沃格光电回复称，公司目前已具备6万片/年产能，2025年4-10月该产品产销率达99.74%，产能利用率约 30%，随着业务拓展将持续提升。本次募投拟两年内分批次扩产至605万片/年，建成后可满足80-100万 台85寸电视生产需求，仅占2025年全球电视出货量的0.32%-0.40%、MiniLED电视出货量的 5.93%-7.41%，市场占比极低。市场层面，MiniLED作为主流显示技术，2025年全球出货量预计达1350 万片，大尺寸电视需求激增，行业前景广阔。客户方面，公司已与友达光电等达成量产合作，终端覆盖 海信、小米等，15家核心客户处于量产或验证阶段，截至2025年10月末在手订单350万元，同时制定了 针对性产能消化规划，各品类产能占对应市场比例均较低，不存在重大产能消化风险。 南方财经12月22日电，上海证券交易所就沃格光电向特定对象发行股票事宜提出问询，核心聚焦其玻璃 基MiniLED显示背光模组募投项目合理性和产能消化风险。问询函指出，该项目总投资20.06亿元，完 全达产后预计实现年销售收入31.16亿元，税后内部收益率14.26%。公司需说明在目前年产能仅6万片、 产能利用率约30% ...

财务数据显示公司正面临经营挑战，2024年度亏损1.22亿元，2025年上半年亏损0.54亿元。截至2025年6 月末，公司资产负债率达70.62%，应收账款规模增至11.47亿元，商誉账面价值约1.9亿元。本次募资将 主要用于建设年产605万片玻璃基MiniLED显示背光模组产能，其余4.4亿元补充流动资金及偿还银行贷 款。 南方财经9月24日电，沃格光电(603773.SH)近日披露2025年度定增预案修订稿，拟募集资金总额不超过 15亿元，重点加码玻璃基MiniLED赛道。与前期方案相比，本次修订核心变化在于上调了募投项目总投 资额，其中玻璃基MiniLED显示背光模组项目投资总额由19.19亿元调整为20.06亿元，新增投入8700万 元将全部由公司自有资金承担，而募集资金投入金额保持10.6亿元不变。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady revenue growth in H1 2025, primarily driven by the traditional business of glass processing related to display panels and devices, with revenue from optical glass processing and optical display devices increasing by 30.11% and 10.40% year-on-year, respectively [2] - The company is experiencing an expansion in its glass-based Mini LED production, with successful mass production and commercialization of products, which is expected to enhance its market competitiveness and profitability [3][10] - Despite the revenue growth, the company reported an expanded net loss in H1 2025 due to high R&D expenses and impairment provisions totaling 14.68 million [2][10] Financial Summary - Revenue for 2023 is projected at 1,814 million, with a year-on-year growth rate of 29.8%, and is expected to reach 4,934 million by 2027, with a growth rate of 44.7% [1] - The net profit attributable to the parent company is forecasted to be -5 million in 2023, -122 million in 2024, and is expected to turn positive at 220 million by 2027 [1] - The company's gross margin for H1 2025 was 19.03%, an increase of 2.57 percentage points year-on-year, while the net margin was -3.41% [2] Product Development and Market Position - The company is actively developing glass-based circuit board products for various applications, including MiniLED backlighting and MicroLED direct display, with significant recognition from major brand clients [3][9] - The company plans to raise up to 1.5 billion for expanding its glass-based MiniLED backlight module project, which will enhance its production capacity and product structure [3][8]

Group 1 - The company, Woge Optoelectronics, plans to raise no more than 1.5 billion yuan through a private placement of A-shares [1] - The number of shares to be issued will not exceed 67.0432 million shares, including the current shares [1] - The net proceeds from the fundraising, after deducting issuance costs, will be used for a glass-based MiniLED display backlight module project (approximately 1.06 billion yuan) and to supplement working capital and repay bank loans (approximately 440 million yuan) [1]