证券代码：920045 证券简称：蘅东光 公告编号：2026-009 蘅东光通讯技术（深圳）股份有限公司 关于开展外汇套期保值业务的可行性分析报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、开展外汇套期保值业务的目的 蘅东光通讯技术（深圳）股份有限公司（以下简称"公司"）出口业务主要采 用美元等外币进行结算，因此当汇率出现较大波动时，汇率损益会对公司的经营 业绩造成一定影响。为了规避和预防外汇市场风险、降低汇率波动对公司利润的 不确定性，增强财务稳健性，在保证正常经营的前提下，公司（含合并报表范围 内子公司，下同）拟与经有关政府部门批准、具有外汇套期保值业务经营资格的 银行等金融机构开展外汇套期保值业务。 二、开展外汇套期保值业务的基本情况 （一）交易额度 根据公司实际业务发展情况，公司预计开展汇套期保值业务的保证金及权利 金上限不超过人民币 1,000 万元（或等值外币），且任一交易日持有的最高合约 价值不超过 3,000 万美元（或等值货币），上述交易额度的有效期限为公司董事 会审议通过之 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-015 蘅东光通讯技术（深圳）股份有限公司 使用闲置募集资金现金管理公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、募集资金基本情况 2025 年 12 月 23 日，蘅东光通讯技术（深圳）股份有限公司（以下简称"公 司"或"蘅东光"）发行普通股 1,025.00 股，发行方式为采用战略投资者定向配售 和网上向开通北交所交易权限的合格投资者定价发行相结合，发行价格为 31.59 元/股，募集资金总额为 323,797,500.00 元，实际募集资金净额为 277,878,397.87 元，到账时间为 2025 年 12 月 25 日。 二、募集资金使用情况 （一）募集资金使用情况和存储情况 截至 2026 年 2 月 9 日，公司上述发行股份的募集资金使用情况具体如下： 单位：元 | | 募集资金 | | 募集资金计划 | 累计投入 募集资金 | 投入进度 | | --- | --- | --- | --- | --- | --- ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-007 蘅东光通讯技术（深圳）股份有限公司 关于部分募投项目增加实施地点的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 蘅东光通讯技术（（深圳）股份有限公司（下简简称公公司））于 2026 年 2 月 9 日召开第二届董事会审计委员会第三次会议和第二届董事会第三次会议，审议 通过了《关于部分募投项目增加实施地点的议案》，同意增加募投项目（公南生 产基地扩建项目）及公桂林制造基地扩建（三期）项目）的实施地点。现将有关 情况公告如简： 一、募集资金基本情况 2025 年 12 月 23 日，公司发行普通股 10,250,000 股，发行方式为向不特定 合格投资者公开发行，发行价格为 31.59 元/股，募集资金总额为 323,797,500.00 元，实际募集资金净额为 277,878,397.87 元，到账时间为 2025 年 12 月 25 日。 二、部分募投项目增加实施地点的情况及原因 （一）部分募投项目增加实施地点的情况 公司本次 ...

一、修订原因 公司于 2025 年 12 月 31 日在北京证券交易所上市，公司本次向不特定合格 投资者发行股票 1,025 万股，本次发行后，公司注册资本由 5,782.1548 万元人民 币变更为 6,807.1548 万元人民币。根据《公司法》及《上市公司章程指引》等 相关规定，公司拟修订在北京证券交易所上市后生效的《公司章程》的部分条款。 二、修订内容 根据《公司法》及《上市公司章程指引》等相关规定，公司拟修订《公司章 程》的部分条款，修订对照如下： 变更登记的公告 蘅东光通讯技术（深圳）股份有限公司 关于拟变更公司注册资本、修订《公司章程》并办理工商 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：920045 证券简称：蘅东光 公告编号：2026-013 本次增加注册资本并修订《公司章程》的事项尚需提交公司股东会审议，董 事会提请股东会授权公司经营管理层及具体经办人在股东会审议通过后，办理工 商变更登记及备案等相关事宜，并根据市场监督管理部门的要求进行必要的修订。 具体以市场监督管 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-005 蘅东光通讯技术（深圳）股份有限公司 关于召开 2026 年第一次临时股东会通知公告（提供网络投票） （一）股东会届次 本次会议为 2026 年第一次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 本次股东会的召集、召开所履行的程序符合《中华人民共和国公司法》等 有关法律法规及《公司章程》《股东会议事规则》的规定。 （四）会议召开方式 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开基本情况 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东只能选择现场投票、网络投票中的一种方式，同一表决权 出现重复表决的，以第一次投票结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2026 年 2 月 27 日 15:00。 2、网络投票起止时间：2026 年 2 月 26 日 15:00—2026 年 2 月 27 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-004 蘅东光通讯技术（深圳）股份有限公司 第二届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 2 月 9 日 2.会议召开地点：公司会议室 5.会议主持人：陈建伟 6.会议列席人员：全体高级管理人员 7.召开情况合法合规的说明： 本次董事会的召集和召开符合《公司法》及有关法律、法规、部门规章、 规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 独立董事段礼乐因个人原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于修订<董事及高级管理人员薪酬管理制度>的议案》 1.议案内容： 根据《公司法》《上市公司治理准则》《北京证券交易所股票上市规则》等 3.会议召开方式：现场会议结合电子通讯会议 4.发出董事会会议通知的时间和方式：2026 年 2 月 6 日以电子邮件方式发出 ...

Group 1 - Amazon's high CAPEX indicates strong demand for facilities, benefiting optical communication targets [2][12][22] - In 2024 and 2025, Amazon's cash capital expenditures are projected to reach $77.7 billion and $128.3 billion, primarily for technology facilities and fulfillment network construction [2][12] - The optical communication industry is expected to grow steadily, with China's market size projected to reach 147.3 billion yuan in 2024, reflecting a compound annual growth rate of 5.18% from 2021 to 2024 [14][15] Group 2 - The report identifies five optical communication-related companies on the Beijing Stock Exchange and three on the New Third Board, with a total market capitalization of 55.213 billion yuan as of February 6, 2026 [23][24] - Key companies include: - Hengtong Optic-Electric (920045.BJ) focuses on passive optical components, with a market cap of 24.302 billion yuan and a net profit growth of 123.75% [24][25] - Wanyuantong (920060.BJ) specializes in optical module PCBs, achieving a revenue growth of 15.39% [26][28] - Yunling Optoelectronics (874775.NQ) has seen a revenue increase of 78.17% and a net profit growth of 329.30% [29][34] Group 3 - The pharmaceutical and biological industry on the Beijing Stock Exchange showed an average weekly change of +0.14%, while other sectors like high-end equipment and information technology experienced declines [3][35] - The average P/E ratio for the pharmaceutical and biological sector rose to 29.7X, indicating a positive trend in this industry [48] Group 4 - The technology new industry saw a median P/E ratio decrease from 41.5X to 40.6X, with a total market value decline from 531.795 billion yuan to 527.389 billion yuan [4][57][58] - The report highlights that 27 out of 159 companies in the technology new industry experienced stock price increases, with an average decline of -2.18% for the sector [52][54]

Summary of Conference Call Notes Company Overview - **Company**: 蘅东光 (Hengdongguang) - **Industry**: Optical Communication Key Points Industry Position and Technology - 蘅东光 is positioned as a leading player in the optical communication sector on the Beijing Stock Exchange, benefiting from the AI computing wave with its passive optical devices [1] - The company is recognized as a national-level specialized and innovative "little giant," leading in sub-micron manufacturing precision [1] - It has achieved mass production of 3456-core ultra-large fiber optic assemblies and is shipping 800G passive internal optical devices in bulk, with small-scale deployment of 1.6T [1] - The company holds 112 patents covering all aspects of its technology [1] Financial Performance - Over 80% of revenue is derived from AI data center optical communication, with 90% of revenue coming from overseas markets [2] - The company has established deep partnerships with global computing giants such as AFL and Coherent, supplying products to major clients including Google, Amazon, and NVIDIA [2] - For the period from Q1 to Q3 of 2025, revenue increased by 91% and net profit surged by 124%, with an annual net profit forecasted to grow by 82.95% to 110.05% [2] Capacity Expansion - The company is expanding its production capacity in Guilin and Vietnam, adding over 23 million units of passive optical devices to meet the high growth demand [3] - This expansion aligns with an 87% compound annual growth rate for 800G+ optical modules, reinforcing its position as a core global supplier [3] - The combination of technological positioning, customer barriers, and high growth performance highlights 蘅东光's unique growth potential in the optical communication market [3]

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange (北交所) is gradually becoming clearer for 2025, with over 40% of companies having reported their earnings or forecasts, indicating a mixed performance landscape with some companies showing significant profit growth while others face losses [2][3]. Group 1: Earnings Reports and Forecasts - As of the end of January, 3 companies have released earnings reports for 2025, and 123 companies have provided earnings forecasts, accounting for over 40% of the total companies on the exchange [2]. - Among the companies reporting, 77 achieved profitability last year, with a profit margin exceeding 60% [2]. - Six companies are expected to report net profits exceeding 100 million yuan for 2025, with 蘅东光 (920045.BJ) leading with an estimated net profit of 270 million to 310 million yuan, representing an increase of over 80% [2][3]. - Other notable companies include 广信科技 (920037.BJ) and 吉林碳谷 (920077.BJ), both of which also reported significant profit increases [3]. Group 2: Profitability Trends - A total of 13 companies are expected to turn losses into profits, a significant increase from 5 companies in 2024, indicating strong recovery momentum in profitability [9]. - Companies like 拾比佰 (920768.BJ) are projected to achieve net profits of 50 million to 60 million yuan, marking a substantial year-on-year growth of 1460.54% to 1732.65% [5]. - However, some companies are still expected to report losses, with 8 companies, including 海泰新能 (920985.BJ), projected to incur losses exceeding 100 million yuan [5][7]. Group 3: Market Dynamics and Investment Opportunities - The overall market for 北交所 is showing signs of recovery, with a notable increase in trading volume and value, indicating growing investor interest [10]. - Analysts suggest that companies with strong fundamentals and clear growth trajectories are likely to attract more attention from investors [10]. - The number of qualified investor accounts on the 北交所 has surpassed 10 million, reflecting increased market attractiveness [10].

Group 1 - The "Space+" industry is becoming a key focus for investment, with plans to develop space digital infrastructure, resource development, traffic management, and tourism [4][17][21] - There are currently 15 companies related to commercial space and space photovoltaics on the Beijing Stock Exchange, with a total market capitalization of 105.715 billion yuan as of January 30, 2026 [4][21] - Notable companies include Fujida (920640.BJ), which specializes in RF coaxial connectors and cables for communication and defense markets, and Starry Technology (920885.BJ), which provides ground equipment for rocket launches [4][21] Group 2 - The average weekly change for the consumption services sector was -2.02%, with the median P/E ratio dropping to 47.8X [5][40] - The high-end equipment sector saw a median P/E ratio decrease to 36.6X, while the information technology sector's median P/E ratio fell to 79.3X [5][43] - The chemical new materials sector's median P/E ratio decreased to 41.3X, and the pharmaceutical and biological sector's median P/E ratio dropped to 29.5X [5][52] Group 3 - In the technology new industries, the median P/E ratio for 159 companies decreased from 44.7X to 41.5X, with a total market capitalization decline from 560.692 billion to 531.795 billion yuan [6][59][60] - The average weekly change for the technology new industries was -6.53%, with only 14 out of 159 companies experiencing an increase [6][58] - Leading companies in terms of growth included Liancheng CNC (920368.BJ), which saw a 21.73% increase, and Hengtong Light (920045.BJ), which increased by 14.83% [6][63] Group 4 - Companies with high growth expectations for 2025 include Hengtong Light, with a projected net profit increase of 82.95% to 110.05%, and Fujida, expecting a net profit increase of 50.41% to 65.86% [7][27] - Starry Technology anticipates a net profit increase of 105.30% to 117.74%, while Tian Gong Co. (920068.BJ) is expected to deliver its first aerospace-grade titanium alloy wire order by March 2025 [7][29][30] - Liancheng CNC is projected to have a significant decline in net profit, with estimates ranging from a decrease of 72.39% to 81.50% [7][36]