| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：118056 | 转债简称：路维转债 | | 深圳市路维光电股份有限公司 首次公开发行部分限售股上市流通公告 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。 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 77,621,400股。 （一）关于限售安排、自愿锁定股份、延长锁定期限的承诺 本次股票上市流通总数为77,621,400股。 本次股票上市流通日期为2025 年 8 月 18 日（因 2025 年 8 月 17 日为非交 易日故顺延至 2025 年 8 月 18 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于 2022 年 7 月 12 日签发的《关于同意深圳市 路维光电股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1476 号）， 公司首次向社会公开发行人民币普通股（A 股）股票 33,333,600 股，并于 ...

国信证券股份有限公司 关于深圳市路维光电股份有限公司 首次公开发行部分限售股上市流通的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为深圳 市路维光电股份有限公司（以下简称"公司"或"路维光电"）首次公开发行股 票并在科创板上市的保荐机构。根据《中华人民共和国公司法》《中华人民共和 国证券法》《证券发行上市保荐业务管理办法（2025年修正）》《上海证券交易 所科创板股票上市规则（2025年4月修订）》等有关规定，对公司首次公开发行 部分限售股上市流通的事项进行了核查，核查情况如下： 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于2022年7月12日签发的《关于同意深圳市路 维光电股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1476 号），公司首次向社会公开发行人民币普通股（A股）股票33,333,600股，并于 2022年8月17日在上海证券交易所科创板上市。公司发行后总股本为133,333,600 股，其中有限售条件流通股为104,871,326股，无限售条件流通股为28,462,274股。 本次上市流通的限售股为公司首次公开发行部分限售股（包含因公司实 ...

Group 1 - The semiconductor sector experienced a decline of 1.9% on August 8, with Dazhong Semiconductor leading the drop [1] - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index closed at 11128.67, down 0.26% [1] - Notable gainers in the semiconductor sector included Zhongchuan Special Gas, which rose by 7.31%, and Yuanjie Technology, which increased by 4.66% [1] Group 2 - The net outflow of main funds in the semiconductor sector was 7.774 billion yuan, while retail investors saw a net inflow of 4.642 billion yuan [3] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are actively buying [3]

Core Viewpoint - The company, Shenzhen Luwei Optoelectronics Co., Ltd., has shown significant growth in revenue and profit, indicating a strong market position in the mask plate industry, which is crucial for microelectronics manufacturing [2] Company Overview - Shenzhen Luwei Optoelectronics specializes in the research, production, and sales of mask plates, serving industries such as flat panel displays, semiconductors, touch screens, and circuit boards [2] - The company is the only domestic manufacturer capable of producing mask plates for all generations from G2.5 to G11, supporting various panel production lines [2] - Luwei Optoelectronics has developed a dual core product line focusing on flat panel display mask plates and semiconductor mask plates, establishing a development strategy of "screen-driven chip" [2] Financial Performance - For the first quarter of 2025, Luwei Optoelectronics reported a revenue of 260.1 million yuan, a year-on-year increase of 47.09% [2] - The net profit attributable to shareholders was 49.15 million yuan, reflecting a year-on-year growth of 19.66% [2] - The company's net profit excluding non-recurring items was 44.83 million yuan, up 19.9% year-on-year [2] Shareholder Structure - As of March 2025, the concentration of shareholding is high, with the top ten shareholders holding a combined 57.53% of shares [2] - The top ten circulating shareholders account for 35.6% of the shares, indicating a concentrated ownership structure [2] - The number of shareholders is 8,257, with an average circulating shareholding of 14,010 shares per person and an average holding amount of 461,400 yuan [2]

Group 1 - The report emphasizes the coexistence of strategic opportunities and risk challenges in the economic landscape, marking a shift from short-term recovery to long-term foundation building in policy focus [1][2] - It highlights the need for macroeconomic policies to accelerate bond issuance and ensure the stability of three key areas, while also advocating for targeted support in sectors like technology and consumption [1][2] - The report notes a renewed emphasis on boosting domestic demand by fostering new growth points in service consumption, linking the improvement of people's livelihoods directly to consumption expansion [1][2] Group 2 - The report identifies three significant breakthroughs in industrial policy, transitioning from conceptual advocacy to practical implementation, addressing market pain points, and institutionalizing capacity governance [2] - In the foreign trade sector, it discusses a balanced approach of defense and progress, promoting high-level free trade zone construction and the integration of domestic and foreign trade [2] - The report outlines a proactive approach to risk resolution, focusing on eliminating hidden debts and ensuring energy supply to safeguard people's livelihoods [2] Group 3 - Domestic economic data shows stability and resilience, with previous growth stabilization policies gradually taking effect, while new macro policies are expected to further stimulate demand [3] - The report indicates that August will be a critical period for verifying mid-year performance, with a focus on sectors and stocks that may exceed expectations [3] - It mentions that despite increased market risk factors, the positive momentum from policies remains unchanged, particularly in the technology sector, which includes areas like computing power, artificial intelligence, and consumer electronics [3] Group 4 - The report recommends a stock portfolio for August, highlighting strong performers from July, including Dingjie Zhishi (+43.58%) and Lianrui New Materials (+25.03%), among others [6] - The recommended stocks for August cover various sectors, including telecommunications, technology, pharmaceuticals, and chemicals, indicating a diversified investment strategy [6][14] - The report notes that the average increase in the recommended portfolio for July was +10.71%, outperforming major indices [6][12]

Core Viewpoint - The credit rating report for Shenzhen Luwei Optoelectronics Co., Ltd. maintains a stable outlook, reflecting the company's competitive position in the flat panel display mask field, significant growth in supply to core customers, and improved production capacity and efficiency, despite facing risks related to supplier concentration and international trade policies [3][5][6]. Company Overview - Shenzhen Luwei Optoelectronics Co., Ltd. (stock code: 688401.SH) has maintained an AA- credit rating, consistent with the previous rating, indicating strong operational performance and cash flow generation [3][5]. - The company has a high concentration of core customers, with the top five customers accounting for 73.70% of sales, which poses a risk if their demand fluctuates [6][16]. Financial Performance - As of March 2025, total assets reached 23.44 billion, with equity attributable to shareholders at 14.42 billion, and operating income of 2.60 billion, reflecting a significant increase from previous years [3][7]. - The net profit for 2024 was reported at 0.49 billion, with a notable increase in operating cash flow, indicating improved cash generation capabilities [3][5]. Market Environment - The domestic flat panel display and semiconductor mask market is experiencing continuous growth, driven by the demand for larger displays and advancements in AMOLED technology [9][10]. - China's flat panel display production capacity is projected to exceed 60% of global capacity by 2024, indicating a strong market position for domestic manufacturers [9][10]. Operational Efficiency - The company has improved its production capacity and efficiency, with a significant increase in equipment utilization rates, reaching 93.08% in 2024 [17]. - The company introduced over 100 new customers in 2024, expanding its customer base to over 400, which has contributed to revenue growth [16]. Investment and Expansion - The company plans to invest 20 billion in a new production base in Xiamen, focusing on high-precision AMOLED mask products, which will increase production capacity but also create financial pressure [6][18]. - The total investment for expansion projects is estimated at 24.21 billion, with significant portions allocated to semiconductor and high-precision flat panel display mask production [18]. Risks and Challenges - The company faces risks related to high supplier concentration, with 83.41% of raw materials sourced from the top five suppliers, primarily from Japan and South Korea, which could be impacted by international trade policies [5][19]. - The reliance on imported equipment and materials poses a risk to operational continuity if trade restrictions are imposed [19].

Group 1 - The core viewpoint of the announcement is that Shenzhen Luwei Optoelectronics Co., Ltd. has maintained its credit rating for both the company and its convertible bonds, indicating stability in its financial standing [1][2]. - The previous credit rating for the company was "AA-" with a stable outlook, and this rating has been reaffirmed in the latest tracking report [1][2]. - The tracking credit rating report was issued by Zhongzheng Pengyuan Credit Rating Co., Ltd. on July 30, 2025, confirming the company's credit rating and the rating of the Luwei convertible bonds as "AA-" [2]. Group 2 - The company is set to issue convertible bonds to unspecified investors in June 2025, and the credit rating is crucial for investor confidence [1]. - The rating agency conducted a comprehensive analysis of the company's operational status and the relevant industry before issuing the credit rating [2]. - The tracking rating report was disclosed on the Shanghai Stock Exchange website on the same day it was issued [2].

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-057 | | --- | --- | --- | | 转债代码：118056 | 转债简称：路维转债 | | 深圳市路维光电股份有限公司 关于"路维转债"跟踪信用评级结果的公告 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。 重要内容提示： 前次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"，"路 维转债"的信用等级为"AA-"。 本次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"，"路 维转债"的信用等级为"AA-"。 根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上 市规则》等有关规定，深圳市路维光电股份有限公司（以下简称"公司"）委 托信用评级机构中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对 公司于2025年6月向不特定对象发行的可转换公司债券（以下简称"路维转债"） 进行了跟踪信用评级。 公司前次公司主体信用等级为"AA-"，评级展望为"稳定"，"路维转债" 的信用等级为"AA-"，评级机 ...

深圳市路维光电股份有限公司相 关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【1126】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

Core Points - The company has conducted a review of the list of incentive recipients for the 2024 restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][3][5] - The review confirmed that the proposed recipients meet the qualifications set forth in the Company Law, Securities Law, and other applicable regulations [2][4][5] - The company plans to grant a total of 235,400 shares of restricted stock to 7 eligible recipients at a price of 17.89 yuan per share, with the grant date set for July 17, 2025 [3][5] Summary of Regulations - The company outlined specific disqualifications for potential incentive recipients, including recent sanctions by the stock exchange or regulatory bodies, and other legal restrictions [1][3] - The monitoring committee has verified that the selected recipients do not fall under any of the disqualifying conditions listed in the relevant laws and regulations [2][5] - The incentive plan aligns with the company's articles of association and the guidelines for stock incentive management [3][4][5]