Core Points - The announcement pertains to the listing and circulation of restricted shares for Suzhou Changguang Huaxin Optoelectronics Technology Co., Ltd. [1] - A total of 70,070,000 shares will be listed for circulation, which represents 39.75% of the company's total share capital [6][11] - The listing date for these restricted shares is set for October 9, 2025 [4][11] Summary by Sections 1. Listing Details - The type of stock being listed is restricted shares from the initial public offering (IPO) [2] - The shares will be available for circulation after a lock-up period of 42 months, which includes a mandatory 36 months and an optional 6 months extension [6] 2. Share Capital Changes - Following a stock dividend distribution on June 6, 2023, the company's total share capital increased to 176,279,943 shares [7] 3. Shareholder Commitments - Major shareholders have committed to not transferring or managing their shares for 36 months post-IPO, with specific conditions for potential reductions in shareholding thereafter [9][10] - If the company's stock price falls below the issue price for a specified period, the lock-up period may be extended by an additional 6 months [10] 4. Compliance and Verification - The sponsor institution, Huatai United Securities, has verified that the shareholders have adhered to their commitments regarding the restricted shares [12][13]

Core Viewpoint - Changguang Huaxin announced the listing of its shares, with a total of 70,070,000 shares to be released for trading on October 9, 2025, under a first-time limited sale stock type [1] Summary by Relevant Sections - **Stock Listing Details** - The stock listing type is a first-time limited sale stock [1] - The total number of shares to be listed is 70,070,000 [1] - The listing date for the shares is set for October 9, 2025 [1] - **Subscription Method** - The method of stock subscription is through offline channels [1] - The total number of shares available for circulation equals the entire number of limited sale shares [1]

证券代码：688048 证券简称：长光华芯 公告编号：2025-047 苏州长光华芯光电技术股份有限公司 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 70,070,000股。本公司确认，上市流通数量等于该限售期的全部限售股份数量。 本次股票上市流通总数为70,070,000股。 关于首次公开发行部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 本次股票上市流通日期为2025 年 10 月 9 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会出具的《关于同意苏州长光华芯光电技术股份 有限公司首次公开发行股票注册的批复》（证监许可〔2022〕423 号），公司获准以 首次公开发行方式向社会公众发行人民币普通股 33,900,000 股，并于 2022 年 4 月 1 日在上海证券交易所科创板上市，发行完成后总股本为 135,599,956 股，其中有 限售条件流通股 106,358,675 股，无限售条件流通股 29,241,281 股。 2022 年 ...

根据中国证券监督管理委员会出具的《关于同意苏州长光华芯光电技术股份有限公 司首次公开发行股票注册的批复》（证监许可〔2022〕423 号），公司获准以首次公开 发行方式向社会公众发行人民币普通股 33,900,000 股，并于 2022 年 4 月 1 日在上海证 券交易所科创板上市，发行完成后总股本为 135,599,956 股，其中有限售条件流通股 106,358,675 股，无限售条件流通股 29,241,281 股。 2022 年 10 月 10 日，公司首次公开发行网下配售的 1,981,703 股限售股上市流通。 2023 年 4 月 3 日，公司首次公开发行战略配售股份 1,660,016 股上市流通，公司首次公 开发行限售股 14,499,543 股上市流通。2023 年 6 月 19 日，公司首次公开发行限售股 17,519,159 股上市流通。2023 年 10 月 9 日，公司首次公开发行限售股 19,186,873 股上 市流通。2024 年 4 月 1 日，公司首次公开发行战略配售限售股 1,322,100 股上市流通。 2025 年 4 月 1 日，公司首次公开发行限售股 6,58 ...

Group 1 - Changguang Huaxin announced that 70.07 million restricted shares will be unlocked and listed for circulation on October 9, 2025, accounting for 39.75% of the company's total share capital [1] - The announcement has drawn significant attention from the industry, indicating potential implications for market dynamics and investor sentiment [1] Group 2 - The article highlights a national organized large-scale procurement that has raised concerns across the industry due to low bidding prices, prompting companies to provide clear explanations [1] - This situation reflects broader industry challenges and the need for companies to navigate regulatory and competitive pressures effectively [1]

Core Points - The company announced that a portion of its restricted shares from the initial public offering will be released for trading on October 9, 2025 [1] - The number of restricted shares to be unlocked is 70.07 million shares, which represents 39.75% of the company's total share capital [1] - The number of shareholders involved in this release is three [1] - The lock-up period for these shares has lasted 42 months since the company's initial public offering [1]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Company Overview - Changguang Huaxin is located in Suzhou, Jiangsu Province, and was established on March 6, 2012. The company went public on April 1, 2022. Its main business involves the research, manufacturing, and sales of semiconductor laser chips, devices, and modules, which are core components in the laser industry [2]. - The revenue composition of Changguang Huaxin includes: high-power single-tube series (76.98%), VCSEL and optical communication chips series (11.47%), high-power bar series (5.54%), other (5.05%), and waste sales (0.96%) [2]. Financial Performance - For the first half of 2025, Changguang Huaxin achieved operating revenue of 214 million yuan, representing a year-on-year growth of 68.08%. The net profit attributable to the parent company was 8.97 million yuan, reflecting a year-on-year increase of 121.13% [2]. - Since its A-share listing, Changguang Huaxin has distributed a total of 115 million yuan in dividends, with 47.46 million yuan distributed over the past three years [3]. Stock Market Activity - On September 16, Changguang Huaxin's stock price decreased by 2.01%, trading at 74.01 yuan per share, with a total transaction volume of 246 million yuan and a turnover rate of 3.09%. The company's total market capitalization is 13.046 billion yuan [1]. - Year-to-date, Changguang Huaxin's stock price has increased by 89.82%, with an 8.61% rise over the last five trading days, a 2.04% decline over the last 20 days, and a 37.92% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on February 7, where it recorded a net purchase of 52.2285 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Changguang Huaxin was 14,500, an increase of 9.23% from the previous period. The average circulating shares per person were 7,323, a decrease of 2.40% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.4084 million shares, a decrease of 123,900 shares from the previous period. The Southern CSI 1000 ETF (512100) is a new entrant among the top ten shareholders, holding 954,700 shares [3].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The silicon photonics era is accelerating, with leading companies showcasing competitive advantages and numerous new technologies creating investment opportunities [5][12] - The communication industry is experiencing continuous upgrades, with the demand for AI computing driving growth in the optical communication sector [5][12] - The 26th China International Optoelectronic Exposition (CIOE 2025) highlighted the maturity and market focus on silicon photonics technology, which is becoming the mainstream solution for 1.6T high-speed optical modules [5][12] Summary by Sections 1. Investment Outlook - The report emphasizes the competitive advantages of leading companies in the silicon photonics era and the emergence of new technologies such as OCS, hollow-core fibers, thin-film lithium niobate, and CPO [12] - The 800G optical module has become mainstream, with 1.6T expected to ramp up production imminently [13][14] - The report identifies key investment targets including Zhongji Xuchuang, NewEase, and Tianfu Communication, with beneficiaries including Huagong Technology and Guangxun Technology [7][14] 2. Optical Modules - Zhongji Xuchuang has begun mass production of 1.6T optical modules and is developing 3.2T products, while NewEase has significantly ramped up its 1.6T module supply to overseas clients [13][14] - The report notes that 800G has become the mainstream technology, with many manufacturers actively preparing for 3.2T technology [14] 3. Silicon Photonics Technology - The report highlights the rapid development of silicon photonics technology, with increasing market attention and maturity for OCS, CPO, and thin-film lithium niobate technologies [19][20] - Companies like Huagong Technology are advancing their CPO technology, showcasing integrated chips with low power consumption and high bandwidth density [19][20] 4. Optical Chips - The demand for CW laser chips is increasing, with companies like Yuanjie Technology successfully mass-producing CW70mW laser chips [25] - Long光华芯 has released a 200mW Uncool CW DFB optical communication chip to support the silicon photonics integration needs of 800G and 1.6T optical modules [25] 5. Cables - The report notes the gradual advancement of optical and copper cable solutions, with hollow-core fibers gaining attention [27] - Long飞公司 demonstrated a 100km hollow-core fiber link with a low attenuation of 0.089dB/km [27] 6. Investment Recommendations - The report suggests focusing on seven key industry directions for investment, including network equipment, AIDC data center construction, IT equipment, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [31][32] - Recommended targets for optical modules and devices include Zhongji Xuchuang, NewEase, and Tianfu Communication, with beneficiaries such as Yuanjie Technology and Huagong Technology [31][32]

Group 1 - The core viewpoint of the news is the performance and financial status of Changguang Huaxin, which saw a stock price increase of 5.6% to 78.76 CNY per share, with a total market capitalization of 13.884 billion CNY [1] - Changguang Huaxin specializes in the research, manufacturing, and sales of semiconductor laser chips, devices, and modules, with its main revenue sources being high-power single-tube series (76.98%), VCSEL and optical communication chips (11.47%), high-power bar series (5.54%), and others [1] - The company was established on March 6, 2012, and went public on April 1, 2022, indicating a relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, the Noan Fund has a significant position in Changguang Huaxin, with its Noan Yixin Flexible Allocation Mixed A fund holding 40,000 shares, representing 4.67% of the fund's net value [2] - The Noan Yixin Flexible Allocation Mixed A fund has achieved a year-to-date return of 34% and a one-year return of 77.14%, ranking 2120 out of 8174 and 1095 out of 7981 respectively in its category [2] - The fund manager, Chen Yanpeng, has been in charge for over five years, with the fund's total asset size reaching 3.078 billion CNY and a best return of 75.75% during his tenure [3]