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].

2025年一季报业绩进一步印证了算力产业链的高景气程度，特别是国产算力核心企业，净利润普遍大幅 增长，这反映了算力市场的旺盛需求。在业界人士看来，国产算力正处于政策利好持续释放、市场需求 爆发、技术创新突破、业绩开始兑现四重共振的关键节点，其价值实现的奇点正加速到来。 政策红利持续释放 政策作为产业发展的"方向盘"和"助推器"，在推动国产算力崛起的过程中，发挥着不可或缺的关键作 用。 2020年4月，中共中央、国务院印发《关于构建更加完善的要素市场化配置体制机制的意见》，"数 据"作为一种新型的生产要素首次被列入。2020年底，国家发展改革委等部门发布《关于加快构建全国 一体化大数据中心协同创新体系的指导意见》，提出到2025年，全国范围内数据中心形成布局合理、绿 色集约的基础设施一体化格局。 2021年5月，《全国一体化大数据中心协同创新体系算力枢纽实施方案》确定了在京津冀、长三角、粤 港澳大湾区、成渝，以及贵州、内蒙古、甘肃、宁夏等地布局建设全国一体化算力网络国家枢纽节点， 提出加快实施"东数西算"工程。2021年12月到2022年2月，"东数西算"涉及的8个国家算力枢纽节点和10 个国家数据中心集群全部 ...

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].

华西证券（002926）发布研报称，在全球生成式人工智能高速发展驱动下，数据量与算力需求激增推动 光模块加速向800G/1.6T升级。国内头部光模块厂商2024年及2025Q1财报显示收入及净利润持续高增， 印证行业高景气。尽管市场担忧DeepSeek等技术降低算力成本可能抑制需求，但短期算力芯片升级、 大模型竞赛加剧供需紧张，中长期AI应用(如具身智能)仍处爆发初期，支撑光模块长期增长逻辑。叠加 地缘政治催化国产算力建设提速，行业具备业绩支撑与估值修复空间。 华西证券主要观点如下： 光模块业绩高速增长，国内云厂商算力投资加速 伴随生成式人工智能快速发展，全球数据总量与算力规模保持着高速增长态势，光模块市场向 800G/1.6T演进。 该行认为，算力需求在过去两年受益于算力芯片催生一波跳跃式需求增长，而短期供应紧缺、大厂大模 型"军备"竞赛加剧供需紧缺。中长期看AI应用仍处于极早期，包括具身智能在内的众多AI+应用场景仍 有巨大空间。作为算力集群拓展的基础组件，光模块行业仍然具备高增长能力。 短期内，考虑全球地缘政治冲突、关税贸易冲突等一系列不确定性影响下，国产算力建设加速对国内市 场需求有望提振。 光模块作 ...

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The optical module industry is experiencing rapid growth, driven by accelerated computing power investments from domestic cloud vendors, with the market evolving towards 800G/1.6T standards. The demand for optical modules is surging as they are fundamental components in the expansion of computing power infrastructure [1][6][9] - The latest round of computing power demand surge is catalyzed by upgrades in computing chips, with significant growth in demand over the past two years. The short-term supply shortage and competition among major models are intensifying the supply-demand imbalance. However, the AI application landscape is still in its early stages, indicating substantial growth potential for the optical module industry in the long term [2][16] - The global computing power scale is projected to grow at a rate of 50% over the next five years, with the total computing power expected to exceed 16ZFlops by 2030, where intelligent computing will account for over 90% [6][12] Summary by Sections Optical Module Performance - The optical module market is projected to reach $6.25 billion in 2023, with an expected CAGR of 27% from 2024 to 2029, potentially reaching $25.8 billion by 2029. The Ethernet optical module market is anticipated to grow at a CAGR of 26% to $22.2 billion [6][10] - Major optical module companies are showing significant revenue and net profit growth, with companies like Zhongji Xuchuang and Xinyi Sheng reporting revenue growth rates of 122.6% and 179.1% respectively for 2024 [10][12] Investment Recommendations - The report suggests that the optical module industry has strong performance support and long-term growth logic, with current market valuations having entered a low range, indicating potential for recovery. Beneficiary stocks include Guangxun Technology, Huagong Technology, Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication [2][16] - The report emphasizes the importance of domestic cloud vendors' capital expenditures, which are expected to significantly increase the demand for optical modules, with a projected over 100% growth in procurement by 2025 [12][16]

Summary of Guangxun Technology Conference Call Company Overview - **Company**: Guangxun Technology - **Year**: 2024 and Q1 2025 Key Financial Performance - **2024 Revenue**: 8.272 billion CNY, up 32.68% YoY - **Data Product Revenue**: 5.1 billion CNY, up 91% YoY - **International Business Revenue**: 2.34 billion CNY, up 12% YoY - **Net Profit**: 661 million CNY, up 6.82% YoY - **Q1 2025 Revenue**: 2.222 billion CNY, up 72% YoY - **Q1 2025 Net Profit**: 150 million CNY, up 95% YoY - **Q1 2025 Non-Recurring Net Profit**: 141 million CNY, up 93.8% YoY - **Operating Cash Flow**: Negative 113 million CNY in Q1 2025 due to increased inventory and scale [2][3][5] Industry Dynamics - **Tariff Impact**: U.S. tariffs on Chinese optical modules at 27.5%, with most costs borne by customers. Company is responding by building overseas production bases and increasing inventory [2][6][7]. - **AI Chip and Optical Module Demand**: Anticipated growth in 2025 for AI chips and optical modules, particularly for 400G, 800G, and 1.6T products [2][8]. - **Data Center Optical Module Gross Margin**: Reached historical highs in Q1 2025 due to product structure optimization and improved yield [2][9]. Profitability Insights - **Gross Margin**: 22.46% for 2024, with data product gross margin improving by 4.86 percentage points [3]. - **Net Margin Fluctuations**: Net margin decreased to 7.93% due to increased expenses and asset impairment losses [3][12]. - **Telecom Segment**: Gross margin decline attributed to product structure and customer price adjustments, with weaker demand compared to data centers [4][11]. Strategic Developments - **Silicon Photonics Technology**: Established production capacity of 500,000 units per month for short-distance products like 400G and 800G modules [4][28]. - **Cost Management**: Focus on reducing production costs through high integration in silicon photonics, which can lower production steps and costs [29]. Future Outlook - **Revenue and Profit Expectations for 2025**: Anticipated to exceed 2024 performance, with internal targets set for growth [16]. - **Market Demand**: Significant growth expected from domestic internet clients and large equipment manufacturers due to increased GPU computing demands [17][23]. - **Inventory Management**: Increased inventory due to order-based production and anticipation of future sales, with a focus on critical material shortages [20][21]. Additional Considerations - **Asset Impairment**: Increased due to accounting policies on raw materials and semi-finished products, with potential for reversal as materials are utilized [12][24]. - **Product Mix Changes**: Shift towards single-mode products may impact average selling prices, potentially alleviating previous pricing pressures [22]. This summary encapsulates the key points from Guangxun Technology's conference call, highlighting financial performance, industry dynamics, strategic developments, and future outlook.