Core Viewpoint - The announcement details the reduction of shareholding by major shareholders of Shenzhen Luwei Optoelectronics Co., Ltd., specifically Shenzhen Xingsen Quick Circuit Technology Co., Ltd. and its acting party, Xingsen Equity Investment (Guangzhou) Partnership, below 5%, which does not trigger a mandatory tender offer and will not affect the company's control or governance structure [1][2]. Group 1: Shareholder Information - The major shareholder involved in the reduction is Shenzhen Xingsen Quick Circuit Technology Co., Ltd., which is a publicly listed company with a registered capital of 1.689546248 billion RMB [1]. - The acting party, Xingsen Equity Investment (Guangzhou) Partnership, was established on June 7, 2018, with a registered capital of 201 million RMB [1]. Group 2: Reduction Details - The total number of shares reduced by Xingsen Technology was 1,499,200 shares (0.77545%), while Xingsen Equity reduced 434,200 shares (0.22459%), totaling 1,933,400 shares (1.00003%) [2]. - Following the reduction, Xingsen Technology's shareholding decreased from 11,165,870 shares (5.77544%) to 9,666,670 shares (4.99999%), and Xingsen Equity's shareholding dropped from 434,200 shares (0.22459%) to 0 shares [2]. Group 3: Impact on Company - The reduction in shareholding will not lead to changes in the company's controlling shareholder or actual controller, nor will it have a significant impact on the company's governance structure or ongoing operations [1][2].

深圳市路维光电股份有限公司 上市公司名称：深圳市路维光电股份有限公司 股票上市地点：上海证券交易所 股票简称：路维光电 股票代码：688401 股份变动性质：股份减持（持股比例变动至 5%以下） 签署日期：2025 年 5 月 19 日 信息披露义务人声明 一、本报告书系根据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 及其他相关法律法规编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本 报告书已全面披露了信息披露义务人在深圳市路维光电股份有限公司（以下简称 "路维光电"、"公司"、"上市公司"）中拥有权益的股份变动情况。 信息披露义务人一：深圳市兴森快捷电路科技股份有限公司 住所：深圳市南山区粤海街道沙河西路与白石路交汇处深圳湾科技生态园一区 2 栋 A 座 8-9 层 通讯地址：深圳市南山区粤海街道 ...

深圳市路维光电股份有限公司 简式权益变动报告书 上市公司名称：深圳市路维光电股份有限公司 股票上市地点：上海证券交易所 股票简称：路维光电 股票代码：688401 信息披露义务人一：深圳市兴森快捷电路科技股份有限公司 住所：深圳市南山区粤海街道沙河西路与白石路交汇处深圳湾科技生态园一区 2 栋 A 座 8-9 层 住所：广州市黄埔区科学城光谱中路 33 号 通讯地址：广州市黄埔区科学城光谱中路 33 号 股份变动性质：股份减持（持股比例变动至 5%以下） 签署日期：2025 年 5 月 19 日 信息披露义务人声明 一、本报告书系根据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 及其他相关法律法规编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本 报告书已全面披露了信息披露义务人在深圳市路维光电股份有限 ...

公司于2025年5月19日收到兴森科技及其一致行动人兴森股权出具的《简式 权益变动报告书》，现就相关权益变动情况公告如下： 一、本次权益变动基本情况 证券代码：688401 证券简称：路维光电 公告编号：2025-034 深圳市路维光电股份有限公司关于 持股5%以上股东减持股份至5%以下的提示性公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次权益变动为深圳市路维光电股份有限公司（以下简称"公司"）股东 深圳市兴森快捷电路科技股份有限公司（以下简称"兴森科技"）及其一致行 动人兴森股权投资（广州）合伙企业（有限合伙）（以下简称"兴森股权"） 履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，兴森科技及其一致行动人兴森股权合计持有公司股份由 11,600,070股减少至9,666,670股，占公司总股本的比例由6.00002%减少至 4.99999%，不再是公司合计持股5%以上的股东。截至本公告披露日，本次减持 计划尚未实施完毕。 本次权益变动为公司合计持股5%以上非第一大股东减 ...

Core Viewpoint - The domestic photomask industry is currently lagging behind, but downstream demand growth is driving the development of the photomask sector [1][2]. Industry Overview - Photomasks are critical materials in the microelectronics manufacturing process, used to transfer circuit designs onto substrates or wafers through exposure [2]. - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022 [2]. - The photomask industry exhibits a counter-cyclical property to the panel industry, with photomask companies experiencing revenue growth during panel downturns due to increased new product development efforts by panel manufacturers [3]. Market Dynamics - The semiconductor photomask market is dominated by American and Japanese companies, with Intel, Samsung, and TSMC accounting for 65% of the market share in 2019 [3]. - Domestic photomask companies face challenges due to reliance on foreign imports for upstream equipment and materials, and limited market share in the midstream manufacturing sector [2][3]. Strategic Recommendations - Long-term development for domestic photomask companies requires acquisitions, talent acquisition, and strengthening R&D capabilities to catch up with overseas competitors [4]. - The shift of panel and semiconductor production capacity to mainland China presents a geographical advantage for domestic companies [4]. Notable Companies - Qingyi Optoelectronics (688138.SH): One of the largest domestic photomask suppliers, achieving breakthroughs in customer expansion [5]. - Luvi Optoelectronics (688401.SH): Leading in G11 panel lines, possessing core photomask manufacturing technology [6]. - Longtu Photomask (688721.SH): A leading semiconductor photomask manufacturer, covering mainstream process nodes [7]. - Wuxi Disi: A photomask manufacturing enterprise under China Resources Microelectronics, with leading technology [8]. - Haoya Optical: Jointly established a photomask subsidiary with BOE, with growth potential [9].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company has shown significant growth in revenue and net profit, with a 30.21% year-on-year increase in revenue for 2024 and a 28.27% increase in net profit [4]. - The primary revenue source is the flat panel display mask, with notable growth in OLED mask sales, while the semiconductor mask business is also expanding rapidly [5]. - The company is expected to continue its growth trajectory with new production capacity coming online, particularly in the semiconductor and high-precision flat panel display mask segments [5]. Financial Performance - In 2024, the company achieved revenue of 876 million yuan and a net profit of 191 million yuan, with a significant increase in Q1 2025 revenue to 260 million yuan, reflecting a 47.09% year-on-year growth [4][5]. - The projected net profits for 2025-2027 are 276 million yuan, 384 million yuan, and 544 million yuan, respectively, with corresponding EPS of 1.43, 1.99, and 2.81 yuan [6][9]. - The company’s gross margin is expected to improve from 34.8% in 2024 to 40.7% by 2027, indicating enhanced profitability [9]. Market Position and Growth Potential - The company is positioned as a leading domestic supplier of masks, benefiting from the ongoing trend of import substitution in the mask industry [6]. - The release of new production lines for semiconductor and flat panel display masks is anticipated to drive future growth, with the company already being a key supplier for major downstream packaging and testing manufacturers [5][6]. - The overall mask industry is in the early stages of domestic production, suggesting substantial room for growth and market share expansion [6].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company is a leading domestic supplier of photomasks, benefiting from dual growth drivers in display and semiconductor sectors. The release of new production capacity is expected to support future growth [4][5][6]. - The company reported a revenue of 876 million yuan for 2024, a year-on-year increase of 30.21%, and a net profit of 191 million yuan, up 28.27% year-on-year. For Q1 2025, revenue reached 260 million yuan, reflecting a 47.09% year-on-year growth [4][5]. Financial Performance - The company achieved a revenue of 8.76 billion yuan in 2024, with a net profit of 1.91 billion yuan, and a significant increase in net profit margin [4][10]. - The projected net profits for 2025-2027 are 276 million, 384 million, and 544 million yuan respectively, with corresponding EPS of 1.43, 1.99, and 2.81 yuan [7][10]. Market Position and Growth Potential - The primary revenue source is the flat panel display photomask, with notable growth in OLED photomasks. The semiconductor photomask business is also expanding, establishing the company as a key supplier for major downstream packaging and testing firms [5][6]. - The company is expected to benefit from the domestic photomask industry's initial phase of localization, with significant room for import substitution [7]. Production Capacity and Future Outlook - New production lines for semiconductor and high-precision flat panel display photomasks are set to gradually release capacity in 2025, enhancing the company's production capabilities [6]. - The company has begun moving equipment for its semiconductor photomask project, targeting production for 130-40nm process nodes in 2025 [6]. Valuation Metrics - The projected P/E ratios for 2025-2027 are 23.5, 16.9, and 11.9, indicating a favorable valuation as the company grows [7][10]. - The expected revenue growth rates for 2025-2027 are 33.0%, 34.6%, and 36.4%, reflecting strong market demand and operational efficiency [10].

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report This week, convertible bonds underperformed underlying stocks, and their valuations slightly declined. Amid better - than - expected Sino - US economic and trade talks, the equity market accelerated its recovery in the first half of the week and then pulled back. There was a divergence in the performance of large - and small - cap styles in the convertible bond market. Large - cap convertible bonds performed strongly due to the continuous replenishment of under - allocated industries by funds, while previously active styles such as TMT declined. Currently, with limited fluctuations in the bond market and doubts about the medium - to - long - term profit improvement of equities, although there is limited upward space for convertible bond valuations, strong support is likely due to supply - demand contradictions, and no breakthrough variables have emerged. In terms of allocation, it is recommended to focus on high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Pay attention to recent cases of proposed downward revisions and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming are still recommended [1][6]. 3. Summary by Relevant Catalogs 3.1 Week's View and Outlook - Convertible bonds underperformed underlying stocks this week, with slightly reduced valuations. The equity market first recovered and then pulled back. There was a style divergence in the convertible bond market. - Given the current situation of the bond and equity markets, convertible bond valuations have limited upward space but are likely to be strongly supported. - Allocate high - dividend large - cap debt - biased convertible bonds, combined with a balanced equity - biased direction. Focus on downward - revision cases and use strategies like asymmetrical trading [1][6]. 3.2 Convertible Bond Valuation - Convertible bonds underperformed underlying stocks, and overall valuations slightly decreased. The 100 - yuan premium rate of the entire market was 28%, down 0.02% week - on - week, at the 73.1st percentile since 2017. Low - rated convertible bonds had a 100 - yuan premium rate of 23%, down 0.2%, at the 71.2nd percentile. High - rated convertible bonds had a 100 - yuan premium rate of 22%, down 0.31%, at the 79.6th percentile [3][7]. - The conversion premium rate decreased, the pure - bond premium rate increased, and the yield to maturity decreased. As of the latest data, the conversion premium rate index, pure - bond premium rate index, and yield to maturity were 47.24%, 26.13%, and - 2.48% respectively, changing by - 0.91%, 0.42%, and - 0.13% from last week, at the 72.4th, 33.3rd, and 15.3rd percentiles since 2017 [3][10]. 3.3 Clause Tracking 3.3.1 Redemption - No new convertible bonds issued early - redemption announcements this week. There is currently 1 convertible bond that has issued an early - redemption announcement and is still trading, and no bonds with maturity - redemption announcements are trading. The potential maturity or conversion balance of early - redeemed and matured convertible bonds still trading is 275 million yuan. - There are 26 convertible bonds in the redemption process, and 7 are expected to meet the redemption conditions next week, which are recommended for observation. - Two convertible bonds, including Qianglian, announced not to redeem early. As of now, 49 convertible bonds are within the non - redemption period [13][18][19]. 3.3.2 Downward Revision - Gaoce and Puli announced downward - revision board plans this week. As of now, 170 convertible bonds are in the non - downward - revision interval, 2 have triggered the condition and the stock price is still below the trigger price but no announcement has been made, 46 are in the downward - revision process, and 4 have issued downward - revision board plans but have not held a general meeting of shareholders [20][23]. 3.3.3 Put Option - Three convertible bonds, including Sannuo, Lepu 2, and Changhong, issued put - option announcements this week. As of now, 9 convertible bonds are in the cumulative put - option process, 1 is in the downward - revision process, 2 are in the process of board - proposed revision but have not held a general meeting of shareholders. Currently, 6 convertible bonds have issued put - option announcements [23]. 3.4 Primary Issuance - There are no convertible bonds scheduled for issuance or listing next week. As of now, there are 9 convertible bonds in the approval - registration process, with an expected issuance scale of about 1.45 billion yuan, and 4 in the listing - committee approval process, with an expected issuance scale of about 270 million yuan [25].

证券代码：688401 证券简称：路维光电 公告编号：2025-033 深圳市路维光电股份有限公司关于召开 公司已分别于2025年4月19日、2025年4月29日披露《2024年年度报告》和 《2025年第一季度报告》。为便于广大投资者更全面深入地了解公司2024年年 度和2025年第一季度经营成果、财务状况，公司计划于2025年5月22日（星期四） 络文字互动形式召开，公司将通过本次活动，在信息披露允许范围内就投资者 普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年5月22日（星期四）13:00-14:00 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025年5月22日（星期四）13:00-14:00 ?会议 召开地点 ：上海 证券交易所 上证路演 中心（网 址： https://roadshow.sseinfo.com/） ? 会议召开方式：网络文字互动 ? 投资者可于2025年5月14日（星期三）至5月21日（星期三）16:00前登录 上证路 ...

证券代码：688401 证券简称：路维光电 公告编号：2025-033 深圳市路维光电股份有限公司关于召开 2024年度暨2025年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025年5月22日（星期四）13:00-14:00 （一）会议召开时间：2025年5月22日（星期四）13:00-14:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：网络文字互动 三、参加人员 董事长、总裁：杜武兵先生 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于2025年5月14日（星期三）至5月21日（星期三）16:00前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 ...