每经AI快讯，9月9日，光迅科技（002281）(002281.SZ)公告称，拟定增募资不超过35亿元，用于算力 中心光连接及高速光传输产品生产建设项目、高速光互联及新兴光电子技术研发项目、补充流动资金。 ...

Core Viewpoint - The company plans to raise no more than 3.5 billion yuan for various projects including the construction of computing power center optical connections and high-speed optical transmission products, as well as research and development of high-speed optical interconnection and emerging optoelectronic technologies [1] Fundraising Details - The fundraising will be used for the production construction project of computing power center optical connections and high-speed optical transmission products, R&D of high-speed optical interconnection and emerging optoelectronic technologies, and to supplement working capital [1] - The actual controller, China Information Communication Technology Group, agrees to subscribe for the shares issued to specific objects in cash, with a subscription ratio of no less than 10% and no more than 30% of the total shares issued [1]

光迅科技公告，拟向包括公司实际控制人中国信科集团在内的符合中国证监会规定条件的不超过35名特 定对象发行A股股票，发行数量不超过2.42亿股，募集资金总额预计不超过35亿元，扣除发行费用后将 用于算力中心光连接及高速光传输产品生产建设项目、高速光互联及新兴光电子技术研发项目及补充流 动资金。 ...

证券代码：002281 证券简称：光迅科技 武汉光迅科技股份有限公司 Accelink Technologies Co., Ltd. 武汉光迅科技股份有限公司 2025 年度向特定对象发行 A 股股票预案 发行人声明 公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存在虚假 记载、误导性陈述或重大遗漏。 本预案按照《中华人民共和国证券法》《上市公司证券发行注册管理办法》等 法律法规及规范性文件的要求编制。 2025 年度向特定对象发行 A 股股票预 案 本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行负责； 因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 二〇二五年九月 本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反的声明 均属不实陈述。 投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或其他专 业顾问。 本预案所述事项并不代表审批机关对于本次向特定对象发行股票相关事项的实 质性判断、确认或批准，本预案所述本次向特定对象发行股票相关事项的生效和完 成尚须获得中国信科集团批准、公司股东大会审议通过、深圳证券交易所审核通过 并经中国证监会同意注册。 ...

证券代码：002281 证券简称：光迅科技 2025 年度向特定对象发行 A 股股票 募集资金使用可行性分析报告 二〇二五年九月 武汉光迅科技股份有限公司 2025 年度向特定对象发行 A 股股票募集资金使用可行性分析报告 本可行性分析报告（以下简称"本报告"）中如无特别说明，相关用语具有与《武 汉光迅科技股份有限公司 2025 年度向特定对象发行 A 股股票预案》中相同的含义。 一、本次募集资金使用计划 武汉光迅科技股份有限公司 Accelink Technologies Co., Ltd. 本项目计划投资总额为 248,210.08 万元，其中建设投资 220,498.24 万元，包含工程 费用 203,490.13 万元、工程建设其他费用 4,798.70 万元、预备费 12,209.41 万元；铺底 流动资金 27,711.84 万元。项目建设期为 4 年。 本次向特定对象发行股票募集资金总额预计不超过350,000万元（含350,000万元）， 在扣除发行费用后实际募集资金净额将用于以下项目： 单位：万元 | 序号 | 项目名称 | 投资 | 拟使用 | | --- | --- | --- | -- ...

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。 武汉光迅科技股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日召开 第七届董事会第二十八次会议及第七届监事会第二十六次会议，审议通过了公司 2025 年度向特定对象发行 A 股股票的相关议案。《武汉光迅科技股份有限公司 2025 年 度 向特 定 对 象 发 行 A 股 股 票预 案 》 及 相 关公 告 已 在 巨潮 资 讯 网 （http://www.cninfo.com.cn）上进行了披露，敬请投资者查阅。 特此公告 证券代码：002281 证券简称：光迅科技 公告编号：（2025）046 武汉光迅科技股份有限公司董事会 武汉光迅科技股份有限公司 二○二五年九月十日 关于向特定对象发行 A 股股票预案披露的提示性公告 公司本次向特定对象发行 A 股股票预案的披露事项不代表审批机关对于本次 向特定对象发行 A 股股票相关事项的实质性判断、确认、批准或予以注册，预案 所述本次发行股票相关事项的生效和完成尚须获得中国信息通信科技集团有限 公司批准、公司股东大会审议通过、深圳证券交易所审核通过并经中国证监会 ...

2025 年度向特定对象发行 A 股股票 方案论证分析报告 证券代码：002281 证券简称：光迅科技 武汉光迅科技股份有限公司 Accelink Technologies Co., Ltd. 二〇二五年九月 武汉光迅科技股份有限公司 2025 年度向特定对象发行 A 股股票方案论证分析报告 武汉光迅科技股份有限公司（以下简称"光迅科技"、"公司"、"本公司"）是 在深圳证券交易所（以下简称"深交所"）主板上市的公司。公司拟向特定对象发行 A 股股票，募集资金不超过 350,000.00 万元。根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司证券发行注册管理办法》（以下简称《发行注册管理办法》） 等有关法律、法规和规范性文件的规定，公司编制了本次向特定对象发行 A 股股票方案 的论证分析报告（以下简称"本报告"）。 本报告中如无特别说明，相关用语具有与《武汉光迅科技股份有限公司 2025 年度 向特定对象发行 A 股股票预案》中的释义相同的含义。 | 一、本次发行的背景和目的 | 1 | | --- | --- | | 二、本次发行证券及其品种选择的必要性 | 4 | | 三、本次发行对象的选 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has experienced significant revenue growth driven by strong demand for data communication optical modules, with a historical high revenue of 30.2 billion yuan in Q2 2025, representing a year-on-year increase of 66.1% [6][11]. - The company's net profit for H1 2025 reached 3.7 billion yuan, up 78.4% year-on-year, with a notable increase in the revenue and gross margin of data and access businesses [2][6]. - The company is expected to benefit from the release of domestic 800G demand and the penetration of silicon photonics solutions in the future [2][11]. Summary by Sections Revenue Performance - In H1 2025, the company achieved a revenue of 52.4 billion yuan, a year-on-year increase of 68.6%, and a net profit of 3.7 billion yuan, up 78.4% [6][11]. - The revenue for Q2 2025 was 30.2 billion yuan, marking a 66.1% increase year-on-year and a 35.9% increase quarter-on-quarter [6][11]. Business Segments - The data and access business generated 37.2 billion yuan in revenue in H1 2025, a substantial increase of 149.3% year-on-year, accounting for 70.9% of total revenue, up 22.9 percentage points [11]. - The gross margin for the data and access business improved significantly to 20.0%, an increase of 7.1 percentage points year-on-year, driven by a higher proportion of high-speed products and scale effects [11]. Cost and Expenses - The overall gross margin for H1 2025 was 22.5%, consistent with the previous year, while Q2 2025 saw a gross margin of 20.2%, down 2.6 percentage points year-on-year due to intensified price competition [11]. - The company increased its sales expenses to expand market reach, but overall expense ratios were diluted due to rapid sales growth [11]. Inventory and Supply Chain - The company actively stocked key materials to ensure delivery, with inventory reaching 61.7 billion yuan, a significant increase of 55.9% from the beginning of the year [11]. - The net cash flow from operating activities for H1 2025 was -1.07 billion yuan, primarily due to increased raw material procurement and strategic stocking [11]. Technological Advancements - The company has a leading position in technology layout and production capacity, with a vertical integration capability from "chip-device-module-subsystem," allowing for partial self-sufficiency in optoelectronic chips [11]. - The silicon photonics module shipment volume reached a historical high in 2025, with expectations for continued growth as the market for 800G modules expands [11]. Profit Forecast - The company forecasts net profits of 9.52 billion yuan, 12.80 billion yuan, and 16.24 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 44%, 34%, and 27% [11].

Core Viewpoint - The satellite ETF (159206) is the first and largest of its kind in the market, gaining significant attention as the satellite sector rebounds amid favorable market conditions [1][3]. Group 1: Market Performance - As of September 5, the satellite ETF (159206) increased by 2.4%, with constituent stocks such as Longsheng Technology rising over 8% and Guangku Technology and Zhuoshengwei both increasing by over 7% [1]. - Over the past month (August 4, 2025, to September 4, 2025), the scale of the satellite ETF (159206) surged by 482% [1]. Group 2: Industry Trends - Recent favorable policies in the satellite communication industry, driven by national strategic initiatives, have accelerated industry development [2]. - The commercial potential of satellite internet is expanding, with applications in smart driving, interstellar communication, and global satellite computing clusters [3]. - The satellite manufacturing sector is currently the core of China's satellite internet development, with the National Certificate Commercial Satellite Communication Industry Index focusing on "satellite manufacturing + satellite launch," allocating approximately 64% to satellite manufacturing [3][4]. Group 3: Investment Opportunities - The market recognizes a slow bull trend, with recommendations to focus on investment opportunities in artificial intelligence and commercial aerospace, which are expected to attract incremental institutional capital [3]. - The satellite ETF (159206) is the only ETF tracking the National Certificate Commercial Satellite Communication Industry Index, with a fund size of 691 million yuan as of September 4, 2025 [4].

Summary of the Conference Call Company and Industry Overview - The conference call focuses on **光迅科技 (LightSpeed Technology)**, a leading supplier of optical modules in China, and the broader **optical module industry** driven by AI development and increasing demand for data centers [2][3][9]. Key Points and Arguments 1. **AI Development Impact**: The growth of AI is significantly driving the demand for optical modules, with domestic TOKEN growth and scale showing notable improvement. The introduction of Deep Six has revealed potential in domestic models, although there remains a gap compared to overseas counterparts [2][3]. 2. **CAPEX Discrepancy**: There is a significant difference in CAPEX investment between domestic and overseas manufacturers. For instance, the revenue-to-CAPEX ratio for overseas firms is around 20%, while domestic firms are at 13%-14%. Similarly, net profit-to-CAPEX and cash flow-to-CAPEX ratios are also lower for domestic firms [4][5]. 3. **ByteDance Financial Performance**: ByteDance reported a revenue of **$43 billion** in Q1 2025, with expectations of **$48 billion** in Q2, marking a double-digit year-on-year growth. However, its capital expenditure remains significantly lower than Meta's [6]. 4. **400G and 800G Market Dynamics**: The 400G optical module market is highly competitive, with Huawei's self-manufactured modules affecting supplier pricing power and profit margins. However, the competitive landscape for 800G and higher bandwidth products is improving, with price differences between Chinese and overseas products narrowing [7]. 5. **Traditional Telecom Business Stability**: 光迅科技's traditional telecom business, including transmission subsystems and amplifiers, remains stable, although it is not expected to generate significant growth [8]. 6. **Strategic Focus on Data Centers**: The company is shifting its strategic focus towards the data center market to capitalize on the growth of the AI industry, reallocating resources to enhance market competitiveness and profitability [9]. 7. **Competitive Advantages**: 光迅科技 holds several competitive advantages, including being the largest optical module supplier in China, high yield rates in high-speed modules, and the ability to self-supply optical chips, which enhances product competitiveness [10]. 8. **Silicon Photonics Technology**: The company has strong capabilities in silicon photonics technology, having invested in the National Optoelectronics Innovation Center and achieving record shipments of silicon photonics products, which boosts delivery capacity and overall competitiveness [11]. 9. **OCS and DCI Developments**: 光迅科技 is actively developing Optical Circuit Switch (OCS) and Data Center Interconnect (DCI) solutions, with a focus on both domestic and potential overseas markets [12]. 10. **Core Competitiveness**: The company's core competitiveness lies in its strong self-supply capabilities for optical chips, leading silicon photonics technology, and clear product and technology layouts in OCS and DCI [13][14]. Additional Important Insights - The overall market sentiment in China is improving, aligning more closely with international trends, particularly in the context of AI and optical module demand [3]. - The narrowing of CAPEX investment gaps indicates a potential for domestic firms to enhance their operational efficiency and competitiveness in the coming years [4][5].