Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The report discusses the challenges in data center link technologies, emphasizing the trade-offs between transmission distance, power consumption, and reliability. Copper cables offer high efficiency and reliability but are limited to distances of less than 2 meters, while optical links provide longer distances at the cost of higher power consumption and lower reliability [1][11]. - The introduction of the MOSAIC optical transmission technology by Microsoft aims to overcome the limitations of both optical and copper links, achieving long-distance transmission, low power consumption, and high reliability without requiring hardware changes [2][18]. - MOSAIC utilizes a wide-and-slow architecture with numerous parallel channels operating at lower data rates, employing Micro LEDs as transmitters to achieve high data rates [3][26]. Summary by Sections 1. Challenges in Current Link Technologies - Data center networks face fundamental trade-offs in transmission distance, power consumption, and reliability, with copper cables being limited in distance and optical links suffering from high power consumption [1][11]. - The performance of copper cables declines rapidly with increased data rates, while optical links experience significant power increases [12][15]. 2. MOSAIC Technology Overview - MOSAIC is designed to be backward compatible with existing standards and interfaces, allowing seamless integration into current network architectures [2][18]. - The architecture employs a large number of parallel channels, each operating at a lower data rate of 2 Gbps, to achieve higher aggregate speeds [3][26]. - MOSAIC has demonstrated the ability to maintain stable data transmission over distances of up to 30 meters, significantly exceeding traditional copper cable capabilities [32]. 3. Component Increment from MOSAIC - The implementation of MOSAIC is expected to benefit several components, including Micro LEDs, multi-core imaging fibers, TIR lenses, CMOS sensors, and Micro LED optical connectors [4][42]. - The report highlights specific companies that could benefit from this technology, such as Zhaochi Co., Sanan Optoelectronics, and Longfly Fiber [5][64]. 4. Investment Recommendations - The report suggests focusing on companies involved in the MOSAIC supply chain, particularly those producing Micro LEDs and related optical components, as they are likely to see significant growth with the adoption of this technology [4][64].

Core Viewpoint - Qianzhao Optoelectronics reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance across various business segments, despite challenges in the LED industry [1][2]. Financial Performance - The company achieved operating revenue of 1.743 billion RMB, representing a year-on-year increase of 37.08% [1]. - Net profit attributable to the parent company reached 69.2342 million RMB, up 88.04% year-on-year [1]. Business Development - MiniRGB product revenue grew by 57% year-on-year, while traditional RGB small-pitch display products captured over 30% market share [1][2]. - Backlight business revenue surged by 402%, with significant advancements in RGB-MiniLED backlight chips and MiniCOB technology [2]. - The automotive sector, particularly in HUD displays, saw a revenue increase of 104% [2]. Industry Trends - The LED industry is facing rising costs and declining end-user demand, yet there is a clear trend towards high-end and intelligent market demands [1]. - High-end display technologies like Mini/MicroLED are leading industry growth, with increasing penetration in TVs and monitors [1]. Product Innovations - Qianzhao Optoelectronics has made notable advancements in GaAs solar cells, achieving a doubling of sales in the commercial aerospace sector [3]. - The company has successfully shipped products suitable for low-orbit commercial satellites and made breakthroughs in flexible solar cell performance [3]. VCSEL Market Potential - The global VCSEL market is projected to reach approximately $2 billion by 2024, with a compound annual growth rate exceeding 15% over the next five years [3]. - The automotive lidar VCSEL chip market is expected to grow to $1.8 billion by 2028, marking it as the fastest-growing segment [3]. Future Strategy - The company aims to focus on high-end products and customer-centric operations to achieve stable profit growth [4]. - Plans include expanding the LED core business and transitioning towards high-end semiconductor products for sustainable long-term development [4].

乾照光电（SZ 300102，收盘价：14.32元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收 入约17.43亿元，同比增加37.08%；归属于上市公司股东的净利润约6923万元，同比增加88.04%；基本 每股收益0.08元，同比增加100%。 （文章来源：每日经济新闻） ...

截至发稿，乾照光电市值为132亿元。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 每经AI快讯，乾照光电（SZ 300102，收盘价：14.32元）8月21日晚间发布公告称，公司第六届第十三 次董事会会议于2025年8月20日在公司会议室召开。会议审议了《关于公司2025年半年度报告及其摘要 的议案》等文件。 （记者 曾健辉） ...

智通财经APP讯，乾照光电(300102.SZ)发布2025年半年度报告，该公司营业收入为17.43亿元，同比增 长37.08%。归属于上市公司股东的净利润为6923.42万元，同比增长88.04%。归属于上市公司股东的扣 除非经常性损益的净利润为2946.42万元，同比增长89.65%。基本每股收益为0.08元。 ...

Core Insights - Qianzhao Optoelectronics reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.743 billion yuan, a year-on-year growth of 37.08%, and net profit attributable to shareholders amounting to 69.2342 million yuan, up 88.04% [1] Group 1: Business Performance - The company's LED business expanded into multiple application scenarios, with Mini RGB product revenue increasing by 57% year-on-year and traditional RGB small-pitch display products capturing over 30% market share [2] - The backlight business saw a remarkable revenue growth of 402% year-on-year, driven by self-developed high-performance RGB-MiniLED backlight chips and successful international customer acquisition [2] - The automotive sector, particularly in HUD display, experienced a revenue increase of 104% year-on-year, while the lighting business focused on high-efficiency product solutions to optimize gross margins [2] Group 2: Product Development - The GaAs solar cell business performed exceptionally well, with product sales doubling year-on-year, maintaining the top position in the domestic market, and achieving breakthroughs in flexible space solar cell radiation resistance [2] - VCSEL products have extended their applications to consumer electronics, industrial sensing, medical aesthetics, data communication, and automotive sectors, with significant shipments in consumer electronics and medical aesthetics [3] Group 3: R&D Investment - The company emphasized technology innovation as a core driver of development, with R&D investment reaching 89.6722 million yuan, a 17.22% increase year-on-year [3] - The company and its subsidiaries obtained 18 invention patents, 4 utility model patents, and 1 design patent, with 66 new patent applications filed during the reporting period [3]

Growth - Teva Pharmaceutical reported a net profit of 38.01 million yuan in the first half of the year, a year-on-year increase of 1313.23% [1] - Qianfang Technology achieved a net profit of 170 million yuan, up 1287.12% year-on-year [1] - Tianyu Digital Science and Technology recorded a net profit of 23.62 million yuan, reflecting a 453.67% increase [1] - Suzhou Gude reported a net profit of 43.70 million yuan, up 310.28% year-on-year [1] - Sainuo Medical achieved a net profit of 13.84 million yuan, an increase of 296.54% [1] - Runfeng Co., Ltd. reported a net profit of 556 million yuan, up 205.62% year-on-year [1] - Guodian Nanzi achieved a net profit of 159 million yuan, reflecting a 197.03% increase [1] - Ruijie Networks reported a net profit of 452 million yuan, up 194% year-on-year [1] - Zhongjing Technology achieved a net profit of 25.74 million yuan, an increase of 144.05% [1] - China National Materials Technology reported a net profit of 999 million yuan, up 114.92% year-on-year [1] - Lante Optics achieved a net profit of 103 million yuan, reflecting a 110.27% increase [1] - Yidao Information reported a net profit of 11.41 million yuan, up 96.02% year-on-year [1] - Qianzhao Optoelectronics achieved a net profit of 69.23 million yuan, an increase of 88.04% [1] - Ruile New Materials reported a net profit of 166 million yuan, up 74.22% year-on-year [1] - Lvtian Machinery achieved a net profit of 140 million yuan, reflecting a 64.36% increase [1] - Mega Chip Color reported a net profit of 110 million yuan, up 48.83% year-on-year [1] - Jiaojian Co., Ltd. achieved a net profit of 113 million yuan, an increase of 48.66% [1] - Huhua Electronics reported a net profit of 1.683 billion yuan, up 47.50% year-on-year [1] - Sany Heavy Industry achieved a net profit of 5.216 billion yuan, reflecting a 46% increase [1] - Goodix Technology reported a net profit of 431 million yuan, up 35.74% year-on-year [1] - Allwinner Technology achieved a net profit of 161 million yuan, an increase of 35.36% [1] - Bichu Electronics reported a net profit of 640 million yuan, up 30.32% year-on-year [1] - Ganneng Co., Ltd. achieved a net profit of 438 million yuan, reflecting a 29.39% increase [1] - Weigao Medical reported a net profit of 492 million yuan, up 28.07% year-on-year [1] - GoerTek achieved a net profit of 1.417 billion yuan, reflecting a 15.65% increase [1] - Huason Pharmaceutical reported a net profit of 53.95 million yuan, up 14.27% year-on-year [1] - Gaoxin Development achieved a net profit of 66.92 million yuan, an increase of 14.06% [1] - Shanghai Jahwa reported a net profit of 266 million yuan, up 11.66% year-on-year [1] Stable Growth - Hangcha Group reported a net profit of 1.121 billion yuan, reflecting an increase of 11.38% year-on-year [2] - Dong'e Ejiao achieved a net profit of 818 million yuan, up 10.74% [2] - Beikong Technology reported a net profit of 54.31 million yuan, an increase of 10.59% [2] - Hongxin Electronics achieved a net profit of 53.99 million yuan, up 9.85% year-on-year [2] - Huace Testing reported a net profit of 467 million yuan, reflecting a 7.03% increase [2] - Samsung Medical achieved a net profit of 1.230 billion yuan, up 6.93% year-on-year [2] - Jiangzhong Pharmaceutical reported a net profit of 522 million yuan, reflecting a 5.80% increase [2] - Hualing Cable achieved a net profit of 63.64 million yuan, up 4.74% year-on-year [2] - Kuaijishan reported a net profit of 93.88 million yuan, reflecting a 3.41% increase [2] - Laishen Tongling achieved a net profit of 60.61 million yuan, turning from loss to profit [2] - Yunnan Geology reported a net profit of 22.15 million yuan, turning from loss to profit [2] - Shandong Steel achieved a net profit of 1.253 million yuan, turning from loss to profit [2] Decline and Loss - Zhongtian Rocket reported a net profit of 394,460 yuan, a year-on-year decrease of 80.74% [2] - Liuhua Co., Ltd. achieved a net profit of 344,280 yuan, down 78.01% year-on-year [2] - Qiaqia Food reported a net profit of 886.42 million yuan, a decrease of 73.68% [2] - Hangjin Technology achieved a net profit of 1.372 million yuan, down 58.38% year-on-year [2] - Taiping Bird reported a net profit of 7.771 million yuan, a decrease of 54.61% [2] - Canadian Solar reported a net profit of 731 million yuan, down 41.01% year-on-year [2] - Sinopec achieved a net profit of 21.483 billion yuan, a decrease of 39.8% [2] - Fulejia reported a net profit of 230 million yuan, down 32.54% year-on-year [2] - Palin Bio reported a net profit of 236 million yuan, down 27.89% [2] - Yiwei Lithium Energy achieved a net profit of 1.605 billion yuan, down 24.9% year-on-year [2] - Jinguang Electric reported a net profit of 42.34 million yuan, down 17.16% [2] - Hexing Co., Ltd. achieved a net profit of 107 million yuan, down 16.98% year-on-year [2] - Electric Investment Production and Financing reported a net profit of 459 million yuan, down 13.41% [2] - Tiantan Biological achieved a net profit of 633 million yuan, down 12.88% year-on-year [2] - Huali Group reported a net profit of 1.671 billion yuan, down 11.06% [2] - Zhongyou Engineering achieved a net profit of 470 million yuan, down 10.87% year-on-year [2] Further Losses - Chongda Technology reported a net profit of 222 million yuan, down 6.19% year-on-year [3] - Xinhua Department Store achieved a net profit of 86.01 million yuan, down 2.52% [3] - Zhuosheng Micro reported a net loss of 147 million yuan, turning from profit to loss [3] - Penghui Energy reported a net loss of 88.23 million yuan, turning from profit to loss [3] - Yipin Hong reported a net loss of 73.54 million yuan, turning from profit to loss [3] - Zhongbing Hongjian reported a net loss of 40.71 million yuan, turning from profit to loss [3] - Sanwei Xinan reported a net loss of 29.39 million yuan, turning from profit to loss [3] - Anyuan Coal reported a net loss of 290 million yuan [3] - Keda Xunfei reported a net loss of 239 million yuan [3] - Jishi Media reported a net loss of 23.2 million yuan [3] - Nanjing Chemical Fiber reported a net loss of 88.93 million yuan [3] - Guangsheng Tang reported a net loss of 66.69 million yuan [3] - Chutian Long reported a net loss of 39.77 million yuan [3]

Suspension - Feilu Co., Ltd. is planning a change in company control, leading to the suspension of its stock [1] Capital Increase and Mergers - Yunnan Copper Industry has submitted an application to acquire 40% of Liangshan Mining, which has been accepted by the Shenzhen Stock Exchange [2] - Zhenghe Industrial plans to raise no more than 818 million yuan through a private placement for agricultural machinery component expansion, garden tool chain saw system project, micro chain system software and hardware integration R&D, and to supplement working capital [2] - iFlytek intends to raise no more than 4 billion yuan through a private placement for the Spark Education large model and typical products, and to supplement working capital; a shareholder, Yanzhi Technology, plans to subscribe for no less than 250 million yuan and no more than 350 million yuan [2] External Investment and Daily Operations - Wantai Biological Pharmacy's nine-valent human papillomavirus vaccine has received its first batch release certificate [3] - Hanyu Pharmaceutical's acetic acid atoziban injection has obtained marketing approval in Vietnam [4] - Zai Jian Pharmaceutical has received clinical trial approval for injectable ZG005, injectable ZGGS18, and the combination with hydrochloride gikaixin tablets [5] - Changchun High-tech's subsidiary has had its clinical trial application for injectable GenSci143 accepted [6] - Jinbo Co., Ltd. has received a notification from a leading OEM, selecting the company as a designated supplier for developing and supplying carbon-ceramic brake disc products [6] - Greeenmei has signed a strategic cooperation agreement with Weilan Lithium Core to create a high-energy battery materials and solid-state battery innovation consortium [7] - Anyuan Coal Industry plans to change its stock name to "Jiang Tung Equipment" [8] Performance Changes - Qianfang Technology reported a net profit of 170 million yuan in the first half of the year, a year-on-year increase of 1287.12% [9] - Sainuo Medical's net profit in the first half of the year increased by 296.54% year-on-year [10] - Jin Qilin reported a net profit of 108 million yuan in the first half of the year, a year-on-year increase of 226.14% [11] - Qianzhao Optoelectronics reported a net profit of 69.23 million yuan in the first half of the year, a year-on-year increase of 88.04% [12] - Miaokelando reported a net profit of 133 million yuan in the first half of the year, a year-on-year increase of 86.27% [12] - Hudian Co., Ltd. reported a net profit of 1.683 billion yuan in the first half of the year, a year-on-year increase of 48% [12] - GoerTek reported a net profit of 1.417 billion yuan in the first half of the year, a year-on-year increase of 15.65% [12] - Yunnan Ge Industry reported a net profit of 22.15 million yuan in the first half of the year, returning to profitability [12]

乾照光电公告，2025年上半年营业收入17.43亿元，同比增长37.08%；归属于上市公司股东的净利润 6923.42万元，同比增长88.04%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

厦门乾照光电股份有限公司股东会议事规则 厦门乾照光电股份有限公司 股东会议事规则 第一章 总则 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现下述 情形时，临时股东会应当在事实发生之日起 2 个月内召开。 （一） 董事人数不足《公司法》规定人数或者《公司章程》所定人数的 2/3 时； （二） 公司未弥补的亏损达股本总额三分之一时； （三） 单独或者合计持有公司百分之十以上股份的股东请求时； 1 第一条 为规范厦门乾照光电股份有限公司（以下简称"公司"）行为， 保证股东会依法行使职权，根据现行有效的《中华人民共和国公司法》(以下简 称"《公司法》")《中华人民共和国证券法》《深圳证券交易所创业板股票上市规 则》（以下简称"《上市规则》"）《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称"《规范运作指引》"）等有关法律 法规和《厦门乾照光电股份有限公司章程》（以下简称"《公司章程》"），制定本 规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相 关规定召开股东会，保 ...