Core Viewpoint - The legal opinion issued by Guohao Law Firm confirms that the convening and conducting of Jiangxi Woge Optoelectronics Group Co., Ltd.'s 2025 first extraordinary general meeting of shareholders complies with relevant laws, regulations, and the company's articles of association [1][2][6]. Summary by Sections Meeting Procedures - The board of directors notified shareholders of the meeting on May 31, 2025, detailing the time, location, and agenda, ensuring shareholders' rights to attend and appoint proxies [2]. - The meeting will be held on June 16, 2025, at 14:00 in the company's conference room, with the time and location conforming to the notice [2][3]. Voting Process - The meeting will utilize a combination of on-site and online voting, with specific time slots for voting through the Shanghai Stock Exchange and internet platforms [3]. - The voting times for the Shanghai Stock Exchange system are set for the trading hours of the meeting day, while internet voting is available from 9:15 to 15:00 [3]. Validity of Participants - A total of 186 shareholders attended or appointed proxies, representing 78,757,045 shares, which is 35.4808% of the total voting rights [3][4]. - The qualifications of attendees, including shareholders, proxies, directors, supervisors, and legal counsel, were verified as legitimate [3][4]. Voting Results - The meeting conducted voting on the agenda items through a registered voting method, and the procedures followed the company's articles of association [6]. - The voting results were deemed valid and in compliance with legal and regulatory requirements [6]. Conclusion - The legal opinion concludes that the meeting's convening, participant qualifications, and voting procedures are all valid and comply with applicable laws and the company's articles of association [6].

Core Viewpoint - Macquarie has downgraded the target price for Sunny Optical Technology (02382.HK) to HKD 99 due to slower-than-expected growth in smartphone module and lens shipments, while still maintaining a "buy" rating based on the company's leading position in advanced technology adoption [1] Group 1: Financial Forecasts - Macquarie has reduced its net profit forecasts for Sunny Optical for the years 2025 to 2027 by 4% to 5% [1] - The target price has been adjusted down by 12% from HKD 112.7 to HKD 99, reflecting a projected price-to-earnings ratio of 21.5 times for 2026 [1] Group 2: Market Position - Sunny Optical remains on Macquarie's buy list due to its leading position in miniaturization, module packaging, lens molding, and voice coil motor (VCM) integration [1]

Group 1 - The Hang Seng Index rose by 1.15%, gaining 266 points to close at 23,504 points, while the Hang Seng Tech Index increased by 0.71% [1] - The trading volume in Hong Kong's stock market reached HKD 92.9 billion in the morning session [1] - The LPR remained unchanged in June, with state-owned banks recommending Hong Kong stocks for their dividend value [1] Group 2 - Minsheng Bank increased by 3.62%, Industrial and Commercial Bank of China rose by 3.15%, and China Construction Bank gained 2.94% [1] - Hua Hong Semiconductor rose by 2.8%, with a new price increase cycle expected to enhance profitability [1] - Sunny Optical Technology surged by 3.91%, aiming to become one of the top three automotive lens module suppliers globally in the next 3 to 5 years [1] Group 3 - Eagle Vision Technology-B increased by over 10% after developing a new AI algorithm tool for skin disease diagnosis in collaboration with an international research team [1] - WuXi AppTec-B rose by 6% following the approval of its CAR-T product for sale in Macau, which is expected to boost revenue [1] - Sipai Health increased by 1.7% after forming a strategic partnership with Anruijia, focusing on commercial health insurance [1] Group 4 - Basilea Pharmaceutica-B rose by over 2% as long-term survival data for Sugliquide was published in The Lancet Oncology [1] - JD Logistics increased by 3.47% after launching a new self-operated B2C express brand "JoyExpress" in Saudi Arabia [1] Group 5 - Shangmei Co., Ltd. rose by 3%, with Han Shu's May GMV on Douyin achieving high year-on-year growth, and channel optimization expected to improve single-brand profitability [2] - Nanjing Panda Electronics fell by over 7% as it plans to sell ENC equity through public bidding [2] - Beisen Holdings dropped by over 12% post-earnings, despite a more than 10% year-on-year revenue increase and a 95% reduction in losses [2]

Core Viewpoint - Nomura's research report indicates that Sunny Optical Technology's management is more optimistic about the automotive lens business outlook, driven by the increasing adoption rate of ADAS in China [1] Group 1: Automotive Lens Business - The company has raised its global automotive lens shipment forecast for this year from 340,000 units to over 400,000 units [1] - Sunny Optical aims to increase its market share in the automotive camera module market, currently holding a 3% market share, with a target to rank among the top three industry players within the next 3 to 5 years [1] Group 2: Smartphone Market - The company anticipates a year-on-year growth of approximately 1% in global smartphone shipments, a decrease from the previous forecast of 2% to 3% growth [1] - It is expected that the growth of the Chinese smartphone market will surpass that of the global market [1]

Fundraising Overview - The company has raised a total of RMB 615 million through the issuance of convertible bonds, with a net amount of RMB 607,155,585.94 after expenses [1][2] - The funds were verified and reported by a professional firm on June 17, 2025 [1] Special Account Setup - The company has established special accounts for the management of the raised funds, authorized by the shareholders' meeting [1][2] - Three separate regulatory agreements have been signed with banks and the sponsor to ensure proper management and protection of investor rights [1][3] Regulatory Agreements - The first agreement involves a special account at CITIC Bank for the semiconductor and high-precision flat panel display mask expansion project, with a maximum deposit of RMB 319,037,600 [3][4] - The second agreement is with China Merchants Bank for the acquisition of minority shareholder equity, with a stored amount of RMB 217,962,400 [2][7] - The third agreement is with Industrial Bank for supplementary working capital and repayment of bank loans [10][11] Monitoring and Compliance - The sponsor, Guosen Securities, is responsible for ongoing supervision of the fund usage, including on-site inspections and inquiries [4][8] - Monthly account statements will be provided by the banks to ensure transparency and compliance with the agreements [5][9] - Any withdrawal exceeding RMB 50 million or 20% of the net raised funds must be reported to the sponsor [5][9] Agreement Validity - The agreements will remain effective until all funds are fully utilized and the accounts are closed [14]

奥来德（688378） 证券研究报告 材料实现单季度扭亏，中标京东方 8.6 代线设备订单 公司报告 | 年报点评报告 事件：奥来德发布2024 年年报，2024 年实现营业收入5.33 亿元，同比+3.0%， 实现归母净利润 0.90 亿元，同比-26.0%，全年毛利率 51.22%，净利率 16.97%；其中第四季度实现营业收入 0.69 亿元，同比-32.8%，环比-43.3%， 实现归母净利润-0.11 亿元，第四季度毛利率 51.24%。公司发布 2025 年一 季报，一季度实现营业收入 1.53 亿元，同比-40.7%，环比+121.8%，实现 归母净利润0.25 亿元，同比-73.2%，环比实现扭亏，第一季度毛利率47.16%， 净利率 16.61%。 材料业务实现扭亏，多客户多产品多点开花 公司 2024 年度，材料业务实现营业收入 3.63 亿元，同比增长 14.31%。 尤为值得关注的是，自公司上市以来，材料业务已连续五年保持营收稳健 增长的良好态势。此外，公司新产品封装材料、PSPI 材料、钙钛矿材料领 域的研发及市场推广工作正稳步推进，公司预计在 2025 年，新产品将逐 步实现市场放 ...

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