证券代码：301608 证券简称：博实结 深圳市博实结科技股份有限公司 投资者关系活动记录表 编号：2025-026 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称 圆信永丰基金、长江证券 时间 2025 年 7 月 14 日 下午 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书向碧琼女士 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高 新技术企业、专精特新"小巨人"企业，以通信、定位、AI等技 术应用为核心，基于自研无线通信模组，为物联网众多应用场景 提供智能终端产品及配套解决方案。 公司始终秉承"智慧赋能万物，共创美好未来"的使命，坚 持"成就客户、创新驱动、博大务实、品质至上"的经营理念， 依托"通信+定位+AI"底层核心技术与"模组+平台+终端"业务 模式，深耕车联网，广泛布局物联网，致力于成为全球的物联网 智能化应用解决方案专家。 2024 年度，公司实现营业收入 14.02 亿元，较上年 ...

截至2025年7月14日 14:43，智能车ETF泰康(159720)震荡调整，跟踪指数中证智能电动汽车指数 (H11052)下跌0.30%。成分股方面涨跌互现，天华新能(300390)领涨6.59%，天齐锂业(002466)上涨 2.98%，赣锋锂业(002460)上涨2.76%；思特威(688213)领跌2.58%，芯原股份(688521)下跌2.22%，比亚 迪(002594)下跌1.67%。 截至7月11日，智能车ETF泰康(159720)近3月规模增长217.07万元，实现显著增长，新增规模位居可比 基金第一。 在当前投资市场中，"内卷"已成为常态——过度竞争、同质化严重、个体努力边际效益递减。然而，反 内卷的核心在于跳出低水平竞争，寻找真正具有长期增长潜力的优质赛道。智能电动汽车行业正是这样 一片蓝海：政策支持明确、技术迭代加速、市场空间广阔。 相关产品：智能车ETF泰康(159720)。 与此同时，"千县万镇新能源汽车消费季" 政策（2025年7-12月）将释放县域市场超百万辆增量，叠加最 高2万元以旧换新补贴及5年0息金融支持，直接刺激终端需求。北京、武汉等地已开放L4级自动驾驶商 业化试点， ...

Group 1 - The company announced a 2025 employee stock ownership plan covering up to 358 individuals, including directors, supervisors, executives, and core employees, with a total of no more than 10.392177 million shares, representing 1.23% of the current total share capital [1][2] - The employee purchase price is set at 15.78 RMB per share, with total self-funded amounts not exceeding 163.9886 million RMB [1][2] - The plan aims to attract and retain talent, enhance operational efficiency, and drive performance growth through a tiered unlocking mechanism and dual assessment criteria [2] Group 2 - The company has achieved a domestic market share of 40%-50% in the new energy sector, with significant order increases for its coaxial reducers due to their core technological advantages [3] - By the end of 2024, the company has established a production capacity of 6.5 million sets of new energy vehicle drive gears [3] - The company is accelerating the construction of its Hungary base to meet European market demands and enhance its influence through localized production [3] Group 3 - The company is recognized as a leader in precision drive systems and is expanding globally while developing intelligent drive mechanisms and robotic joint businesses [4] - Revenue projections for 2025-2027 are 10.47 billion, 12.47 billion, and 14.96 billion RMB, with net profits of 1.3 billion, 1.52 billion, and 1.89 billion RMB respectively [4] - The expected earnings per share (EPS) for the same period are 1.54, 1.79, and 2.23 RMB, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [4]

中国经济网北京7月11日讯国星光电（002449）(002449.SZ)昨日晚间披露《2025年度向特定对象发行A 股股票预案》。本次发行预计募集资金总额不超过98,132.39万元(含本数)，扣除发行费用后将用于"超 高清显示Mini/Micro LED及显示模组产品生产建设项目""光电传感及智能健康器件产业化建设项目""智 慧家居显示及Mini背光模组建设项目""智能车载器件及应用建设项目""国星光电研发实验室项目"以 及"补充流动资金"。 | | | | 产是 | 项目名称 | 项目投资金额 | 募集资金使用金额 | | --- | --- | --- | --- | | 1 | 超高清显示 Mini/Micro LED 及显示模组产品 生产建设项目 | 37.309.21 | 36.189.21 | | 2 | 光电传感及智能健康器件产业化建设项目 | 19.011.37 | 19.011.37 | | 3 | 智慧家居显示及 Mini 背光模组建设项目 | 11,818.62 | 11,818.62 | | র্ব | 智能车载器件及应用建设项目 | 5,353.28 | 5,353.28 | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has established a comprehensive IoT solution system based on "modules + platforms + terminals," which integrates hardware and software capabilities, positioning it to benefit from the growth of AI terminals. The company is expected to accelerate its growth trajectory as smart sleep terminals and overseas business enter a phase of rapid expansion. Additionally, the higher gross margin of overseas business is anticipated to improve the overall gross margin of the company [2][8]. Company Overview - The company initially focused on vehicle-mounted terminal products and has since expanded into smart hardware, covering three main areas: smart transportation, smart mobility, and smart payment hardware. It operates six business units, with the IoT unit providing foundational R&D support and self-developed communication modules, while the software/AI algorithm center enhances system integration and data service capabilities through cloud platforms [5][19]. Business Layout - The company’s growth engines are AI terminals and international expansion. Its smart vehicle-mounted terminals cater to both commercial and passenger vehicles, while smart mobility products target shared bicycles and electric bicycles. The smart sleep terminal, primarily an ODM smart bed cover, adjusts sleep conditions through precise temperature control and data analysis. The smart payment hardware includes cloud-based payment devices and other smart hardware products, with ongoing expansion of its product line [6][64]. Management Efficiency and Profitability - The company has implemented a "module + platform + terminal" business system and a standardized development model, enhancing R&D efficiency. The business unit management strategy allows for independent accounting of inputs and outputs, focusing on profit metrics to improve overall profitability. The company maintains a lower expense ratio compared to peers, attributed to a higher proportion of production personnel and lower wage levels in its operational region [7][21]. Investment Recommendations and Profit Forecast - The company is expected to achieve a net profit of CNY 219 million, CNY 273 million, and CNY 348 million from 2025 to 2027, with year-on-year growth rates of 25%, 25%, and 28%, respectively. The corresponding price-to-earnings ratios are projected at 33x, 27x, and 21x [8].

Core Viewpoint - The announcement details the potential dilution of immediate returns due to the issuance of A-shares to specific investors, along with measures to compensate for this dilution and commitments from relevant parties [1][4][14]. Financial Impact - The company plans to raise a maximum of 981.32 million yuan (approximately 98.13 million) through the issuance of up to 185,543,150 shares, which will increase the total share capital from 618,477,169 shares to 804,020,319 shares [1][2]. - The basic earnings per share (EPS) under three scenarios (flat, 20% increase, and 20% decrease in profit) are projected to be 0.0833 yuan, 0.1000 yuan, and 0.0667 yuan respectively, indicating a potential dilution effect [2][3]. - The weighted average return on equity (ROE) is expected to decrease from 1.35% to 1.08% under the scenario of a 20% decrease in profit [3]. Necessity and Reasonableness of the Issuance - The funds raised will be used for projects related to Mini/Micro LED production, optical sensing, smart home displays, and other initiatives that align with the company's existing business and national industrial policies [4][5]. - The projects are expected to enhance the company's core competitiveness and sustainable development capabilities, providing a strong market outlook [4][11]. Project Implementation Readiness - The company has established a solid foundation in terms of personnel, technology, and market management to ensure the successful implementation of the fundraising projects [5][6][7]. - The company has a strong R&D capability, with a 2024 R&D investment of 190.85 million yuan, representing 5.50% of revenue, and has filed over 1,200 patents [7][8]. Measures to Mitigate Dilution Risk - The company will enhance fundraising management, accelerate project implementation, and ensure efficient use of raised funds to improve profitability [11][12]. - It will strengthen strategic partnerships with existing clients and explore new business markets to maintain competitive advantage [12][13]. - The company will also improve its governance structure to protect shareholder rights and ensure compliance with relevant regulations [12][13]. Commitments from Relevant Parties - The company's board and senior management have committed to ensuring the effectiveness of measures to compensate for the dilution of immediate returns [14][15]. - The controlling shareholder and actual controller have also made commitments to not interfere with the company's management and to compensate for any losses incurred due to non-compliance with these commitments [14][15].

证券代码：002449 证券简称：国星光电 佛山市国星光电股份有限公司 论证分析报告 二〇二五年七月 佛山市国星光电股份有限公司（以下简称"公司"、"国星光电"）是深圳 证券交易所上市的公司。为满足公司经营战略的实施和业务发展的资金需求，进 一步增强公司资本实力，优化资本结构，提升盈利能力，根据《中华人民共和国 公司法》《中华人民共和国证券法》和《上市公司证券发行注册管理办法》等有 关法律、法规和规范性文件的规定，公司拟实施 2025 年度向特定对象发行股票 （以下简称"本次发行"），本次向特定对象发行股份总数不超过 185,543,150 股（含本数），预计募集资金总额不超过 98,132.39 万元，扣除发行费用后将全 部用于以下项目的投资： 单位：万元 序 项目名称 项目投资金额 募集资金使用金额 号 超高清显示 Mini/Micro LED 及显示模组产品 生产建设项目 合 计 99,252.39 98,132.39 注：本次发行之预案董事会召开前 6 个月内，公司存在新投入和拟投入的财务性投资共 计 1,120.00 万元，系公司受让的广东广晟百千万高质量发展产业投资母基金合伙企业（有限 合伙）1, ...

Group 1 - The company Guoxing Optoelectronics (002449) plans to issue A-shares to no more than 35 specific investors, including its controlling shareholder Foshan Lighting (000541) [1] - The total amount of funds to be raised is not more than 981 million yuan, which will be used for various projects including "Ultra HD display Mini/Micro LED and display module production construction project" and "Optoelectronic sensing and smart health device industrialization construction project" [1] - Foshan Lighting intends to subscribe for 116 million yuan of the shares [1] Group 2 - The number of shares to be issued will not exceed 30% of the company's total share capital before the issuance [1] - The issuance price will be no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing benchmark date [1]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [2] - It aims to become a global expert in IoT intelligent application solutions, leveraging its core technologies and business model [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up 0.81% from the previous year [2] - In Q1 2025, the company reported a revenue of CNY 348 million, representing a 40.28% increase year-on-year, with a net profit of CNY 40 million, up 14.42% [3] Group 3: International Business Growth - The company's overseas revenue reached CNY 327 million in 2024, accounting for 23.35% of total revenue, with a growth of 399.37% compared to 2023 [3] - Key growth areas for international business include smart vehicle terminals and smart sleep terminals, with a focus on expanding market share in Africa, Southeast Asia, and developed regions like Europe and the US [3] Group 4: Domestic Market Focus - The smart vehicle terminal products target the "two passengers and one dangerous goods" vehicles, heavy-duty trucks, and ride-hailing services, primarily in the aftermarket sector [4] - The trend is shifting towards replacing traditional driving recorders with intelligent video driving recorders, driven by policy changes and advancements in AI technology [4] Group 5: Product Innovation - The smart sleep terminal, centered around a smart mattress cover, monitors key physiological indicators to optimize sleep conditions without altering existing bedding [5] - The product is developed in collaboration with an overseas client known for its expertise in sleep health, leveraging advanced sleep AI algorithms [5] Group 6: Investment and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 19.31%, indicating a relatively low level of debt [5] - The company manages idle funds through low-risk financial products to ensure normal operations while optimizing cash flow [5]

General Provisions - The company aims to standardize its organizational structure and operational mechanisms, ensuring the comprehensive implementation of the core guiding principles and enhancing the role of the Party in corporate governance [1][3] - The company is a joint-stock limited company established in accordance with the Company Law and relevant national regulations, with a registered capital of RMB 798,201,406 [2][3] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 30 million shares in December 1998 and successfully listed on the Shenzhen Stock Exchange in April 1999 [1][3] Company Name and Address - The full Chinese name of the company is 航天科技控股集团股份有限公司, and its English name is Aerospace Hi-Tech Holding Group Co., Ltd [2] - The company is located at 45 Haiping West Road, Pingfang District, Harbin, Heilongjiang Province, with a postal code [2] Corporate Governance - The chairman of the board serves as the legal representative of the company, and the appointment and changes of the legal representative must follow the relevant provisions of the company's articles of association [2][3] - The company has established a Chinese Communist Party organization to conduct party activities and ensure the provision of necessary resources for its operations [3][4] Business Objectives and Scope - The company's business objective is to focus on the development and transformation of high-tech industries aligned with national strategies, ensuring effective management and maximizing returns for shareholders [5][6] - The company engages in various business activities, including telecommunications, internet services, manufacturing of instruments and equipment, and research and development in high-tech fields [5][6] Special Provisions for Military Products - The company must comply with specific regulations regarding military products, including accepting national military orders and ensuring the confidentiality of sensitive information [6][7] - Any changes in the ownership or use of key military equipment must be approved by the relevant defense authorities [7] Share Issuance and Structure - The company's shares are issued in the form of stocks, with a total of 798,201,406 shares, all of which are ordinary shares [8][9] - The company must ensure that all shares of the same category enjoy equal rights and that the issuance of shares follows principles of openness, fairness, and justice [8][9] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and supervise the company's operations [14][15] - Shareholders must comply with legal obligations, including the payment of capital contributions and the prohibition of actions that harm the company or other shareholders [19][20] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and conducting these meetings [22][23] - Shareholders holding more than 10% of the shares can request the convening of a temporary shareholder meeting [25][26] Legal Compliance and Accountability - The company must adhere to laws and regulations, ensuring that its operations are compliant and that any violations by directors or senior management can lead to legal action by shareholders [18][19] - The company is responsible for maintaining transparency and providing necessary disclosures regarding its operations and financial status [16][17]