事件描述 光启技术公司发布了2025 年中报。2025 年上半年，公司营业收入为9.43亿元，同比增长10.70%；归母 净利润为3.86 亿元，同比增长6.75%；扣非后归母净利润为3.76 亿元，同比增长5.42%；负债合计14.27 亿元，同比增长68.40%；货币资金44.99 亿元，同比减少21.59%；应收账款24.65 亿元，同比增长 45.13%；存货3.53 亿元，同比增长53.31%。 投资建议 我们预计公司2025-2027 年EPS 分别为0.34\0.44\0.55，对应公司8月26 日收盘价52.99 元，2025-2027 年 PE 分别为153.6\119.8\95.6，维持"增持-A"评级。 风险提示 下游需求不及预期；超材料研制进度不及预期；募投项目进度不及预期；产能不足影响交付。 事件点评 超材料业务持续快速增长。2025 年上半年公司超材料产品实现营收9.36亿元，同比增长47.35%，超材 料研发业务实现营收239.11 万元，同比减少98.89%。2025 年上半年公司超材料行业整体实现营收9.38 亿元，同比增长10.34%。 生产基地建设稳步推进，进一步突破产能 ...

本报讯(记者李雯珊)8月25日，深圳市创益通（300991）技术股份有限公司(以下简称"创益通")发布公告 称，基于业务发展需要，公司拟以自有资金对全资子公司乐山天穹动力科技有限公司(以下简称"乐山天 穹")增资7000万元。同时乐山天穹以增资入股方式引入2名同属于无人机产业链中的新战略投资者，即 光启技术（002625）股份有限公司(以下简称"光启技术")和科比特创新科技股份有限公司(以下简称"科 比特")，双方分别以自有资金认缴新增注册资本800万元和1200万元。 此次引人注目的是，其中一方的战略投资人为光启技术。作为超材料行业龙头企业，一直致力于超材料 发展，并通过超材料的七大能力平台赋能无人机领域的发展。在今年1月份，光启技术携手5家企业入驻 四川省乐山市，旨在为乐山市打造无人机全产业链，其引入的五家企业也覆盖了下游专门从事工业无人 机制造企业，到上游模拟芯片和AI智能企业，以及无人机发射平台企业和航空智能检验检测企业的全 链条。 此次光启技术、科比特、创益通的三方注资，正是光启技术推动"链式协同"的关键落子——通过超材料 能力平台优化天穹的机身结构与材料性能，科比特以工业级场景需求加强产品设计，创 ...

Group 1: Market Dynamics - The market is witnessing a fierce competition between retail investors and institutional players, with 81 stocks on the leaderboard and over 700 million yuan being traded [1] - Retail investors are primarily focused on military and computing sectors, while institutions are offloading real estate and home appliance stocks [1] Group 2: Key Players and Strategies - "Zhang Mengzhu" invested 332 million yuan in "turnaround" stocks, notably buying 131 million yuan of Huasheng Tiancai, which is facing institutional sell-offs [3] - "Quantitative trading" has aggressively purchased stocks worth 441 million yuan, including 146 million yuan in Guangqi Technology, driven by rumors of military contracts [4] Group 3: Industry Trends - Military new materials are gaining consensus, with Guangqi Technology's production capacity utilization exceeding 90%, indicating strong performance potential [6] - The computing sector is showing resilience, with Langchao Information's AI server overseas orders increasing by 70% quarter-on-quarter [8] Group 4: Risks in Traditional Sectors - The white goods sector is under pressure, with Hai Li股份 facing significant sell-offs and high inventory levels [10] - The real estate sector is also struggling, with 华丽家族 having a debt ratio of 87%, indicating high financial risk [11]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002625 证券简称：光启技术 公告编号：2025-065 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。 根据中国证监会发布的《上市公司募集资金监管规则》和《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指南第2号——公告格式：再融资 类第2号上市公司募集资金年度存放、管理与使用情况公告格式》等有关规定，光启技术股份有限公司 （以下简称"公司"、"本公司"）董事会编制了截至2025年6月30日募集资金存放与使用情况的专项报 告。 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会证监许可〔2016〕2587号文核准，并经深圳证券交易所同意，公司由主承销 商国泰君安证券股份有限公司采用代销方式，向特定对象非公开发行人民币普通股（A股）股票 96,690.04万股，发行价为每股人民币7.13元，共计募集资金689,400.00万元，坐扣承销和保荐费用 5,000.00万元后的募集资金为684,400.00万元，已由 ...

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]

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]