证券代码：688313 证券简称：仕佳光子 公告编号：2025-028 河南仕佳光子科技股份有限公司 2024年年度权益分派实施公告 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。 本次利润分配方案经河南仕佳光子科技股份有限公司（以下简称"公司"）2025 年 5 月 12 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关法律法规、规范性文件及《公 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.06元（含税） 相关日期 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/17 | 2025/6/18 | 2025/6/1 ...

- The report introduces a quantitative model called "250-day new high distance" to track market trends and identify investment hotspots. The model is based on the concept that stocks nearing their 52-week high tend to outperform those far from their 52-week high, as supported by research from [George@2004] and other notable investors like William O'Neil and Mark Minervini. The formula for calculating the 250-day new high distance is: $ 250 \text{ day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the percentage drop from the high. [11] - The report evaluates the "250-day new high distance" model as an effective tool for identifying market trends and leading stocks, emphasizing its ability to highlight momentum and trend-following strategies. [11][18] - The report also introduces a composite factor for selecting "stable new high stocks" from the pool of stocks that have reached a 250-day new high in the past 20 trading days. The selection criteria include: 1. Analyst attention: At least 5 buy or overweight ratings in the past 3 months 2. Relative stock strength: Top 20% of market-wide 250-day returns 3. Price stability: Evaluated using two metrics: - Price path smoothness: Stock price displacement ratio - Innovation high persistence: Time-series average of the 250-day new high distance over the past 120 days 4. Trend continuation: Time-series average of the 250-day new high distance over the past 5 days, selecting the top 50 stocks based on ranking. [23][26] Model Testing Results - The "250-day new high distance" model shows the following results for major indices as of June 6, 2025: - Shanghai Composite Index: 2.99% - Shenzhen Component Index: 11.41% - CSI 300 Index: 8.98% - CSI 500 Index: 8.98% - CSI 1000 Index: 6.94% - CSI 2000 Index: 4.25% - ChiNext Index: 20.03% - STAR 50 Index: 12.00% [2][12][31] - The "stable new high stocks" factor identified 38 stocks from the pool of 777 stocks that reached a 250-day new high in the past 20 trading days. These stocks were distributed across sectors as follows: - Manufacturing: 11 stocks - Consumer: 8 stocks - Other sectors include finance, technology, and healthcare [3][27][32]

Summary of the Conference Call for Shijia Photonics Company Overview - **Company**: Shijia Photonics - **Industry**: Optical Communication Key Points and Arguments Production and Capacity Expansion - The Thai factory of Shijia Photonics is expanding production in an orderly manner, with capacity gradually being released in Q2. Domestic expansion is also ongoing to meet increasing market demand [2][4] - The company has strategically stocked materials to mitigate supply shortages, including fiber optics and connectors, ensuring optimistic growth in overall performance for Q1 and Q2 [3] Demand and Market Trends - Significant growth in demand for optical modules is expected next year, particularly for FR2 and FR4 products, with a stable and optimistic supply situation for AWG components [2][8] - The data center construction is driving an increase in high-margin multi-core optical cable orders, with good performance in Q1 and growth in both gross profit and revenue [2][14] Financial Performance - The company reported a loss in Q1 but expects to narrow losses or achieve breakeven in Q2, contingent on successfully transitioning to three-inch indium phosphide substrates and price increases for 2.5G DFB products [2][11] - The traditional 2.5G DFB market is expected to remain flat compared to last year due to capacity constraints, with a gradual shift to three-inch wafers anticipated to improve capacity over time [10] Strategic Developments - The company has made breakthroughs with strategic large customers, particularly overseas component suppliers, with increasing demand for MPO products [2][5] - Continuous recruitment and training of personnel are being conducted to support MPO business development, with production lines operating in shifts to maximize output [2][27] Future Outlook - Over the next three years, the market demand for 800G optical modules is projected to grow significantly, with AWG product penetration expected to increase [2][26] - The company is optimistic about the future, particularly in the CW business, with incentive programs in place to enhance yield and gross margins [9] Challenges and Risks - The company faces challenges in the traditional access network business, where profitability remains difficult if it continues to focus on 2.5G products. A shift towards 10G or 25G products is seen as a more favorable direction [11] - The impact of tariffs on various business segments is minimal, as the company has the ability to switch production origins to benefit from exemption policies [6][7] Additional Insights - The AWG component's gross margin is expected to improve as production scales up, with lower equipment amortization costs contributing to higher profitability [18] - The company is cautious about expanding production capacity blindly and will evaluate the situation based on order demand [22][25] Conclusion - Shijia Photonics is positioned for growth in the optical communication sector, with strategic expansions, a focus on high-demand products, and a commitment to improving financial performance through operational efficiencies and market adaptations [2][28]

Market Overview - A-shares experienced a rally in the afternoon, with the ChiNext Index and the STAR Market Index both rising over 1% [1] - The Shanghai Composite Index closed up 0.23% at 3384.1 points, while the Shenzhen Component Index rose 0.58% to 10203.5 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13.172 billion yuan, an increase of nearly 1.4 billion yuan compared to the previous day [1] Sector Performance - The food and beverage sector saw a pullback, with Yanjinpuzi dropping over 8% [1] - Pharmaceutical stocks also weakened, with Jinkai Biotechnology down nearly 10% and Sinovac Biotech falling over 8% [1] - The CPO concept stocks surged, with Shengyi Electronics and Haide Control hitting the daily limit [3][4] - The computing power concept stocks were strong, with Huijin Co. and Qingyun Technology also reaching the daily limit [1][3] - The virtual power plant concept gained traction, with Hengshi Technology and Ankao Zhidian both hitting the daily limit [7][8] - The sports concept remained active, with Jinling Sports achieving a three-day limit increase and Gongchuang Lawn hitting the limit for four consecutive days [9][10] CPO Concept - The CPO concept saw significant gains, with Shengyi Electronics closing at a 20% limit increase [3][4] - Other notable performers included Shijia Photon and Haide Control, both reaching their daily limits [3][4] Virtual Power Plant Concept - The virtual power plant concept also experienced a strong performance, with Hengshi Technology closing at a 20% limit increase [7][8] - Other companies in this sector, such as Ankao Zhidian and Jinzhi Technology, also saw substantial gains [7][8] Sports Sector - The sports sector showed continued strength, with Jinling Sports achieving a 20% limit increase and a cumulative increase of approximately 94% over four days [9][10] - The Jiangsu Province City Football League attracted significant attendance, boosting local tourism and consumption [11] Policy Developments - The National Energy Administration has initiated pilot projects focusing on new power system construction, including virtual power plants and intelligent microgrids [8][9] - The National Development and Reform Commission and the Energy Administration have introduced policies to promote green electricity connections, enhancing the traceability of renewable energy consumption [9]

Group 1 - The core viewpoint is that the semiconductor market is expected to grow significantly, reaching a size of $700.9 billion by 2025, with a year-on-year growth of 11.2% driven by demand in AI, cloud infrastructure, and advanced consumer electronics [1] - The electronic industry maintains a bullish rating, anticipating a comprehensive recovery in the semiconductor industry by 2025, with an accelerated optimization of the competitive landscape and a continuous rebound in profit cycles and corporate profits [1] - Key materials for semiconductors are becoming a focus for domestic innovation, enhancing the self-sufficiency of the industry chain, and the overall development outlook for the industry is optimistic, with companies likely to benefit from market recovery and industrial upgrades [1] Group 2 - The U.S. tariff policy is accelerating the fragmentation of global supply chains, significantly impacting the global manufacturing sector, particularly the semiconductor industry [2] - The China Semiconductor Association has revised the rules for origin recognition, which favors the domestic replacement of RF/analog chips and increases export costs for U.S. semiconductor companies, reinforcing domestic manufacturers' commitment to choosing local supply chains [2] - Breakthroughs in core technology platforms are enabling mass supply of automotive-grade products, allowing companies to capture incremental market space amid global industrial restructuring [2]

资金面上看，今日F5G概念板块获主力资金净流入8.40亿元，其中，22股获主力资金净流入，6股主力 资金净流入超5000万元，净流入资金居首的是中际旭创，今日主力资金净流入3.85亿元，净流入资金居 前的还有太辰光、华脉科技、仕佳光子等，主力资金分别净流入1.35亿元、1.18亿元、6732.82万元。 资金流入比率方面，华脉科技、意华股份、德科立等流入比率居前，主力资金净流入率分别为 43.87%、11.59%、7.94%。（数据宝） 截至6月4日收盘，F5G概念上涨2.35%，位居概念板块涨幅第10，板块内，33股上涨，华脉科技涨停， 太辰光、德科立、中际旭创等涨幅居前，分别上涨14.88%、11.56%、6.04%。跌幅居前的有四川九洲、 上港集团、梅安森等，分别下跌2.42%、1.20%、0.87%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 啤酒概念 | 3.85 | 兵装重组概念 | -0.34 | | 铜缆高速连接 | 2.90 | 草甘膦 | -0.26 | | 烟草 | 2.65 | ...

A股共封装光学板块持续走强，斯瑞新材大涨16%，太辰光涨超12%，德科立、仕佳光子、长光华芯、 新易盛、中京电子等跟涨。 ...

Summary of the Conference Call for Shijia Photonics Industry and Company Overview - The conference call discusses the optical chip and device industry, focusing on Shijia Photonics and its product offerings, particularly in the AWG (Arrayed Waveguide Grating) and CPO (Co-Packaged Optics) sectors [2][3][4]. Core Insights and Arguments - **AWG Adoption**: The AWG solution is gaining popularity among optical module manufacturers due to its cost advantages and simpler packaging, especially during the capacity constraints faced by zblock last year [2][4]. - **CPO Focus**: Shijia Photonics is actively investing in the CPO field, particularly in CW light sources and MPO (Multi-Fiber Push-On) connectors, anticipating a significant increase in MPO demand with the advent of the CPO era [2][7][14]. - **Revenue Contribution**: AWG-related products account for over 50% of the company's optical chip and device revenue, serving as a major profit source with higher profitability than the overall net profit level of the company [2][9]. - **Future Demand**: The demand for 800G optical modules is expected to surge to over 30 million units next year, with a corresponding increase in 1.6T demand. AWG is well-positioned for application in both 800G and 1.6T solutions, presenting new growth opportunities for the company [2][10][11]. - **Production Strategy**: The company employs a sales-driven production strategy, adjusting capacity based on order conditions, with an expansion cycle of approximately six months [2][12][18]. Additional Important Points - **Business Segmentation**: In Q1 2025, the revenue share of optical chips and devices increased from under 60% in 2024 to nearly 70%, indicating strong market interest in PLC, AWG, DFB products, and MPO connectors [3]. - **Client Relationships**: While the client list is confidential, the company collaborates with top ten module manufacturers and others, varying in order volume [6]. - **MPO Business Growth**: The MPO segment is experiencing rapid growth in Q1 2025, although it has lower gross margins due to a higher proportion of lower-core count products [8]. - **AWG Customization**: Different manufacturers have varying degrees of customization for AWG solutions, affecting yield rates. Higher yields are observed in reusable solutions compared to highly customized ones [13]. - **Patent Compliance**: The company emphasizes compliance and has a robust patent portfolio, mitigating risks associated with MPU patent disputes [5][23]. - **Investment in Supply Chain**: The company is investing in Foxima to enhance supply chain collaboration and address chip supply shortages [2][14][15]. - **Capital Expenditure**: The capital expenditure is relatively low, relying on domestic equipment to maintain cost control [5][20]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction and market positioning of Shijia Photonics within the optical chip and device industry.

Core Viewpoint - The stock of Shijia Photon has experienced significant growth following a period of decline, with a notable increase in revenue and net profit driven by the demand for AI computing power in the optical communication industry [1][5][14]. Company Performance - Shijia Photon reported a revenue of 436 million yuan in Q1, representing a year-on-year increase of 120.57%, and a net profit of 93.19 million yuan, up 1003.79% compared to the previous year [5][6]. - The company's stock price has surged over 126% since April 9, 2023, and has increased by 279% from September 24, 2023, indicating a strong recovery after a prolonged decline [14]. Business Segments - The main business segments of Shijia Photon include optical chips and devices, indoor optical cables, and cable materials, with optical chips becoming the core revenue driver [5][7]. - In Q1, the revenue from optical chips and devices was 606 million yuan, accounting for 56.43% of total revenue, while cable materials and indoor optical cables contributed 231 million yuan and 219 million yuan, respectively [7][8]. Market Outlook - The optical communication chip market is projected to grow significantly, with an estimated compound annual growth rate (CAGR) of 17% from 2025 to 2030, potentially reaching over 11 billion USD by 2030 [17]. - Analysts are optimistic about Shijia Photon’s growth potential, with forecasts indicating substantial increases in net profit over the next few years, reaching 382 million yuan in 2025 and 713 million yuan in 2027 [18][19]. International Expansion - Shijia Photon is expanding its production capacity in Thailand, with ongoing construction of a production base and plans for investment of up to 50 million USD to support the establishment of an industrial park [10][11].