Core Viewpoint - Company is in a critical period of strategic implementation and business transformation, with improved cash flow providing strong financial support for stable development [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 961 million yuan, with net cash flow from operating activities increasing by 173 million yuan year-on-year [2] - R&D expenses rose by 11.81% to 125 million yuan, accounting for 12.98% of operating revenue, an increase of 2.66 percentage points [3] Business Development - The company is focusing on breakthroughs in upstream core components, particularly in semiconductor laser technology based on GaN and GaAs materials, to meet emerging demands for compact, high-resolution, and high-color fidelity laser displays [2] - The cinema business generated 288 million yuan in revenue, a year-on-year increase of 7.48%, contributing stable cash flow [4] - The company has installed 41 LED screens, maintaining a leading market share in newly installed screens [4] Strategic Initiatives - The resolution of arbitration matters has alleviated historical uncertainties, allowing the company to focus on core business development [4] - The company announced a strategic partnership with Valeo to launch a new generation of automotive lighting solutions, enhancing safety and personalization in driving experiences [4] - The company will showcase its latest breakthroughs in AR and robotics at the 26th China International Optoelectronic Exposition from September 10 to 12, 2025 [3]