国泰海通证券股份有限公司 关于 惠州光弘科技股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 二〇二五年十一月 惠州光弘科技股份有限公司 向特定对象发行股票上市保荐书 声 明 国泰海通证券股份有限公司（以下简称"国泰海通""国泰海通证券""保 荐人"）接受惠州光弘科技股份有限公司（以下简称"光弘科技""公司""发 行人"）的委托，担任光弘科技本次向特定对象发行股票（以下简称"本次发行"） 的保荐人，杨皓月、李慧琪作为具体负责推荐的保荐代表人，为本次向特定对象 发行股票的发行上市出具上市保荐书。 本保荐人及保荐代表人已根据《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》"）、《证券发行上 市保荐业务管理办法》（以下简称"《保荐管理办法》"）、《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）、《深圳证券交易所创业板股 票上市规则》等有关法律、行政法规和中国证券监督管理委员会（以下简称"中 国证监会"）、深圳证券交易所（以下简称"深交所"）有关规定，诚实守信，勤 勉尽责，严格按照依 ...

证券代码：300735 证券简称：光弘科技 惠州光弘科技股份有限公司 与 国泰海通证券股份有限公司 关于 申请向特定对象发行股票的 审核问询函的回复 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二○二五年十一月 1-1 惠州光弘科技股份有限公司 审核问询函的回复 深圳证券交易所： 根据贵所于 2025 年 8 月 31 日出具的《关于惠州光弘科技股份有限公司申请 向特定对象发行股票的审核问询函》（审核函〔2025〕020044 号），惠州光弘科 技股份有限公司（以下简称"光弘科技""发行人""申请人"或"公司"）与国 泰海通证券股份有限公司（以下简称"保荐人"）、北京市中伦律师事务所（以下 简称"发行人律师"）、立信会计师事务所（特殊普通合伙）（以下简称"立信会 计师"）、致同会计师事务所（特殊普通合伙）（以下简称"致同会计师"）、国众 联资产评估土地房地产估价有限公司（以下简称"评估师""评估机构"）对问询 函所涉及的问题认真进行了逐项核查和落实，现回复如下，请予审核。 如无特别说明，本问询函回复使用的简称或名词释义与《惠州光弘科技股份 有限公司向特定对象发行股票募集说明书（申报稿 ...

Core Insights - The consumer electronics industry is experiencing growth driven by AI innovations in hardware upgrades such as heat dissipation, battery, and fast charging, leading to increased gross margins for related listed companies [1][5] Company Performance - Lianyi Zhizao (002600) reported a revenue of 37.59 billion yuan for the first three quarters of the year, a year-on-year increase of 19.25%, and a net profit of 1.941 billion yuan, up 37.66% [1] - In Q3 2025, Lianyi Zhizao achieved a revenue of 13.965 billion yuan, a 12.91% increase year-on-year, with a net profit of 1.012 billion yuan, up 39.28% [1] - The gross margin for Lianyi Zhizao reached 19.2% in Q3 2025, compared to 17.2% in the same period last year, with a year-on-year increase of 13.27 percentage points in the first half of the year [1] - Luxshare Precision (002475) reported a gross margin of 12.84% in Q3 2025, up from 11.75% year-on-year, and a gross margin of 12.15% for the first three quarters, compared to 11.72% last year [2] - Derun Electronics (002055) achieved a gross margin of 22.9% in Q3 2025, significantly up from 12.52% year-on-year, with a gross margin of 21.73% for the first three quarters, compared to 15.39% last year [2] - Lens Technology (300433) reported a net profit of 1.7 billion yuan in Q3, a year-on-year increase of 12.62%, and anticipates significant revenue from humanoid robots and quadruped robotic dogs in 2025 [3] Industry Trends - The consumer electronics sector is undergoing a transformation towards AI-enabled smart devices, with increasing demand for high-precision, miniaturized, and multifunctional components [2] - The expansion of the AI server market and the delivery of AI cabinet products for large-scale data centers are driving revenue growth for companies like Industrial Fulian (601138) [4] - Industrial Fulian reported a revenue of 243.172 billion yuan in Q3 2025, a 42.81% year-on-year increase, with a net profit exceeding 10 billion yuan for the first time, reaching 10.373 billion yuan, up 62.04% [5] - The consumer electronics industry is expected to continue evolving towards smart, ecological, and sustainable development, with AI as a core driving force [5]

Market Overview - The consumer electronics sector experienced a decline of 4.28% on October 31, with Heertai leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Litong Electronics (603629) with a closing price of 26.77, up 9.98% [1] - Tonglian Precision (688210) at 62.68, up 7.00% [1] - Yuzhong Technology (688260) at 31.85, up 5.78% [1] - Major decliners included: - Heertai (002402) at 51.32, down 8.86% with a trading volume of 1.57 million shares and a turnover of 8.704 billion [2] - Industrial Fulian (601138) at 72.00, down 7.66% with a trading volume of 2.463 million shares and a turnover of 18.181 billion [2] - Deep Technology (000021) at 27.30, down 6.38% with a trading volume of 1.4068 million shares and a turnover of 3.892 billion [2] Capital Flow - The consumer electronics sector saw a net outflow of 7.554 billion from institutional investors, while retail investors contributed a net inflow of 5.651 billion [2] - The capital flow for specific stocks showed: - Changying Precision (300115) had a net inflow of 681 million from institutional investors [3] - Litong Electronics (603629) experienced a net inflow of 102 million from institutional investors [3] - Heertai (002402) had a significant net outflow of 8.704 billion from institutional investors [3]

Group 1 - The A-share electronic industry has become the largest sector by total market capitalization, surpassing the banking industry, with a total market value exceeding 13.6 trillion yuan, accounting for 12.8% of the total A-share market [1][12] - Several leading companies in the electronic sector, including Industrial Fulian and Luxshare Precision, have announced substantial dividend plans for the first three quarters of 2025, reflecting their strong financial health and profitability [1][11] - Luxshare Precision plans to distribute a cash dividend of 1.6 yuan per 10 shares, totaling approximately 1.165 billion yuan, which represents 10.12% of its net profit for the first three quarters of 2025 [2][11] Group 2 - Industrial Fulian announced a cash dividend of 3.3 yuan per 10 shares, amounting to 6.551 billion yuan, which is 54.08% of its net profit for the first half of 2025 [7][11] - Lens Technology has also joined the trend, distributing a cash dividend of 1 yuan per 10 shares, totaling 498 million yuan [9] - The electronic industry's strong performance is attributed to the growth driven by AI technologies, with many companies diversifying into AI-related fields [12][16] Group 3 - Luxshare Precision reported a net profit of 11.518 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [20][23] - Industrial Fulian's net profit for the same period reached 22.487 billion yuan, up 48.52% year-on-year [13][16] - Companies like GoerTek are also expanding into AI markets, reporting a net profit of 2.587 billion yuan, a 10.33% increase [19] Group 4 - The electronic industry is accelerating its globalization strategy, with companies like Luxshare Precision planning to leverage overseas production bases to meet regional market demands [26] - Several companies are also pursuing Hong Kong IPOs to enhance their global financing capabilities, including Luxshare Precision and Lens Technology [26][30] - The industry is focusing on expanding production capabilities in regions like Vietnam and India to strengthen their overseas manufacturing foundations [26]

Core Viewpoint - The A-share electronic industry is experiencing significant growth, with major companies announcing substantial dividend distributions based on strong financial health and profitability, driven in part by advancements in AI technology [3][15][16]. Group 1: Dividend Announcements - Several leading companies in the A-share electronic industry, including Lixun Precision and Industrial Fulian, have announced large-scale dividend plans for the first three quarters of 2025, marking the beginning of a significant dividend season [3][5]. - Lixun Precision plans to distribute a cash dividend of 1.6 yuan per 10 shares, totaling approximately 1.165 billion yuan, which represents 10.12% of its net profit for the first three quarters of 2025 [6][10]. - Industrial Fulian has proposed a cash dividend of 3.3 yuan per 10 shares, amounting to 6.551 billion yuan, which constitutes 54.08% of its net profit for the first half of 2025 [10][15]. Group 2: Financial Performance - The electronic industry has shown impressive financial results, with 79 out of 98 companies reporting profits in the first three quarters of 2025 [17]. - Industrial Fulian reported a net profit of 22.487 billion yuan for the first three quarters of 2025, a year-on-year increase of 48.52% [18][21]. - Lixun Precision's net profit for the same period reached 11.518 billion yuan, reflecting a growth of 26.92% year-on-year [25]. Group 3: AI as a Growth Engine - AI technology is becoming a core growth driver for the electronic industry, with companies like Lixun Precision and Blues Technology expanding into AI-related markets [21][32]. - Blues Technology reported a net profit of 2.843 billion yuan for the first three quarters of 2025, a 19.91% increase year-on-year, leveraging AI-driven product innovations [21][22]. - Lixun Precision is positioning itself as a comprehensive AI terminal solution provider, planning to increase investments in AI hardware and related fields [31]. Group 4: Global Expansion and IPO Plans - The electronic industry is accelerating its globalization strategy, with companies like Lixun Precision and Blues Technology planning to enhance their overseas manufacturing capabilities [34][35]. - Several companies are also preparing for IPOs in Hong Kong to strengthen their global financing capabilities, with Lixun Precision and Blues Technology among those announcing such plans [34][38].

Core Insights - The consumer electronics sector is experiencing significant growth, with 79 out of 98 companies reporting profits in the first three quarters, and 41 companies showing positive year-on-year growth in net profit [1] - AI is emerging as a key growth driver in the consumer electronics industry, prompting companies to diversify into AI computing, smart wearables, and embodied intelligence [1] Group 1: Company Performance - Industrial Fulian reported a net profit of 103.73 billion yuan in Q3, a year-on-year increase of 62.04%, with GPU AI server business revenue growing over 300% [2] - Huakin Technology achieved a net profit of 30.99 billion yuan in the first three quarters, reflecting a 51.17% year-on-year growth, driven by diverse business segments [2] - Lens Technology's net profit reached 17 billion yuan in Q3, up 12.62% year-on-year, with expectations of significant revenue from robotics by 2025 [3] - GoerTek's net profit for the first three quarters was 25.87 billion yuan, a 10.33% increase, focusing on AI smart hardware and VR devices [3] - Liying Intelligent Manufacturing reported a net profit of 19.41 billion yuan, a 37.66% increase year-on-year [5] Group 2: Market Trends and Strategies - The consumer electronics industry is shifting towards AI-driven business models, with companies leveraging their innovation capabilities and flexibility to adapt to new market demands [1] - Huakin Technology is establishing a dual-cycle manufacturing system with overseas bases in Vietnam, Mexico, and India, enhancing its global operational capacity [4] - Liying Intelligent Manufacturing's overseas sales accounted for over 70% of total revenue, indicating a strong international market presence [5] - Several companies in the consumer electronics sector are planning H-share listings to accelerate global expansion and enhance financing capabilities [5] Group 3: Key Financial Metrics - Industrial Fulian: Net profit of 224.87 billion yuan, 48.52% growth, market cap of 15,483 billion yuan [6] - Liying Precision: Net profit of 115.18 billion yuan, 26.92% growth, market cap of 4,736 billion yuan [6] - Lens Technology: Net profit of 28.43 billion yuan, 19.91% growth, market cap of 1,555 billion yuan [6] - GoerTek: Net profit of 25.87 billion yuan, 10.33% growth, market cap of 1,173 billion yuan [6] - Liying Intelligent Manufacturing: Net profit of 19.41 billion yuan, 37.66% growth, market cap of 1,164 billion yuan [6] - Huakin Technology: Net profit of 30.99 billion yuan, 51.17% growth, market cap of 1,076 billion yuan [6]

Core Insights - The company reported a total revenue of 6.256 billion yuan for Q3 2025, with a net profit attributable to shareholders of 199 million yuan [1] - Operating cash flow decreased by 235 million yuan compared to the same period last year, representing a year-on-year decline of 21.95% [1] Financial Performance - The latest asset-liability ratio stands at 44.35%, an increase of 0.66 percentage points from the previous quarter and a rise of 9.80 percentage points year-on-year [3] - The gross profit margin is reported at 12.31%, ranking 50th among disclosed peers [3] - Return on equity (ROE) is at 4.03%, ranking 34th among disclosed peers [3] - The diluted earnings per share (EPS) is 0.26 yuan [3] - Total asset turnover is 0.68 times, while inventory turnover is 9.10 times, a decrease of 6.41 times year-on-year, reflecting a 41.32% decline [3] Shareholder Structure - The number of shareholders is 70,200, with the top ten shareholders holding 410 million shares, accounting for 53.47% of the total share capital [3] - The largest shareholder is Guanghong Investment Co., Ltd., holding 48.5% of the shares [3]

Core Insights - Guanghong Technology (光弘科技) reported strong financial performance for Q3 2025, with revenue of 2.937 billion yuan, a year-on-year increase of 57.46%, and net profit of 99.61 million yuan, up 99.68% [1] - The company achieved a total revenue of 6.256 billion yuan for the first three quarters, representing a 20.81% year-on-year growth, with net profit reaching 199 million yuan, a 33.73% increase [1] - The automotive electronics segment is expanding significantly, driven by the acquisition of AC Company, which has a strong technical foundation and established customer relationships in the automotive sector [1][2] Financial Performance - In Q3, Guanghong Technology's core financial indicators showed double-digit growth, with a non-recurring net profit of 96.84 million yuan, up 131.46% year-on-year [1] - AC Company contributed 578 million yuan in revenue within two months of consolidation, accounting for 17.42% of the total revenue, and a net profit of 2.95 million yuan, representing 2.97% of the total net profit [2] Business Expansion - The acquisition of AC Company has allowed Guanghong Technology to enhance its automotive electronics business, with AC Company being a key player in electronic manufacturing services with a diverse client base [1][2] - The company has successfully entered the high-precision automotive lighting manufacturing sector, marking a significant milestone in its automotive electronics strategy [3] Global Presence - Guanghong Technology has established a global manufacturing footprint with 13 bases across four continents, enhancing its ability to serve international clients [4] - The company’s manufacturing capabilities include a monthly production capacity of 3 million smartphones in India and over 3 million electronic products in Vietnam [4] Strategic Direction - The automotive electronics sector is becoming a core growth engine for Guanghong Technology, driven by advancements in AI and the rapid development of the new energy vehicle industry [2][5] - The company plans to increase investments in automotive electronics while also diversifying into high-value sectors such as medical and industrial control [5]

Group 1 - The core viewpoint of the article highlights Guanghong Technology's strong financial performance in the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit [1] Group 2 - The company's operating revenue for the first three quarters reached 6.256 billion yuan, representing a year-on-year increase of 20.81% [1] - The net profit attributable to shareholders of the listed company was 199 million yuan, showing a year-on-year growth of 33.73% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 183 million yuan, reflecting a year-on-year increase of 49.84% [1] - The basic earnings per share stood at 0.2592 yuan [1]