致同会计师事务所（特殊普通合伙）关于河南仕佳光子科技股份有限公司向特定对象发行股票申请文件的审核问询函中有关财务会计问题的专项说明

仕佳光子查看原文

摘要

1致同会计师事务所就仕佳光子向特定对象发行股票审核问询函中的财务会计问题出具专项说明。
2公告详细披露了AWG芯片、CW COC器件及MPO/MMC连接器三大募投项目的投资构成、产能规划、效益测算及毛利率预测（综合毛利率约34%-39%）。
3同时，会计师核查确认了公司收入真实性、客户集中度变化（前五大客户占比升至90.82%）、存货跌价准备计提充分性及关联交易公允性，并对2023-2026H1财务数据进行了全面验证，回应了监管对融资必要性及业绩增长可持续性的关注。

文本

22 5 100004

+86 10 8566 5588 +86 10 8566 5120

www.grantthornton.cn

2026 610A020332

18

2025

2023 2024 2025 2026 1-6 2026 6 30

7

1

1

1 280,000 AWG CW

COC MPO/MMC 2

12.65

1

2

  • 3
  • 4

5

6

7

—— 6 2 4

18 5

  • 2
  • 2

7 5 5

1 5 1

1 AWG

76,899.14

115,908.6520.69%
255,423.8672.07%
33,566.634.64%
42,000.002.60%
76,899.14100.00%
  • 1 15,908.65

/

13#4,400.002,500.0012,500.006,600.00
28#6,600.002,000.003,000.003,300.00
  • 3

3

312# 32,437.002,000.00487.40
412# 41,870.003,000.00561.00
514# 1600.005,000.00300.00
614# 22,226.002,500.00556.50
714# 32,310.003,000.00693.00
814# 42,310.003,000.00693.00
915# 33,300.001,000.00330.00
1015# 43,300.003,000.00990.00
116#A618.505,000.00309.25
126#B177.005,000.0088.50
13---1,000.00
30,148.50--15,908.65
  • 3# 8#

/

13#12,500.00AWG
28#3,000.003200 3400
312# 32,000.00
412# 43,000.00
514# 15,000.00
614# 22,500.00
714# 33,000.00
814# 43,000.00
  • 4

4

915# 31,000.00
1015# 43,000.00
116#A5,000.003500 / 1500 /
126#B5,000.003500 / 1500 /

/

40nm-28nm11,100.00
25,000.00
24017,000.00
12,500.00
3,000.00
--2,500.00/3,000.00
1,300.00/2,000.00
9,561.13
5,000.00
2,000.00-3,000.00
  • 2 55,423.86

5

11,147.47
2765.00
3800.00
4V8,000.00
51,280.00
6FAU2,313.18
7FAU1,299.58
8PMLA14,191.00
93,478.80
10LENS765.60
1139.00
121,724.97
13FA948.26
14225.00
152,345.00
165,580.00
173,750.00
183,796.00
192,975.00
55,423.86
AWG22,500.0072,262.003.21
55,423.86221,212.043.99

AWG

AWG IPO IPO

12,305.1087,275.007.09
68,296.60249,747.113.66
41,200.0083,400.002.02
5G43,231.31104,400.002.41
AWG55,423.86221,212.043.99

“ ”

  • 3 3,566.63 5%
  • 4 2,000.00

2 CW COC

145,611.41

  • 7
124,257.7516.66%
2111,562.6476.62%
36,791.024.66%
43,000.002.06%
145,611.41100.00%
  • 1 24,257.75

/

12#1,000.0015,000.001,500.00
23#8,400.002,500.0012,500.0012,600.00
38#12,600.002,000.003,000.006,300.00
412# 1600.006,000.00360.00
56#A618.505,000.00309.25
66#B177.005,000.0088.50
7---100.00
8---3,000.00
23,395.50--24,257.75

3# 8#

  • 8

/

12#15,000.004,500 / PCW 1,000 / 5,000 /<br><br>4,500 /
23#12,500.00
38#3,000.00
412# 16,000.00
56#A5,000.003,500 / 1,500 /
66#B5,000.003,500 / 1,500 /

/

40nm-28nm11,100.00
25,000.00
24017,000.00
12,500.00-15,000.00
3,000.00
4,000.00
3,500.00
3,000.00

2 111,562.64

100mW CW DFB
19,486.68
25,220.50
33,491.21
44,664.15
5Bar4,926.71
618,606.79
73,725.00
8885.58
96,300.00
400mW CW DFB
10X3,120.00
112,360.00
125,292.00
134,106.20
14Bar1,492.80
1516,660.00
163,571.00
17COC17,654.00
111,562.64
AWG22,500.0072,262.003.21
111,562.64272,275.262.44

AWG

10

  • 10

AWG IPO IPO IPO

VCSEL20,053.5028,774.341.43
21,963.00116,848.685.32
CW COC111,562.64272,275.262.44
  • 3 6,791.02 5%
  • 4 3,000.00

3 MPO/MMC

17,154.96

  • 11

11

12,456.0014.32%
213,008.5475.83%
3690.434.02%
41,000.005.83%
17,154.96100.00%
  • 1 2,456.00

/ / /

140,000.0048.00200.00800.00576.001,376.00
212,000.00300.00--1,080.001,080.00
52,000.00--800.001,656.002,456.00
  • 2 13,008.54
1/ 6 3D MPO11,623.63
2MPO1,144.93
3MES ERP240.00
13,008.54

12

  • 12
20235,197.5019,772.763.80
20246,607.7527,158.504.11
202513,143.6693,841.807.14
--5.02
13,008.5493,150.587.16
  • 1
  • 2 2023 2025 3.80 4.11 7.14

7.16 2025

149,864.47603,238.754.03
47,411.00217,600.004.59
10,122.3078,611.977.77
MPO/MMC13,008.5493,150.587.16
  • 13
  • 13
  • 3 690.43 5%
  • 4 1,000.00

2

1 AWG

AWG FAU MT-FA AWG MT-FA FAU

1

AWG MT-FA FAU

2 AWG MT-FA

  • 14
  • 14
2026 1-6202520242023
AWG452.77877.92429.42394.68
461.98794.15440.51172.34
447.49737.23427.03173.04
102.04%90.46%102.58%43.67%
96.86%92.83%96.94%100.41%
161.73150.56125.37136.94
190.7992.2088.6144.75
168.85106.2772.5438.89
117.97%61.24%70.68%32.68%
88.50%115.26%81.86%86.91%

AWG

FAU MTFA AWG MT-FA

3

AWG MT-FA

AWG MTFA

FAU

  • 15

15

FAU

AWG MT-FA FAU 4

AWG MT-FA

FAU MT-FA FAU MT-FA

106,046.67

FAU MT-FA FAU MT-FA

48,945.05

AWG MT-FA

16

  • 16

AWG MT-FA

FAU MT-FA

MT-FA

18,313.86

5

AWG MT-FA FAU 21.66% AWG FAU MT-FA

AWG MT-FA

AWG AWG MT-FA FAU

2026 1-6202520242023
28.83%26.52%28.76%29.56%28.42%
39.36%33.48%34.99%45.18%38.25%
35.23%38.31%34.47%29.75%34.44%
71.90%63.67%68.41%60.25%66.06%
43.83%40.50%41.66%41.19%41.79%
  • 17

17

  • 6

41.79% 21.66%

6.75
5G6.7721.05%
AWG 166.4920.16%
6.6720.61%
AWG6.8919.86%

2 CW COC

1

CW COC

400mW CW DFB COC

100mW CW DFB

2

100mW CW DFB 400mW CW DFB COC DFB

2026 1-6202520242023
DFB2,394.347,413.948,490.608,143.91
2,220.315,825.045,257.662,074.95
2,162.735,162.866,174.722,770.57
92.73%78.57%61.92%25.48%
97.41%88.63%117.44%133.52%

DFB

2026 1-6 DFB 90% 95%

3

100mW CW DFB

400mW CW DFB COC

100mW CW DFB

100mW CW DFB 400mW CW DFB COC

4

100mW CW DFB

400mW CW DFB COC 100mW CW DFB

400mW CW DFB COC 100mW CW DFB

143,862.83

100mW CW DFB

400mW CW DFB COC 100mW CW DFB

400mW CW DFB COC 100mW CW DFB

7,060.01

20

  • 20

100mW CW DFB

400mW CW DFB COC 100mW CW DFB

400mW CW DFB COC 100mW CW DFB

52,137.89 5

100mW CW DFB 400mW CW DFB COC

25.08% 100mW CW DFB 400mW CW DFB COC

DFB 25.08%

2026 1-6202520242023
80.50%58.15%33.53%40.40%53.14%
57.75%20.77%16.60%13.34%27.11%
VCSEL11.68%12.81%50.31%11.42%21.56%
49.98%30.58%33.48%21.72%33.94%
  • 21

21

25.08%

6

50G5.0350.50%
VCSEL6.1719.50%
6.4518.32%
5.8829.44%
CW COC5.9420.38%

“50G ” 2026

3 MPO/MMC

MPO MMC

  • 1
  • 2

22

22

MPO/MMC

2026 1-6202520242023
MPO/MMC696.47557.81197.91148.72
788.07613.11205.42134.87
814.26581.23196.5289.58
113.15%109.91%103.79%90.69%
103.32%94.80%95.67%66.42%

MPO/MMC

3

MPO MMC

MPO MMC

MPO MMC

4

57,945.56

23

23

9,813.25

8,320.81 5

MPO MMC 18.32%

18.32%

MPO MMC

2026 1-6202520242023
35.23%38.31%34.47%29.75%34.44%
57.75%20.77%16.60%13.34%27.11%

24

24

2026 1-6202520242023
33.14%28.98%15.96%21.85%24.98%
42.04%29.35%22.34%21.65%28.84%

18.32%

6

6.4924.64%
MPO/MMC7.5419.73%

1 5

—— 7 5 1

18 5

25

25

  • 2
  • 3

1 5 1 18 5

66,549.11 280,000.00 23.77% 30.00%
213,450.89 48,000.00<br><br>18,549.11

26

  • 26
124,530.51 48,000.00

2 —— 7 5

  • 27

27

2

1 75,459.48 107,452.76 212,912.48 149,549.08 21.38% 26.08% 52.69% 58.89% 2

19,876.57

1

2

3

18 1 7 1 3

1

1 1

5G/6G

2021-2025 776 1,618 20.2%

2030 5,034 2025-2030 25.50%

AI

30.20%

AI 2025 1,149 2030 4,294 2025-2030

5G-Advanced/6G 50G PON

2030 739 2025-2030 9.50%

2021 -2030

400G 400G 800G

400G 2021 2025 400G 44.70% 109 476 800G

161.50% 14 653

800G 2025-2030 800G

47.10% 4,498

30

30

2021 -2030

2

AI 5G/6G

800G/1.6T NPO/CPO

“ - - ”

2025 37.6 7.40%

2026 42 11.70%

31

31

2021 -2026

AI 2021-2025 34 61 15.40% 2030 229 2025-2030 30.50% AI CPO 1.6T

2025 34

2030 153 2025-2030 35.40% 2025 27 2030 76 2025-2030 23.00%

32

32

2021 -2030

AI 800G

2025 20 2021-2025 145.20% 1.6T CPO

2030 196 2025-2030 58.50%

33

33

2021 -2030

2 1 AI

AI

400G/800G/1.6T 2026 1.6T AI 2027-2028 3.2T ChatGPT DeepSeek

AI

2

CPO NPO LPO

50% CPO

NPO CPO

34

  • 34

LPO DSP

3

2

EML CW DFB

DFB EML

PLC AWG VOA OSW VMUX WDM OCM<br><br>MPO MMC<br><br>DFB<br><br>MQW MOCVD<br><br>DFB
  • 35

35

UL ETL CPR
UL<br><br>AI MPO<br><br>UL OFNP/OFNR CPR GB/T31247 B1 AI
2026 1-62025
124,346.8484.15%39.08%159,101.9775.83%36.05%
9,752.346.60%21.96%25,573.9412.19%26.84%
13,665.269.25%22.19%25,138.9711.98%20.42%
147,764.44100.00%36.39%209,814.88100.00%33.06%
20242023
60,634.6957.39%33.39%36,062.5548.92%21.37%
21,874.3020.71%14.75%19,168.2226.00%14.21%
23,136.7721.90%18.92%18,488.2325.08%18.28%
105,645.76100.00%26.36%73,718.99100.00%18.73%

36

  • 36

36,062.55 60,634.69 159,101.97 124,346.84 48.92% 57.39% 75.83% 84.15%

21.37% 33.39% 36.05% 39.08%

19,168.22 21,874.30 25,573.94 9,752.34 2023 2025 2026 1-6

26.00% 20.71% 12.19% 6.60% 14.21% 14.75% 26.84% 21.96% 2023 2025 2026 1-6

18,488.23 23,136.77 25,138.97 13,665.26

25.08% 21.90% 11.98% 9.25% 18.28% 18.92% 20.42% 22.19%

3

/ / /

2026 1-6202520242023
29.5139.08%18.1036.05%6.5233.39%6.5321.37%
0.8521.96%0.5626.84%0.3914.75%0.3914.21%
15,916.6322.19%15,281.1720.42%13,357.0018.92%13,988.3618.28%
  • 37

37

22 / 180 /

4

2026 1-6202520242023
AWG452.77877.92429.42394.68
102.04%90.46%102.58%43.67%
161.73150.56125.37136.94
117.97%61.24%70.68%32.68%
DFB2,394.347,413.948,490.608,143.91
92.73%78.57%61.92%25.48%
MPO/MMC696.47557.81197.91148.72
113.15%109.91%103.79%90.69%
1,552,8092,703,2071,736,5881,333,397
75.10%72.63%67.48%59.49%
12,000.0024,000.0023,500.0020,500.00
75.56%73.52%78.24%73.49%

AWG DFB MPO/MMC AI

5

2026 1-6202520242023
121,778.8982.41%154,889.6673.82%50,797.7548.08%21,616.6129.32%
14,182.679.60%31,831.5315.17%34,798.5932.94%35,522.0948.19%
11,802.887.99%23,093.6911.01%20,049.4218.98%16,580.2922.49%
147,764.44100.00%209,814.88100.00%105,645.76100.00%73,718.99100.00%

21,616.61 50,797.75 154,889.66 121,778.89 29.32% 48.08% 73.82% 82.41% AI

35,522.09 34,798.59 31,831.53 14,182.67 48.19% 32.94% 15.17% 9.60%

6

1

2026 1-6202520242023
103,166.2272.91%147,396.6147.56%99,887.3340.71%70,989.80
282,793.8715.15%516,343.2558.79%325,170.7667.74%193,859.76
660,967.0826.07%1,192,869.7144.20%827,231.0236.49%606,094.50
168,844.5840.72%253,263.9444.93%174,745.354.30%167,538.81
100,091.1520.81%154,675.8312.26%137,781.8355.73%88,477.56
92,515.05351.40%60,143.45138.50%25,217.2774.63%14,440.36
234,729.6687.84%387,448.8057.71%265,005.5946.60%190,233.47
149,549.0850.66%212,912.4898.15%107,452.7642.40%75,459.48

2024

2

2025

2026 1-6202520242023
38.77%34.66%33.88%34.47%
60.87%53.96%57.22%54.30%
25.53%23.43%22.46%22.63%
48.88%40.61%27.29%19.45%
34.81%38.00%35.62%29.40%
80.42%58.11%33.32%41.88%
48.21%41.46%34.97%33.69%
36.18%33.19%26.33%18.64%

18.64% 26.33% 33.19% 36.18%

40

40

7

2026 1-6202520242023
149,549.0850.66%212,912.4898.15%107,452.7642.40%75,459.48
31,478.4745.30%37,222.85473.25%6,493.33--4,754.67
36.18%2.99%33.19%6.86%26.33%7.69%18.64%

2023 75,459.48 2025 212,912.48 2026 1-6

2023 4,754.67 2025 37,222.85 2026

41

41

1

16,129.91 28,022.89 112,186.90 88,066.07 21.38% 26.08% 52.69% 58.89%

1

2026 1-6202520242023
85,444.6797.02%103,471.4092.23%25,321.1290.36%15,254.7894.57%
2,550.762.90%8,489.187.57%2,701.779.64%791.634.91%
70.640.08%226.320.20%--83.500.52%
88,066.07100.00%112,186.90100.00%28,022.89100.00%16,129.91100.00%

15,254.78 25,321.12 103,471.40 85,444.67 94.57% 90.36% 92.23% 97.02%

2

42

42

2026 1-6202520242023
34,735.9239.44%74,946.1166.80%12,973.2346.30%4,872.2630.21%
50,020.8756.80%33,961.2630.27%12,858.8145.89%8,967.5255.60%
3,125.373.55%2,972.252.65%1,781.736.36%1,520.579.43%
172.670.20%305.790.28%409.121.45%769.564.76%
11.240.01%1.49-----
88,066.07100.00%112,186.90100.00%28,022.89100.00%16,129.91100.00%

4,872.26 12,973.23 74,946.11 34,735.92 30.21% 46.30% 66.80% 39.44% 8,967.52 12,858.81

33,961.26 50,020.87 55.60% 45.89% 30.27% 56.80%

2026 1-6

2026

3

2026 1-6
1A55,827.7263.39%
2B13,832.2115.71%

43

43

3C3,640.044.13%
4D3,461.113.93%
5E3,224.113.66%
79,985.1990.82%
2025
1A53,938.6148.08%
2B19,008.9716.94%
3D12,932.4111.53%
4C9,317.298.31%
5F2,868.662.56%
98,065.9487.42%
2024
1C8,104.5928.92%
2D8,089.1928.87%
3A3,088.5511.02%
4G2,076.097.41%
5F1,174.794.19%
22,533.2180.41%
2023
1D5,244.8132.52%
2C3,980.9824.68%
3F1,811.4411.23%
4H464.172.88%
5I370.622.30%
11,872.0273.60%

11,872.02 22,533.21 98,065.94 79,985.19

44

44

73.60% 80.41% 87.42% 90.82% 1,000

1-6

  • A

2024 AI 2025 2026 1-6

  • B 2025 2026 1-6
  • C 2018
  • D 2018
  • E 2018 2026
  • F 2025
  • G 2024

2

1

45

  • 45
2026 1-6202520242023
88,538.56112,863.4428,294.2016,837.62
442.10714.83269.22738.22
-138.3530.5921.67
88,096.46112,286.9628,055.5716,121.07
88,066.07112,186.9028,022.8916,129.91
30.39100.0632.68-8.84
0.03%0.09%0.12%-0.05%

-0.05% 0.12% 0.09% 0.03%

2

2026 1-6202520242023
A56,044.5394,110.4926,851.2414,513.67
B11,589.422,932.491,487.26412.01
C43,616.9921,168.902,647.921,976.95
D=A-B+C88,072.10112,346.9028,011.9016,078.61
E88,066.07112,186.9028,022.8916,129.91
F-138.3530.5921.67
G =E-F88,066.07112,048.5527,992.3016,108.24
H=D-G6.03298.3519.60-29.63
0.01%0.27%0.07%-0.18%
  • 46

46

-29.63 19.60 298.35 6.03 -0.18% 0.07% 0.27% 0.01%

3

2026 1-6202520242023
88,066.07112,186.9028,022.8916,129.91
409.99707.86980.84923.39
0.47%0.63%3.50%5.72%

3

1

2026 7 FCC FCC 26-50

2026 10 13 “ ” Covered List

47

47

16,129.91 28,022.89 112,186.90 88,066.07

2 1

“ ” “ ” “ ” “ ” “ ” “ ”

100G/200G

400G 800G 1.6T

LightCounting 2026 7 Meta 2026 AWG MT-FA FAU CW

2

AI

3

16,129.91 28,022.89 112,186.90 88,066.07 21.38% 26.08% 52.69% 58.89% 2023 2025 2026

AFL

2026 7 UL ETL CPR

1

18

50

50

30.00%

2026 7 15

  • 1
  • 2
  • 3
  • 4

2025 7

2026 5 26 2026 5 27

2026 1 15

51

51

3.33%

500.00 2024

DFB

DFB

2024 2025 23.53 39.07 DFB

5

52

  • 52

“ ”

1

2022 11

40,200.00 16,000.00 39.80%

2025 5 14,841.03 2025 11 124.97 14,716.06

2026 1 15

2

47.53% MT MT

MT-FA MPO MT

3

  • 53

53

“

2022 12 29

“ ” “ ”

”

  • 6
  • 7
  • 8

7

54

54

2

“ ” “

……” 2026 6 30

-
855.15
6,674.07
19,876.57
500.00
8,997.88

1

2026 6 30

55

55

2

2026 6 30 962.81 855.15

3

2026 6 30 6,674.07 5,482.91 1,191.16

4 2026 6 30 19,876.57

5

“ ” “

……”

2026 6 30 500.00 DFB

“ ” “

……”

6 2026 6 30 8,997.88

56

  • 56

2026 6 30

1

  • 1
  • 2

18

  • 57

57

  • 3 2026 1 15

2 3

18 —7 “7-1 ”

1

  • 1 AI
  • 2 AI
  • 3

2 3 1 18

MT<br><br>DFB
2026 6 30<br><br>0.00<br><br>171,695.46 0.00% 30.00%
2026 1 15
2026 6 30

2 —— 7 1

  • 60

60

, 30%<br><br>36AWG<br><br>CW COC MPO/MMC

61

  • 61

6262

|此件仅用于业务报告使用，复印无效|

|---|

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