Group 1 - The phenomenon of "giant tags to prevent returns" has become a trend among merchants during this year's Double Eleven shopping festival, as they face high return rates, particularly in women's clothing, which exceeds 80% [3][4] - Merchants have started using oversized tags, comparable to A4 paper, to deter consumers from returning items after wearing them, as these tags increase discomfort and visibility [3][6] - The high return rates in the e-commerce sector, particularly for women's clothing, are driven by consumers exploiting the "seven-day no-reason return" policy, leading to significant economic losses for merchants [4][9] Group 2 - The rise of giant tags is a response to the growing issue of malicious returns, where consumers use the return policy to take advantage of free clothing [6][7] - The use of giant tags reflects a breakdown of trust in the e-commerce market, as merchants assume all consumers may be potential returners, which can alienate honest customers [9][10] - The introduction of giant tags has created a dilemma for merchants, balancing the need to reduce returns while maintaining customer flow, as the negative shopping experience may lead to a decrease in conversion rates [10][12] Group 3 - To address the challenges posed by high return rates, the e-commerce market should consider implementing effective mechanisms and technologies, such as AI and big data, to improve return verification processes [12] - The integration of VR and AR technologies could enhance the online shopping experience, helping consumers better understand products before purchase, thereby reducing returns [12] - Exploring fairer return policies, such as tiered return shipping fees and encouraging consumer feedback, could foster better interactions between merchants and consumers [12]

Core Insights - Thunderbird Innovation has achieved a cumulative global user base of over 500,000 by October 2025 [16] - The company ranked first in XR industry sales during the Double 11 shopping festival, maintaining its position as the top seller in this category for four consecutive years [2][3] - The Thunderbird Air 4 series emerged as the best-selling XR device, while the Thunderbird X3 Pro led the sales in the full-color waveguide glasses segment [2][13] Sales Performance - During the Double 11 event, the Thunderbird Air 4 series captured a market share of 59% in the viewing glasses category across all platforms [13] - Thunderbird Innovation continues to dominate the Chinese consumer-grade AR glasses market, holding a significant market share and leading in sales volume [3][16] Product Development - The Thunderbird Air 4 series features the world's first AR glasses designed with the "Vision 4000" image quality chip, supporting HDR10 and displaying 1.07 billion colors [15] - The company collaborates with renowned audio brand B&O for professional audio tuning, enhancing the immersive experience of its products [15] Market Strategy - The company employs a strategy of "high-end technology downscaling + affordable pricing," significantly lowering the entry barrier for AR devices, allowing users to experience cutting-edge technology at a budget of around 1,000 yuan [13] - Thunderbird Innovation has established a comprehensive service loop for users, including free accessory offers and upgrade options for existing customers, strengthening brand loyalty [15] Competitive Advantage - Thunderbird Innovation is the only company in the industry that has achieved self-research and mass production of core optical solutions, enhancing its production capacity and cost advantages [16] - The company has formed deep collaborations with top global firms, ensuring leading product experiences and driving down prices through large-scale production [16]

Core Points - The 15th National Games of the People's Republic of China opened on November 9 at the Guangdong Olympic Sports Center, showcasing a blend of traditional culture and cutting-edge technology [1][3] - Innovative technologies such as deep-sea fire extraction, robotics, and augmented reality were prominently featured during the opening ceremony [2][3] Group 1: Technological Innovations - Deep-sea fire extraction involved descending to a depth of 1,522 meters in the South China Sea to harness combustible ice using solar energy, symbolizing a fusion of "heavenly light" and "ocean fire" [1] - The event utilized human-shaped robots and unmanned vehicles to demonstrate technological advancements, completing a "sea-land-air relay" [2] - Traditional performances like lion dances were integrated with AI-generated content and VR technology, enhancing the cultural experience [3] Group 2: Infrastructure and Event Empowerment - Several venues incorporated photovoltaic power generation technology and built supporting energy storage systems, indicating a commitment to sustainable practices [4] - The use of 5G technology enabled 4K ultra-high-definition live broadcasts of the competitions, while AI technology provided real-time analysis of athletes' movements [4]

Core Viewpoint - The opening ceremony of the 15th National Games showcased a blend of traditional Lingnan culture and cutting-edge technology, creating a visually stunning experience for the audience [1]. Group 1: Cultural Elements - The lion dance performance, originating from Foshan, Guangdong, embodies the spirit of the Chinese people and is an essential part of local festivals [2]. - The Wing Chun boxing, a representative form of Southern Chinese martial arts, is characterized by its fluid movements and a combination of strength and softness [4]. - Cantonese opera, an ancient local drama form, was recognized as a representative work of human intangible cultural heritage by UNESCO in 2009 [6]. - Dragon boat racing is a traditional folk activity prevalent in the Lingnan region, symbolizing the spirit of striving and perseverance [8]. - The Yingge dance integrates martial arts, drama, and dance, showcasing the unique artistic expression of the Chaoshan people [10]. - Guangxiu, a form of folk embroidery from the Pearl River Delta, is known for its rich colors and intricate designs [11]. - Guangfa, also known as "foreign porcelain," is a significant representative of metal-based enamel craftsmanship from the Qing Dynasty [12]. Group 2: Innovation and Presentation - The traditional Lingnan cultural symbols were innovatively designed to present a fresh perspective during the opening ceremony [13]. - The execution director of the ceremony, Meng Ke, highlighted the rare opportunity to showcase numerous representative Lingnan elements on a national stage, emphasizing a modern interpretation of intangible cultural heritage [14].

Core Points - The 15th National Games and the 12th National Paralympic Games will be held in Guangdong, Hong Kong, and Macau from November 9 to 21 and December 8 to 15, respectively, showcasing a deep integration of technology and sports [1] Group 1: Sign Language Translation Products - The "All Sports Guangzhou" mini-program provides real-time sign language translation services through 183 remote volunteer interpreters for hearing-impaired individuals during the events [2] - The technology is supported by Guangzhou Yinsu Technology Co., which has developed an AI sign language translation machine that converts speech into sign language and subtitles in real-time [2] - A new generation AI sign language recognition model is expected to be launched in mid-November to enhance translation accuracy and response speed [2] Group 2: AR Wallet - The first cultural AR digital RMB hard wallet themed for the National Games was launched by the Industrial and Commercial Bank of China Guangzhou Branch and Guangdian Yuntong Group [3] - This wallet supports "tap-to-pay" functionality and integrates AR technology to provide an immersive cultural experience during transactions [3] - The wallet can be used in venues without electricity or internet, facilitating seamless transactions for athletes and spectators from Hong Kong and Macau [3] Group 3: Hydrogen-Powered Robot Team - The "Hydrogen Cube" team, developed by the Southern Power Grid Guangdong Guangzhou Power Supply Bureau, consists of humanoid robots, quadruped robots, and drones for power inspection [4][5] - The robots utilize distributed hydrogen power technology, offering three to five times the energy density of traditional lithium batteries, significantly enhancing operational efficiency [5] - The drones in the team are equipped with anti-drone devices to ensure the security of critical power facilities [5] Group 4: Mobile Air Scanners - A fleet of 320 upgraded taxis in Guangzhou has been equipped with intelligent sensors to monitor air quality during the events [6] - These sensors capture real-time pollution data, contributing to a dynamic monitoring network for air quality [6] - The integrated sensing system has already supported multiple air pollution emergency responses and will be actively involved in air quality monitoring during the events [6]

Core Insights - The company has disclosed its strategic partnerships and product development in the AR glasses market, indicating a focus on innovation and competitive positioning [1] Group 1: Strategic Partnerships - The company has invested in and partnered with the eyewear solution provider Montong Intelligent and has formed a strategic collaboration with Hangzhou Lingxi Micro Light [1] Group 2: Product Development - The company has developed its own dual-screen AR glasses, branded as "Tianying," utilizing 2D full-color waveguide technology [1] - The company is also working on developing AR glasses using full-color diffraction waveguide technology, aiming to enhance product offerings [1] Group 3: Competitive Advantage - Compared to similar AR glasses in the market, the company's product offers a larger field of view and clearer colors, positioning it favorably against competitors [1]

Core Viewpoint - The company has gained significant attention from AR glasses brand manufacturers following the release of two AR light engines, the Dragonfly G1 and Rainbow C1, on September 11 [1] Group 1 - The company's AR glasses light engine solutions are based on its design, customization, and mass production capabilities in core components, providing competitive advantages in cost-effectiveness and performance [1] - The company is actively expanding partnerships with domestic and international core AR glasses brand manufacturers, facilitating connections with mainstream AR glasses brand clients [1] - The company is fully committed to advancing the implementation of its AR glasses business [1]

Summary of New Qiwei's Conference Call Company Overview - New Qiwei has achieved a leading position in the global PCB exposure equipment market, with a market share exceeding 15% in 2024, expected to rise to 20%-25% in 2025 and further increase in 2026, indicating strong growth potential and market leadership [2][5][7]. Financial Performance - For the first three quarters of 2025, New Qiwei reported revenue of 934 million RMB, a year-on-year increase of over 30%. The net profit reached 200 million RMB, significantly surpassing the previous year's target of 160 million RMB [3][5]. Market Dynamics - The decline in Q3 2025 was attributed to a surge in orders in Q2, leading to delays in testing and acceptance after a peak in shipments. However, the overall order intake and production scheduling remain positive, with a healthy inventory structure of over 800 million RMB, one-third of which consists of shipped goods awaiting acceptance [6][7]. Customer Base and Market Share - New Qiwei's exposure equipment has a high market share among major clients, with approximately 80-90% market penetration in leading companies like Shenghong and Jingwangda, and over 50% in others like ShenNan and Pengding [2][8]. Technological Advancements - The company has developed significant advantages in high-precision wafer-level processes, supported by a strategy focused on major clients and technological upgrades. The introduction of advanced laser direct writing technology is expected to drive growth in the advanced packaging sector starting in 2026 [4][11]. Industry Trends - The demand for high-resolution exposure equipment is increasing due to the trend of multilayer boards moving towards higher density and larger sizes, with an estimated 15%-20% increase in equipment demand as the number of layers rises from 24 to 30 [16][17]. Competitive Landscape - New Qiwei has established a significant competitive edge over domestic rivals through its focus on high-precision, stable wafer-level processes, and a strong customer strategy. The gap between New Qiwei and its competitors is expected to widen [10][19]. Future Outlook - The company anticipates continued growth in Q4 2025, supported by a robust order book and effective management of accounts receivable and prepayments. The expansion of production capacity and market penetration in Southeast Asia is also expected to bolster its market position [7][8]. Maintenance Revenue - Maintenance revenue is projected to reach approximately 80-100 million RMB in 2025, with a gross margin of around 60%. The maintenance fees are typically about 10% of the equipment sale price, starting after a one-year warranty period [4][26]. Equipment Pricing - The average price of New Qiwei's semiconductor equipment ranges from 15 million to 20 million RMB, with an average of 17-18 million RMB, indicating a significant price difference compared to PBB exposure equipment [12]. Conclusion - New Qiwei is well-positioned for future growth in the PCB and semiconductor equipment markets, driven by technological advancements, a strong customer base, and strategic market expansion efforts. The company is expected to maintain its leadership position and capitalize on emerging industry trends.

Core Insights - The company is focusing on both B2B and B2C markets, with a new strategy for AR glasses and AI toys, leveraging its existing B2B customer resources and industry advantages to penetrate the tourism, office, and conference sectors [1][3] - The company has launched a consumer-oriented AR glasses priced at 3999 yuan, featuring smart prompting and real-time translation, emphasizing lightweight design and long battery life [3] - The company is advancing its MicroLED technology, with the introduction of Hi-Micro products that utilize substrate-free Micro chips, significantly improving display quality and reducing traditional packaging steps [3] - The company's MicroLED production capacity has increased to 2800KK per month, with plans for further expansion to meet future market demand [4] B2B Strategy - The company is implementing a "dual approach" strategy in the AR glasses sector, focusing on customized solutions for B2B clients in specific industries [1] - The commercialization of AR glasses is integrated into overall project sales rather than fixed pricing per product [1] B2C Strategy - The company is entering the B2C market with a new AR glasses product, marking a significant shift in its operational focus [3] - There are currently no rigid performance targets set for the B2C product development and sales [3] MicroLED Technology - The Hi-Micro product features a chip size of less than 30μm, which is expected to lower costs significantly as upstream chip cutting technology improves [3] - The cost structure of Hi-MicroLED products is primarily driven by chip costs, contrasting with traditional LED displays where lamp bead costs dominate [3] Production Capacity - The company has increased its MicroLED production capacity to 2800KK per month, with an additional 1200KK capacity planned for future expansion [4] - The first phase of Hi-Micro production capacity has already been implemented, contributing to the overall increase [4]

Core Insights - The company reported a revenue of 392 million yuan for Q3 2025, with a cumulative revenue of 1.353 billion yuan for the first three quarters [1] - The net cash flow from operating activities increased by 109.19% year-on-year, reaching 150 million yuan [1] - The company is in a critical transformation phase, focusing on independent research and development of core components and technology reserves [1] Business Developments - The company has made significant breakthroughs in upstream core components, integrating fundamental design with terminal applications, particularly in laser technology for AR glasses and robotics [1] - At the 26th China International Optoelectronic Expo, the company launched two flagship AR optical machines, the Dragonfly G1 and Rainbow C1, and introduced an innovative "LCoS + PVG waveguide" optical solution for AR glasses [1] - This new optical solution is expected to reduce the retail price of AR glasses to the range of 1,500 to 2,000 yuan, potentially reshaping the pricing structure of the AR glasses market [1] Market Expansion - The company is actively enhancing its design, customization, and mass production capabilities for upstream core components, while expanding partnerships with domestic and international AR glasses brands [2] - The company has launched visible light underwater laser radar products aimed at both consumer and professional markets, with the Yuanmou D1 being the first consumer-grade underwater blue laser radar, achieving a measurement range of 10 meters [2] - The Yuanmou T1 targets the marine economy market, focusing on high-value applications such as marine cadastral surveying and underwater archaeology [2] - The company is entering the complete machine development phase with mainstream brand manufacturers and leading solution providers for visible light underwater laser radar modules [2] Growth Outlook - With the stabilization of the current market and the emergence of hotspots in AR and underwater robotics, the company is poised to initiate a new cycle of high-quality growth as it continues to advance product launches and industry collaboration [2]