（文章来源：人民日报） 本报上海9月22日电 （记者赵永新、姜泓冰）2025浦江创新论坛22日在上海闭幕。在为期3天的活动 中，来自45个国家和地区的300多家机构的550余位嘉宾，围绕"共享创新共塑未来：构建开放合作的全 球科技共同体"这一主题展开深入研讨。 白俄罗斯作为今年论坛主宾国，与中方联合举办科技创新年系列活动，重点展示科技创新合作情况，举 办了两国合作项目签约、共建机构揭牌等仪式。本届论坛还举办了量子智能、可控核聚变、具身智能、 神经科技、硅光等30余场前沿领域专题论坛、会议，包括诺贝尔奖、沃尔夫奖、图灵奖等科学奖项得主 在内的嘉宾齐聚一堂，共谋未来创新之路。 创设于2008年的浦江创新论坛，由科技部和上海市人民政府共同主办，旨在搭建创新发展交流平台和国 际科技合作平台。 ...

Group 1 - The 2025 Pujiang Innovation Forum will focus on future industries such as AI for Science, quantum intelligence, controllable nuclear fusion, and neural technology, showcasing advancements in these fields through various forums [2][3] - The forum will feature a "Future Vision Exhibition Area" and a "Shared Future Experience Area," allowing attendees to engage with cutting-edge technologies, including quantum computing achievements [3][5] - Shanghai is positioning itself as a leader in controllable nuclear fusion, with multiple projects advancing rapidly as part of its strategic industrial layout [2][3] Group 2 - The forum will host discussions on the integration of quantum computing and artificial intelligence, with prominent scientists participating to explore the potential of AI in quantum control and design [4] - A "Shanghai Quantum Artificial Intelligence Consortium" will be established to facilitate cross-disciplinary collaboration between scientists in quantum computing and AI [4] - The forum will also showcase practical applications of technology, such as a health assessment tool using AI and optical imaging, and a non-invasive brain-computer interface for gaming [5][6] Group 3 - The theme of the forum is "Shared Innovation, Co-Creating the Future: Building an Open and Cooperative Global Scientific Community," with Belarus as the guest country [7][8] - The forum has evolved into a significant platform for scientific diplomacy, inviting representatives from various countries to engage in discussions and collaborations [7][8] - Over 550 guests from more than 45 countries and regions will attend, highlighting the forum's commitment to fostering global scientific cooperation [8]

Group 1 - The 2025 Pujiang Innovation Forum will be held in Shanghai from September 20 to 22, focusing on building an open and cooperative global technology community, featuring a record number of participants and events [1] - The forum will include 1 opening ceremony, 1 main forum, 30 thematic forums, and 5 significant activities, such as the InnoMatch Technology Transfer Conference and WeStart Venture Capital Conference [1] - Since its inception in 2008, the forum has invited over 550 guests from more than 45 countries and regions, with nearly 40% of participants coming from countries like Belarus, the USA, Germany, Switzerland, Denmark, and regions of Hong Kong, Macau, and Taiwan [1] Group 2 - The InnoMatch Technology Transfer Conference will globally release 10,000 technology demands, with over 20 billion yuan in corporate investment and 2,000 job postings, showcasing over 80 cutting-edge products and experience scenarios [2] - Over the past five years, the InnoMatch conference has released more than 21,000 technology demands and 35,000 national technology innovation talent job postings, with a total cooperation intention amount nearing 18 billion yuan [2] - Shanghai's role as a technology innovation hub has been strengthened, with the implementation of the "Explorer Plan" and the introduction of nine policy measures to support basic research [2] Group 3 - Shanghai's innovation ecosystem is continuously improving, with 39 pilot units for technology transfer reform since 2024, resulting in nearly 250 empowered achievements and a conversion amount of 2.39 billion yuan [3] - The city is focusing on key links in technology transfer, creating a systematic ecosystem that includes concept validation, high-quality incubation, venture capital funds, and technology management [3] - An average of 300 new technology companies are established daily in Shanghai, indicating a robust growth in the technology sector [3]

Group 1 - The 18th Pujiang Innovation Forum will be held in Shanghai from September 20 to 22, with Belarus as the guest country and Liaoning Province as the guest province, focusing on building a global technology community through open cooperation [1] - The forum will feature a main forum, 30 specialized forums, and five key events including the InnoMatch technology transfer conference and WeStart entrepreneurship investment conference, along with a series of technology achievement releases [1][2] - Over 550 guests from more than 300 institutions across 45 countries and regions are invited, with nearly 40% coming from Belarus, the US, Germany, Switzerland, Denmark, and Hong Kong, Macau, and Taiwan [1] Group 2 - The forum aims to provide insights for China's technology strategy by inviting representatives from government, academia, and industry to discuss the integration of technological and industrial innovation [2] - Specialized forums will cover cutting-edge topics such as AI for Science, quantum intelligence, and controllable nuclear fusion, featuring prominent figures like Nobel Prize winners [2] - The InnoMatch technology transfer conference will announce 10,000 technology demands, with over 20 billion yuan in corporate investment and 2,000 job postings, showcasing more than 80 innovative products [3] Group 3 - The WeStart entrepreneurship investment conference attracted 1,487 teams from four key sectors, with 71 international projects, and selected 100 quality projects for roadshows with venture capital and financial institutions [3] - The forum has upgraded its AI assistant "Xiao Jiang Tun 2.0" to provide real-time live streaming, multilingual inquiries, and intelligent navigation for an immersive experience for attendees [3]

Group 1 - The 2025 Pujiang Innovation Forum (18th session) will be held in Shanghai from September 20 to 22, 2025, with Belarus as the guest country and Liaoning Province as the guest province [1] - The forum will feature a total of "1+1+30+2+2+X" activities, including 1 opening ceremony, 1 main forum, approximately 30 thematic forums, 2 matching events (InnoMatch Technology Transfer Conference, WeStart Venture Investment Conference), and 2 special dialogues (Youth Scientist Forum, High-end International Talent Forum) [1] - Key areas of focus will include future industries such as quantum intelligence, controllable nuclear fusion, embodied intelligence, neural technology, and silicon photonics, with prominent domestic and international guests invited to discuss future innovation paths [1]

Group 1: Investor Relations Activities - The investor relations activities included specific object research and meetings with various investment firms and analysts [2][3] - Notable participants included representatives from Longjiang Communication, Guotai Junan, and multiple funds such as Changsheng Fund and Penghua Fund [2][3] Group 2: H-Share Listing Plans - The company plans to issue H-shares and has disclosed a preliminary announcement on September 8, 2025, regarding the listing process [3] - The core purpose of the H-share listing is to implement an "A+H" dual capital platform strategy, aimed at enhancing production capacity and global service support [3][4] - The listing will facilitate stock incentives for the core team, aligning interests between shareholders and the company [4] Group 3: Business Performance and Orders - The current order amount for the optoelectronic business is approximately CNY 662 million, with expectations for improved profitability in Q3 and Q4 [4] - The company anticipates that the demand for silicon photonics and related technologies will drive future growth [5][6] Group 4: Market Trends and Future Outlook - The semiconductor industry is entering a new era, with significant competition in photonic technologies and quantum technologies [5] - The company is actively developing solutions for 1.6T silicon photonics and collaborating on projects for 3.2T modules [6] - The photovoltaic sector is currently under pressure, but the company plans to expand into overseas markets like India and the Middle East to support its solar business [6][7] Group 5: Capacity Planning and Integration - The company is adjusting its production capacity to meet the growing demand in the optoelectronic sector, ensuring timely delivery to clients [7][8] - Following the acquisition of ficonTEC, the company aims to enhance its operational capabilities and integrate ficonTEC into its management framework [8][9]

Core Logic of Active Optical Communication Sector - The demand for optical communication is driven by the growth of digital economy and increasing computing power needs, as traditional communication architectures struggle to meet bandwidth and latency requirements [2] - The Ministry of Industry and Information Technology has been promoting the self-controllability of the electronic information manufacturing industry, supporting technological upgrades and domestic substitution in core communication equipment [2] - Domestic R&D in optical communication continues to advance, with breakthroughs in materials and technologies that enhance performance and competitiveness in the industry [2] Performance and Analysis of Leading Stocks - Zhongji Xuchuang (300308) holds a strong position in the global optical module market with a market share of approximately 25%-30%, and has seen a significant increase in North American orders [3] - Huagong Technology (000988) is one of the early adopters of 800G silicon optical modules in China, with a recent surge in stock price due to positive market expectations following technological advancements [3] - Yangtze Optical Fibre and Cable (601869) leads in the global optical fibre preform market, reporting a 28% year-on-year increase in net profit, benefiting from accelerated domestic substitution [4] - Hengtong Optic-Electric (600487) has a comprehensive layout in optical communication, with a 20.4% year-on-year revenue growth in the first half of 2024, driven by new business opportunities [4] Characteristics of Stocks with Significant Price Movements - Tengjing Technology (688195) saw a 20% increase in stock price, driven by its precision optical components used in cutting-edge fields, with overseas revenue rising to 45% [5] - Qingshan Paper (600103) opened with a limit-up due to increased demand for optical communication materials, establishing supply relationships with leading optical fibre companies [5] - Tiantong Co., Ltd. (600330) experienced a strong price increase, with high yield rates in its sapphire substrates, directly supplying to major optical module companies [6]

Group 1 - The industry of silicon photonics is experiencing a significant breakthrough, with a specific company having a clear first-mover advantage in its products and high trust from downstream customers, currently possessing multiple expectation discrepancies [1] - A company that successfully launched tungsten mining and resumed copper mining is expected to enhance profits, as it covers various metals including gold, silver, copper, tungsten, and molybdenum, with the upcoming peak season and expectations of interest rate cuts likely to strengthen industrial metal prices [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company has exceeded performance expectations, achieving a revenue of 205 million yuan in the first half of 2025, representing a year-on-year increase of 70.6%, and a net profit of 46 million yuan, up 330% year-on-year. The gross margin stands at 48.8%, an increase of 15.4 percentage points year-on-year [1] - The data communication business is expected to continue to grow, with significant revenue from AI data centers driven by high-power CW laser chips. The company has successfully mass-produced CW 70mW laser chips, which are essential for 400G/800G optical modules [2] - The telecommunications business is optimizing its structure, with revenue of 100 million yuan in the first half of 2025, a decrease of 9% year-on-year, while the gross margin is 30.16%, slightly up by 0.17 percentage points year-on-year [3] - The company is a rare domestic supplier of laser chips, with a recovering telecommunications product line and accelerated introduction of new data communication products. The projected net profits for 2025-2027 are 120 million yuan, 185 million yuan, and 288 million yuan, respectively, with a PE ratio of 214X for 2025 [4] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 205 million yuan, a 70.6% increase year-on-year, and a net profit of 46 million yuan, reflecting a 330% increase year-on-year. The gross margin was 48.8%, up 15.4 percentage points year-on-year [1] - For Q2 2025, the revenue reached 121 million yuan, a 101% increase year-on-year, and a net profit of 32 million yuan, which is a staggering increase of 14,667% year-on-year [1] Business Segments - The data center and other businesses generated 105 million yuan in revenue in the first half of 2025, a remarkable increase of 1,034% year-on-year, with a gross margin of 66.8% [2] - The telecommunications business generated 100 million yuan in revenue in the first half of 2025, down 9% year-on-year, with a gross margin of 30.16% [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 120 million yuan, 185 million yuan, and 288 million yuan for the years 2025, 2026, and 2027, respectively. The PE ratio for 2025 is estimated at 214X [4]

Core Viewpoint - The company, Yuanjie Technology, reported significant growth in its financial performance for the first half of 2025, driven by the increasing demand for computing power in AI and data center applications, leading to a substantial rise in revenue and net profit [1][2] Financial Performance - The company achieved a revenue of 205 million yuan, representing a year-on-year increase of 70.57% [1] - The net profit attributable to shareholders reached 46.26 million yuan, showing a remarkable growth of 330.31% year-on-year, significantly exceeding expectations [1] Business Segments - Revenue from data center and other businesses surged to 105 million yuan, marking a year-on-year increase of 1034.18%, becoming a crucial revenue pillar for the company [1] - The telecommunications market maintained stable performance, generating revenue of 99.87 million yuan [1] Product Development - The company has optimized its product structure, expanding beyond traditional telecommunications to actively develop data center and silicon photonics markets [1] - Yuanjie Technology successfully mass-produced 70mW continuous wave laser chips for 400G/800G optical modules and completed customer validation for 100G EML chips, while also launching the development of 200G EML products [1] - The company has achieved bulk delivery of optical chip products for next-generation 25G/50G PON networks, with technical specifications matching international competitors [1] Research and Development - The company invested heavily in R&D, with expenses reaching 26.73 million yuan, a year-on-year increase of 21.22% [2] - The R&D team consists of 96 members, accounting for 16% of the total workforce, with a notable presence of highly educated personnel, including 10 PhDs and 17 Masters [2] - As of June 30, 2025, the company has obtained a total of 51 intellectual property rights, including 20 invention patents, highlighting its technological barriers and innovation capabilities [2] Future Outlook - Yuanjie Technology has established a dual-driven development model focusing on the telecommunications and data communication markets, with plans to deepen its engagement in high-speed, high-power optical chip fields [2] - The company aims to actively explore emerging applications such as CPO, silicon photonics, and lidar, reinforcing its leading position as a high-end optical chip supplier in China [2] Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares (tax included), totaling 25.65 million yuan, which accounts for 55.44% of the net profit attributable to shareholders for the first half of 2025 [2]