Core Insights - The Optical Circuit Switch (OCS) technology enables direct optical signal switching, achieving nanosecond-level switching, low latency, and high energy efficiency, with significant market growth expected in the coming years [1][10][12] Industry Overview - OCS operates entirely in the optical domain, avoiding the delays and power consumption associated with optical-electrical-optical conversions, making it suitable for high-performance applications [2][3] - The OCS market is projected to exceed $2 billion globally by 2031, with China's market expected to surpass 2 billion yuan by 2025, driven by policy support and increasing computational demands [1][12] Technology Development - Three main technological routes for OCS are MEMS, DLC, and DLBS, with DLBS gaining traction due to its low loss and fast switching capabilities, making it a focus for major companies like Google [5][6] - The integration of OCS with other technologies such as CPO and SDN is becoming a core direction for enhancing performance and reducing latency [15] Policy Support - The Chinese government has introduced multiple policies to promote the development of OCS, establishing a comprehensive support system that includes planning, standardization, infrastructure development, and innovation support [6][8] Market Dynamics - The OCS industry chain in China is characterized by reliance on imported core components, intense competition in equipment integration, and explosive growth in application scenarios, particularly in data center interconnections [8][10] - The data center market in China is expected to reach 318 billion yuan by 2025, with OCS playing a crucial role in enhancing energy efficiency and performance [10][12] Competitive Landscape - The competitive landscape of the OCS industry in China is stratified, with leading companies like Huawei and ZTE dominating the high-end market, while other firms focus on AI data centers and international markets [13][14] Future Trends - The OCS industry is expected to evolve along the lines of technology integration, ecosystem standardization, and expansion into various application scenarios, including industrial internet and smart grids [15][16][17]

Financial Performance - The company's total revenue is 2.127 billion yuan, with a net profit attributable to shareholders of 133 million yuan [1] - The net cash inflow from operating activities is -165 million yuan, ranking 158 among disclosed peers, a decrease of 44.08 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 32.98%, an increase of 12.25 percentage points compared to the same period last year [3] - The latest gross profit margin is 33.97%, a decrease of 1.75 percentage points from the previous quarter and a decrease of 2.37 percentage points from the same period last year [3] - The latest return on equity (ROE) is 3.29%, ranking 90 among disclosed peers [3] - The diluted earnings per share (EPS) is 0.29 yuan [3] - The latest total asset turnover ratio is 0.37 times, and the inventory turnover ratio is 3.17 times [3] Shareholder Information - The number of shareholders is 28,000, with the top ten shareholders holding a total of 286 million shares, accounting for 61.95% of the total share capital [3] - The top ten shareholders and their holdings are as follows: 1. Yao Yi: 43.4 million shares 2. Yang Yi: 5.11 million shares 3. Wang Wentao: 2.97 million shares 4. Fuliang Yuzhan Technology (Shenzhen) Co., Ltd.: 2.20 million shares 5. Shenzhen Dacheng Caizhi Venture Capital Management Co., Ltd.: 2.03 million shares 6. Lu Yuanyuan: 1.71 million shares 7. Lin Daiqin: 1.27 million shares 8. Zou Xian: 1.15 million shares 9. Yin Yongqiang: 1.15 million shares 10. China Construction Bank Co., Ltd.: 0.92 million shares [3]

Group 1 - Lingyun Optics (688400.SH) reported its Q3 2025 results on October 30, 2025, with 13 institutional investors holding a total of 24.10 million A-shares, representing 5.23% of the total share capital [1] - The top ten institutional investors include notable firms such as Fuliang Yuzhan Technology, Shenzhen Dacheng Caizhi Venture Capital, and China Construction Bank's ETF, with their combined holding percentage decreasing by 4.28 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings compared to the previous period, with a total increase percentage of 0.82%, including E Fund's ETF and Hongyi Yuanfang Selected Mixed A [2] - One public fund, Everbright's Specialized New Mixed A, reported a slight decrease in holdings, while four new public funds were disclosed this period [2] - A total of 158 public funds were not disclosed in this period, including several notable ETFs focused on technology and innovation [2]

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [1] Financial Performance - The company achieved operating revenue of 759,267,252.46 yuan, representing a year-on-year growth of 53.12% [1] - The net profit attributable to shareholders was 36,585,014.05 yuan, reflecting a year-on-year increase of 47.97% [1]

Core Insights - Lingyun Guang reported a 53.12% year-on-year increase in Q3 revenue, reaching 759 million yuan [1] - The net profit for Q3 was 36.58 million yuan, reflecting a 47.97% year-on-year growth [1] - For the first three quarters of 2025, the company achieved a revenue of 2.127 billion yuan, up 34.30% year-on-year, and a net profit of 133 million yuan, which is an 18.46% increase [1] Business Performance - The company focused on "AI + Vision" to empower various industries in smart manufacturing and embodied intelligence applications, showing good progress in product layout and market expansion [1] - The business structure is continuously improving, indicating a positive trend in operational efficiency [1] AI Capabilities - Lingyun Guang's AI capabilities have been consistently enhanced, leading to increased penetration in smart manufacturing and embodied intelligence sectors [1] - The company has also made significant strides in AI-driven next-generation communication and computing products, laying a solid foundation for future development [1]

Core Insights - Lingyun Optoelectronics (688400.SH) reported a total operating revenue of 2.127 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 34.3% [1] - The net profit attributable to shareholders of the parent company reached 133 million yuan, marking an 18.46% year-on-year growth [1] - The basic earnings per share stood at 0.29 yuan [1]

Core Insights - Lingyun Guang (688400) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 759 million yuan, a year-on-year growth of 53.12%, and net profit of 36.585 million yuan, up 47.97% [1] - For the first three quarters of 2025, the company achieved a total revenue of 2.127 billion yuan, reflecting a year-on-year increase of 34.30%, and a net profit of 133 million yuan, which is an 18.46% increase compared to the previous year [1] - The company has enhanced its AI capabilities, leading to increased penetration in smart manufacturing and embodied intelligence sectors, and has made good progress in AI-driven next-generation communication and computing products [1]

Core Viewpoint - Lingyun Technology Co., Ltd. reported strong financial performance for the first three quarters of 2025, with significant growth in revenue and net profit driven by advancements in AI and smart manufacturing applications [1] Financial Performance - The company achieved operating revenue of 2.127 billion yuan, representing a year-on-year increase of 34.30% [1] - The net profit attributable to shareholders reached 133 million yuan, reflecting a year-on-year growth of 18.46% [1] Business Development - Lingyun Technology focused on "AI + Vision" to empower various industries in smart manufacturing and embodied intelligence applications, resulting in positive progress in product layout and market expansion [1] - The company's AI capabilities have continuously improved, leading to increased penetration in smart manufacturing and embodied intelligence sectors [1] - Lingyun has also made significant strides in AI-driven next-generation communication and computing products, laying a solid foundation for future development [1]

证券代码：688400 证券简称：凌云光 公告编号：2025-081 凌云光技术股份有限公司 关于 2025 年第三季度计提减值准备的公告 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。 一、计提减值准备情况概述 结合公司的实际经营情况及行业市场变化等因素的影响，根据《企业会计准 则》及凌云光技术股份有限公司（以下简称"公司"）会计政策、会计估计的相 关规定，为客观、公允地反映公司截至 2025 年 9 月 30 日的财务状况和经营成果， 本着谨慎性原则，公司 2025 年第三季度确认信用减值损失 1,359.95 万元、资产 减值损失-195.11 万元，共计 1,164.85 万元，明细如下： 单位：人民币万元 | 项目 | 2025 年第三季 | | 备注 | | --- | --- | --- | --- | | | 度计提金额 | | | | 信用减值损失 | | | 主要系应收票据坏账损失、应收账款坏账损 失、应收款项融资坏账损失、其他应收款坏 | | | | 1,359.95 | | | | | | 账损失 ...

凌云光技术股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 投资者可于 2025 年 10月 31 日(星期五)至 2025 年 11 月 6 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 BODoffice@lusterinc.com 进行提问。公司将在业绩说明会上对投资者普遍关 注的问题进行回答。 凌云光技术股份有限公司（以下简称"公司"）将于 2025 年 10 月 30 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 7 日(星期五) 14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 证券代码：688400 证券简称：凌云光 公告编号：2025-082 本公司董事会及全体董事保 ...