Group 1: Report Overview - The research object is Linktech Technology, belonging to the optoelectronic industry, and the reception time was on June 12, 2025 [17] - The listed company's reception staff includes the chairman and general manager Zhang Jian, deputy general manager and board secretary Xiao Ming, financial director Luo Nan, and independent director Yu Yumiao [17] Group 2: Detailed Research Institutions - The relevant personnel of the institutions are others, and the reception object is all investors who participated in the performance explanation questions online [20] Group 3: Main Content - Regarding the expected release time of the semi - annual report, it is currently not in the reservation disclosure period [24] - The company's development prospects are good [24] - If there are plans for dividend distribution and bonus share issuance, the company will fulfill information disclosure obligations in a timely manner [24] - The company will strictly follow the relevant provisions of accounting standards for the provision and reversal of inventory impairment [24] - The company will plan production capacity according to business development and market expansion needs to meet market and customer demands [25] - The company's current orders are normal, and performance should be followed in relevant regular reports and announcements [25] - The company has not disclosed relevant repurchase plans [25] - Semiconductor - classified communication equipment, optical modules, etc. are exempt from reciprocal tariffs, and the bearing of tariff costs is related to trade terms [25] - The company's current production and operation are normal, and it will pay continuous attention to tariff policy changes and strengthen communication and coordination with customers [25] - The company's production and operation in the second quarter are normal, and specific details should be followed in subsequent regular reports [26] - The Malaysian base of Linktech Technology is operating normally, with increasing shipments and expanding production capacity [27] - The company's 1.6T products are in the sample testing stage [27]

Group 1: Semiconductor Business Progress - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [2] - Current semiconductor product offerings include optical lenses for advanced lithography equipment, uniform light and shaping lenses for lighting systems, and laser collimation lenses for measurement devices [2][3] Group 2: Collaboration with Zhejiang University - The company has established a joint laboratory with Zhejiang University, focusing on semiconductor detection technologies and advanced optical components [3] - This collaboration aims to leverage both parties' strengths in precision optical design and manufacturing to enhance talent and research development in the optical field [3] Group 3: Capacity Expansion and Funding - The company has set up an advanced manufacturing process center equipped with high-precision processing and testing equipment, which can meet current and short-term demand for semiconductor business [3] - Future capacity expansion will be considered cautiously, with potential funding through capital markets if business growth exceeds current plans [3] Group 4: Profit Margin Outlook - The company's product gross margin has been affected by rising raw material prices, particularly germanium, leading to a decline in infrared product margins [4][5] - As of Q1 2025, gross margins are expected to recover due to stabilized raw material supply and the implementation of alternative material solutions [5] - The company anticipates an overall improvement in gross margin levels compared to the previous year, driven by shifts in product demand and structure [5]

Core Insights - The company Sunyu Optical Technology reported a decline in mobile lens shipments for May 2025, with a total of 98.1 million units, representing a year-on-year decrease of 5.2% and a quarter-on-quarter decrease of 4.8% [1] - The automotive lens shipments reached 10.7 million units, showing a year-on-year increase of 28.4%, but a quarter-on-quarter decline of 7.4% [1] - Other lens shipments totaled 10.5 million units, reflecting a significant year-on-year growth of 51.3% and a quarter-on-quarter increase of 5.9% [1] - Mobile camera module shipments amounted to 37.7 million units, which is a year-on-year decline of 17.1% and a quarter-on-quarter decrease of 3.9% [1] - Shipments of other optical products reached 4.8 million units, indicating a year-on-year increase of 44.8% and a quarter-on-quarter growth of 31.3% [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is advancing in semiconductor precision optics, with a focus on custom and non-custom products driving its business strategy. It has developed several industry-first technologies, including a large aperture transmission astronomical observation lens, enhancing its global competitive edge. The company is also actively pursuing the integration of dual-use technologies to replace imported lenses in domestic security monitoring [4][5]. - In 2024, the company achieved revenue of 621 million yuan, a year-on-year increase of 5.82%, and a net profit attributable to shareholders of 9.49 million yuan, marking a return to profitability. The EBITDA reached 152 million yuan, a significant increase of 222.03%, setting a historical record [4][10]. - The company is expected to generate revenues of 850 million yuan, 1.01 billion yuan, and 1.20 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected at 45.24 million yuan, 75.66 million yuan, and 100.29 million yuan for the same years. The current stock price corresponds to a PE ratio of 64 times and 49 times for 2026 and 2027, respectively [8][10]. Company Overview - The latest closing price of the company's stock is 30.30 yuan, with a total market capitalization of 4.9 billion yuan. The company has a total share capital of 161 million shares, with a debt-to-asset ratio of 33.8% and a PE ratio of 501.66 [3][4].

Group 1: Capital Expenditure Cycle Analysis - The capital expenditure (CAPEX) cycle is a dominant driver of industry cycles in China, influencing the relationship between CAPEX, price-to-book (PB) ratio, and return on equity (ROE) [4] - The CAPEX cycle is divided into three stages: Stage 1 (oversupply leads to declining ROE and poor market performance), Stage 2 (declining CAPEX results in rising free cash flow and market rebound), and Stage 3 (supply-side clearing leads to improved ROE and better market performance) [4][14][15] - The PB-ROE model indicates significant investment value in Stage 2 (low PB and improving ROE) and Stage 3 (reasonable PB and steadily rising ROE) [16] Group 2: Market and Industry Comparisons - In Q4 2024 and Q1 2025, the overall capital expenditure of A-share companies (excluding finance and real estate) is contracting, while free cash flow is improving [20] - The median CAPEX/depreciation ratio for secondary industries decreased from 1.35 to 1.29, while the median free cash flow/equity ratio increased from 4.4% to 4.8% [21] - The proportion of secondary industries with free cash flow greater than 0 has significantly increased, indicating a positive trend in cash flow [21][24] Group 3: Sector-Specific Insights - The consumer sector shows overall CAPEX contraction and slight decline in free cash flow, with CAPEX levels below market averages and free cash flow above market averages [26] - The advanced manufacturing sector also experiences CAPEX contraction, while free cash flow shows slight improvement [4][26] - Eight industries within the consumer sector are highlighted as potential investment opportunities based on supply-side improvements [4][26]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Vietnam, Phoenix Optical (Vietnam) Co., Ltd., to invest in a manufacturing base for optoelectronic products with a total investment of $8.5 million [1] Group 1: Investment Details - The investment will be used for factory renovation, equipment procurement, and working capital [1] - The board of directors approved the investment plan on June 11, 2025, and authorized the management team to handle related matters [1] Group 2: Regulatory Requirements - The investment is subject to domestic approval or filing procedures for overseas investment, as well as local investment permits and business registration in Vietnam [1]

Group 1: Financial Performance - The company's profit has significantly improved year-on-year due to three main factors: 1. The conductive film business structure optimization led to revenue growth, with the gaming touch button field generating revenue of 98.73 million, up 22.83% year-on-year [1] 2. The sales of dimmable conductive films in automotive applications reached 66.95 million, increasing by 122.70% year-on-year [1] 3. The 2A/3A optical film products achieved revenue of 29.45 million, a year-on-year growth of 104.19% [2] Group 2: Product Development and Market Trends - The embedded in-cell technology has improved the thickness by 0.3mm and increased light transmittance by 15%, with the yield rate rising from 65% three years ago to 88% in 2024, driving the penetration rate of LCD mobile phones to over 75% [2] - The company has established four major technology platforms for dimmable conductive films, focusing on automotive applications such as sunroofs and side windows [2][3] Group 3: Competitive Landscape and Future Outlook - The main competitors in the dimmable conductive film market include EC, SPD, LC, and PDLC technologies, with the company primarily focusing on EC electrochromic technology [3] - The OCA optical adhesive product has seen a revenue of 158 million, growing by 21.3% year-on-year, but has not yet achieved profitability due to market price competition and high R&D costs [5]

A 股每股现金红利0.85元 证券代码：603297 证券简称：永新光学 公告编号：2025-024 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/13 | － | 2025/6/16 | 2025/6/16 | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经宁波永新光学股份有限公司（以下简称"公司"）2025 年 5 月 20 日 的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，扣除拟回购注销的限制性股票 213,800 股 后，在中国证券登记结算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 根据公司 2024 年年度股东大会审议通过的《2024 年度利润分配 ...

Group 1 - Kaichun Co., Ltd. adjusted the share repurchase price limit from 26.625 yuan/share to 40 yuan/share, effective from June 10, 2025 [1] - Yipin Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, a Class 3 chemical drug used for sedation during anesthesia [1] - Bohui Innovation obtained a medical device registration certificate for HPV Genotyping Test Kit, used for qualitative detection of HPV DNA [1][2] Group 2 - Lingyi Zhi Zao's application for issuing convertible bonds and cash payment to acquire 66.46% of Jiangsu Kedasiteng Automotive Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange [3] - Kemin Food reported a 23.06% year-on-year increase in pig sales in May, with a total of 48,300 pigs sold [4][5] - Meian Sen decided to terminate the issuance of shares to specific objects due to market conditions and strategic considerations [6][7] Group 3 - Zhengbang Technology reported a 146.6% year-on-year increase in pig sales revenue in May, totaling 731 million yuan [9] - Yuanda Holdings plans to reduce the registered capital of its subsidiary from 73 million to 24.3 million USD to optimize asset structure [10] - East China Pharmaceutical's subsidiary received FDA approval for clinical trials of HDM1010 tablets for type 2 diabetes [12] Group 4 - Liangxin Co., Ltd. received a government subsidy of 14.1 million yuan, accounting for 4.52% of its audited net profit for 2024 [13] - Erkang Pharmaceutical's Vitamin B6 Injection passed the consistency evaluation for generic drugs [14] - New Industry received a patent certificate for an antibody related to anti-PIC detection, enhancing detection efficiency [16][15] Group 5 - Dongxing Medical signed a 6 million yuan technology development contract with Shanghai Jiao Tong University for collagen preparation processes [16] - Suchang Chai A's subsidiary will absorb and merge another subsidiary, adjusting internal equity structure [17] - Yibin Technology received a project designation notice from a domestic new energy vehicle company, with an estimated total sales of 256 million yuan over five years [18] Group 6 - Mingchen Health received a cash dividend of 20 million yuan from its subsidiary [19] - Hendi Pharmaceutical obtained a drug registration certificate for Ibuprofen Suspension, a common medication for children [19] - Huaren Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, classified as a Category B drug under national medical insurance [20] Group 7 - Enwei Pharmaceutical obtained a renewed drug production license for six key products [21] - Xiaoming Co., Ltd. reported a 45.59% year-on-year increase in chicken product sales in May, totaling 23.25 million birds [23][24] - Shan Natural Gas successfully issued a 350 million yuan short-term financing bond with a 1.78% interest rate [25] Group 8 - Xidamen announced plans for board members to reduce their holdings by up to 581,000 shares [26] - Shentong Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Saintno Bio plans to distribute a cash dividend of 0.14 yuan per share and a capital increase of 0.4 shares per share [28] Group 9 - *ST King Kong's subsidiary received a debt transfer notice from its controlling shareholder, totaling 364 million yuan [29] - Foxit Software's executives plan to reduce their holdings by a total of 55,800 shares [30] - Youyou Green Energy plans to apply for a bank credit line of up to 1.5 billion yuan [31] Group 10 - Guoxing Optoelectronics plans to distribute a cash dividend of 0.5 yuan per 10 shares [32] - Guangxun Technology plans to distribute a cash dividend of 2.6 yuan per 10 shares [33] - Hanrui Cobalt plans to distribute a cash dividend of 1.5 yuan per 10 shares [35] Group 11 - Tigermed plans to distribute a cash dividend of 3 yuan per 10 shares [37] - Shenliang Holdings plans to distribute a cash dividend of 1.5 yuan per 10 shares [38] - Yishitong plans to distribute a cash dividend of 1 yuan per 10 shares [39]

Group 1 - The public fund industry continues to focus on high-intensity research, particularly in hard technology and pharmaceuticals, with 123 public fund institutions conducting 662 research sessions on 112 A-shares in the first week of June [1] - The optical and optoelectronic industry, represented by Hongjing Optoelectronics (301479), received the most attention, with over 20% of public fund institutions participating in 36 research sessions [1] - A total of 22 secondary industries received at least 10 research sessions, indicating a concentrated interest in specific sectors [1] Group 2 - The optical and optoelectronic industry had the highest research activity, with 7 stocks collectively receiving 72 sessions, followed by the chemical pharmaceutical industry with 59 sessions across 6 stocks [2] - The jewelry industry saw a notable increase in attention, with companies like Cuihua Jewelry and Mankalon receiving a total of 46 research sessions [2] - Public fund institutions are increasingly focusing on technology, pharmaceuticals, and consumer upgrades, reflecting current market conditions [2] Group 3 - Yifan Pharmaceutical (002019) discussed its innovative drug development during institutional research, emphasizing the importance of cautious and rational approaches to R&D, particularly for First-in-Class (FIC) drugs [3] - The company is prioritizing the development of its drug F-652 for alcohol-related liver disease in collaboration with U.S. research institutions, while also evaluating risks and opportunities [3] - Yifan Pharmaceutical is also advancing early-stage products like IL-15 fusion protein, which are still in the early research phase [3]