Group 1: Optical Module Business Development - The company's optical module strategy focuses on "terminal-driven modules and module verification chips," aiming for gradual self-control of key components [3] - Stable mass production has been achieved in the 200G and below low-speed optical module sector, with good economic benefits [3] - High-speed optical module samples (400G/800G) are currently in testing with major domestic clients, with small batch shipments expected in Q2 2025 [3] Group 2: PCB Production Line Investment - The company has initiated the investment in a PCB production line, which is a core measure of its full-chain collaborative strategy [4] - This investment aims to enhance supply chain autonomy, improve product consistency, and accelerate the mass production process of optical modules and high-end display products [4] Group 3: Low-Speed Optical Module Strategy - The 200G and below low-speed optical modules are considered a strategic focus due to their strong demand, stable orders, and significant economies of scale [5] - The company plans to leverage low-speed modules to support the production of high-speed modules, driving rapid market penetration and profitability for 400G/800G products [5] Group 4: Optical Chip Business Progress - The optical chip business is transitioning from initial stages to industrialization, with 25G DFB laser chips ready for mass production [6] - The integration of chip technology with existing LED technology enhances R&D efficiency and product stability, reinforcing the company's competitive edge in optical communication [6] Group 5: LED Industry Competitiveness - The company's core competitiveness in the LED industry stems from its vertically integrated structure across the supply chain, enabling cost optimization and rapid market response [7] - As of Q3 2025, LED business net profit accounted for over 60%, with Mini RGB chip market share exceeding 50% [7] Group 6: Accounts Receivable Management - Accounts receivable primarily arise from overseas retail channel clients, with a low historical bad debt rate due to long-term partnerships [8] - The company has taken measures such as purchasing export credit insurance to mitigate risks associated with accounts receivable, with expectations for improved structure and reduced pressure in the future [8]