研发创新是公司核心竞争力的关键支撑。2025上半年，新易盛研发投入达33.37亿元，同比增长 157.56%，研发人员数量增至7120人，占员工总数的40%。报告期内新增申请专利1211项，累计获得授 权专利144项，其中发明专利59项，涵盖硅光芯片封装、相干光传输、低功耗设计等关键技术领域。 新易盛（300502）今日晚间发布2025年半年度报告。受益于全球AI算力需求爆发及云数据中心建设加 速，公司上半年业绩实现跨越式增长，营收突破百亿元，净利润同比增幅超350%，同时在1.6T等高速 光模块领域持续突破，全球化布局进一步深化，公司海外营收占比达94.4%。 报告显示，2025年1—6月，新易盛实现营业收入104.37亿元，同比激增282.64%；归属于上市公司股东 的净利润39.42亿元，同比暴增355.68%；扣除非经常性损益后的净利润39.34亿元，同比增长354.93%， 核心盈利指标增速均大幅领先行业平均水平。 经营活动产生的现金流量净额显著改善，达9.53亿元，同比激增427.67%，上年同期为-2.91亿元，反映 出公司销售回款能力大幅增强，经营性现金流健康度持续优化。 作为公司核心业务，光 ...

中际旭创 20250824 摘要 中际旭创通过深度绑定谷歌、亚马逊、Meta 等头部客户，迅速占领市 场，并在 40G 光模块产品上取得显著份额，奠定了其行业领先地位。 公司在技术创新上持续投入，率先推出 40G、100G 光模块产品，并在 并行封装技术和 COB 工艺上取得突破，有效降低了光模块封装成本。 中际旭创在硅光方案上采取稳扎稳打策略，通过外置光源及分离式设计， 提高了方案的可靠性和可行性，成为业内最大的硅光供应商。 随着 1.6T 速率下 EML 方案面临良率和产能问题，以及 3.2T 速率下 EML 迭代瓶颈，硅光技术将成为未来主力解决方案，中际旭创的布局至 关重要。 公司具备半导体化能力，自主研发硅光芯片并在海外流片，同时拥有系 统设计能力和高精度光学耦合技术，毛利率维持在 40%以上。 光模块行业竞争格局稳固，中际旭创市场份额接近 40%，受益于下游客 户强劲需求和上游芯片公司扩产缓慢，能够更好地掌握物料供应。 预计硅光方案将加速交付，提升毛利和净利，推动公司收入和净利润加 速增长，当前市场对公司估值存在低估，未来增长潜力巨大。 Q&A 中际旭创在光模块领域的发展历程和市场地位如何？ 中际旭 ...

硅光作为一种颠覆性技术路径，能够结合集成电路超大规模、超高精度、低制造成本的特性和光子技术 超高速率、超低功耗、高抗干扰的优势。上海继6月启动硅光未来产业集聚区建设后，又举行了创新创 业大赛。 硅光作为"后摩尔时代"的颠覆性技术路线，是全球高度关注和重点发展的战略领域。上海高度重视硅光 领域前沿技术创新与未来产业培育，大力开展项目布局、平台建设、生态打造等工作。 此前的6月28日，上海硅光未来产业集聚区在浦东新区正式启动建设，8家企业代表与张江高科签约落 地。同时，上海未来产业基金联合8家优质市场化基金发布硅光未来产业基金矩阵，硅光概念验证平台 建设启动。 在"光传感+开放"赛道，上海交通大学的"基于硅光芯片的集成化光学相干断层扫描系统"斩获大赛一等 奖，浙江大学的"高性能片上光谱仪系统"、中国科学院上海微系统与信息技术研究所的"芯声·聆微一基 于光机械微环的超灵敏宽频超声传感芯片"获二等奖，上海曼光信息科技有限公司的"AI大模型智能辅助 光电设计平台"、大连理工大学的"集成光子射频干扰消除芯片"获三等奖。 项目获得一等奖的上海澜昆微电子负责人对第一财经介绍，上海在一些研发攻关的必备要素上，合作都 很顺畅，包 ...

项目获得一等奖的上海澜昆微电子负责人对第一财经介绍，上海在一些研发攻关的必备要素上，合作都 很顺畅，包括基金支持、工艺平台协同、应用侧联合研发等。另外整体的软环境较好，比如高效的专业 服务能力和政策的开放性。 对于为何看好微环光互联技术，该公司负责人解释，该技术最大的优势就是能够利用CMOS工艺把芯片 做小，把带宽密度提高，效率能够做得很高，"我们的优势在于光电协同设计，希望用产业化的方式跟 大家去合作，帮助整个人工智能基础设施算力的建设。" 硅光作为一种颠覆性技术路径，能够结合集成电路超大规模、超高精度、低制造成本的特性和光子技术 超高速率、超低功耗、高抗干扰的优势。上海继6月启动硅光未来产业集聚区建设后，又举行了创新创 业大赛。 23日下午，"智融硅光·芯启未来"第一届张江杯硅光创新创业大赛决赛落幕，现场分别开展了光互连+光 计算、光传感+开放赛两场路演活动。同时，大赛组建了由资深投资人、产业专家、学术专家构成的评 审团，对参赛项目进行了考察打分，由此决出优胜奖项。 19个来自全国各地企业、高校、科研院所的硅光创新项目进入决赛。最终，在"光互连+光计算"赛道， 上海澜昆微电子科技有限公司的"微环光电集成互 ...

Core Viewpoint - The explosive growth in global AI computing power demand has led to a significant performance surge for Xinyi, redefining the growth boundaries of the optical module industry, with Q1 2025 revenue soaring to 4.1 billion yuan, a year-on-year increase of 264%, and net profit reaching 1.6 billion yuan, up 385% year-on-year [1][5][9]. Group 1: Company Overview - Xinyi was founded in Chengdu in 2008, focusing on high-performance optical modules for data centers, telecom networks, security monitoring, and smart grids [5][9]. - The company established a wholly-owned subsidiary in 2011, separating its production and R&D centers to enhance its focus on high-speed optical module technology [6]. - Xinyi went public on the Shenzhen Stock Exchange in 2016, raising 417 million yuan, marking a strategic leap in its development [9]. Group 2: Technological Advancements - Xinyi has achieved breakthroughs in various optical module technologies, including 100G, 400G, and 800G, and plans to start small-scale delivery of 1.6T optical modules in Q2 2025 [6][10]. - The company has successfully captured nearly 30% of the global market share for 800G optical modules, with a significant reduction in power consumption [11][14]. - The acquisition of US-based Alpine has positioned Xinyi to lead in silicon photonics technology, enhancing its competitive edge in the optical module market [14][17]. Group 3: Market Dynamics - The demand for AI computing power is driving the need for higher capacity data centers, with projections indicating that the average capacity of new large-scale data centers will double in the next four years [22][23]. - Major tech companies are significantly increasing their capital expenditures for data centers, with Microsoft and Amazon projected to spend $80 billion and $100 billion, respectively, by 2025 [23]. - The industry is undergoing a transformation driven by AI technology, which is expected to reshape power supply and cooling systems in data centers, marking a shift from quantitative to qualitative changes in the sector [23].

Core Viewpoint - The company, Shanghai Cambridge Technology Co., Ltd., reported significant growth in its financial performance for the first half of 2025, with a focus on cash dividends and strategic adjustments to its profit distribution plan [2][5]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 2.04 billion RMB, representing a 15.48% increase compared to the same period last year [6]. - The total profit for the period was approximately 119.1 million RMB, up 43.19% year-on-year [6]. - The net profit attributable to shareholders was approximately 120.9 million RMB, reflecting a 51.12% increase from the previous year [6]. - The company proposed a cash dividend of 0.452 RMB per share, amounting to approximately 12.11 million RMB, which is 10.02% of the net profit for the first half of 2025 [2][5]. Business Overview - The company specializes in the research, development, production, and sales of terminal equipment in the telecommunications, data communication, enterprise networking, and home networking sectors, as well as high-speed optical modules [7][9]. - Key products include fiber access products based on GPON, EPON, and XGS PON technologies, as well as wireless network products and small base stations [7][10]. - The company has established a strong market position in the ICT sector, focusing on AI applications and high-speed optical communication modules [9][12]. Market Trends - The global demand for broadband access terminals is steadily increasing, particularly in emerging markets such as Southeast Asia and Africa, where the annual growth rate exceeds 15% [14][16]. - The wireless network access terminal market is also experiencing rapid growth, with a projected compound annual growth rate of 18% for small base stations [17]. - The company is actively promoting the commercialization of next-generation 25G and 50G PON products, with significant advancements in product development and market delivery [10][12].

Summary of Guangli Micro's Conference Call Company Overview - **Company**: Guangli Micro - **Acquisition**: Acquired Belgian company Luxida to enhance capabilities in device simulation, link simulation, and PDK services, solidifying its position in the optical communication sector [2][4] Industry Insights - **Silicon Photonics Market**: Expected to grow at over 45% CAGR until 2033, driven by increasing bandwidth demands [2][6] - **Optical Chip Solutions**: There is a pressing demand for efficient, low-cost optical chip solutions, with traditional EML technology facing challenges [5][6] Financial Performance - **2025 H1 Financials**: - Revenue: Approximately 1.2 billion CNY, up 15% YoY - Net Profit: 280 million CNY, up 20% YoY - Software business growth: Over 50% - Hardware business growth: 38% - Overall revenue growth: Restored to over 43% [3][20][22] Business Developments - **New Orders**: New orders reached approximately 310 million CNY, a 60% increase YoY, with total orders nearing 500 million CNY [22] - **DFT Business**: Revenue doubled YoY, with a new team established for DFT and DFM tool development, expecting multiple tool launches by year-end [2][26][27] Acquisition Impact - **Luxida Acquisition**: - Enhances Guangli Micro's global capabilities in device simulation and PDK services, crucial for improving silicon photonics yield and reducing manufacturing costs [5][9] - Plans to integrate Luxida's technology with teams from MIT and other partners to create a complete industrial ecosystem [5][12] Market Position and Strategy - **Market Share**: Luxida holds over 50% market share in its segment, with plans for further acquisitions to enhance capabilities [8][9] - **Revenue Goals**: Aiming for Luxida to contribute approximately 200 million USD in revenue within 3-5 years, leveraging partnerships and domestic collaborations [9][10] Challenges and Risks - **Overseas Market Expansion**: Slow progress in overseas markets, particularly in hardware sales in South Korea, but software sales are more stable [4][34] - **Geopolitical Factors**: Potential impacts from US-China relations on business dynamics, particularly concerning overseas clients [17] Future Outlook - **R&D Expansion**: Plans to establish several R&D centers in China post-acquisition, while retaining core teams in Belgium [35] - **Revenue Composition**: Anticipated revenue sources include 70% from licensing, 20-30% from design services, and 10-20% from royalties in the long term [15][16] Conclusion Guangli Micro is strategically positioned to capitalize on the growing silicon photonics market through its recent acquisition of Luxida, robust financial performance, and a clear focus on expanding its product offerings and market reach. The company is actively addressing challenges in overseas markets while enhancing its domestic capabilities to drive future growth.

Summary of Key Points from Conference Call Records Industry Overview - The telecommunications hardware sector has seen significant growth, driven by the OCS optical switch topic, with companies like ZTE experiencing rapid stock price increases, indicating strong market interest in growth stocks and expectations for leading companies in optical modules and fiber optics to exceed performance forecasts [1][2]. Core Investment Opportunities - **Overseas Computing Power Chain**: Companies such as Zhongji Xuchuang, Yisheng, and Yuanjie Technology are recommended due to their attractive valuations and optimistic order outlooks, benefiting from the AI industry trend [1][4]. - **Domestic Computing Power Chain**: This sector is expected to see strong performance driven by AI trends, with leading companies likely to revise earnings expectations upward [1][4]. - **Liquid Cooling Technology**: The server industry is focusing on liquid cooling technology, which offers higher efficiency and lower power consumption compared to traditional air cooling solutions [1][5][22]. Financial Performance Insights - Two companies reported second-quarter earnings that exceeded expectations, indicating a recovery in profitability that warrants attention during the upcoming earnings season [6]. - The telecommunications equipment sector has seen a year-to-date increase of over 50%, with a broad market rally driven by low-valuation growth stocks [2]. AI Industry Outlook - Confidence in the growth of the AI industry for 2026 has increased, with expectations for sustained demand for AI hardware as commercial applications accelerate [7][8]. - Major AI models from companies like OpenAI and Anthropic are showing strong revenue growth, leading to optimistic capital expenditure forecasts from tech giants [7]. OCS and Silicon Photonics Developments - The OCS optical switch market is gaining traction, with companies like Lumentum and Coherent reporting initial revenues and significant market opportunities [10][11]. - Silicon photonics technology is expected to see increased penetration, providing growth opportunities for domestic suppliers [11]. Recommendations for Low-Valuation Stocks - Companies such as Yilian Network, Zhongtian Technology, and Hengtong are highlighted for their defensive value and potential for growth, particularly in the context of low valuations [3][16]. Telecommunications Market Performance - The telecommunications market has outperformed expectations in 2025, despite a decline in fiber optic cable procurement, with actual demand remaining robust [17][18]. - The light communication business is projected to contribute significantly to profits by 2026, driven by AI applications [19]. Energy Sector Trends - The energy-related business segments, including high-voltage smart grids and offshore energy projects, are expected to maintain strong growth, contributing to overall company performance [20]. Liquid Cooling Technology Adoption - The adoption of liquid cooling technology is expected to rise due to increasing power density in AI servers, with significant growth anticipated in both domestic and international markets [22][23]. AI-Related Investment Opportunities - Companies like Inspur, Unisplendour, and Lenovo are recommended for their strong performance in edge AI products, which rely on robust communication networks [26]. Conclusion - The telecommunications and AI sectors present numerous investment opportunities, with a focus on companies that are well-positioned to benefit from technological advancements and market trends. Investors are encouraged to consider both domestic and overseas players in the computing power chain, as well as emerging technologies like liquid cooling and silicon photonics [1][4][22].

Core Viewpoint - The acquisition of LUCEDA by Guangliwei marks a strategic move into the silicon photonics design automation sector, aiming to enhance competitiveness in the global semiconductor industry amid the rapid growth of AI computing power and silicon photonics technology [1][5][7]. Group 1: Acquisition Details - Guangliwei completed the acquisition of LUCEDA, a Belgian silicon photonics design automation company, through its wholly-owned subsidiary in Singapore [1][2]. - The acquisition price consists of two parts: a competitive bid value of €40 million (approximately RMB 340 million) and an adjustment based on LUCEDA's net liabilities and working capital at the closing date [2]. - LUCEDA's total assets as of June 30 were €3.8852 million, with total liabilities of €2.6549 million and equity of €1.2303 million [2]. Group 2: Financial Performance - In the 2024 fiscal year, LUCEDA reported revenues of €3.8092 million and a net profit of €0.5637 million, while in 2025, revenues increased to €4.1969 million but incurred a net loss of €0.1177 million [3]. - Guangliwei's revenue for 2024 was RMB 547 million, a year-on-year increase of 14.5%, but the net profit attributable to shareholders decreased by 37.68% to RMB 80.2685 million [3]. - In Q1 of the current year, Guangliwei achieved revenue of RMB 66.4849 million, a year-on-year growth of 51.43%, but reported a net loss of RMB 13.715 million [4]. Group 3: Market Context and Strategy - The silicon photonics industry is viewed as a high-growth sector, driven by advancements in high-performance computing and communication technologies [5][6]. - The global market for silicon photonics modules was approximately $1.4 billion in 2023, projected to grow to $10.3 billion by 2029, with a compound annual growth rate of 45% [6]. - The acquisition aims to optimize Guangliwei's existing industrial layout and enhance its capabilities in silicon photonics design, testing, and yield improvement [5][7]. Group 4: Collaborative Synergies - Post-acquisition, Guangliwei and LUCEDA plan to collaborate on multiple fronts, including the development of a comprehensive silicon photonics design automation toolchain and enhancing design efficiency through AI and machine learning [8][9]. - The partnership aims to improve manufacturing yield solutions by leveraging Guangliwei's expertise in semiconductor manufacturing EDA tools alongside LUCEDA's advanced silicon photonics design technologies [8][9]. - LUCEDA's CEO indicated that the collaboration would provide necessary investment and resources to accelerate innovation and expand market presence, targeting an annual growth rate significantly above 25% [9].

Core Viewpoint - Several listed companies in China have announced significant developments, including delisting, share repurchase plans, and financial performance updates, which may present investment opportunities and risks for investors [4][5][8][21]. Company Announcements - China Evergrande will have its listing status canceled on August 25, 2025, due to failure to meet the resumption requirements set by the Hong Kong Stock Exchange [4]. - China Shipbuilding announced that the dissenting shareholders' buyout price is set at 30.02 CNY per share, representing a 28.25% premium over the closing price of 38.50 CNY on August 12, 2025 [5]. - China Heavy Industry reported a dissenting shareholder cash option price of 4.03 CNY per share, with a 26.55% premium over the closing price of 5.10 CNY on August 12, 2025 [6][7]. - Hengxin Oriental is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [8]. - Hailanxin plans to acquire 100% of Hainan Hailan Universe for 1.051 billion CNY, constituting a major asset restructuring [9]. - *ST Huamei will be suspended from trading starting August 13, 2025, due to failure to rectify fund occupation issues within the mandated period [10]. - Guangli Microelectronics is acquiring 100% of LUCEDA NV to advance its strategic layout in silicon photonics technology [11]. - Ganfeng Lithium is integrating joint ventures with LAR and providing financial support of up to 130 million USD for project development [13]. - Jiangte Electric's actual controller has changed to Wang Xin and Zhu Jun following a share transfer [14]. - ST Shengtun will remove other risk warnings and change its stock name to "Shengtun Mining" starting August 14, 2025 [15]. - Jin Chengzi plans to acquire 55% of Samit and will resume trading on August 13, 2025 [16]. - Quzhou Development intends to acquire 95.46% of Xian Dao Electronics and will resume trading on August 13, 2025 [17]. - Baiyun Airport signed a cooperation contract with China Duty Free Group for the T3 terminal's duty-free project [19]. - ST Zhongqingbao reported that one of its subsidiaries has had a bank account frozen, affecting 2.0971 million CNY, but it does not impact operations significantly [20]. - Zhenray Technology raised its share repurchase price limit to 74 CNY per share, with a significant increase in revenue and profit reported for the first half of 2025 [21]. Financial Performance - Kweichow Moutai reported a net profit of 45.403 billion CNY for the first half of 2025, an increase of 8.89% year-on-year [22]. - China Unicom's revenue exceeded 200 billion CNY in the first half of 2025, growing by 1.5% year-on-year, with a pre-tax profit of 17.8 billion CNY, up 5.1% [23]. - Golden Dragon Fish achieved a net profit growth of 60% in the first half of 2025, with revenue of 1156.82 billion CNY, up 5.67% [24]. - Pengding Holdings reported a 57% increase in net profit for the first half of 2025, with revenue reaching 16.375 billion CNY, a 24.75% increase [25].