证券代码：688721 证券简称：龙图光罩 公告编号：2026-001 深圳市龙图光罩股份有限公司 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 2025年度业绩快报公告 本公司董事会及全体董事保证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。 本公告所载2025年度（以下简称"报告期"）主要财务数据为初步核算数据，未经会计师事务所审计，具 体数据以深圳市龙图光罩股份有限公司（以下简称"公司"）经审计的2025年年度报告中披露的数据为 准，敬请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司经审计的2025年年度报告 为准。 1、经营情况、财务状况 2025年度，公司实现营业收入24,665.83万元，较上年度增长0.06%；公司实现归属于母公司所有者的净 利润5,798.51万元，较上年度下降36.86%；实现归属于母公司所有者的扣除非经常性损益的净利润 5,6 ...

智通财经APP讯，龙图光罩(688721.SH)披露2025年度业绩快报，2025年度实现营业收入2.47亿元，同比 增长0.06%;归属于母公司所有者的净利润5798.51万元，同比下降36.86%。 公司专注于半导体掩模版的研发、生产和销售。报告期内，公司净利润下滑较多的主要原因系本期的营 业收入较上期基本持平，但成本和费用端出现了明显增长。 出现上述情况的具体原因，一是半导体掩模版行业竞争显现，130nm及以上制程的光罩产品竞争加剧， 公司针对部分客户进行了策略性降价，导致深圳工厂相应产品毛利率下降;二是珠海新工厂处于产能爬 坡关键期，固定资产折旧成本较高，规模效应尚未完全释放，产品毛利率为负;三是公司重点布局高端 制程及关键客户开发，研发投入、销售费用等同比增加明显;此外，珠海工厂采购的原材料中，部分存 货可变现净值低于成本，公司基于审慎性原则计提了相应的资产减值损失。 ...

格隆汇1月29日丨龙图光罩(688721.SH)近日接受特定对象调研时表示，全球半导体掩模版市场中，日本 凸版、美国Photronics、日本 DNP 三家，合计占据超过 80%以上的份额。公司作为国内独立第三方厂 商，聚焦半导体掩模版领域，目前主力产品覆盖 130nm 及以上制程，核心应用于功率半导体、模拟 IC 领域，主要优势在于响应速度快、服务能力强；差距主要体现在先进制程(28nm及以下)研发与量产能 力，以及全球客户资源布局上，海外头部厂商已实现 EUV 掩模版量产，技术水平上仍存在一定的差 距。 ...

Group 1 - The core viewpoint of the article emphasizes that the localization of photomasks is a crucial step for the self-sufficiency of the semiconductor industry in China [2][10] - Photomasks are essential materials in semiconductor manufacturing, with IC production accounting for 60% of the downstream market [2][11] - The global photomask market is projected to reach $6.079 billion by 2025, with a year-on-year growth of 7% [4][26] Group 2 - The blank photomask is a core component of photomasks, with its production process involving multiple technical challenges and high barriers [5][50] - The global market for blank photomasks is expected to be around $1.8 billion in 2024, with the Chinese market estimated at $400 million [62] - Japanese companies dominate the blank photomask market, with HOYA holding a significant share in the EUV blank photomask segment [7][55] Group 3 - The article suggests that the localization of blank photomasks is urgently needed to reduce dependence on foreign suppliers and enhance the stability of the semiconductor supply chain [9][64] - Companies like 聚和材料 are actively pursuing acquisitions to enter the blank photomask market, indicating a strategic move towards self-sufficiency [66][67] - The semiconductor photomask market is characterized by high technical barriers and significant capital requirements, making it challenging for new entrants [69]

Group 1 - The core point of the news is that Longtu Photomask has seen a stock price increase of 5.18%, reaching 46.50 CNY per share, with a total market capitalization of 6.208 billion CNY [1] - Longtu Photomask, established on April 19, 2010, specializes in the research, production, and sales of semiconductor photomasks, with revenue composition of 82% from quartz photomasks and 18% from soda photomasks [1] - The company is located in the Saint George Technology Industrial Park in Bao'an District, Shenzhen, Guangdong Province [1] Group 2 - Among the top ten circulating shareholders of Longtu Photomask, Huaxia Fund's ETF (588170) has entered the list, holding 202,000 shares, which is 0.58% of the circulating shares [2] - The Huaxia ETF, established on March 24, 2025, has a current scale of 2.79 billion CNY and has achieved a return of 43.2% since inception [2] - The fund manager, Yang Siqi, has been in the position for 1 year and 162 days, with the fund's total asset scale at 11.54 billion CNY, achieving a best return of 51.66% and a worst return of -5.16% during the tenure [2]

Core Viewpoint - Longtu Photomask has confirmed that its main business focuses on the research, production, and sales of semiconductor photomasks, and it has not yet ventured into quantum technology research or applications [2]. Group 1: Company Overview - Longtu Photomask's primary business is centered around semiconductor photomasks, which are essential components in the semiconductor manufacturing process [2]. - The company is committed to maintaining stable development in its existing business while cautiously evaluating opportunities for synergy with emerging technologies [2]. Group 2: Industry Dynamics - The company will continue to monitor industry trends and advancements to ensure it remains competitive and can identify potential growth areas [2].

Core Insights - The global semiconductor mask market is expected to reach $6.079 billion by 2025, with a year-on-year growth of 7% [1][2] - The domestic semiconductor mask market in China has rapidly grown from $0.912 billion in 2017 to $1.556 billion in 2022, with a compound annual growth rate (CAGR) of 11.3% from 2017 to 2022 [1][2] - The localization of blank masks is crucial for the self-sufficiency of the semiconductor industry chain in China [1][4] Industry Overview - Semiconductor masks are a key component in semiconductor manufacturing, accounting for 12% of the global semiconductor materials market in 2021, second only to silicon wafers and electronic gases [2] - The blank mask is a core component of semiconductor masks, with its structure consisting of a glass panel coated with optical films [3] - The global blank mask market is projected to be approximately $1.8 billion in 2024, with the domestic market in China estimated at around $0.4 billion [3] Market Dynamics - Japanese companies dominate the global blank mask market, with HOYA holding a significant share in the EUV blank mask market [4] - Domestic companies like Juhe Materials are attempting to enter the blank mask sector through acquisitions to address the lack of high-end blank masks in China [4] Investment Opportunities - Companies to watch include Juhe Materials (688503.SH), Longtu Photomask (688721.SH), Luvi Optoelectronics (688401.SH), and Qingyi Optoelectronics (688138.SH) [5]

Core Insights - The semiconductor mask blank is a critical component in semiconductor manufacturing, with significant implications for domestic production capabilities and supply chain independence [2][4]. Market Overview - The global semiconductor mask blank market is projected to reach $6.079 billion by 2025, with a year-on-year growth of 7% [1][2]. - The market size for semiconductor mask blanks in mainland China grew from $912 million in 2017 to $1.556 billion in 2022, reflecting a compound annual growth rate (CAGR) of 11.3% during this period [1][2]. Industry Dynamics - Mask blanks are essential for creating high-resolution patterns in semiconductor production, with IC manufacturing accounting for 60% of the downstream market [2]. - The market for blank masks is currently dominated by Japanese manufacturers, including HOYA, Shin-Etsu, and AGC, particularly in the EUV and DUV segments [3][4]. Domestic Opportunities - The push for domestic production of semiconductor mask blanks is crucial for reducing reliance on foreign suppliers and enhancing the stability of the semiconductor supply chain [4]. - Companies like Juhe Materials are looking to enter the blank mask market through acquisitions, indicating a strategic move towards achieving self-sufficiency in high-end mask production [3][4].

Group 1 - The core viewpoint of the article emphasizes that the localization of photomasks is a crucial step for the self-sufficiency of the semiconductor industry in China [2][9][64] - Photomasks are essential materials in semiconductor manufacturing, with IC manufacturing accounting for 60% of the downstream market [2][12] - The global photomask market is projected to reach $6.079 billion by 2025, with a growth rate of 7% [4][26] Group 2 - The blank photomask is a core component of photomasks, with its production process involving multiple technical challenges and high barriers [5][50] - The global market for blank photomasks is expected to be around $1.8 billion in 2024, with the Chinese market estimated at $400 million [62] - Japanese companies dominate the blank photomask market, with HOYA holding a significant share in the EUV blank photomask segment [7][55] Group 3 - The article suggests that the localization of blank photomasks is urgently needed to reduce dependence on foreign suppliers and enhance the stability of the semiconductor supply chain [9][64] - Domestic suppliers are primarily focused on low-end applications, with high-end blank photomasks still reliant on imports from Japan and South Korea [60] - The increasing complexity of semiconductor processes necessitates a rise in the number of photomasks used, thereby increasing the demand for blank photomasks [32][33] Group 4 - Investment recommendations highlight the strategic importance of domestic photomask production to mitigate risks associated with international trade policies and supply chain uncertainties [64] - The acquisition of SK Enpulse by a domestic company aims to enhance capabilities in the blank photomask sector, aligning with national self-sufficiency goals [66][67]

Investment Rating - The report maintains a positive investment outlook on the semiconductor photomask industry, emphasizing the importance of domestic production capabilities for photomasks in China [5]. Core Insights - Photomasks are critical materials in semiconductor manufacturing, with a significant market share and high technical barriers. The domestic production of photomasks is essential for achieving self-sufficiency in the semiconductor supply chain [1][9]. - The global photomask market is projected to reach $6.079 billion by 2025, with a growth rate of 7%. The Chinese mainland photomask market has seen rapid growth, increasing from $912 million in 2017 to $1.556 billion in 2022, with a compound annual growth rate (CAGR) of 11.3% [2][37]. - The blank photomask is a core component of semiconductor photomasks, with a projected global market size of approximately $1.8 billion in 2024, and the Chinese market size estimated at around $400 million [3][77]. Summary by Sections Section 1: Photomask Localization - Photomasks are essential semiconductor materials with high technical barriers, and their localization is crucial for the self-sufficiency of the semiconductor industry [1.1][1.2]. - The semiconductor photomask market is expected to recover, with a projected size of $6.079 billion by 2025, driven by advancements in semiconductor processes [2][33]. Section 2: Blank Photomask as Core Material - Blank photomasks are fundamental to photomask production, with their quality directly impacting the performance of photomasks [3.1][3.2]. - The production of blank photomasks faces significant technical challenges, and the market is currently dominated by Japanese manufacturers [2.3][2.4]. Section 3: Investment Recommendations - The report suggests focusing on companies like Juhe Materials, Longtu Photomask, and others that are actively working on domestic photomask production and acquisition strategies [3.1][3.2]. - The acquisition of SK Enpulse by Juhe Materials is highlighted as a strategic move to enhance domestic capabilities in blank photomask production [80][81].