Luster(SH:688400) Zheng Quan Ri Bao·2025-09-11 22:39Core Viewpoint - The report outlines the ongoing supervision of Lingyun Optical Technology Co., Ltd. by China International Capital Corporation, highlighting the company's performance, risks, and financial indicators for the first half of 2025 [1][15]. Group 1: Ongoing Supervision and Performance - The ongoing supervision period for Lingyun Optical is from January 1, 2025, to June 30, 2025, with no major violations reported during this timeframe [1][15]. - In the first half of 2025, the company achieved a revenue of 1.368 billion yuan, representing a year-on-year increase of 25.73% [16]. - The total profit for the same period was 94 million yuan, reflecting a 30.59% increase compared to the previous year [16]. Group 2: Risk Factors - The company faces several core risks, including the inability to meet downstream application demands due to rapid technological changes in the industry [3]. - There is a risk of core talent loss, as the industry is talent-intensive and competition for skilled professionals is increasing [4]. - The risk of technology leakage exists, despite the company's efforts to implement strict confidentiality measures [5]. - Market competition is intensifying as more players enter the machine vision sector, necessitating continuous innovation and market adaptation [6]. - Operational management risks are heightened due to the company's expanding business scope and increasing complexity [7]. - Acquisition and integration risks are present as the company invests in key components of the machine vision supply chain [8]. - Financial risks include accounts receivable, inventory, exchange rate fluctuations, and goodwill impairment [9][10][11][12]. Group 3: Competitive Advantages - The company has established a mature and innovative team, with 674 R&D personnel, accounting for 37.34% of the total workforce [17]. - It has developed a robust upstream capability in the machine vision supply chain, including investments in camera, lens, and chip companies [19][20]. - The company has four major technology platforms that enable rapid product development and adaptation to market needs [21]. - Strong relationships with leading industry clients, such as Apple and Huawei, enhance the company's project management and solution delivery capabilities [22]. Group 4: R&D and Financial Management - R&D expenditure for the first half of 2025 accounted for 15.96% of revenue, a decrease of 3.94 percentage points year-on-year due to significant revenue growth [24]. - The company holds 827 patents and has participated in the formulation of 26 national and industry standards [26]. - The company has established a comprehensive fundraising management system to ensure compliance and efficient use of raised funds [30][33].