其技术核心竞争力体现在产品的前瞻性上。在全球AI算力竞赛推动数据速率向1.6T(太比特)演进的时代 关口，万德溙光电自主研发的1.6T规格高速直接连接铜缆及有源铜缆产品，以及与之配套的先进液冷互 连解决方案，已在国内市场建立起一到两代的技术代际优势，不仅满足了当下数据中心对高带宽、低功 耗的迫切需求，也为应对未来更密集的算力挑战做好了准备。 美克家居此次跨界，正值数据中心互连技术由"电"向"光"深刻演进的关键阶段。当前，以高速铜缆为代 表的电互连方案在短距离传输中因其成本优势占据重要地位。然而，为应对AI模型规模指数级增长带 来的极致性能要求，共封装光学这一前沿技术正由行业龙头引领发展。该技术通过将光引擎与计算芯片 紧密集成，能革命性地降低功耗、提升传输效率，代表了长远的技术演进方向，预计将于2026年起逐步 开启商业化进程。 在当前A股并购市场聚焦科技创新、传统产业寻求突围的背景下，美克家居（600337）近期披露的重组 预案引发市场广泛关注。公司拟通过发行股份及支付现金方式，收购万德溙光电100%股权，并募集配 套资金。此举标志着这家老牌家居企业正式切入AI算力基础设施的核心环节——高速互连高端制造赛 道 ...

Core Insights - The article emphasizes the growing demand for interconnect bandwidth in data centers, driven by increasing internet traffic and the rapid expansion of AI large language models. However, this demand leads to higher power consumption, prompting the industry to seek improved energy efficiency in data transmission measured in picojoules per bit [2][4]. Group 1: CPO Technology Overview - Co-packaged optics (CPO) is emerging as a key solution to address the challenges of power consumption and efficiency in data center interconnects. By integrating electronic chips and silicon photonic chips in the same package, CPO significantly reduces power consumption and enhances performance [2][5]. - CPO technology offers several advantages over traditional pluggable optical modules, including reduced signal loss, lower power consumption, and increased connection density on the front panel [6][8]. Group 2: Industry Adoption and Developments - Major companies, including Broadcom and Marvell, are heavily investing in CPO technology, with Broadcom's products promising a 70% reduction in power consumption compared to pluggable transceiver solutions [8][10]. - NVIDIA is also adopting CPO technology in its upcoming network switches, claiming a 3.5 times increase in energy efficiency and 10 times network resilience compared to traditional networks [12][14]. Group 3: Market Growth and Future Predictions - The CPO market is projected to grow significantly, with revenues expected to rise from approximately $38 million in 2022 to $2.6 billion by 2033, reflecting a compound annual growth rate (CAGR) of 46% [14][16]. - Analysts predict that CPO technology will see large-scale deployment by 2027, with ongoing research and development activities at an all-time high [16][18]. Group 4: Performance and Testing - Broadcom's CPO technology has undergone extensive testing, achieving over 86,000 hours of high-temperature operating life (HTOL) testing, demonstrating stability and reliability in performance metrics [18][19]. - The performance of CPO solutions is characterized by low power consumption and high bandwidth density, with Broadcom reporting a 30% reduction in power and a 40% decrease in cost per bit for optical devices [6][19]. Group 5: Competitive Landscape - The competitive landscape for CPO technology is evolving, with companies like TSMC and NVIDIA leading advancements in device miniaturization and packaging technologies [10][12]. - The market is also seeing the emergence of startups like Celestial AI and LightMatter, which are developing next-generation CPO technologies that could surpass current offerings from established players [41][43].

Financial Performance - In the first half of 2025, the company's revenue reached 14.789 billion CNY, a year-on-year increase of approximately 37% [2] - The net profit for the same period was 4.242 billion CNY, with a net profit margin of 28.70% [3] - In Q2 2025, the company reported a revenue of 8.115 billion CNY, a quarter-on-quarter growth of about 22% [3] - The gross margin for Q2 2025 was 41.5%, an increase of nearly 5 percentage points compared to Q1 2025 [3] - The consolidated net profit for Q2 2025 was 2.552 billion CNY, with a quarter-on-quarter growth of approximately 51% [3] Business Operations - The company has seen a significant increase in demand for 800G and 400G optical modules, driven by capital expenditure from key overseas clients in AI infrastructure [4] - The company has begun gradual shipments of 1.6T products, with expectations for continued mass production in the upcoming quarters [4] - The company is actively expanding production capacity for high-end products like 1.6T and 800G to meet rising industry demand [4] Investor Q&A Highlights - The gross margin for high-end products like 1.6T is expected to be better, primarily due to the use of silicon photonics [5] - The company has strong inventory capabilities to address supply tightness in core upstream components, which is crucial given the rapid growth in demand for 800G and 1.6T [5] - The company plans to gradually increase its dividend payout ratio to share operational success with shareholders [6] - The company is observing a growing demand for optical connection solutions as the industry evolves [7] Market Outlook - The company anticipates that material costs will impact gross margins, but it remains confident in maintaining gross margin growth through product technology and bulk purchasing strategies [8] - The company has developed capabilities for 3.2T products and is in the active research phase, although market demand is currently focused on 1.6T and 800G [8] - The company is expanding both domestic and international production, with expectations for improved gross margins in the domestic market [9] Strategic Initiatives - The company is addressing foreign exchange risks by monitoring exposure and hedging against currency fluctuations [10] - There is a growing demand for data center interconnect solutions, driven by various application scenarios within data centers [11] - The company sees significant opportunities in the scale-out market due to increasing interconnect needs as clients transition from GPU to ASIC chips [12] - The company is actively developing copper connection and liquid cooling solutions, with positive progress reported [13] - The demand for ZR modules in AI data centers is expected to grow, with the company promoting its 400G ZR and 800G ZR technologies [14]