证券代码：002617 证券简称：露笑科技 公告编号：2026-014 露笑科技股份有限公司 （一） 基本信息 签字项目合伙人：钱星一，2016 年成为中国注册会计师，2012 年开始从事 上市公司审计，2020 年开始在中审众环执业。最近 3 年签署 1 家上市公司审计 报告。 （二） 诚信记录 项目合伙人近三年无执业行为受到刑事处罚，无受到证监会及其派出机构、 行业主管部门的行政处罚、监督管理措施，无受到证券交易场所、行业协会等自 律组织的自律监管措施、纪律处分等情况。 关于变更项目合伙人及签字注册会计师的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 露笑科技股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开了第 六届董事会第二十一次会议和第六届监事会第十八次会议，审议通过了《关于聘 任 2025 年度审计机构的议案》，同意继续聘任中审众环会计师事务所（特殊普 通合伙）（以下简称"中审众环"）为公司 2025 年度财务审计机构，并于 2025 年 12 月 15 日召开的 2025 年第四次临时股东会审议通过了上述议案。具体内 ...

Core Viewpoint - Silicon Carbide (SiC) is emerging as a critical wide-bandgap semiconductor material, playing a vital role in modern technology, particularly in enhancing energy efficiency and promoting sustainable development [4][10]. Group 1: Industry Dynamics - The SiC industry is experiencing rapid growth, characterized by accelerated industrial scaling, with substrate sizes transitioning from 6/8 inches to 12 inches, leading to significant increases in single-chip output and reductions in unit costs [5]. - The demand for SiC is driven by applications in electric vehicles (800V platforms) and upgrades in photovoltaic energy storage, indicating a shift from high-end applications to mass commercialization [5]. Group 2: Material Properties - SiC has a bandgap of approximately 3.26 eV, significantly higher than silicon's 1.12 eV, allowing it to operate stably under high temperature, high pressure, and high frequency conditions [7]. - The material exhibits high thermal conductivity (about 4.9 W/cm·K), high breakdown field strength (approximately 3 MV/cm), and high saturated electron drift velocity, making it suitable for various demanding applications [7]. Group 3: Manufacturing Processes - SiC can be produced through various methods, including traditional carbothermal reduction, Acheson process, and advanced techniques like chemical vapor deposition (CVD) and molecular beam epitaxy (MBE) [11][12][18]. - The growth of single crystals is primarily achieved through physical vapor transport (PVT), which is the most common method for producing high-purity SiC substrates [12]. Group 4: Applications - SiC is widely used in semiconductor devices, including power devices like MOSFETs and IGBTs, which are essential for high-voltage and high-frequency applications [19]. - In renewable energy, SiC enhances the efficiency of inverters in photovoltaic systems and supports smart grid technologies [17]. - The material is also critical in thermal management applications, serving as heat sinks for power modules, LEDs, and AI servers [21]. Group 5: Domestic Company Developments - Tianyu Advanced plans to launch the world's first 12-inch conductive substrate in November 2024 and aims to establish a full product matrix of 6/8/12 inches by 2025 [24]. - Nankai Crystal has showcased its 8-inch N-type SiC substrate at the ICSCRM exhibition in September 2025, indicating advancements in production capabilities [26]. - Lusheng Technology has achieved stable mass production of 6-inch SiC substrates with a yield rate of 95% and is progressing towards 8-inch substrate production [27].

Group 1 - The company has successfully prepared qualified 12-inch silicon carbide single crystal samples [1] - Currently, the 12-inch silicon carbide products have not yet formed sales [1] - The revenue from silicon carbide products accounts for a small proportion of the company's overall sales revenue [1]

Group 1 - The humanoid robot concept stocks experienced a strong opening, with Liard rising over 14%, and companies like Luxshare Technology, Tianqi Co., and Hengtong Optic-Electric also seeing gains [1][2] - The 2026 CCTV Spring Festival Gala will provide significant exposure for humanoid robots, with multiple companies' robots participating in dance performances and interactive displays, showcasing advancements in key areas such as motion control, bionics, interaction, precision operation, and cluster control [1][2] - The film and cinema sector saw a significant decline, with companies like Light Media, Bona Film Group, Hengdian Film, and China Film hitting their daily limit down, while Shanghai Film and Huanrui Century also experienced declines [1][2]

Group 1 - The A-share market indices opened higher on February 24, 2026, with the photovoltaic ETF Huaxia (515370) rising by 1.63%, and stocks such as GCL-Poly Energy and China Southern Power Grid hitting the daily limit, while Lushow Technology increased by over 6% and TBEA rose by over 4% [1] - On February 11, 2026, the State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," which is a significant document for the top-level design of the national electricity market since the 2021 guidelines. This document aims to construct a unified national market and achieve carbon peak and carbon neutrality goals over the next decade [1] - The Huaxia photovoltaic ETF (515370) and its linked funds (012885/012886) track the CSI Photovoltaic Industry Index, covering upstream, midstream, and downstream enterprises in the photovoltaic industry, including silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations, reflecting the overall performance of the photovoltaic industry [1]

Core Viewpoint - Loushow Technology is advancing its research and development of large-size silicon carbide substrates, achieving significant breakthroughs in both conductive and semi-insulating types, particularly with the successful production of 12-inch silicon carbide single crystal samples [2][3][4]. Group 1: Technological Advancements - The company has made key technological breakthroughs in the development of 12-inch silicon carbide substrates, marking a transition from "following" to "running alongside" and in some areas "leading" in the industry [5]. - The successful development of 12-inch silicon carbide single crystal samples indicates the company's capability in large-size crystal growth, which is crucial for future competitiveness in the semiconductor industry [4][5]. Group 2: Market Outlook and Financial Performance - The company is optimistic about its revenue performance in the first half of the year, expecting significant growth compared to previous years, and is confident about sales growth in the first and second quarters of 2026 [5]. - In 2024, the company achieved a record revenue of 3.717 billion yuan, a year-on-year increase of 34.07%, and a net profit of 258 million yuan, up 97.03% [6]. - For the first three quarters of 2025, the company reported revenues of 2.761 billion yuan, a slight decline of 0.82%, while net profit increased by 5.17% to 246 million yuan [6]. Group 3: Production and R&D Strategy - The company plans to expand its production capacity, focusing on the large-scale production of 8-inch conductive silicon carbide substrates and 12-inch semi-insulating substrates to meet the growing market demand in various sectors such as electric vehicles and renewable energy [4][7]. - Since 2022, the company has consistently invested over 100 million yuan in R&D annually, indicating a strong commitment to innovation [11]. - The company has established several research platforms and has participated in the formulation of 48 national and industry standards, showcasing its leadership in technological advancements [12].

Core Viewpoint - Luxshare Technology is accelerating the research and development of large-size silicon carbide substrates along the path of "6-inch—8-inch—12-inch" [1][2] Group 1: Technological Advancements - Luxshare Technology has achieved a key technological breakthrough in the semi-insulating silicon carbide sector, successfully producing 12-inch silicon carbide single crystal samples [1][2] - The company has developed a full-process technology from crystal growth to substrate for 12-inch silicon carbide, marking a significant advancement in its product matrix of "conductive + semi-insulating" [1][2] - The advancements indicate a shift from "catching up" to "keeping pace" and even "leading" in certain areas, showcasing the company's commitment to independent innovation [3] Group 2: Market Outlook and Revenue Projections - The company is optimistic about achieving breakthrough performance in revenue for the first half of the year compared to previous years, with confidence in sales growth for the first and second quarters of 2026 [3] - Luxshare Technology's revenue reached 3.717 billion yuan in 2024, a year-on-year increase of 34.07%, marking a historical high [4] - For the first three quarters of 2025, the company reported revenue of 2.761 billion yuan, a slight year-on-year decrease of 0.82%, while net profit increased by 5.17% to 246 million yuan [5] Group 3: Production and Expansion Plans - The company is planning to expand production lines focusing on 8-inch conductive silicon carbide substrates and 12-inch semi-insulating substrates to meet the growing market demand in sectors like electric vehicles, photovoltaic power, energy storage, consumer electronics, and industrial control [2] - Luxshare Technology has adjusted its investment plans for a third-generation power semiconductor (silicon carbide) industrial park, reducing the total investment from 21 billion yuan to 11.5 billion yuan [6] Group 4: Financial Performance and Margins - The company's gross margin increased to 21.98% in the first three quarters of 2025, up 0.36 percentage points from the previous year [9] - Gross margins for Luxshare Technology were 14.27%, 21.84%, and 20.66% from 2022 to 2024, indicating a trend of improving profitability [8] Group 5: Research and Development - Since 2022, the company has consistently invested over 100 million yuan in R&D annually, with a strong research team and participation in the formulation of 48 national/industry standards [10] - Luxshare Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategic layout and international brand image [10]

Core Viewpoint - Hefei Luxiao Semiconductor Materials Co., Ltd., a subsidiary of Luxiao Technology, has achieved a significant breakthrough in the field of semi-insulating silicon carbide by successfully producing 12-inch silicon carbide single crystal samples, marking a key advancement in the development of a comprehensive product matrix of "conductive + semi-insulating" materials [1][1][1] Group 1 - The successful production of 12-inch silicon carbide single crystal samples indicates a complete process development from crystal growth to substrate testing [1] - This achievement positions Hefei Luxiao as a critical player in the large-size silicon carbide market, suggesting potential competitive advantages in future developments [1][1]

Core Viewpoint - Loushow Technology (002617) has achieved significant technological breakthroughs in silicon carbide (SiC) substrates, marking advancements in both conductive and semi-insulating types, which positions the company favorably in the large-size market segment [1][6]. Group 1: Technological Advancements - The company has successfully developed 12-inch silicon carbide single crystal samples, completing the entire process from crystal growth to substrate testing [1][6]. - This achievement follows the earlier breakthrough in 8-inch conductive silicon carbide substrates, indicating a comprehensive product matrix of conductive and semi-insulating types [1][6]. Group 2: Industrial Strategy - Loushow Technology has outlined a new industrialization path, planning to expand production capacity based on the existing Phase I project at its Hefei base [4][9]. - The new production lines will focus on the large-scale manufacturing of 8-inch conductive silicon carbide substrates and 12-inch semi-insulating substrates, aiming to meet the growing market demand in sectors such as electric vehicles, photovoltaic power generation, energy storage, consumer electronics, and industrial control [4][9].

Core Viewpoint - Luxshare Technology has adjusted its fundraising project and share repurchase plans, with the silicon carbide project nearing its production deadline and experiencing fluctuations in fund flow [1] Recent Events - On February 2, 2026, Luxshare Technology held an extraordinary shareholders' meeting, approving the adjustment of investment scale for certain fundraising projects and the change of share repurchase purposes. The investment scale for the Hefei silicon carbide project was reduced from 1.94 billion to 990 million, with surplus funds allocated to supplement working capital. This decision may impact the company's future capital allocation and project progress [2] Project Progress - The Hefei silicon carbide project was originally scheduled to reach production by June 2026, but has faced multiple delays. As of November 2025, only approximately 127 million (6.53% of the original plan) of the raised funds had been utilized. In January 2026, the company announced the adjustment of fundraising scale, citing intensified market competition and changes in demand. Investors should monitor whether the project can meet the June 2026 production deadline or face further delays [3] Fund Flow - In January 2026, Luxshare Technology experienced multiple instances of net fund outflow, indicating increased short-term capital speculation. Despite a single-day net inflow of 76.8 million on December 29, 2025, the frequent fluctuations in fund flow may affect stock price stability [4]