Core Insights - The laser chip industry is experiencing significant growth driven by the rapid development of new information technology infrastructure and strong government policy support, with the market size in China expected to grow from 18.909 billion yuan in 2021 to 31.143 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 18.09% [1][15] - By 2028, the market size of the laser chip industry in China is projected to reach 53.843 billion yuan, supported by the deep coverage of 5G networks, expansion of data centers, and widespread adoption of smart sensing applications [1][15] Industry Overview - Laser chips are semiconductor-based optoelectronic components that convert electrical energy directly into laser light, with applications in various fields including telecommunications, advanced manufacturing, and precision sensing [1][3] - The industry is characterized by a clear tiered competition structure, with leading global players dominating the first tier, while domestic companies like Changguang Huaxin and Juguang Technology are emerging in the second tier [1][16] Market Dynamics - The rapid construction of new information technology infrastructure, including the deployment of 5G networks and the acceleration of data center construction, is driving demand for high-speed, low-power laser chips [1][15] - Government policies continue to provide strong support for the optoelectronic industry, creating a favorable environment for growth [1][15] Industry Chain - The laser chip industry chain consists of upstream raw materials, specialized equipment, and auxiliary chemicals, with a reliance on imports for high-end materials and equipment [1][10] - The downstream applications include laser devices, modules, and systems used in various sectors such as industrial manufacturing, medical and beauty applications, scientific research, and consumer electronics [1][10] Development Trends - Future trends in the laser chip industry include miniaturization and microfabrication, power consumption optimization, reliability enhancement, and the integration of intelligent features [20][21][22][23] - The industry is expected to focus on reducing chip size through design optimization and advanced packaging techniques, while also improving energy efficiency and long-term reliability to meet the demands of industrial and automotive applications [20][21][22]

Core Viewpoint - Changguang Huaxin announced the resignation of its Chief Financial Officer and Board Secretary, Li Xiaorui, due to personal reasons, effective immediately [1] Summary by Sections - **Company Announcement** - The company’s board received a written resignation report from Li Xiaorui, who will no longer hold any position within the company after his resignation [1]

公司将按照《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》及《公司章程》等相关规定尽快完成新任财务总监、董事会秘书的选聘工 作。在公司聘任新的董事会秘书之前，暂由公司董事长、总经理闵大勇先生代为 履行董事会秘书职责。 关于公司财务总监兼董事会秘书辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、财务总监兼董事会秘书辞职的情况 苏州长光华芯光电技术股份有限公司（以下简称"公司"）董事会于近日收到 公司财务总监兼董事会秘书李晓绕先生递交的书面辞职报告，李晓绕先生因个人 原因，申请辞去财务总监兼董事会秘书的职务。辞去前述职务后，李晓绕先生不 再担任公司任何职务。 李晓绕先生辞职不会影响董事会正常运作、不影响公司日常生产经营和管理。 公司董事会对李晓绕先生担任公司财务总监兼董事会秘书期间为公司发展所做出 的贡献表示衷心的感谢。 证券代码：688048 证券简称：长光华芯 公告编号：2025-051 苏州长光华芯光电技术股份有限公司 特此公告。 苏州长光华芯光电技术股份有限公司董事会 2025 年 11 ...

Core Viewpoint - The company announced the resignation of its Chief Financial Officer and Board Secretary, Li Xiaorui, due to personal reasons, and will expedite the selection of a new CFO and Board Secretary [1] Group 1 - Li Xiaorui submitted a written resignation report and will no longer hold any position within the company after his resignation [1] - The company will appoint a new CFO and Board Secretary as soon as possible [1] - Until a new Board Secretary is appointed, the responsibilities will be temporarily assumed by the company's Chairman and General Manager, Min Dayong [1]

Core Insights - Long光华芯's stock increased by 4.57% on October 29, with a trading volume of 848 million yuan, indicating strong market interest [1] - The company reported a significant year-on-year revenue growth of 67.42% for the first nine months of 2025, reaching 339 million yuan, and a net profit increase of 133.04%, amounting to 20.94 million yuan [2] Financing and Trading Activity - On October 29, Long光华芯 had a net financing purchase of 18.75 million yuan, with a total financing balance of 570 million yuan, representing 4.18% of its market capitalization [1] - The company's margin trading balance is at a high level, exceeding the 90th percentile of the past year [1] - The short selling activity showed a repayment of 2,867 shares with no new short sales, indicating a cautious sentiment among short sellers [1] Shareholder and Institutional Holdings - As of September 30, the number of shareholders increased by 25.49% to 18,200, while the average number of shares held per shareholder decreased by 20.31% to 5,835 shares [2] - The company has distributed a total of 115 million yuan in dividends since its A-share listing, with 47.46 million yuan distributed over the past three years [3] - Notable institutional investors include Hong Kong Central Clearing Limited and new entrants like 兴全趋势投资混合 and 兴全多维价值混合A, indicating growing institutional interest [3]

Market Overview - The semiconductor sector increased by 0.26% on October 29, with Hualing Co. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Semiconductor Sector - Anling Co. (Code: 920139) closed at 24.33, up 7.42% with a trading volume of 101,200 shares and a transaction value of 237 million [1] - SIRUI (Code: 688536) closed at 170.28, up 6.71% with a trading volume of 68,700 shares and a transaction value of 1.163 billion [1] - Jiangbolong (Code: 301308) closed at 272.82, up 6.04% with a trading volume of 246,900 shares and a transaction value of 6.681 billion [1] - Changchuan Technology (Code: 300604) closed at 92.52, up 4.96% with a trading volume of 554,400 shares and a transaction value of 5 billion [1] Top Losers in Semiconductor Sector - Zhongke Feicai (Code: 688361) closed at 118.20, down 6.32% with a trading volume of 120,700 shares and a transaction value of 145.7 million [2] - Canxin Co. (Code: 688691) closed at 131.18, down 5.76% with a trading volume of 118,500 shares and a transaction value of 155.5 million [2] - Dawi Co. (Code: 002213) closed at 26.70, down 5.12% with a trading volume of 1,041,600 shares and a transaction value of 288.2 million [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 6.189 billion from institutional investors, while retail investors saw a net inflow of 2.683 billion [2][3] - Major stocks like Huahong Company (Code: 688347) had a net inflow of 457.16 million from institutional investors, but a net outflow of 203 million from speculative funds [3] - Changchuan Technology (Code: 300604) had a net inflow of 346 million from institutional investors, with a net outflow of 192 million from speculative funds [3]

Summary of Long光华芯's Q3 2025 Earnings Call Company Overview - **Company**: 长光华芯 (Changguang Huaxin) - **Industry**: Optical Communication and Laser Technology Key Financial Performance - **Q3 2025 Revenue**: 339 million CNY, a year-on-year increase of 67.42% [2][4] - **Net Profit**: 20.94 million CNY, continuing the growth trend [2][4] - **Product Capacity**: EML and LRP products have a basic capacity of 5 million units, with potential annual production capacity reaching 20 million units if all MOCVD equipment is utilized [4][10] Business Segments - **Industrial Business**: Accounts for approximately 65% of total revenue, showing strong growth [2][8] - **Special Industry**: Represents about 20% of revenue, with significant growth observed [2][17] - **Optical Communication**: Comprises around 10% of revenue, facing some geopolitical challenges but still maintaining growth [2][8] Product Development and Innovation - **Laser Radar Technology**: Continuous updates and entry into new markets such as robotic vision [2][6] - **New Product Launch**: Introduction of the 200 mW BLB blue laser, attracting customer interest for sample testing [2][6] Market Dynamics - **Geopolitical Impact**: U.S. market demand for 800G and above modules is significant, influencing company strategy and operations [2][7] - **Global Chip Shortage**: The optical chip market is expected to remain in short supply in 2026, particularly for 800G modules in the U.S. [2][8] Strategic Focus - **Long-term Strategy**: Emphasis on high-end markets, aiming to compete with U.S. companies like Coherent [4][21] - **Investment Opportunities**: The company is positioned for growth in the optical communication sector, with potential breakthroughs in the U.S. market [2][23] Future Outlook - **Growth Potential**: The company anticipates continued growth in the industrial and special application sectors, with a focus on high-margin products [17][23] - **Market Readiness**: Preparations for increased production and testing capabilities to meet anticipated demand in 2026 [9][12] Conclusion - **Overall Assessment**: 长光华芯 is on a solid growth trajectory with a clear focus on high-end optical communication products and laser technologies, supported by strong financial performance and strategic market positioning [21][23]

Group 1 - Long光华芯 (688048.SH) reported its Q3 2025 results, with 13 institutional investors holding a total of 98.53 million shares, representing 55.89% of the total share capital [1] - The top ten institutional investors collectively hold 54.35% of the shares, a decrease of 4.37 percentage points compared to the previous quarter [1] - Notable institutional investors include Suzhou Huafeng Investment Center, Suzhou Yinglei Venture Capital, and Changchun Changguang Precision Instrument Group [1] Group 2 - In the public fund sector, one fund, Southern CSI 1000 ETF, increased its holdings, while two new public funds were disclosed, including Xingquan Trend Mixed Fund [2] - A total of 150 public funds were not disclosed in the current period, including notable funds like ICBC Yuanxing Mixed Fund and Huaxia CSI 1000 ETF [2] - The National Social Security Fund 114 Combination reduced its holdings slightly in the current period [2]

Core Viewpoint - The company, Suzhou Changguang Huaxin Optoelectronics Co., Ltd., has reported a significant asset impairment provision for the third quarter of 2025, reflecting a cautious approach to its financial reporting and asset management [8][9]. Financial Data Summary - The financial statements for the third quarter of 2025 have not been audited, indicating that the figures presented are preliminary and subject to change [3][7]. - The company has reported a total credit impairment loss of 7.34 million yuan for the first three quarters of 2025 [8]. - The total asset impairment loss for the same period amounts to 32.64 million yuan, which has been accounted for in the financial statements [8]. Impact of Impairment Provision - The provision for asset impairment has resulted in a reduction of the company's consolidated profit before tax by 39.98 million yuan for the third quarter of 2025 [9]. - This impairment provision is in accordance with the relevant accounting standards and company policies, ensuring that the financial results reflect the true operational performance [10]. Compliance and Assurance - The board of directors and senior management have guaranteed the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for any misrepresentation [2][8]. - The company has confirmed that there are no significant omissions or misleading statements in the report [1][2].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 339 million yuan for the first three quarters of 2025, representing a year-on-year increase of 67.42%, and achieved a net profit of 21 million yuan, marking a turnaround from losses [1] - The gross margin improved significantly, with a gross margin of 36.03% for the first three quarters of 2025, up 8.63 percentage points year-on-year, and a gross margin of 40.75% in Q3 2025, up 11.76 percentage points year-on-year [3] - The company is a leader in the domestic optical chip market, focusing on high-power semiconductor laser chips and has made significant technological advancements [4] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 125 million yuan, a year-on-year increase of 66.30%, and a net profit of 12 million yuan, indicating a successful turnaround [2] - The company’s operating income for 2025-2027 is projected to be 440 million, 567 million, and 707 million yuan respectively, with year-on-year growth rates of 61.6%, 28.8%, and 24.6% [9] Gross Margin and Cost Control - The gross margin for Q1-Q3 2025 was 36.03%, with a notable increase in Q3 to 40.75%, reflecting improved cost control measures [3] - The company has effectively reduced its expense ratio, with a total expense ratio of 31.92% for Q1-Q3 2025, down 29.82 percentage points year-on-year [3] Technological Advancements - The company has achieved breakthroughs in high-power semiconductor laser chips, including a new record for continuous power output exceeding 132W for a single chip [4] - The company has also made significant progress in VCSEL technology, achieving a chip efficiency of 74% and setting a new world record for single-mode VCSEL power efficiency [5][8] Market Position and Product Development - The company has established a comprehensive product matrix in optical communication, with mass production of 100G EML chips and ongoing sampling of 200G EML chips [8] - The company is expanding its applications in various fields, including laser weeding and acne treatment, with new products being developed and samples sent out [4]