公司简称：光迅科技 证券代码：002281 上海荣正企业咨询服务（集团）股份有限公司 关于 武汉光迅科技股份有限公司 2022 年限制性股票激励计划暂缓授予部分 第一个解除限售期解除限售条件成就事项 之 独立财务顾问报告 2025 年 12 月 | | | 一、释义 | 光迅科技、公司、 | 指 | 武汉光迅科技股份有限公司 | | --- | --- | --- | | 本公司 | | | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告 | 指 | 上海荣正企业咨询服务（集团）股份有限公司关于武汉光迅科 技股份有限公司 年限制性股票激励计划暂缓授予部分第一 2022 | | | | 个解除限售期解除限售条件成就事项之独立财务顾问报告 | | 激励计划、本计划 | 指 | 武汉光迅科技股份有限公司 年限制性股票激励计划（草案 2022 | | | | 修订稿） | | 限制性股票、标的 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一定数 量的公司股票，该等股票设置一定期限的限售期，在达到本激 | | 股票 | | 励计划规定的解除限售条件后，方 ...

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"或"本公司"）第八届董事会第二 次会议于 2025 年 12 月 15 日在公司 432 会议室以现场表决结合通讯表决的方式召开。 本次董事会会议通知已于 2025 年 12 月 5 日以电子邮件方式发出。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。 证券代码：002281 证券简称：光迅科技 公告编号：（2025）073 武汉光迅科技股份有限公司 第八届董事会第二次会议决议公告 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 2022 年限制性股票激励计划暂缓授予的限制性股票第一个解除 限售期解除限售条件成就的议案》 有效表决票 8 票，其中同意 8 票，反对 0 票，弃权 0 票。黄宣泽、胡强高、向东亮 为本议案的关联董事，回避了对本议案的表决。 《武汉光迅科技股份有限公司关于 2022 年限制性股票激励计划暂 ...

Group 1 - The core point of the article is that Guangxun Technology announced the convening of its eighth second board meeting on December 15, 2025, to discuss the conditions for lifting restrictions on the first phase of its restricted stock incentive plan for 2022 [1] - For the first half of 2025, Guangxun Technology's revenue composition is entirely from the communication equipment manufacturing industry, accounting for 100.0% [1] - As of the time of reporting, Guangxun Technology has a market capitalization of 52.3 billion yuan [1]

证券代码：002281 证券简称：光迅科技 公告编号：（2025）074 武汉光迅科技股份有限公司 关于 2022 年限制性股票激励计划暂缓授予的限制性股票 第一个解除限售期解除限售条件成就的公告 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 性陈述或者重大遗漏。 特别提示： 1、本次符合解除限售条件的激励对象为 1 人，解除限售的限制性股票数量为 47,000 股，占公司目前总股本比例为 0.0058%。 2、本次解除限售的限制性股票在办理完成解除限售手续、上市流通前，公司将 发布相关提示性公告，敬请投资者注意。 武汉光迅科技股份有限公司（以下简称"公司"）第八届董事会第二次会议审议 通过了《关于 2022 年限制性股票激励计划暂缓授予的限制性股票第一个解除限售期 解除限售条件成就的议案》，本次符合解除限售条件的激励对象为 1 人，可申请解除 限售并上市流通的限制性股票数量为 47,000 股，占公司目前总股本比例为 0.0058%。 具体内容如下： 一、 2022 年限制性股票激励计划已履行的相关审批程序 证券代码：002281 证券简称：光迅科技 公告编号：（2025）074 ...

北京市嘉源律师事务所 关于武汉光迅科技股份有限公司 2022 年限制性股票激励计划暂缓授予的 限制性股票第一个解除限售期 解除限售条件成就相关事项的 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 HONG KONG·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 2022 年限制性股票激励计划暂缓授予的 限制性股票第一个解除限售期 解除限售条件成就相关事项的法律意见书 嘉源(2025)-05-481 敬启者： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》、中国证券监督管理委员会《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《深圳证券交易所股票上市规则》（以下简称"《上 市规则》"）和《武汉光迅科技股份有限公司章程》（以下简称"《公司章程》"）、 《武汉光迅科技股份有限公司 2022 年限制性股票激励计划（草案修订稿）》（以 下简称"《2022 年激励计划》"）等有关规定，北京市嘉源 ...

公司简称：光迅科技 证券代码：002281 上海荣正企业咨询服务（集团）股份有限公司 关于 武汉光迅科技股份有限公司 2022 年限制性股票激励计划暂缓授予部分 第一个解除限售期解除限售条件成就事项 之 独立财务顾问报告 2025 年 12 月 | | | 一、释义 本财务顾问所发表的独立财务顾问报告，系建立在下列假设基础上： （一）国家现行的有关法律、法规及政策无重大变化； | 光迅科技、公司、 | 指 | 武汉光迅科技股份有限公司 | | --- | --- | --- | | 本公司 | | | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告 | 指 | 上海荣正企业咨询服务（集团）股份有限公司关于武汉光迅科 技股份有限公司 年限制性股票激励计划暂缓授予部分第一 2022 | | | | 个解除限售期解除限售条件成就事项之独立财务顾问报告 | | 激励计划、本计划 | 指 | 武汉光迅科技股份有限公司 年限制性股票激励计划（草案 2022 | | | | 修订稿） | | 限制性股票、标的 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一定 ...

武汉光迅科技股份有限公司第八届董事会 薪酬与考核委员会 2025 年第六次会议意见 武汉光迅科技股份有限公司第八届董事会薪酬与考核委员会于 2025 年 12 月 12 日召开 2025 年第六次会议。薪酬与考核委员会根据《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》及《公司章程》等有关规定，对 2022 年限制性股票激励计划暂缓授予 的限制性股票第一个解除限售期解除限售条件成就事宜，形成如下意见： 本次可解除限售的激励对象资格符合《上市公司股权激励管理办法》及公司 《2022年限制性股票激励计划（草案修订稿）》等的相关规定，激励对象可解除 限售的限制性股票数量与其在考核年度内个人考核结果相符，且公司业绩指标等 其他解除限售条件均已达成。公司1名2022年限制性股票激励计划暂缓授予的激 励对象在第一个解除限售期内满足解除限售条件，同意公司办理相关解除限售事 宜。 委员签字： 孙晋 丁峰 胡华夏 王征 赵勇 二○二五年十二月十二日 ...

Core Viewpoint - The capital heat in the optical communication industry is shifting from stock market exuberance to private placements and mergers, driven by the demand for AI computing power and the emergence of CPO technology as a core infrastructure [1] Group 1: Company Financials - Guangxun Technology plans to raise up to 3.5 billion yuan through a private placement, with 800 million yuan allocated for working capital, despite having over 4 billion yuan in cash and less than 500 million yuan in interest-bearing debt [2][5] - As of the end of Q3 2025, Guangxun Technology reported cash reserves of 4.158 billion yuan and interest-bearing liabilities of only 426 million yuan, indicating a low debt burden [2] - The company achieved a revenue of 8.532 billion yuan in the first three quarters of this year, a year-on-year increase of 58.65%, with a net profit of 719 million yuan, up 54.95% [6] Group 2: Market Position and Competition - Guangxun Technology's gross margin is significantly lower than comparable companies, hovering just above 20%, indicating insufficient product competitiveness [7] - The company faces challenges with increasing inventory levels, with inventory value reaching 6.183 billion yuan, a year-on-year increase of over 50%, and inventory turnover days rising to 208.72 days [9] - The market for low-end optical modules is oversaturated, while high-end products face pressure from leading competitors like Zhongji Xuchuang, which has secured significant orders from Nvidia [11] Group 3: Industry Outlook - The CPO market is expected to soar to 8.1 billion USD by 2030, with a compound annual growth rate of 137%, indicating a rapid development phase in the optical communication industry [12] - The ongoing capital operations in the industry raise questions about whether they are a necessary step to secure technological advantages or a potential precursor to overcapacity [12]

Core Viewpoint - The capital market is witnessing a surge in interest in the optical communication industry, driven by the demand for AI computing power, with companies like Guangxun Technology planning significant fundraising despite having substantial cash reserves and low debt levels [2][3][6]. Group 1: Fundraising and Financial Position - Guangxun Technology is in the final stages of a private placement, aiming to raise up to 3.5 billion yuan for the production of optical connection and high-speed optical transmission products, as well as for research in emerging optoelectronic technologies [3][6]. - The company currently holds over 4.1 billion yuan in cash, with interest-bearing liabilities below 500 million yuan, indicating a low debt burden [3][6]. - Out of the 3.5 billion yuan to be raised, 800 million yuan is planned for working capital, raising questions about the necessity of this allocation given the company's strong cash position [6]. Group 2: Performance Metrics - In the first three quarters of the year, Guangxun Technology reported revenues of 8.532 billion yuan, a year-on-year increase of 58.65%, and a net profit of 719 million yuan, up 54.95% [7]. - The third quarter alone saw revenues of 3.289 billion yuan, reflecting a 45.01% year-on-year growth and a 9% quarter-on-quarter increase, with net profit reaching 347 million yuan, a 35.76% increase year-on-year [7]. Group 3: Competitive Landscape and Challenges - Guangxun Technology's gross margin is significantly lower than comparable companies, hovering around 20%, indicating insufficient product competitiveness [7][9]. - The company is facing rising inventory levels, with inventory value reaching 6.183 billion yuan, a more than 50% increase year-on-year, and inventory turnover days extending to 208.72 days, a 7.7% increase [9]. - The optical module market is experiencing an oversupply of low-end products, while high-end segments are under pressure from leading competitors like Zhongji Xuchuang, which has secured significant orders from Nvidia [12].

Core Viewpoint - CPO (Chip-Package-Optical) technology is emerging as a key direction for high-speed optical modules, leveraging the advantages of "chip and optical engine co-packaging" to become a core area for next-generation optical communication devices [1] Company Highlights - **特发信息 (Tefa Information, 000070.SZ)**: Latest stock price at 14.85 CNY, with a daily increase of +10.00%. The subsidiary has CPO platform design capabilities and high-precision packaging technology applicable for CPO packaging [1] - **联特科技 (Liante Technology, 301205.SZ)**: Latest stock price at 143.60 CNY, with a daily increase of +7.24%. Focused on optical communication transceiver modules, mastering design and manufacturing capabilities from optical chips to optical modules [1] - **长芯博创 (Changxin Bochuang, 300548.SZ)**: Latest stock price at 143.82 CNY, with a daily increase of +7.09%. An integrated circuit electronic device company that has released external light source modules for CPO and is developing photonic technology-related products [1] - **德科立 (Dekeli, 688205.SH)**: Latest stock price at 172.90 CNY, with a daily increase of +4.78%. A light transmission company with R&D plans covering 800G and CPO high-speed miniaturized optical transceiver module technology solutions [1] - **华工科技 (Huagong Technology, 000988.SZ)**: Latest stock price at 83.20 CNY, with a daily increase of +3.53%. A photonics company with vertical integration capabilities, establishing a research institute to focus on CPO and LPO technologies [1] - **光迅科技 (Guangxun Technology, 002281.SZ)**: Latest stock price at 68.55 CNY, with a daily increase of +3.24%. A global supplier of photonic devices that has already laid out CPO technology and completed silicon photonic integration packaging technology development [1] - **新易盛 (Xinyi Sheng, 300502.SZ)**: Latest stock price at 432.26 CNY, with a daily increase of +3.13% [1] - **中天科技 (Zhongtian Technology, 600522.SH)**: Latest stock price at 17.22 CNY, with a daily increase of +2.99%. Advancing CPO co-packaging optical technology and has mastered high-speed optical module packaging capabilities [2] - **炬光科技 (Juguang Technology, 688167.SS)**: Latest stock price at 170.89 CNY, with a daily increase of +2.45%. Acquired SMO technology applicable for efficient collimation and coupling of laser light sources in CPO [2] - **源杰科技 (Yuanjie Technology, 688498.SH)**: Latest stock price at 691.66 CNY, with a daily increase of +2.39%. Has laser product reserves for CPO, with CW high-power laser technology applicable in the CPO field [2] - **光库科技 (Guangku Technology, 300620.SZ)**: Latest stock price at 172.58 CNY, with a daily increase of +2.20%. Launched high-density, high polarization-maintaining fiber array collimators for CPO applications [2] - **仕佳光子 (Shijia Photonics, 688313.SH)**: Latest stock price at 96.10 CNY, with a daily increase of +2.13%. Products like high-power laser chips can be used for CPO packaging [2] - **亨通光电 (Hengtong Optic-Electric, 600487.SH)**: Latest stock price at 20.75 CNY, with a daily increase of +1.72%. One of the earliest companies to layout CPO optoelectronic co-packaging, previously launched a 3.2T CPO working prototype [2] - **聚飞光电 (Jufei Optoelectronics, 300303.SZ)**: Latest stock price at 7.12 CNY, with a daily increase of +1.71%. The company's invested subsidiary has silicon optical chips applicable for CPO [2] - **中际旭创 (Zhongji Xuchuang, 300308.SZ)**: Latest stock price at 616.00 CNY, with a daily increase of +1.65%. A leading optical module company, with CPO as one of its key evolution directions, already has R&D and layout in place [3]