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： 深圳市路维光电股份有限公司 关于使用自有资金方式支付募投项目所需资金 并以募集资金等额置换的公告 深圳市路维光电股份有限公司（以下简称"公司"）于2025年7月17日召开 第五届董事会第十八次会议、第五届监事会第十八次会议，审议通过了《关于 使用自有资金方式支付募投项目所需资金并以募集资金等额置换的议案》，为 提高公司运营管理效率，在不影响募集资金投资项目（以下简称"募投项目"） 正常实施的前提下，在募投项目的实施期间，由项目实施主体根据实际需要并 经相关审批后，预先使用自有资金支付募投项目部分款项，在以自筹资金支付 后六个月内实施置换，该部分置换资金视同募投项目使用资金。 证券代码：688401 证券简称：路维光电 公告编号：2025-051 注：数值若出现总数与各分项数值之和尾数不符，为四舍五入原因所致 三、使用自有资金方式支付募投项目所需资金并以募集资金等额置换的原 因 公司在募投项目实施过程中，根据募集资金专款专用原则，全部支出均应 由募集资金账户直接 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the equity market had a volume - driven rally. The real estate, steel, and building materials sectors were strong, while the banking sector declined. The bond market adjusted, and the 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week. The convertible bond market mostly rose, with the CSI Convertible Bond Index up 0.76% for the week [1][8][9]. - In the short term, convertible bond supply may significantly shrink. The follow - up momentum of the convertible bond market has weakened, and valuations have been further compressed. It is recommended to focus on balanced convertible bonds or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. For those with high requirements for drawdown, consider reducing positions [2][17]. - With the disclosure of mid - year report performance forecasts, attention should be paid to sectors such as consumer goods, technology, power grid equipment, and innovation drugs. Also, be cautious about bonds with a high proportion of exports to the US [3][18]. Summary by Relevant Catalogs Market Trends (2025/7/7 - 2025/7/11) - **Stock Market**: The equity market rose with volume. Real estate, steel, and building materials sectors performed well due to policy expectations and "anti - involution" themes. The non - banking sector was strong driven by the stablecoin theme, while the banking sector declined. Different sectors showed different performances on each trading day [8]. - **Bond Market**: The bond market adjusted. Factors such as the postponement of Trump's equal - tariff effective date, the Shanghai Composite Index breaking through 3500, and real estate policy rumors suppressed bond market sentiment. The 10 - year Treasury bond rate closed at 1.67% on Friday, up 2.2bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond issues rose. The CSI Convertible Bond Index increased by 0.76% for the week, the median price rose by 0.95%, and the calculated arithmetic average parity increased by 2.07%. The overall market conversion premium rate decreased by 1.29% compared with the previous week. Sectors like non - banking finance, coal, and computer in the convertible bond market led the gains, while social services, banking, and automotive sectors lagged. The total trading volume of the convertible bond market last week was 3405.76 billion yuan, with an average daily trading volume of 681.15 billion yuan, an increase from the previous week [9][12][15]. Viewpoints and Strategies (2025/7/14 - 2025/7/18) - **Supply Outlook**: Convertible bond supply may significantly shrink in the short term. The approval of the "potential new bond" Fudan Microelectronics expired, and there are only 5 issues in the pending - issuance list that have passed the listing committee, with a total scale of less than 5 billion yuan. Also, the delisting of existing bonds is accelerating [2][17]. - **Investment Suggestions**: Due to the intensified supply - demand contradiction, it is recommended to focus on balanced convertible bonds that can quickly consume the premium rate with high - volatility underlying stocks or high - price, low - premium and non - redeemable in the short - term equity - biased varieties. Consider reducing positions for those with high drawdown requirements [2][17]. - **Sector Focus**: Pay attention to sectors such as consumer goods (appliances, auto parts, two - wheeled vehicles), technology (PCB, copper - clad laminates, data center power supplies), power grid equipment, sea - wind power, energy storage, innovation drugs, and chemical pharmaceuticals. Be cautious about bonds with a high proportion of exports to the US [3][18]. Valuation Overview - As of July 11, 2025, for equity - biased convertible bonds, the average conversion premium rates in different parity intervals are at different percentile levels since 2010 and 2021. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is - 1.04%, at the 4%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds is 33.92%, at the 64%/45% percentile since 2010/2021, and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 13.38%, at the 27%/32% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (2025/7/7 - 2025/7/11)**: Guanghe Convertible Bond announced its issuance, and Luwei and Huachen Convertible Bonds were listed. Guanghe Convertible Bond, with an issuance scale of 4.9 billion yuan, is for the Guangdong Lufeng Nuclear Power Plant Project. Luwei Convertible Bond, with an issuance scale of 615 million yuan, is mainly for semiconductor and high - precision flat - panel display mask expansion projects. Huachen Convertible Bond, with an issuance scale of 460 million yuan, is for new - energy power equipment manufacturing and digital factory construction projects [27][28][29]. - **Next Week (2025/7/14 - 2025/7/18)**: Xizhen and Yongxi Convertible Bonds will be listed. Xizhen Convertible Bond, with an issuance scale of 520 million yuan, is for the Langfang Zhenhua Automobile Parts Project. Yongxi Convertible Bond, with an issuance scale of 1.165 billion yuan, is for multi - dimensional heterogeneous advanced packaging technology R & D and industrialization projects [30][31]. - **Overall Pending Issuance**: As of July 11, there are 75 convertible bonds to be issued, with a total scale of 116.32 billion yuan, including 2 issues approved for registration (total scale of 2.11 billion yuan) and 3 issues passed by the listing committee (total scale of 2.62 billion yuan) [32].

Core Viewpoint - The issuance of convertible bonds by Ruvi Optoelectronics aims to raise 615 million yuan, primarily to expand production capacity in the semiconductor and high-precision flat panel display mask plate sectors, focusing on domestic substitution in key areas [1][7]. Group 1: Semiconductor Industry - The demand for semiconductor mask plates is increasing due to advancements in chip manufacturing processes, with a focus on smaller nodes like 7nm, 5nm, and 3nm, driven by the AI era [2]. - Domestic wafer manufacturers are expected to bring new growth momentum to the semiconductor mask plate market as they iterate their technologies amid increasing export controls on semiconductors to China [2][3]. - Ruvi Optoelectronics is expanding its production lines to cover semiconductor mask plates for processes ranging from 250nm to 130nm, which will enhance its market share and production capabilities in higher process nodes [3][4]. Group 2: Flat Panel Display Industry - The domestic market for high-precision mask plates, such as AMOLED and LTPS, has a low localization rate of only 12%, indicating significant potential for domestic substitution [4]. - Ruvi Optoelectronics is responding to strong downstream demand by increasing production capacity, with its production nearing full capacity since the second quarter [4][5]. - The company plans to acquire a 49% stake in Chengdu Ruvi to strengthen its control over the flat panel display supply chain and enhance its production capabilities in high-generation mask plates [5][6]. Group 3: Strategic Positioning - The successful issuance of convertible bonds reflects the capital market's recognition of the company's technological strength and development prospects, marking a significant step in the domestic substitution strategy [7]. - The company aims to build a dual-driven development model of "flat panel display + semiconductor" as it releases new production capacity and overcomes technological barriers [7].

Group 1 - The core point of the news is the listing of Luwei Optoelectronics' convertible bonds, which have a high conversion value and a relatively small issuance scale [1] - The convertible bond has a rating of AA-, indicating a high credit quality [1] - The current market for convertible bonds is experiencing a surge, with many new issues being well-received by investors [3][4] Group 2 - The market for convertible bonds is supported by the performance of the underlying stocks, primarily from small and mid-cap companies, which are currently in focus [7] - Despite the pressure on the broader market around the 3500-point level, there is potential for opportunities in small and mid-cap stocks as larger financial stocks may face a pullback [9][10] - The previous underperformance of small and mid-cap stocks may lead to a rebound when larger stocks start to cool down, creating a favorable environment for these smaller stocks [10]

Overview - The company Shenzhen Newway Photomask Making Co., Ltd. is issuing convertible bonds totaling 615 million yuan (61,500,000,000 yuan) [2][5] - The bonds will be listed on the Shanghai Stock Exchange on July 10, 2025, with a maturity date of June 10, 2031 [2][5] - The bonds will have a tiered interest rate starting at 0.2% in the first year and increasing to 2.0% by the sixth year [26][27] Company Profile - Shenzhen Newway Photomask Making Co., Ltd. was established on March 26, 2012, and listed on the Shanghai Stock Exchange on August 17, 2022 [6][5] - The company specializes in the research, production, and sales of photomasks used in integrated circuits and display industries [9][10] - The registered capital of the company is approximately 193.33 million yuan [6] Business Operations - The company has developed photomasks for various generations, including G2.5 to G11, and has achieved mass production of photomasks for 180nm process nodes [9][10] - The company is recognized for breaking the long-standing monopoly of foreign manufacturers in high-generation photomasks, contributing to the localization of key materials in the display and semiconductor industries [9][10] Market Position - In the flat panel display photomask market, the company ranks sixth globally and second domestically, maintaining its market share from 2022 [12][14] - The company has become a significant player in the G11 photomask segment, achieving the highest sales revenue globally in 2022 with a market share of 29.11% [14][10] - The semiconductor photomask market is dominated by foreign companies, but the company is increasing its R&D investment to enhance its market position [15][19] Competitive Advantages - The company has established a comprehensive R&D system and a skilled technical team, enabling it to achieve breakthroughs in key technologies [17][18] - The company has developed its own resist coating technology, which reduces procurement costs and improves material utilization efficiency [19][20] - The company has built long-term relationships with major clients in both the flat panel display and semiconductor sectors, enhancing its reputation and market presence [19][20]

1 第一节 重要声明与提示 深圳市路维光电股份有限公司（以下简称"路维光电"、"发行人"、"公 司"或"本公司"）全体董事、监事和高级管理人员保证上市公告书的真实性、 准确性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并 对其内容的真实性、准确性和完整性承担个别和连带的法律责任。 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》（以下简称"《证券法》"）等有关法律、法规的规定，本公司 董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 意见，均不表明对本公司的任何保证。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅刊载于上海证券交易所网站（http://www.sse.com.cn）的《深圳市路维光电股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）全文。 如无特别说明，本上市公告书使用的简称或名词的释义与《募集说明书》相 同。 本上市公告书数值通 ...

Core Viewpoint - The article highlights the establishment of a high-generation high-precision photomask project by Xiamen Luwei Optoelectronics, which aims to enhance the production capacity and technological advancement in the photomask industry, particularly for AMOLED and LTPS displays [1][4]. Company Overview - Xiamen Luwei Optoelectronics is investing a total of 2 billion yuan in a project located in the Torch (Xiang'an) Industrial Zone, covering an area of approximately 53,700 square meters, with plans to build 11 high-end photomask production lines focusing on G8.6 and below AMOLED/LTPS photomasks [1]. - The company specializes in the research, production, and sales of high-end photomasks, with products applicable in flat panel displays and semiconductors, achieving full-generation coverage in the display field [4]. Project Details - The project will be implemented in phases, with the first phase constructing 5 production lines for G8.6 and below AMOLED high-precision photomasks, equipped with 5 core main devices and 22 precision auxiliary devices, targeting an annual production capacity of approximately 1,500 pieces upon reaching full capacity [2]. - Other companies in the photomask sector are also advancing their production lines, such as Jiangsu Gaoguang's first G8.6 generation AMOLED metal photomask production line, which is expected to produce 780 general metal photomasks and 100,000 high-precision metal photomasks annually [4][5]. Financial Performance - In 2024, Luwei Optoelectronics is projected to achieve an operating income of approximately 876 million yuan, a year-on-year increase of 30.21%, with a net profit attributable to shareholders of about 191 million yuan, up 28.27% [4]. - In the first quarter of 2025, the company reported revenues of 260 million yuan, a 47.09% year-on-year growth, and a net profit of approximately 49.15 million yuan, reflecting a 19.66% increase [4]. Industry Trends - The shift from the 6th generation to the 8.6 generation of OLED panel technology is driving the demand for higher precision and more complex processes in photomasks, prompting domestic companies to accelerate the construction of high-generation production lines and enhance technological upgrades and capacity [6].

Core Viewpoint - The establishment of the "Xiamen Luwei Optoelectronics High Generation High Precision Photomask" project marks a significant step in China's display industry towards breaking foreign monopolies and achieving self-sufficiency in high-end photomasks [1][4]. Group 1: Project Overview - The project is located in the Xiamen Torch (Xiang'an) Industrial Zone and has a total investment of 2 billion yuan [1]. - It aims to develop and produce high-precision photomasks for G8.6 and below AMOLED/LTPO/LTPS applications, addressing the long-standing reliance on imports for high-precision photomasks in China [2][3]. Group 2: Industry Context - Photomasks are critical consumables in the precision manufacturing chain of the electronics industry, directly affecting the accuracy and quality of chips and display panels [2]. - The technology for photomasks has been dominated by Japanese and Korean companies, creating barriers for Chinese enterprises in the high-end product sector [2]. Group 3: Strategic Importance - Xiamen is a key part of Luwei Optoelectronics' national strategic layout due to its robust electronic information industry ecosystem and advantageous location [3]. - The project will establish 11 high-end photomask production lines, enhancing the supply chain resilience and security of China's display industry [3]. Group 4: Innovation and Future Prospects - The project is seen as an innovation engine, with plans for continuous R&D investment focused on high-precision photomasks [4]. - The first phase will include the construction of 5 production lines with an annual capacity of approximately 1,500 pieces, contributing to the global display industry [4][5].

Group 1 - The company has been a leading player in the domestic mask plate market since its establishment in 1997, focusing on research, production, and sales of mask plates, achieving a revenue of 260 million yuan in Q1 2025, representing a year-on-year growth of 47.09% [1] - The company is the first in China and the fourth globally to produce G11 mask plates, and it is the only domestic company capable of supporting various generations of panel production lines from G2.5 to G11, also mastering G6 and below AMOLED mask plate manufacturing technology [1] - The company is advancing in semiconductor mask plate technology, optimizing mature processes and breaking through advanced manufacturing techniques, which lays a solid foundation for entering more advanced mask plate manufacturing [1] Group 2 - The domestic mask plate market is expected to reach approximately 18.7 billion yuan by 2025, with a current localization rate of about 10% for semiconductor mask plates and only 3% for high-end mask plates, indicating significant growth potential for the company [2] - The company plans to issue convertible bonds totaling 615 million yuan in June 2025 to expand production capacity for semiconductor and high-precision flat panel display mask plates, highlighting its growth opportunities [2] - Revenue projections for the company are 1.138 billion yuan, 1.585 billion yuan, and 2.256 billion yuan for 2025-2027, with corresponding net profits of 222 million yuan, 345 million yuan, and 500 million yuan, suggesting a favorable growth outlook [2]

Group 1 - The core viewpoint of the article highlights the strong demand in the downstream market, which has led to an increase in the demand for photomasks, with production orders extending into the third quarter [1] - The company is operating near full capacity and is accelerating its investment pace to address the low domestic photomask localization rate, with multiple expansion projects underway [1] - The semiconductor project is planned in two phases, with the first phase aiming to deliver samples of 90-100nm process node products by mid-2025 and trial production of 40nm process node products by the second half of 2025 [1] - The company plans to build two high-precision photomask production lines and invest 2 billion yuan in Xiamen to establish a high-generation high-precision photomask production base, targeting a domestic market share of over 30% [1] - Expansion projects include two semiconductor photomask production lines covering 250nm-130nm process node products [1]