证券代码：300203 证券简称：聚光科技 公告编号：2026-007 聚光科技（杭州）股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 二、其他说明 公司回购股份的时间、回购股份数量及集中竞价交易的委托时段均符合《上 市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号—回购股 份》的相关规定，具体情况如下： 1、公司未在下列期间回购股份： 聚光科技(杭州)股份有限公司(下称"公司")于2025年8月20日召开第五届 董事会第二次会议，审议通过了《关于回购公司股份方案的议案》。同意公司使 用自有资金和自筹资金，以集中竞价交易方式回购部分公司已在境内发行的人民 币普通股（A股）股票，并在未来适宜时机用于实施股权激励计划或员工持股计 划。本次回购资金总额不低于人民币10,000万元（含本数）且不超过人民币15,000 万元（含本数），回购价格不超过人民币29.50元/股（含），回购期限为自公司 董事会审议通过本次回购方案之日起12个月内。具体内容详见公司于2025年8月 20日、2025年8月27日分别在巨潮资讯 ...

Summary of 聚光科技 Conference Call Company Overview - 聚光科技 focuses on micro-nano semiconductor optics and has integrated global resources through acquisitions like LIMO to streamline the semiconductor laser to optical component supply chain [2][3] Industry Insights - The demand for optical interconnects is surging, with the CPO market projected to grow from $5 billion to $15 billion, and the OCS market expected to double to $4 billion by 2030 [2] - The company’s OCS business offers MEMS-based 2D lens arrays, benefiting from the increase in port numbers to 512x512 and beyond, which enhances channel count and precision requirements [2] - The CPO sector provides components like V-grooves and lens arrays, compatible with various solutions such as silicon photonics and VCSEL, with increased customization driving product value growth [2] Financial Performance - Revenue growth for Q3 2025 exceeded 50%, with the optical communication business experiencing a quarter-on-quarter increase of approximately 60%, projecting annual revenue of 70-80 million yuan for 2025 [2][9] - The market has not fully priced in the company's scarcity in high-value segments of OCS and CPO, with expectations of significant growth in optical interconnect demand post-2026 [2][8] Competitive Advantages - 聚光科技 has three main competitive advantages: 1. Cutting-edge technology with a strong emphasis on R&D in various micro-nano optical processing techniques [3] 2. Proactive industrialization by collaborating with clients in emerging technology fields [3] 3. International layout through acquisitions, providing a robust global customer base and resource stickiness [3] Market Trends and Opportunities - Recent industry conferences like GTC and OFC highlighted the rapid evolution of optical interconnect technologies, with significant investments from companies like NVIDIA and Lumentum [4][5] - The transition from 800G to 1.6T/3.2T and the shift towards OCS and CPO solutions emphasize the need for lower loss and higher precision in optical transmission, creating opportunities for 聚光科技 [5] Product Offerings - In the OCS field, the company provides MEMS-based 2D lens arrays, with increasing port numbers driving demand for lenses and precision [5] - In the CPO sector, the company offers various components such as V-grooves, lens arrays, fiber couplers, and collimators, catering to high customization needs [5] Globalization and Business Barriers - The company’s global layout is a core barrier, integrating international customer resources and advanced processing capabilities through acquisitions [7] - The established customer verification system and the long validation cycles in OCS and CPO markets create significant switching costs for clients, enhancing customer retention [7] Market Perception and Expectations - There exists a notable expectation gap in the market, as it may not fully recognize the company's potential in high-value segments of OCS and CPO [8] - The company is positioned to benefit from rapid growth in optical interconnect demand, with strong barriers to entry and high growth elasticity in customer validation, product value, and order volume [8] Future Plans - The optical communication business is rapidly developing, with revenue for the first three quarters of 2025 already surpassing the total for 2024, and plans to increase its contribution to about 25% of total revenue [9] - Despite profit pressures in 2024 due to depreciation and consolidation costs, the company is showing strong growth momentum [9]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][6]. Core Views - The report highlights the establishment of a sustainable pricing settlement mechanism for nuclear power in Liaoning, which is expected to facilitate the stable entry of nuclear power units into the market. The average mechanism price is set at 0.3798 CNY/kWh [1][13]. - The report notes a 6.1% year-on-year increase in total electricity consumption in China for January-February 2026, indicating a positive trend in energy demand [1][47]. Summary by Sections Market Review - The Shanghai Composite Index fell by 2.19%, while the public utility index decreased by 2.35% and the environmental index dropped by 5.59%. The public utility and environmental sectors ranked 4th and 23rd among 31 primary industry categories [1][19]. Important Events - The Liaoning Development and Reform Commission issued a notice regarding the participation of nuclear power units in market transactions, establishing a price settlement mechanism to support nuclear power's market entry [1][13]. Investment Strategy - Recommendations include: 1. Large thermal power companies like Huadian International and Shanghai Electric due to stable profitability despite falling coal and electricity prices [2][17]. 2. Leading renewable energy firms such as Longyuan Power and Three Gorges Energy, supported by national policies promoting renewable energy [2][17]. 3. Nuclear power operators like China Nuclear Power and China General Nuclear Power, expected to maintain stable profitability [2][17]. 4. High-dividend hydropower stocks like Yangtze Power, which exhibit defensive characteristics in a global interest rate decline environment [2][17]. 5. Gas companies with trade capabilities, such as Jiufeng Energy, and equipment manufacturers like Xizi Clean Energy entering the nuclear and clean energy sectors [2][17]. Environmental Sector Insights - The water and waste incineration sectors are entering a mature phase, with improved free cash flow and declining risk-free rates, suggesting investment opportunities in companies like China Everbright Environment and Shanghai Industrial Holdings [2][18]. - The domestic scientific instrument market, valued over 9 billion USD, presents significant opportunities for domestic replacements, with recommendations for companies like Focused Photonics and Anhui Yiyuan Technology [2][18]. - The EU's SAF blending policy is expected to increase demand for raw materials, benefiting the domestic waste oil recycling industry, with a recommendation for Shanggou Environmental Energy [2][18]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all rated "Outperform," including: - Huadian International (PE 10.6 for 2024A) [6]. - Longyuan Power (PE 24.0 for 2024A) [6]. - China Nuclear Power (PE 20.8 for 2024A) [6]. - Yangtze Power (PE 20.5 for 2024A) [6]. - China Everbright Environment (PE 8.0 for 2024A) [6].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][8]. Core Insights - The report highlights China's commitment to sustainable energy development through its participation in the "Triple Nuclear Energy Declaration," which aims to triple global nuclear energy capacity by 2050 [2][15]. - The "14th Five-Year Plan" outlines significant goals for the public utility and environmental sectors, including a 25% share of non-fossil energy consumption by 2030 and a reduction of carbon emissions per unit of GDP by 17% over five years [17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.19%, while the public utility index increased by 3.07% and the environmental index by 0.79%, with respective relative returns of 2.88% and 0.60% [1][14]. - Within the electricity sector, new energy generation surged by 10.84%, while thermal and hydroelectric power saw increases of 1.97% and 1.58%, respectively [1][25]. Important Events - China joined the "Triple Nuclear Energy Declaration" at the second Nuclear Energy Summit in Paris, emphasizing international cooperation for sustainable nuclear energy development [2][15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy, due to supportive national policies for renewable energy [4][22]. - The report suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and companies involved in gas trading like Jiufeng Energy [4][22]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.8 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an EPS forecast of 0.75 for 2024 and a PE of 24.3 [8]. - Recommendations extend to environmental firms like China Everbright Environment and Shanghai Industrial Holdings, which are seen as stable investment opportunities [23].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][7]. Core Insights - The 2026 government work report and the "14th Five-Year Plan" outline a push towards a clean, low-carbon, safe, and efficient energy system, aiming for a total energy production capacity of 5.8 billion tons of standard coal by 2026 [1][14]. - The report highlights the importance of integrating renewable energy sources and emphasizes the need for a comprehensive green transition [1][14]. - The eight major computing power hubs are identified as key areas for direct green electricity connections, driven by national policies [2][15]. Summary by Sections Investment Strategy - Coal and electricity prices are expected to decline simultaneously, maintaining reasonable profitability for thermal power companies, with recommendations for Huadian International and Shanghai Electric [3][24]. - Continuous government support for renewable energy is anticipated to stabilize profitability in the sector, recommending leading companies like Longyuan Power and Three Gorges Energy [3][24]. - Nuclear power companies are expected to maintain stable profitability, with recommendations for China National Nuclear Power and China General Nuclear Power [3][24]. - High-dividend hydropower stocks are highlighted for their defensive attributes, recommending Changjiang Power [3][24]. - The report suggests focusing on environmental protection opportunities in water and waste incineration sectors, recommending companies like China Everbright Environment and Shanghai Industrial Holdings [3][25]. Market Performance - The public utilities index increased by 3.42% while the environmental index decreased by 1.41%, with public utilities ranking 3rd among 31 industry sectors [1][26]. - In the electricity sector, thermal power rose by 3.41%, hydropower by 4.73%, and renewable energy by 3.36% [1][27]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.6 [7]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 in 2024 and a PE ratio of 23.5 [7]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 20.9 [7]. - Changjiang Power (600900.SH) is rated "Outperform" with an expected EPS of 1.33 in 2024 and a PE ratio of 20.5 [7].

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

证券代码：300203 证券简称：聚光科技 公告编号：2026-006 聚光科技（杭州）股份有限公司 关于获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 3、补助对上市公司的影响 公司拟将上述政府补助2,800.00万元计入以上相应科目，预计将会对公司 2026年度利润总额产生正面影响，最终的会计处理以会计师事务所年度审计确认 后的结果为准。 4、风险提示和其他说明 一、获得补助的基本情况 聚光科技(杭州)股份有限公司（以下简称"公司"）于近日收到政府补助款 3,300.00万元，其中500万元需划拨至其他参研单位。公司本次实际取得的政府 补助为2,800.00万元，该笔补助与资产相关，补助金额占公司最近一期经审计归 属于上市公司股东净利润的13.54%。上述政府补助与公司日常经营活动相关，不 具有可持续性。 二、补助的类型及其对公司的影响 1、补助的类型 公司根据《企业会计准则第16号—政府补助》的规定进行会计处理，本次公 司获取的政府补助与资产相关。 2、补助的确认和计量 根据《企业会计准则第16号—政府补助》的规定，与资产相关的政府补 ...

Investment Rating - The report maintains an "Buy" rating for the environmental protection industry [2] Core Insights - The government work report for 2026 emphasizes the need for a 17% reduction in carbon emissions per unit of GDP and a 3.8% reduction in total carbon emissions, marking a shift towards dual control of carbon emissions [12][14] - The report highlights the increasing demand for green energy and biofuels, particularly biodiesel, driven by rising oil prices and geopolitical tensions [5][21] - The report suggests focusing on companies involved in the recycling and green energy sectors, such as biofuels and green methanol, as potential investment opportunities [5][13] Summary by Sections Government Work Report - The 2026 government work report sets higher targets for carbon emissions reduction and introduces a national low-carbon transition fund to support hydrogen and green fuel development [12][15] - The report indicates that 2026 will be the first year of formal carbon assessments for local governments [12][14] Biodiesel Market - The average export price of UCO (Used Cooking Oil) in 2025 was 7,742 CNY/ton, a year-on-year increase of 21.6% [21] - UCO export volume for 2025 was 2.7558 million tons, with a 6.6% decrease compared to the previous year [21] - The report notes that the price of UCO has been on an upward trend, reaching 8,125.54 CNY/ton by December 2025 [21] Carbon Market and Policies - The report tracks developments in the carbon market, noting a recent trading volume of 56.05 million tons and a closing price of 81.85 CNY/ton [36][39] - It highlights the establishment of a comprehensive recycling system for retired solar panels, aiming for a cumulative utilization of 250,000 tons by 2027 [34] Key Companies to Watch - The report recommends monitoring companies such as Langkun Technology, Shanhai Environment, and Huanxin Co., which are positioned to benefit from the growing demand for biofuels and recycling [5][33]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][8]. Core Insights - The upcoming deliberation of the Ecological Environment Code is expected to enhance the legal framework for pollution prevention, ecological protection, and green low-carbon development [15]. - The integration of computing power and electricity is highlighted as a significant trend, with public utilities being well-positioned to leverage AI and other new productivity developments [16]. - The report emphasizes the importance of the renewable energy sector and comprehensive energy management in the context of carbon neutrality [20]. Market Performance - The Shanghai and Shenzhen 300 Index increased by 0.09%, while the public utility index rose by 4.54% and the environmental index by 7.73% [14][22]. - Within the electricity sector, coal-fired power increased by 7.57%, while renewable energy generation saw a rise of 7.33% [23]. Key Company Recommendations Public Utilities - Recommended companies include: - Huadian International (华电国际) and Shanghai Electric (上海电力) for coal-fired power [20]. - Longyuan Power (龙源电力) and Three Gorges Energy (三峡能源) for renewable energy [20]. - China Nuclear Power (中国核电) and China General Nuclear Power (中国广核) for nuclear power [20]. - Changjiang Power (长江电力) for hydropower [20]. - Jiufeng Energy (九丰能源) for gas [20]. - Xizi Clean Energy (西子洁能) for clean energy equipment manufacturing [20]. Environmental Protection - Recommended companies include: - Everbright Environment (光大环境) and Shanghai Industrial Holdings (上海实业控股) for water and waste incineration [21]. - Juguang Technology (聚光科技) and Wanyi Technology (皖仪科技) for scientific instruments [21]. - Shangaohuaneng (山高环能) for waste oil recycling [21]. Industry Dynamics - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [21]. - The domestic scientific instrument market is projected to have substantial room for domestic substitution, with a market size exceeding 90 billion USD [21]. Important Events - The report highlights the upcoming National People's Congress, where multiple legal drafts, including the Ecological Environment Code, will be reviewed [15]. - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance investment in computing power and promote the synergy between computing and electricity [16]. Industry Data Overview - The report provides insights into the electricity generation and consumption trends, indicating a year-on-year increase in total electricity consumption of 5.0% for 2025 [52]. - The total installed capacity of electricity generation reached 3.89 billion kilowatts by the end of 2025, marking a year-on-year growth of 16.1% [68].