Core Viewpoint - Xi'an Juguang Technology Co., Ltd. (hereinafter referred to as "Juguang Technology" or "the company") has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 report, prompting a detailed review of its acquisition of Swiss SUSS Micro Optics SA (SMO) and subsequent financial performance [1][2]. Group 1: Acquisition and Financial Performance - The company completed the acquisition of 100% equity in SMO for approximately RMB 455 million, with SMO contributing RMB 194 million in revenue during the reporting period, significantly below the profit forecast made during the acquisition assessment [1][2]. - Post-acquisition, revenue from laser optical components and automotive application solutions increased by 38.71% and 66.63% year-on-year, respectively, but gross margins decreased by 12.27 percentage points and 84.88 percentage points [1][2]. - The company recognized goodwill impairment of RMB 34.25 million for the automotive application solutions business line, while no impairment was recorded for the laser optical business line [1][2]. Group 2: Customer and Market Analysis - The company provided details on the top five customers of SMO, including their backgrounds, sales amounts, and reasons for changes in sales [3][4]. - The decline in gross margins for both laser optical components and automotive application solutions was attributed to industry development, channel inventory, product price changes, and competitive landscape [5][6]. Group 3: Future Projections and Market Trends - The data communication market is expected to grow significantly, driven by increased demand for optical modules, with projections indicating a compound annual growth rate (CAGR) of 17% from 2022 to 2033 [11][12]. - The semiconductor market is also projected to grow at a CAGR of 12.28% from 2023 to 2032, indicating strong demand for micro-nano optical components [11][12]. - The automotive lighting market, particularly for micro-lens array (MLA) technology, is anticipated to reach a market size of approximately RMB 1.18 billion by 2025, with a CAGR of 89% from 2021 to 2025 [14][15].

Core Points - The company, Xi'an Juguang Technology Co., Ltd., has announced the results of its share repurchase plan, which was first disclosed on April 9, 2025, and is set to run from April 28, 2025, to April 27, 2026 [1] - The expected repurchase amount is between 20 million and 40 million RMB, with a maximum repurchase price of 100 RMB per share [1] - The actual number of shares repurchased is 503,820, representing 0.5575% of the total share capital, with a total expenditure of 35,190,806.32 RMB [2][3] Repurchase Plan Details - The board of directors approved the share repurchase plan on April 8, 2025, allowing the use of self-owned funds and special loan funds for the repurchase [1] - The shares repurchased will be used for cancellation and reduction of the company's registered capital [1][5] - The repurchase was conducted in compliance with relevant laws and regulations, and the execution of the plan aligns with the originally disclosed details [3][5] Financial Impact - The funds used for the repurchase are from the company's own resources and special loan funds, which will not significantly impact the company's daily operations, financial status, or future development [5] - The repurchase will not lead to a change in control of the company, and the share distribution will still meet listing requirements [5] Share Cancellation Arrangement - The company plans to cancel the repurchased shares and reduce its registered capital accordingly, with the cancellation process to be completed by June 30, 2025 [6] - No objections from creditors regarding the cancellation of the repurchased shares have been received [6] Share Changes Summary - Before the repurchase, the total number of circulating shares was 90,363,344, and after the repurchase and cancellation, it will be reduced to 89,859,524 shares [6]

中和资产评估有限公司关于上海证券交易所 《关于西安炬光科技股份有限公司 2024 年报告的信 息披露监管问询函》资产评估相关问题回复 之核查意见 中和 二〇 -V4 H 上海证券交易所: 根据贵所科创板公司管理部于 2025 年 5 月 30 日下发的《关于西 安炬光科技股份有限公司 2024 年报告的信息披露监管间询函》(上证 科创公函【2025】0180 号)(以下简称"审核问询函")，上市公司对 问询问题进行了回复。评估机构就审核问询函所提问题进行了认真讨 论分析与核查，并对上市公司相关问题回复发表核查意见。 1 间题 1 关于收购瑞士炬光年报及相关公告显示,2024年1月,公司宗成对 SUSS Micro Optics SA(简称 SMO) 100%股权收购,支付对价约合人民币 4.55 亿元,纳入合并报表并更名为瑞士炬光。(1)报告期,瑞士炬光实现营业收入 1.94 亿元,占总营收的 31.29%,实现净利润-9.442.54 万元,占总亏损额过半。 瑞士炬光收入、利润实际表现均大幅低于收购评估中的盈利预测值。(2)瑞士 炬光并表后,公司报告期激光光学元器件、汽车应用解决方案收入同比增长 38.71 ...

中信建投证券股份有限公司 关于西安炬光科技股份有限公司 2024 年报告的信息披露监管问询函回复的核查意见 西安炬光科技股份有限公司（以下简称"炬光科技"或"公司"）于近日收到上 海证券交易所科创板公司管理部下发的上证科创公函【2025】0180号《关于西安 炬光科技股份有限公司2024年报告的信息披露监管问询函》（以下简称"《问询 函》"）。中信建投证券股份有限公司（以下简称"持续督导机构"或"保荐机构"） 作为炬光科技的持续督导机构，就《问询函》有关问题逐项进行了认真核查，核 查意见如下： 说明：在下述相关问题的回复中，若合计数与各分项数值相加之和在尾数上 存在差异，均为四舍五入所致。 鉴于回复内容中披露的部分信息涉及商业秘密或商业敏感信息，公司对本次 问询函回复中相关内容进行了豁免披露处理。 问题 1 关于收购瑞士炬光 年报及相关公告显示，2024 年 1 月，公司完成对 SUSS Micro Optics SA（简 称 SMO）100%股权收购，支付对价约合人民币 4.55 亿元，纳入合并报表并更 名为瑞士炬光。（1）报告期，瑞士炬光实现营业收入 1.94 亿元，占总营收的 31.29%，实现净利润- ...

中联资产评估集团（浙江）有限公司 关于上海证券交易所 《关于西安炬光科技股份有限公司 2024 年报告的信 息披露监管问询函》资产评估相关问题回复 之核查意见 中联资产评估集团（浙江）有限公司 二〇二五年六月 上海证券交易所: 根据贵所科创板公司管理部于 2025 年 5 月 30 日下发的《关于西安炬光科 技股份有限公司 2024 年报告的信息披露监管问询函》(上证科创公函《 2025 】 0180 号）(以下简称"审核问询函")，上市公司对问询问题进行了回复。评估机 构就审核问询函所提问题进行了认真讨论分析与核查,并对上市公司相关问题 回复发表核查意见。 " " r line l 间题 1.关于收购瑞士炬光。年报及相关公告显示，2024 年 1 月，公司完成 对 SUSS MicroOpticsSA（简称 SMO）100%股权收购，支付对价约合人民币 4.55 亿元，纳入合并报表并更名为瑞士炬光。(1)报告期,瑞士炬光实现营业 收入 1.94 亿元，占总营收的 31.29%，实现净利润-9.442.54 万元，占总亏损额 过半。瑞士炬光收入、利润实际表现均大幅低于收购评估中的盈利预测值。(2) 瑞士炬光并 ...

证券代码：688167 证券简称：炬光科技 公告编号：2025-049 西安炬光科技股份有限公司 关于 2024 年报告的信息披露监管问询函的回复公告 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。 西安炬光科技股份有限公司（以下简称"公司""炬光科技"）于近日收到 上海证券交易所出具的《关于西安炬光科技股份有限公司 2024 年报告的信息披 露监管问询函》（上证科创公函【2025】0180 号）（以下简称"《问询函》"），公 司会同持续督导机构、会计师事务所、评估机构相关各方共同对《问询函》中涉 及的问题进行逐项落实和回复，现就《问询函》所涉及问题公告如下： 本回复中，若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五 入所致。如无特别说明，本回复中使用的简称或名词释义与《西安炬光科技股份 有限公司 2024 年年度报告》一致。鉴于本回复内容中披露的部分信息涉及商业 秘密或商业敏感信息，对本次问询函回复中相关内容进行了豁免披露处理。 问题 1 关于收购瑞士炬光 年报及相关公告显示，2024 年 1 月，公司完成对 ...

问题 1 关于收购瑞士炬光 年报及相关公告显示，2024 年 1 月，公司完成对 SUSS Micro Optics SA（简 称 SMO）100%股权收购，支付对价约合人民币 4.55 亿元，纳入合并报表并更 名为瑞士炬光。（1）报告期，瑞士炬光实现营业收入 1.94 亿元，占总营收的 31.29%，实现净利润-9,442.54 万元，占总亏损额过半。瑞士炬光收入、利润实 际表现均大幅低于收购评估中的盈利预测值。（2）瑞士炬光并表后，公司报告 期激光光学元器件、汽车应用解决方案收入同比增长 38.71%、66.63%，但毛利 率分别下降 12.27 个百分点、84.88 个百分点。（3）公司将收购 SMO 形成的商 誉分摊至汽车应用解决方案业务线和激光光学业务线，其中，对汽车应用解决方 案业务线对应商誉计提减值准备 3,424.63 万元，未对激光光学业务线计提商誉 减值准备。根据商誉减值测试，汽车应用解决方案业务线预测期收入复合平均增 长率 24.20%，预测期平均毛利率 20.74%，与本期实际毛利率-21.79%存在显著 差异。此外，瑞士炬光的汽车应用解决方案业务线已从瑞士转移至中国韶关，瑞 士相关使 ...

证券代码：688167 证券简称：炬光科技 公告编号：2025-048 西安炬光科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 关于以集中竞价交易方式回购股份方案》（公告编号：2025-012）、《西安炬光科技 股份有限公司关于以集中竞价交易方式回购股份的方案（修订稿）》（公告编号： 2025-014）、《西安炬光科技股份有限公司 2025 年第一次临时股东大会决议公告》 （公告编号：2025-032）、《西安炬光科技股份有限公司关于以集中竞价交易方式回 购股份的回购报告书》（公告编号：2025-033）。 二、 回购实施情况 （一）2025 年 5 月 8 日，公司首次实施回购股份，具体内容详见公司于 2025 年 5 月 9 日披露于上海证券交易所网站（www.sse.com）的《西安炬光科技股份有 限公司关于以集中竞价交易方式首次回购公司股份的公告》（公告编号：2025-037）。 重要内容提示： | 回购方案首次披露日 | 2025/4/9 | | | | | | ...

Market Performance - The optical fiber concept index rose by 1.60%, ranking 10th among concept sectors, with 51 stocks increasing in value [1] - Leading gainers included Guangku Technology, Yuanjie Technology, and Wanma Co., with respective increases of 7.84%, 6.83%, and 5.96% [1] - The top decliners were Zhongguang Nuclear Technology, Delong Laser, and Zhongdian Xinlong, with declines of 1.89%, 1.87%, and 1.76% [1] Capital Flow - The optical fiber sector saw a net inflow of 508 million yuan, with 30 stocks receiving net inflows [1] - Wanma Co. led the net inflow with 170 million yuan, followed by Tianfu Communication and Taicheng Light with 155 million yuan and 147 million yuan respectively [1] - In terms of net inflow ratios, Zhao Chi Co., Bichuang Technology, and Wanma Co. had the highest rates at 14.19%, 10.24%, and 8.73% respectively [2] Stock Performance - Notable stock performances included Guangku Technology with a 7.84% increase and Yuanjie Technology with a 6.83% increase, while Zhongguang Nuclear Technology experienced a 1.89% decline [1][5] - The trading volume and turnover rates varied significantly among stocks, with Wanma Co. showing a turnover rate of 13.45% [2] - Stocks like Jiguang Technology and Longxin Technology also showed positive movements, with increases of 3.72% and 4.39% respectively [3]

Investment Rating - The report indicates a positive outlook for Focuslight, expecting double-digit year-over-year revenue growth in 2025E driven by various market demands [1][4]. Core Insights - Focuslight is positioned to benefit from rising demand for laser and optical components, particularly from local and overseas semiconductor equipment (SPE) clients, as well as the data center sector [2][4]. - The company is expanding its offerings in optical communication and is optimistic about the long-term migration to silicon photonics and chip-on-board (CPO) technologies [2][10]. - Focuslight's revenue growth is supported by its comprehensive product range, including diode laser components and laser optics, targeting multiple industries such as automotive, medical health, and consumer electronics [3][4]. Summary by Sections Growth Drivers - Key growth drivers identified for 2025 include laser and optical products for pan-semiconductor applications, optical communication, and the AR/VR market [4][9]. - Management anticipates improved profitability due to the shift of some back-end manufacturing processes from Europe to China [4]. Market Expansion - Focuslight is actively expanding into the pan-semiconductor market, with products utilized in flat panel display manufacturing and mini/micro LED soldering, driven by increasing demand from both local and overseas SPE clients [9]. - The acquisition of SUSS MicroOptics is expected to enhance Focuslight's penetration into the optical communication market, particularly with Chinese optical transceiver clients [10]. Optical Communication Opportunities - Focuslight provides various optical components such as microlenses and molded lenses for optical transceivers and fiber connectors, with management noting significant revenue potential from these products starting in 2025E [10]. - The company is optimistic about the increasing adoption of silicon photonics, which will require advanced microlens designs for integrated systems, thereby enhancing the value of Focuslight's offerings [10].