华泰联合证券有限责任公司 关于苏州长光华芯光电技术股份有限公司 新增日常关联交易预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为苏州长光华 芯光电技术股份有限公司（以下简称"长光华芯"、"公司"）首次公开发行股票并在科创 板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》《科创板上市公司持续监管办法（试行）》等有关规定，对长光华芯 新增日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 公司于 2025 年 8 月 21 日召开第二届董事会第十六次会议，审议通过了《关于新增 日常关联交易预计的议案》。关联董事闵大勇、王俊先生回避表决，出席会议的非关联 董事一致同意该议案，审议程序符合相关法律法规的规定。 （二）本次日常关联交易预计金额和类别 单位：万元 | | | | | 2025 | 年 1 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 年预计 | 占同类业 | 月 1 | 日至 | 2024 年 | | 本次预计 ...

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the management of funds by Suzhou Changguang Huaxin Optoelectronic Technology Co., Ltd., detailing the total amount raised, the actual funds available after expenses, and the allocation of these funds for various projects and investments. Fundraising Overview - The company raised a total of RMB 2,739,120,000 through the issuance of 33,900,000 shares at RMB 80.80 per share, with a net amount of RMB 2,543,184,230 after deducting underwriting fees [1][2] - The funds were verified by Tianheng Accounting Firm, ensuring the accuracy of the reported amounts [2] Fund Usage and Current Balance - The total amount used from the raised funds includes RMB 844,000 for project investments and RMB 165,000,000 for working capital, with a total expenditure of RMB 982,400,759.88 [3] - The company has a remaining balance of RMB 1,016,000.39 in its fundraising accounts as of June 30, 2025 [5][11] Fund Management Practices - The company implements a dedicated account storage system for the raised funds, ensuring compliance with regulatory requirements and protecting investor interests [4][12] - A tripartite supervision agreement is in place with the underwriter and the bank to manage the funds effectively [4] Investment in Financial Products - The company has invested RMB 608,000,000 in financial products, generating a total income of RMB 22,346,334.24 from these investments [3][10] - As of June 30, 2025, there are still RMB 195,000,000 in financial products that have not matured [10] Use of Excess Funds - The company has utilized excess funds to permanently supplement working capital, with approvals from the board and independent directors [10][12] - No excess funds have been used for high-risk investments or to repay bank loans during the reporting period [10][12] Project Completion and Fund Allocation - The company has completed several projects, allowing for the reallocation of surplus funds to enhance operational efficiency [11][12] - The remaining surplus funds will be used for daily operational activities after the cancellation of the fundraising accounts [11][12]

苏州长光华芯光电技术股份有限公司 关于 2025 半年度计提资产减值准备的公告 证券代码：688048 证券简称：长光华芯 公告编号：2025-045 依据《企业会计准则》及公司会计政策的相关规定，为真实、公允地反映公 司 2025 年半年度的财务状况及经营情况，公司对合并范围内的相关资产进行了 全面清查，基于谨慎性原则，对存在减值迹象的资产计提了减值准备。具体情况 如下表所示： 单位：人民币 万元 | 项目 | 计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 433.98 | 含应收账款、应收票据、其他应收款等的减值 | | 资产减值损失 | 1,581.71 | 存货跌价准备 | 合计 2,015.69 二. 计提资产减值准备事项的具体说明 公司考虑了合理且有依据的信息，包括前瞻性信息，以单项或组合的方式对 应收账款、应收票据、其他应收款等的预期信用损失进行测试及估计。经测试， 公司 2025 年半年度计提信用减值损失 433.98 万元。 资产负债表日，存货采用成本与可变现净值孰低计量，按照存货成本高于可 变现净值的差额计提存货跌价准备。经测试，公司 2025 年半 ...

Core Viewpoint - The company has made significant progress in implementing its "Quality Improvement and Efficiency Enhancement" action plan, focusing on cost reduction, technological innovation, and strengthening its core business to enhance overall profitability and shareholder returns [1][2][5]. Group 1: Cost Reduction and Efficiency Improvement - In the first half of 2025, the company achieved a net profit of 8.9745 million yuan by implementing cost reduction strategies, controlling financial expenditures, and enhancing internal management [1]. - The company has focused on improving management quality by reducing stagnant inventory and minimizing resource waste [1]. Group 2: Technological Innovation - The company is committed to the research, manufacturing, and sales of advanced semiconductor laser chips, increasing investment in cutting-edge technology to address critical technical challenges and become a leader in domestic laser chip production [2]. - Significant advancements were made in high-power products, with revenue growth and successful mass shipments in optical communication and other sectors [2][3]. Group 3: Strengthening Core Business and Market Expansion - The company has made breakthroughs in the design and technology of high-power semiconductor laser chips, achieving industry-leading performance metrics, such as a continuous power output exceeding 100W for certain products [2][3]. - The company has developed various high-performance laser products for applications in consumer electronics, optical communication, and automotive laser radar, enhancing its market position [3][4]. Group 4: Industry Chain Optimization and Resource Integration - The company is enhancing its industry chain layout through its wholly-owned subsidiary, focusing on equity investment and technology collaboration to expand product boundaries and strengthen synergies [4]. - Investments have been made in several promising companies to foster growth and innovation within the laser chip sector [4]. Group 5: Talent Development and Team Building - The company is actively recruiting and training talent to build a robust innovation team, optimizing its talent structure and performance evaluation mechanisms to enhance productivity [5]. Group 6: Investor Returns and Communication - The company emphasizes the importance of investor returns, planning to prioritize cash dividends when conditions are favorable, thereby enhancing market confidence [5]. - The company is committed to transparent information disclosure and improving investor relations through regular communication and performance briefings [6][7].

证券代码：688048 证券简称：长光华芯 公告编号：2025-042 苏州长光华芯光电技术股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否需要提交股东会审议：否 ? 日常关联交易对上市公司的影响：本次新增日常关联交易预计是公司结 合市场环境的变化以及日常经营和业务开展的需要，以市场价格为定价依据，遵 循平等自愿原则，交易风险可控，不会因该关联交易对关联方形成依赖，不会对 公司的独立性产生影响，不存在损害公司及股东利益的情况。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 苏州长光华芯光电技术股份有限公司（以下简称"公司"）于 2025 年 8 月 关联交易预计的议案》，经全体委员一致同意后提交该议案至董事会审议。 苏州高新区漓江路 56 号 1 幢 2 楼 一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广；光电子器件制造；光电子器件销售；电子专用材料制造；电子专用 材料销售；半导体照明器件制造；半导体分立器件制造；电子元器件制造； 其他电子器件制造 ...

Group 1 - The company, Suzhou Changguang Huaxin Optoelectronic Technology Co., Ltd., will hold a half-year performance briefing on August 29, 2025, from 15:00 to 16:00 [1][2] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Key personnel attending the briefing include the Chairman and General Manager, Min Dayong, and the Secretary of the Board and Chief Financial Officer, Li Xiaorao [2] Group 2 - Investors can submit questions for the briefing from August 22, 2025, to August 28, 2025, before 16:00 [3] - The company will address commonly asked questions during the briefing [2][3] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [3]

华泰联合证券有限责任公司 关于苏州长光华芯光电技术股份有限公司 新增日常关联交易预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为苏州长光华 芯光电技术股份有限公司（以下简称"长光华芯"、"公司"）首次公开发行股票并在科创 板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》 《科创板上市公司持续监管办法（试行）》等有关规定，对长光华芯 新增日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 苏州长光华芯光电技术股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召 开第二届董事会审计委员会第十二次会议，审议通过了《关于新增日常关联交易预计的 议案》，经全体委员一致同意后提交该议案至董事会审议。 公司于 2025 年 8 月 21 日召开了第二届董事会独立董事专门会议第三次会议，审议 通过了《关于新增日常关联交易预计的议案》，经全体独立董事一致同意后提交该议案 至董事会审议。 公司于 2025 年 8 月 21 日召开第二届董事会第十六次会议，审议通过了《关于新增 ...

Core Viewpoint - The report highlights the financial performance and operational developments of Suzhou Everbright Photonics Co., Ltd. for the first half of 2025, showcasing significant revenue growth and advancements in semiconductor laser technology. Financial Performance - The company's operating income for the first half of 2025 reached approximately 214.06 million yuan, representing a 68.08% increase compared to 127.36 million yuan in the same period last year [4]. - The total profit for the period was approximately 3.64 million yuan, a significant recovery from a loss of approximately 58.22 million yuan in the previous year [4]. - The net profit attributable to shareholders was approximately 8.97 million yuan, compared to a loss of approximately 42.48 million yuan in the same period last year [4]. - The net cash flow from operating activities was negative at approximately -28.06 million yuan, a decline of 437.32% compared to 8.32 million yuan in the previous year [4]. - The company's total assets increased by 0.85% to approximately 3.33 billion yuan, while net assets attributable to shareholders rose by 0.27% to approximately 2.99 billion yuan [4]. Industry Overview - The company operates within the semiconductor laser industry, focusing on the research, development, manufacturing, and sales of semiconductor laser chips, devices, and modules [5]. - The semiconductor industry is foundational to modern information technology, with applications across various sectors including computing, telecommunications, and consumer electronics [5]. - The semiconductor laser industry encompasses laser chips, devices, and modules, with direct semiconductor lasers being the end products that integrate various systems for laser output [5]. Business Operations - The company specializes in the development of high-power semiconductor laser chips, including high-power single-tube products, high-power bar products, high-efficiency VCSEL series products, and optical communication chip series [6]. - The company has established a comprehensive production platform covering chip design, epitaxial growth, wafer processing, and packaging testing, making it one of the few companies capable of developing and mass-producing high-power semiconductor laser chips [6]. - The product applications span across various fields such as fiber lasers, solid-state lasers, ultra-fast lasers, intelligent manufacturing, medical aesthetics, and machine vision [6]. Technological Advancements - The company has made significant breakthroughs in core technologies, including the design of semiconductor laser structures and the development of high-efficiency VCSELs [8]. - The company achieved a new record for room temperature continuous power output exceeding 132W for dual-junction single-tube chips, marking a significant advancement in high-power semiconductor laser technology [8]. - The company is actively expanding its product offerings in the VCSEL and optical communication chip sectors, with successful mass production of 100G EML chips and ongoing development of 200G EML chips [9]. Future Directions - The company is investing in new technologies such as silicon photonics and thin-film lithium niobate, aiming to enhance its capabilities in optical communication and sensing applications [10]. - The company is also exploring the gallium nitride (GaN) technology for visible light applications, filling a gap in the domestic market for GaN blue and green laser products [11].

| | 苏州长光华芯光电技术股份有限公司2025 年半年度报告摘要 | | | --- | --- | --- | | 公司代码：688048 | 公司简称：长光华芯 | | | | 苏州长光华芯光电技术股份有限公司 | | | | 苏州长光华芯光电技术股份有限公司2025 年半年度报告摘要 | | | | 第一节 重要提示 | | | 规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | 公司已在本报告中详细描述可能存在的相关风险，具体内容详见本报告第三节"管理层讨论与分 | | | 析"。 | | | | 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | 无 | | | | □适用 √不适用 | | | | | 第二节 公司基本情况 | | | 公司股票简况 | | | | | 公司股票简况 | | | 股票种类 | 股票上市交易所 股票简称 股票代码 | 变更前股票简称 | | A股 | 上海证券交易所科 长光华芯 688048 | 不适用 | | 创板 | | | | 公司存托凭证简况 | | | | □适用 √不适用 | | ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter provides the company's basic business registration details, contact information, and stock overview, with no significant changes in key information Company Basic Information | Item | Information | | :--- | :--- | | **Company Chinese Name** | 苏州长光华芯光电技术股份有限公司 | | **Company Chinese Abbreviation** | 长光华芯 | | **Legal Representative** | 闵大勇 | | **Stock Abbreviation** | 长光华芯 | | **Stock Code** | 688048 | | **Listing Exchange** | Shanghai Stock Exchange STAR Market | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 68.08%, achieving a turnaround with net profit attributable to shareholders reaching **8.97 million Yuan**, driven by high-power product growth and new optical communication business shipments, despite a **437.32% decrease** in net cash flow from operating activities due to increased costs and customer credit terms Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 214,064,433.93 | 127,360,473.02 | 68.08% | | **Net Profit Attributable to Shareholders of Listed Company** | 8,974,519.60 | -42,480,384.04 | Not Applicable | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items)** | -11,454,339.43 | -72,728,867.75 | Not Applicable | | **Net Cash Flow from Operating Activities** | -28,059,450.29 | 8,318,435.34 | -437.32% | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (Yuan/share)** | 0.0509 | -0.2412 | Not Applicable | | **Weighted Average Return on Net Assets (%)** | 0.30% | -1.38% | Increased by 1.68 percentage points | | **R&D Investment as % of Operating Revenue (%)** | 26.82% | 48.84% | Decreased by 22.02 percentage points | - Performance growth is primarily attributed to strong market expansion, increased revenue from high-power products, and batch shipments from previously deployed optical communication businesses[23](index=23&type=chunk) - The decline in operating cash flow is mainly due to increased procurement and labor costs resulting from higher production, while some customer payments are still within credit terms[23](index=23&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **20.43 million Yuan**, primarily from fair value changes in financial assets (**14.62 million Yuan**) and government subsidies (**8.06 million Yuan**) Details of Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities | 14,623,267.39 | | Government Subsidies Recognized in Current Period P&L | 8,056,452.45 | | Other Non-Operating Income and Expenses | -387,242.71 | | Non-Recurring Gains/Losses from Associates | 1,484,045.14 | | **Total** | **20,428,859.03** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, industry landscape, core technologies, and future outlook [Industry and Main Business](index=9&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company focuses on the semiconductor laser industry, specializing in the R&D, manufacturing, and sales of semiconductor laser chips, devices, and modules, utilizing an IDM model with a full-process platform and expanding into VCSEL and optical communication chips - The company operates in the **"C3976 Optoelectronic Device Manufacturing"** industry, with core products being semiconductor laser chips, extending vertically to devices and modules, and horizontally to VCSEL and optical communication chips[30](index=30&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk) - The company has established an **IDM full-process platform** covering chip design, epitaxial growth, wafer processing, and packaging and testing, with 2-inch, 3-inch, and 6-inch mass production lines[33](index=33&type=chunk) [Core Technologies and R&D Progress](index=10&type=section&id=%E4%BA%8C%E3%80%81%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company has developed GaAs, InP, and GaN material systems, along with edge-emitting and surface-emitting process platforms, with core technologies covering high-power chip structure design, MOCVD epitaxial growth, multi-junction VCSEL design, facet passivation, and high-brightness beam combining, achieving a leading domestic technical level Core Technology Overview | Technology Category | Core Technology Name | | :--- | :--- | | Device Design and Epitaxial Growth | High-power, high-efficiency, high-brightness chip structure design; MOCVD epitaxial growth technology; Multi-junction VCSEL design | | FAB Wafer Process | Low-damage etching process technology; Thin-film oxidation heat treatment process technology | | Facet Passivation Treatment | High-power chip facet technology / High COMD threshold facet protection technology | | Packaging and Coupling | High-power semiconductor laser chip packaging technology; High-brightness spectral beam combining technology; High-quality fiber coupling technology | [Discussion and Analysis of Operations](index=11&type=section&id=%E4%B8%89%E3%80%81%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company achieved significant progress in high-power chips, VCSEL technology, and optical communication products, while expanding into GaN blue-green light lasers and actively pursuing silicon photonics and thin-film lithium niobate, driving domestic substitution and overseas market expansion - **High-Power Chip Innovation**: Dual-junction single-emitter chip continuous power exceeded **132W**, setting a new industry record; 9XXnm 50W high-power chips achieved large-volume shipments[39](index=39&type=chunk)[40](index=40&type=chunk) - **VCSEL Technology Breakthrough**: Surface-emitting chip efficiency increased to **74%**, breaking a nearly 20-year stagnation in the industry; single-base transverse mode laser output reached **20.2mW**, setting a new world record for single-mode VCSEL power efficiency[41](index=41&type=chunk) - **Optical Communication Product Progress**: **100G EML** achieved mass production, **200G EML** began sample shipments; 100G VCSEL, 100mW CW DFB, and other chips reached mass production and shipment levels, with new technology routes like silicon photonics and thin-film lithium niobate being explored[42](index=42&type=chunk) - **New Business Horizontal Expansion**: Established a joint laboratory with Suzhou Institute of Nano-Tech and Nano-Bionics, CAS, and co-founded Suzhou Gallium-Sharp Optoelectronics to enter the **Gallium Nitride (GaN) blue-green laser** field, filling a domestic industrialization gap[43](index=43&type=chunk)[44](index=44&type=chunk) - **Industrial Platform and Investment**: Through its subsidiary research institute platform, the company invested in multiple industry chain companies such as Uniform Crystal Optoelectronics (lithium niobate crystals), Ruike Jingchuang (optical superlattices), and Danfeng Photonics (laser sensing chips), and co-founded Weiqing Semiconductor to strategically enter high-end power devices[45](index=45&type=chunk)[46](index=46&type=chunk) [Analysis of Core Competitiveness](index=13&type=section&id=%E5%9B%9B%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its leading core technologies, IDM-based R&D and manufacturing platform, professional talent team, unique capital platform operation capabilities, strong product scalability, and solid customer resources, having established the industry's largest 6-inch semiconductor laser chip mass production line and GaAs, InP, and GaN material systems - **Technology and Platform Advantages**: Core technologies cover chip design, epitaxy, wafer process, and facet passivation. The IDM model includes 2-inch, 3-inch, and 6-inch mass production lines, and has established GaAs, InP, and GaN material systems[48](index=48&type=chunk)[50](index=50&type=chunk)[57](index=57&type=chunk) - **Talent and Capital Advantages**: Possesses multiple national and provincial leading talents, and collaborates with various universities and research institutes. Utilizes its wholly-owned subsidiary research institute as an incubation and direct investment platform, and promotes the establishment of a photonics industry fund to leverage capital[51](index=51&type=chunk)[52](index=52&type=chunk) - **Product and Customer Advantages**: The technology platform offers horizontal and vertical expansion capabilities, extending product lines from high-power markets to signal, visible light, and optical communication markets. It has accumulated leading industrial laser, high-energy laser, and national key unit customers[53](index=53&type=chunk)[54](index=54&type=chunk) R&D Investment Status | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Total R&D Investment** | 57,421,327.94 | 62,197,825.54 | -7.68% | | **R&D Investment as % of Revenue** | 26.82% | 48.84% | Decreased by 22.02 percentage points | [Risk Factors](index=19&type=section&id=%E4%BA%94%E3%80%81%20%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including significant performance decline or loss, technical iteration, R&D failure, and talent loss risks in core competitiveness, high customer concentration and product price reduction risks in operations, high accounts receivable and inventory balances, and gross margin decline risks in finance, alongside intensified industry competition and macroeconomic fluctuations - **Core Competitiveness Risks**: Rapid technological upgrades and iterations pose a risk of declining competitiveness if R&D investment is insufficient or innovation fails. The company also heavily relies on highly qualified technical personnel, facing a risk of key talent loss[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - **Operational and Financial Risks**: High concentration in the downstream industrial laser industry leads to customer concentration. Declining industry prices and intensified competition may result in continuous decreases in product prices and gross margins. Additionally, high accounts receivable and inventory balances pose risks of bad debts and impairment[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - **Industry and Macroeconomic Risks**: The increasing number of domestic semiconductor laser market participants and growing focus from international companies intensify competition. Business demand is influenced by downstream industrial lasers, LiDAR, and consumer electronics markets, making it susceptible to macroeconomic fluctuations[81](index=81&type=chunk)[83](index=83&type=chunk) [Analysis of Key Operating Performance](index=22&type=section&id=%E5%85%AD%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This chapter analyzes the company's operating status from a financial data perspective, showing a 68.08% increase in revenue and a 52.02% increase in operating costs, with financial expenses significantly reduced due to large-denomination deposit interest income, while cash and cash equivalents decreased due to wealth management product purchases, and debt investments and non-current assets due within one year significantly increased [Analysis of Financial Statement Item Changes](index=22&type=section&id=1%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) During the reporting period, the company's revenue and costs grew in tandem, sales expenses increased due to travel and entertainment, financial expenses significantly decreased due to large-denomination deposit interest, operating cash flow net decreased due to increased procurement and labor, and investing cash flow net saw a substantial outflow due to wealth management and equity investments Changes in Key Income Statement and Cash Flow Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change (%) | Explanation for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 214,064,433.93 | 127,360,473.02 | 68.08% | Good market expansion, increased revenue from high-power products and optical communication business | | **Operating Cost** | 142,862,450.52 | 93,974,236.82 | 52.02% | Increased revenue led to a corresponding increase in costs | | **Financial Expenses** | -20,072,132.83 | -5,227,500.85 | Not Applicable | Due to interest income received from large-denomination deposits purchased in prior periods | | **Net Cash Flow from Operating Activities** | -28,059,450.29 | 8,318,435.34 | -437.32% | Increased procurement and labor expenditures, and some customer payments are within credit terms | | **Net Cash Flow from Investing Activities** | -475,162,599.77 | 90,763,435.34 | -623.52% | Increased purchases of bank wealth management products and payments for equity investments | [Analysis of Assets and Liabilities](index=23&type=section&id=1%E3%80%81%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) At the end of the reporting period, the company's total assets slightly increased by 0.85% from the beginning of the period, with significant changes in asset structure: cash and cash equivalents decreased by 82.80% due to bank wealth management product purchases, while debt investments and non-current assets due within one year significantly increased by 136.06% and 336.57% respectively, and accounts receivable increased by 36.80% with revenue growth, while notes payable decreased by 49.18% Changes in Key Balance Sheet Items | Item Name | Current Period End Amount (Yuan) | Prior Period End Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 101,743,411.86 | 591,604,375.01 | -82.80% | Increased purchases of bank wealth management products, decreased bank deposits | | **Accounts Receivable** | 147,472,432.96 | 107,802,514.00 | 36.80% | Increased accounts receivable due to increased revenue | | **Non-Current Assets Due Within One Year** | 140,045,379.55 | 32,078,404.66 | 336.57% | Increased bank wealth management products maturing within one year | | **Debt Investments** | 446,277,140.78 | 189,049,605.02 | 136.06% | Increased purchases of bank wealth management products | | **Notes Payable** | 15,466,350.91 | 30,434,624.55 | -49.18% | Decreased bank acceptance bills issued | [Analysis of Investment Status](index=25&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's external equity investment amounted to **49.23 million Yuan**, a 687.71% increase year-on-year, primarily in Suzhou Leizhi Sensing and Suzhou Xingyao Photonics, and it also participated in establishing the "Suzhou Huatai Huaxin Taihu Photonics Industry Investment Fund" with a planned investment of **150 million Yuan**, having already contributed **45 million Yuan** - The current period's external equity investment amounted to **49.23 million Yuan**, a **687.71% year-on-year increase**, primarily invested in Suzhou Leizhi Sensing Technology Co Ltd and Suzhou Xingyao Photonics Technology Co Ltd[103](index=103&type=chunk)[104](index=104&type=chunk) - The company participated in establishing the "Suzhou Huatai Huaxin Taihu Photonics Industry Investment Fund," with a planned total investment of **150 million Yuan**, and had invested **45 million Yuan** by the end of the reporting period, holding a **30% stake**[106](index=106&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, including personnel adjustments, and outlines its profit distribution plans [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=29&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors saw changes, with Tan Shaoyang elected as an employee director, and Yu Wei elected as a new independent director following the resignation of Wang Zebin due to personal health reasons Changes in Directors | Name | Position Held | Change Type | | :--- | :--- | :--- | | Tan Shaoyang | Employee Director | Election | | Wang Zebin | Independent Director | Resignation | | Yu Wei | Independent Director | Election | [Profit Distribution Plan](index=29&type=section&id=%E4%BA%8C%E3%80%81%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company has no profit distribution or capital reserve to share capital increase plan for the first half of 2025 - The proposed profit distribution plan and capital reserve to share capital increase plan for the half-year is "No"[114](index=114&type=chunk) [Significant Matters](index=31&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, significant related party transactions, and the progress of raised funds utilization [Fulfillment of Commitments](index=31&type=section&id=%E4%B8%80%E3%80%81%20%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its related parties, including major shareholders and directors, supervisors, and senior management, strictly and timely fulfilled all commitments made during the initial public offering, such as share lock-up, shareholding intentions, share price stabilization, and avoidance of horizontal competition - The company, major shareholders (Huafeng Investment, Suzhou Yinglei, Changguang Group, Hubble Investment, etc.), and directors, supervisors, and senior management strictly fulfilled all commitments related to the initial public offering during the reporting period, including share lock-up, share reduction intentions, share price stabilization, avoidance of horizontal competition, and regulation of related party transactions[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Significant Related Party Transactions](index=47&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company disclosed its estimated routine related party transactions for 2025 in April 2025, and related party transactions during the reporting period were executed within this framework - The company approved the "Proposal on Related Party Transactions in 2024 and Estimated Routine Related Party Transactions in 2025" on April 29, 2025, and related party transactions during the reporting period were executed accordingly[163](index=163&type=chunk) [Progress of Raised Funds Utilization](index=50&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's net raised funds from its initial public offering amounted to **2.536 billion Yuan**, with a cumulative investment of **2.230 billion Yuan** as of the end of the reporting period, representing an **87.91% investment progress**, including **1.050 billion Yuan** of over-raised funds used to permanently supplement working capital, with various projects progressing as planned and **208.56 million Yuan** in remaining funds permanently supplementing working capital Overall Utilization of Raised Funds (Unit: Million Yuan) | Item | Amount | | :--- | :--- | | **Net Raised Funds** | 2,536.17 | | **Total Cumulative Investment as of Report Period End** | 2,229.58 | | **Overall Investment Progress** | 87.91% | | **Total Over-Raised Funds** | 1,188.13 | | **Total Cumulative Investment of Over-Raised Funds** | 1,050.00 | - The company permanently supplemented working capital with **208.56 million Yuan** of remaining funds from raised investment projects[167](index=167&type=chunk) Investment Progress of Key Raised Fund Projects (Unit: Million Yuan) | Project Name | Committed Investment Amount | Cumulative Investment Amount | Investment Progress (%) | | :--- | :--- | :--- | :--- | | High-Power Laser Chip, Device, and Module Capacity Expansion Project | 599.33 | 509.21 | 84.96% | | VCSEL and Optical Communication Laser Chip Industrialization Project | 305.05 | 234.77 | 76.96% | | R&D Center Construction Project | 143.66 | 134.60 | 93.70% | | Working Capital Supplement Project | 300.00 | 300.99 | 100.33% | [Share Changes and Shareholder Information](index=54&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Change Status](index=54&type=section&id=(%E4%B8%80)%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's total share capital remained at 176,279,943 shares, with restricted shares decreasing to 70,070,000 shares (39.75% of total share capital) and unrestricted tradable shares increasing to 106,209,943 shares (60.25% of total share capital) due to the lifting of restrictions on 6,584,505 shares held by Hubble Technology Venture Capital Co Ltd - During the reporting period, **6,584,505 shares** (representing **3.74% of total share capital**) held by Hubble Technology Venture Capital Co Ltd were released from restrictions and became tradable[181](index=181&type=chunk)[183](index=183&type=chunk) Share Structure Changes | Share Type | Beginning Balance | Ending Balance | Change Amount | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 76,654,505 | 70,070,000 | -6,584,505 | | **Unrestricted Tradable Shares** | 99,625,438 | 106,209,943 | +6,584,505 | | **Total Share Capital** | 176,279,943 | 176,279,943 | 0 | [Shareholder Information](index=55&type=section&id=(%E4%BA%8C)%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had 14,503 shareholders, with Suzhou Huafeng Investment Center (18.38%), Suzhou Yinglei Venture Capital Partnership (14.82%), and Changchun Changguang Precision Instrument Group (6.54%) remaining the top three shareholders, all holding restricted shares, while SDIC (Shanghai) Technology Achievement Transformation Venture Capital Fund and Yili Suxin Investment Fund reduced their holdings Top Five Shareholders' Shareholding | Shareholder Name | Ending Shareholding | Percentage (%) | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | Suzhou Huafeng Investment Center (Limited Partnership) | 32,409,000 | 18.38% | 32,409,000 | | Suzhou Yinglei Venture Capital Partnership (Limited Partnership) | 26,130,000 | 14.82% | 26,130,000 | | Changchun Changguang Precision Instrument Group Co Ltd | 11,531,000 | 6.54% | 11,531,000 | | SDIC (Shanghai) Technology Achievement Transformation Venture Capital Fund Enterprise | 8,813,998 | 5.00% | 0 | | Hubble Technology Venture Capital Co Ltd | 6,584,505 | 3.74% | 0 | [Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel](index=60&type=section&id=(%E4%B8%80)%20%E7%8E%B0%E4%BB%BB%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%A6%BB%E4%BB%BB%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, some directors, supervisors, senior management, and core technical personnel reduced their company shareholdings for personal reasons, including Chairman Min Dayong, Vice Chairman Wang Jun, and Deputy General Manager Wu Zhenlin Shareholding Changes of Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | | Min Dayong | Chairman/General Manager/Core Technical Personnel | -59,572 | Personal Reasons | | Wang Jun | Vice Chairman/Executive Deputy General Manager/Core Technical Personnel | -63,830 | Personal Reasons | | Wu Zhenlin | Deputy General Manager | -260,000 | Personal Reasons | [Bond-Related Information](index=62&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides information regarding the company's bond instruments [Corporate Bond Information](index=62&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[198](index=198&type=chunk) [Financial Report](index=63&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements and related notes [Financial Statements](index=63&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This semi-annual financial report is unaudited, showing total assets of **3.33 billion Yuan**, owner's equity attributable to the parent company of **2.99 billion Yuan**, operating revenue of **214 million Yuan**, and net profit attributable to the parent company of **8.97 million Yuan** for the reporting period - This semi-annual report is unaudited[4](index=4&type=chunk) [Consolidated Balance Sheet](index=63&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **3.33 billion Yuan**, total liabilities were **329 million Yuan**, with a debt-to-asset ratio of **9.88%**, and owner's equity attributable to the parent company was **2.99 billion Yuan** [Consolidated Income Statement](index=67&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company achieved total operating revenue of **214 million Yuan**, total operating costs of **209 million Yuan**, a total profit of **3.64 million Yuan**, and a net profit of **9.55 million Yuan**, with net profit attributable to parent company shareholders being **8.97 million Yuan** [Consolidated Cash Flow Statement](index=71&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's net cash flow from operating activities was **-28.06 million Yuan**, net cash flow from investing activities was **-475 million Yuan**, net cash flow from financing activities was **13.37 million Yuan**, and the ending balance of cash and cash equivalents was **102 million Yuan** [Notes to Consolidated Financial Statements](index=107&type=section&id=%E4%B8%83%E3%80%81%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) The notes to the financial statements provide detailed explanations of the composition and changes in each accounting item, with high-power single-emitter series products being the primary revenue source, accounting for approximately **77%** of total revenue, and domestic sales representing the vast majority by region Operating Revenue by Product Type (Current Period) | Product Type | Operating Revenue (Yuan) | Proportion (%) | | :--- | :--- | :--- | | **High-Power Single-Emitter Series** | 164,795,926.72 | 76.99% | | **VCSEL and Optical Communication Chip Series** | 24,543,436.04 | 11.47% | | **High-Power Bar Series** | 11,863,427.01 | 5.54% | | **Other** | 12,861,644.16 | 6.01% | | **Total** | **214,064,433.93** | **100.00%** | [Related Parties and Related Party Transactions](index=172&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%20%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company disclosed its transactions with associates and other related parties, with sales of goods to Wuhan Huari Precision Laser Co Ltd amounting to **6.08 million Yuan** being the primary related party sale during the reporting period, and the company also provided property and equipment leasing services to several associates Key Related Party Sales (Current Period) | Related Party | Related Party Transaction Content | Amount (Yuan) | | :--- | :--- | :--- | | Wuhan Huari Precision Laser Co Ltd | Sale of Goods | 6,075,407.00 | | Suzhou Gallium-Sharp Optoelectronics Technology Co Ltd | Sale of Goods and Provision of Services | 525,719.54 | | Suzhou Danfeng Photonics Technology Co Ltd | Sale of Goods and Provision of Services | 120,494.70 | Key Related Party Lease Income (Current Period) | Lessee Name | Type of Leased Asset | Lease Income (Yuan) | | :--- | :--- | :--- | | Suzhou Gallium-Sharp Optoelectronics Technology Co Ltd | Equipment | 690,265.44 | | Wuhan Huari Precision Laser Co Ltd | Buildings and Structures | 160,645.88 |