的提前赎回权利。 三、备查文件 （一）第三届董事会第二十八次会议决议 特此公告。 佳禾智能科技股份有限公司董事会 佳禾智能科技股份有限公司（以下简称"公司"）第三届董事会第二十八 次会议通知于 2025 年 8 月 15 日以口头通知、电话通知及书面送达的形 ...

Market Overview - On August 15, the consumer electronics sector rose by 2.46%, with Yidong Electronics leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Top Gainers - Yidong Electronics (301123) closed at 39.41, up 20.01% with a trading volume of 283,700 shares and a transaction value of 1.025 billion [1] - Yingstone Innovation (688775) closed at 224.42, up 20.00% with a trading volume of 86,800 shares and a transaction value of 1.891 billion [1] - Shenglan Co., Ltd. (300843) closed at 44.92, up 11.35% with a trading volume of 273,900 shares [1] - Boshuo Technology (300951) closed at 37.21, up 11.24% with a trading volume of 149,200 shares and a transaction value of 557 million [1] Top Losers - Darui Electronics (300976) closed at 59.97, down 5.31% with a trading volume of 79,900 shares and a transaction value of 481 million [2] - Heertai (002402) closed at 29.98, down 3.20% with a trading volume of 1,683,900 shares and a transaction value of 5.093 billion [2] - Guoguang Electric (002045) closed at 16.70, down 0.71% with a trading volume of 517,400 shares [2] Capital Flow - The consumer electronics sector experienced a net outflow of 792 million from institutional investors and 376 million from retail investors, while individual investors saw a net inflow of 1.169 billion [2][3] - Notable net inflows from individual investors included Yidong Electronics (301123) with a net outflow of 79.05 million and Yingstone Innovation (688775) with a net outflow of 20.2 million [3]

Core Viewpoint - Jiahe Intelligent (300793) is actively engaged in the production of smart audio glasses for clients such as Anker, Tmall, and Harman, and is also developing AR glasses in collaboration with other clients [1] Group 1: Company Performance - In the 2024 annual report, Jiahe Intelligent reported a total revenue of 2.467 billion yuan, with approximately 207 million yuan coming from the smart wearable business [1] - The company demonstrates competitive advantages in multimodal interaction technology, acoustic and audio technology, low-power design, and supply chain integration capabilities [1] Group 2: Product Development - Jiahe Intelligent is producing the GO series AR glasses and is in the trial production verification phase for other AR glasses in collaboration with various clients [1] - The company is expanding its product offerings in the AI and industrial internet sectors, showcasing its technological strengths [1]

证券日报网讯佳禾智能（300793）8月14日在互动平台回答投资者提问时表示，公司前期有为美国客户 NEUROSKY、日本客户TOSHIBA累计出货几万台脑电波耳机。公司会充分利用好现有专利技术，持续 在现有技术积累上研发脑电波产品，探索与该技术相匹配的应用场景和产品，推出更多符合市场需求的 产品。 ...