Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with notable drops in several companies [1] - Shijia Photon fell over 6%, while Dekeli and Jingwang Electronics dropped over 5% [1] - Other companies such as Xinyi Sheng, Kecuan Technology, Zhongji Xuchuang, and others also saw declines exceeding 4% [1] Group 2 - Specific stock performance includes: - Shijia Photon (688313) down 6.18% with a market cap of 31.8 billion and a year-to-date increase of 324% [2] - Dekeli (688205) down 5.49% with a market cap of 14 billion and a year-to-date increase of 27.22% [2] - Jingwang Electronics (603228) down 5.18% with a market cap of 68.6 billion and a year-to-date increase of 156.57% [2] - Xinyi Sheng (300502) down 4.94% with a market cap of 330.5 billion and a year-to-date increase of 304.38% [2] - Kecuan Technology (603052) down 4.92% with a market cap of 6.755 billion and a year-to-date increase of 41.61% [2] - Zhongji Xuchuang (300308) down 4.48% with a market cap of 520.1 billion and a year-to-date increase of 280.91% [2]

Core Insights - On November 6, Juguang Technology's stock rose by 4.50%, with a trading volume of 571 million yuan [1] - The company reported a financing buy-in of 52.62 million yuan and a net financing outflow of 17.22 million yuan on the same day [1] Financing Summary - As of November 6, the total financing and securities lending balance for Juguang Technology was 817 million yuan, accounting for 6.48% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of financing activity [1] - On the same day, there were no shares repaid in securities lending, with 200 shares sold, amounting to 28,100 yuan at the closing price [1] Company Overview - Juguang Technology, established on September 21, 2007, and listed on December 24, 2021, specializes in high-power semiconductor laser components and optical components [2] - The revenue composition includes: laser optical products (48.73%), semiconductor laser products (18.92%), automotive application solutions (12.62%), and other segments [2] - For the first nine months of 2025, the company achieved a revenue of 613 million yuan, a year-on-year increase of 33.88%, and a net profit of 2.25 million yuan, up 104.34% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 35.88% to 16,100, with an average of 5,580 circulating shares per person, a decrease of 26.41% [2] - The company has distributed a total of 65.87 million yuan in dividends since its A-share listing [3] - Notable institutional shareholders include Debon Xinxing Value A and Hong Kong Central Clearing Limited, both of which are new entrants among the top ten circulating shareholders [3]

Core Insights - The company has turned a profit in the first three quarters of 2025, with significant improvement in profitability driven by product structure optimization [1] - The company is expanding its technology capabilities through acquisitions, building a multi-domain application platform for photonic solutions [2] - The company is expected to benefit from new product launches, with revenue projections showing substantial growth from 2025 to 2027 [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 610 million yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 2 million yuan, an improvement of 54 million yuan year-on-year [1] - In Q3 2025, the company reported revenue of 220 million yuan, a 50% year-on-year increase, with a net profit of 30 million yuan, improving by 50 million yuan year-on-year and growing 288% quarter-on-quarter [1] - The gross margin for Q3 2025 recovered to 46%, an increase of 18.4 percentage points year-on-year and 14.2 percentage points quarter-on-quarter [1] Strategic Acquisitions - The company has been actively acquiring to enhance its product line and technical capabilities, expanding into new application areas [2] - The acquisition of Swiss SMO on January 6, 2024, enhanced micro-nano optical component technology and entered new application fields in optical communication and automotive projection lighting [2] - The acquisition of Heptagon on September 2, 2024, further improved micro-nano optical product capabilities and expanded applications into consumer electronics and consumer-grade endoscopy [2] Market Development - The company has made significant progress in the communication sector with its laser optical components, particularly in micro-lens products applicable to silicon photonic modules [2] - The company is deepening collaborations with internationally renowned enterprises and has initiated several R&D projects related to CPO and OIO [2] - The company is actively exploring the domestic classic optical communication module market, with some clients already validating samples and entering small batch production [2] Revenue Forecast - The company is projected to achieve revenues of 840 million yuan, 1.22 billion yuan, and 1.91 billion yuan for the years 2025, 2026, and 2027, respectively [3] - The net profit attributable to shareholders is expected to be 10 million yuan, 60 million yuan, and 170 million yuan for the same years [3] - The company is rated with a "strong buy" recommendation based on its leading optical technology and successful product development [3]

Core Points - The company, Juguang Technology, announced the approval of its 2025 Restricted Stock Incentive Plan during the 18th meeting of the 4th Board of Directors held on November 4, 2025 [2] - The plan involves granting 3.24 million shares of restricted stock at a price of 120.80 yuan per share to 94 eligible incentive recipients [2] - The board confirmed that the conditions for granting the restricted stock have been met as per the draft of the incentive plan [2] Summary by Sections - **Incentive Plan Approval** - Juguang Technology's board approved the first grant of restricted stock under the 2025 incentive plan [2] - **Grant Details** - A total of 3.24 million shares will be granted at a price of 120.80 yuan per share to 94 eligible recipients [2] - **Conditions Met** - The board stated that the conditions for the grant of restricted stock have been fulfilled according to the draft of the incentive plan [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 613 million yuan for the third quarter of 2025, representing a year-on-year growth of 33.88%. The net profit attributable to shareholders was 2 million yuan, marking a turnaround from losses, while the non-recurring net profit was -36 million yuan, indicating a narrowing of losses [6][13]. - In the third quarter alone, the company achieved a revenue of 221 million yuan, a year-on-year increase of 50.12%, with a net profit attributable to shareholders of 27 million yuan, also a turnaround from losses, while the non-recurring net profit was -9 million yuan, showing a reduction in losses [6][13]. - The gross profit margin for the reporting period was 37.23%, an increase of 6.66 percentage points year-on-year. For the third quarter, the gross profit margin was 45.87%, up 18.44 percentage points year-on-year and 14.24 percentage points quarter-on-quarter, driven by an optimized business structure and increased contributions from high-margin sectors [13]. - The company significantly increased its R&D investment, with R&D expenses amounting to 136 million yuan, a year-on-year increase of 87.76%, representing 22.14% of revenue, up 6.35 percentage points year-on-year. This investment has led to technological breakthroughs across various fields [13]. - The company is positioned in the photonics technology sector, benefiting from demand growth in optical communication, consumer electronics, semiconductor applications, and automotive sectors. It is expected to continue optimizing its business structure and improving profitability [13]. Financial Performance and Forecast - The company forecasts earnings per share (EPS) of 0.24 yuan, 1.18 yuan, and 2.04 yuan for the years 2025, 2026, and 2027, respectively [13][20].

证券代码：688167 证券简称：炬光科技 公告编号：2025-084 西安炬光科技股份有限公司 关于向 2025 年限制性股票激励计划 激励对象首次授予限制性股票的公告 本公司董事会及全体董事保证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。 重要内容提示 西安炬光科技股份有限公司（以下简称"公司"、"本公司"）于 2025 年 11 月 4 日召开的第四届董事会第十八次会议，审议通过了《关于向 2025 年限制性 股票激励计划激励对象首次授予限制性股票的议案》。根据《西安炬光科技股 份有限公司 2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草 案）》"）的规定及公司 2025 年第四次临时股东大会的授权，董事会认为公司 2025 年限制性股票激励计划（以下简称"本次激励计划"）限制性股票的授予条 件已经成就，并确定 2025 年 11 月 4 日为首次授予日，以 120.80 元/股的授予价 格向符合授予条件的 94 名激励对象授予限制性股票 324.00 万股。现将有关事 项说明如下： 一、限制性股票授予情况 （一）本次限制性 ...

西安炬光科技股份有限公司 2025 年限制性股票激励计划 首次授予激励对象名单（截至授予日） 截至授予日，西安炬光科技股份有限公司 2025 年限制性股票激励计划首次 授予激励对象名单如下： | 姓名 | 序号 | 国籍 | 职务 | 授予数量（股） | 占授予权益总 | 占首次授予时公 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 量的比例 | 司总股本的比例 | | 一、董事、高级管理人员、核心技术人员 | | | | | | | | 刘兴胜 | 1 | 中国 | 董事长、总经理 | 296,200 | 8.23% | 0.33% | | 叶一萍 | 2 | 中国 | 董事、财务总监 | 51,800 | 1.44% | 0.06% | | 张雪峰 | 3 | 中国 | 职工代表董事、 董事会秘书 | 77,200 | 2.14% | 0.09% | | 王警卫 | 4 | 中国 | 首席科学家 | 27,300 | 0.76% | 0.03% | | 侯栋 | 5 | 中国 | 封装工艺专家 | 62,700 | 1.74% | 0. ...

西安炬光科技股份有限公司 董事会薪酬与考核委员会关于公司 2025 年 限制性股票激励计划首次授予激励对象名单的 核查意见（截至授予日） 西安炬光科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根 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》《上市公司股权激励管理办法》（以下简称"《管理办法》"）《上海证券交 易所科创板股票上市规则》（以下简称"《上市规则》"）《科创板上市公司自律 监管指南第 4 号——股权激励信息披露》等相关法律、法规及规范性文件和《西 安炬光科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，对公 司 2025 年限制性股票激励计划（以下简称"本次激励计划"）首次授予激励对象 名单（截至授予日）进行了核查，并发表核查意见如下： （六）中国证监会认定的其他情形。 一、本次激励计划首次授予激励对象名单与公司 2025 年第四次临时股东大 会批准的《西安炬光科技股份有限公司 2025 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"）中规定的首次授予激励对象名单相符。 四、本次激励计划首次授予激励对象包括公司实际控制人刘兴 ...

北京锦路安生(西安)律师事务所 关于西安炬光科技股份有限公司 2025 年限制性 股票激励计划首次授予相关事项 的 法律意见书 锦路安生律师事务所 西安：西安市高新区锦业路 1 号都市之门 D 座 1804-1805 深圳：深圳市南山区深南大道 9678 号大冲商务中心 1 栋 2 号楼 B 座 2603 北京：北京市朝阳区工体东路 18 号中复大厦东区四层 上海：上海市浦东新区南汇新城镇海基一路 88 号上海临港海洋科技广场 H2 座 4 楼 405 室 电话: +86 29 88600389 +86 10-56907800 传真：029-81875553 | 释义 1 | | | --- | --- | | 正 | 文 4 | | 一、 | 本次授予的批准与授权 4 | | 二、 | 本次授予的具体情况 5 | | 三、 | 结论意见 7 | 北京锦路安生(西安)律师事务所 法律意见书 释义 | 除非另有说明，本法律意见书中相关词语具有以下特定含义： | | --- | | 本所 | 指 | 北京锦路安生(西安)律师事务所 | | --- | --- | --- | | 炬光科技、公司 | 指 | 西安炬 ...

Company Summary - Juguang Technology (SH 688167) held its 18th meeting of the fourth board of directors on November 4, 2025, to review the proposal for the first grant of restricted stock under the 2025 restricted stock incentive plan [1] - For the year 2024, Juguang Technology's revenue composition shows that the manufacturing of computers, communications, and other electronic equipment accounts for 99.59%, while other businesses contribute 0.41% [1] - As of the report date, Juguang Technology has a market capitalization of 11.8 billion yuan [1] Industry Summary - A significant increase in overseas orders has been reported, with a surge of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling products at a loss, warning of the potential for vicious competition extending to overseas markets [1]