Summary of the Conference Call on Maolai Optics Company Overview - **Company Name**: Maolai Optics - **Industry**: Semiconductor Equipment and Optical Components - **Founded**: 1999 - **Market Position**: Unique position in the domestic semiconductor optics sector with a leading advantage among listed companies [1][2] Key Insights - **Long-term Value**: The report emphasizes the long-term growth potential of Maolai in the semiconductor optics field, driven by increasing demand for domestic production and supply chain localization [1][2] - **Revenue Growth**: Projected revenue for 2024 is approximately 500 million RMB, with expectations to exceed 600 million RMB in 2025. Net profit is estimated at 36 million RMB for 2025, with a forecast of 60-70 million RMB for the current year [3][4] - **Product Categories**: Maolai's products are categorized into three types: optical components, optical lenses, and optical systems. The company focuses on customized, small-batch production, distinguishing itself from consumer electronics manufacturers [4][5] - **Client Base**: The company serves a diverse range of clients, including Corning, Shanghai Microelectronics, and Meta, with a significant portion of revenue coming from international markets (over 50%) [3][6] Financial Performance - **Revenue Composition**: As of mid-2025, the revenue breakdown is approximately 44% from optical components, 28% from lenses, and 27% from optical systems. The semiconductor sector is the fastest-growing segment, projected to increase from 37% of revenue in 2023 to 61% by mid-2025 [8][9] - **Profitability**: The overall gross margin is around 50%, with specific margins for lenses at 61%, systems at 42%, and components at 44%. The company maintains a stable gross margin due to its specialized product offerings [9][10] - **R&D and Management Costs**: The company has a high R&D expense ratio, with over 230 R&D personnel. Management costs are also elevated due to the hiring of foreign management and consultants [11][12] Industry Context - **Optical Industry Structure**: The optical industry is divided into upstream (raw materials), midstream (components and modules), and downstream (applications). Maolai operates primarily in the midstream segment, focusing on precision optical components for high-end applications [14][15] - **Market Size**: The global market for precision optical components is estimated to grow from 16 billion RMB in 2022 to 26.8 billion RMB by 2026. The semiconductor equipment market, particularly lithography machines, represents a significant portion of this growth [16][18] - **Competitive Landscape**: Major competitors include Zeiss, which has a substantial market presence and revenue exceeding 10 billion euros. Maolai's focus on customized solutions positions it uniquely against larger, more established firms [19][20] Future Outlook - **Growth Opportunities**: The report highlights the potential for Maolai to capitalize on the growing demand for semiconductor equipment, particularly in lithography and inspection systems. The company is positioned to benefit from advancements in domestic semiconductor manufacturing capabilities [29][30] - **Investment Considerations**: While the current valuation may appear high, the long-term growth potential in the semiconductor optics market suggests significant upside. The estimated market demand for optical components in the semiconductor sector could reach 10-20 billion RMB, indicating a substantial market opportunity for Maolai [35][36] Conclusion - Maolai Optics is well-positioned in the semiconductor optics industry, with strong growth prospects driven by increasing domestic demand and a unique focus on customized optical solutions. Investors are encouraged to monitor the company's developments and market positioning closely [37]

Group 1: Company Overview - Company Maolai Optical, established in 1999, focuses on precision optical products, expanding from custom optical devices to optical lenses and systems, covering the entire spectrum from deep ultraviolet (DUV) to far infrared [1] - The company's revenue for the first half of 2025 reached 319 million yuan, a year-on-year increase of 32.26%, with semiconductor, life sciences, AR/VR detection, autonomous driving, biometrics, and aerospace accounting for 61.0%, 19.0%, 6.5%, 4.0%, 1.9%, and 0.9% of revenue respectively [1] - The company is prioritizing technological upgrades and product development in emerging fields such as semiconductors, life sciences, and AR/VR detection [1] Group 2: Industry Insights - The global industrial-grade precision optics market reached 13.6 billion yuan in 2021, growing by 19.6%, and is projected to grow from 16 billion yuan in 2022 to 26.8 billion yuan by 2026, with a CAGR of 14% [2] - The optical materials industry is in a mature stage, while the downstream applications include consumer electronics, instruments, semiconductor manufacturing, automotive lenses, lasers, and optical communications [2] - Chinese mainland companies are gradually entering the high-end precision optics sector, with some firms expanding into industrial-grade applications, leveraging their technological advantages for differentiated competition [2] Group 3: Semiconductor Optical Technology - Optical technology is a core support in semiconductor manufacturing, with key applications in photolithography optical systems and semiconductor measurement systems, where optical systems account for 30% and 10% of costs respectively [3] - The company has developed core technologies in precision optical coating, ultra-smooth polishing, high-precision optical bonding, low-stress high-precision assembly, and optical lens/system design for photolithography [3] - In the measurement field, the company's semiconductor measurement products include optical components, lenses, and system modules, with rapid revenue growth from domestic semiconductor detection equipment manufacturers [3] Group 4: Financial Projections - The company has over 20 years of experience in the high-end precision optics industry, utilizing a customized business model for differentiated competition, with products spanning optical components, lenses, and system modules [4] - The growth is driven by long-term trends of technological iteration and domestic substitution, benefiting from the shift in demand from consumer-grade to industrial-grade and high-end precision optical components [4] - Revenue projections for 2025-2027 are 659 million yuan, 857 million yuan, and 1.071 billion yuan, with corresponding net profits of 65 million yuan, 97 million yuan, and 144 million yuan, leading to a current market PE of 318x, 213x, and 144x respectively [4]

1. Report Industry Investment Rating - The report does not provide an industry - wide investment rating. 2. Report's Core View - The target price of Maolai Convertible Bond on the first trading day is expected to be between 133 - 137 yuan, and investors are advised to actively subscribe. The expected first - day conversion premium rate is in the range of 40% - 45% [3][22]. - The expected first - day new - bond subscription winning rate is around 0.0018% - 0.0026% [4][23]. 3. Summary by Related Catalogs 3.1 Maolai Convertible Bond New - Bond Subscription Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Maolai Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated A+. The issuance scale is 563 million yuan, the initial conversion price is 364.43 yuan. As of November 20, 2025, the conversion parity is 94.67 yuan, the pure bond value is 83.19 yuan. The game terms (down - revision, redemption, and put - back terms) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][18]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, design, manufacturing, and sales of precision optical devices, optical lenses, and optical systems. After deducting issuance fees, 420 million yuan is planned for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital. The project is expected to expand the company's mass - production capacity in the ultra - precision optical device and lens fields and increase its market share in the semiconductor ultra - precision optical segment [3][21]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 63% - 74%, the scale available for the market is 146 million - 208 million yuan. Assuming the online effective subscription volume is 8.08 million accounts, the winning rate is expected to be around 0.0018% - 0.0026% [4][23]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream - Maolai Optics is a precision optical integrated solution provider, focusing on R & D, design, manufacturing, and sales of precision optical devices, lenses, and systems. The upstream of the optical industry is mainly optical raw material manufacturing, with optical glass having the largest market share (about 70% in a 3 - billion - yuan market in 2024). The company's products are mainly used in industrial - grade precision optics, with downstream industries including semiconductors, life sciences, AR/VR testing, and unmanned driving [24][25]. 3.2.2 Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 439 million yuan, 458 million yuan, 503 million yuan, and 319 million yuan respectively, with year - on - year growth rates of 32.36%, 4.4%, 9.78%, and 32.26%. The comprehensive gross margin fluctuated slightly, and the net profit margin also had fluctuations. The company's R & D expenses trended upward, while accounts receivable increased, and the accounts receivable turnover rate generally declined. The net profit attributable to the parent company was relatively stable [27][30][31]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, Maolai Holdings is the largest shareholder with a 59.47% stake, and Fan Yi is the second - largest shareholder with a 3.41% stake. The top two shareholders hold a total of 62.88% of the shares, and the top ten shareholders hold 74.89% in total. Fan Yi and Fan Hao are the joint actual controllers, directly and indirectly controlling 66.29% of the shares [4][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, capital, customer resources, and talent. The precision optical industry has high barriers in technology, capital, customer resources, and talent, which are difficult for new entrants to overcome [47][51][52]. 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 563 million yuan. After deducting issuance fees, 420 million yuan is for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital [16][54].

Group 1: Semiconductor Business Progress - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [2] - Current semiconductor product offerings include optical lenses for advanced lithography equipment, uniform light and shaping lenses for lighting systems, and laser collimation lenses for measurement devices [2][3] Group 2: Collaboration with Zhejiang University - The company has established a joint laboratory with Zhejiang University, focusing on semiconductor detection technologies and advanced optical components [3] - This collaboration aims to leverage both parties' strengths in precision optical design and manufacturing to enhance talent and research development in the optical field [3] Group 3: Capacity Expansion and Funding - The company has set up an advanced manufacturing process center equipped with high-precision processing and testing equipment, which can meet current and short-term demand for semiconductor business [3] - Future capacity expansion will be considered cautiously, with potential funding through capital markets if business growth exceeds current plans [3] Group 4: Profit Margin Outlook - The company's product gross margin has been affected by rising raw material prices, particularly germanium, leading to a decline in infrared product margins [4][5] - As of Q1 2025, gross margins are expected to recover due to stabilized raw material supply and the implementation of alternative material solutions [5] - The company anticipates an overall improvement in gross margin levels compared to the previous year, driven by shifts in product demand and structure [5]

板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 南京茂莱光学科技股份有限公司 MLOPTIC Corp. （南京市江宁开发区铺岗街 398 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 科创板投资风险揭示：本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创 南京茂莱光学科技股份有限公司 招股说明书 发行人声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不 存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和 连带的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 发行人负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中财务 会计资料真实、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制人以及 保 ...

板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 首次公开发行股票并在科创板上市 南京茂莱光学科技股份有限公司 MLOPTIC Corp. （南京市江宁开发区铺岗街 398 号） 招股意向书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 科创板投资风险揭示：本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创 南京茂莱光学科技股份有限公司 招股意向书 发行人声明 发行人及全体董事、监事、高级管理人员承诺招股意向书及其他信息披露资料不 存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和 连带的法律责任。 发行人控股股东、实际控制人承诺本招股意向书不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 发行人负责人和主管会计工作的负责人、会计机构负责人保证招股意向书中财务 会计资料真实、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制人以及 保 ...

科创板投资风险揭示：本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创 板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 南京茂莱光学科技股份有限公司 MLOPTIC Corp. （南京市江宁开发区铺岗街 398 号） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书不具有据以 发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作为投资决定的 依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 南京茂莱光学科技股份有限公司 招股说明书（注册稿） 发行人声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不 存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和 连带的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、 ...