证券代码：301205 证券简称：联特科技 公告编号：2025-044 武汉联特科技股份有限公司 第二届董事会第十四次会议决议公告 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。 武汉联特科技股份有限公司（以下简称"公司"）第二届董事会第十四次会议 于 2025 年 10 月 27 日在公司会议室以现场结合通讯会议的方式召开。本次董事 会会议通知于 2025 年 10 月 23 日通过电子邮件等方式送达各位董事，本次董事 会应出席董事 9 人，实际出席董事 9 人，会议由公司董事长张健先生主持。 一、审议通过《关于<2025 年第三季度报告>的议案》 董事会认为公司《2025 年第三季度报告》的编制程序符合法律、行政法规 和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不 存在任何虚假记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会审议通过。 《2025 年第三季度报告》具体内容披露于证监会指定信息披露网站巨潮资 讯网（www.cninfo.com.cn）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过《 ...

Market Overview - On October 28, the communication equipment sector rose by 0.01% compared to the previous trading day, with LianTe Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Gainers in Communication Equipment - LianTe Technology (301205) closed at 112.60, up 15.12% with a trading volume of 197,900 shares and a transaction value of 2.167 billion [1] - DeKeLi (688205) closed at 114.10, up 7.34% with a trading volume of 145,300 shares and a transaction value of 1.647 billion [1] - YongDing Co., Ltd. (600105) closed at 16.08, up 7.06% with a trading volume of 3.0655 million shares and a transaction value of 4.942 billion [1] Top Losers in Communication Equipment - ChengTian WeiYe (300689) closed at 53.31, down 5.66% with a trading volume of 49,900 shares and a transaction value of 272 million [2] - ZhongTian Technology (600522) closed at 17.05, down 4.85% with a trading volume of 2.2863 million shares and a transaction value of 3.882 billion [2] - ZTE Corporation (000063) closed at 49.39, down 3.76% with a trading volume of 1.9606 million shares and a transaction value of 974.9 million [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 4.818 billion from institutional investors, while retail investors saw a net inflow of 2.538 billion [2][3] - Major stocks like YongDing Co., Ltd. and LianTe Technology had varying net inflows and outflows from different investor categories [3] Individual Stock Capital Flows - YongDing Co., Ltd. had a net inflow of 464 million from institutional investors, while it faced a net outflow of 334 million from retail investors [3] - LianTe Technology saw a net inflow of 156 million from institutional investors but a net outflow of 85.229 million from retail investors [3]

Revenue and Profit - Revenue for Q3 2025 reached ¥342,460,122.64, an increase of 66.38% year-over-year[5] - Net profit attributable to shareholders was ¥46,990,869.41, up 48.09% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥44,233,753.95, reflecting a 52.69% increase year-over-year[5] - Operating revenue for the first nine months of 2025 reached ¥846,616,385.55, an increase of 31.75% compared to ¥642,590,093.64 in the same period of 2024[11] - The total profit for the period reached ¥113,745,008.60, a significant increase from ¥66,552,680.94 in the previous period, representing a growth of approximately 70.8%[25] - Net profit attributable to shareholders was ¥81,795,863.20, compared to ¥62,256,350.41 in the prior period, marking an increase of about 31.4%[25] - The total comprehensive income for the period was ¥79,328,230.66, compared to ¥63,491,021.49 in the previous period, reflecting an increase of about 25%[25] Earnings Per Share - The company's basic earnings per share for Q3 2025 was ¥0.3622, a rise of 48.07% compared to the same quarter last year[5] - Basic earnings per share increased to ¥0.6304 from ¥0.4798, representing a growth of approximately 31.4%[25] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥2,760,635,618.69, representing a 24.37% increase from the end of the previous year[5] - The total assets as of September 30, 2025, were RMB 2,760,635,618.69, compared to RMB 2,219,646,017.54 at the beginning of the period, showing an increase of about 24%[22] - The total liabilities increased to RMB 1,174,553,907.92 from RMB 708,657,841.99, representing a growth of approximately 66%[23] Cash Flow - Cash flow from operating activities showed a net outflow of ¥107,948,830.93, a significant decline of 321.93% year-to-date[5] - Net cash flow from operating activities decreased by 321.93% to -¥107,948,830.93, compared to ¥48,640,005.74 in the previous year, primarily due to increased cash payments for goods and services[12] - Cash flow from investing activities resulted in a net outflow of ¥118,900,630.07, compared to a net outflow of ¥84,544,990.03 in the prior period[29] - Cash flow from financing activities generated a net inflow of ¥240,177,289.24, up from ¥109,628,830.79 in the previous period, indicating a growth of approximately 119.5%[29] Inventory and Receivables - Accounts receivable increased by 115.33% to ¥228,774,425.53, primarily due to higher sales[9] - Inventory levels rose by 66.47% to ¥898,474,321.13, attributed to material reserves[9] - The company's inventory at the end of the period was RMB 898,474,321.13, up from RMB 539,714,655.10, indicating an increase of about 66%[21] Research and Development - R&D expenses increased by 86.47% to ¥71,190,818.66, up from ¥38,177,350.69, reflecting a significant rise in investment in research and development[11] - The company has reported a significant increase in research and development expenses, which totaled RMB 71,190,818.66, compared to RMB 38,177,350.69 in the previous period, marking an increase of approximately 86%[24] Tax and Other Income - Tax expenses surged by 8645.19% to ¥31,949,145.40 from ¥365,333.88, indicating a significant rise in tax liabilities[11] - Other income rose by 1838.16% to ¥7,080,739.49, compared to ¥365,333.88, primarily due to compensation received during the reporting period[11] Shareholder Information - The top shareholder, Zhang Jian, holds 21.14% of the shares, amounting to 27,429,300 shares[15] - The agreement among the controlling shareholders regarding joint action will terminate on September 13, 2025, with no plans for renewal[16] Governance Changes - The company has revised its governance structure by canceling the supervisory board and updating its articles of association to comply with new regulatory requirements[18] Financial Expenses - The company reported a 128.44% increase in financial expenses to ¥3,201,251.62, up from a negative ¥11,255,288.25, mainly due to exchange rate fluctuations[11]

Core Viewpoint - The CPO concept stocks in the A-share market continue to show strong performance, with several companies reaching new historical highs in their stock prices [1]. Group 1: Stock Performance - LianTe Technology (301205) increased by 13.24%, with a total market value of 14.4 billion and a year-to-date increase of 46.78% [2]. - Jingwang Electronics (603228) hit the daily limit with a 10% increase, having a market value of 76 billion and a year-to-date increase of 184.10% [2]. - Dekeli (688205) rose by 8.89%, with a market value of 18.3 billion and a year-to-date increase of 66.20% [2]. - Yongding Co., Ltd. (600105) increased by 7.79%, with a market value of 23.7 billion and a year-to-date increase of 228.98% [2]. - Founder Technology (600601) rose by 6.84%, with a market value of 54.7 billion and a year-to-date increase of 191.80% [2]. - JepuTe (688025) increased by 4.16%, with a market value of 14.3 billion and a year-to-date increase of 218.53% [2]. - Zhongji Xuchuang (300308) rose by 3.98%, with a market value of 588 billion and a year-to-date increase of 330.63% [2]. - Xinyi Sheng (300502) increased by 3.66%, with a market value of 416.2 billion and a year-to-date increase of 409.25% [2]. - Cambridge Technology (603083) rose by 3.59%, with a market value of 41.3 billion and a year-to-date increase of 205.17% [2]. - Tianfu Communication (300394) increased by 3.22%, with a market value of 152.5 billion and a year-to-date increase of 203.14% [2]. - Sry New Materials (688102) rose by 2.60%, with a market value of 15.2 billion and a year-to-date increase of 125.09% [2]. - Tongfu Microelectronics (002156) increased by 2.18%, with a market value of 68.1 billion and a year-to-date increase of 52.21% [2]. Group 2: Historical Highs - Notable companies such as Founder Technology, Zhongji Xuchuang, Xinyi Sheng, and Sry New Materials have reached new historical highs in their stock prices [1].

Core Viewpoint - The CPO concept stocks in the A-share market continue to show strong performance, with several companies experiencing significant price increases [1] Company Performance - LianTe Technology saw a rise of over 13% - Jingwang Electronics hit the daily limit with a 10% increase - DeKeLi increased by over 8% - YongDing shares rose by over 7% - Fangzheng Technology increased by over 6% - JiePuTe rose by over 4% - Zhongji Xuchuang, Xinyi Sheng, Cambridge Technology, and Tianfu Communication all saw increases of over 3% [1] Historical Performance - Fangzheng Technology, Zhongji Xuchuang, Xinyi Sheng, and SiRui New Materials reached new historical highs [1]

Core Insights - This week, institutions have shown initial interest in 53 stocks, with 6 stocks receiving target prices [1] Group 1: Stock Ratings and Target Prices - Liante Technology (301205) received an "Overweight" rating from Huatai Securities with a target price of 107.37 CNY, while its latest closing price was 95.68 CNY [1] - Zhongrun Optical was rated "Buy" by Zheshang Securities with a target price of 66.27 CNY [1] - Other stocks mentioned include United Power (301656), Yingluohua (000795), China Shenhua (601088), BAIC Blue Valley (600733), and Cambrian [1]

Core Insights - The AI hardware sector experienced significant growth, with the ChiNext AI index rising over 5% in a single day, driven by major players in the optical module market [1][4] - Key stocks such as Zhongji Xuchuang and Xinyi Sheng saw substantial increases, with Zhongji Xuchuang rising over 12% and Xinyi Sheng over 7% [1][2] - The ChiNext AI index has shown a weekly increase of 13.82%, outperforming similar indices, indicating strong momentum in the AI sector [4] Company Performance - Zhongji Xuchuang's stock price reached 494.00, with a rise of 12.05%, giving it a market capitalization of 230.34 billion [2] - Changxin Bochuang's stock rose by 11.36% to 109.60, with a market cap of 33.49 billion [2] - Other notable performers included Beijing Junzheng, Xinyi Sheng, and Tianfu Communication, with increases of 7.94%, 7.25%, and 6.46% respectively [2] Market Trends - The ChiNext AI ETF (159363) saw a significant increase of 5.49% in a single day, with a total trading volume of 890 million [2] - The ETF has shown a "W" pattern in its technical analysis, suggesting a potential breakout above previous highs [2] - The AI sector is expected to continue leading the A-share market, supported by accelerating domestic and international computing infrastructure [4][5] Policy and Industry Outlook - The Chinese government emphasizes technological self-reliance, with AI being a key focus for the next five years [5] - The Ministry of Science and Technology aims to accelerate innovation in AI and related technologies, enhancing supply chains for computing power, algorithms, and data [5] - Analysts believe the AI industry is in a phase of policy, technology, and demand convergence, indicating a positive outlook for growth and investment opportunities [5][6]

Core Viewpoint - The company, Wuhan LianTe Technology Co., Ltd., has shown significant growth in its stock performance and is benefiting from trends in optical communication, 5G, and data centers, alongside the depreciation of the Chinese yuan [1][2]. Company Overview - Wuhan LianTe Technology was established on October 28, 2011, and went public on September 13, 2022. The company specializes in the research, production, and sales of optical communication transceiver modules [7]. - The company's main revenue sources include 10G and above optical modules (92.72%), below 10G optical modules (5.57%), and material sales and leasing (1.71%) [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 504 million yuan, representing a year-on-year growth of 15.43%. The net profit attributable to the parent company was 34.81 million yuan, up 14.02% year-on-year [8]. - The company has distributed a total of 46.85 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company has developed core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production. It is currently working on 800G optical modules and technologies required for next-generation products [2][3]. - The optical module market is experiencing rapid growth, particularly in the data communication sector, which has surpassed the telecom market to become the largest market for optical modules [2]. Investment Highlights - The company benefits from a low-power design technology for optical modules, which significantly reduces power consumption, providing a competitive edge in 5G communication and data center applications [2]. - As of the latest report, 89.07% of the company's revenue comes from overseas markets, which is positively impacted by the depreciation of the yuan [2].

Core Viewpoint - The company, Wuhan LianTe Technology Co., Ltd., is experiencing a decline in stock price and trading volume, with a market capitalization of 11.92 billion yuan as of October 23, 2023 [1]. Company Overview - Wuhan LianTe Technology was established on October 28, 2011, and went public on September 13, 2022. The company specializes in the research, development, production, and sales of optical communication transceiver modules [7]. - The main revenue composition includes 92.72% from optical modules of 10G and above, 5.57% from optical modules below 10G, and 1.71% from material sales and leasing [7]. Market Position and Technology - The company has core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production. It is developing 800G optical modules and technologies required for next-generation products [2]. - The primary application markets for optical modules include data communication, telecommunications, and emerging markets, with the data communication market being the fastest-growing segment [2]. - The company's low-power design technology for optical modules significantly reduces power consumption, providing a competitive advantage in 5G communication and data center applications [3]. Financial Performance - As of June 30, 2025, the company reported a revenue of 504 million yuan, representing a year-on-year growth of 15.43%, and a net profit attributable to shareholders of 34.81 million yuan, up 14.02% year-on-year [8]. - The company has a high overseas revenue ratio of 89.07%, benefiting from the depreciation of the yuan [2]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased to 23,300, with an average of 2,920 circulating shares per person, a decrease of 9.85% from the previous period [8]. - The stock has seen a net outflow of 39.95 million yuan from major funds, indicating a reduction in holdings by institutional investors [4][5].

Group 1 - The CPO concept stocks in the A-share market experienced a decline, with several companies seeing significant drops in their stock prices [1] - Companies such as Huilv Ecology, Tianfu Communication, Changfei Fiber, and Shijia Photon fell over 7% [1] - Other companies like Cambridge Technology and Xinyisheng dropped more than 5%, while Huaten Technology, Huagong Technology, Changxin Bochuang, Liante Technology, and Fenghuo Communication fell over 4% [1] Group 2 - Additional companies including Guangxun Technology, Jingwang Electronics, Ruijie Network, Zhongji Xuchuang, and Taicheng Light saw declines of over 3% [1]