Core Viewpoint - The company Changxin Bochuang (300548.SZ) has stated that it is currently not involved in the field of satellite laser communication [1] Group 1 - The company has clarified its position regarding its involvement in satellite laser communication [1]

Group 1 - The company, Changxin Bochuang (300548.SZ), has stated that it is currently not involved in the field of satellite laser communication [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the near term [3][55]. Core Insights - The company is positioned as a rare comprehensive provider of optical interconnection solutions, benefiting significantly from its long-term stable partnership with Google in the MPO field and its strategic layout in active products like optical modules and AOC [3][55]. - The company's revenue is expected to grow rapidly, with projected revenues of 34.52 billion, 69.92 billion, and 120.22 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 3.72 billion, 10.94 billion, and 19.05 billion yuan for the same years [3][55]. Summary by Sections Company Overview - The company started with PLC optical splitters and has gradually built a complete optical interconnection system solution, targeting telecommunications, data centers, and industrial interconnection fields [13]. - Its product range includes PLC optical splitters, PON optical transceivers, DWDM, AWG, VMUX for telecommunications, and AOC and copper cable products for data centers, covering speeds from 10G to 800G [13]. Market Opportunities - Google is a key beneficiary of the company's offerings, with a strong emphasis on AI commercialization and the urgent need for capacity expansion, aiming to double its computing power every six months [2][37]. - The company has established a long-term stable supply relationship with Google in the MPO field, which is crucial for high-density optical connections [2][43]. Financial Performance - The company reported a revenue of 1.675 billion yuan in 2023, with a projected increase to 3.452 billion yuan in 2025, reflecting a year-on-year growth of 97.54% [6][55]. - The net profit for 2023 was 81 million yuan, expected to rise to 372 million yuan in 2025, indicating a significant growth trajectory [6][55]. - The overall gross margin improved to 40.19% in the first three quarters of 2025, driven by the growth in data communication and industrial interconnection markets [27]. Future Outlook - The company is expected to become a core beneficiary of Google's computing power expansion, with its data communication business projected to achieve rapid growth [3][55]. - The report highlights the potential for significant market opportunities in the AOC and MPO sectors, with the company already making strides in silicon photonics technology [2][49].

Group 1 - The core point of the article highlights the recent performance of Changxin Bochuang, which saw a decline of 1.9% in its stock price, currently at 140.00 yuan per share, with a total market capitalization of 40.819 billion yuan [1] - Changxin Bochuang Technology Co., Ltd. is located in Jiaxing, Zhejiang Province, and was established on July 8, 2003. The company was listed on October 12, 2016, and its main business involves the research, production, and sales of integrated optoelectronic devices in the optical communication field [1] - The revenue composition of Changxin Bochuang's main business includes 81.36% from data communication, consumer and industrial interconnection markets, 18.46% from the telecommunications market, and 0.18% from other sources [1] Group 2 - From the perspective of major circulating shareholders, a fund under Debon Fund ranks among the top shareholders of Changxin Bochuang. The Debon Xinxing Value A fund (001412) entered the top ten circulating shareholders in the third quarter, holding 3.5148 million shares, which accounts for 1.31% of the circulating shares [2] - The Debon Xinxing Value A fund was established on June 19, 2015, with a latest scale of 1.835 billion yuan. It has achieved a return of 135.89% this year, ranking 25th out of 8087 in its category, and a return of 122.98% over the past year, ranking 27th out of 8085 [2] - The fund managers of Debon Xinxing Value A are Lei Tao and Lu Yang, with Lei Tao having a cumulative tenure of 4 years and 4 days, and Lu Yang having a tenure of 2 years and 68 days [2] Group 3 - In terms of the fund's top heavy positions, the Debon Xinxing Value A fund has increased its holdings in Changxin Bochuang by 2.2148 million shares in the third quarter, bringing its total holdings to 3.5148 million shares, which represents 4.16% of the fund's net value [3] - The estimated floating loss for the fund today is approximately 9.5252 million yuan [3]

Core Viewpoint - Changxin Bochuang announced that it will hold the fourth extraordinary general meeting of shareholders on December 29, 2025, to review multiple proposals, including the amendment of the company's articles of association [2] Group 1 - The company will convene a shareholder meeting on December 29, 2025 [2] - The agenda includes the review of the proposal to amend the company's articles of association [2]

Core Viewpoint - Changxin Bochuang (300548.SZ) announced a partnership with several investment firms to establish a new investment fund focused on artificial intelligence and related technologies [1] Group 1: Investment Details - The total scale of the partnership fund is set at 300 million RMB [1] - Changxin Bochuang will contribute 108 million RMB, representing 36% of the total fund size [1] Group 2: Investment Focus - The investment areas will primarily include artificial intelligence hardware, algorithms, applications, next-generation communication technologies, robotics, smart IoT, and intelligent manufacturing equipment [1]

Core Viewpoint - Changxin Bochuang (300548.SZ) plans to sign a management agreement with Changfei Optical Fiber and Cable Co., Ltd. and Sichuan Guangheng Communication Technology Co., Ltd. for the management of daily operations at Sichuan Guangheng, which is a subsidiary of Changfei Optical Fiber and a controlling shareholder of Changxin Bochuang [1] Group 1 - The agreement involves three parties: Changxin Bochuang, Changfei Optical Fiber, and Sichuan Guangheng [1] - Changfei Optical Fiber is the controlling shareholder and actual controller of Changxin Bochuang [1] - The transaction is classified as a related party transaction under the Shenzhen Stock Exchange's Growth Enterprise Market listing rules [1]

Core Viewpoint - The company, Changxin Bochuang (300548.SZ), plans to sign a management agreement with Changfei Optical Fiber and Cable Co., Ltd. and Sichuan Guangheng Communication Technology Co., Ltd. to manage the daily operations of Sichuan Guangheng, which is a subsidiary of Changfei Optical Fiber, the company's controlling shareholder and actual controller [1] Group 1 - The agreement involves three parties: Changxin Bochuang, Changfei Optical Fiber, and Sichuan Guangheng [1] - The transaction is classified as a related party transaction according to the Shenzhen Stock Exchange's rules for the Growth Enterprise Market [1]

国泰海通证券股份有限公司 关于长芯博创科技股份有限公司 1、基本情况 受托管理控股股东子公司暨关联交易的核查意见 公司名称：长飞光纤光缆股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为长芯 博创科技股份有限公司（以下简称"公司"或"长芯博创"）向特定对象发行股票 持续督导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市 公司自律监管指引第13号——保荐业务》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第7号——交易与关联交易》等有关规 定，对公司受托管理控股股东子公司暨关联交易进行了核查，具体情况如下： 一、关联交易概述 公司拟与长飞光纤光缆股份有限公司（以下简称"长飞光纤"）、四川光恒通 信技术有限公司（以下简称"四川光恒"）三方签订《长飞光纤光缆股份有限公司 与长芯博创科技股份有限公司关于四川光恒通信技术有限公司之委托经营管理 协议》，由公司对四川光恒的日常经营进行管理。 长飞光纤系公司的控股股东、实际控制人，四川光恒系长飞光纤的控股子公 司。根据《深圳证券交易所创业板股票上市规则》规定，上述交易构成关联交易。 本次关联交易不构成 ...

证券代码：300548 证券简称：长芯博创 公告编号：2025-093 长芯博创科技股份有限公司 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | 离任 原因 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | 公开承诺 | | 周理晶 | 非独立董事 | 年 2025 | 12 | 2027 1 | 年 | 个人原因 | 否 | 否 | | | | 月 29 | 日 | 月 7 | 日 | | | | 二、离任对公司的影响 根据《中华人民共和国公司法》及《公司章程》等有关规定，周理晶女士的 离任不会导致公司董事会成员人数低于法定最低人数，不会影响公司董事会的正 常运作，亦不影响公司正常经营，辞任自报告送达董事会之日生效。 公司及董事会向周理晶女士在担任非独立董事期间对公司所做出的贡献表 示衷心感谢。 三、选举职工代表董事的情况 根据《中华人民共和国公司法》及《公司章程》等有关规定，公司于 2025 年 12 月 2 ...