Core Viewpoint - The company Shijia Photon plans to acquire controlling interest in Dongguan Fokexima Communication Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [4][6]. Group 1: Acquisition Details - Shijia Photon announced the acquisition plan on June 27, 2025, and its stock will be suspended from trading starting June 30, 2025, for a period not exceeding 10 trading days [2][5]. - The valuation of Fokexima has not been finalized, and it is uncertain whether the transaction will constitute a major asset restructuring [6]. - The acquisition is expected to be a related party transaction but will not lead to a change in the actual controller of the company [6]. Group 2: Financial Performance - Fokexima achieved a net profit of 18.22 million yuan in 2023, with total assets amounting to 217 million yuan as of October 31, 2024 [8]. - Shijia Photon reported a revenue of 436 million yuan and a net profit of 93 million yuan in the first quarter of 2025, continuing the growth trend observed since the third quarter of 2024 [9][10]. - The company’s total revenue for 2023 was 1.075 billion yuan, with a year-on-year increase of 120.57% [10]. Group 3: Market Position and Strategy - Shijia Photon is a leading manufacturer in the optical communication industry, focusing on optical chips and devices, indoor optical cables, and cable materials [9][11]. - The company has established itself as a major supplier of AWG chips, with significant shipments for 400G and 800G optical modules in 2024 [11]. - Continuous investment in R&D for optical chips and devices is expected to enhance the company's competitive position in the rapidly evolving optical communication market [11].

Group 1 - The core viewpoint of the news highlights that the company Shijia Photon is adapting to international trade policy changes with limited impact through overseas capacity layout and diversification strategies [1] - In the first quarter, the company's gross margin significantly increased due to product structure upgrades, process optimization, yield improvements, and customer structure optimization [1] - The company has made progress in data centers, access networks, and laser radar and sensing markets, aiming to deepen process advantages and accelerate product industrialization [1] Group 2 - MPO product capacity layout is globalized, while MT connectors ensure supply stability through investments in suppliers and long-term agreements [1] - The existing production lines for WG products meet order demands, with future capacity adjustments based on market conditions [1] - Revenue and profit are expected to continue growing in the first quarter of 2025, driven by rapid growth in computing power demand and the data communication market [1] Group 3 - The construction of the Thailand production base is progressing steadily, with core team formation and skills training meeting expectations, leading to continuous capacity enhancement [1] - The company maintains a cautiously optimistic attitude towards the market and operational conditions in 2025 [1]

Group 1: Shijia Photon - The company reported that changes in international trade policies have limited impact, as it is addressing tariff policies through overseas capacity layout and diversification strategies [1] - In Q1, the gross margin significantly increased due to product structure upgrades, process optimization, yield improvements, and customer structure optimization [1] - The company is making progress in data centers, access networks, and laser radar and sensing markets, with plans to deepen process advantages and accelerate product industrialization [1] - Global capacity layout for MPO products and stable supply ensured for MT connectors through investments and long-term agreements [1] - The existing production line for WG products meets order demands, with future capacity adjustments based on market conditions [1] - Revenue and profit are expected to continue growing in Q1 2025, driven by rapid growth in computing power demand and the data communication market [1] - The construction of the Thailand production base is progressing steadily, with core team formation and skills training meeting expectations [1] - The company maintains a cautiously optimistic outlook for the market and operational conditions in 2025 [1] Group 2: Canrui Technology - The company expects a 24.36% year-on-year increase in revenue for 2024, but net profit is projected to turn negative due to intense market competition, high R&D expenses, impairment losses, and losses in the testing business [2] - Revenue from smart sensor chips is expected to grow by 32.61%, while power management chip growth is only 5.04% [2] - The total cost of equity incentives for 2024 is projected to be 20.68 million yuan, amortized over three years [2] - In Q1 2025, revenue is expected to reach 125 million yuan, an 8.86% year-on-year increase, with gross margin rising to 28.12% [2] - The company is enhancing profit margins through internal growth and external expansion in the competitive analog chip industry [2] - A new share buyback program has accumulated the purchase of 1,155,191 shares, costing 31,898,161.44 yuan [2] Group 3: Huaru Technology - The company highlighted the characteristics of leading foreign military intelligence enterprises and introduced the XSimVerse military model with five application areas: intelligent decision-making, virtual training, digital testing, training equipment, and intelligent equipment [3] - The company emphasized the upgrade advantages from military simulation to military intelligence, forming a closed-loop system through simulation systems and corpus resources [3] - Despite facing procurement restrictions from military networks, the company can still secure orders through alternative channels and increase potential customer demand through product iterations [3] - As of December 31, 2024, the company has signed new contracts worth 376 million yuan [3] Group 4: Changsheng Fund - As of now, Changsheng Fund has an asset management scale of 86.128 billion yuan, ranking 64th out of 210 [3] - The asset management scale for non-monetary public funds is 55.698 billion yuan, ranking 67th out of 210 [3] - The fund manages 136 public funds, ranking 54th out of 210, with 22 public fund managers, ranking 63rd out of 210 [3] - The best-performing public fund product in the past year is Changsheng Urbanization Theme Mixed A, with a latest net value of 1.62 and a growth of 53.12% over the past year [3]