Summary of Luvi Optoelectronics Conference Call Company Overview - **Company**: Luvi Optoelectronics - **Date**: August 20, 2025 Key Points Industry and Business Segments - Luvi Optoelectronics' revenue split for Q2 2025 was 85% from display business and 15% from semiconductor business [2][4] - Display business gross margin ranged from 30% to 35%, while semiconductor business gross margin was between 55% and 60%, with a 5 percentage point increase from Q1 [2][4] - Both business segments achieved double-digit growth [2][4] Semiconductor Business Insights - Within the semiconductor segment, devices accounted for 60% and packaging for 40% [6] - The rapid growth of IC mask business was noted, with major clients including Shenghe Jingwei and Jingfang [2][7] - The domestic semiconductor mask market is approximately 20 billion RMB, with advanced packaging masks accounting for less than 5 billion RMB [8] Expansion Projects - The Xiamen expansion project has a total investment of 2 billion RMB, with 11 production lines planned; the first phase will have 5 lines operational [9] - Expected revenue contribution from the first phase is around 200 million RMB in 2026, with full capacity potentially reaching 400-500 million RMB [10] - High-precision products from the Xiamen project are expected to have a gross margin of 35%-40% [11] Production Capacity and Equipment - Significant progress was made in H1 2025, including the arrival of a 40nm electron beam lithography machine, with trial production expected in H2 [3][5] - The company plans to advance to 14nm technology by 2027-2028 [17] - Equipment procurement for advanced processes is not hindered by international conditions [18] Market Demand and Competition - Demand for semiconductor and display products is expected to remain strong, with a focus on capacity and release rhythm for growth [12][13] - The domestic third-party mask market is estimated at 15 billion RMB, with new entrants like Jinghe impacting competition dynamics [20][21] Financial Performance and Projections - Q2 2025 exchange losses decreased significantly compared to Q1 [23][27] - The company anticipates better performance in H2 2025, driven by new equipment and production lines [33] - Depreciation costs are expected to peak in 2026, exceeding 100 million RMB, but revenue growth is expected to offset this [34] Strategic Goals - Luvi aims to capture 30%-40% of the domestic market share in display mask production within five years [32] - The long-term goal for the semiconductor sector is to achieve a 30% market share, with a dual focus on display and semiconductor businesses [32] International Expansion Plans - Currently, there are no plans to supply masks to South Korea, but the company is exploring opportunities in Southeast Asia and potential partnerships in the Korean market [35] Additional Insights - The company is actively working on domestic production of grinding substrates and has made investments in local manufacturers [22] - The verification cycle for new technologies like 40nm is lengthy, impacting the timeline for mass production [25]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor mask industry, particularly focusing on domestic manufacturers entering a new phase of development [1]. Core Insights - The mask is a critical material in microelectronics manufacturing, directly impacting the yield of downstream products. The semiconductor wafer manufacturing materials market reached $32.2 billion in 2019, with masks accounting for approximately 13% of costs [3]. - China is the largest panel production base globally, with over 60% of the world's capacity. However, the mask market is still dominated by US and Japanese manufacturers, with domestic players like Qingyi Optoelectronics and Luwei Optoelectronics gradually increasing their market penetration [3]. - The domestic semiconductor mask market is projected to reach approximately 18.7 billion RMB in 2025, with wafer manufacturing masks expected to account for 10 billion RMB [3]. - Investment recommendations include Qingyi Optoelectronics (strong buy), Luwei Optoelectronics (watch closely), and Longtu Photomask (watch closely) [3]. Summary by Sections Section 1: Mask Production and Market Dynamics - The mask production process has high technical barriers, and the market is vast with low domestic penetration. High-end masks require advanced equipment and material support [5][6]. - The semiconductor mask industry is closely tied to the growth of downstream sectors, with masks representing about 12% of the semiconductor materials market [74]. Section 2: Market Size and Growth Projections - The global semiconductor materials market is expected to reach $67.5 billion in 2024, with a projected growth rate of 3.8% [77]. - The domestic semiconductor mask market is anticipated to grow significantly, with a forecast of 18.7 billion RMB in 2025, driven by increasing demand in wafer manufacturing and packaging [80]. Section 3: Competitive Landscape - The independent third-party mask manufacturers are expected to gain market share as the disadvantages of self-built mask factories become apparent. Currently, independent manufacturers hold about 35% of the market, with major players being Photronics, Toppan, and DNP [83]. - Domestic manufacturers like Qingyi Optoelectronics and Luwei Optoelectronics are gradually increasing their market presence, although their overall revenue remains relatively low compared to international competitors [86].

（文章来源：证券日报） 证券日报网讯 8月19日晚间，路维光电发布公告称，2025年上半年公司实现营业收入544，027，627.85 元，同比增长37.48%；归属于上市公司股东的净利润106，429，768.86元，同比增长29.13%。 ...

Core Viewpoint - Both Luvi Optoelectronics and Lite Optoelectronics reported revenue and net profit growth for the first half of the year, indicating a positive trend in the display and semiconductor materials industry [1]. Luvi Optoelectronics - Luvi Optoelectronics achieved operating revenue of 544 million yuan, a year-on-year increase of 37.48%, and a net profit of 106 million yuan, up 29.13% year-on-year [2]. - The revenue from quartz masks was 499 million yuan, accounting for 91.80% of total revenue, while soda masks contributed 41.3 million yuan, or 7.59% [3]. - Domestic revenue was 543 million yuan, making up 99.87% of total revenue, with overseas revenue at 726,900 yuan, or 0.13% [3]. - The company has begun using major equipment for its first-phase project, with plans to start trial production of 40nm semiconductor masks in the second half of 2025 [3]. - A new high-precision mask production base in Xiamen is set to be established by July 2025, with five production lines planned for AMOLED masks [3]. Lite Optoelectronics - Lite Optoelectronics reported operating revenue of 292 million yuan, an 18.84% increase year-on-year, and a net profit of 126 million yuan, up 36.74% year-on-year [4][5]. - The revenue from OLED organic materials was 276 million yuan, representing a 31.63% increase and accounting for 94.48% of total revenue [6]. - Domestic revenue was 279 million yuan, making up 95.63% of total revenue, with major clients including BOE [6]. - The company is progressing on its OLED terminal materials R&D and industrialization project, with a cumulative investment of 331 million yuan, reaching 58.78% completion [6].

公募基金方面，本期较上一期持股增加的公募基金共计3个，包括泰康创新成长混合A、泰康产业升级 混合A、圆信永丰大湾区A，持股增加占比小幅上涨。本期较上一季度新披露的公募基金共计9个，主要 包括平安睿享文娱混合A、泰康优势精选三年持有期混合、圆信永丰优享生活、泰康科技创新一年定开 混合、泰康颐享混合A等。本期较上一季未再披露的公募基金共计6个，主要包括华安幸福生活混合A、 华安动力领航混合A、南华丰汇混合A、新华积极价值灵活配置混合A、景顺长城国证2000指数增强A 等。 对于社保基金，本期新披露持有路维光电的社保基金共计1个，即全国社保基金五零二组合。 2025年8月20日，路维光电(688401.SH)发布2025年半年度报告。截至2025年8月19日，共有21个机构投 资者披露持有路维光电A股股份，合计持股量达4714.28万股，占路维光电总股本的24.38%。其中，前 十大机构投资者包括深圳市路维兴投资有限公司、国投(上海)创业投资管理有限公司-国投(上海)科技成 果转化创业投资基金企业(有限合伙)、深圳市兴森快捷电路科技股份有限公司、中信金石投资有限公司- 金石制造业转型升级新材料基金(有限合伙)、新余 ...

Core Viewpoint - The company has released its 2025 semi-annual report, detailing its financial performance, management discussions, and future development plans, emphasizing the importance of reviewing the full report for comprehensive insights [1][2]. Group 1: Company Overview - The company is identified as Shenzhen Luwei Optoelectronics Co., Ltd., with stock code 688401 and convertible bond code 118056 [1][2]. - The report indicates that all board members attended the board meeting, and the report has not been audited [2][4]. Group 2: Financial Data - The actual amount of funds raised from the initial public offering in 2022 was approximately RMB 836 million, with a net amount of about RMB 760 million after deducting issuance costs [12]. - In 2025, the company raised RMB 615 million through the issuance of convertible bonds, with a net amount of approximately RMB 607 million after related costs [12]. Group 3: Fund Management - The company has established a fund management system in compliance with relevant regulations, ensuring that raised funds are stored in dedicated accounts and used appropriately [13][14]. - As of June 30, 2025, the company had no idle funds used for temporary liquidity support or cash management from the raised funds [20][21]. Group 4: Fund Usage and Adjustments - The company has utilized RMB 10.15 million of its excess funds to permanently supplement working capital, adhering to regulatory requirements [22]. - Adjustments were made to the planned investment amounts for the convertible bond projects, reducing the total planned investment from RMB 78 million to approximately RMB 70 million [29]. Group 5: Compliance and Reporting - The company has complied with all disclosure obligations regarding the management and usage of raised funds, ensuring transparency and adherence to regulations [31].

Group 1 - The company, Ruvi Optoelectronics, announced the approval of several proposals during the 19th meeting of its fifth supervisory board, including the full text and summary of the 2025 semi-annual report [2]

Core Viewpoint - The report highlights the strong financial performance of Luwei Optoelectronics, driven by increased demand for photomasks in the semiconductor and flat panel display sectors, positioning the company as a key player in domestic substitution efforts [1][3][8]. Financial Performance - In the first half of 2025, the company achieved revenue of 544 million yuan, a year-on-year increase of 37.48%, and a net profit attributable to shareholders of 106 million yuan, up 29.13% year-on-year [1]. - In Q2 2025, the company reported a revenue of 284 million yuan, reflecting a 29.71% year-on-year growth, and a net profit of approximately 57.28 million yuan, which is a 38.53% increase year-on-year [1]. Market Demand and Trends - The demand for photomasks has surged due to the rapid expansion of production lines by leading manufacturers in the flat panel display and semiconductor sectors, with orders extending into Q3 [1][3]. - The global market for photomasks used in flat panel displays is projected to exceed 100 billion yen in 2025, with the domestic market accounting for 60% of this figure [3]. Competitive Positioning - Luwei Optoelectronics is the only domestic manufacturer capable of covering the entire generation range from G2.5 to G11, providing a wide array of photomask products including traditional TFT-LCD and advanced AMOLED technologies [3][8]. - The company has established itself as a primary supplier for major clients such as BOE and is set to deliver its first G8.6 AMOLED photomask in Q3 2025, indicating a strong market position [4]. Strategic Initiatives - The company completed a convertible bond issuance in June 2025 to fund the expansion of two new high-generation production lines, aimed at increasing capacity for G8.6 and below photomasks [4][8]. - Luwei Optoelectronics is actively investing in advanced manufacturing capabilities, including the introduction of a 40nm electron beam lithography machine, to enhance its production of semiconductor photomasks [8]. Industry Outlook - The global semiconductor photomask market is expected to reach approximately $8.94 billion by 2025, with the domestic market projected to be around 18.7 billion yuan [7]. - The ongoing advancements in packaging technologies are driving increased demand for photomasks, with the company positioned to meet these evolving requirements through its established partnerships with leading packaging firms [7][8].

Core Insights - The company, Ruvi Optoelectronics, reported a significant increase in its half-year performance for 2025, with revenue reaching approximately 544 million yuan, representing a year-on-year growth of 37.48% [2] - The net profit attributable to shareholders was around 106 million yuan, marking a year-on-year increase of 29.13% [2] - Basic earnings per share were reported at 0.55 yuan, which is a year-on-year increase of 27.91% [2]

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-063 | | --- | --- | --- | | 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2025年半年度募集资金存放、管理与实际使用情 况的专项报告 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。 深圳市路维光电股份有限公司（以下简称"公司"）根据《上海证券交易所 科创板股票上市规则》（以下简称"《股票上市规则》"）《上市公司募集资金 监管规则》（以下简称"《监管规则》"）《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》（以下简称"《自律监管指引第1号》"）等有 关法律法规和规范性文件的有关规定，现将公司2025年半年度募集资金存放、管 理与实际使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 1、2022年公司首次公开发行股票募集资金情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于2022年7月12 日签发的《关于同意深圳市路维光电股 ...