京东方华灿光电股份有限公司 2025 年半年度报告全文 京东方华灿光电股份有限公司 2025 年半年度报告 股票代码：300323 公告编号：2025-043 2025 年 08 月 1 京东方华灿光电股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张兆洪、主管会计工作负责人张兆洪及会计机构负责人(会计 主管人员)安鹏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。公司可能面临的风 险详见本报告"第三节管理层讨论与分析"之"十、公司面临的风险和应对 措施"，敬请投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | ...

Core Viewpoint - BOE Technology Group's subsidiary, BOE Huacan Optoelectronics (Suzhou) Co., Ltd., has applied for a patent related to "micro LED wafers and their preparation methods," indicating a focus on semiconductor technology and innovation in the micro LED sector [1] Company Overview - BOE Huacan Optoelectronics (Suzhou) Co., Ltd. was established in 2012 and is located in Suzhou, primarily engaged in the manufacturing of chemical raw materials and chemical products [1] - The company has a registered capital of 150 million RMB [1] - According to data from Tianyancha, the company has participated in 91 bidding projects and holds 566 patent records, along with 49 administrative licenses [1] Patent Details - The patent application, published under CN120529707A, was filed on April 2025 and pertains to the preparation method of micro LED wafers, which includes steps such as creating an epitaxial layer on a substrate and etching benchmark lines [1] - The method involves determining exposure trajectories that are perpendicular to the benchmark lines, showcasing a technical advancement in the micro LED manufacturing process [1]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The report discusses the challenges in data center link technologies, emphasizing the trade-offs between transmission distance, power consumption, and reliability. Copper cables offer high efficiency and reliability but are limited to distances of less than 2 meters, while optical links provide longer distances at the cost of higher power consumption and lower reliability [1][11]. - The introduction of the MOSAIC optical transmission technology by Microsoft aims to overcome the limitations of both optical and copper links, achieving long-distance transmission, low power consumption, and high reliability without requiring hardware changes [2][18]. - MOSAIC utilizes a wide-and-slow architecture with numerous parallel channels operating at lower data rates, employing Micro LEDs as transmitters to achieve high data rates [3][26]. Summary by Sections 1. Challenges in Current Link Technologies - Data center networks face fundamental trade-offs in transmission distance, power consumption, and reliability, with copper cables being limited in distance and optical links suffering from high power consumption [1][11]. - The performance of copper cables declines rapidly with increased data rates, while optical links experience significant power increases [12][15]. 2. MOSAIC Technology Overview - MOSAIC is designed to be backward compatible with existing standards and interfaces, allowing seamless integration into current network architectures [2][18]. - The architecture employs a large number of parallel channels, each operating at a lower data rate of 2 Gbps, to achieve higher aggregate speeds [3][26]. - MOSAIC has demonstrated the ability to maintain stable data transmission over distances of up to 30 meters, significantly exceeding traditional copper cable capabilities [32]. 3. Component Increment from MOSAIC - The implementation of MOSAIC is expected to benefit several components, including Micro LEDs, multi-core imaging fibers, TIR lenses, CMOS sensors, and Micro LED optical connectors [4][42]. - The report highlights specific companies that could benefit from this technology, such as Zhaochi Co., Sanan Optoelectronics, and Longfly Fiber [5][64]. 4. Investment Recommendations - The report suggests focusing on companies involved in the MOSAIC supply chain, particularly those producing Micro LEDs and related optical components, as they are likely to see significant growth with the adoption of this technology [4][64].

半导体板块持续活跃，华灿光电涨逾18%，翱捷科技、盛科通信涨超10%，伟测科技、兆易创新等跟 涨。 ...

证券代码：300323 证券简称：华灿光电 公告编号：2025-040 京东方华灿光电股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 1、市场风险：包括但不限于因国家法律法规以及货币政策、财政政策、产业政策、地区 发展政策等变化、宏观周期性经济运行状况变化、外汇汇率和人民币购买力等变化对市场产生 一定的影响，导致产品收益的波动，在一定情况下甚至会对产品的成立与运行产生影响。 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。 京东方华灿光电股份有限公司（以下简称"公司"）于 2025 年 7 月 23 日召开第六届董事 会第十五次会议、第六届监事会第十三次会议审议通过《关于使用部分闲置募集资金进行现金 管理的议案》，同意公司及全资子公司京东方华灿光电（广东）有限公司（以下简称"全资子公 司"）在不影响募集资金投资项目正常实施的前提下，使用不超过人民币 10,000 万元的闲置募 集资金进行现金管理，使用期限自公司董事会审议通过之日起十二个月内有效，在上述使用期 限及额度范围内，资金可以循环滚动使用。具体内容详见公司于 2025 年 7 月 23 日在巨潮 ...

证券代码：300323 证券简称：华灿光电 公告编号：2025-039 京东方华灿光电股份有限公司 关于签订募集资金四方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意京东方华灿光电股份有限公司向特定对象发行股 票注册的批复》（证监许可[2023]1442 号），京东方华灿光电股份有限公司（以下简称"公 司"）向特定对象发行人民币普通股（A 股）372,070,935.00 股，发行价格为 5.60 元/股，募 集资金总额人民币 2,083,597,236.00 元，扣除不含税的发行费用人民币 16,639,845.23 元， 实际募集资金净额为人民币 2,066,957,390.77 元。该募集资金已于 2023 年 7 月 27 日全部到 位，容诚会计师事务所（特殊普通合伙）对资金到位情况进行了审验，并出具了《京东方华灿 光电股份有限公司验资报告》（容诚验字[2023]518Z0110 号）。 二、《募集资金四方监管协议》的签订情况和募集资金专户的开立情况 为规范公司募集资金管理，保 ...

Investment Rating - Industry Rating: Recommended [5] Core Viewpoints - Micro LED is seen as the ultimate partner for waveguide technology, enhancing display performance significantly in AR applications [1][9] - The Micro LED technology offers advantages in brightness, contrast, refresh rate, power consumption, and size compared to other display technologies [2][13] - The industry is witnessing a surge in AR glasses equipped with "waveguide + Micro LED" solutions, indicating a growing market potential [1][4] Summary by Sections 1. Display Technology - The combination of optical solutions and Micro LED displays can achieve a synergistic effect, enhancing the overall display quality for AR glasses [1][9] - Current display technologies include LCOS, DLP, LBS, Micro OLED, and Micro LED, with Micro LED being favored for its superior performance metrics [1][11] 2. Micro LED Technology - Micro LED technology involves miniaturizing and arraying LED structures, allowing for individual pixel addressing and driving [2][13] - It inherits high resolution, high PPI, high refresh rate, and high contrast from Micro OLED while improving response time, power consumption, and color gamut [2][13] 3. Technical Challenges - The main challenges in Micro LED production include substrate preparation, chip structure, bonding processes, and achieving full-color displays [3][24] - Full-color display solutions are currently being explored, with the combined light solution being the most mature, while others like quantum dot color conversion and three-color stacking are still in experimental stages [3][43] 4. Manufacturer Landscape - Major players in the Micro LED space include JBD, Raynex, Sitan Technology, and Nox Technology, each with unique technological strengths and production capabilities [4][56] - JBD is recognized for its leading technology in Micro LED displays, focusing on various applications including AR glasses and automotive HUDs [57][64] 5. Investment Recommendations - The report suggests that with the integration of AI models and active participation from major manufacturers, AR glasses are expected to see accelerated iterations and significant growth potential [4][10] - Beneficiaries of this trend include companies like JBD, Raynex, Sitan Technology, and others listed in the report [4][10]

Group 1 - The resignation of She Xiaomin, COO of Huacan Optoelectronics, was announced due to work adjustments, but he will continue to serve as a director [1][3] - Huacan Optoelectronics is a subsidiary of BOE Technology Group, specializing in LED chips and advanced semiconductor solutions, crucial for BOE's display products [4] - The company has seen a significant turnover in its executive team, with seven high-level resignations in 2024 alone, indicating a trend of short-term concentrated changes [4][5] Group 2 - The new COO, Cai Hexun, has been appointed to replace She Xiaomin, with a background in management at other technology firms [3][4] - The average age of Huacan's board and senior management is 47 years, with a median age of 44 years, indicating a relatively mature leadership team [5] - The total compensation for Huacan's board and senior management has increased from 10.18 million yuan in 2022 to 14.82 million yuan in 2024, reflecting a 45.54% increase over the three years [5] Group 3 - BOE's chairman, Chen Yanshun, emphasized the company's commitment to returning value to investors through share buybacks and profit distribution as the industry enters a new phase [6] - The display industry is undergoing a rebalancing, shifting from competition based on scale and market share to a focus on high profitability, technology, and added value [6]

Group 1: Technology Development - The company focuses on customer-oriented product development, addressing varying technical parameter requirements for different application scenarios in AR glasses [2][3] - Micro LED technology is recognized for its high brightness, efficiency, and longevity, making it suitable for AR/VR devices, despite current production cost limitations [3] Group 2: R&D Personnel Changes - The reduction in R&D personnel in the 2024 report is attributed to business structure optimization, with staff transitioning to production roles to enhance yield and delivery capabilities [3] - The company continues to prioritize R&D innovation by recruiting high-end technical talent, particularly in new display technologies and AR/VR optical solutions [3] Group 3: Production Optimization - Current production optimization efforts focus on centralized production layout and automation to enhance scale efficiency, including streamlining material transfer and optimizing production line layouts [5] - The company aims to strategically focus on high-value products, particularly in Mini/Micro LED and automotive LED sectors, to improve product mix and increase the proportion of high-margin products [5]

证券代码：300323 证券简称：华灿光电 公告编号：2025-035 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 事会主席俞信华先生主持。 司章程》的相关规定。 二、监事会会议审议情况 经审议，监事会认为：公司及全资子公司使用闲置募集资金进行现金管理，有利于 提高募集资金的使用效率，获得一定的投资收益，不会影响公司主营业务的正常开展和 募集资金投资项目的建设，不存在变相改变募集资金用途的行为，符合有关法律法规、 规范性文件的相关规定。公司监事会同意公司及全资子公司使用闲置募集资金进行现 金管理。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于巨潮资讯网（www.cninfo.com.cn）上发布的相关公告。 经审议，监事会认为：公司使用部分闲置募集资金临时补充流动资金，能够提高募 集资金使用效率，降低公司财务费用，符合公司和全体股东利益，不存在改变或变相改 变募集资金用途的情形，不存在损害公司和股东尤其是中小股东合法利益的情形。因此， 监事会同意公司本次使用部分闲置募集资金临时补充流动资金的事项。 京东方华灿光电股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、 ...