聚光科技（杭州）股份有限公司 二〇二五年十二月十六日 职工代表董事简历： 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。 聚光科技（杭州）股份有限公司（以下简称"公司"或"本公司"）根据《公 司法》、《深圳证券交易所创业板股票上市规则》等法律法规、规范性文件及《公 司章程》的有关规定，公司于 2025 年 12 月 16 日召开职工代表大会。经认真讨 论，参会职工代表一致同意选举赵玲女士为聚光科技（杭州）股份有限公司第五 届董事会职工代表董事，赵玲女士将与公司 2024 年年度股东大会选举产生的五 名董事共同组成公司第五届董事会，任期自本次职工代表大会审议通过之日起至 本届董事会任期届满之日止(职工代表董事简历见附件）。 本次选举的职工代表董事符合《公司法》及《公司章程》等相关法律法规有 关董事任职的资格和条件规定。公司董事会中兼任公司高级管理人员以及由职工 代表担任的董事人数总计未超过公司董事总数的二分之一。 特此公告。 证券代码：300203 证券简称：聚光科技 公告编号：2025-056 聚光科技（杭州）股份有限公司 关于选举产生第五届董事会职工代表董事 ...

证券代码：300203 证券简称：聚光科技 公告编号：2025-057 聚光科技（杭州）股份有限公司 第五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 聚光科技(杭州)股份有限公司(下称"公司")董事会于2025年12月10日以电 子邮件、书面传真和专人送达等方式发出召开公司第五届董事会第六次会议通 知。会议于2025年12月16日以现场表决的方式召开,本次会议应出席会议的董事6 人,实际出席会议的董事6人，现场会议由董事长顾海涛先生主持。本次会议的召 集、召开符合《中华人民共和国公司法》和公司章程的有关规定，会议决议合法、 有效。 二、董事会会议审议情况 经与会董事认真讨论，审议并表决通过了以下议案: 1、审议通过了《关于选举代表公司执行公司事务的董事的议案》 公司董事会同意选举董事长顾海涛先生作为代表公司执行公司事务的董事， 并担任公司法定代表人，任期自本次董事会审议通过之日起至本届董事会任期届 满之日止。本次选举后，公司法定代表人未发生变更。 本议案以6票同意，0票弃权，0票反对获得通过。 2、审议通 ...

证券代码：300203 证券简称：聚光科技 公告编号：2025-055 聚光科技（杭州）股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会无增加、变更、否决提案的情况； 2.本次股东大会以现场与网络投票相结合的方式召开。 3.本次股东会对中小投资者进行单独计票。中小投资者是指除单独或合计持 有上市公司5%以上股份的股东以及上市公司的董事、高级管理人员以外的其他股 东。 一、会议召开和出席情况 1、聚光科技(杭州)股份有限公司(以下简称"公司")2025年第一次临时股 东大会于2025年11月27日以公告方式发出会议通知，于2025年12月16日在杭州市 滨江区滨安路760号公司会议室召开。本次会议采取现场投票与网络投票相结合 的方式召开。本次会议通过深圳证券交易所交易系统进行网络投票的时间为： 2025年12月16日上午9:15-9:25，9：30-11:30，下午13：00—15：00。本次会议 通过深圳证券交易所互联网投票系统投票的时间为：2025年12月16日9：15-15： ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Power" and the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][28]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - Environmental Protection: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, maintaining an "Outperform" rating for firms such as China Nuclear Power and China General Nuclear Power [7][8]. Industry Dynamics - The report discusses the transition from an "energy power" to an "energy strong country," emphasizing supply security, ecological low-carbon initiatives, and technological innovation [3][19][22].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Powerhouse," focusing on the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. - The report suggests that the energy system in China is transitioning from an "energy power" to an "energy powerhouse," with increased demands for supply security, ecological sustainability, technological innovation, and modern governance [3][19][21]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][15]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report also highlights opportunities in the water and waste incineration sectors, suggesting investments in companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a stable outlook for nuclear power operators like China Nuclear Power and China General Nuclear Power [4][25]. - It also emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending companies like Yangtze Power [4][25]. Industry Key Data Overview - In October, the industrial electricity production increased by 7.9% year-on-year, with total electricity consumption reaching 774.2 billion kilowatt-hours, a 4.3% increase [49][55]. - The cumulative installed power generation capacity reached 3.75 billion kilowatts, with solar power capacity growing by 43.8% year-on-year [73].

Core Viewpoint - The article highlights the successful overseas application of domestic high-end clinical instruments by 聚光科技, particularly focusing on the deployment of their fully automated capillary electrophoresis instrument in Vietnam, which demonstrates the company's capability in providing localized solutions for complex clinical needs [5][19]. Group 1: Company Overview - 聚光科技 specializes in the independent research and development of high-end scientific instruments, focusing on industry-specific application needs and providing domestic, intelligent system solutions across key sectors such as ecological environment, industrial manufacturing, higher education research, and life sciences [2]. Group 2: Product Application and Performance - The fully automated capillary electrophoresis instrument from 聚拓生物 is operational in a comprehensive hospital in Hanoi, Vietnam, aiding local doctors in risk assessment for thalassemia [5]. - The instrument has been optimized to adapt to local sample characteristics, addressing the complexity of thalassemia in Vietnam, where genetic diversity and sample structure present unique challenges [7][8]. - The instrument's algorithm has been specifically optimized to enhance the recognition of HbE variant characteristics and key peak features, improving the stability and interpretability of electrophoresis results [8][10]. Group 3: Clinical Implementation and Feedback - The initial deployment faced challenges due to the complexity of local clinical samples, requiring careful calibration and parameter optimization to ensure reliable and repeatable readings [11][12]. - Continuous on-site analysis and remote collaboration were conducted to enhance the stability of peak recognition, leading to clearer and more stable peak shapes as reported by local clinical teams [13][16]. - The successful implementation and positive feedback from local medical staff reflect the technical strength of the instrument and the comprehensive service system provided by 聚拓生物 [17]. Group 4: Global Expansion and Future Outlook - The successful case in Vietnam serves as a strong practical example for 聚拓生物's overseas expansion, with recent project wins for the capillary electrophoresis instrument in Germany and Congo [19]. - The life sciences segment of 聚光科技 has also delivered multiple applications of its liquid chromatography-tandem mass spectrometry (LC-MS/MS) systems overseas, expanding the international application boundaries of domestic high-end scientific instruments [19]. - The company aims to continue promoting precise detection solutions tailored to the clinical needs of different countries and regions, facilitating the global reach of Chinese life science technology [23].

Core Viewpoint - The market review indicates that the CSI 300 index increased by 1.28% this week, while the public utility index rose by 0.12% and the environmental index fell by 0.15%, with relative weekly returns of -1.16% and -1.43% respectively [2] Market Performance - The public utility and environmental sectors ranked 17th and 19th among the 31 primary industry categories in terms of growth [2] - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and renewable energy generation rose by 1.09% [2] - The water sector saw an increase of 0.59%, while the gas sector experienced a decline of 1.66% [2] Important Events - Guangdong's electricity market is set to conduct annual trading for 2026, with a market scale of approximately 680 billion kilowatt-hours and a trading cap of 420 billion kilowatt-hours [3] - The annual trading will be conducted in phases from December 5 to December 22, with various trading methods including bilateral negotiations and centralized competitive trading [3] Special Research - The major asset swap and issuance of shares for asset purchase by Electric Power Investment Corporation has been approved by the Shenzhen Stock Exchange, with a transaction value of 55.39 billion yuan for acquiring 100% of Electric Power Investment Nuclear [4] - The performance commitment for the acquired assets includes a net profit of no less than 3.37 billion yuan for 2025, 3 billion yuan for 2026, and 3.59 billion yuan for 2027 [4] Investment Strategy - In the public utility sector, coal and electricity prices are declining, which may maintain reasonable profitability for thermal power, recommending major thermal power companies [5] - Continuous government support for renewable energy development is expected to stabilize profitability, with recommendations for leading renewable energy firms [5] - The nuclear power sector is anticipated to maintain stable profitability, with recommendations for nuclear operation companies [5] - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline environment [5] - In the environmental sector, the water and waste incineration industries are entering a mature phase, with improved free cash flow [5]

Group 1 - The core viewpoint of the news is that the environmental equipment sector experienced a decline, with a drop of 0.36% on December 10, led by 聚光科技 [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Group 2 - In terms of capital flow, the environmental equipment sector saw a net outflow of 85.06 million yuan from main funds, while retail investors contributed a net inflow of 46.34 million yuan [2] - The sector also experienced a net inflow of 38.71 million yuan from speculative funds [2]

Core Viewpoint - The acquisition strategy of technology-based listed companies, such as HeXin Instruments, raises concerns when the financial structure shows high reliance on intangible judgments and significant goodwill, which may obscure the true motives and potential risks of the transaction [1] Financial Structure and Goodwill - HeXin Instruments plans to acquire a target company, resulting in an additional goodwill of 325.65 million yuan, which accounts for 24.76% of its total assets and 53.72% of its net assets as of June 2025, significantly exceeding the generally accepted safety threshold for A-share listed companies [2] - The inquiry letter highlights the need to confirm whether identifiable intangible assets have been adequately recognized, pointing out the core vulnerability of high goodwill acquisitions where many core resources are hidden within goodwill, potentially leading to impairment risks [2][3] Valuation Methodology - The target company's intangible assets include patents, software copyrights, and trademarks, evaluated using the income approach based on historical earnings and industry trends, but the identification process for key competitive intangible assets was not detailed [3] - The use of the income approach for valuation, which relies heavily on future cash flow projections, raises concerns about the subjectivity of key assumptions such as revenue growth rates and discount rates [4] Performance Projections and Risks - The projected net profits for the target company from 2025 to 2027 are 43.83 million yuan, 48.64 million yuan, and 63.92 million yuan, while the performance commitment is lower, indicating a significant discrepancy [5] - The discount rate used in the valuation is 11.29%, with a specific risk premium of only 2.00%, neglecting the high customer concentration risk, which artificially lowers the discount rate and inflates the valuation [5] Comparability and Market Position - HeXin Instruments selected comparable companies such as Geosun Technology and Tianrui Instruments, claiming the target company deserves a higher valuation multiple due to its technological advantages, with a transaction price-to-sales ratio (PS) of approximately 8-10 times and a price-to-earnings ratio (PE) of 25-30 times, both significantly above industry averages [6] - The high profitability may not guarantee sustainable high valuations due to the project-based nature of the scientific instrument industry, which is characterized by large order amounts and long delivery cycles, leading to potential volatility in performance [6] Strategic Intent and Market Environment - The acquisition aims to strengthen HeXin Instruments' position in the high-end mass spectrometry market, which is strategically sound; however, the justification for the strategy cannot replace financial prudence [8] - The capital market is shifting towards a focus on quality, with regulatory scrutiny on high-premium acquisitions, making it challenging for companies to justify inflated valuations based on perceived technological scarcity or industry uniqueness [8]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].