Core Viewpoint - Haiguangxin is officially listed on the Hong Kong Stock Exchange, focusing on optical interconnect products for AI data centers, with a significant portion of its revenue derived from AI-related fields. Company Overview - Established in November 2011, Haiguangxin specializes in optical modules, active optical cables (AOC), and other products, with a product range that includes transmission rates of 100G, 200G, 400G, and 800G, utilizing self-developed silicon photonic chips for large-scale client delivery [4][6]. - Major investors include Alibaba China, Xiaomi, and Zhongtian Technology, holding 4.73%, 2.71%, and 1.31% of shares respectively, while the founder and CEO, Dr. Hu Chaoyang, holds 11.11% [4]. Financial Performance - In 2024, Haiguangxin is expected to be one of the first companies in China to achieve mass production and delivery of 800G optical modules [8]. - The company ranked 10th among global professional optical module providers by revenue in 2024, with a revenue growth rate of 189.6% from 2022 to 2024, and is projected to rank 6th globally and 5th in China, capturing 1.8% of the global market share [10][12]. - Revenue figures from 2022 to 2025 show significant growth, with revenues of 1.03 billion, 1.75 billion, 8.62 billion, and 6.98 billion RMB respectively, although the company has not yet achieved profitability [17][20]. Product Development and Market Position - Haiguangxin's products primarily support AI data centers, with 88.7% of its revenue coming from AI-related sectors [6]. - The company is focused on developing high-speed optical interconnects, including next-generation 3.2T and 6.4T products, and advanced optical interconnect technologies such as near-package optics (NPO) and co-packaged optics (CPO) [16][23]. - The company has established a complete supply chain from upstream silicon photonic wafer fabrication to downstream leading cloud service providers [16]. Research and Development - As of June 30, 2025, Haiguangxin has 101 R&D personnel, accounting for approximately 30% of its total workforce, with a strong focus on automation, chip-fiber coupling algorithms, and silicon photonic integration [28]. - The company has developed its own silicon photonic chips, significantly reducing production costs by 30-40% compared to overseas wafer fabrication, and overall module costs by 20-30% [29]. Customer and Supplier Relationships - Haiguangxin's revenue is heavily reliant on its top five customers, which accounted for 90.9% to 86.1% of total revenue from 2022 to 2025 [31]. - The company operates under JDM, ODM, and self-branded models, allowing it to leverage customer brand recognition while utilizing its design and manufacturing capabilities [33]. Industry Trends - The demand for optical interconnects is rapidly increasing due to the explosive growth in AI computing and large-scale data center deployments, with the market for AI optical modules experiencing significant growth [38]. - The company plans to collaborate with leading GPU manufacturers to develop silicon photonic solutions aimed at reducing data transmission distances and energy consumption, enhancing the competitiveness of its optical interconnect products [38].

Company and Industry Summary Company Overview - The company reported a revenue of 3 billion RMB in Q3 2025, representing a 30% quarter-over-quarter growth, with a net profit of 31 billion RMB, also reflecting a similar growth rate. Financial indicators have shown steady improvement since the beginning of 2025, with positive cash flow and asset-liability ratios indicating a favorable development trend [2][3][4]. Core Industry Insights - The demand from industry clients has significantly increased, particularly from overseas clients who are ramping up capital expenditures and planning AI data center constructions. This has led to strong demand for 800G and 1.6T optical module products, placing the optical module industry in a high prosperity state. The company anticipates continued improvement in key financial metrics over the next few quarters [2][4]. Financial Performance - In Q3 2025, the company achieved a revenue of 102 billion RMB, a 26% increase from Q2. The gross margin remained strong at nearly 43%, with a consolidated net profit of 33 billion RMB, up from 26 billion RMB in the previous quarter, marking a 30% increase. Overall, financial indicators have shown steady improvement since early 2025 [3][4]. Product Demand and Structure - The optimization of product structure has led to an increase in the proportion of high-end products like 800G and 1.6T in the revenue mix. Both product lines have a high silicon photonics ratio and have received recognition and validation from key clients, suggesting potential for further gross margin growth [2][6]. Supply Chain Management - To address the material shortages anticipated in 2026, the company has proactively stocked up and strengthened collaboration with suppliers. They have also locked in human resources and expanded production capacity to meet rapidly growing market demand, ensuring a competitive edge in a challenging market environment [2][8]. Material Shortages - Currently, optical chips, including EML and CW types, are among the most critical materials in short supply. Despite the company's advance planning and capacity locking, supply remains tight. However, with active cooperation from suppliers, relief is expected in the first half of 2026 [9][12]. Tax and Regulatory Impact - The effective tax rate for the quarter reached 15.8%, slightly higher than before, primarily due to the OECD's Pillar Two global tax reform aimed at preventing low-tax competition. The company has cautiously accounted for potential tax adjustments based on this new framework [10]. Future Outlook - The company is optimistic about the demand for 800G and 1.6T products in 2026, although it acknowledges that all materials are experiencing increased demand, with optical chips being the most constrained. The company aims to effectively manage raw material preparation issues to meet customer demands [12][14]. Investment and Expansion - The company has significantly increased its construction projects, with investments nearing 1 billion RMB, primarily for capacity expansion and factory infrastructure to align with expected orders in 2026. Continuous investment will be necessary to keep pace with demand [17]. Emerging Trends - The optical module sector is witnessing a new trend with the rise of SKU modules, driven by rapid bandwidth demand. Many CSP clients are looking to adopt Ethernet technology for in-cabinet connections, creating new demands for optical connection solutions [18]. Conclusion - The company is well-positioned to capitalize on the growing demand for high-end optical products, with proactive measures in supply chain management and capacity expansion. The anticipated material shortages and regulatory changes will require careful navigation, but the overall outlook remains positive for the upcoming quarters.

AI 科技三季报总结与展望 20251031 科技行业长期增长潜力强劲，尽管 2026 年预计仍供不应求，但电子通 信配置已达历史极值，属阶段性调整。国内科技企业如寒武纪增速显著， 光迅科技和华工科技三季度收入利润均大幅增长，中兴通讯算力业务亮 眼，整体趋势向好。 海外消费电子市场逐步回暖，苹果营收同比增长，AI 拉动尚未明显，但 谷歌、微软、Meta 等公司资本开支超预期，预示未来技术投入加大。 国内消费电子龙头立讯精密三季度收入增长显著，全年增速可观，但整 体增速相对较低。 软件方面，金山办公业绩超预期，福昕和合合等出海公司表现良好。计 算机软件领域整体偏后周期，宏观经济复苏尚未完全显现，但部分公司 仍保持增长。建议关注产品型 SaaS 公司，尤其是业绩有支撑的企业。 光通信板块整体表现良好，但部分公司环比增速放缓。数据中心业务业 绩抬头，低轨卫星和商业航天领域表现不错。光模块需求预计 2026 年 大幅增长，800G 和 1.6T 需求量将显著提升，价格下降幅度或将减少。 硅光技术转型趋势明显，厂商自研硅光调制部分将提升利润率。预计 2026 年 800G 硅光市占率可能超过 50%，1.6T 可能达到 ...

Core Viewpoint - Despite significant revenue growth reported by leading optical module companies, the market has reacted negatively, indicating concerns over the sustainability of their growth and valuation [1][14]. Financial Performance - Zhongji Xuchuang reported a revenue of 25.005 billion yuan for the first three quarters, a year-on-year increase of 44.43%, with a net profit of 7.132 billion yuan, up 90.05% [5]. - Xinyi Sheng achieved a revenue of 16.505 billion yuan, a remarkable year-on-year growth of 221.70%, and a net profit of 6.327 billion yuan, up 284.37% [5]. - In Q3, Zhongji Xuchuang's revenue was 10.216 billion yuan with a gross margin of 43% and a net profit of 3.327 billion yuan, reflecting a quarter-on-quarter increase of 30.38% [5][6]. - Xinyi Sheng's Q3 revenue was 6.068 billion yuan, showing a decline compared to Q2 due to changes in product shipment schedules [5][8]. Market Reaction - Following the earnings reports, both companies experienced significant stock price declines, with Zhongji Xuchuang dropping 8.11% and Xinyi Sheng falling 7.94% on October 31 [1][14]. - The combined market value loss for both companies over two days was approximately 114.4 billion yuan [1]. Industry Trends - The optical module industry is transitioning from high demand for 800G products to the accelerated market penetration of 1.6T products, which is expected to drive future growth [8]. - Both companies are focusing on silicon photonics technology, which is becoming a mainstream solution due to its cost advantages and high integration [8][9]. Capacity Expansion - Zhongji Xuchuang's construction projects increased significantly from 52.53 million yuan to 980 million yuan, a growth of 1,765.65% [9]. - Xinyi Sheng is gradually releasing capacity in its overseas plants, indicating a continuous process of capacity expansion [9]. Operational Challenges - Both companies are facing operational pressures due to inventory growth, with Zhongji Xuchuang's inventory rising by 52.64% and Xinyi Sheng's by 59.79% [11]. - Zhongji Xuchuang's effective tax rate increased to 15.8% due to provisions related to international tax regulations, which may impact future tax burdens [11]. Valuation Concerns - Despite high growth rates, both companies face valuation pressures, with Zhongji Xuchuang's market cap at 522.9 billion yuan and a dynamic P/E ratio of 55.27, while Xinyi Sheng's market cap is 342.2 billion yuan with a P/E ratio of 40.57 [13][14]. - The market's reaction reflects concerns over the sustainability of the growth cycle in the optical module industry and the high valuations that have become sensitive to negative news [14][17].

Core Viewpoint - Despite significant revenue growth reported by leading optical module companies, the market has reacted negatively, indicating concerns over the sustainability of growth and valuation levels [1][10]. Financial Performance - Zhongji Xuchuang reported a revenue of 25.005 billion yuan for the first three quarters, a year-on-year increase of 44.43%, with a net profit of 7.132 billion yuan, up 90.05% [4]. - Xinyi Sheng achieved a revenue of 16.505 billion yuan, a remarkable year-on-year growth of 221.70%, and a net profit of 6.327 billion yuan, up 284.37% [4]. - In Q3, Zhongji Xuchuang's revenue was 10.216 billion yuan with a gross margin of 43% and a net profit of 3.327 billion yuan, reflecting a quarter-on-quarter increase of 30.38% [4]. - Xinyi Sheng's Q3 revenue was 6.068 billion yuan, showing a decline from the previous quarter due to changes in product shipment schedules [4][7]. Market Reaction - Following the earnings reports, both companies experienced significant stock price declines, with Zhongji Xuchuang dropping 8.11% and Xinyi Sheng falling 7.94% on October 31 [1]. - The combined market value loss for both companies over two days was approximately 114.4 billion yuan [1]. Industry Trends - The optical module industry is transitioning from high demand for 800G products to the accelerated market penetration of 1.6T products, which is expected to drive future growth [7]. - Silicon photonics technology is becoming a competitive focus due to its cost advantages and high integration, with both companies increasing their focus on this technology [7][8]. Capacity Expansion - Zhongji Xuchuang's construction projects increased significantly from 52.53 million yuan at the beginning of the year to 980 million yuan, a growth of 1765.65% [8]. - Xinyi Sheng is also expanding its overseas capacity, with gradual releases expected from its Thailand factory [8]. Supply Chain Concerns - The supply chain, particularly the availability of optical chips, is becoming a critical factor for industry growth, with Zhongji Xuchuang noting a high level of tension in chip supply due to rapid demand growth [8][9]. Inventory and Tax Risks - Both companies are facing operational pressures due to inventory increases, with Zhongji Xuchuang's inventory rising by 52.64% and Xinyi Sheng's by 59.79% since the beginning of the year [9]. - Zhongji Xuchuang's effective tax rate increased to 15.8% due to new tax regulations affecting its overseas operations, which may impact future tax burdens [9]. Valuation Pressure - As of October 31, Zhongji Xuchuang had a market capitalization of 522.9 billion yuan with a dynamic P/E ratio of 55.27, while Xinyi Sheng had a market cap of 342.2 billion yuan with a P/E ratio of 40.57, indicating significant valuation concerns [10]. - The market's reaction reflects worries about the sustainability of the optical module industry's growth cycle and the sensitivity of high valuations to negative news [10][11].

Core Viewpoint - The market is expressing doubts about the future growth of leading optical module companies, Zhongji Xuchuang and Xinyi Sheng, despite their impressive financial performance in Q3 2025, leading to significant stock price declines [1][3][12]. Financial Performance - Zhongji Xuchuang reported a revenue of 25.005 billion yuan for the first three quarters, a year-on-year increase of 44.43%, and a net profit of 7.132 billion yuan, up 90.05% [5]. - Xinyi Sheng achieved a revenue of 16.505 billion yuan, a remarkable year-on-year growth of 221.70%, with a net profit of 6.327 billion yuan, increasing by 284.37% [5]. - In Q3 alone, Zhongji Xuchuang's revenue was 10.216 billion yuan with a gross margin of 43%, while Xinyi Sheng's revenue was 6.068 billion yuan, showing a slight decline from the previous quarter [5][6]. Growth Concerns - Despite high growth rates, there are concerns regarding the sustainability of profits and the quality of growth, particularly for Xinyi Sheng, which experienced a revenue decline in Q3 due to changes in product shipment schedules [3][5]. - Both companies are navigating a transition period between the high demand for 800G products and the accelerated market penetration of 1.6T products, which is expected to drive future growth [8]. Market Dynamics - The optical module industry is increasingly focusing on silicon photonics technology, which is becoming a mainstream solution due to its cost advantages and high integration [8]. - Zhongji Xuchuang's construction projects have surged from 5.253 million yuan at the beginning of the year to 980 million yuan, indicating a significant investment in capacity expansion to meet demand [9]. Inventory and Operational Pressure - Both companies are facing operational pressures due to inventory increases, with Zhongji Xuchuang's inventory rising by 52.64% and Xinyi Sheng's by 59.79% since the beginning of the year [10]. - Xinyi Sheng's inventory increased by approximately 700 million yuan in Q3 despite a revenue decline, raising questions about inventory management strategies [10]. Taxation and Valuation Challenges - Zhongji Xuchuang's effective tax rate increased to 15.8% in Q3 due to new tax regulations affecting its Southeast Asian operations, which may impact future tax burdens [11]. - Both companies are experiencing valuation pressures, with Zhongji Xuchuang's market capitalization at 522.9 billion yuan and a dynamic P/E ratio of 55.27, while Xinyi Sheng's market cap is 342.2 billion yuan with a P/E ratio of 40.57 [12][13]. Investor Sentiment - The market's reaction to the strong earnings reports reflects a growing fatigue regarding the high growth narrative of these companies, as investors become more sensitive to high valuations and potential risks [13].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The optical module industry maintains high prosperity and certainty due to the continuous growth of AI computing power demand. It is expected to continue a good growth trend in 2026 [30]. - With the increasing demand from customers, the company is actively preparing core materials such as chips and expanding domestic and overseas production capacity to prepare for large - scale order delivery from 2026 - 2027 [31]. 3. Summary by Directory 3.1. Research Basic Information - The research object is Zhongji Xuchuang, belonging to the communication equipment industry. The reception time was on October 30, 2025. The listed company's reception staff included the company's vice - president and financial director, Wang Xiaoli, and the company's vice - president and board secretary, Wang Jun [16]. 3.2. Detailed Research Institutions The research institutions include asset management companies (e.g., Fosun Asset), other types (e.g., Anben Fund), fund management companies (e.g., Liwo Private Equity Fund), insurance asset management companies (e.g., Taikang Asset Management), securities companies (e.g., Huatai Securities), and others [17][18][19]. 3.3. Research Institution Proportion No information provided in the document. 3.4. Main Content Data - **Financial Indicator Interpretation**: In Q3 2025, the company's single - quarter revenue was 10.216 billion yuan, with a single - quarter gross profit margin of 43%. The consolidated net profit was 3.327 billion yuan, a 30.38% increase from the previous quarter. The attributable net profit was 3.137 billion yuan, showing a significant quarter - on - quarter increase. The non - recurring items were mainly investment and financial management income. The profit margins of each quarter this year showed a quarter - on - quarter growth trend, and various indicators such as cash flow and asset - liability performed well [30]. - **Business Situation Interpretation**: Since this year, industry demand has grown rapidly. Overseas large customers have continuously raised their capital expenditure guidelines and increased the construction plan for AI data centers, with clear demand guidelines for optical modules from 2025 - 2026. The 800G order demand has been continuously released since Q1 this year, and the shipment volume has maintained a quarter - on - quarter growth. In Q3, key customers began to deploy 1.6T and continuously increased orders, and the 1.6T shipment volume is expected to continue to grow in the next few quarters [30][31]. - **Investor Q&A**: - **1.6T Product Gross Margin**: The gross margin is expected to further increase due to product structure optimization, the increasing proportion of silicon photonics, and the growth of yield [31][32]. - **Construction in Progress**: The significant increase in construction in progress is due to capacity expansion investment, including factory building expansion and equipment deployment. The existing construction in progress may not be sufficient to meet next year's order demand, and there is still a certain degree of capacity tightness [32]. - **Overseas Expansion**: The company has made advance plans for materials and personnel, but due to the rapid growth of order demand, the demand for materials and personnel is also increasing, and the company will continue to work hard to meet the demand [32]. - **Core Materials**: The tightness of optical chips is relatively high currently, but the company has locked in raw materials through advance planning and orders, and suppliers are also actively supporting [32]. - **Tax Rate**: The higher tax rate in Q3 is mainly due to the provision of income tax related to "Pillar Two". If the policy changes, the provision can be reversed [32][33]. - **Labor Shortage**: There is currently no sign of labor shortage [34]. - **Silicon Photonics Proportion**: The proportion of silicon photonics is expected to continue to increase, and specific data is not convenient to quantify [34]. - **3.2T Product Launch**: There is currently no corresponding demand, and the core demand of customers in the Scale - out scenario from 2026 - 2027 is still expected to be 1.6T and 800G [34]. - **Scale - up Scenario Demand**: The bandwidth demand in the Scale - up scenario grows very fast. CSP customers are promoting the application of ASIC chips in Scale - up and hope to use Ethernet technology for optical connection, and relevant solutions are expected to be applied and deployed in 2027 [34]. - **Fixed - Asset Payback Period**: The payback period of the 800G production line is about 2 - 2.5 years, and the payback period of the 1.6T production line is estimated to be similar to that of the 800G [34][35]. - **Management Summary**: With the growth of computing power and AI data center hardware demand, the industry demand is highly prosperous. In 2026, the demand guidelines of large customers are clear. In 2027, industry trends such as the large - scale deployment of 1.6T, optical connection solutions in Scale - up, and all - optical switch solutions will gradually emerge. The company will fully prepare to seize industry opportunities and drive revenue and profit to a new level [35][36].

Core Viewpoint - Despite significant revenue growth reported by leading optical module companies, the market has reacted negatively, indicating concerns about the sustainability of their growth and valuation [2][4]. Financial Performance - Zhongji Xuchuang reported a revenue of 25.005 billion yuan for the first three quarters, a year-on-year increase of 44.43%, with a net profit of 7.132 billion yuan, up 90.05% [5]. - Xinyi Sheng achieved a revenue of 16.505 billion yuan, a remarkable year-on-year growth of 221.70%, and a net profit of 6.327 billion yuan, up 284.37% [5]. - In Q3 alone, Zhongji Xuchuang's revenue was 10.216 billion yuan with a gross margin of 43%, while Xinyi Sheng's Q3 revenue was 6.068 billion yuan, showing a slight decline from the previous quarter [5][6]. Growth Concerns - Xinyi Sheng acknowledged a slight decrease in Q3 revenue due to changes in product shipment schedules, although it maintained a high gross margin of 47% and a net margin of 39.3% [6]. - Both companies are experiencing a transition period with increasing demand for 800G and the introduction of 1.6T products, which is expected to drive future growth [7]. Capacity Expansion - Zhongji Xuchuang's construction projects increased significantly from 52.53 million yuan at the beginning of the year to 980 million yuan, a growth of 1765.65%, indicating a focus on capacity expansion [7][8]. - Xinyi Sheng is also expanding its overseas capacity, particularly in Thailand, with a gradual release of production capacity expected [8]. Supply Chain Challenges - The supply chain, especially for optical chips, is becoming a critical constraint for the industry, with Zhongji Xuchuang noting a high level of tension in chip supply due to rapid demand growth [8]. - Both companies are managing their supply chains effectively, with Xinyi Sheng maintaining long-term relationships with suppliers [8]. Operational Pressures - Both companies are facing operational pressures due to inventory growth, with Zhongji Xuchuang's inventory rising by 52.64% to 11.216 billion yuan and Xinyi Sheng's inventory increasing by 59.79% to 6.603 billion yuan [10]. - Zhongji Xuchuang's effective tax rate increased to 15.8% due to new tax regulations affecting its overseas operations, which may impact future tax burdens [10]. Valuation Challenges - Despite strong performance, both companies face valuation pressures, with Zhongji Xuchuang's market cap at 522.9 billion yuan and a dynamic P/E ratio of 55.27, while Xinyi Sheng's market cap is 342.2 billion yuan with a P/E ratio of 40.57 [11]. - The market's reaction to their earnings reports reflects concerns over the sustainability of their growth narratives and high valuations [12].

Core Viewpoint - The recent bull market in China's capital market is primarily driven by the technology sector, with the optical module CPO being a standout area, particularly highlighted by the performance of the "three giants" in the A-share market [1] Company Performance - Robotech (300757.SZ) has experienced significant stock price fluctuations this year, with its financial performance failing to meet growth expectations, leading to a stagnation in stock price despite a previous surge [1] - The company's revenue for 2022, 2023, and 2024 was reported at 901 million yuan, 1.57 billion yuan, and 1.104 billion yuan respectively, while net profits were 25.6 million yuan, 79.5 million yuan, and 63.2 million yuan [1] - For the first three quarters of 2024, Robotech reported revenue of 416 million yuan and a net loss of 74.7 million yuan, indicating a negative growth trend in core financial metrics [2] Strategic Developments - The acquisition of ficonTEC, a leader in high-precision coupling equipment, is a milestone for Robotech, providing proprietary technology for assembling and testing silicon photonic devices [3] - Following the acquisition, ficonTEC is expected to contribute significantly to Robotech's revenue, with projections indicating a net profit margin increase from 13.1% in 2025 to 22.6% by 2028 [3] Revenue Structure - The majority of Robotech's revenue has historically come from photovoltaic manufacturing solutions, accounting for 92.8% in 2022, but this share is declining as the company begins to see revenue from its silicon photonic assembly and testing equipment business, which reached 18.7% in the first half of 2024 [4][5] Market Position - Robotech holds a 25.5% market share in the silicon photonic smart manufacturing equipment market, ranking first globally, and is the only supplier capable of providing end-to-end solutions in this space [7][9] - The company has established itself as a key player in the high-end coupling equipment market, with ficonTEC being the sole supplier for certain products, including those for Broadcom and Nvidia [9][10] Future Outlook - The company is actively seeking to cultivate new growth points to offset declines in its main business, including expanding into international markets like India and enhancing its semiconductor packaging capabilities [6][10] - The success of Robotech's future performance is contingent on the stabilization of its photovoltaic equipment business and the realization of growth in its silicon photonic and CPO sectors, with the upcoming Hong Kong listing expected to enhance its investment appeal [10]

Core Viewpoint - The Chinese capital market has experienced significant changes since September 24, 2024, with technology, particularly optical modules and CPO, being a key focus. Robotech (300757.SZ), involved in silicon photonics and CPO, has shown volatile stock performance despite the overall bullish trend in the market [1]. Financial Performance - Robotech's revenue for 2022, 2023, and 2024 was 901 million yuan, 1.57 billion yuan, and 1.104 billion yuan, respectively, with net profits of 25.6 million yuan, 79.5 million yuan, and 63.2 million yuan. The latest report indicates a revenue of 416 million yuan for the first three quarters of 2024, with a net loss of 74.7 million yuan, reflecting negative growth in core financial metrics [1][2]. - The company's revenue decreased by 43.22% year-on-year for the current reporting period and by 59.04% year-to-date. The net profit attributable to shareholders showed a decline of 344.24% for the current period and 205.01% year-to-date [2]. Business Overview - Robotech specializes in high-precision smart manufacturing equipment and systems, focusing on automation solutions for optical interconnects, optical sensing, and photovoltaic cells. The acquisition of ficonTEC has been pivotal, providing proprietary technology for assembling and testing silicon photonic devices [3][4]. - The company's revenue structure shows that photovoltaic manufacturing solutions contributed 92.8% to 72.6% of total revenue from 2022 to the first half of 2025, while the silicon photonic assembly and testing equipment business began contributing revenue only in 2024, reaching an 18.7% share by mid-2025 [4][5]. Market Position and Growth Potential - Robotech holds a 25.5% market share in the silicon photonic smart manufacturing equipment market, ranking first globally. It is the only supplier capable of providing end-to-end solutions and ultra-high precision assembly and testing equipment for silicon photonics [7][9]. - The company is actively expanding its international presence, particularly in the growing Indian market, and plans to introduce efficient battery-related equipment and solutions tailored to overseas market demands [6][10]. Future Outlook - The demand for automated packaging and coupling equipment is expected to rise alongside the rapid development of silicon photonics and CPO technologies, which will benefit Robotech's related business segments. The company has an order backlog of 662 million yuan in its optoelectronic and semiconductor business [10]. - The stabilization and recovery of the photovoltaic equipment business will be crucial for Robotech's performance in the short term, while long-term growth will depend on the successful execution of its strategies in the silicon photonics and CPO sectors. The upcoming Hong Kong listing is anticipated to enhance the company's ability to leverage its production capabilities and support global customers [10].