| 代码 | 874565 | | | --- | --- | --- | | 公司全称 | 宁波耀泰光电科技股份有限公司 | | | 审核状态 | 已问询 | кт | | 保荐机构 | 东方证券股份有限公司 | 保 | | 会计师事务所 | 天健会计师事务所（特殊普通合伙） | ર્જ | | 律师事务所 | 北京市竞天公诚律师事务所 | | | 评估机构 | 坤元资产评估有限公司 | ર્જ | 招股书介绍，是一家专注于户外庭院照明产品的研发、设计、生产和销售的高新技术企业，并依托物联网技术与应用场景的深度融合。公司将物联网技术、 照明控制技术等应用于照明产品，已形成场景照明、智能照明、太阳能照明、工作照明四大核心产品系列。 存股权代持往事 曾向创始人拆入资金 12月24日，据北交所官网，宁波耀泰光电科技股份有限公司（下称"耀泰股份"）回复首轮问询，公司股权代持历史、境外收入稳定性、曾在天猫平台"刷 单"等情况受到监管层的关切。 公司名义股东先后为外籍自然人Roger Renucci、耀华控股，实际股东均为耀华企管。前述代持行为系公司股东发生的整体代持行为，并已于2017年12月解 除。 报告期内，耀泰 ...

每经编辑｜程鹏 陈俊杰 "10户中国家庭，7户用公牛"，公牛集团的宣传语近日引发"互怼"风波。广东中山市家的电器有限公司（以下简称家的公司）以"大字吹牛，小字免责"质 疑该广告语存在误导，公牛集团则针锋相对，以商业诋毁为由起诉家的公司并索赔420万元。 图片来源：网络截图 编辑|程鹏 陈俊杰 校对|许绍航 第二个问题是存量数据的叠加。将"曾经使用过"的存量用户纳入统计，违背了市场占有率的传统定义。市占率通常以当期销售额、销售量为核心指标，反 映当下或近期状态，而存量数据只增不减。对经营超过30年的公牛集团而言，累积的用户本就庞大，但这类数据无法反映当前的竞争力。可供对比的 是，"14亿人中13亿在喝**水""10户城市家庭8户在用**空调"也是没有参考价值的，因为有些存量早已不在，而有些存量存在用户的大面积重叠。 第三个问题是品类范围的模糊。"10户家庭7户用"的表述指向了全品类产品，但公牛业务已覆盖电连接、智能照明、新能源等多个领域，不同品类市场表 现差异显著。其插座品类虽有优势，但新能源产品2024年营收（7.77亿元）占比不足5%。广告语未明确数据适用范围，有误导消费者嫌疑，这也正是家 的公司质疑的核心 ...

第一个问题是时态定义的矛盾。"用"和"用过"是完全两个完全不同的概念，"7户用公牛"会让消费者认 为这是当下时态。但公牛在部分宣传场景的小字备注中，却将其扩展为"正在使用或曾经使用过"，"大 字"和"小字"的表述并不一致。"大字"虽大，但无法凭空制造出"现实扭曲力场"，普通消费者只要认真 看小字，就能觉察到异常之处。 第二个问题是存量数据的叠加。将"曾经使用过"的存量用户纳入统计，违背了市场占有率的传统定义。 市占率通常以当期销售额、销售量为核心指标，反映当下或近期状态，而存量数据只增不减。对经营超 过30年的公牛集团而言，累积的用户本就庞大，但这类数据无法反映当前的竞争力。可供对比的 是，"14亿人中13亿在喝**水""10户城市家庭8户在用**空调"也是没有参考价值的，因为有些存量早已 不在，而有些存量存在用户的大面积重叠。 每经评论员杜恒峰 "10户家庭7户用"的表述简单直观，能快速建立消费者信任，但也体现了企业的"市占率焦虑"。哪怕是 将存量产品纳入，也要营造市占率极高的印象，说明"市占率就是核心竞争力"的执念仍根深蒂固。法律 法规在完善，市场认知在升级，曾经看似"高明"的广告语，如今也要面临同行、消 ...

公司这几年迅速调整产品结构，侧重于高附加值产品， 同时开始倾向于一些小而美的高分子材料细分领域，加强对 新兴领域客户的培育与开发，主动参与客户产品设计、为客 户产品研发中遇到问题及时提供解决方案，与客户共同成长。 经过多年的耕耘，公司目前在电子电器、低空飞行器、家用 新型服务机器人等新兴行业拥有较为稳定的新兴客户群体。 Q1：近段时间很多头部大厂都发布了 AI 眼镜、AI 智能音 箱等产品，公司是否有进行相关布局及开发相关客户？ 证券代码：300221 证券简称：银禧科技 广东银禧科技股份有限公司 投资者关系活动记录表 编号：2025-11 | 投资者关系活动 | 特定对象调研□分析师会议 ☑ | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | ☑ 现场参观 | | | □其他（线上投资者交流） | | 参与单位名称及 | 中信证券赵宇航、张颖悦；中国银河证券宁锡明、广东博众 | | 人员姓名 | 智能陈翔、三亚兆恒投资企业（有限合伙）史宏斌、上海欣 | | | 歌投资朱以天、北京雪球私募李雅昆、北京金九瑞和私募基 | | | 金刘在琦；潘移发 ...

Core Insights - The 2026 Beijing International Consumer Electronics Expo will take place from June 10 to 12, 2026, focusing on "full-scenario technology coverage, empowering global outbound" [2] - The expo will feature eight core exhibition areas, covering smart home, whole-home intelligence, low-altitude economy, artificial intelligence, outdoor intelligence, and pet technology, creating a comprehensive display platform for the consumer electronics industry [2][3] - The event aims to facilitate global resource linkage and international market expansion for participating companies [2] Exhibition Areas - The smart home area will showcase innovations in smart lighting, security, and kitchen products, addressing consumer needs for convenience in home life [2] - The whole-home intelligence area will highlight system integration and collaborative interaction, demonstrating an immersive smart living experience through unified control [2] - The low-altitude economy area will feature electric vertical takeoff and landing vehicles, drones, and low-altitude traffic management systems, exploring commercial applications in low-altitude travel and logistics [3] - The artificial intelligence area will focus on AI model deployment, multimodal interaction, and smart algorithms, showcasing products like AI smartphones and intelligent driving assistance systems [3] - The outdoor intelligence area will include portable energy storage, smart sports equipment, and environmental monitoring devices for outdoor activities [3] - The pet technology area will present smart wearables and health monitoring devices for pets, catering to the trend of refined pet care [3] Market Opportunities - The expo will provide a platform for 36,000 paid professional visitors and over 50 international purchasing groups, enabling efficient connections between exhibitors and global market demands [4] - The global consumer electronics market reached $1.2 trillion in 2025, with the Asia-Pacific region accounting for over 40%, indicating significant growth potential for participating companies [4] - The organizing committee is optimizing exhibition area functions and service systems to enhance synergy and resource aggregation, supporting companies in technology exchange, business cooperation, and brand internationalization [4]

Core Viewpoint - The controlling shareholder and chairman of Zhouming Technology, Lin Mingfeng, plans to reduce his shareholding by up to 21,722,009 shares, representing 1.99% of the total share capital, due to personal funding needs [1][3]. Group 1: Shareholding Reduction Plan - Lin Mingfeng holds 268,973,418 shares, accounting for 24.65% of the total share capital and 24.77% of the total share capital after excluding repurchased shares [1]. - The planned reduction will occur within three months after 15 trading days from the announcement date, using block trading [1][3]. - This reduction follows a previous plan that was not executed due to the expiration of the reduction period [3]. Group 2: Financial Performance - For the first three quarters of 2025, Zhouming Technology reported total revenue of 5.623 billion yuan, a year-on-year increase of 3.74% [4]. - The net profit attributable to shareholders was 126 million yuan, reflecting a year-on-year decrease of 1.21% [4]. - The net profit after deducting non-recurring gains and losses was 130 million yuan, down 3.12% year-on-year [4]. Group 3: Company Overview - Zhouming Technology specializes in LED displays, LED lighting products, and optical display solutions, with key products including smart displays, intelligent lighting, and cultural creative lighting [3].

Company Performance - Shunyu Precision reported a revenue of 494 million yuan for the first three quarters of 2025, representing a year-on-year growth of 9.82% [1] - The net profit attributable to shareholders reached 36.8 million yuan, a significant increase of 2,586.85% year-on-year, with basic earnings per share rising from 0.02 yuan to 0.57 yuan [1] - The weighted average return on equity improved from 0.26% to 6.49%, indicating enhanced profitability and shareholder return capability [1] - Operating cash flow showed significant improvement, with a net amount of 76.63 million yuan from the beginning of the year to the reporting period [1] Industry Overview - The automotive parts industry in China is experiencing rapid growth, driven by steady economic growth, supportive national industrial policies, and the fast development of the new energy vehicle sector [1] - According to analysts from the China Business Industry Research Institute, the revenue of the automotive parts manufacturing industry is expected to grow to 4.78 trillion yuan by 2025 [1] Market Trends - The global automotive interior and exterior trim market is projected to grow steadily, with an expected market size of 224.23 billion USD by 2031 [2] - The automotive trim industry is the largest segment within the automotive parts sector, accounting for nearly one-fourth of the total automotive parts market [2] - The global automotive interior trim market is estimated to reach approximately 110.11 billion USD in 2024, with a compound annual growth rate (CAGR) of 5.2% until 2031 [2] Product Development and Innovation - Shunyu Precision is accelerating the development of new energy vehicle components, focusing on smart cockpits and leveraging new technologies to enhance product quality and competitiveness [3] - The company emphasizes research and development of new products and technologies, including smart electric air vents, touch ceiling lights, and various intelligent components [3] - Shunyu Precision's subsidiary, Shunyu Bell, has entered the high-end equipment manufacturing sector, providing integrated solutions for vehicle manufacturers [3] Client Base and Partnerships - The company serves well-known automotive parts suppliers and major vehicle brands, including FAW Hongqi, SAIC General Motors, BYD, Mercedes-Benz, BMW, and Stellantis [4] - Shunyu Precision's AGV robot integration solutions are successfully applied in various renowned manufacturers, establishing strong partnerships with major mechanical design institutes and contractors [4] Future Outlook - The implementation of "two new" policies is expected to continue, with the potential withdrawal of new energy vehicle purchase tax exemptions, which may stimulate automotive consumption growth [4] - The company aims to enhance its core competitiveness through improved design and development capabilities in collaboration with research institutions [5]

Core Insights - In Q3 2025, the company reported a revenue of 4.26 billion yuan, representing a year-on-year increase of 6.25%, while the net profit attributable to shareholders decreased by 44.72% to 55.61 million yuan [2][3] - For the first three quarters of 2025, total revenue was 12.18 billion yuan, showing a slight decline of 0.1%, and net profit attributable to shareholders was 209.21 million yuan, down 42.36% year-on-year [2][3] - The decline in profits is primarily attributed to increased expenses during the reporting period [2] Financial Performance - Q3 2025 revenue: 4.26 billion yuan, up 6.25% year-on-year [2][3] - Q3 2025 net profit: 55.61 million yuan, down 44.72% year-on-year [2][3] - Q3 2025 net profit excluding non-recurring items: 60.39 million yuan, down 48.84% year-on-year [2][3] - Total revenue for the first three quarters of 2025: 12.18 billion yuan, down 0.1% year-on-year [2][3] - Net profit for the first three quarters of 2025: 209.21 million yuan, down 42.36% year-on-year [2][3] - Net profit excluding non-recurring items for the first three quarters: 204.15 million yuan, down 42.82% year-on-year [2][3] Expense Analysis - The expense ratio for the first three quarters of 2025 was 25.22%, an increase of 2.14 percentage points compared to the same period last year [3] - R&D expenses increased by 26.21% year-on-year [3] - Financial expenses surged by 304.62% year-on-year [3] Business Developments - The company focuses on providing diversified LED solutions globally, including LED packaging, lighting fixtures, smart lighting, and IoT applications [4] - In September 2025, the company signed a strategic cooperation framework agreement with JD Technology to establish a demonstration base for unmanned warehouses in Europe [4]

Group 1 - The company is a high-quality polymer new materials manufacturer, established in 1997 and listed on the Shenzhen Stock Exchange in 2011, with a diverse product range including modified plastics, silicone rubber, environmentally friendly flame retardants, electronic materials, smart lighting, 3D printing, and special engineering plastics [1] - The company is accelerating its overseas market expansion, having established Yinxin Technology (Vietnam) Co., Ltd. in 2024, focusing on the production and sales of plastic components for smart lighting and modified plastics, with significant year-on-year growth expected in overseas revenue for 2024 and the first half of 2025 [1] - The company’s PPO products are in the capacity ramp-up phase, with plans to advance the project towards full production, and the Zhuhai production base has reserved space for future expansion based on market demand [2] Group 2 - The company has a strong R&D team with 167 personnel in 2024, a 14.38% increase year-on-year, and over 60% of R&D staff in modified plastics have more than five years of experience, enhancing its capability to provide comprehensive solutions [2] - The company has implemented a long-term incentive mechanism with a restricted stock incentive plan for 2024, aimed at attracting and retaining key executives and core personnel, thereby supporting its strategic development and operational goals [3] - The company is expected to achieve earnings per share of 0.24 yuan, 0.25 yuan, and 0.27 yuan for the years 2025 to 2027, with corresponding PE valuations of 37x, 35x, and 33x, respectively, leading to a "buy" rating for the stock [3]

Core Insights - The 33rd China Guzhen International Lighting Fair serves as a significant platform for the lighting industry, showcasing the development of the lighting and decoration industry in Guzhen, which has a production value exceeding 100 billion yuan and exports to over 180 countries and regions [1][9] Group 1: Event Overview - The fair is themed "Guzhen Lighting, Illuminating the World" and aims to create a comprehensive trade platform integrating online and offline channels, with an exhibition area exceeding 1.5 million square meters [4][6] - The event features a wide range of products, including smart lighting, home lighting, commercial lighting, outdoor lighting, and specialized equipment, showcasing thousands of innovative products and cutting-edge technologies [4][6] Group 2: Industry Significance - Guzhen's lighting industry holds a 70% market share in China and 50% globally, characterized by high market concentration and rapid product design updates [9] - The fair has been instrumental in supporting the transformation and high-quality development of the lighting industry cluster over the past 26 years [9] Group 3: Technological Advancements - The fair launched the first national AI model application platform for the lighting industry, integrating real-time data across the entire industry chain from R&D to marketing and service [6][9] Group 4: Economic Impact - The event facilitated the signing of 20 key projects with a total investment of 2.5 billion yuan, focusing on manufacturing, cultural tourism, and service industries [10] - The lighting industry in China has a sales scale of 600 billion yuan, with exports projected to reach 56.1 billion USD in 2024, despite facing challenges such as a 6.7% decline in exports in the first eight months of the year [13] Group 5: Future Directions - Guzhen is focusing on intelligent lighting, cross-border e-commerce, and ceramic lighting to enhance its international competitiveness and promote sustainable development [9][14] - The fair aims to establish a one-stop service platform for lighting enterprises, facilitating product innovation and global expansion [14]