人民财讯8月25日电，福光股份(688010)8月25日晚间披露2025年半年报，上半年实现营业收入2.99亿 元，同比增长10.47%；归母净利润-2877.23万元；基本每股收益-0.1837元。报告期内，公司营业收入增 加，主要原因系定制产品及非定制产品收入增加，归属于上市公司股东的净利润较上年同期减亏621.31 万元。 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, ensuring accurate understanding of company names, subsidiaries, investment entities, product types, and technical terminology [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company and affiliate names, subsidiary names, investment entities, product types, and professional technical terms, ensuring accurate understanding of the report content - The full name of the company is "Fujian Forecam Optics Co., Ltd.", abbreviated as "Forecam Optics"[10](index=10&type=chunk) - "Customized Products" refer to products designed and manufactured according to specific user requirements, primarily used in space observation, aerospace engineering, and various high-end equipment fields[10](index=10&type=chunk) - "Non-Customized Products" refer to products not designed and manufactured according to specific user requirements[10](index=10&type=chunk) - "Reporting Period" refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance indicators, including operational data, profitability, cash flow, and non-recurring items [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, legal representative, registered address, company website, and email, providing fundamental identification details for investors - Company's Chinese name: Fujian Forecam Optics Co., Ltd., Chinese abbreviation: Forecam Optics[13](index=13&type=chunk) - Legal Representative: He Wenbo[13](index=13&type=chunk) - Company's registered and office address: No. 158, Jiangbin East Avenue, Mawei District, Fuzhou City[13](index=13&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating information inquiries and communication for investors - Board Secretary: Huang Jian, Contact number: 0591-38133727, Email: zhengquan01@forecam.com[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section details the company's disclosure channels and custody locations for its semi-annual report, ensuring transparency and accessibility of information - The company's selected information disclosure newspapers include "Shanghai Securities News", "China Securities Journal", "Securities Times", and "Securities Daily"[15](index=15&type=chunk) - The website address for the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Overview) This section briefly introduces the company's stock listing status, including stock type, listing exchange and board, stock abbreviation, and code - The company's stock type is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange[16](index=16&type=chunk) - Stock abbreviation: Forecam Optics, Stock code: 688010[16](index=16&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 10.47%, net profit attributable to shareholders narrowed its loss by 6.21 million yuan, but net cash flow from operating activities significantly decreased by 224.31%, mainly due to increased purchases and employee compensation Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 298,732,529.07 yuan | 270,425,110.17 yuan | 10.47 | | Total Profit | -38,886,856.44 yuan | -45,583,564.39 yuan | Not applicable | | Net Profit Attributable to Shareholders of the Listed Company | -28,772,323.02 yuan | -34,985,456.96 yuan | Not applicable | | Net Cash Flow from Operating Activities | -27,878,722.35 yuan | 22,427,096.27 yuan | -224.31 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.1837 | -0.2217 | Not applicable | | Weighted Average Return on Net Assets (%) | -1.71 | -2.07 | Increased by 0.36 percentage points | | R&D Investment as % of Operating Revenue (%) | 11.24 | 10.86 | Increased by 0.38 percentage points | - Operating revenue increased by **10.47%**, mainly due to increased revenue from customized and non-customized products[19](index=19&type=chunk) - Net profit attributable to shareholders of the listed company narrowed its loss by **6.21 million yuan** compared to the same period last year[19](index=19&type=chunk) - Net cash flow from operating activities decreased by **224.31%**, mainly due to increased cash payments for goods purchased and increased employee compensation[20](index=20&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling 13,182,720.71 yuan, primarily including fair value changes of financial assets and government grants Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 87,500.90 | | Government grants recognized in current profit or loss | 4,125,504.39 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses of financial assets and liabilities | 11,263,631.34 | | Other non-operating income and expenses apart from the above | 106,943.08 | | Less: Income tax impact | 2,372,506.34 | | Minority interest impact (after tax) | 28,352.66 | | Total | 13,182,720.71 | [IX. Net Profit Excluding Share-Based Payment Impact for Companies with Equity Incentive or Employee Stock Ownership Plans](index=8&type=section&id=IX.%20Net%20Profit%20Excluding%20Share-Based%20Payment%20Impact%20for%20Companies%20with%20Equity%20Incentive%20or%20Employee%20Stock%20Ownership%20Plans) This section discloses the net profit after deducting the impact of share-based payments, showing a narrowed net loss during the reporting period Net Profit Excluding Share-Based Payment Impact | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | -24,754,894.40 yuan | -34,375,204.90 yuan | [X. Explanation of Non-GAAP Performance Indicators](index=8&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) This section provides the non-GAAP financial indicator Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and explains its selection to better reflect the company's true operating performance Non-GAAP Financial Indicator: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) | Indicator | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Accounting Indicator: Net Profit | -28,932,227.60 | -35,181,204.90 | | Adjustment Item: Interest Expense | 8,184,270.15 | 9,803,032.55 | | Adjustment Item: Depreciation and Amortization | 65,357,243.33 | 65,122,082.98 | | Adjustment Item: Income Tax Expense | -9,954,628.84 | -10,402,359.49 | | Non-GAAP Financial Indicator: EBITDA | 34,654,657.04 | 29,341,551.14 | - The reason for selecting EBITDA is that this indicator is unaffected by financing structure, tax rate differences, and non-cash expenditures, better reflecting the company's true operating performance[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, business operations, core competencies, risk factors, and key financial performance during the reporting period [I. Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) As a high-tech enterprise, the company specializes in R&D and production of special and civil optical lenses, optoelectronic systems, and optical components, covering a full spectrum of products divided into customized and non-customized series, adopting an order-driven and production-based-on-sales direct sales model - The company is a high-tech enterprise specializing in R&D and production of special and civil optical lenses, optoelectronic systems, optical components, and is a significant global optical lens manufacturer[30](index=30&type=chunk) - Products are categorized into "Customized Products" (used in aerospace engineering, space observation, and other major national missions) and "Non-Customized Products" (used in civil fields such as security, automotive, machine vision, and projection)[30](index=30&type=chunk) - Procurement model: Customized products adopt an order-driven model, while non-customized products formulate procurement plans based on orders and sales forecasts[35](index=35&type=chunk) - Production model: Customized products adopt "production based on sales", while non-customized products implement "monthly lens production plans" and "weekly lens assembly plans"[35](index=35&type=chunk)[36](index=36&type=chunk) - Sales model: The company's products adopt a direct sales model, with customized products obtained through negotiation or bidding, and non-customized products through business negotiations[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company actively responded to a complex economic environment, achieving a 10.47% increase in operating revenue and a narrowed net loss attributable to shareholders, through technological innovation, strengthened R&D and manufacturing capabilities, a "dual-driven" strategy, optimized organizational structure, and a focus on digitalization and intelligentization demands - The company actively explores development paths, continuously invests in technological innovation, strengthens R&D and manufacturing capabilities, adheres to a "dual-driven" strategy, and vigorously expands customized and non-customized product businesses[37](index=37&type=chunk) - During the reporting period, the company achieved operating revenue of **298.73 million yuan**, a **10.47%** increase year-on-year[37](index=37&type=chunk) - Net profit attributable to shareholders was **-28.77 million yuan**, narrowing the loss by **6.21 million yuan** compared to the same period last year[37](index=37&type=chunk) - Operating revenue from customized products business increased by **13%** year-on-year[38](index=38&type=chunk) - In non-customized products, security integrated machine lenses gained recognition from well-known Japanese and Dutch brands and entered mass production; automotive lenses laid out 6 major product lines, securing multiple designated supplier notices; infrared lens operating revenue increased by **147%** year-on-year[38](index=38&type=chunk) - The company completed organizational structure optimization and established Fujian Xiaoxiang Guangxian Co., Ltd., deepening its layout in automotive projection and AR fields[38](index=38&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its "military-civilian integration" development platform, strong technological innovation capabilities, comprehensive product series, integrated industrial manufacturing advantages, stable customer resources and brand influence, and a complete qualification certification system. During the reporting period, the company continued high-intensity R&D investment, made significant progress in several national key R&D projects and product upgrades, obtained multiple patent authorizations, and was recognized as a national "specialized, refined, unique, and new" "Little Giant" enterprise - The company possesses deep military optical technology accumulation and a "military-civilian integration" innovation development platform[39](index=39&type=chunk) - The company has exquisite optical design and processing capabilities, with **257 R&D personnel**, and has established industry-university-research platforms in cooperation with universities and research institutes[39](index=39&type=chunk) - A comprehensive product series covers the full spectrum of ultraviolet, visible light, near-infrared, and mid-long wave infrared thermal imaging, meeting customers' "one-stop" procurement needs[39](index=39&type=chunk) - Possesses integrated and comprehensive technical capabilities and complete production lines from mold processing to lens/optoelectronic system assembly and testing[40](index=40&type=chunk) - Customized product customers include the Chinese Academy of Sciences and research institutes under major groups; non-customized products have established cooperation with global renowned security equipment companies and domestic/international module/optical companies[40](index=40&type=chunk) - Certified with ISO9001, ISO14000, IATF-16949, CE, RoHS, and undertakes confidential military product R&D and production tasks[40](index=40&type=chunk) - Core technologies include large-aperture transmissive astronomical observation lens design and manufacturing, complex zoom optical system design, multi-spectral co-aperture lens R&D and production, miniaturized fixed and variable focus aspherical lens design and automated production, and precision and ultra-precision optical processing, with many reaching international advanced or domestic leading levels[41](index=41&type=chunk)[42](index=42&type=chunk) - During the reporting period, **14 new patent applications** were filed, and **41 patents** were granted (17 invention patents, 24 utility model patents)[48](index=48&type=chunk) - The company was recognized as a national "specialized, refined, unique, and new" "Little Giant" enterprise, and ultra-high-definition surveillance lenses were recognized as single-item champion products[43](index=43&type=chunk) R&D Investment Status | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 33,567,346.58 | 29,364,285.66 | 14.31 | | Total R&D Investment as % of Operating Revenue (%) | 11.24 | 10.86 | Increased by 0.38 percentage points | R&D Personnel Status | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 257 | 252 | | R&D Personnel as % of Total Company Personnel (%) | 11.82 | 12.30 | | Total R&D Personnel Compensation (yuan) | 18,876,615.30 | 17,234,919.16 | | Average R&D Personnel Compensation (yuan) | 76,961.11 | 66,700.47 | [IV. Risk Factors](index=23&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including core competitiveness risks such as technological iteration, R&D failure, uncertainty in technological industrialization, and loss of core technical personnel; operational risks such as intensified market competition, loss of key operating qualifications, increased management difficulty with scale expansion, declining gross profit margins, and rising fixed costs; financial risks such as exchange rate fluctuations and reliance on external financing; and industry and macroeconomic environment risks such as changes in industrial policies, macroeconomic fluctuations, and international trade frictions - Core competitiveness risks: Technological iteration, R&D failure, technology failing to form products or achieve industrialization, reliance on core technical personnel[61](index=61&type=chunk)[62](index=62&type=chunk) - Operational risks: Intensified competition in the security market, slowdown in demand for high-end lenses, loss of key operating qualifications, operational management risks due to scale expansion, declining gross profit margins, rising fixed costs[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - Financial risks: Export sales primarily settled in USD and EUR, posing exchange rate fluctuation risks; a certain degree of reliance on external financing to supplement funding gaps[66](index=66&type=chunk) - Industry risks: Uncertainty in industrial policies, changes in international political and economic situations, macroeconomic fluctuations, technological iteration, and other factors[66](index=66&type=chunk) - Macroeconomic environment risks: Tense global economic situation, changes in China-US relations and US trade protection policies may affect the company's market expansion, raw material procurement, and sales revenue[66](index=66&type=chunk) [V. Key Operating Performance During the Reporting Period](index=25&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section directs readers to "II. Discussion and Analysis of Operations" for a detailed description of the company's key operating performance during the reporting period - Key operating performance details can be found in Section III "Management Discussion and Analysis, II. Discussion and Analysis of Operations" of this report[67](index=67&type=chunk) [(IV) Analysis of Main Business](index=25&type=section&id=(IV)%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue increased by 10.47%, primarily due to increased revenue from customized and non-customized products. Operating costs rose with revenue, while selling, general and administrative, and R&D expenses all increased due to higher employee compensation and share-based payment expenses; financial expenses decreased due to reduced bank interest payments. Net cash flow from operating activities significantly decreased, mainly due to increased payments for goods purchased and employee compensation Financial Statement Related Item Fluctuation Analysis (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 298,732,529.07 | 270,425,110.17 | 10.47 | | Operating Cost | 248,075,590.42 | 219,248,239.61 | 13.15 | | Selling Expenses | 6,966,699.66 | 4,328,726.85 | 60.94 | | Administrative Expenses | 45,784,653.78 | 43,551,273.54 | 5.13 | | Financial Expenses | 6,471,927.98 | 6,993,819.03 | -7.46 | | R&D Expenses | 33,567,346.58 | 29,364,285.66 | 14.31 | | Net Cash Flow from Operating Activities | -27,878,722.35 | 22,427,096.27 | -224.31 | | Net Cash Flow from Investing Activities | 1,292,993.62 | 74,740,083.43 | -98.27 | | Net Cash Flow from Financing Activities | 30,265,926.49 | -75,326,580.73 | Not applicable | - Operating revenue increased mainly due to increased revenue from customized and non-customized products[68](index=68&type=chunk) - Selling expenses, administrative expenses, and R&D expenses increased mainly due to increased employee compensation and share-based payment expenses[68](index=68&type=chunk) - Net cash flow from operating activities decreased mainly due to increased cash payments for goods purchased and increased employee compensation[68](index=68&type=chunk) [(V) Explanation of Significant Profit Changes Due to Non-Core Business](index=26&type=section&id=(V)%20Explanation%20of%20Significant%20Profit%20Changes%20Due%20to%20Non-Core%20Business) During the reporting period, the company's total profit was significantly impacted by non-core business, with fair value change gains, other income, and investment income collectively contributing nearly 48% of total profit, though fair value change gains and investment income are not sustainable Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | % of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Fair Value Change Gains | 9,370,236.79 | 24.10 | No | | Other Income | 5,353,195.68 | 13.77 | Yes | | Investment Income | 4,113,493.09 | 10.58 | No | - Fair value change gains mainly resulted from adjustments to the fair value of equity transfer transactions of associate companies and fair value changes of structured deposits[69](index=69&type=chunk) - Other income mainly consisted of government grants related to daily operating activities[69](index=69&type=chunk) - Investment income mainly consisted of interest income from structured deposits and gains from disposal of associate companies[69](index=69&type=chunk) [(VI) Analysis of Assets and Liabilities](index=27&type=section&id=(VI)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 1.07%, while net assets attributable to shareholders decreased slightly by 0.48%. In terms of asset structure, notes receivable, other receivables, and accounts receivable financing significantly decreased, while accounts receivable, inventories, construction in progress, and deferred income tax assets increased. On the liability side, notes payable significantly decreased, non-current liabilities due within one year significantly declined, while short-term and long-term borrowings increased. The company's overseas assets accounted for 2.20% of total assets, and major restricted assets at period-end were cash and cash equivalents and notes receivable Assets and Liabilities Status (Period-End vs. Period-Beginning) | Item Name | Current Period-End Amount (yuan) | % of Total Assets at Current Period-End | Prior Year-End Amount (yuan) | % of Total Assets at Prior Year-End | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 298,732,529.07 | 10.47 | 270,425,110.17 | 10.47 | 10.47 | | Net Assets Attributable to Shareholders of the Listed Company | 1,691,201,748.26 | 65.10 | 1,699,291,352.65 | 66.11 | -0.48 | | Total Assets | 2,598,123,433.69 | 100.00 | 2,570,620,704.98 | 100.00 | 1.07 | | Notes Receivable | 11,406,164.58 | 0.44 | 26,178,025.94 | 1.02 | -56.43 | | Other Receivables | 3,138,485.49 | 0.12 | 33,685,161.07 | 1.31 | -90.68 | | Accounts Receivable Financing | 3,436,738.59 | 0.13 | 7,398,108.29 | 0.29 | -53.55 | | Notes Payable | 0 | 0 | 5,580,262.47 | 0.22 | -100.00 | | Non-Current Liabilities Due Within One Year | 12,867,910.75 | 0.50 | 63,994,357.02 | 2.49 | -79.89 | | Long-Term Borrowings | 149,430,000.00 | 5.75 | 108,760,000.00 | 4.23 | 37.39 | - Other receivables decreased mainly due to the recovery of proceeds from the sale of associate company equity during the current period[71](index=71&type=chunk) - Notes payable decreased by **100%** because the company did not issue bills for settlement due to increased use of endorsed bills received for payment[72](index=72&type=chunk) - Non-current liabilities due within one year decreased by **79.89%**, mainly due to changes in the term of bank long-term borrowings[72](index=72&type=chunk) - Long-term borrowings increased by **37.39%**, mainly due to changes in the term of long-term borrowings[72](index=72&type=chunk) - Overseas assets amounted to **57,258,913.61 yuan**, accounting for **2.20%** of total assets[73](index=73&type=chunk) Major Restricted Assets at Period-End | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,000.00 | ETC deposit | | Cash and Cash Equivalents | 1,950,000.00 | Letter of credit deposit | | Notes Receivable | 546,362.00 | Bills endorsed or discounted and not yet due at the balance sheet date | | Total | 2,501,362.00 | | [(VII) Analysis of Investment Status](index=30&type=section&id=(VII)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's external equity investment amounted to 6.6 million yuan, primarily for the establishment of Fujian Xiaoxiang Guangxian Co., Ltd. The company also held financial assets measured at fair value, such as structured deposits, accounts receivable financing, other non-current financial assets, and foreign exchange settlement contracts, and invested in private equity funds to support "specialized, refined, unique, and new" enterprises Overall Analysis of External Equity Investments | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | | 6,600,000.00 | 0 | 100% | - On March 20, 2025, the company established Fujian Xiaoxiang Guangxian Co., Ltd., with a subscribed capital of **6.6 million yuan** and a **66%** stake[77](index=77&type=chunk) Financial Assets Measured at Fair Value (Period-End) | Asset Category | Period-End Amount (yuan) | | :--- | :--- | | Structured Deposits | 112,272,566.58 | | Accounts Receivable Financing | 3,436,738.59 | | Other Non-Current Financial Assets | 80,996,903.88 | | Foreign Exchange Settlement Contracts | 399,224.96 | | Total | 197,105,434.01 | - The company conducts foreign exchange settlement contract business for hedging purposes, to lock in exchange rate risks of foreign currency borrowings, with fair value change gains of **399,224.96 yuan** in the current period[81](index=81&type=chunk) Private Equity Fund Investment Status (Invested Amount as of Reporting Period-End) | Private Fund Name | Planned Total Investment (ten thousand yuan) | Invested Amount as of Reporting Period-End (ten thousand yuan) | Contribution Ratio at Period-End (%) | Profit Impact in Reporting Period (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Guoyi Forecam Smart Manufacturing Private Equity Investment Partnership (Limited Partnership) | 10,000 | 10,000.00 | 61.7284 | 76.52 | | Fuzhou Gulou Foruistar Venture Capital Partnership (Limited Partnership) | 1,000 | 955.80 | 10.00 | 29.28 | | Total | 11,000 | 10,955.80 | 71.7284 | 105.79 | [(VIII) Significant Asset and Equity Sales](index=33&type=section&id=(VIII)%20Significant%20Asset%20and%20Equity%20Sales) The company's subsidiary, Forecam Daoyang, has completed the transfer of its 3.6577% equity stake in Hubei Sanyingxing for a transaction amount of 54,536,903.88 yuan - On June 30, 2025, the company's subsidiary Forecam Daoyang transferred its **3.6577%** equity stake in Hubei Sanyingxing to Xianning Sanxing Investment Partnership (Limited Partnership) for **54,536,903.88 yuan**[84](index=84&type=chunk) - As of the disclosure date of this report, the transaction has been completed, and Forecam Daoyang no longer holds equity in Hubei Sanyingxing[84](index=84&type=chunk) [(IX) Analysis of Major Holding and Associate Companies](index=33&type=section&id=(IX)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the operating performance of the company's major holding subsidiaries, Forecam Optoelectronics, Forecam Tianlong, and Zhuhai Forecam Daoyang Equity Investment Fund, and discloses the acquisition and disposal of subsidiaries during the reporting period, including the establishment of Fujian Xiaoxiang Guangxian and Shenzhen Xiaoxiang Guangying, and the disposal of equity in Fujian Qingyun Zhilian Information Technology Co., Ltd Major Subsidiary Financial Data (January-June 2025) | Company Name | Operating Revenue (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | | Fujian Forecam Optoelectronics Technology Co., Ltd. | 5,263.12 | -278.51 | | Fujian Forecam Tianlong Optics Co., Ltd. | 25,815.05 | -2,691.98 | | Zhuhai Forecam Daoyang Equity Investment Fund (Limited Partnership) | 0 | 882.69 | - Forecam Optoelectronics' net profit decreased by **826,900 yuan** compared to the same period last year, mainly due to reduced gross profit[85](index=85&type=chunk) - Forecam Tianlong's net profit decreased by **8.58 million yuan** compared to the same period last year, mainly due to increased employee compensation[87](index=87&type=chunk) - Zhuhai Daoyang's net profit increased by **8.83 million yuan** compared to the same period last year, mainly due to fair value changes in external investment projects, with Hubei Sanyingxing being the equity project generating investment income[87](index=87&type=chunk) - Newly established subsidiaries: Fujian Xiaoxiang Guangxian Co., Ltd. (holding **66%** equity) and Shenzhen Xiaoxiang Guangying Co., Ltd. (wholly-owned subsidiary)[88](index=88&type=chunk) - Disposed subsidiary: Transferred **5%** equity stake in Fujian Qingyun Zhilian Information Technology Co., Ltd., reducing the holding ratio to **46%**, thus no longer included in the scope of consolidated financial statements[89](index=89&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=35&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's governance structure, employee incentive plans, environmental information disclosure, and contributions to poverty alleviation and rural revitalization [I. Changes in Directors, Senior Management, and Core Technical Personnel](index=35&type=section&id=I.%20Changes%20in%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there were changes in the company's board members and core technical personnel: Mr. Ni Zhengxiong resigned as a director, Mr. Huang Jian was elected as an employee director, and Mr. Lei Hongtao, a core technical personnel, resigned due to personal reasons - Mr. Ni Zhengxiong resigned from his position as a director of the fourth board of directors to align with the revised governance structure of the company's articles of association[92](index=92&type=chunk) - Mr. Huang Jian was elected as an employee director of the company's fourth board of directors[92](index=92&type=chunk) - Core technical personnel Mr. Lei Hongtao resigned due to personal reasons and no longer holds any position in the company after his resignation[93](index=93&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=35&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the profit distribution plan or capital reserve conversion to share capital plan approved by the company's board of directors was "none" - The profit distribution plan or capital reserve conversion to share capital plan for this reporting period is "none"[94](index=94&type=chunk) [III. Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=35&type=section&id=III.%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company completed the share transfer for its 2025 employee stock ownership plan during the reporting period, with 39 employees subscribing to 1,011,050 shares of repurchased company stock, totaling 19,543,596.50 yuan, and the employee stock ownership plan securities account collectively holds 0.94% of the company's total share capital - The company's 2025 employee stock ownership plan completed its share transfer on April 24, 2025[96](index=96&type=chunk) - **39 employees** participated in the subscription, with a total subscription amount of **19,543,596.50 yuan** and subscribed shares of **1,011,050 shares**[96](index=96&type=chunk) - The shares originated from the company's special securities account for repurchased shares, and the transfer price for holders was **19.33 yuan/share**[96](index=96&type=chunk) - As of the end of the reporting period, the company's employee stock ownership plan securities account collectively held **1,511,050 shares**, accounting for **0.94%** of the company's total share capital[97](index=97&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=36&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) The company and its important subsidiaries are not classified as key pollutant-discharging units in Fuzhou, highly prioritize environmental protection investments, operate environmental facilities well, and dispose of and discharge pollutants in compliance with national and local standards, with no environmental accidents or administrative penalties during the reporting period - The company and its important subsidiaries are not classified as key pollutant-discharging units in Fuzhou City[98](index=98&type=chunk) - Hazardous waste generated during the company's production process is collected, stored, classified, and packaged according to regulations, and entrusted to professional companies for transportation and disposal[98](index=98&type=chunk) - The company highly values environmental protection investments, its environmental facilities operate well, and disposal and discharge results comply with national and local environmental standards and regulations[98](index=98&type=chunk) - During the reporting period, the company had no environmental accidents or administrative penalties due to environmental reasons[98](index=98&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=36&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company actively responds to government policies by providing employment opportunities to support poverty alleviation and rural revitalization, having absorbed 124 individuals from impoverished areas into employment during the reporting period - From 2020 to June 2025, the company absorbed a total of **124 individuals** from impoverished areas, providing them with employment opportunities to help them escape poverty[99](index=99&type=chunk) [Section V Significant Matters](index=37&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, absence of fund occupation or irregular guarantees, audit status, lack of significant litigation, integrity status, related party transactions, significant contracts, and progress in the use of raised funds [I. Fulfillment of Commitments](index=37&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments related to the initial public offering, including share lock-up, reduction price, information disclosure, compensation for investor losses, and resolution of related party transactions; all commitments were strictly fulfilled on time during the reporting period, with no instances of failure to fulfill them promptly - He Wenbo, He Wenqiu, Ni Zhengxiong, and Xiao Weijun committed not to transfer shares within **36 months** from the date of the company's listing, and the reduction price shall not be lower than the offering price for two years after the lock-up period expires[102](index=102&type=chunk)[103](index=103&type=chunk) - Xiao Weijun, Lin Chunsheng, Zhang Shizhong, Lei Hongtao, Qu Lihui, Liu Hui, and Zhou Baozang committed not to transfer shares within **36 months** from the date of the company's listing and within **6 months** after resignation, and the annual transfer amount shall not exceed **25%** of the total shares held at the time of listing within 4 years after the lock-up period expires[105](index=105&type=chunk) - Zhongrong Investment and He Wenbo committed that the reduction price shall not be lower than the offering price for two years after the lock-up period expires, and the reduction quantity shall not exceed **5%** of the company's total shares[107](index=107&type=chunk) - The company, controlling shareholder, actual controller, directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and if there is fraudulent issuance, a share repurchase program will be initiated, and investors' losses will be compensated[110](index=110&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk) - Zhongrong Investment and He Wenbo committed to minimize related party transactions with the company and its subsidiaries, and ensure that related party transactions do not harm the legitimate rights and interests of the company and its unrelated shareholders[127](index=127&type=chunk) - During the reporting period, all commitments were strictly fulfilled on time[101](index=101&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=44&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the company - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the company[130](index=130&type=chunk) [III. Irregular Guarantees](index=44&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[130](index=130&type=chunk) [IV. Half-Year Report Audit Status](index=45&type=section&id=IV.%20Half-Year%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=45&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - During this reporting period, the company had no significant litigation or arbitration matters[131](index=131&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=45&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating no adverse integrity status[131](index=131&type=chunk) [X. Significant Related Party Transactions](index=45&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions not disclosed in temporary announcements; all related party transactions were disclosed as required - During the reporting period, the company had no significant related party transactions not disclosed in temporary announcements[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) [XI. Significant Contracts and Their Performance](index=46&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had lease contracts with related parties Shuangxiang Electronics and Forecam Real Estate, and provided a joint liability guarantee for a 200 million yuan project financing loan for its subsidiary Forecam Tianlong, with all contracts being performed normally Company as Lessee: Lease Status (with Related Parties) | Lessor Name | Type of Leased Asset | Lease Start Date | Lease End Date | Impact of Lease Income on Company (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Shuangxiang (Fujian) Electronics Co., Ltd. | Factory buildings and supporting facilities | May 1, 2020 | April 30, 2026 | Increased company's current period costs and expenses by 172.86 | - The company provided a joint liability guarantee for its subsidiary Fujian Forecam Tianlong Optics Co., Ltd.'s **200 million yuan** project financing loan with Industrial Bank, with a remaining principal of **9.51 million yuan** as of June 30, 2025[141](index=141&type=chunk) - The total guarantee amount accounted for **0.56%** of the company's net assets[140](index=140&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=50&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's overall use of raised funds progressed smoothly, with some investment projects completed or adjusted, and surplus funds used for new projects or permanently supplementing working capital. Idle raised funds were also used for temporary working capital supplementation and cash management to improve fund utilization efficiency Overall Use of Raised Funds (as of Reporting Period-End) | Source of Raised Funds | Total Raised Funds (ten thousand yuan) | Net Raised Funds (ten thousand yuan) | Total Investment Committed in Prospectus (ten thousand yuan) | Total Over-Raised Funds (ten thousand yuan) | Cumulative Raised Funds Invested as of Reporting Period-End (ten thousand yuan) | Cumulative Raised Funds Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | 97,853.60 | 91,769.65 | 65,107.74 | 26,661.91 | 57,804.92 | 62.99 | - The company terminated the raised fund investment project "Full-Spectrum Precision Lens Intelligent Manufacturing Base Project (Phase I)" and used the remaining raised funds of **95.37 million yuan** for the new investment project "Precision Lens Industrialization Base Technical Transformation and Integration Project"[146](index=146&type=chunk) - Over-raised funds were used for the "Prism Cold Processing Industrialization Construction Project" and "Permanent Supplementation of Working Capital with Over-Raised Funds"[148](index=148&type=chunk)[149](index=149&type=chunk) - The company used idle raised funds not exceeding **150 million yuan** to temporarily supplement working capital for production and operations related to its main business[151](index=151&type=chunk) - As of June 30, 2025, the company's balance of idle raised funds used for cash management was **104 million yuan**, primarily invested in structured deposit products[154](index=154&type=chunk) [Section VI Share Changes and Shareholder Information](index=55&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, shareholder structure, and the shareholding status of directors, senior management, and core technical personnel [I. Changes in Share Capital](index=55&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[158](index=158&type=chunk) [II. Shareholder Information](index=55&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was 9,621. Among the top ten shareholders, Zhongrong (Fujian) Investment Co., Ltd. and Fujian Provincial State-owned Assets Management Co., Ltd. were the top two, holding 27.57% and 19.24% respectively. Some shareholders held shares through ordinary securities accounts and margin trading and securities lending accounts, and there were related party relationships - As of the end of the reporting period, the total number of ordinary shareholders was **9,621**[159](index=159&type=chunk) Top Ten Shareholders' Shareholding Status (as of Reporting Period-End) | Shareholder Name | Number of Shares Held at Period-End (shares) | % | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhongrong (Fujian) Investment Co., Ltd. | 44,270,923 | 27.57 | Domestic Non-State-Owned Legal Person | | Fujian Provincial State-owned Assets Management Co., Ltd. | 30,887,869 | 19.24 | State-Owned Legal Person | | Bank of Communications Co., Ltd. - Yongying Semiconductor Industry Smart Selection Mixed Initiated Securities Investment Fund | 5,800,000 | 3.61 | Other | | Fuzhou Mawei District Jucheng Investment Partnership (Limited Partnership) | 3,791,294 | 2.36 | Other | | Fuzhou Mawei District Zhongsheng Investment Partnership (Limited Partnership) | 3,020,723 | 1.88 | Other | - Changzhou Qilong Enterprise Management Partnership (Limited Partnership) held shares through ordinary securities accounts and margin trading securities accounts[160](index=160&type=chunk) - Zhongrong Investment has related party relationships with Jucheng Investment, Zhongsheng Investment, and Ruiying Investment[162](index=162&type=chunk) [III. Directors, Senior Management, and Core Technical Personnel](index=58&type=section&id=III.%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) The company's directors, supervisors, and senior management indirectly hold company shares through employee stock ownership platforms, totaling 4.99% of the company's total share capital as of the end of the reporting period. The employee stock ownership platforms cumulatively reduced their shareholdings by 1,605,000 shares through centralized bidding during the reporting period, accounting for 0.9996% of the company's total share capital - The company's directors, supervisors, and senior management indirectly hold shares through Jucheng Investment, Zhongsheng Investment, and Ruiying Investment (employee stock ownership platforms)[163](index=163&type=chunk) - As of the end of the reporting period, employee stock ownership platforms collectively held **8,016,308 shares** of the company, accounting for **4.99%** of the company's total share capital[163](index=163&type=chunk) - Employee stock ownership platforms cumulatively reduced their shareholdings by **1,605,000 shares** through centralized bidding, accounting for **0.9996%** of the company's total share capital[164](index=164&type=chunk) - The company's controlling shareholder, actual controller, directors, supervisors, and senior management committed not to reduce their indirectly held company shares through employee stock ownership platforms during the implementation period of this share reduction plan[164](index=164&type=chunk) [Section VII Bond-Related Information](index=60&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=60&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[167](index=167&type=chunk) [II. Convertible Corporate Bonds](index=60&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[167](index=167&type=chunk) [Section VIII Financial Report](index=61&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including the audit report status, detailed financial statements, company basic information, basis of preparation, significant accounting policies, taxation, notes to consolidated and parent company financial statements, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and transactions, share-based payments, commitments, and supplementary information [I. Audit Report](index=61&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[169](index=169&type=chunk) [II. Financial Statements](index=61&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, and cash flow statement, comprehensively reflecting the company's financial position, operating results, and cash flows at the end of the reporting period [III. Company Basic Information](index=79&type=section&id=III.%20Company%20Basic%20Information) The company was listed on the STAR Market of the Shanghai Stock Exchange on July 22, 2019, with stock code 688010, specializing in R&D and production of special and civil optical lenses, optoelectronic systems, and optical components, and is a significant global optical lens manufacturer - The company's stock was listed on the STAR Market of the Shanghai Stock Exchange on July 22, 2019, stock code: 688010[200](index=200&type=chunk) - The company is a high-tech enterprise specializing in R&D and production of special and civil optical lenses, optoelectronic systems, optical components, and is a significant global optical lens manufacturer[200](index=200&type=chunk) [IV. Basis of Financial Statement Preparation](index=79&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, in accordance with "Enterprise Accounting Standards" and relevant regulations of the China Securities Regulatory Commission, and declare that the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period - The company prepares its financial statements on a going concern basis, in accordance with "Enterprise Accounting Standards" and relevant regulations[201](index=201&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of this reporting period, with no significant matters affecting its going concern ability[202](index=202&type=chunk) [V. Significant Accounting Policies and Estimates](index=79&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, share-based payments, and other aspects, to ensure the truthfulness, accuracy, and completeness of the financial report - The company has formulated specific accounting policies and estimates for transactions or events such as foreign currency transactions and translation of foreign currency financial statements, impairment of financial instruments, inventories, depreciation of fixed assets, construction in progress, intangible assets, long-term deferred expenses, and revenue recognition, based on its actual production and operation characteristics[203](index=203&type=chunk) - The company's financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[222](index=222&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, distinguishing between performance over a period of time or at a point in time based on the nature of the performance obligation[284](index=284&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) - Government grants are classified as asset-related or income-related, and are either offset against the book value of the asset or recognized as deferred income, and then recognized in profit or loss over the useful life of the related asset or during the period when related costs and expenses are incurred[293](index=293&type=chunk) [VI. Taxation](index=104&type=section&id=VI.%20Taxation) This section details the main tax types, tax rates, and tax preferential policies enjoyed by the company and its subsidiaries, including high-tech enterprise income tax preferences, R&D expense super deduction, advanced manufacturing VAT super deduction, and small and micro enterprise income tax preferences Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added amount generated during sales of goods or provision of taxable services | 13%, 6%, 5%, 0% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 7% | | Enterprise Income Tax | Taxable income | Parent company, Forecam Tianlong 15%; Forecam Optoelectronics, Forecam Shuzhi, Xinghe Optics 25%; Fujian Xiaoxiang, Xiaoxiang Guangying 20% | - The company and its subsidiary Forecam Tianlong are recognized as high-tech enterprises, applying a **15%** enterprise income tax rate during the reporting period[310](index=310&type=chunk) - The company enjoys a **100%** super deduction policy for R&D expenses before tax[310](index=310&type=chunk) - The company and its subsidiary Forecam Tianlong enjoy a **5%** VAT super deduction policy for advanced manufacturing enterprises[311](index=311&type=chunk) - Subsidiaries Fujian Xiaoxiang and Xiaoxiang Guangying enjoy small and micro enterprise income tax preferential policies[312](index=312&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=105&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets held for trading, notes receivable, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, deferred income tax assets/liabilities, short-term borrowings, accounts payable, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, long-term borrowings, lease liabilities, share capital, capital reserves, treasury stock, other comprehensive income, surplus reserves, undistributed profits, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, asset disposal gains, credit impairment losses, asset impairment losses, non-operating income, non-operating expenses, income tax expense, other comprehensive income, cash flow statement items, notes to owner's equity changes, foreign currency monetary items, leases, etc., explaining the composition, reasons for changes, and accounting treatment of each item [VIII. Research and Development Expenses](index=161&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists R&D expenses by nature of expense for the reporting period, totaling 33,567,346.58 yuan, all of which are expensed R&D expenditures, primarily comprising employee compensation, material consumption, and depreciation expenses R&D Expenses Listed by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 16,495,306.73 | 13,117,822.85 | | Material Consumption | 5,409,285.76 | 5,136,796.37 | | Depreciation Expense | 8,432,029.98 | 8,137,701.59 | | Total | 33,567,346.58 | 29,364,285.66 | | Of which: Expensed R&D Expenditures | 33,567,346.58 | 29,364,285.66 | [IX. Changes in Consolidation Scope](index=162&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed: it disposed of its equity stake in subsidiary Fujian Qingyun Zhilian Information Technology Co., Ltd., which is no longer included in the consolidated financial statements; concurrently, it established Fujian Xiaoxiang Guangxian Co., Ltd. and its wholly-owned subsidiary Shenzhen Xiaoxiang Guangying Co., Ltd - Disposal of subsidiary: The company transferred **5%** of its equity in Qingyun Zhilian in March 2025, reducing its holding from **51%** to **46%**, thus Qingyun Zhilian is no longer included in the company's consolidated financial statements[89](index=89&type=chunk)[164](index=164&type=chunk) - Newly established subsidiaries: On March 20, 2025, the company established Fujian Xiaoxiang Guangxian Co., Ltd., holding **66%** equity; on March 26, 2025, Fujian Xiaoxiang invested in and established its wholly-owned subsidiary Shenzhen Xiaoxiang Guangying Co., Ltd[88](index=88&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [X. Interests in Other Entities](index=165&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associate companies, including their basic information, shareholding ratios, accounting methods, and key financial data. Zhuhai Forecam Daoyang Equity Investment Fund is a significant non-wholly-owned subsidiary, while Beijing Xiaotunpai, Sichuan Zhongke Langxing, Shanghai Guoyi Forecam Smart Manufacturing, and PPO Pfeiffer Präzisionsoptik GmbH are significant associate companies Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Fujian Forecam Tianlong Optics Co., Ltd. | Fuzhou, Fujian | 350 million yuan | 100.00 | | Fujian Forecam Optoelectronics Technology Co., Ltd. | Fuzhou, Fujian | 100 million yuan | 100.00 | | Zhuhai Forecam Daoyang Equity Investment Fund (Limited Partnership) | Zhuhai City | 70.2 million yuan | 99.72 | | Fujian Xiaoxiang Guangxian Co., Ltd. | Fuzhou, Fujian | 10 million yuan | 66.00 | Major Non-Wholly-Owned Subsidiary Key Financial Information (Zhuhai Forecam Daoyang Equity Investment Fund) | Indicator | Period-End Balance (yuan) | | :--- | :--- | | Minority Shareholding Ratio (%) | 0.28 | | Net Profit Attributable to Minority Shareholders for Current Period | 24,715.42 | | Minority Interest Balance at Period-End | -742,112.35 | | Total Assets | 54,587,267.65 | | Total Liabilities | 1,050,180.82 | Major Associate Companies (Shareholding Ratio and Accounting Method) | Associate Company Name | Shareholding Ratio (%) | Accounting Method for Investment | | :--- | :--- | :--- | | Beijing Xiaotunpai Technology Co., Ltd. | 25.00 | Equity Method | | Sichuan Zhongke Langxing Optoelectronics Technology Co., Ltd. | 7.64 | Equity Method | | Shanghai Guoyi Forecam Smart Manufacturing Private Equity Investment Partnership (Limited Partnership) | 61.73 | Equity Method | | PPO Pfeiffer Präzisionsoptik GmbH | 48.39 | Equity Method | - The company has significant influence over Shanghai Guoyi Forecam Smart Manufacturing Private Equity Investment Partnership (Limited Partnership) due to appointing **1 committee member** and requiring **2/3 or more** of votes for investment decisions[168](index=168&type=chunk) - The company appoints **1 director** to Sichuan Zhongke Langxing Optoelectronics Technology Co., Ltd., giving it significant influence; it also has a **veto right** over Fuzhou Gulou Foruistar Venture Capital Partnership (Limited Partnership), giving it significant influence[169](index=169&type=chunk) Major Associate Companies Key Financial Information (Period-End Balance/Current Period Amount) | Associate Company Name | Total Assets (yuan) | Total Liabilities (yuan) | Equity Attributable to Parent Company Shareholders (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Xiaotunpai Technology Co., Ltd. | 129,390,494.31 | 63,432,338.39 | 65,958,155.92 | -4,694,861.94 | | Sichuan Zhongke Langxing Optoelectronics Technology Co., Ltd. | 123,247,574.37 | 61,817,056.77 | 61,430,517.60 | 3,092,085.80 | | Shanghai Guoyi Forecam Smart Manufacturing Private Equity Investment Partnership (Limited Partnership) | 204,418,748.02 | 12,415,721.47 | 192,003,026.55 | 1,530,332.32 | | PPO Pfeiffer Präzisionsoptik GmbH | 25,544,340.84 | 3,078,718.01 | 22,465,622.83 | -759,681.40 | - Associate company Shenzhen Xiaoxiang Guangxian Co., Ltd. has accumulated unrecognized excess losses of **-1,633,158.44 yuan**[171](index=171&type=chunk) [XI. Government Grants](index=172&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grants during the reporting period, including asset-related and income-related grants within deferred income, and the amount of government grants recognized in current profit or loss Liability Items Involving Government Grants (Period-End Balance) | Financial Statement Item | Beginning Balance (yuan) | New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 38,919,850.65 | 33,000.00 | 3,236,922.64 | 32,587,624.78 | Asset-related | | Deferred Income | 3,738,350.00 | 217,000.00 | 767,000.00 | 3,188,350.00 | Income-related | | Total | 42,658,200.65 | 250,000.00 | 4,003,922.64 | 35,775,974.78 | | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 3,236,922.64 | 3,114,928.96 | | Income-related | 888,581.75 | 1,023,835.98 | | Total | 4,125,504.39 | 4,138,764.94 | [XII. Risks Related to Financial Instruments](index=172&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risk (primarily foreign exchange risk), credit risk, and liquidity risk. The company manages these risks by monitoring exchange rate fluctuations, reviewing customer credit, and maintaining sufficient cash and cash equivalents. The company conducts foreign exchange settlement contract business for hedging purposes to reduce exchange rate exposure - The company faces foreign exchange risk mainly related to USD and EUR, as some purchase and sales transactions are settled in USD and EUR[509](index=509&type=chunk) Period-End Foreign Currency Monetary Items (Converted to RMB Balance) | Item | Period-End Converted RMB Balance (yuan) | | :--- | :--- | | Cash and Cash Equivalents | 17,688,895.94 | | Accounts Receivable | 69,462,896.71 | | Accounts Payable | 1,210,312.87 | | Other Payables | 58,088,984.11 | - The company reduces credit risk by reviewing customer creditworthiness and making adequate provisions for bad debts[511](index=511&type=chunk) - The company manages liquidity risk by maintaining and monitoring sufficient cash and cash equivalents[511](index=511&type=chunk) - The company conducts foreign exchange settlement contract business for hedging purposes to lock in exchange rate risks of foreign currency liabilities, expecting to achieve its risk management objectives[512](index=512&type=chunk) Financial Asset Transfer Status | Transfer

Core Viewpoint - The optical and optoelectronic sector experienced a significant increase, with a 2.03% rise on August 22, led by Helitai's strong performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3825.76, up 1.45% [1] - The Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Helitai (002217) led the sector with a closing price of 3.07, reflecting a 10.04% increase [1] Group 2: Stock Performance - The following stocks showed notable gains: - Chanzhan Optoelectronics (003019) closed at 43.55, up 8.60% [1] - Chenglai Optics (688502) closed at 438.00, up 8.01% [1] - Wavelength Optoelectronics (301421) closed at 89.77, up 7.10% [1] - Lianjian Optoelectronics (300269) closed at 5.83, up 6.97% [1] - Fuzhen Technology (002222) closed at 44.48, up 5.63% [1] - Aobi Zhongguang (688322) closed at 83.28, up 5.38% [1] - Gebijia (835438) closed at 45.00, up 4.65% [1] - Fuguang Co., Ltd. (688010) closed at 34.74, up 4.45% [1] - Tianshan Electronics (301379) closed at 27.76, up 4.13% [1] Group 3: Capital Flow - The optical and optoelectronic sector saw a net inflow of 889 million yuan from main funds [3] - Retail investors contributed a net inflow of 54.79 million yuan, while speculative funds experienced a net outflow of 944 million yuan [3]

证券研究报告 | 2025年08月17日 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周新增项目信息如下：（部分项目因合规原因未予列示） 可交换私募债跟踪 私募 EB 每周跟踪（20250811-20250815） 固定收益快评 1. 福建省国有资产管理有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所受理， 拟 ...

Group 1 - The stock price of Fuguang Co., Ltd. (688010) closed at 38.0 yuan on August 7, 2025, with an increase of 4.14% and a turnover rate of 4.88% [1] - The company reported a total revenue of 114 million yuan for Q1 2025, representing a year-on-year growth of 15.61%, and a net profit attributable to shareholders of 19.89 million yuan, up 0.87% year-on-year [1] - The company's liquidity ratios are as follows: current ratio at 1.725, quick ratio at 1.167, and a debt-to-asset ratio of 34.11% [1] Group 2 - Fuguang Co., Ltd. has made investments in 15 companies and participated in 59 bidding projects [2] - The company holds 11 trademark registrations and 773 patents, along with 14 administrative licenses [2]

Core Viewpoint - The resignation of Lei Hongtao, a key technical personnel at Fuguang Co., is confirmed, but the company assures that its research and development system and production operations remain unaffected [1] Company Overview - Fuguang Co. specializes in optical lenses and optoelectronic system products, which are widely used in security monitoring and intelligent driving sectors [1] - In 2024, the company achieved a revenue of 622 million yuan, representing a year-on-year growth of 5.87%, and a net profit attributable to shareholders of 10.058 million yuan, marking a turnaround from losses [1] Personnel Changes - Lei Hongtao, aged 52, resigned for personal reasons and will no longer hold any position within the company after his departure [1] - He joined Fuguang Co. in 2012 and held various roles, including Deputy General Manager of Technology and Head of the R&D Department, before serving as a project engineer in the optical assembly division [1] Intellectual Property - During his tenure, Lei was a co-inventor on 8 patents, all of which were completed in collaboration with other researchers, and there are no disputes regarding the ownership of these patents, which belong to the company or its subsidiaries [1] - The company emphasizes that Lei's departure will not impact the integrity of its core technologies and patents [1] R&D and Management - Fuguang Co. has established a comprehensive R&D team and intellectual property management system, ensuring that the resignation of Lei Hongtao will not have a substantial effect on its technical research and production operations [1]

Core Viewpoint - The resignation of core technical personnel, Lei Hongtao, will not have a substantial impact on the company's operations or research and development efforts, as all responsibilities have been successfully handed over and the company maintains its core technology and patent integrity [2][6]. Group 1: Resignation Details - Lei Hongtao resigned for personal reasons and will no longer hold any position within the company [2][3]. - Lei has been with the company since 2012, holding various technical management roles, and has not directly held any company shares [3]. - Lei will continue to adhere to confidentiality agreements and relevant legal regulations post-resignation [3]. Group 2: R&D and Patent Involvement - Lei participated in multiple R&D projects, all of which have been handed over without adverse effects on ongoing projects [4]. - He is credited as an inventor on 8 patents, all of which are co-inventions with other team members, ensuring no disputes over patent ownership [4]. Group 3: Confidentiality and Non-Compete - A confidentiality agreement is in place, obligating Lei to maintain the secrecy of company and third-party information [5]. Group 4: Impact on Company Operations - The company reports that operations and R&D are running normally, with no significant impact from Lei's departure [6]. - The company has a stable team of core technical personnel, with numbers remaining consistent over recent years [6]. - The company emphasizes its commitment to R&D, planning to increase investment and enhance the capabilities of its research team [6].

Core Viewpoint - The resignation of core technical personnel, Lei Hongtao, will not adversely affect the company's operations or its core technology and patent ownership integrity [1][3]. Group 1: Resignation Details - Lei Hongtao resigned for personal reasons and will no longer hold any position in the company [1]. - Lei has signed a confidentiality agreement, and all patents he applied for during his tenure are co-inventions, with ownership rights belonging to the company or its subsidiaries [1][2]. - The work previously managed by Lei has been successfully handed over, ensuring no disruption to the company's production and R&D activities [1][3]. Group 2: Impact on Company - The company has a stable team of core technical personnel, with numbers reported as 13, 11, and 10 for the years ending 2022, 2023, and 2024 respectively, indicating no ongoing risk of talent loss [3][4]. - The current R&D team structure remains intact, with sufficient backup personnel to support ongoing and future core technology development [4]. Group 3: Company Measures - The company emphasizes its commitment to R&D, planning to increase investment and enhance its R&D system to improve technical and product competitiveness [4].

Group 1 - The core technical personnel of Fuguang Co., Ltd., Mr. Lei Hongtao, has resigned for personal reasons and will no longer hold any position in the company [2] - The announcement was made on the evening of August 6 [2] Group 2 - The resignation may impact the company's operations and technical capabilities, given the importance of core technical personnel [2] - The company has not provided further details regarding the succession plan or how it will address the vacancy left by Mr. Lei [2]

Group 1 - The core technology personnel of Fuguang Co., Ltd., Lei Hongtao, resigned for personal reasons and will no longer hold any position in the company [2] - For the year 2024, Fuguang's revenue composition is as follows: 98.06% from the instrument manufacturing industry and 1.94% from other businesses [2]