Core Viewpoint - The company, United Optoelectronics, plans to acquire 100% of Dongguan Changyi Optoelectronics through a share issuance and fundraising, aiming to enhance its growth amid declining performance [1][2]. Group 1: Company Performance - In Q1 2025, United Optoelectronics reported revenue of 369 million, a year-on-year decrease of 3.54%, and a net loss attributable to shareholders of 23.99 million, significantly widening from a loss of 1.47 million in the same period last year [2]. - The gross margin improved to 27.56%, but the net margin fell to -6.69%, with operating expenses rising to 14.38% of revenue, an increase of 5.40 percentage points year-on-year [2]. Group 2: Acquisition Rationale - The acquisition aims to integrate the supply chain and technology resources of Changyi Optoelectronics, reducing reliance on a single business line [2]. - The expected synergies include: 1. Technical complementarity, as United focuses on high-end optical lenses while Changyi specializes in consumer-grade optoelectronic components, allowing shared technology platforms [3]. 2. Customer expansion, with United's optical lens business currently accounting for 100% of its revenue, while Changyi's customer base may cover consumer electronics and security sectors [3]. 3. Cost optimization, as United's R&D expenses reached 214 million in 2024, a year-on-year increase of 24.71%, which could be diluted post-acquisition [3]. Group 3: Industry Impact - The acquisition reflects a trend of consolidation in the optoelectronic industry, where companies are expanding scale and reducing costs through mergers [4]. - Successful integration of Changyi could enhance United's market share, although challenges such as cultural clashes and technical integration must be managed [4]. Group 4: Future Outlook - During the suspension period, three key signals should be monitored: 1. Details of the transaction plan, including share issuance price, fundraising scale, asset valuation, and performance commitments [5]. 2. Progress of regulatory approvals, particularly whether the transaction triggers major asset restructuring requiring review by the securities regulatory authority [5]. 3. Market reaction post-resumption; if the acquisition logic is validated, United's stock price may see valuation recovery, otherwise, it could face pressure [5]. - This acquisition represents a strategic attempt by United to navigate the downturn in the optoelectronic industry, with success hinging on the true value of the acquired asset and integration effectiveness [5].

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 证券代码：300447 证券简称：全信股份 公告编号：2025-026 所有董事均已出席了审议本报告的董事会会议。 天衡会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所为天衡会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以未来实施分配方案时股权登记日享有利润分配权的总 股本（不含回购股份）为基数，向全体股东每10股派发现金红利0.50元（含税），不送红股，不以资本 公积金转增股本。 ■ 2、报告期主要业务或产品简介 （一）公司主要业务和主要产品 公司自成立以来一直以军工业务为主业，聚焦军工电子信息领域，主要从事军用光电线缆及组件、光电 元器件、FC光纤高速网络及多协议网络解决方案、光电系统集成 ...