Group 1 - Xiaomi announced the launch of the new Xiaomi 17 series, including Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, set to debut on September 25 [1] - The new series will feature Qualcomm's fifth-generation Snapdragon 8 Supreme mobile platform and Xiaomi's self-developed Surge OS 3 [1] - A significant design highlight is the rear secondary screen, which is expected to use high-spec 8T LTPO material and support a 120Hz refresh rate [1] - Xiaomi's General Manager, Lu Weibing, stated that the secondary screen technology has seen an investment of 1 billion in R&D, calling the Xiaomi 17 series "the most significant leap in the history of Xiaomi's digital series" [1] - Following the announcement, market reactions have been positive, with pre-orders for the new series reportedly doubling compared to the previous generation [1] - Industry analyst IDC predicts that global smartphone shipments will reach 1.24 billion units by 2025, with a year-on-year growth of 1%, supported by healthy replacement demand [1][2] Group 2 - The average selling price of global smartphones is expected to increase by 5% year-on-year by 2025, leading to a 6% growth in total market value [2] - Key areas of focus for manufacturers include ultra-thin designs, generative AI technology, foldable screens, and advanced camera systems, aimed at attracting consumers through differentiated competition [2] - Promotional activities and interest-free installment plans are helping to lower the purchase threshold for high-end models, further stimulating consumer potential [2] Group 3 - Guanghong Technology is identified as an important manufacturing service provider for Xiaomi smartphones [3] - Longli Technology is noted as a significant end customer for Xiaomi [4]

Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, covering key aspects such as operational status and the acquisition of AC Company [1] Group 1: Operational Analysis - Guanghong Technology's revenue for the reporting period was 4,179.78 million, 5,402.45 million, 6,881.41 million, and 1,195.79 million, with net profits attributable to ordinary shareholders (after deducting non-recurring gains and losses) of 261.25 million, 373.49 million, 240.60 million, and 29.77 million respectively [2] - The trends in revenue and net profit after deductions are not entirely consistent, with both showing aligned trends in 2023, while in 2024 and the first half of 2025, discrepancies arose due to declining gross margins and increased management expenses [2] - The EMS industry has shown a growth trend, with a compound annual growth rate of approximately 5.58% from 2017 to 2023, and is expected to reach 644.9 billion by 2028 [2] - Guanghong Technology has established a strong market position through rapid response, quality control, and customer resources [2] Group 2: Customer and Supplier Relationships - The top five customers account for 73.28%, 76.22%, 72.23%, and 67.06% of sales, indicating a slightly higher customer concentration compared to industry peers, primarily due to revenue being sourced from the consumer electronics sector [3] - The company has long-term stable relationships with major customers, with no single customer contributing more than 40% of sales, indicating low dependency risk [3] - There are instances of overlap between customers and suppliers, such as with Huajin Technology and Longqi Technology, due to certain materials being processed and sold to third-party clients [3] Group 3: Accounts Receivable and Construction Management - Accounts receivable are primarily aged within one year, with good post-period collection performance and sufficient bad debt provisions in compliance with accounting standards [4] - As of June 30, 2025, ongoing construction projects include equipment installation, factory construction, and other installation projects, with strict adherence to accounting standards and internal controls [4] Group 4: Acquisition of AC Company - The acquisition of AC Company is based on mutual industry positioning and operational considerations, as AC Company also operates in the EMS sector, providing synergistic benefits [5] - The transaction arrangements for acquiring AC Company and TIS factory equity comply with agreements, with fair pricing and accurate information disclosure, ensuring no harm to the interests of the listed company or minority investors [6] Group 5: Evaluation and Integration Planning - The evaluation methods used for the acquisition have reasonable parameters, and the asset pricing is fair compared to market benchmarks and historical evaluations [7] - Guanghong Technology possesses the necessary personnel, technology, and market reserves for integrating the acquired assets, with a feasible integration control plan in place [7] - The acquisition is not expected to introduce significant adverse impacts on competition or the independence of the listed company's operations [7]

Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. has provided a detailed response to the Shenzhen Stock Exchange regarding its application for a specific stock issuance, addressing various aspects of its operations, finances, and acquisitions [1] Financial and Operational Analysis - During the reporting period, Guanghong Technology's operating revenues were 4,179.78 million, 5,402.45 million, 6,881.41 million, and 1,195.79 million, while the net profits attributable to ordinary shareholders after deducting non-recurring gains and losses were 261.25 million, 373.49 million, 240.60 million, and 29.77 million [2] - The company explained that the inconsistent trends in operating revenue and net profit for 2024 and the first half of 2025 were mainly due to declining gross margins and increasing management expenses [2] - The business model primarily follows a "sales-driven production, production-driven procurement" approach, with no single customer accounting for more than 40% of sales and no single supplier accounting for more than 30% of purchases, indicating no significant dependency [2] - Ongoing construction projects include the installation of equipment and factory buildings, with the Shenzhen Guanghong Technology Smart Park and the fourth phase of the Vietnam factory still under construction as of June 2025 [2] - Interest capitalization for the construction of the Smart Park complies with accounting standards [2] Strategic Considerations for Acquisition of AC Company - The total amount to be raised for the acquisition of 100% of AC Company and 0.003% of TIS factory, along with supplementary working capital, is not to exceed 1,032.94 million [3] - AC Company ranks 47th among global EMS providers and focuses on electronic manufacturing services in the automotive electronics sector [3] - The acquisition is aligned with national policies encouraging mergers and acquisitions to support core business development, and the growth of the new energy vehicle industry presents opportunities in the automotive electronics EMS sector [3] - The acquisition is expected to enhance Guanghong Technology's global industrial layout and improve its operational sustainability and risk resistance [3] - There is synergy between Guanghong Technology and AC Company in products, services, procurement, and regional layout, making the investment necessary [3] Transaction Arrangement and Compliance - The acquisition transaction timeline is clear, with a reasonable pricing basis established on the listing price from the Beijing Property Exchange, ensuring fairness [4] - All preconditions for the transaction have been met, including foreign direct investment permits, antitrust approvals, and necessary regulatory documents from Chinese authorities [4] - The company has fulfilled required decision-making procedures and information disclosure obligations, with clear ownership of the target company and no legal obstacles to the acquisition [4] - The comprehensive response from Guanghong Technology provides important insights for investors regarding the company's strategy and operations [4]

Core Points - Guanghong Technology (300735) has released a notice regarding the update of its application documents for issuing shares to specific targets, including responses to the Shenzhen Stock Exchange's inquiry letter [1] - The inquiry letter was received on August 31, 2025, and the company, along with relevant intermediaries, has carefully studied and responded to the questions raised [1] - The financial data in the fundraising prospectus has been updated following the disclosure of the company's semi-annual report for 2025 [1] - The issuance of shares to specific targets is subject to approval by the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty in the approval process and timeline [1] Company Updates - Guanghong Technology has acknowledged the need for timely information disclosure based on the progress of the share issuance matter [1] - The company emphasizes the importance of investor awareness regarding investment risks associated with this process [1]

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 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 二〇二五年九月 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。 向特定对象发行股票 之 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，严格按照依法 ...

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并在创业板上市 之 发行保荐书 保荐人（主承销商） 本发行保荐书中如无特别说明，相关用语具有与《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》中相同的含义。 中国（上海）自由贸易试验区商城路 618 号 二〇二五年九月 惠州光弘科技股份有限公司 向特定对象发行股票之发行保荐书 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并在创业板上市之发行保荐书 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"或"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并在创业板上市（以下 简称"本项目"）的保荐人，杨皓月、李慧琪作为具体负责推荐的保荐代表人， 特此向深圳证券交易所（以下简称"深交所"）出具本项目发行保荐书。 保荐人及指定的保荐代表人根据《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》"）和《注册管 理办法》等有关法律、法规和中国证券监督管理委员会（以下简称"证 ...

证券代码：300735 证券简称：光弘科技 公告编号：2025-060 惠州光弘科技股份有限公司（以下简称"公司"）于 2025 年 8 月 31 日收到深 圳证券交易所（以下简称"深交所"）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）（以下简称"问 询函"）。 公司会同相关中介机构对《问询函》所提出的问题进行了认真研究和落实后， 对《问询函》所列问题进行了逐项说明和回复，同时对募集说明书等申请文件的 内容进行了更新。鉴于公司 2025 年半年度报告已公开披露，公司会同相关中介 机构对募集说明书等申请文件中涉及的公司财务数据等内容进行了相应更新，具 体内容详见公司同日在巨潮资讯网披露的相关公告文件。 公司本次向特定对象发行股票事项尚需通过深交所审核，并经中国证券监督 管理委员会（以下简称"中国证监会"）同意注册后方可实施，最终能否通过深 交所审核并获得中国证监会作出同意注册的决定及其时间尚存在不确定性。公司 将根据该事项进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 惠州光弘科技股份有限公司 董事会 惠州光弘科技股份有 ...

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○二五年九月 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）》（以下 ...

关于对惠州光弘科技股份有限公司 申请向特定对象发行股票的 审核问询函的回复 信会师函字[2025]第ZI578号 立信会计师事务所（特殊普通合伙） 关于深圳证券交易所 对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的回复 信会师函字[2025]第ZI578号 深圳证券交易所： 惠州光弘科技股份有限公司（以下简称"光弘科技"或"公司"）于 2025 年 8 月 31 日收到贵所下发的《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，以下简称"问询函"），立信 会计师事务所（特殊普通合伙）（以下简称"会计师"或"本所"）对于关注函中提 到的需要会计师说明的问题进行了认真分析与核查，现根据关注函所涉问题进行 说明和答复，其中所涉及的 2025 年 1-6 月财务数据未经审计。具体内容如下： 本回复财务数据均保留两位小数，若出现总数与各分项数值之和尾数不符的 情况，均为四舍五入原因造成。 2-1 请发行人补充说明：（1）结合各细分产品销售收入、产品价格、销量及毛 利率变动、行业的供需状况、公司竞争优势、期间费用变化等，量化说明公司 2-2 报告期 ...

本报告依据中国资产评估准则编制 惠州光弘科技股份有限公司拟募集资金 所涉及的 ALL CIRCUITS S.A.S.股东全部权 益市场价值 资产评估报告 国众联评报字(2025) 第 3-0143 号 此为二维码防伪标志,内 含本报告估值主要信息， 建议报告使用方查证核实 评估机构:国众联资产评估土地房地产估 价有限公司 联系地址: 深圳市罗湖区清水河街道清水 河社区清水河三路 7 号中海慧 智大厦 1 栋 1C618 网址: www.gzlchina.com 电话:0755-88832456 邮编:518024 报告日期: 二〇二五年七月二十五日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 4747020007202501815 | | --- | --- | | 合同编号: | (2025) 国众联评委第(4-250) 号 | | 报告类型: 法定评估业务资产评估报告 | | | 报告文号: 国众联评报字(2025)第3-0143号 | | | 报告名称: S. A. S. 股东全部权益市场价值 | 惠州光弘科技股份有限公司拟募集资金所涉及的ALL CIRCUITS | | 723.7 ...