本报记者 曹琦 8月26日晚间，江西联创光电科技股份有限公司（以下简称"联创光电"）披露2025年半年度报告。报告 期内，公司实现营业收入16.48亿元，同比增长6.51%；归属于上市公司股东的净利润2.63亿元，同比增 长15.18%；扣除非经常性损益后的归属于上市公司股东的净利润2.37亿元，同比增长14.01%。 联创光电表示，2025年上半年，公司管理层紧扣既定战略目标，有效应对市场复杂变化，着力推进技术 创新、产业结构优化与市场拓展，核心竞争力持续增强，进而驱动公司各项业务稳健发展，盈利能力稳 步提升。 多项业务上半年同比增长 报告期内，联创光电战略稳步推进，产品结构进一步优化升级，激光系列及传统LED芯片板块、背光源 及应用产品板块主营业务收入增长较为明显，公司整体业绩呈增长态势。 2025年上半年，联创光电激光系列及传统LED芯片板块实现收入1.28亿元，同比大幅增长176.87%。这 一业绩的取得，主要得益于联创光电实现了大功率激光器件及光刃系列整机的双重突破，完成了光刃多 型号性能迭代与方案攻坚，软件算法在识别精度和组网技术两方面取得关键突破，筑牢了技术壁垒。 今年上半年，联创光电深化激光和 ...

报告期内，联创光电的激光产业坚持"技术创新"与"市场拓展"双轮驱动，聚焦"技术引领、市场破局、 品牌增值、客户深耕"四大核心，开拓了军工、院校和研究所客户,且不断获得好评。 8月26日晚，联创光电(600363)披露2025年半年报。今年上半年，公司实现主营业务收入16.17亿元，同 比增长7.15%；实现归母净利润2.63亿元，同比增长15.18%；基本每股收益0.58元。 总部位于江西南昌的联创光电，主营业务涉及激光系列及传统LED芯片产品、智能控制系列产品、背光 源及应用产品，光电通信与智能装备线缆及金属材料产品等。其中，激光产业及高温超导产业，最为引 人关注。 数据显示，今年上半年，联创光电的激光系列及传统LED芯片，合计实现主营业务收入1.28亿元，同比 大幅增长176.87%。 据悉，随着激光产业近年来取得突破性进展，使其在边境防控、关键设施防护等场景中逐步取代传统武 器，已成为安防体系中的战略性支柱。据Global Market Insights发布的《定向能武器市场——2025— 2034年》数据，全球激光武器市场规模预计从2024年的67亿美元增长至2034年的334亿美元，期间年复 合增长 ...

Core Insights - The forum focused on "Key Technological Advances in Commercializing Controlled Nuclear Fusion" and gathered over 100 representatives from various professional institutions, research institutes, universities, and leading technology companies in the field [1] Group 1: Forum Highlights - The event was organized by the China Association for Science and Technology and the China Nuclear Society, emphasizing the importance of controlled nuclear fusion as a solution to the global energy crisis [1] - Discussions included the progress of the International Thermonuclear Experimental Reactor (ITER) project, key technological challenges in nuclear safety, and the role of artificial intelligence in nuclear fusion [1] Group 2: Industry Implications - Controlled nuclear fusion is viewed as a critical pathway to achieving carbon neutrality goals, highlighting its potential impact on energy sustainability [1] - The forum addressed engineering challenges for commercializing fusion energy and the need for a supportive policy framework and industry collaboration [1]

Summary of Key Points from the Conference Call on Controlled Nuclear Fusion Industry Overview - The conference focuses on the controlled nuclear fusion industry, highlighting advancements and investment opportunities in China and abroad [3][5][6][22]. Core Insights and Arguments - **Emerging Companies**: Numerous companies are emerging in China's controlled nuclear fusion sector, such as Energy Origin and China International Electric Power, supported by investments from funds like Shanghai Future Industry Fund, indicating accelerated development in this field [3][6]. - **Technological Breakthroughs**: Significant breakthroughs in domestic nuclear fusion technology include the high-temperature superconducting and the one-second H-mode of the Circulator No. 3, while international focus is on enhancing the Q value, with the Spring Tower device aiming to achieve Q1 this year [3][8]. - **Project Budgets and Bidding**: Major projects like BEST and Corraft are expected to undergo large-scale bidding this year, with total budgets reaching tens of billions. Energy Origin's Honghuang 170 plan is also set to raise funds for construction [3][9][10]. - **Commercialization Timeline**: The industry anticipates achieving grid-connected nuclear fusion power by 2030-2035, with companies like Heliogen and CFS making significant progress towards this goal [3][11][12]. - **Investment Plans**: China plans to invest hundreds of billions annually in nuclear fusion R&D from 2025 to 2027, with potential increases if breakthroughs occur [3][42]. - **High-Temperature Superconductors**: The application of high-temperature superconductors in fusion reactors is increasing, with companies like Lianchuang Optoelectronics demonstrating mass production capabilities [3][45]. Additional Important Content - **Challenges in Tokamak Devices**: Tokamak devices face challenges such as fuel cycle issues and tritium breeding ratios, while linear devices need to address pulse frequency problems. The competition among different technological routes is intense [3][16][17]. - **Government Support**: The Chinese government has shown strong support for nuclear fusion, with plans for substantial investments and policy backing, indicating a commitment to advancing this technology [3][26][27]. - **Global Comparison**: The U.S. is seen as lagging in nuclear fusion advancements compared to China, primarily due to the latter's substantial government funding and support for mainstream routes [3][52]. - **Future Energy Landscape**: Controlled nuclear fusion is positioned as a crucial future energy source, expected to provide stable, efficient, and environmentally friendly energy solutions, complementing renewable energy sources [3][22][23]. This summary encapsulates the key points discussed in the conference call regarding the current state and future prospects of the controlled nuclear fusion industry.

Core Viewpoint - The article highlights the growing interest in controllable nuclear fusion concept stocks, particularly focusing on Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. (Lianchuang Optoelectronics), which has made significant progress in its transformation and upgrade efforts in recent years [2][3]. Company Performance - Lianchuang Optoelectronics reported a revenue of 800 million yuan in Q1 2025, representing a year-on-year increase of 11.54%, and a net profit attributable to shareholders of 116 million yuan, up 10.57% year-on-year [2]. - The company has successfully turned its backlight source business profitable since March, focusing on products with good development trends such as flat panel, automotive, and industrial control backlight sources [3]. Technological Innovation - The company is committed to continuous innovation, optimizing its industrial structure by focusing on smart control, laser, and high-temperature superconducting industries, which are gradually entering the commercialization phase [2]. - Lianchuang Optoelectronics is enhancing the performance, stability, and environmental adaptability of its laser products while expanding its product matrix to maintain a leading position in niche markets [3]. Industry Outlook - The commercialization of controllable nuclear fusion is accelerating, with global construction of fusion devices expected to yield 2 to 3 new operational devices annually in the coming years [4]. - The "Spark One" project, which utilizes high-temperature superconducting technology, is progressing from the planning phase to actual operation, with significant milestones expected between 2026 and 2029 [5]. Future Prospects - Experts predict that controllable nuclear fusion could achieve commercial application within the next 10 to 15 years, potentially becoming a crucial part of the global energy structure and contributing to sustainable development [6].

Summary of Controlled Nuclear Fusion Industry Conference Call Industry Overview - The controlled nuclear fusion technology is accelerating globally, with multiple countries actively promoting policies and industrial development. The U.S. Tokamak Energy plans to commercialize power generation by 2028, creating pressure for domestic research and development [1][2][3] - China has made significant progress in controlled nuclear fusion technology, with the Chinese Academy of Sciences' EAST device achieving 100 million degrees Celsius for 1,000 seconds, marking a new phase in combustion testing [1][4] Key Points and Arguments - **Technological Advancements**: AI technology enhances magnetic confinement control, accelerating the design iteration of Tokamak devices. Second-generation high-temperature superconducting materials significantly increase magnetic field strength by approximately 4 to 5 times while reducing construction costs [1][5] - **Global Project Progress**: Several global controlled nuclear fusion projects are advancing, including the U.S. Helion's plans to demonstrate gain effects, and the Spark project expected to achieve Q greater than one by 2025-2026. The ARC project by the Daejeon company is anticipated to start before 2030 [1][6][7] - **Investment and Market Impact**: The controlled nuclear fusion technology breakthroughs have led to rising stock prices for related companies, reflecting high capital market interest. However, the industry remains in its early commercial stage, with uncertainties in technology [3][12] - **Future Development Trends**: The controlled nuclear fusion industry is expected to transition from scientific research to engineering validation, indicating a shift towards practical application and construction phases [8][9][14] Important but Overlooked Content - **Key Projects and Investments**: The ITER project is set to be completed by 2027 with a total investment of approximately $15 billion, and the Spark project is expected to be completed by 2025-2026. The total investment in the controlled nuclear fusion industry is projected to account for about 70% of overall investments [3][11][9] - **Challenges and Risks**: The industry faces challenges such as technological uncertainties and the need for commercial applications. Key time nodes and catalytic factors, such as major technological breakthroughs or policy support, could present both risks and opportunities [13][14] - **Competitive Landscape**: Companies like Shanhai Intelligent and Yanjing Co. are positioned advantageously in the controlled nuclear fusion supply chain, with significant orders and technological collaborations [19] Conclusion The controlled nuclear fusion industry is poised for rapid development, driven by technological advancements and increasing investments. Stakeholders should monitor key projects, technological breakthroughs, and market dynamics to identify potential investment opportunities and risks in this evolving sector [20][21]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 3.104 billion yuan in 2024, a decrease of 4.17% year-on-year, and a net profit attributable to shareholders of 241 million yuan, down 27.86% year-on-year. In Q1 2025, the company achieved revenue of 801 million yuan, an increase of 11.54% year-on-year, and a net profit of 116 million yuan, up 10.57% year-on-year [4][5] - The company is optimizing its industrial and product structure, focusing on new products with market potential and technical barriers, which enhances its core competitiveness and future growth potential [5] - The laser business is progressing steadily, with significant orders being released in Q1 2025. The company showcased its laser anti-drone equipment at an international defense exhibition, attracting over 70 potential clients [6] - The high-temperature superconducting business is successfully industrializing, with significant orders for superconducting equipment and projects related to nuclear fusion applications [7][8] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 3.104 billion yuan and a net profit of 241 million yuan. The revenue is expected to grow to 3.291 billion yuan in 2025, with a projected growth rate of 6.0% [11] - The net profit is forecasted to increase significantly to 625 million yuan in 2025, reflecting a growth rate of 159.3% [11] Business Development - The company is transitioning from traditional products to new products with higher market potential, leading to improved profitability [5] - The laser business is expected to see substantial growth due to the release of large orders and successful market engagement [6] - The high-temperature superconducting business is positioned for significant growth, with successful project bids and ongoing industrialization efforts [7][8] Earnings Forecast - The company is projected to achieve revenues of 3.291 billion yuan in 2025, 3.801 billion yuan in 2026, and 4.504 billion yuan in 2027, with corresponding EPS of 1.37 yuan, 1.61 yuan, and 2.25 yuan respectively [9][11]

Group 1 - China's nuclear power has entered a peak construction phase with 31 units having received construction permits and 13 units awaiting approval, indicating a higher construction scale than the total of other countries combined [1] - The global nuclear power sector experienced rapid growth from 1965 to 1980 with a CAGR of approximately 25%, but faced significant setbacks due to the Three Mile Island and Chernobyl accidents, leading to a slower growth phase from 1981 to 2023 with a CAGR of about 3% [1] - As of 2023, nuclear energy accounts for approximately 9% of global electricity generation, ranking behind fossil fuels at 62% and hydropower at 15% [1] Group 2 - Since the resumption of nuclear project approvals in 2019, China's nuclear policy has shifted from cautious control to active support, emphasizing the importance of nuclear power in achieving carbon neutrality goals [1] - The current energy generation structure in China is dominated by thermal power (69%), followed by wind and hydropower (11% each), and nuclear power at 5%, with projections indicating an increase in nuclear power's share to around 10% by 2035 [1] - The maturity of high-temperature superconducting technology has significantly reduced the costs and construction timelines for fusion experimental reactors, while AI advancements are enhancing the design and control efficiency of fusion devices [4] Group 3 - As of 2024, private fusion companies globally have accumulated financing of $7.12 billion, reflecting a 15% increase from 2023, with a total of 45 participating companies [4]