NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Engaged Capital, LLC ("Engaged†), an investment firm specializing in enhancing the value of small and mid-cap North American companies, today announced that it has built a stake in Cognex Corporation (NASDAQ: CGNX) ("Cognex†or the "Company†). In addition, at the 13D Monitor Active-Passive Investor Summit, Engaged shared a presentation that highlights actionable opportunities for value enhancement, including: Drive meaningful margin expansion by right-siz. ...

ST逸飞（688646.SH）10月20日在投资者互动平台表示，机器视觉定位技术、数字化在线检测技术等技 术是公司核心技术体系中的重要组成技术，具体公司技术详细情况请关注公司定期报告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在机器视觉方面有何技术储备？ ...

10月14日，凌云光跌5.02%，截至发稿，报40.34元/股，成交4.58亿元，换手率2.37%，总市值185.96亿 元。凌云光股价已经连续3天下跌，区间累计跌幅11.28%。 截至发稿，刘宇涛累计任职时间3年26天，现任基金资产总规模5.54亿元，任职期间最佳基金回报 35.64%， 任职期间最差基金回报0.1%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，鑫元基金旗下1只基金重仓凌云光。鑫元中证1000指数增强发起式A（017190）二季度持有 股数1.79万股，占基金净值比例为0.76%，位居第七大重仓股。根据测算，今日浮亏损失约3.81万元。 连续3天下跌期间浮亏损失9.67万元。 鑫元中证1000指数增强发起式A（017190）成立日期2022年11月28日，最新规模5063.58万。今年以来收 益25.02%，同类排名2200/4220；近一年收益42.7%，同类排名1237/3857；成立以来收益 ...

Core Insights - Lingyun Technology's stock price decreased by 2.93% on October 13, with a trading volume of 628 million yuan, indicating market volatility [1] - The company reported a financing net buy of -55.93 million yuan on the same day, suggesting a higher level of selling pressure compared to buying [1] - As of October 13, the total margin balance for Lingyun Technology was 662 million yuan, representing 3.38% of its market capitalization, which is at a high level compared to the past year [1] Financing and Margin Data - On October 13, Lingyun Technology had a financing buy amount of 69.06 million yuan and a financing repayment of 125 million yuan [1] - The company’s margin trading balance is significantly above the 90th percentile of the past year, indicating a high level of investor engagement [1] - The short selling data shows a low level of short interest, with a remaining short balance of 20.37 thousand yuan, below the 10th percentile of the past year [1] Business Performance - As of September 30, the number of shareholders increased by 5.02% to 28,000, while the average circulating shares per person decreased by 4.78% to 16,458 shares [2] - For the first half of 2025, Lingyun Technology achieved a revenue of 1.368 billion yuan, representing a year-on-year growth of 25.73%, and a net profit attributable to shareholders of 96.08 million yuan, up 10.10% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Lingyun Technology has distributed a total of 92.28 million yuan in dividends [3] - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

融资方面，凌云光当日融资买入1.21亿元。当前融资余额7.18亿元，占流通市值的3.56%，融资余额超 过近一年90%分位水平，处于高位。 10月10日，凌云光跌4.70%，成交额8.98亿元。两融数据显示，当日凌云光获融资买入额1.21亿元，融 资偿还1.56亿元，融资净买入-3557.39万元。截至10月10日，凌云光融资融券余额合计7.19亿元。 融券方面，凌云光10月10日融券偿还1.04万股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量3.29万股，融券余额144.15万元，超过近一年50%分位水平，处于较高位。 资料显示，凌云光技术股份有限公司位于北京市海淀区翠湖南环路13号院7号楼知识理性大厦，成立日 期2002年8月13日，上市日期2022年7月6日，公司主营业务涉及以光技术创新为基础,长期从事机器视觉 及光通信业务,服务多个行业,目前战略聚焦机器视觉业务。主营业务收入构成为：智能视觉装备 34.69%，可配置视觉系统30.97%，光通信产品27.44%，视觉器件5.31%，服务收入1.59%。 截至9月30日，凌云光股东户数2.80万，较上期增加5.02%；人均流通股 ...

Core Insights - The company, Zhongke Information, specializes in high-speed machine vision and intelligent analysis, which is crucial for real-time quality detection in high-speed continuous manufacturing [1] - The technology employs artificial intelligence and machine learning, utilizing different algorithms tailored to various application scenarios, resulting in higher detection accuracy and speed [1] Technology Overview - Machine vision encompasses imaging systems and visual control systems, which include visual processing analysis software and hardware [1] - The imaging system consists of hardware such as light sources, light source controllers, lenses, and cameras [1] - The visual control system analyzes the generated images and outputs the analysis results to other executing devices [1] Industry Positioning - The company has established a complete industrial chain layout for machine vision, including "light source, industrial camera - digital middle platform - industry large model - robot" [1] - This comprehensive approach aims to provide stable and reliable domestic AI products and solutions, assisting traditional manufacturing industries in achieving precise online quality detection during high-speed production [1] - The focus is on enhancing industrial automation and intelligence through these advanced technologies [1]

Core Viewpoint - Hongjing Optoelectronics (301479.SZ) is expanding its N business, which includes industrial inspection, medical applications, artificial intelligence hardware, and machine vision, aiming for significant revenue growth by 2025 [1] Business Overview - The N business segment is projected to generate approximately 50 million yuan in revenue by the first half of 2025, accounting for about 7.55% of the total revenue [1] - The company is actively seeking collaboration opportunities and has achieved initial success in the machine vision sector, with projects such as lawnmowers and motion-sensing gaming devices entering mass production [1]

Core Viewpoint - The company aims to enhance investor returns and maintain shareholder interests through a comprehensive evaluation of its operational performance and governance, focusing on sustainable development and technological innovation in the machine vision industry [1][2]. Group 1: Business Performance - The company achieved a main revenue of 1.368 billion yuan, representing a 25.73% increase compared to the same period in 2024, with an operating profit of 91 million yuan, up 28.12% year-on-year [2]. - The ongoing application of AI algorithms across various sectors, including consumer electronics and renewable energy, highlights the company's competitive edge in "Vision + AI" solutions [2][3]. Group 2: Technological Advancements - The company has invested 218 million yuan in R&D in the first half of 2025, maintaining a leading R&D intensity, and has developed a comprehensive product line including various types of cameras [3][4]. - The integration of AI algorithms has led to significant improvements in machine vision accuracy, speed, and usability, with single devices capable of performing over 120 micro-level defect inspections in 1-3 minutes [3]. Group 3: Operational Management - The company has implemented five strategic initiatives to optimize management and enhance operational efficiency, including organizational restructuring and performance management [5]. - A fourth share repurchase plan has been initiated to incentivize core employees and align interests between employees, the company, and shareholders [5][6]. Group 4: Governance and Compliance - The company emphasizes risk prevention in internal operations and has established a dedicated ESG committee to integrate sustainability into its strategic planning [6]. - Enhanced information disclosure practices aim to improve transparency and investor understanding of the company's operations and R&D capabilities [6]. Group 5: Investment Strategy - The strategic acquisition of JAI has strengthened the company's product matrix in the machine vision sector, facilitating faster product development cycles [7]. - The company is actively exploring investment opportunities in core technology areas, including chips and lenses, to enhance its upstream industry ecosystem [7]. Group 6: Shareholder Returns - The company has consistently implemented cash dividends since its listing in 2022, with a payout ratio exceeding 30%, and is currently in the process of a fourth share repurchase [8]. - Future plans include balancing performance growth with shareholder returns to ensure long-term investment value [8].

Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the utilization of raised funds by Lingyun Technology Co., Ltd. for the first half of 2025, ensuring compliance with regulatory requirements and transparency in financial management. Fundraising Overview - The total amount raised through the initial public offering (IPO) was RMB 197,370 million, with a net amount of RMB 180,528.33 million after deducting issuance costs [1] - An additional RMB 27,526.23 million was raised through the full exercise of the over-allotment option, bringing the total net fundraising to RMB 208,054.56 million [1] Fund Utilization and Balance - As of June 30, 2025, the company had utilized RMB 104,206.47 million for project investments and had a net interest income of RMB 9,103.51 million [2] - The remaining balance of the raised funds was RMB 46,163.01 million, with no discrepancies reported between the expected and actual balances [2][3] Fund Management Practices - The company has established a dedicated fund management system, including the opening of special accounts for fundraising and signing tripartite agreements with banks and sponsors to ensure proper fund storage and usage [2] - As of June 30, 2025, the company maintained nine fundraising special accounts and three fixed deposit accounts, with a total balance of RMB 461,630,108.09 [2] Project Funding Status - The report indicates that there were no instances of using raised funds to replace pre-invested project funds or to supplement working capital during the reporting period [3] - The company has approved the use of temporarily idle funds for cash management, allowing for investments in safe and liquid financial products up to RMB 120,000 million [2][3] Changes in Funded Projects - There were no changes in the fundraising projects or their implementation during the reporting period, and no projects were transferred or replaced [3] - The company has extended the timeline for certain projects without altering their investment purposes or scales, particularly for the "Industrial AI Algorithm and Software Platform R&D Project" [3][4]

Summary of Cognex Conference Call Company Overview - **Company Name**: Cognex - **Industry**: Industrial Automation and Machine Vision - **CFO**: Dennis Fear, in the role for about a year [1][2] Core Business and Market Position - Cognex specializes in converting real-world images into actionable data through machine vision technology, primarily for factory automation [3] - The company is recognized as a technology leader in both pre-AI and AI-enhanced machine vision [4] - The market is attractive due to factors such as cost optimization, reshoring of manufacturing, and labor shortages [4] Financial Performance - Cognex has historically maintained an adjusted EBITDA margin of around 28%, which has recently compressed [4] - The company is refocusing on profitability under new leadership, with optimism for future performance [5] Market Trends and Visibility - The largest end market for Cognex is logistics and warehouse automation, accounting for 24% of business [9] - Other significant markets include automotive, packaging, consumer electronics, and semiconductors [10] - Logistics has shown strong growth potential due to low penetration of machine vision technology [11] - Positive trends noted in packaging and early signs of recovery in consumer electronics due to reshoring [12] Margin Improvement Initiatives - Cognex has seen a year-over-year EPS increase and is trending towards a 20% adjusted EBITDA margin [14] - The company is focusing on operational efficiency and cost control, with a 3% reduction in operating expenses year-over-year [15][16] Growth Strategy - Cognex's growth strategy includes a focus on organic growth through market penetration and M&A [17][22] - The company aims for a 4% underlying market growth and 6-7% penetration growth through AI applications and reaching new customers [20][21] - M&A is considered a smaller component of the growth strategy, focusing on synergistic businesses with a clear path to 20-30% adjusted EBITDA [22] Product Development - The introduction of OneVision, a cloud-based training tool for machine vision systems, aims to enhance customer access to deep learning applications [24][25] - OneVision allows customers to improve their machine vision models using cloud computing while maintaining device-level performance and cybersecurity [26][27] Customer Base and Sales Strategy - Cognex is shifting its sales strategy to target a broader customer base, moving beyond high-concentration customers [43][44] - The company is hiring new sales personnel to penetrate the market more effectively, focusing on both new and existing customers [44][46] - The initiative aims to tap into different buyers within existing accounts, enhancing overall sales efficiency [46] Competitive Landscape - Concerns about smaller players and large tech companies entering the machine vision space are acknowledged, but Cognex believes its established accuracy and device-level optimization provide a competitive edge [32][33][34] - The company emphasizes its ability to maintain high accuracy and efficiency in industrial machine vision tasks, which are critical for success [35][36] Leadership and Execution - A new leadership team has been established to drive sales, growth, and innovation, with a focus on aligning strategic objectives [38][39] - The emphasis is on focused execution and disciplined cost management to achieve growth targets [42] Conclusion - Cognex is positioned for growth in the industrial automation sector, leveraging AI and machine vision technology while addressing profitability and market expansion through strategic initiatives and leadership alignment [5][22][42]