Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the management of the raised funds by Guangqi Technology Co., Ltd. as of June 30, 2025, ensuring compliance with regulatory requirements and transparency in fund usage. Group 1: Fundraising Overview - The company raised a total of RMB 689.4 million through a non-public offering of 96,690,040 shares at RMB 7.13 per share, with net proceeds amounting to RMB 683.77633 million after deducting various fees [2][3]. - As of June 30, 2025, the company had utilized RMB 432.69482 million of the raised funds, with RMB 200 million allocated for permanent working capital [3][4]. Group 2: Fund Management and Compliance - The company has established a dedicated fund management system in accordance with relevant laws and regulations, including a special account for the raised funds [4][5]. - The company signed multiple tripartite agreements with banks and underwriters to ensure proper oversight and management of the funds [5][6]. Group 3: Fund Usage and Adjustments - The company has made adjustments to its fundraising projects, including changes in project implementation entities and reallocating funds for new projects [6][8]. - As of June 30, 2025, the remaining balance of the raised funds was RMB 339.53893 million, which includes interest and cash management income [3][13]. Group 4: Cash Management - The company has been authorized to use up to RMB 350 million of temporarily idle funds for cash management, with RMB 269 million utilized for this purpose as of the first half of 2025 [14][15]. - The company has maintained compliance with its cash management policies, ensuring that the funds are used in a manner that does not affect project construction [14][15]. Group 5: Reporting and Transparency - The company has ensured that all disclosures regarding the use of raised funds are timely, accurate, and complete, with no violations reported [15][31]. - The board and supervisory committee have approved the reports on fundraising and fund usage, confirming their compliance with legal and regulatory standards [30][31].

Core Insights - The company reported a revenue of 943 million yuan for the first half of 2025, representing a year-on-year growth of 10.70% [1] - The net profit attributable to shareholders reached 386 million yuan, with a year-on-year increase of 6.75%, marking seven consecutive years of growth in both revenue and profit [1] Production and Capacity Expansion - The company achieved significant results in capacity expansion, with revenue from the mass production of metamaterials reaching 936 million yuan, a year-on-year increase of 47.35%, setting a historical record [1] - The ramp-up of the second phase of the 709 base's production capacity is progressing smoothly, with new capacity starting delivery in mid-May after being put into operation in October of the previous year [1] - Inventory increased by over 70% year-on-year and over 40% quarter-on-quarter, indicating early success from the expansion at the 709 base [1] Contracts and R&D Investment - The company signed contracts for mass production of metamaterial products totaling approximately 780 million yuan with two clients, providing stable support for capacity release [1] - R&D investment increased by 14.83% year-on-year, enhancing the company's core competitiveness and potentially solidifying its leading position in the metamaterials industry [1] Market Expansion - In addition to focusing on aerospace and marine equipment, the company is actively expanding into emerging sectors such as low-altitude economy, new energy vehicles, and robotics [2] - The company is constructing an advanced low-altitude drone industry chain headquarters in Leshan, and has successfully conducted test flights of a self-developed fixed-wing metamaterial low-altitude drone [2]

（文章来源：每日经济新闻） 光启技术（002625.SZ）8月18日在投资者互动平台表示，709基地二期于去年10月份投产。由于超材料 产品采用难度极高的非标准化生产工艺，投产后需要持续进行设备调试，人员招聘培训，管理体系建 设，生产线调整等大量工作，整体运营效率需要数月时间才能达到较为理想的状态。在此磨合期间709 基地二期正常生产，一般在超材料生产交付过程中，从上游原材料的生产到成品交付至少需要六个月的 生产制造周期，709基地二期在去年10月份投产后新增的产能，在今年5月中旬已经陆续开始交付，二季 度存货同比、环比均大幅度增加，二期扩产初见成效，公司产能压力有所缓解，产能释放预计在下半年 逐步体现。关于该部分收入的具体确认情况，请您留意公司披露的2025年半年度报告。 每经AI快讯，有投资者在投资者互动平台提问：您好，请问贵司顺德生产基地第二季度内是否有交付 产品？收入是否会体现在第二季度报表上？谢谢！ ...

Core Viewpoint - Shenzhen Guoke Technology Co., Ltd. has made significant advancements in the field of metamaterials, achieving a transition from laboratory research to large-scale production, which has been applied extensively in advanced aerospace equipment [1][2]. Group 1: Company Achievements - Over the past 15 years, the company has completed 117,200 design drawings, built 545,000 digital simulation models, and written 7.74 billion words of metamaterial design documentation and 38.28 billion words of manufacturing guidelines [1]. - The company has developed and designed 13.31 million lines of source code, accumulated 2.2 million measured imaging data, and created 8 million measured curves [1]. - The company has established a comprehensive industrial chain layout, including 1 headquarters, 5 production bases, 7 capability platforms, 8 specialized companies, and 1,919 upstream and downstream supporting entities [2]. Group 2: Strategic Development - The company has adopted a "deep vertical" industry development strategy, focusing on large-scale core material development to systematically promote vertical integration of the metamaterial industry chain [3][4]. - The company has applied for over 6,000 patents, with more than 4,000 granted, making it a leader in patent applications in the metamaterials field globally [4]. Group 3: Future Outlook - The company plans to establish new research institutions to support disruptive innovations and develop new tools for micro-material design and manufacturing [6]. - The company is considering the development trends of metamaterials 5.0, aiming to integrate more sensor technologies and next-generation semiconductor technologies into future products [6][7].

Core Viewpoint - Shenzhen Guoke Technology Co., Ltd. has made significant advancements in the field of metamaterials, overcoming challenges from laboratory research to large-scale production, thereby establishing a solid technological foundation for China's aviation industry [1][6]. Group 1: Achievements and Milestones - Over the past 15 years, Guoke has completed 117,200 design drawings, built 545,000 digital simulation models, and written 7.74 billion words of metamaterial design documentation [5]. - The company has developed 4,641 sets of customized metamaterial equipment and 8,646 sets of special tooling, along with 161 types of customized base materials [5]. - Guoke has established a comprehensive industrial chain layout, including "1 headquarters + 5 bases + 7 capability platforms + 8 specialized companies + 1,919 upstream and downstream supporting entities" [6]. Group 2: Strategic Development - The "Deep Vertical" industry development strategy proposed in 2017 has enabled Guoke to integrate the entire metamaterial industry chain, from raw material supply to end products [7][9]. - The company has applied for over 6,000 patents, with more than 4,000 granted, maintaining the highest number of patent applications in the metamaterials field globally [9]. Group 3: Technological Innovations - Guoke has successfully developed the world's first low-cost, mass-producible metamaterial drone, completing the project in just 3.5 months [13]. - The fourth generation of metamaterial technology has been applied to advanced aviation equipment, significantly enhancing performance and altering the competitive landscape in related fields [9]. Group 4: Management and Cost Efficiency - The company has implemented a dual upgrade of digital management and intelligent decision-making to enhance operational efficiency [14][15]. - Cost reductions have been achieved, with material procurement costs down by 55%, labor costs down by 33%, and overall operational costs reduced by 56% compared to 2020 [17]. Group 5: Future Outlook - Guoke plans to further embrace technological and market changes over the next 15 years, focusing on the development of new micro-material design and manufacturing tools [20]. - The company aims to leverage emerging markets worth trillions and contribute to China's innovation in the metamaterials sector [20].

Core Viewpoint - The company aims to embrace technological and societal changes over the next fifteen years, focusing on expanding into a trillion-dollar emerging market with its metamaterials technology, redefining the global technology landscape with a "Chinese solution" [2] Group 1: Company Development and Achievements - Over fifteen years, the company has achieved a leap from non-existence to large-scale production, creating a series of metamaterials technologies and solutions for advanced aerospace equipment [2][3] - The company has established a comprehensive industrial chain layout with 1 headquarters, 5 bases, 7 capability platforms, 8 specialized companies, and 1919 upstream and downstream partners, marking a transition from following to leading in the metamaterials industry [2] - The company has completed 117,200 design drawings, built 545,000 digital simulation models, and written 7.74 billion words of technical documents, showcasing its extensive research and development efforts [3] Group 2: Strategic Focus and Innovation - The company has implemented a "deep vertical" industry development strategy since 2017, focusing on core material development and vertical integration of the metamaterials industry chain, resulting in a 30% to 50% cost reduction compared to industry standards [3] - The company has successfully developed four generations of metamaterials technology, with the third and fourth generations achieving large-scale industrialization, significantly enhancing the performance of advanced aerospace equipment [4] Group 3: Product and Application Innovations - The company has developed the world's first low-cost, mass-producible metamaterials drone, which meets all performance indicators and has successfully completed multiple test flights [5] - The company has filed over 6,000 patent applications, securing more than 4,000 authorized patents, making it a leader in the metamaterials patent landscape globally [5] Group 4: Management and Talent Development - The company has undergone a digital transformation, implementing a digital management platform that covers all operational processes, significantly improving efficiency [6] - The company has cultivated a skilled workforce, including 13 chief engineers, 134 postdoctoral researchers, and 649 R&D personnel, emphasizing the importance of talent in driving growth [7][9]

Core Insights - Shenzhen Guoqi Advanced Institute has celebrated its 15th anniversary, marking significant achievements in the metamaterials industry through strategic foresight and innovation [1][2] - The institute has established a comprehensive industrial chain with a focus on intellectual property and technological patents, facilitating the transition from laboratory results to industrialization [1] - Future plans include embracing technological changes and expanding into trillion-dollar emerging markets, aiming to redefine the global technology landscape with Chinese solutions [3] Summary by Sections Achievements - Over the past 15 years, the institute has completed 117,200 design drawings, built 545,000 digital simulation models, and authored 774 million words of technical documentation related to metamaterials [2] - The team has developed 13.31 million lines of source code, accumulated 2.2 million measured imaging data, and created 8 million measured curves [2] - The institute has produced 4,641 sets of customized metamaterial equipment and 8,646 sets of special tooling, along with 161 types of customized base materials [2] Technological Innovation - Under the leadership of Liu Ruopeng, the institute has successfully iterated four generations of metamaterial technology, with the third and fourth generations achieving large-scale industrialization [2] - The institute has upgraded its management through AI-driven design and research, transitioning to fully digital and intelligent operational management, enhancing production efficiency and delivery capabilities [2] Future Vision - The institute aims to adopt a more open approach to embrace technological and societal changes, collaborating with more partners to explore new trillion-dollar markets [3] - The goal is to integrate metamaterial technology into national defense equipment, showcasing China's innovative strength on the global stage [3]

Core Viewpoint - The company is committed to increasing its research and development investment in the field of metamaterials, aiming for continuous innovation and breakthroughs in technology [2] Group 1: Development and Industrialization - Since its establishment in 2010, the company has transformed metamaterial technology from laboratory research to large-scale production, creating a new industrial chain over 15 years [3] - The company has established five major research and production bases across the country to support the growing customer orders, with existing bases in Foshan and Luoyang operating at full capacity [3] - New production bases in Zhuzhou, Tianjin, and Leshan are set to begin operations soon, which will alleviate current capacity delivery pressures and enhance production efficiency [3] Group 2: Competitive Advantages - The company has over 4,000 employees and has restructured its management system through digitalization and AI, significantly reducing management costs and improving efficiency [4] - The core competitive advantages are identified as: the introduction of the Metamaterials 4.0 technology group for aerospace applications, lower production costs compared to peers, and a manufacturing system that ensures efficiency and stability in large-scale production [4] Group 3: Ecosystem Construction - The company is focused on building an industrial ecosystem for metamaterials, emphasizing the need for collaboration with other excellent enterprises to strengthen the industry [5] - The company has established a comprehensive industrial chain ecosystem that includes approximately 2,000 upstream and downstream enterprises, covering research, production, and application of metamaterials [5] Group 4: Systematic Industry Chain Construction - The company has developed a systematic industry chain that includes upstream raw material research and production, midstream key component manufacturing, and downstream end products and services [6] - This strategic framework integrates vertical technological innovation and horizontal industrial collaboration, forming a complete closed-loop ecosystem for breakthrough developments in metamaterials [6] Group 5: Expanding Application Areas - The company is expanding the application of metamaterials into various fields, such as smart vehicles and robotics, addressing technical challenges and enhancing performance [7] - Future developments will focus on integrating sensing and semiconductor technologies, leading to fundamental changes in industrial models [7] - The ultimate goal is to achieve multi-dimensional technological integration beyond single-function optimization [7] Group 6: Future Research Directions - The company is planning to establish a new research institute aimed at exploring material design from a molecular structure perspective, providing foundational support for future disruptive innovations in metamaterials [8]

Group 1 - The Fourth National Metamaterials Conference was held in Shenzhen, Guangdong, attracting nearly 3,000 technology workers from universities, research institutes, and leading enterprises to discuss the latest developments and future trends in the metamaterials field [1] - Metamaterials are identified as a strategic emerging industry, with significant implications for material science and various industry transformations. Despite notable achievements in basic research, challenges remain in transitioning from theory to practical applications and from laboratory to industrialization [1] - Liu Ruopeng, Chairman of Guangqi Technology, emphasized the need for "bottom-level reconstruction" to drive systematic changes in traditional industries, highlighting the importance of disruptive innovation across the entire supply chain for successful cross-domain applications of metamaterials [1] Group 2 - Guangqi Technology has made significant breakthroughs in the design, preparation, and testing of metamaterials, successfully applying these technologies in advanced manufacturing sectors and achieving large-scale production and market application [2] - The company has overcome 10 key technological bottlenecks in the new generation of aviation equipment, achieving domestic substitution of core processes. Over the past three years, the total contract amount for metamaterial aviation structural products disclosed by Guangqi Technology has exceeded 4.6 billion yuan [2] - Guangqi Technology has established a comprehensive industrialization system covering the entire lifecycle of metamaterials, creating a complete closed-loop industrial chain from theoretical design to performance testing, providing a replicable model for the engineering application of metamaterial research results in China [2] Group 3 - Liu Ruopeng's team at Guangqi Technology was awarded the "Metamaterials Large-Scale Production Technology" award at the conference [3]

Group 1 - The Fourth National Metamaterials Conference was recently held in Shenzhen, attracting nearly 3,000 technology workers from universities, research institutes, and leading enterprises to discuss the latest developments and future trends in the metamaterials field [2] - Metamaterials are created through micro-nano lithography to achieve "artificial molecular structures," enabling the editing of "artificial substances" that surpass natural materials, showcasing extraordinary performance in electromagnetic, acoustic, and mechanical fields [2] - Liu Ruopeng, a pioneer in the industrialization of metamaterials in China, has successfully promoted the large-scale application of this technology in advanced equipment, significantly enhancing the core performance of such equipment [2] Group 2 - This year is considered a critical year for the transition of metamaterials from academic research to industrial development [3] - Liu Ruopeng proposed the "bottom-level reconstruction" theory, emphasizing that metamaterials, as a foundational technology, require systematic transformation of traditional industries for broader market applications [3] - To achieve cross-domain applications, metamaterials need disruptive innovations across the entire industrial chain, including raw materials, middleware, product design, and process flows, tailored to the differentiated needs of various industries [3]