Core Viewpoint - The company, Lu Wei Optoelectronics, has triggered the conditional redemption clause for its convertible bonds due to the stock price meeting specific criteria, but has decided not to exercise the early redemption option at this time [1] Group 1: Convertible Bonds - The company's stock price has been at or above 130% of the conversion price of the "Lu Wei Convertible Bonds" for 15 out of 30 consecutive trading days from December 17, 2025, to January 8, 2026, triggering the conditional redemption clause [1] - On January 8, 2026, the company's board of directors approved a resolution not to exercise the early redemption rights for the "Lu Wei Convertible Bonds" [1] - The company will not exercise the early redemption rights for the "Lu Wei Convertible Bonds" in the next three months (from January 9, 2026, to April 8, 2026), even if the redemption clause is triggered again [1] Group 2: Future Considerations - After April 8, 2026, if the conditional redemption clause is triggered again, the company's board will convene to decide on the early redemption rights [1]

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2026-003 | | --- | --- | --- | | 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 关于不提前赎回"路维转债"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： 深圳市路维光电股份有限公司（以下简称"公司"）股票自2025年12月17 日至2026年1月8日期间，满足连续三十个交易日中有十五个交易日的收盘价格 不低于"路维转债"当期转股价格的130%（含130%，即42.51元/股），已触发 《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》"）中规定的有条件赎回条款。 公司于2026年1月8日召开第五届董事会第二十四次会议，审议通过了《关 于不提前赎回"路维转债"的议案》，决定本次不行使"路维转债"的提前赎 回权利，不提前赎回"路维转债"。 在未来3个月内（即2026年1月9日至2026年4月8日），如"路维转债"再次 触发 ...

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 不提前赎回"路维转债"的核查意见 （三）可转债转股期限 本次发行的可转债转股期限自发行结束之日（2025年6月17日）起满六个月 后的第一个交易日（2025年12月17日，非交易日顺延）起至可转债到期日（2031 年6月10日）止（如遇法定节假日或休息日延至其后的第1个交易日；顺延期间付 息款项不另计息）。 （四）可转债转股价格 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"）向不特定对象发行可转换公司债 券项目的持续督导机构，根据《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）》《上海证券交易所科 创板上市公司自律监管指引第1号——规范运作（2025年5月修订）》《可转换公司 债券管理办法（2025年修正）》《上海证券交易所上市公司自律监管指引第12号 ——可转换公司债券（2025年3月修订）》《上海证券交易所上市公司自律监管指 引第11号——持续督导（2025年3月修订）》等相关规定，对公司不提前赎回"路 维转债"的事项进行了审慎核 ...

Core Viewpoint - The LCD demand is expected to improve by 2026 due to factors such as sports events, with leading manufacturers likely to drive supply-demand balance through production control [1][2] Group 1: LCD Market Outlook - The demand for LCD is anticipated to rebound, supported by major manufacturers maintaining production control to enhance supply-demand dynamics [1] - The upcoming FIFA World Cup and the continuation of trade-in policies in China are expected to boost demand for LCD TVs [1] - The average size of TV panels is projected to continue increasing, contributing to overall demand growth [2] Group 2: Supply Dynamics - Major panel manufacturers, including BOE, TCL Huaxing, and Huike, have achieved significant market share and are expected to continue production control, including reductions during the Lunar New Year [2] - According to TrendForce, TV panel prices are forecasted to rise by $1 across various sizes in January 2026 compared to the previous month [2] Group 3: OLED Market Potential - The potential demand for mid-size OLED panels is gaining attention, with expectations for significant cost reductions and increased penetration in laptops and tablets by 2026 [3] - Major manufacturers are optimistic about market demand, as evidenced by BOE's early activation of the first 8.6-generation AMOLED production line in China [3] Group 4: Domestic Manufacturers' Breakthroughs - Domestic manufacturers are accelerating technological breakthroughs in materials and driver chips, which may benefit from improving downstream demand [4] - New products in OLED materials are entering the market, and companies like Xiahe Technology are achieving commercial production of key materials [4] Group 5: Related Companies - Key panel manufacturers include TCL Technology (000100.SZ), BOE A (000725.SZ), and Rainbow Technology (600707.SH) [5] - Notable panel materials manufacturers are Lite-On Optoelectronics (688150.SH) and Ruvi Optoelectronics (688401.SH) [5]

Summary of Conference Call on Semiconductor Equipment and Materials Industry Industry Overview - The core logic of investment in semiconductor equipment is domestic substitution, focusing on low penetration segments such as nutrient detection, image development, and ion implantation, which have significant elasticity and future potential [1][2] - The semiconductor equipment and components industry has shown good performance recently, with a notable increase despite not being as popular as commercial aerospace [2] Key Insights - The memory market is driving demand for wafer fabs, with Changxin and Changdong expected to expand production to approximately 100,000 wafers by 2026, leading to a continuous increase in orders for domestic semiconductor equipment [1][4] - The overall demand for the semiconductor equipment market is projected to reach 170 billion RMB in 2026, with memory-related capital expenditure around 100 billion RMB and advanced logic demand approximately 70 billion RMB [5] - The main source of growth in 2026 and 2027 will be from memory expansion, while advanced logic orders are expected to gradually increase from the second half of 2027 to 2028 [6] Investment Focus Areas - Investment logic on the equipment side focuses on high-value segments (etching, thin film, photolithography) and areas with low domestic substitution rates (ion implantation, track, measurement) [7][8] - Key companies to watch include North Huachuang and Zhongwei in etching and thin film equipment, while photolithography remains reliant on imports [7] - In the components and materials sector, attention should be given to segments with a domestic substitution rate below 10% and medium to high technical difficulty, such as mask companies and wet electronic chemicals [9] Recommended Companies 1. **Lu Wei Optoelectronics**: Specializes in mask business, expected revenue growth of 35% from 2025 to 2027, with profit growth outpacing revenue due to increased OLED and semiconductor mask contributions [10][11][12] 2. **Jiangfeng Electronics**: A key player in ultra-pure metal targets and semiconductor components, projected valuation of 35 billion RMB in 2026 with a P/E ratio of 50 [13][14] 3. **Zhongke Feicai**: Significant advancements in measurement and detection equipment, with products entering the storage supply chain [15] Additional Insights - The semiconductor equipment market is characterized by a gradual increase in domestic production capabilities, particularly in the context of memory expansion and the anticipated rise in advanced logic orders [6] - The conference highlighted the importance of monitoring the progress of specific companies and their technological advancements, particularly in the context of the ongoing expansion and price increase cycles in the industry [12][16]

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：118056 | 转债简称：路维转债 | | 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。 一、可转换公司债券基本情况及配售情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可〔2025〕979号）同意， 深圳市路维光电股份有限公司（以下简称"公司"）向不特定对象发行人民币 61,500.00万元的可转换公司债券，期限6年（即自2025年6月11日至2031年6月 10日止），每张面值人民币100元，发行数量6,150,000张。 经上海证券交易所自律监管决定书〔2025〕154号文同意，公司本次发行的 可转换公司债券于2025年7月10日起在上交所挂牌上市交易，债券简称"路维转 债"，债券代码"118056"。 公司控股股东、实际控制人杜武兵及其一致行动人江苏路维兴投资有限公 司作为原始股东参与优先配售，合计配售 ...

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Shenzhen Luwei Optoelectronics Co., Ltd., highlighting the limited conversion activity since the bonds became convertible in December 2025. Group 1: Convertible Bond Issuance Overview - The company issued convertible bonds totaling RMB 615 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in a net fundraising amount of RMB 607.16 million after deducting issuance costs of RMB 7.84 million [3]. - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on July 10, 2025, under the name "Luwei Convertible Bonds" and code "118056" [4]. - The conversion period for these bonds is from December 17, 2025, to June 10, 2031 [5]. Group 2: Conversion Status - From December 17 to December 31, 2025, a total of RMB 482,000 was converted into 14,733 shares, representing 0.0076% of the company's total shares before conversion [2][8]. - As of December 31, 2025, the amount of unconverted bonds stood at RMB 614.52 million, accounting for 99.92% of the total issuance [2][8]. Group 3: Conversion Price - The initial conversion price for the bonds is set at RMB 32.70 per share, and this price has not changed as of the announcement date [6].

重要内容提示： 累计转股情况：深圳市路维光电股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券"路维转债"自2025年12月17日开始转股。2025 年12月17日至2025年12月31日期间，"路维转债"累计已有人民币482,000元转 换为公司股票，累计转股数量为14,733股，占"路维转债"转股前公司已发行 股份总额的0.0076%。 未转股可转换公司债券情况：截至2025年12月31日，尚未转股的"路维转 债"金额为人民币614,518,000元，占"路维转债"发行总量的99.9216%。 | | | 深圳市路维光电股份有限公司 可转债转股结果暨股份变动公告 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。 本季度转股情况：2025年12月17日至2025年12月31日期间，"路维转债" 合计转股金额为人民币482,000元，累计转股数量为14,733股。 一、可转换公司债券发行上市概况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意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 ...

Core Viewpoint - Shenzhen Luwei Optoelectronics Co., Ltd. has announced that its convertible bonds, "Luwei Convertible Bonds," are expected to meet the redemption conditions based on stock price performance [2][8]. Group 1: Convertible Bond Issuance and Conditions - The company issued convertible bonds totaling RMB 615 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in a net fundraising amount of approximately RMB 607.16 million after deducting issuance costs [2][3]. - The initial conversion price for the bonds is set at RMB 32.70 per share, and this price has not been adjusted as of the announcement date [5]. - The bonds are listed on the Shanghai Stock Exchange under the code "118056" and began trading on July 10, 2025 [3]. Group 2: Redemption Terms - The company has outlined both unconditional and conditional redemption terms for the convertible bonds, with the conditional redemption being triggered if the stock price remains above 130% of the conversion price for a specified number of trading days [6][7]. - Specifically, if the stock price is at least RMB 42.51 per share (130% of the conversion price) for 5 out of 20 consecutive trading days, the company may redeem the bonds [2][8]. - Upon triggering the redemption conditions, the company will convene a board meeting to decide on the redemption of the bonds at face value plus accrued interest [8].

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-094 | | --- | --- | --- | | 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"预计满足赎回条件 的提示性公告 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： 深圳市路维光电股份有限公司（以下简称"公司"）股票自2025年12月17 日至2025年12月30日期间，已有10个交易日的收盘价格不低于"路维转债"当 期转股价格的130%（即42.51元/股），若未来连续20个交易日内，仍有5个交易 日公司股票的收盘价格不低于当期转股价的130%（含130%），将触发《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》"）中规定的有条件赎回条款。若触发条件，公司将于 触发条件当日召开董事会审议决定是否按照债券面值加当期应计利息的价格赎 回全部或部分未转股的"路维转债"，并及时履行信息披露义务。 根据《上海证券交易所上 ...