证券代码：002281 证券简称：光迅科技 公告编号:（2025）024 武汉光迅科技股份有限公司 第七届董事会第二十五次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 武汉光迅科技股份有限公司（以下简称"公司"）第七届董事会第二十五次会 议于 2025 年 5 月 20 日以现场表决结合通讯表决方式召开。本次董事会会议通知已 于 2025 年 5 月 9 日以电子邮件和书面形式发出。会议应参加表决董事 11 名，实际 参加表决董事 11 名。公司监事会 3 名监事和部分高级管理人员列席了本次会议。会 议的召集与召开符合《公司法》和《公司章程》的有关规定。会议由董事长黄宣泽 先生主持。 经与会董事认真审议，以投票表决方式通过了以下决议： 一、 审议通过了《关于调整 2025 年限制性股票激励计划首次授予名单和数量的议案》 2025年限制性股票激励计划首次授予的985名激励对象中，鉴于18名激励对象因 个人原因自愿放弃认购拟授予的全部限制性股票，公司董事会同意取消上述18人的 激励对象资格，其合计持有的31.09万股限制性股票将被取消授予。调整后，公司 ...

Industry Overview - The 20th "China Optics Valley" International Optoelectronic Expo showcased cutting-edge technologies in the optoelectronic information sector, emphasizing its role as a global industry trendsetter [1][2] - China's optoelectronic information industry has achieved a leading position globally, surpassing Europe, North America, Japan, and South Korea in terms of industry scale [1][7] - The industry is transitioning from scale leadership to technology leadership, driven by continuous breakthroughs in core technologies [1][10] Key Innovations - The expo featured numerous innovative products, including the TriLaser laser printing device by Huagong Technology, which integrates multiple functions into a compact design, achieving nearly 100% localization [2][3] - Wuhan Gaode Infrared introduced a 5-million-pixel high-temperature mid-wave cooled infrared detector, enhancing precision in detecting forest fire points [3] - Wuhan Guangxun Technology presented the 1.6T OSFP224DR8 optical module, which reduces power consumption by 30% compared to industry standards, addressing cooling challenges in AI computing centers [3] Cross-Industry Applications - The expo introduced a "Light + Intelligent Terminal Applications" section, highlighting the integration of optoelectronic technology with emerging technologies like AI and robotics [4][5] - Demonstrations of human-robot collaboration showcased the precision and low-latency response enabled by optoelectronic sensors, with a motion accuracy of 0.001 degrees and a delay of 3 milliseconds [5] - In the drone sector, Puzhou Technology's products utilized optoelectronic technology for high-precision sensing and intelligent decision-making, enhancing operational capabilities [6] Market Dynamics - China's optoelectronic information industry is characterized by significant cluster effects, with over 16,000 companies concentrated in Wuhan's "Optics Valley" by the end of 2024 [7][8] - The fiber optic cable sector, represented by Changfei Optical Fiber, holds a substantial share of the global market, while companies like BOE Technology Group lead in the new display sector [8][9] - Government policies are increasingly supporting the industry's transition from quantity to quality, with initiatives aimed at enhancing technological breakthroughs and innovation [9][10]

Core Insights - The 20th "China Optics Valley" International Optoelectronics Expo opened in Wuhan, integrating the "International Light Day" global series of events, attracting 390 renowned companies from 12 countries and regions to showcase nearly 100 cutting-edge technologies in the optoelectronics field [1][2] - The expo resulted in the signing of 20 major investment projects in Hubei, totaling 19.52 billion yuan, covering areas such as optical communication, integrated circuits, compound semiconductors, new displays, and artificial intelligence [1] - Notable product launches included China's first 5 million pixel infrared detector and the world's most advanced 1.6T single-mode optical module, among others [1] Industry Highlights - The expo featured key players in the laser and optics sector, including local leaders like Huagong Technology and Ruike Laser, as well as international giants from France, the USA, and Russia [2] - The optical communication sector showcased major companies such as Huawei and China Information Communication Technologies, highlighting the expanding demand for optical communication in the AI era [2] - The "Light + Intelligent Terminal Applications" section allowed attendees to experience laser radar-enabled autonomous vehicles and robots, demonstrating the practical applications of optoelectronic technology in smart transportation [2] International Engagement - The event attracted 73 foreign guests from countries like Gambia and Malaysia, who expressed a desire to collaborate with Chinese companies, particularly in semiconductor materials [3] - The expo has a history of facilitating international dialogue, with 19 previous events attracting over 6,800 top enterprises from more than 30 countries [3] - This year's event is expected to draw 60,000 professional visitors and host over 20 meetings and special activities across six application areas [3]

北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2024 年年度股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：武汉光迅科技股份有限公司 北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2024 年年度股东大会的法律意见书 嘉源(2025)-04-291 北京市嘉源律师事务所（以下简称"本所"）接受武汉光迅科技股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《武 汉光迅科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指 派本所律师对公司 2024 年年度股东大会（以下简称"本次股东大会"）进行见 证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 重要提示： 二、 会议召开情况 现场会议召开时间：2025 年 5 月 14 日下午 14:30 证券代码：002281 证券简称：光迅科技 公告编号：（2025） 022 武汉光迅科技股份有限公司 二○二四年年度股东大会决议公告 1、股东出席的总体情况： 通过现场和网络投票的股东 682 人，代表股份 336,704,466 股，占公司有表 决权股份总数的 42.4279％。其中：通过现场投票的股东 2 人，代表股份 291,484,944 股，占公司有表决权股份总数的 36.7298％；通过网络投票的股东 1 1、公司于 2025 年 4 月 24 日在《证券时报》《中国证券报》《上海证券报》 《证券日报》和巨潮资讯网上刊登《武汉光迅科技股份有限公司关于召 开 2024 年年度股东大会的通知》； 2、本次股东大会无新增、变更提案的情况。 1、会议召集人：公司董事会 2、会议时间： 3、召开方式：现场与网络相结合的方式 4、主持人：董事长黄宣泽 5、会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股 ...

Core Viewpoint - The company, Guangxun Technology, has established itself as a leading supplier in the optical communication device sector in China, benefiting from the rapid growth of the global AI industry and the increasing demand for optical modules [1][2]. Group 1: Financial Performance - In Q1 2024, Guangxun Technology reported total revenue of 2.222 billion yuan, a year-on-year increase of 72.14%, and a net profit attributable to shareholders of 150 million yuan, up 95.02% [1][3]. - For the full year 2024, the company achieved total revenue of 8.272 billion yuan, a 36.49% increase compared to the previous year, with a net profit of 661 million yuan, reflecting a 6.82% growth [3]. Group 2: Industry Position and Growth - Guangxun Technology is recognized as a pioneer in the optical device and module sector, with a significant market share of 5.3% in the global optical device market, ranking fifth [3]. - The company has invested over 700 million yuan in research and development in 2024, marking a more than 20% increase from the previous year, which has enhanced its competitive edge and technological capabilities [3]. Group 3: Product Development and Innovation - The company launched a leading 1.6T silicon photonics optical module at the 49th Global Optical Communication Conference in March 2024, which is compatible with mature CMOS processes and supports high-speed data transmission [2]. - Guangxun Technology's first phase of its high-end optical electronic device industrial base was successfully completed by the end of 2024, featuring an automated production line for 400G and 800G high-speed optical modules [2]. - A second phase project has been announced with a total investment of 6.75 billion yuan, focusing on the research and industrialization of 800G, 1.6T, and 3.2T optical modules, which is a key development direction for the next 3-5 years [2].

Group 1: Financial Performance - The company's inventory increased by 116.57% year-on-year to CNY 5.239 billion, primarily for second-quarter order preparation [1] - The first-quarter profit decreased significantly due to reduced other income and losses from joint ventures [2] - The company aims for a compound annual growth rate of no less than 15% in revenue/net profit for 2025, indicating strong confidence in growth [6] Group 2: Inventory Management - The increase in inventory is mainly due to strategic stockpiling based on order forecasts [3] - The company has a negative operating cash flow for 2024 due to increased stockpiling and expansion efforts, but maintains a low debt ratio [12] - The company is focused on improving inventory turnover efficiency, which has improved year-on-year [7] Group 3: Market Demand and Product Development - The domestic demand for 400G optical modules is currently high, with expectations for significant growth in 2025 [10] - The company is enhancing its research and development capabilities, particularly in silicon photonics, with a monthly production capacity of 500,000 units [13] - The company’s optical chips are primarily for internal use, with no current plans for external sales [14] Group 4: Strategic Initiatives - The company plans to focus on core competencies and improve operational efficiency to enhance profitability [5] - The actual controller has committed to not reducing shareholdings for 36 months, reflecting confidence in the company's long-term value [15] - The company is actively engaging with investors to stabilize market expectations and improve communication [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 8.272 billion yuan in 2024, representing a year-on-year growth of 36%. The net profit attributable to shareholders was 661 million yuan, a 7% increase year-on-year [4]. - In Q1 2025, the company reported a revenue of 2.222 billion yuan, a 72% year-on-year increase, although it experienced a 23% quarter-on-quarter decline. The net profit attributable to shareholders reached 150 million yuan, up 94% year-on-year, but down 24% quarter-on-quarter [4]. - The growth in revenue and inventory in Q4 2024 and Q1 2025 reflects a high demand in the downstream market, particularly for 400G and 800G optical modules [2][10]. Summary by Sections Revenue and Profitability - The company's transmission business revenue for 2024 was 3.1 billion yuan, down 7.2% year-on-year, primarily due to a slowdown in capital expenditure by operators. In contrast, the data and access business revenue was 5.1 billion yuan, up 91.5% year-on-year, driven by the ramp-up of 400G and 800G optical modules [10]. - The gross margin for the transmission business was 28.8%, a decrease of 0.8 percentage points year-on-year, while the gross margin for the data and access business was 17.8%, an increase of 4.8 percentage points year-on-year [10]. Market Demand and Inventory - The company experienced strong revenue growth in Q4 2024 and Q1 2025, driven by increased shipments of 400G and 800G products. The inventory in Q1 2025 increased by 32% quarter-on-quarter, indicating a proactive approach to stock up on core materials due to high downstream demand [10]. Cost and Expenses - The gross margin for Q1 2025 was reported at 25.6%, the highest since 2023, while the net margin was 6.6%. The fluctuations in costs and expenses were significant, with various expense ratios showing changes compared to the previous year [10]. Incentives and Future Growth - The company announced a stock incentive plan on March 25, 2025, granting up to 15.07 million shares to 985 core personnel, which is expected to enhance motivation and drive future growth [10]. Earnings Forecast - The company forecasts net profits attributable to shareholders of 1 billion yuan, 1.254 billion yuan, and 1.439 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 51%, 25%, and 15% [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30] Core Views - The company is expected to benefit from the growth in domestic AI computing capabilities, with a projected revenue of 8.272 billion yuan in 2024, representing a year-on-year increase of 36.49%. The net profit attributable to the parent company is forecasted to be 661 million yuan, a 6.82% increase year-on-year [9][4] - In Q1 2025, the company reported a revenue of 2.222 billion yuan, up 72.14% year-on-year, and a net profit of 150 million yuan, reflecting a 95.02% increase year-on-year [9][4] - The company has seen significant growth in its data communication products, with revenues from data and access products reaching 5.1 billion yuan, a 91.5% increase, while transmission products saw a decline of 7.2% to 3.1 billion yuan [15][9] Financial Performance Summary - The company’s gross margin remained stable year-on-year, with a slight increase in the gross margin of data and access products by 4.84 percentage points, while transmission products saw a decrease of 0.77 percentage points [20][2] - The company has maintained good expense control, with sales, management, and R&D expenses increasing by 54.3%, 36.7%, and 27.4% respectively in 2024 [20][2] - The projected net profits for 2025, 2026, and 2027 are 910 million yuan, 1.2 billion yuan, and 1.38 billion yuan respectively, with corresponding P/E ratios of 37, 28, and 24 [4][28] Market Position and Growth Potential - The company has improved its global ranking in data communication optical devices to fifth place, with a market share of 4.7% as of Q3 2024 [15][9] - The domestic and international revenue contributions are 71.7% and 28.3% respectively, with year-on-year increases of 49.1% and 12.4% [15][9] - The company is focused on vertical integration from chip production to subsystem development, leveraging its capabilities in semiconductor materials and manufacturing [3][20]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the domestic computing power industry and the optical communication sector, highlighting the performance of various companies within these industries [1][4][8]. Key Points and Arguments Domestic Computing Power Industry - The Ascend 910C chip has shown performance improvements, narrowing the gap with NVIDIA's H100, primarily used in Huawei's cloud infrastructure. Strong demand from downstream internet companies is expected to lead to large-scale shipments by May 2025, utilizing a dual 910B chip packaging solution [1][2]. - The overall performance of domestic graphics cards has improved, with increased customer acceptance and a positive outlook for the upstream supply chain, including connectors, liquid cooling, and servers [2]. Optical Communication Sector - The optical communication segment has exceeded expectations, with companies like NewEase and Shijia Photon showing strong performance. Source Technology's CW light source shipments have significantly improved revenue and profitability, with new product gross margins exceeding 80% [1][4]. - Domestic optical module companies, such as Guangxun Technology, experienced a slight decline in Q1 but showed significant improvement in profitability. Demand for domestic optical modules remains high, with production capacity expected to ramp up to 700,000 to 800,000 units per month this year [1][4]. Company Performance Highlights - NewEase and Shijia Photon have reported strong revenue and profit growth, driven by overseas demand for passive devices and corresponding chip products. Their revenue and gross margins for AWG, MPO connectors, and indoor optical cable products have significantly improved [5]. - In contrast, Invec's performance in the liquid cooling segment fell short of expectations, leading to a stock price decline. However, revenue met expectations, and the company faces increased margin pressure due to intensified competition in domestic temperature control orders [8]. Market Trends and Future Outlook - The communication sector's overall performance has been mixed, with some companies meeting expectations while others, like Invec, have struggled. The industry remains optimistic due to high investment from major players like ByteDance, Alibaba, and Tencent, which is expected to drive growth [8][9]. - The AI large model continues to evolve, with significant increases in computing power demand. For instance, Baidu's new model has reduced costs to about one-fourth per million tokens, indicating a growing need for computing resources [12]. - Investment recommendations focus on three areas: self-controlled supply chains (including high-speed connectors and liquid cooling), domestic computing power and AI data center industry trends, and advancements in AI applications, particularly in IoT smart modules and controllers [13]. Additional Important Insights - The optical communication sector's performance is expected to see rapid growth in domestic and international capacity releases over the next few years, particularly in overseas DCI business, which will contribute to significant revenue growth [5]. - The overall sentiment in the communication sector is optimistic, with expectations of continued improvement in profitability and growth trajectories for companies involved in new product releases and increased shipments [6][7].