Core Viewpoint - Yisiwei (Hangzhou) Technology Co., Ltd. has been accepted for an IPO on the Sci-Tech Innovation Board, marking it as the first Sci-Tech Innovation Board IPO accepted in June and the fourth this year by the Shanghai Stock Exchange [2] Group 1: Company Overview - Yisiwei specializes in the research, production, and sales of machine vision equipment for automotive manufacturing, providing solutions for various processes in vehicle and component manufacturing [2] - The company holds the largest market share in its field in China and is recognized as a key "little giant" enterprise, breaking the long-standing foreign monopoly and accelerating the digital transformation of domestic automotive manufacturing [2] - Yisiwei is also expanding its business into rail transit maintenance and aviation sectors, continuously exploring new application scenarios [2] Group 2: Financial Performance - Projected revenues for Yisiwei from 2022 to 2024 are 223 million yuan, 355 million yuan, and 392 million yuan respectively [2] - The net profit attributable to the parent company for the same period is expected to be 6.4 million yuan, 61 million yuan, and 85 million yuan respectively [2] - Key financial indicators for the company show total assets of 7035.58 million yuan and net profit of 843.32 million yuan for the year ending December 2024 [3]

Core Viewpoint - Yisiwei (Hangzhou) Technology Co., Ltd. is focusing on the IPO on the Sci-Tech Innovation Board, aiming to raise 1.214 billion yuan for its machine vision product industrialization base, R&D center, and working capital [1][6] Company Overview - Yisiwei specializes in the R&D, production, and sales of machine vision equipment for automotive manufacturing, providing solutions for various processes in vehicle and component manufacturing [3] - The company is recognized as a national key "little giant" enterprise, holding the largest market share in the domestic machine vision sector, successfully breaking the long-standing foreign monopoly and accelerating the digital transformation of domestic automotive manufacturing [3] Market Position - As of the end of 2024, Yisiwei's products are widely used by major automotive manufacturers, including FAW-Volkswagen, SAIC Volkswagen, and BYD, as well as international companies like Volvo and Rivian [4] - According to Frost & Sullivan, Yisiwei achieved a market share of 22.5% in China's automotive manufacturing machine vision products by 2024, surpassing foreign competitors and becoming the only Chinese company with annual revenue exceeding 100 million yuan in this field [4] Product Development - The company has developed over ten products that are applied across six major manufacturing processes: stamping, welding, painting, assembly, battery, and die-casting, establishing a comprehensive product range and application coverage [3] - Yisiwei holds 387 domestic and international authorized patents and 108 software copyrights, including 192 invention patents, 139 utility model patents, and 56 design patents as of December 31, 2024 [4] Financial Performance - Yisiwei's revenue from 2022 to 2024 was approximately 223 million yuan, 355 million yuan, and 392 million yuan, respectively, with net profits of approximately 6.4 million yuan, 61 million yuan, and 85 million yuan during the same period [5]

Core Viewpoint - Easy Vision (Hangzhou) Technology Co., Ltd. has submitted its prospectus for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.214 billion yuan for projects related to machine vision product industrialization, R&D center, and working capital [1][3]. Company Overview - Easy Vision focuses on the R&D, production, and sales of machine vision equipment for the automotive manufacturing sector, providing solutions for various manufacturing processes. The company is also expanding into rail transit maintenance and aviation sectors [3]. - As of the end of 2024, Easy Vision's products are utilized by major automotive brands including FAW-Volkswagen, SAIC Volkswagen, and BYD, among others [3]. Shareholder Structure - The controlling shareholder of Easy Vision is Yisi Siyuan Technology Co., Ltd., which holds 35.08% of the shares. The actual controller, Guo Yin, holds 12.27% directly and controls a total of 56.13% of the company through various entities [4][6]. - Guo Yin has a background in precision instruments and has been the executive director and general manager since the company's establishment [6]. Financial Performance - Easy Vision's revenue for 2022, 2023, and 2024 was approximately 223 million yuan, 354 million yuan, and 392 million yuan, respectively, with a significant revenue growth rate of 58.98% in 2023, which dropped to 10.58% in 2024 [10]. - The company's net profit for the same years was approximately 5.39 million yuan, 57.75 million yuan, and 84.33 million yuan, showing a remarkable compound annual growth rate of 295.66% [10]. Financial Metrics - Key financial metrics as of December 31 for 2022, 2023, and 2024 include total assets of 546.83 million yuan, 650.57 million yuan, and 703.56 million yuan, respectively. The net profit attributable to the parent company was 6.4 million yuan, 61.04 million yuan, and 85.46 million yuan [11]. - The company's gross margin was relatively high, with rates of 62.69%, 64.69%, and 65.49% for the respective years, outperforming the average gross margin of comparable companies [12][13]. Market Position - Easy Vision's main revenue source is the automotive manufacturing sector, contributing approximately 93.25% to 96.68% of its total revenue from 2022 to 2024 [10]. - The company is actively exploring new markets and applications, including rail transit maintenance and international expansion [10].

（原标题：AI+工业：易思维冲击"国产机器视觉第一股"） 在轨交运维领域，易思维同样展现出技术迁移能力。其"车对地"线路综合巡检系统通过视觉传感器对轨道、隧道、接触网进行自动化检测，替代 人工巡检；"地对车"车辆综合检测系统则可对入库车辆进行快速故障诊断。这些解决方案已在广州地铁、杭港地铁等项目中落地，标志着易思维 从单一汽车制造向多场景工业智能的延伸。 国产突围与国际巨头的正面交锋 6月5日，上交所正式受理易思维（杭州）科技股份有限公司（以下简称"易思维"）的科创板IPO申请，这家成立仅8年的国家级专精特新"小巨 人"企业拟募资12.14亿元，用于机器视觉产品产业化基地建设、研发中心升级及补充流动资金。此次IPO标志着易思维从技术突破到资本市场的全 面跃升，其背后是国产机器视觉设备在汽车制造领域打破国际垄断、实现进口替代的硬核实力。 从实验室到工业现场的"隐形冠军" 易思维的核心团队源自天津大学精密测试技术及仪器国家重点实验室，创始人郭寅及核心技术成员均深耕机器视觉领域多年。2017年成立后，公 司聚焦汽车制造四大工艺环节——冲压、焊装、涂装、总装，以及电池、压铸等新兴领域，构建了覆盖测量、引导、检测、识别 ...

Group 1 - The 2025 South China International Industrial Expo has opened in Shenzhen, covering over 100,000 square meters and featuring more than 1,200 companies, with an expected attendance of over 100,000 professional visitors [1] - The expo showcases innovations in various fields including industrial automation, machine vision, laser technology, CNC machine tools, robotics, new information technology, testing and measurement, electronic manufacturing, and new materials, creating a "smart manufacturing ecosystem" [1] - Omron Group presents innovative solutions focusing on AI, digitalization, and intelligent technology, targeting key industries in South China such as 3C electronics, semiconductors, and new energy [1] Group 2 - Hikvision showcases digital products for quality inspection and equipment management, leveraging its expertise in IoT perception, AI, and big data [2] - Leading companies in the laser sector, including Han's Laser and Lead Laser, present a comprehensive array of equipment covering industrial processing scenarios such as cutting, welding, and cleaning [2] - The expo features nearly 30 forums, technical training sessions, and procurement matchmaking events, enhancing industry collaboration and technical exchange [2]

Macro and Strategy - The macroeconomic review indicates that the PMI data for May shows improvement, with the impact of tariffs temporarily alleviated and resilience in the consumer services sector [3][8] - The high-tech manufacturing macro report reveals that the National Securities weekly high-tech manufacturing diffusion index remains flat, indicating mixed performance across various sectors [3][9] - The macroeconomic report highlights weak high-frequency growth indicators, with a rebound in export chains and food prices [10][11] Industry and Company - The investment strategy for the petrochemical industry in June 2025 focuses on potassium fertilizers, allulose, refrigerants, pesticides, and biodiesel as key investment directions [3][26] - The chemical industry report notes a significant increase in air conditioning production in Q2, with prices of third-generation refrigerants continuing to rise [3] - The pharmaceutical industry report from the ASCO annual meeting emphasizes the importance of domestic dual antibodies and ADCs as innovative molecules [3] - The electric power industry report highlights the acceleration of solid-state battery industrialization and steady progress in charging pile construction [3] - The real estate industry report indicates a worsening of losses in the sector, with no significant improvement in fundamentals [3] - The communication industry strategy for June 2025 points to sustained demand for high-speed optical modules and the development of commercial aerospace [3] Fixed Income and REITs - The fixed income strategy for June 2025 anticipates a new round of market activity driven by technological advancements, with a focus on convertible bonds [10][17] - The public REITs report indicates that operational REITs are performing better than property REITs, with a notable increase in quality warehouse assets entering the market [12][14] - The REITs index shows a year-to-date increase of 10.0%, outperforming the Shanghai Composite Index [14][15] ESG Focus - The ESG report highlights significant developments in green finance and carbon market expansion in China, with new policies aimed at promoting sustainable development [18][20] - The ESG product monthly report indicates a notable increase in the issuance of ESG bonds, with fluctuations in the number of public ESG funds [22][23]

Group 1: Tianyang Technology - Tianyang Technology ranks first in the domestic credit card sector and is actively expanding into overseas markets [1] - The company has launched credit card products that allow for stablecoin top-ups, benefiting from mature technology and favorable regulatory policies [1] - Stablecoin cross-border payments do not require the SWIFT system, offering faster transactions, transparent fees, and lower costs, making them popular among cross-border trade enterprises [1] - Financial technology companies need blockchain development capabilities and market sensitivity, with RWA still growing, and non-performing assets can be used as underlying assets in the short term [1] - Stablecoin payments are decentralized, eliminating intermediary banks and reducing costs, with transactions completed within 30 seconds [1] - The issuance of stablecoins has high thresholds, with liquid stablecoins like USDT and USDC expected to dominate the market [1] - Not all countries have a demand for stablecoin issuance, as stablecoins represent the digitization of fiat currency, reinforcing the dominance of the US dollar [1] - Tianyang Technology collaborates with leading manufacturers to expand into Southeast Asia and provide credit card migration and technical support [1] Group 2: Optoelectronics - Optoelectronics is experiencing strong growth in the semiconductor and automotive industries, with projected revenues of 50.81 million and 32.10 million in 2024, representing year-on-year growth of 44.08% and 89.95% respectively [2] - The company is optimizing its sales model, focusing on buyout sales while gradually increasing the sales of standardized products, with plans to expand regional distribution models [2] - To enhance product standardization, the company is promoting the transformation of technological achievements into standardized and modular products, improving scalability and replicability [2] - The core product lines in visual software, including SciVision, Smart3, and DeepVision3, have undergone multiple technological upgrades and product iterations [2] - The future development strategy aims to establish the company as a leading international supplier of core automation components, focusing on key areas of perception and decision-making [2] - Key growth drivers include increased penetration of machine vision across industries, enhanced customer awareness, advancements in industrial AI technology, and global expansion supporting domestic substitution [2]

Group 1 - Bawang Chaji plans to open 1,000 new stores in mainland China, 50 in Hong Kong, and 110 overseas by 2025 [2] - Chinese companies are expanding into Brazil, marking a significant development in the country's internet sector [3] - Thailand has emerged as a leading market for TikTok e-commerce due to its stable and balanced market conditions [4] Group 2 - Yiwu business owners are facing challenges as U.S. merchants struggle to repay debts amid trade tensions [5] - 52TOYS is preparing for a Hong Kong IPO with a reported loss of 122 million, while 23% of its revenue comes from overseas [6] - Square and Harmony Technology have secured nearly 100 million in Series B funding to expand their smart production capabilities in the optical medical sector [7] Group 3 - OpenAI is collaborating with former Apple executives to produce 100 million hardware units for AI applications [8] - U.S. importers are rapidly building bonded warehouses to stockpile Chinese goods in response to trade policy uncertainties [9] - Miniso reported that its overseas stores reached 3,213 by March 31, 2025, with a 30% year-on-year increase in overseas revenue [9] Group 4 - Roborock aims for global scale deployment of its autonomous driving technology, having recently entered Dubai and Abu Dhabi [9] - Cainiao is accelerating the commercialization of its autonomous vehicles, with plans to deploy over 200,000 units in the next three to five years [10] - OpenAI has launched its first international project in the UAE, with plans for significant investment in AI infrastructure [11] Group 5 - EV Electra plans to invest $1 billion in restructuring high-end electric vehicle company Hozon, with commitments for significant overseas procurement [11]

Core Insights - Square and Technology has recently completed nearly 100 million yuan in B+ round financing, primarily for research and development and expanding industry applications [1] - The company achieved several hundred million yuan in revenue in 2024, with the majority coming from contact lenses and related optical consumables [2] - The company aims to transition traditional manufacturing to smart manufacturing, leveraging automation and AI technologies [2][3] Financing and Growth - The recent financing round was exclusively invested by the Beijing Advanced Manufacturing and Intelligent Equipment Industry Investment Fund [1] - In October 2024, the company completed another round of financing worth several hundred million yuan, attracting new investors and receiving continued support from existing shareholders [1] Business Focus and Market Strategy - Square and Technology specializes in intelligent solutions based on computer vision systems, focusing on the ophthalmic industry, high-end medical devices, and pharmaceuticals [1] - The company has developed its own brand, Insvis, which focuses on defect detection for transparent materials in the medical device and pharmaceutical sectors [3][4] - The company is expanding its business from mainland China to Taiwan and Southeast Asia, with plans to eventually enter the European and American markets [4] Industry Challenges and Innovations - The company addresses challenges in the optical industry, such as the difficulty of detecting defects in transparent materials and the need for advanced optical imaging systems [2][3] - Traditional manual inspection methods are inefficient, leading to the adoption of machine vision technology to improve quality control and production efficiency [3] - The company has launched a fully automated intelligent production line for contact lenses, which has been adopted by major clients in the industry [4] Future Outlook - The company estimates that there will be around 200 new production lines for contact lenses in mainland China over the next 3 to 5 years, representing a market potential of several billion yuan [4] - Square and Technology is also developing its Pharmvis and Medivis product lines for pharmaceutical and medical device testing, aiming to balance product performance and cost-effectiveness in a competitive market [5]

Summary of the Conference Call Company Overview - The company, Lingyun Optical, operates primarily in the optical communication and visual systems sectors, with optical communication accounting for 30% of its revenue. It focuses on high-end foreign products and is actively developing next-generation computing center products like OCS all-optical switches and optical chips to support domestic AI computing center construction [2][3]. Key Industry Insights Optical Communication - The optical communication business is stable, representing 30% of total revenue, with products such as 400G, 800G, and 1.6T optical modules and switches being sold domestically [3]. Consumer Electronics - The consumer electronics sector, which serves major clients like Apple and Huawei, generated approximately 700 million yuan last year, accounting for over 40% of the visual business. The demand for optical motion capture has increased significantly, rising from 10% to 30-40% due to the domestic production of components for Huawei's Mate series [4][5]. Printing and Packaging - The printing and packaging segment contributes 20% of the company's revenue, with a growth rate expected to exceed 30% this year. The business focuses on soft packaging inspection, including high-speed scanning and AI software algorithms for quality control [6]. New Energy Sector - The lithium battery business is showing signs of recovery, with increased demand for visual components and inspection equipment, while the photovoltaic sector faces challenges but is expected to recover gradually [7]. Digital Human Project - The digital human project, in collaboration with Zhipu, is progressing well, with a focus on enhancing the optical motion capture product line. The revenue from this product line is expected to increase significantly this year [8]. Scientific Imaging and Semiconductor Business - The scientific imaging and device business has made significant progress, with semiconductor revenue exceeding 100 million yuan. The acquisition of a Danish company has positively impacted the semiconductor segment, contributing over 20% to total revenue [11]. Additional Insights Market Growth Projections - The domestic motion capture market is projected to reach approximately 800 million yuan by 2025, with an annual growth rate of 20-30%, driven by smart manufacturing and unmanned systems [4][28]. Customer Base and Trends - The customer base has shifted from primarily universities to more local enterprises, indicating a growing demand for the company's solutions in various industries [25]. Competitive Advantages - The company's products are competitively priced compared to foreign brands, which are often three to four times more expensive. The company offers a complete data acquisition toolchain, integrating various data types for customer convenience [19][20]. R&D and Workforce - The company has over 100 employees, with more than half dedicated to research and development, indicating a strong focus on innovation [24]. Strategic Developments - The acquisition of AIT has led to a tighter integration of operations and a shift to a calendar year for production cycles, enhancing quality standards and market responsiveness [26]. Conclusion Lingyun Optical is well-positioned in the optical communication and visual systems markets, with strong growth prospects across various sectors, particularly in consumer electronics and motion capture technologies. The company's strategic focus on R&D and competitive pricing enhances its market position, while ongoing collaborations and acquisitions are expected to drive future growth.