德科立(688205) - 2025 Q2 - 季度财报

Section I Definitions This section defines key optical communication and optoelectronic terms and company abbreviations, ensuring precise report understanding Definitions of Common Terms This chapter defines professional terms related to optical communication and optoelectronic technology and company-specific abbreviations used in the report, covering network architectures, optical device technologies, and optical module standards, ensuring accurate understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[11] - CPO (Co-Packaged Optics) is an advanced heterogeneous integration technology for optical and silicon devices, aiming to improve cost, power consumption, and size efficiency, suitable for optical interconnects in data center applications[10] - DCI (Data Center Interconnection) refers to a dedicated network connecting different data centers and computing power centers, carrying inter-connection services between them[11] Section II Company Profile and Key Financial Indicators I. Company Overview Wuxi Taclink Optoelectronic Technology Co., Ltd. (Taclink) is listed on the STAR Market (688205), with its registered address changing - The company's Chinese name is Wuxi Taclink Optoelectronic Technology Co., Ltd., abbreviated as Taclink[13] - The company's shares are listed on the STAR Market of the Shanghai Stock Exchange, stock code 688205[16] - On August 7, 2025, the company's registered address changed to No. 6 Keyuan Road, Xinwu District, Wuxi City[13] II. Contact Persons and Information This section provides contact details for the Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary (domestic information disclosure representative) is Shao Zhang, and the Securities Affairs Representative is Shenjin Yang[14] - Contact address is No. 6 Keyuan Road, Xinwu District, Wuxi City, telephone 0510-85347006, fax 0510-85347055, email info@taclink.com[14] III. Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates Shanghai Securities News, China Securities Journal, and Securities Daily for information disclosure, with the semi-annual report available on www.sse.com.cn and at the company's Securities Affairs Department, with no changes during the reporting period - The company's designated newspapers for information disclosure are Shanghai Securities News, China Securities Journal, and Securities Daily[15] - The website address for the semi-annual report is www.sse.com.cn[15](index=15&type=chunk) - The company's semi-annual report is available at the Securities Affairs Department[15] IV. Brief Introduction to Company Shares/Depositary Receipts The company's shares are A-shares listed on the STAR Market of the Shanghai Stock Exchange under the stock name Taclink and code 688205, with no depositary receipts - The company's share type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[16] - The stock abbreviation is Taclink, and the stock code is 688205[16] - The company has no depositary receipts[17] VI. Key Accounting Data and Financial Indicators Operating revenue grew 5.93% to 433.36 million yuan, but net profit and total profit declined by approximately 48% year-on-year, primarily due to a 266.94% drop in operating cash flow Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 433,355,281.64 RMB | 409,113,768.69 RMB | 5.93 | | Total Profit | 28,040,668.24 RMB | 56,580,349.16 RMB | -50.44 | | Net Profit Attributable to Shareholders of Listed Company | 28,093,700.36 RMB | 54,202,069.50 RMB | -48.17 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 19,111,535.28 RMB | 36,914,839.91 RMB | -48.23 | | Net Cash Flow from Operating Activities | -19,434,728.54 RMB | 11,641,497.82 RMB | -266.94 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,262,195,324.68 RMB | 2,242,260,596.75 RMB | 0.89 | | Total Assets (Period-end) | 2,658,794,287.55 RMB | 2,620,439,027.92 RMB | 1.46 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.18 | 0.34 | -47.06% | | Diluted Earnings Per Share (RMB/share) | 0.18 | 0.34 | -47.06% | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.12 | 0.23 | -47.83% | | Weighted Average Return on Net Assets (%) | 1.25 | 2.46 | Decreased by 1.21 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.85 | 1.68 | Decreased by 0.83 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 11.42 | 12.19 | Decreased by 0.77 percentage points | - Net cash flow from operating activities decreased by 266.94% year-on-year, primarily due to increased payments for raw material purchases during the period[20] VII. Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company states there are no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[21] VIII. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 8.98 million yuan, mainly from fair value changes in financial assets, government grants, and disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -259,857.10 | | Government grants recognized in current profit or loss | 760,431.35 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 10,036,645.03 | | Other non-operating income and expenses apart from the above | 7,856.36 | | Less: Income tax impact | 1,562,910.56 | | Total | 8,982,165.08 | IX. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Impact of Share-Based Payments During the reporting period, the company's net profit after deducting the impact of share-based payments was 36.29 million yuan, a 42.05% decrease year-on-year Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 36,290,099.35 RMB | 62,626,700.85 RMB | -42.05 | X. Explanation of Non-GAAP Performance Indicators The company states it does not use non-GAAP performance indicators - The company does not use non-GAAP performance indicators[24] Section III Management Discussion and Analysis I. Explanation of the Company's Industry and Main Business During the Reporting Period The company operates in the optoelectronic device industry, benefiting from global digital economy and computing power growth, with its main business in R&D, production, and sales of optoelectronic devices, excelling in long-distance optical transmission technology (I) Company's Industry and Industry Development The company is in the midstream of the optical communication industry, benefiting from a projected 30 to 100 million-fold increase in global computing power demand over the next decade, driving rapid advancements in optical communication technologies - The company operates in the optoelectronic device industry within optical communication, positioned in the midstream of the industry chain[25] - Global computing power demand is projected to surge 30 to 100 million times in the next decade, driving rapid development in the optical communication industry[25] - Optical switching technology within computing clusters is entering a critical breakthrough period, with urgent market demand for nanosecond-level switching speeds and higher-dimensional optical switches[26] - DCI and metropolitan area network 800G port optical transmission equipment are entering a critical deployment phase, stably supporting 80 channels and transmission distances up to 600 kilometers[26] - Large-scale commercial deployment and intelligent upgrade of backbone network 400G OTN are accelerating, with China Mobile having built the world's largest and most extensive 400G OTN network[27] - The domestic access network market is poised for 10-gigabit upgrades, with 50G PON technology achieving key breakthroughs in the first half of 2025 and expected to enter a large-scale deployment cycle from 2026[27] (II) Company's Main Business, Main Products, and Their Uses The company's main business is R&D, production, and sales of optoelectronic devices and subsystems, categorized into transmission, access, and data communication products for various network applications - The company's main business is the R&D, production, and sales of optoelectronic devices, with main products being optoelectronic devices and subsystems[28] - Transmission products: Telecom transmission optical transceivers (155M to 400G and above rates), fiber amplifiers (erbium-doped, Raman, semiconductor), transmission subsystems (ultra-long distance, data link acquisition), optical passive modules (optical switches, WSS, OXC optical backplanes)[28] - Access products: GPON OLT, COMBO PON, and BOSA (broadband access), fronthaul subsystems, and 10G, 25G optical transceivers (wireless access)[28] - Data communication products: DCI products and various data communication optical transceivers (short-distance transmission below 2km)[28] (III) Main Business Model The company operates on an independent R&D model, combining market demand with cutting-edge technology, primarily using a build-to-order and moderate inventory procurement approach, self-production, and direct sales - The company's R&D model adheres to independent research and development, combining market demand and cutting-edge technology, achieving significant results in C+L amplifiers, coherent and non-coherent optical modules[29][30] - The procurement model primarily combines build-to-order with moderate inventory, selecting preferred suppliers[30] - The production model is primarily self-production, combining "production based on sales orders" and "production based on sales forecasts"[30] - The sales model is primarily direct sales, supplemented by distribution, expanding customers through active visits, participation in exhibitions, industry conferences, and proactive solution provision[30] (IV) Company's Market Position and Key Performance Drivers The company is a high-tech enterprise with comprehensive horizontal and vertical integration capabilities in the optical communication industry, holding a strong market position due to its technological advantages in long-distance optical transmission, wide-spectrum amplifiers, miniaturized pluggable amplifiers, and high-speed optical transceivers - The company is one of the few high-tech enterprises in the optical communication industry with comprehensive horizontal and vertical integration capabilities across the industry chain[31] - The company has undertaken over 10 national-level projects such as the National Torch Program and 863 Program, and was awarded the National Science and Technology Progress Award Second Prize[31] - The company maintains strong technological advantages in wide-spectrum amplifiers, miniaturized pluggable amplifiers, and high-speed, long-distance coherent and non-coherent optical transceivers[31] II. Discussion and Analysis of Operations Operating revenue grew 5.93% to 433.36 million yuan, but net profit attributable to shareholders decreased 48.17%, impacted by market pricing, DCI/optical module ramp-up, and production base investments - During the reporting period, the company achieved operating revenue of 433.36 million yuan, a year-on-year increase of 5.93%[31] - Net profit attributable to shareholders of the listed company was 28.09 million yuan, a year-on-year decrease of 48.17%[31] - The decline in net profit was primarily due to narrowing profit margins from pricing adjustments in the traditional telecom transmission market, insufficient profit contribution during the capacity building and ramp-up phase of DCI and 400G/800G optical modules, and continuous rigid investments in the company's headquarters and Thailand production base[32][33] 1. Technology Breakthroughs Drive Product Matrix Upgrades The company invested 49.48 million yuan in R&D, achieving significant progress in high-end optical modules, optical amplifiers, and optical transmission subsystems - During the reporting period, the company's R&D investment was 49.48 million yuan, accounting for 11.42% of revenue[33] - High-end optical modules: 400G coherent modules are in small-batch trial production, 400G/800G computing power products have completed iteration and started sampling, 1.6T ultra-high-speed modules are accelerating development, and 50G PON has initiated customer certification[33] - Optical amplifiers: L++ products maintain market leadership, SOA single-channel amplifiers are shipping in volume, and a C-band multi-wavelength amplifier for hollow-core fiber (output power > 2W) has been launched[33] - Optical transmission subsystems: 400G/600G DCI line cards are being delivered in volume, completing C6T+L6T system deployment; 800G line cards will be delivered in small batches within the year, 1.6T line cards have started preliminary research; silicon-based OCS received overseas sample orders, and R&D for second-generation high-dimensional OCS is accelerating[33] 2. Telecom and Data Communication Businesses Jointly Advance Global Expansion The company strengthened traditional telecom business while rapidly expanding into the data communication market, significantly increasing DCI and high-speed optical module orders and market share, and established a new Japanese subsidiary to enhance localized operations in Asia - The company solidified its traditional telecom business, deepening strategic cooperation with core operators and communication equipment vendors[34] - Accelerated expansion into the data communication market, focusing on market introduction and inventory preparation for DCI and high-speed optical module products, with simultaneous growth in customer order volume and market share[34] - Established a new Japanese subsidiary to integrate regional industrial cluster advantages and enhance localized operational capabilities in the Asian market[34] 3. Accelerate Overseas Base Construction, Optimize Global Supply Chain Layout The company is expanding existing leased factory capacity and vigorously advancing the construction of its wholly-owned production base in Thailand, slated for Q4 2025 operation, to enhance global order response, delivery capabilities, and supply chain resilience - The company is fully advancing the construction of its wholly-owned production base in Thailand, scheduled to commence operation in Q4 2025[34] - The Thailand base will fully deploy intelligent production lines and establish standardized operating procedures and a full-cycle quality control system[34] - Upon the release of capacity from the Thailand base, global order response speed and delivery capabilities will be significantly enhanced, optimizing global supply chain resilience[35] 4. Equity Incentive Implementation Shows Results, Talent Pool Expands and Improves In June 2025, the company completed the first vesting period of its 2023 restricted stock incentive plan, granting 1.12 million shares to 322 core employees, boosting innovation, with the R&D team growing by 19.89% and a 5.7 percentage point increase in employees with master's degrees or higher - In June 2025, the company completed the first vesting period of the initial grant under its 2023 restricted stock incentive plan, vesting 1.1247 million Class II restricted shares to 322 core technical and business personnel[35] - The R&D team size increased by 19.89% year-on-year, with the proportion of employees holding master's degrees or higher increasing by 5.7 percentage points[35] - The company, through its "quantity and quality" strategy, effectively drives a virtuous cycle of "talent reserve - technological innovation - business development"[36] III. Analysis of Core Competitiveness During the Reporting Period Core competitiveness is driven by technological innovation, diversified products, advanced manufacturing, and strong customer relationships, enabling vertical integration (I) Analysis of Core Competitiveness The company's core competitiveness includes strong R&D capabilities, a diversified product portfolio across optical communication, vertical integration from chip packaging to subsystem manufacturing, and a robust customer base with long-term domestic and international partnerships - The company possesses extensive technological reserves, has undertaken over 10 national-level projects such as the National Torch Program and 863 Program, and was awarded the National Science and Technology Progress Award Second Prize[37] - The company has established three major technology platforms: optical transceivers, optical amplifiers, and optical transmission subsystems, forming core technologies characterized by high speed, long distance, and modularity[38] - The company possesses vertical manufacturing capabilities from chip packaging and testing, device packaging, module manufacturing to optical transmission subsystem design and manufacturing, enhancing production efficiency through self-developed and self-manufactured proprietary testing equipment[39] - The company's customers are distributed across over 20 countries and regions globally, including high-quality clients such as ZTE, China Mobile, Infinera, and Ciena[40][41] (II) Events During the Reporting Period That Severely Affected the Company's Core Competitiveness, Impact Analysis, and Countermeasures During the reporting period, no events occurred that severely affected the company's core competitiveness - During the reporting period, no events occurred that severely affected the company's core competitiveness[42] (III) Core Technologies and R&D Progress The company holds 26 leading core technologies, all self-developed, and has accumulated 175 patents and 63 software copyrights, with R&D investment of 49.48 million yuan focusing on 16 projects Company's Main Core Technologies | No. | Core Technology Name | Technology Source | Technological Advancement | | :--- | :--- | :--- | :--- | | 1 | High-speed optical device packaging technology | Independent R&D | Meets 100G, 200G, and 400G product applications, with potential for iteration to 800G and higher speeds | | 3 | High-speed optical transceiver module manufacturing platform technology | Independent R&D | Significantly improves module reusability, shortens software development cycles, and accelerates product introduction | | 8 | Gain flattening filter design technology | Independent R&D | Achieves flatness requirements within 1dB across a large bandwidth, leading technology | | 14 | Raman optical amplifier technology | Independent R&D | Achieves 10~30dB gain multi-wave amplification, applied in ultra-long-distance optical transmission systems, industry-leading | | 22 | Optical transmission subsystem framework design technology | Independent R&D | Applied to 1U to 10U rack-mounted equipment platforms, business board rates compatible with 10G-400G, achieving complete optical transmission system functions | | 26 | High-speed wavelength division transmission technology | Independent R&D | Innovatively developed low-cost, high-speed, large-capacity wavelength division transmission system, covering C Band and O Band | - As of June 30, 2025, the company had accumulated 175 patents (45 invention patents, 125 utility model patents, 5 design patents), 63 software copyrights, and 19 trademarks[48] R&D Investment Situation | Indicator | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 49,475,849.27 | 49,878,521.78 | -0.81 | | Total R&D Investment as Percentage of Operating Revenue (%) | 11.42 | 12.19 | Decreased by 0.77 percentage points | R&D Projects (Partial) | No. | Project Name | Estimated Total Investment (10,000 RMB) | Amount Invested in Current Period (10,000 RMB) | Progress or Phased Achievements | | :--- | :--- | :--- | :--- | :--- | | 1 | Research on Data Center Optical Transceiver Module Project | 5,000.00 | 740.25 | Small-batch trial production | | 2 | Research and Development of DCI Equipment | 5,000.00 | 732.13 | Small-batch trial production | | 3 | Research and Development of Coherent Optical Transceiver Modules | 5,000.00 | 495.72 | Sample verification | | 6 | Hollow-Core Fiber Optical Amplifier Technology | 800.00 | 353.36 | Samples completed, sent to customers for testing | | 11 | Research and Development of Data Link Acquisition Subsystem Application | 2,000.00 | 181.64 | Mass production, continuous R&D iteration | | 16 | Research and Development of 5G Fronthaul Optical Transceiver Modules | 2,500.00 | 97.93 | Mass production, continuous R&D iteration | IV. Risk Factors The company faces risks from core technology leakage, overseas raw material reliance, large receivables/inventory, industry policy shifts, market competition, and trade frictions - Core Competitiveness Risk: Leakage of core technology or outflow of core technical personnel could adversely affect the company's technological innovation and operating performance[59] - Operational Risk: Reliance on overseas procurement for some core raw materials (e.g., pump lasers, general-purpose chips) may lead to risks of delayed delivery, supply restrictions, or price increases[60] - Financial Risk: As of the end of June 2025, accounts receivable and notes receivable combined accounted for 22.44% of current assets, and inventory book value accounted for 21.31% of current assets, posing risks of uncollectibility or impairment[61] - Industry Risk: Changes in industry policies may affect the company's strategic development and operating performance; intensified market competition leads to product homogenization and price pressure[62] - Macro-environmental Risk: International trade frictions may lead to reduced orders from overseas customers, demands for price reductions, or tariff burdens; changes in the overseas operating environment (political economy, regulatory policies, intellectual property, exchange rate fluctuations) may adversely affect overseas operations[63] V. Main Operating Performance During the Reporting Period During the reporting period, the company achieved operating revenue of 433.36 million yuan, a 5.93% increase year-on-year; net profit attributable to shareholders was 28.09 million yuan, a 48.17% decrease year-on-year; and net profit excluding non-recurring gains and losses was 19.11 million yuan, a 48.23% decrease year-on-year - During the reporting period, the company achieved operating revenue of 433.36 million yuan, a year-on-year increase of 5.93%[64] - Net profit attributable to shareholders of the listed company was 28.09 million yuan, a year-on-year decrease of 48.17%[64] - After deducting the impact of share-based payment expenses, net profit attributable to shareholders of the listed company was 36.29 million yuan[64] (IV) Analysis of Main Business Operating revenue increased by 5.93%, but operating costs rose by 14.11%, impacting profit; management and selling expenses increased, while financial expenses significantly decreased due to reduced exchange losses; operating cash flow saw a substantial outflow due to increased raw material purchases, and investing activities also saw a large outflow due to overseas investments, while financing activities turned to net inflow from equity incentive proceeds 1. Analysis Table of Changes in Financial Statement Items Operating revenue increased by 5.93%, while operating costs rose by 14.11%; selling and administrative expenses increased by 11.80% and 24.89% respectively; financial expenses decreased significantly by 84.12% due to reduced exchange losses; net cash flow from operating activities decreased by 266.94% due to increased raw material inventory, and net cash flow from investing activities decreased by 236.69% due to increased overseas investments, while net cash flow from financing activities increased by 73.27% due to equity incentive proceeds Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 433,355,281.64 | 409,113,768.69 | 5.93 | | Operating Cost | 319,594,736.55 | 280,087,758.99 | 14.11 | | Selling Expenses | 20,803,004.69 | 18,607,267.96 | 11.80 | | Administrative Expenses | 19,247,543.21 | 15,411,861.35 | 24.89 | | Financial Expenses | 185,226.33 | 1,166,668.31 | -84.12 | | R&D Expenses | 49,475,849.27 | 49,878,521.78 | -0.81 | | Net Cash Flow from Operating Activities | -19,434,728.54 | 11,641,497.82 | -266.94 | | Net Cash Flow from Investing Activities | -278,317,675.35 | 203,613,134.55 | -236.69 | | Net Cash Flow from Financing Activities | -15,945,605.26 | -59,650,364.93 | 73.27 | - Reason for change in financial expenses: Primarily due to a significant decrease in exchange gains and losses[65] - Reason for change in net cash flow from operating activities: Primarily due to increased cash payments for raw material inventory[65] - Reason for change in net cash flow from investing activities: Primarily due to increased overseas investments[65] - Reason for change in net cash flow from financing activities: Primarily due to cash receipts from equity incentive vesting[65] 2. Detailed Explanation of Significant Changes in Company's Business Type, Profit Structure, or Profit Sources During the Current Period No significant changes occurred in the company's business type, profit structure, or profit sources during the current period - No significant changes occurred in the company's business type, profit structure, or profit sources during the current period[66] (V) Explanation of Significant Profit Changes Caused by Non-Core Businesses Non-core businesses did not cause significant changes in the company's profit - The company's non-core businesses did not cause significant changes in profit[66] (VI) Analysis of Assets and Liabilities At the end of the reporting period, total assets increased by 1.46%, and net assets attributable to shareholders increased by 0.89%; monetary funds decreased by 30.14%, while financial assets held for trading increased by 72.80% due to differences in cash management product settlement cycles; prepayments and construction in progress increased by 105.90% and 49.11% respectively; liabilities saw decreases in contract liabilities and employee compensation payable, with taxes payable significantly down by 86.20%; overseas assets accounted for 10.82% of total assets 1. Asset and Liability Status At the end of the reporting period, monetary funds decreased by 30.14%, while financial assets held for trading increased by 72.80% due to cash management product settlement cycles; prepayments and construction in progress rose by 105.90% and 49.11% respectively; contract liabilities and employee compensation payable decreased, and taxes payable significantly dropped by 86.20% due to reduced VAT and corporate income tax Changes in Asset and Liability Status (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (RMB) | Percentage of Total Assets at Current Period-end (%) | Prior Year-end Amount (RMB) | Percentage of Total Assets at Prior Year-end (%) | Change in Amount from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 731,845,534.46 | 27.53 | 1,047,608,326.96 | 39.98 | -30.14 | Primarily due to differences in the settlement cycle of the company's cash management products during the current period | | Financial Assets Held for Trading | 450,712,158.89 | 16.95 | 260,825,065.45 | 9.95 | 72.80 | Primarily due to differences in the settlement cycle of the company's cash management products during the current period | | Prepayments | 7,180,252.79 | 0.27 | 3,487,232.70 | 0.13 | 105.90 | Primarily due to an increase in suppliers requiring prepayment during the reporting period | | Inventories | 458,594,979.32 | 17.25 | 354,061,546.84 | 13.51 | 29.52 | / | | Construction in Progress | 85,409,906.03 | 3.21 | 57,278,874.29 | 2.19 | 49.11 | Primarily due to an increase in construction in progress during the reporting period | | Other Non-Current Assets | 16,816,522.94 | 0.63 | 5,938,867.99 | 0.23 | 183.16 | Primarily due to an increase in prepaid equipment costs during the reporting period | | Contract Liabilities | 18,908,316.38 | 0.71 | 30,309,534.47 | 1.16 | -37.62 | Primarily due to a decrease in customer prepayments during the reporting period | | Taxes Payable | 1,372,379.88 | 0.05 | 9,944,759.18 | 0.38 | -86.20 | Primarily due to a decrease in VAT and corporate income tax payable during the reporting period | 2. Overseas Assets The company's total overseas assets amounted to 287.62 million yuan, representing 10.82% of total assets - The company's overseas assets amounted to 287.62 million yuan, accounting for 10.82% of total assets[70] 3. Major Asset Restrictions as of the End of the Reporting Period As of the end of the reporting period, the company's restricted assets primarily consisted of 6.28 million yuan in monetary funds, used as margin deposits for letters of guarantee Major Asset Restrictions | Item | Period-end Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 6,280,601.30 | Deposited as margin for letters of guarantee | | Total | 6,280,601.30 | / | (VII) Investment Analysis During the reporting period, the company's external equity investment was zero, a 100% decrease year-on-year; financial assets measured at fair value totaled 451 million yuan, mainly cash management products; the company also invested 60 million yuan in a private equity fund 1. Overall Analysis of External Equity Investments During the reporting period, the company's external equity investment amounted to 0 yuan, a 100% decrease compared to the prior year period Overall Analysis of External Equity Investments | Investment Amount in Reporting Period (10,000 RMB) | Investment Amount in Prior Year Period (10,000 RMB) | Change (%) | | :--- | :--- | :--- | | 0.00 | 2,400.00 | -100.00% | 3. Financial Assets Measured at Fair Value The company's financial assets measured at fair value totaled 451 million yuan at period-end, primarily wealth management products, with 2.09 billion yuan purchased and 1.90 billion yuan sold/redeemed during the period Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses in Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | 260,825,065.45 | -112,906.56 | 2,090,076,000.00 | 1,900,076,000.00 | 450,712,158.89 | | Total | 260,825,065.45 | -112,906.56 | 2,090,076,000.00 | 1,900,076,000.00 | 450,712,158.89 | 4. Private Equity Fund Investment Status The company invested 60 million yuan in Shaanxi Zhongtou Zhanlu Phase II Equity Investment Partnership (Limited Partnership) as a limited partner with a 100% stake, accounted for as other non-current financial assets Private Equity Fund Investment Status | Private Equity Fund Name | Investment Purpose | Planned Total Investment (10,000 RMB) | Amount Invested as of Period-end (10,000 RMB) | Role | Contribution Ratio at Period-end (%) | Accounting Account | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Zhongtou Zhanlu Phase II Equity Investment Partnership (Limited Partnership) | To strengthen industry chain cooperation around the company's main business | 6,000.00 | 6,000.00 | Limited Partner | 100.00 | Other non-current financial assets | (VIII) Significant Asset and Equity Disposals During the reporting period, the company did not undertake any significant asset or equity disposals - During the reporting period, the company did not undertake any significant asset or equity disposals[78] (IX) Analysis of Major Holding and Participating Companies The company's main subsidiaries include Chengdu Taclink Jingrui Optoelectronic Technology Co., Ltd., which reported a net loss of 12.46 million yuan, and Taclink (Thailand) Co.,Ltd., which reported a net profit of 6.12 million yuan Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Taclink Jingrui Optoelectronic Technology Co., Ltd. | Subsidiary | R&D of high-speed optical devices and high-speed optical transceivers | 5.00 million RMB | 42,585,437.96 | 36,605,720.60 | 12,902,656.24 | -12,462,658.70 | | Taclink (Thailand) Co.,Ltd. | Subsidiary | Production and testing of optical communication products | 459.95 million THB | 160,824,556.09 | 123,200,487.90 | 22,564,543.96 | 6,123,221.09 | Acquisition and Disposal of Subsidiaries During the Reporting Period During the reporting period, the company acquired Taclink Japan K.K. through establishment, which had no significant impact on overall operations or performance Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Operations and Performance | | :--- | :--- | :--- | | Taclink Japan K.K. | Established by investment | No significant impact | (X) Structured Entities Controlled by the Company The company does not control any structured entities - The company does not control any structured entities[80] VI. Other Disclosure Matters The company has no other significant matters requiring disclosure - The company has no other significant matters requiring disclosure[80] Section IV Corporate Governance, Environment, and Society I. Changes in Company Directors, Senior Management, and Core Technical Personnel During the reporting period, Director Li Xianqin resigned as a non-independent director due to internal work adjustments and was elected as an employee representative director, with the change duly disclosed Changes in Directors, Senior Management, and Core Technical Personnel | Name | Position Held | Change | | :--- | :--- | :--- | | Li Xianqin | Director | Resigned | | Li Xianqin | Employee Representative Director | Elected | - Mr. Li Xianqin resigned from his position as a non-independent director of the second board of directors due to internal work adjustments and was elected as an employee representative director of the second board of directors on July 14, 2025[82] II. Profit Distribution or Capital Reserve Conversion Plan Based on the 2024 annual general meeting authorization, the company's second board of directors approved a 2025 semi-annual profit distribution plan to distribute a cash dividend of 1.00 yuan (tax inclusive) per 10 shares to all shareholders, totaling 15.83 million yuan, with no bonus shares or capital reserve conversion - The company plans to distribute a cash dividend of 1.00 yuan (tax inclusive) per 10 shares to all shareholders, based on the total share capital on the equity distribution record date[82] - As of June 30, 2025, the company's total share capital was 158,285,329 shares, with a total proposed cash dividend of 15.83 million yuan (tax inclusive)[82] - No bonus shares will be issued, and no capital reserve will be converted to share capital this time[82] III. Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures In June 2025, the company successfully completed the first vesting period of its 2023 restricted stock incentive plan, with the shares listed for trading on June 30, 2025, marking the operational phase of its long-term incentive mechanism - In June 2025, the company successfully completed the first vesting period of the initial grant under its 2023 restricted stock incentive plan[83] - The relevant shares were listed for trading on June 30, 2025[83] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company is not included in the list of enterprises required to disclose environmental information by law - The company is not included in the list of enterprises required to disclose environmental information by law[84] V. Specific Situation of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work The company has not undertaken work related to consolidating and expanding poverty alleviation achievements or rural revitalization - The company has not undertaken work related to consolidating and expanding poverty alleviation achievements or rural revitalization[84] Section V Significant Matters I. Fulfillment of Commitments The company, its controlling shareholder, actual controllers, and directors, supervisors, and senior management strictly fulfilled all commitments related to initial public offering, refinancing, and equity incentives during the reporting period, with no instances of non-fulfillment - The company's controlling shareholder, Wuxi Taclink Industrial Investment Partnership (Limited Partnership), strictly fulfilled its share lock-up commitment, with a lock-up period of 36 months from the date of stock listing[86] - The company's actual controllers, Gui Sang, Qu Jianping, and Zhang Shao, strictly fulfilled their share lock-up commitments, with a lock-up period of 36 months from the date of stock listing[87][88] - The company and relevant parties committed to strictly abide by laws, regulations, and stock exchange business rules, faithfully fulfilling all commitments, and will bear corresponding legal liabilities and compensation obligations if violated[87][88][89][90][91][92][93][94][95][96][97][98][99][100][101][102][103][104][105][106][107][108][109][110][111][112][113][114][115][116] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties[117] III. Irregular Guarantees During the reporting period, there were no irregular guarantees - During the reporting period, there were no irregular guarantees[117] IV. Semi-Annual Report Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[117] V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Prior Year's Annual Report The company's prior year's annual report did not involve matters with non-standard audit opinions - The company's prior year's annual report did not involve matters with non-standard audit opinions[117] VI. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization matters - During the reporting period, the company had no bankruptcy and reorganization matters[117] VII. Significant Litigation and Arbitration Matters During the reporting period, the company had no significant litigation or arbitration matters - During the reporting period, the company had no significant litigation or arbitration matters[117] VIII. Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholder, Actual Controllers Suspected of Violations, Penalties, and Rectification During the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controllers were not suspected of violations, subject to penalties, or rectification - During the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controllers were not suspected of violations, subject to penalties, or rectification[117] IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controllers During the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no matters requiring explanation - During the reporting period, the company, its controlling shareholder, and actual controllers maintained good integrity, with no matters requiring explanation[117] X. Significant Related Party Transactions During the reporting period, the company's actual daily related party transactions amounted to 13.55 million yuan, within the annual estimated limit; there were no related party transactions involving asset acquisition or disposal, joint external investment, related party creditor-debtor relationships, financial business with related financial companies, or other significant related party transactions (I) Related Party Transactions Related to Daily Operations The company's estimated daily related party transactions for 2025 totaled 112.50 million yuan; as of the end of the reporting period, actual related party transactions amounted to 13.55 million yuan, not exceeding the estimated limit - The company's 2025 estimated daily related party transactions totaled 112.50 million yuan[117] - As of the end of the reporting period, the company's actual related party transactions amounted to 13.55 million yuan[117] (II) Related Party Transactions Involving Asset or Equity Acquisition/Disposal During the reporting period, the company did not engage in related party transactions involving asset or equity acquisition/disposal - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisition/disposal[119] (III) Significant Related Party Transactions Involving Joint External Investment During the reporting period, the company did not engage in significant related party transactions involving joint external investment - During the reporting period, the company did not engage in significant related party transactions involving joint external investment[120] (IV) Related Party Creditor-Debtor Relationships During the reporting period, the company had no related party creditor-debtor relationships - During the reporting period, the company had no related party creditor-debtor relationships[120] (V) Financial Business Between the Company and Related Financial Companies, or Between the Company's Controlled Financial Companies and Related Parties The company did not engage in financial business with related financial companies or between its controlled financial companies and related parties - The company did not engage in financial business with related financial companies or between its controlled financial companies and related parties[120] (VI) Other Significant Related Party Transactions The company had no other significant related party transactions - The company had no other significant related party transactions[120] XI. Significant Contracts and Their Fulfillment During the reporting period, the company had no trusteeship, contracting, or leasing matters, no significant guarantees, and no other significant contracts (I) Trusteeship, Contracting, Leasing Matters During the reporting period, the company had no trusteeship, contracting, or leasing matters - During the reporting period, the company had no trusteeship, contracting, or leasing matters[121] (II) Significant Guarantees Performed and Not Yet Performed During the Reporting Period During the reporting period, the company had no significant guarantees - During the reporting period, the company had no significant guarantees[121] (III) Other Significant Contracts During the reporting period, the company had no other significant contracts - During the reporting period, the company had no other significant contracts[121] XII. Explanation of Progress in Use of Raised Funds The company's initial public offering raised 1.18 billion yuan, with 527 million yuan invested (48.13% of the 1.03 billion yuan committed); a private placement raised 217 million yuan, with 105 million yuan invested (48.53% of the 220 million yuan committed; some projects were extended, and excess funds were mainly used for working capital; idle funds of 190 million yuan were used for cash management (I) Overall Use of Raised Funds The company's initial public offering raised 1.18 billion yuan, with 527 million yuan invested (48.13% of the 1.03 billion yuan committed); a private placement raised 217 million yuan, with 105 million yuan invested (48.53% of the 220 million yuan committed Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (RMB) | Total Committed Investment of Raised Funds in Prospectus or Offering Document (RMB) | Total Raised Funds Cumulatively Invested as of Period-end (RMB) | Cumulative Investment Progress of Raised Funds as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 1,179,763,200.00 | 1,030,000,000.00 | 526,762,655.47 | 48.13 | | Private Placement | 219,999,973.71 | 220,000,000.00 | 105,386,112.54 | 48.53 | | Total | 1,399,763,173.71 | 1,250,000,000.00 | 632,148,768.01 | / | (II) Details of Projects Funded by Raised Funds Projects funded by raised funds include high-speed optical module capacity expansion, optical transmission subsystem R&D, working capital, and an overseas R&D and production base; the high-speed optical module and optical transmission subsystem projects were extended to December 2027; the overseas base project is 48.53% complete Partial Details of Projects Funded by Raised Funds | Project Name | Planned Total Investment of Raised Funds (RMB) | Amount Invested in Current Year (RMB) | Total Raised Funds Cumulatively Invested as of Period-end (RMB) | Cumulative Investment Progress as of Period-end (%) | Date Project Reaches Intended Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | High-Speed Optical Module Product Line Expansion and Upgrade Project | 600,000,000.00 | 43,435,556.11 | 174,046,953.47 | 29.01 | December 2027 | | Optical Transmission Subsystem Platform R&D Project | 180,000,000.00 | 17,532,177.22 | 64,415,702.00 | 35.79 | December 2027 | | Taclink Overseas R&D and Production Base Project | 217,149,951.88 | 42,852,225.87 | 105,386,112.54 | 48.53 | December 2025 | - On August 28, 2025, the company approved the "Proposal on Extending the Completion Date of Certain IPO-Funded Projects," agreeing to extend the expected usable state date for the "High-Speed Optical Module Product Line Expansion and Upgrade Project" and the "Optical Transmission Subsystem Platform R&D Project"[126] 2. Detailed Use of Over-Raised Funds The company's total over-raised funds amounted to 64.35 million yuan, with 38.30 million yuan cumulatively invested (59.51% progress) as of the end of the reporting period, primarily used to supplement working capital Detailed Use of Over-Raised Funds | Purpose | Total Over-Raised Funds Planned for Investment (RMB) | Total Over-Raised Funds Cumulatively Invested as of Period-end (RMB) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | | Supplement Working Capital | 64,353,980.82 | 38,300,000.00 | 59.51 | | Total | 64,353,980.82 | 38,300,000.00 | / | (III) Changes or Termination of Projects Funded by Raised Funds During the Reporting Period During the reporting period, there were no changes or terminations of projects funded by raised funds - During the reporting period, there were no changes or terminations of projects funded by raised funds[129] 3. Cash Management of Idle Raised Funds and Investment in Related Products The company utilized idle raised funds for cash management, with an approved limit of 700 million yuan; as of the end of the reporting period, the cash management balance was 190 million yuan, within the authorized limit Cash Management of Idle Raised Funds | Board Approval Date | Approved Limit for Cash Management of Raised Funds (10,000 RMB) | Cash Management Balance at Period-end (10,000 RMB) | Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | | July 8, 2024 | 70,000.00 | 19,000.00 | No | | August 27, 2024 | 15,000.00 | / | No | | July 14, 2025 | 70,000.00 | / | No | XIII. Explanation of Other Significant Matters The company has no other significant matters requiring explanation - The company has no other significant matters requiring explanation[131] Section VI Share Changes and Shareholder Information I. Share Capital Changes During the reporting period, the company's total share capital increased from 120.89 million shares to 158.29 million shares, primarily due to a capital reserve conversion and the first vesting period of the 2023 restricted stock incentive plan 1. Table of Share Changes During the reporting period, restricted shares increased by 15.91 million, unrestricted shares increased by 21.48 million, and total shares increased by 37.39 million, reaching 158.29 million shares Table of Share Changes | | Quantity Before This Change | Percentage Before This Change (%) | Increase/Decrease in This Change (+,-) Capital Reserve Conversion | Increase/Decrease in This Change (+,-) Other | Subtotal Increase/Decrease in This Change (+,-) | Quantity After This Change | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 53,038,032 | 43.87 | 15,911,410 | 0 | 15,911,410 | 68,949,442 | 43.56 | | II. Unrestricted Tradable Shares | 67,854,793 | 56.13 | 20,356,438 | 1,124,656 | 21,481,094 | 89,335,887 | 56.44 | | III. Total Shares | 120,892,825 | 100.00 | 36,267,848 | 1,124,656 | 37,392,504 | 158,285,329 | 100.00 | 2. Explanation of Share Changes The increase in total share capital was primarily due to the 2024 profit distribution plan, which converted capital reserves into 36.27 million shares, and the vesting of 1.12 million restricted shares from the 2023 equity incentive plan - The company's 2024 profit distribution plan was implemented, converting capital reserves to issue 3 shares for every 10 shares to all shareholders, increasing total share capital from 120.89 million shares to 157.16 million shares[135] - The first vesting period of the initial grant under the company's 2023 restricted stock incentive plan was completed, vesting 1,124,656 shares to 322 incentive recipients, increasing total share capital from 157.16 million shares to 158.29 million shares[136] (II) Changes in Restricted Shares During the reporting period, the total number of restricted shares increased from 53.04 million to 68.95 million, mainly due to capital reserve conversion; major shareholders like Wuxi Taclink Industrial Investment Partnership, Qian Mingying, Lan Yichao, Shen Liang, Gui Sang, Qu Jianping, and Zhang Shao all saw corresponding increases in their restricted shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Increased During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wuxi Taclink Industrial Investment Par