Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company, Maolai Optical, is positioned as a key player in the domestic substitution trend, with a recovery in performance growth expected [6]. - The company plans to raise a total of 562.5 million yuan through convertible bonds, with net proceeds of 554.36 million yuan allocated for precision optical production projects, R&D centers, and working capital [4]. - The company has adjusted its revenue and net profit forecasts upwards for 2025 and 2026 due to the anticipated growth in high-margin XR/semiconductor businesses [6]. Financial Data Summary - Total revenue projections for 2025 are set at 624 million yuan, with a year-on-year growth rate of 24.1% [5]. - The net profit attributable to the parent company is forecasted to be 69 million yuan for 2025, reflecting a significant year-on-year increase of 93.7% [5]. - The company’s gross margin is expected to improve from 48.4% in 2024 to 49.6% in 2025 [5]. - The return on equity (ROE) is projected to rise from 3.0% in 2024 to 5.5% in 2025 [5].

Group 1 - The convertible bond market is experiencing a surge in new issuances, with five new bonds set to be offered for online subscription, indicating a strong demand despite a shrinking market size [1][4] - The newly listed Maolai Convertible Bond saw a significant increase of nearly 70% in its first two days of trading, highlighting the market's enthusiasm for new offerings [1][2] - The overall market for convertible bonds has contracted significantly, with a reduction of over 170 billion yuan since 2025, leading to a current market size of 560.6 billion yuan, down from 733.7 billion yuan at the beginning of the year [7][8] Group 2 - The Maolai Convertible Bond, issued by Maolai Optics, has a total issuance size of 562.5 million yuan and is part of the Sci-Tech Innovation Board, which has attracted considerable market interest [3][6] - Upcoming convertible bonds include those from Pulin, Shenyu, Aohong, Tianzhun, and Dingjie, with a focus on technology and digital solutions [5][6] - The scarcity of new convertible bonds is evident, with only three companies currently approved for issuance by the China Securities Regulatory Commission, indicating a tight supply in the market [7][8]

Core Viewpoint - The A-share market is experiencing fluctuations, with the Fujian sector showing strength and the Korean National Pension Service selling US dollars to support the Korean won [1][2]. Group 1: Market Performance - On December 9, the A-share market showed mixed results, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.39%, and the ChiNext Index up by 0.61% [5][20]. - The computing hardware stocks continued to perform strongly, with companies like Dekeli and Yueling shares hitting the daily limit [6][21]. Group 2: Fujian Sector - The Fujian sector is gaining momentum, with over ten stocks, including Anji Food and Longzhou Co., hitting the daily limit. This is driven by the release of the 15th Five-Year Plan for economic and social development in Quanzhou, which emphasizes the construction of new infrastructure and digital transformation [20][22]. - The plan includes initiatives to optimize the layout of new infrastructure related to networks, computing power, and data, aiming to create a modern, efficient information network [22][23]. Group 3: Korean National Pension Service - The Korean National Pension Service (NPS) has been selling US dollars as part of a tactical foreign exchange hedging strategy to counter the recent depreciation of the Korean won. As of the end of September, NPS held approximately $542 billion in overseas assets [2][18]. - The maximum hedging ratio for NPS is about 15%, equivalent to approximately $81.3 billion, with tactical foreign exchange hedging allowing for adjustments within a ±5% range of its overseas asset portfolio [2][18]. Group 4: Polysilicon Market - On December 9, polysilicon futures contracts saw a significant increase, indicating a bullish trend in the market [26][28]. - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, aims to explore strategic cooperation opportunities within the industry, potentially impacting polysilicon supply and pricing dynamics [29].

Market Overview - On December 9, A-shares showed mixed performance with the Shanghai Composite Index down by 0.37% and the Shenzhen Component Index down by 0.39%, while the ChiNext Index rose by 0.61% [1] - The total market turnover was 1.92 trillion yuan, a decrease of 134 billion yuan compared to the previous trading day, with over 4,000 stocks declining [1] Sector Performance - The Hainan sector experienced significant declines, with New Dazhou A hitting the daily limit down, and other stocks like Kangzhi Pharmaceutical and Hainan Haiyao dropping over 7% [4][5] - The pharmaceutical retail sector also saw a collective downturn, with stocks like Ruikang Pharmaceutical and Haiwang Biological hitting the daily limit down, and others like People's Tongtai and Hefei China dropping over 6% [5][6] - Precious metals sector weakened, with Zhongjin Gold leading the decline, down over 4%, and other stocks like Hunan Silver and Chifeng Gold also falling [7][8] - The coal sector showed negative performance, with New Dazhou A hitting the limit down and other companies like Antai Group and Dayou Energy dropping over 4% [9] - The CPO concept stocks surged, with Dekeli and Shaanxi Huada hitting the daily limit up, and other stocks like Qianzhao Optoelectronics and Tengjing Technology rising over 10% [10] Notable Stocks - In the Hainan sector, New Dazhou A closed at 6.31 yuan, down 9.99%, while Kangzhi Pharmaceutical closed at 10.80 yuan, down 7.85% [5][6] - In the precious metals sector, Zhongjin Gold closed at 21.31 yuan, down 4.65%, while Hunan Silver closed at 6.25 yuan, down 3.10% [7][8] - In the coal sector, New Dazhou A closed at 6.31 yuan, down 9.99%, and Antai Group closed at 4.81 yuan, down 5.31% [9] - In the retail sector, Central Mall and Maoye Commercial both hit the daily limit up, with Central Mall closing at 4.06 yuan, up 10.03% [12] Industry Insights - The global optical module industry is accelerating upgrades to 800G/1.6T driven by AI computing demand, with optical isolators becoming a critical component due to upstream material shortages [10] - The solar sector saw a surge in stocks like Aerospace Electromechanical, which closed at 14.83 yuan, up 10.01%, and Dike shares, which rose over 8% [17][18] - The film sector showed some gains, with Bona Film Group hitting the daily limit up, closing at 10.65 yuan, up 10.02% [15][16]

股票简称：茂莱光学 证券代码：688502 南京茂莱光学科技股份有限公司 MLOPTIC Corp. （江苏省南京市江宁区经济技术开发区铺岗街 398 号） 向不特定对象发行可转换公司债券 上市公告书 保荐机构（主承销商） 中国国际金融股份有限公司 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十二月 | | | | | | 第一节 重要声明与提示 南京茂莱光学科技股份有限公司（以下简称"茂莱光学"、"发行人"、"公司"或 "本公司"）全体董事和高级管理人员保证上市公告书的真实性、准确性、完整性，承 诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司董事、高级管理人员 已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简称 "上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的意见，均不表明 对本公司的任何保证。 本公司提醒广大 ...

Core Viewpoint - The A-share market is witnessing strong performance in AI glasses concept stocks, driven by recent product launches and industry collaborations [1] Group 1: Market Performance - As of the half-day close, several AI glasses stocks have shown significant gains, with 可川科技 reaching the daily limit up, 中富通 increasing over 9%, 博士眼镜 up over 8%, 统联精密 up over 6%, 长盈精密 up over 5%, and both 联创电子 and 博杰股份 increasing over 4% [1] Group 2: Recent Developments - On December 3, 理想汽车 launched its first AI glasses, Livis, marking a significant entry into the market [1] - On November 27, 阿里巴巴's subsidiary launched the 夸克AI眼镜S1, further expanding the AI glasses product offerings [1] - 阿里巴巴 has formed the 夸克AI眼镜产业生态联盟 in collaboration with Qualcomm, 立讯精密, 博士眼镜, and 至格科技, indicating a strategic move to enhance the ecosystem around AI glasses [1]

Core Points - The resignation of non-independent director Song Zhiping is due to the adjustment of the company's governance structure, but he will continue to hold other positions within the company [1][2] - The resignation will not affect the minimum number of board members required by law, and the normal operation of the board will remain unaffected [1][2] - Song Zhiping was elected as the employee director of the fourth board of directors during the employee representative meeting held on December 1, 2025 [2] Director Resignation Details - Song Zhiping submitted a written resignation report, which became effective upon delivery to the board [1] - His resignation does not require a new election for the strategic and development committee, as the committee's composition remains unchanged [1] Employee Director Election - The election of Song Zhiping as the employee director was conducted in accordance with the company's articles of association, ensuring compliance with legal requirements [2] - The number of employee representatives on the board does not exceed half of the total number of directors, aligning with relevant laws and regulations [2] Background of Song Zhiping - Song Zhiping has a background in precision instruments and has held various positions in the optical industry since 1983 [3][4] - He has served as a vice president and general engineer at Nanjing Maolai Optical Technology Co., Ltd. and has been involved in several professional committees [4]

Core Points - The company announced the resignation of non-independent director Song Zhiping due to adjustments in the corporate governance structure [2][3] - Song Zhiping will continue to serve in the company and was elected as an employee director during the employee representative meeting held on December 1, 2025 [2][4] - The resignation will not affect the minimum number of board members or the normal operation of the board [3] Director Resignation Details - Song Zhiping's resignation is effective upon delivery of his resignation report to the board [3] - He does not hold shares directly but has indirect holdings through the controlling shareholder, Nanjing Maolai Holdings [3][8] - The resignation will not adversely impact the company's daily operations [3] Employee Director Election - The company held an employee representative meeting on December 1, 2025, where Song Zhiping was elected as an employee director [4] - His term as an employee director aligns with the term of the fourth board of directors [4] - The composition of the strategic and development committee remains unchanged following this election [2][4]

证券代码：688502 证券简称：茂莱光学 公告编号：2025-092 南京茂莱光学科技股份有限公司 | | | | | | | | 是否继续在 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | 原定任期 | | 离任原因 | 上市公司及 | 具体职务 | 未履行完 | | | | | | 到期日 | | | 其控股子公 | （如适用） | 毕的公开 | | | | | | | | | 司任职 | | 承诺 | | 宋治平 | 非独立董 | 2025 12 | 年 | 2027 年 | 4 月 | 公司治理结 | 是 | 副总经理、 | 是 | | | 事 | 月 1 | 日 | 22 | 日 | 构调整 | | 技术总工 | | (二) 离任对公司的影响 根据《中华人民共和国公司法》《公司章程》的有关规定，宋治平先生的辞 职不会导致公司董事会成员低于法定最低人数，其辞职报告自送达董事会时生效。 其辞职不会影响公司董事会的正常运行，亦不会对公司的日常生产经营产生不利 影 ...

Group 1 - The company, Nanjing Maolai Optical Technology Co., Ltd., has received approval from the China Securities Regulatory Commission to issue convertible bonds totaling 562.5 million yuan, with a net amount of 554.365 million yuan after deducting issuance costs [2][28] - The company has established a special account for the management of the raised funds and signed a tripartite supervision agreement to ensure proper use and storage of the funds [3][4] - The special account is designated solely for the storage and use of funds related to the company's ultra-precision optical production and processing projects [4][24] Group 2 - The tripartite supervision agreement involves the company, the sponsoring institution China International Capital Corporation, and the commercial banks holding the funds [3][11] - The agreement stipulates that the company must notify the sponsor if it withdraws more than 50 million yuan or 20% of the net amount raised within 12 months [7][26] - The sponsor has the right to supervise the use of the funds and can conduct on-site investigations and inquiries [11][20] Group 3 - The company has opened multiple special accounts with different banks for various projects, including ultra-precision optical technology research and development [10][18][23] - Each special account is required to maintain a zero balance until funds are deposited, and the funds must not be used for any other purposes [4][24] - The agreements are governed by Chinese law and include provisions for dispute resolution through arbitration [8][27]