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"或"本公司")第七届监事会 第二十一次会议于 2025 年 3 月 24 日 15:30 在公司 432 会议室以现场会议方式召 开。本次监事会会议通知已于 2025 年 3 月 18 日发出。会议应到监事 3 人，实到 监事 3 人。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 由监事会主席罗锋先生主持。 经与会监事认真审议，以投票表决方式通过了以下决议： 一、 审议通过了《武汉光迅科技股份有限公司 2025 年限制性股票激励计划（草 案）》及其摘要 证券代码：002281 证券简称：光迅科技 公告编号：（2025）002 武汉光迅科技股份有限公司 第七届监事会第二十一次会议决议公告 有效表决票 3 票，其中同意 3 票，反对 0 票，弃权 0 票。 《武汉光迅科技股份有限公司 2025 年限制性股票激励计划绩效考核办法》 详见巨潮资讯网。 本议案尚须提交公司股东大会审议。 经审核，公司监事会认为：《武汉光迅科技股份有限公司2025年限制性股票 激励计划（草案 ...

（1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； 武汉光迅科技股份有限公司监事会 对 2025 年限制性股票激励计划激励对象名单的核查意见 根据《上市公司股权激励管理办法》（以下简称"管理办法"）的规定，武 汉光迅科技股份有限公司（以下简称"公司"）监事会对公司 2025 年限制性股 票激励计划（草案）规定的限制性股票的激励对象名单（以下简称"激励对象名 单"）核实后，认为： 1、列入上述股权激励对象名单的人员具备《公司法》等法律、法规和规范 性文件及《公司章程》规定的任职资格。 2、激励对象不存在《管理办法》第八条规定的不得成为激励对象的情形： （6）中国证监会认定的其他情形。 3、列入上述股权激励对象名单的人员符合《管理办法》等文件规定的激励 对象条件，符合公司 2025 年限制性股票激励计划（草案）规定的激励对象范围， 其作为公司 2025 年限制性股票激励计划激励对 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2025）001 武汉光迅科技股份有限公司 第七届董事会第二十二次会议决议公告 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、 误导性陈述或重大遗漏。 武汉光迅科技股份有限公司(以下简称"公司"或"本公司")第七届董事会 第二十二次会议于 2025 年 3 月 24 日 15:00 在公司 432 会议室以现场表决方式召 开。本次董事会会议通知已于 2025 年 3 月 18 日以电子邮件和书面方式发出。会 议应参加董事 9 人，实际参加董事 9 人。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《武汉光迅科技股份有限公司 2025 年限制性股票激励计划（草 案）》及其摘要 为进一步完善公司法人治理结构，建立和完善公司激励约束机制，吸引和留 住优秀人才，充分调动公司核心骨干员工的工作积极性，有效地将股东利益、公 司利益和核心团队个人利益结合在一起，实现公司的高质量和长远 ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Investment Rating - The report initiates coverage on the company with a "Buy" rating [5]. Core Views - The company has a comprehensive layout in the optical communication industry chain, with a strong vertical integration capability, which is expected to enhance its market share [9][51]. - The demand for optical modules is anticipated to surge due to advancements in AI algorithms, particularly with the introduction of DeepSeek, which is expected to drive a 56.5% year-on-year increase in high-speed shipments by 2025 [34][39]. - The company is well-positioned to benefit from the rapid growth in domestic computing power infrastructure, with significant investments from major cloud service providers [49][51]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 60.61 billion CNY - 2024: 75.88 billion CNY (25.20% growth) - 2025: 104.10 billion CNY (37.19% growth) - 2026: 135.18 billion CNY (29.86% growth) [2] - Net profit forecasts are: - 2023: 6.19 billion CNY - 2024: 7.23 billion CNY (16.74% growth) - 2025: 11.61 billion CNY (60.53% growth) - 2026: 15.02 billion CNY (29.42% growth) [2] - The diluted EPS is projected to be: - 2023: 0.78 CNY - 2024: 0.91 CNY - 2025: 1.46 CNY - 2026: 1.89 CNY [2] Company Overview - The company has over 40 years of experience in the optical communication field and has established a vertically integrated platform covering optical chips, devices, and modules [9][51]. - It ranks fifth globally in the optical module industry and has been recognized as one of the top competitive enterprises in China for 18 consecutive years [9][15]. - The company is a key player in the domestic optical communication market, benefiting from strong backing by its controlling shareholder, China Information Communication Technologies Group [11][15]. Market Dynamics - The optical module market is expected to grow significantly, driven by the increasing demand for high-speed data transmission in AI applications and cloud computing [46][51]. - The company is positioned to capture a larger market share as the demand for optical modules continues to rise, particularly in the context of AI-driven infrastructure development [51][54]. - The global optical module market is projected to reach 22.4 billion USD by 2029, with significant contributions from high-speed products [39][46].

Investment Rating - The report initiates coverage on the company with a "Buy" rating [5]. Core Views - The company has a comprehensive layout in the optical communication industry chain, with a strong vertical integration capability, which is expected to enhance its market share [9][51]. - The demand for optical modules is anticipated to surge due to advancements in AI algorithms, particularly with the introduction of DeepSeek, which is expected to drive a 56.5% year-on-year increase in high-speed shipments by 2025 [34][39]. - The company is well-positioned to benefit from the rapid growth in domestic computing infrastructure, with significant investments from major cloud service providers [49][51]. Financial Forecasts - Revenue projections for the company are as follows: 2023A: 60.61 billion CNY, 2024E: 75.88 billion CNY, 2025E: 104.10 billion CNY, and 2026E: 135.18 billion CNY, with growth rates of -12.31%, 25.20%, 37.19%, and 29.86% respectively [2]. - Net profit forecasts are: 2023A: 6.19 billion CNY, 2024E: 7.23 billion CNY, 2025E: 11.61 billion CNY, and 2026E: 15.02 billion CNY, with growth rates of 1.80%, 16.74%, 60.53%, and 29.42% respectively [2]. - The diluted EPS is projected to be 0.78 CNY in 2023, increasing to 1.89 CNY by 2026, with corresponding PE ratios decreasing from 74.70 to 30.80 [2]. Company Overview - The company has over 40 years of experience in the optical communication field and has established a vertically integrated platform covering optical chips, devices, and modules [9][51]. - It ranks fifth globally in the optical module industry as of 2023, with a market share of 5.8% [15]. - The company has a strong R&D team and advanced technology platforms, enabling rapid market response and innovation [54]. Market Dynamics - The optical module market is expected to grow significantly, driven by the increasing demand for high-speed data transmission in AI applications [39][46]. - The domestic optical module market is projected to reach approximately 6.5 billion USD by 2029, with a market share of 20-25% globally [52][51]. - The company is expected to benefit from the ongoing shift towards higher-speed optical modules, particularly in the context of AI and cloud computing [51][54].

申万宏源证券承销保荐有限责任公司 关于武汉光迅科技股份有限公司 2024年度现场检查报告 保荐代表人：____________________ ______________________ 张兴忠 纪平 申万宏源证券承销保荐有限责任公司 年 月 日 | 2.是否在股票上市后6个月内建立内部审计制度并设立内部审 | √ | | --- | --- | | 计部门（如适用） | | | 3.内部审计部门和审计委员会的人员构成是否合规（如适用） | √ | | 4.审计委员会是否至少每季度召开一次会议，审议内部审计 | | | 部门提交的工作计划和报告等（如适用） | √ | | 5.审计委员会是否至少每季度向董事会报告一次内部审计工 | √ | | 作进度、质量及发现的重大问题等（如适用） | | | 6.内部审计部门是否至少每季度向审计委员会报告一次内部 | | | 审计工作计划的执行情况以及内部审计工作中发现的问题等 | √ | | （如适用） | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用情 | √ | | 况进行一次审计（如适用） | | | 8.内部审计部门是否在每个会计年度结束前二个 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）062 武汉光迅科技股份有限公司 关于控股股东股权结构调整 完成工商变更登记的公告 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 导性陈述或重大遗漏。 一、本次无偿划转的基本情况 武汉光迅科技股份有限公司（以下简称"光迅科技"或"公司"）于 2024 年 12 月 23 日收到中国信息通信科技集团有限公司（以下简称"中国信科集团"）的通知， 经中国信科集团和武汉邮电科学研究院有限公司（以下简称"邮科院"）分别履行 其内部决策程序，邮科院将持有的烽火科技集团有限公司（以下简称"烽火科技"） 92.6905%的股权无偿划转至中国信科集团。本次无偿划转完成后，公司控股股东仍 为烽火科技，实际控制人仍为中国信科集团。具体内容详见公司 2024 年 12 月 25 日 在《证券时报》《中国证券报》《上海证券报》《证券日报》及深圳证券交易所网 站（www.szse.cn）上披露的《武汉光迅科技股份有限公司关于控股股东股权结构调 整的提示性公告》[公告编号：（2024）061]。 二、本次国有股权无偿划转事项进展情况 特此公告 武汉光 ...

证券代码：002281 证券简称：光迅科技 公告编号：（2024）061 武汉光迅科技股份有限公司 关于控股股东股权结构调整的提示性公告 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、 误导性陈述或重大遗漏。 特别提示： 1、本次控股股东股权结构调整系武汉邮电科学研究院有限公司（以下简称 "邮科院"）将持有的武汉光迅科技股份有限公司（以下简称"公司"或"光迅 科技"）的控股股东烽火科技集团有限公司（以下简称"烽火科技"）92.6905% 的股权无偿划转至公司实际控制人中国信息通信科技集团有限公司（以下简称 "中国信科集团"）名下； 2、本次控股股东股权结构调整不会导致公司控股股东和实际控制人发生变 化，公司控股股东仍为烽火科技，实际控制人仍为中国信科集团。 武汉光迅科技股份有限公司 烽火科技集团有限公司 92.69% 36.73% 武汉邮电科学研究院有限公司 中国信息通信科技集团有限公司 100% 2.14% 本次无偿划转后，邮科院不再直接持有烽火科技的股份，也不再间接持有公 司的股份。中国信科集团直接持有公司 16,960,646 股股份，占公司目前总股本 的比例为 2.14%；通过烽火 ...