长芯博创科技股份有限公司2025年年度报告深度解读

一、报告摘要及关键信息

长芯博创科技股份有限公司（原名：博创科技股份有限公司，证券代码：300548）于2025年发布年度报告。报告显示，公司在光通信领域深耕多年，主营业务涵盖光电芯片、光电模组、集成光电子器件、光模块、有源光缆（AOC）、铜缆（DAC/ACC/AEC）、综合布线等，覆盖电信、数据通信、消费及工业互联领域。公司产品在国内外市场均有布局，尤其在数据中心和云计算相关领域表现突出。

二、业绩表现及财务关键数据

• 营业收入：2025年达25.33亿元，同比增长44.93%。
• 归属于上市公司股东的净利润：3.35亿元，同比增长364.62%。
• 扣非净利润：3.22亿元，同比增长459.44%。
• 经营活动现金流：7.15亿元，同比增长124.65%。
• 加权平均净资产收益率：18.76%，远高于去年4.28%。
• 分红预案：每10股派发现金红利2.90元（含税），不送红股、不转增股本。

分季度来看，2025年各季度营业收入和利润均保持较高增长，显示公司经营稳定，盈利能力显著提升。

三、主营业务进展与市场表现

1. 电信市场业务

• 2025年电信业务收入为4.81亿元，同比下降28.21%，占总收入18.98%。
• 受行业周期波动和市场竞争加剧影响，电信市场业务有所下滑。
• 公司在10G PON OLT光模块和DWDM器件领域处于国内领先，ODN布线产品市场份额持续扩大。

2. 数据通信、消费及工业互联市场

• 2025年该板块收入20.39亿元，同比增长89.86%，占总收入80.50%。
• 受益于AI、云计算、大数据等新兴技术需求，公司成为北美超大规模云服务商的核心供应商，国内数据中心光互联无源产品市场份额领先。
• 公司在高速光模块、有源光缆、高速铜缆等产品批量供货能力突出，积极布局XR、医疗影像等领域。

3. 技术创新与研发投入

• 全年研发投入1.27亿元，占营收5.03%。
• 新产品研发提速：MEMS光开关、光信道监测模块（OCM）进入市场推广阶段；AAWG、400G/800G AEC、高密度光学连接器等新产品批量出货。
• 布局XR及医疗影像领域，内窥镜用光纤连接线实现量产，产品体系进一步丰富。

四、重大事项与潜在股价敏感信息

1. 重要股权收购和公司更名

• 2025年1月，公司以现金方式收购长芯盛（武汉）科技股份有限公司18.16%股权，持股比例提升至60.45%，加大对核心子公司的控制力。
• 2025年7月1日，公司完成工商变更登记，中文名称由“博创科技”变更为“长芯博创”，英文名称由“Broadex Technologies Co., Ltd.”变更为“EverProX Technologies Co., Ltd.”，证券简称同步变更，证券代码不变。

2. 股权收购意向签署

• 2026年2月24日，公司与上海鸿辉光通科技股份有限公司签署《关于上海鸿辉光联通讯技术有限公司的股权收购意向书》，拟收购其持有的上海鸿辉光联通讯93.8108%股权，目前尚处于意向阶段，后续进展具有不确定性。

3. 股东结构变化

• 前十大股东中，长飞光纤光缆股份有限公司持股19%，为最大股东。
• 境外自然人ZHU WEI持股8.02%，为重要个人股东。
• 股东人数较去年大幅增加，显示市场关注度提升。

五、投资者须知及风险提示

• 公司收入和利润大幅增长主要来源于数据通信和消费、工业互联领域，未来受新兴技术发展影响较大。
• 电信市场业务仍有下滑风险，需关注行业周期和政策变动。
• 公司加大海外市场拓展及股权收购，对公司未来业务和业绩表现有重大影响，投资者需密切关注相关进展。
• 新产品研发及大额研发投入，短期内或对利润造成一定压力，但长期有助于提升核心竞争力。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。请以公司公告及相关法律法规为准，投资者应自主判断并承担投资风险。

EverProX Technologies Co., Ltd. 2025 Annual Report Deep Dive (English Translation)

1. Report Summary and Key Highlights

EverProX Technologies Co., Ltd. (formerly Broadex Technologies Co., Ltd., stock code: 300548) released its 2025 annual report. The company has long been focused on the optical communication field, with main businesses covering optoelectronic chips, modules, integrated optoelectronic devices, optical modules, active optical cables (AOC), copper cables (DAC/ACC/AEC), and structured cabling. Its products serve telecom, data communications, consumer, and industrial interconnect markets, with both domestic and international market coverage—especially outstanding performance in data center and cloud computing related fields.

2. Financial Performance and Key Data

• Operating Revenue: RMB 2.533 billion in 2025, up 44.93% year-on-year.
• Net Profit Attributable to Shareholders: RMB 335 million, up 364.62% year-on-year.
• Net Profit after Deducting Non-recurring Gains/Losses: RMB 322 million, up 459.44%.
• Net Cash Flow from Operating Activities: RMB 715 million, up 124.65%.
• Weighted Average ROE: 18.76%, far higher than last year’s 4.28%.
• Dividend Proposal: RMB 2.90 cash dividend (tax included) per 10 shares, no bonus shares, no capital increase.

Quarterly performance maintained strong growth in both revenue and profit, indicating stable operations and significantly improved profitability.

3. Main Business Progress and Market Performance

1. Telecom Market

• 2025 telecom business revenue: RMB 481 million, down 28.21% year-on-year, accounting for 18.98% of total.
• Business decline due to industry cycle and intensified competition.
• Leading position in 10G PON OLT optical modules and DWDM devices in China, ODN cabling products gaining market share.

2. Data Communication, Consumer & Industrial IoT

• 2025 revenue: RMB 2.039 billion, up 89.86% year-on-year, accounting for 80.50% of total.
• AI, cloud computing, and big data demand drove growth; core supplier to major North American cloud providers, leading share in domestic data center optical interconnect passive products.
• Strong capability for mass production of high-speed optical modules, AOC, high-speed copper cables; actively expanding into XR and medical imaging.

3. Technology Innovation & R&D

• Annual R&D input: RMB 127 million, 5.03% of revenue.
• Accelerated new product development: MEMS optical switches, OCM modules entering market; AAWG, 400G/800G AEC, high-density optical connectors shipped in bulk.
• Deployment in XR and medical imaging; mass production of endoscope fiber cables, further enriching product portfolio.

4. Major Events & Price-Sensitive Information

1. Significant Equity Acquisitions and Company Name Change

• January 2025: Acquired 18.16% of Changxinsheng (Wuhan) Technology, raising stake to 60.45%, enhancing control over core subsidiary.
• July 1, 2025: Completed registration for company name change to “EverProX Technologies Co., Ltd.” (from “Broadex Technologies Co., Ltd.”); stock abbreviation changed accordingly, stock code unchanged.

2. Equity Acquisition Intent

• February 24, 2026: Signed a letter of intent to acquire 93.8108% equity in Shanghai Honghui Guanglian Communications Technology Co., Ltd.; deal still in early stage and subject to further due diligence.

3. Shareholder Structure Changes

• Top shareholder: Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. (19% ownership).
• Key individual shareholder: ZHU WEI (8.02%).
• Number of shareholders increased significantly, reflecting higher market attention.

5. Investor Reminder & Risk Warning

• Revenue and profit growth mainly driven by data communication and consumer/industrial IoT; future subject to new tech development.
• Telecom business still faces risks of decline due to market cycles and policy changes.
• Overseas expansion and equity acquisitions may materially impact future business and performance; investors should track developments closely.
• High R&D investments may pressure short-term profits but benefit long-term competitiveness.

Disclaimer: The above content is for information only and does not constitute investment advice. Investing carries risks; please exercise caution and refer to official company announcements and legal regulations. Investors are advised to make their own decisions and bear related risks.

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