Summary of Conference Call Records Company: Jiepu Technology (杰普特) Key Points - **Equity Incentive Plan**: The company has launched a new equity incentive plan aimed at 150 management and employees, totaling 4.5 million shares [1] - **Revenue Targets**: The assessment targets are set for operating revenue, with trigger values for 2026 at 2.7 billion and target values at 3 billion yuan. Cumulative revenues for 2026-2028 are projected at 9 billion and 13 billion yuan, respectively, while cumulative revenues for 2026-2030 are expected to reach 18 billion and 28 billion yuan [1] - **Growth Rate**: Based on the 2026 target value of 3 billion yuan, the linear growth from 2026 to 2030 indicates a compound annual growth rate (CAGR) of over 30% [1] - **Vertical Integration Capability**: The company emphasizes its vertical integration capabilities and its philosophy of "doing difficult things," which has been a hallmark of its operations [1] - **Product Highlight**: Jiepu Technology is noted for being the first to achieve commercial mass production of MOPA laser technology, which remains a key product and characteristic of the company [1] Industry: Chinese Laser Industry Key Points - **Industry Background**: The Chinese commercial laser industry began in the late 1990s, leading to the emergence of numerous laser equipment companies. The laser technology sector developed later, with the introduction of laser technology by returning talents before the financial crisis [2] - **Domestic Laser Development**: Over nearly 20 years, domestic laser technology has evolved from cutting to welding, achieving a global top power of 200KW and excelling in fine micro-nano processing. Chinese fiber lasers have largely replaced overseas leaders and are expected to shine in the next industrial wave [2] - **Long-term Confidence**: The recent equity incentive plan is seen as a strategic move to set the tone for the company's development over the next five years, instilling confidence for long-term growth [2] - **Market Positioning**: Fiber lasers in the consumer and industrial sectors are fully aligned with international leaders, with rapid advancements in fiber devices and automation to meet the customized needs of high-end clients [2]

Core Viewpoint - nLIGHT, Inc. is set to participate in TD Cowen's Annual Aerospace & Defense Conference, highlighting its role in high-power laser technology for critical applications [1] Company Participation - nLIGHT's Chairman and CEO, Scott Keeney, along with the Head of Investor Relations, John Marchetti, will present at the conference [1] - The presentation is scheduled for February 11, 2026, at 9:15 a.m. ET [1]

Core Viewpoint - nLIGHT, Inc. is set to release its financial results for Q4 and the full year 2025 on February 26, 2026, after market close, indicating a focus on transparency and communication with investors [1] Financial Results Announcement - The financial results will be disclosed after the financial markets close on February 26, 2026 [1] - A webcast to discuss these results is scheduled for February 26, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) [1]

Core Viewpoint - nLIGHT, Inc. has announced a public offering of 3,977,273 shares of common stock at a price of $44.00 per share, aiming to raise approximately $175 million in gross proceeds before expenses [1]. Company Overview - nLIGHT, Inc. is a leading provider of high-power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications [6]. - The company is headquartered in Camas, Washington, and employs around 800 people with operations in the United States, Europe, and Asia [6]. Offering Details - The public offering is priced at $44.00 per share, with an option for underwriters to purchase an additional 596,590 shares [1]. - The net proceeds from the offering will be used for working capital, capital expenditures, and other general corporate purposes [1]. - The offering is expected to close on February 5, 2026, subject to market conditions [1]. Underwriters - Stifel, Baird, William Blair, and Raymond James are acting as joint lead book-running managers for the offering [2]. - Cantor is the book-running manager, while Needham & Company is acting as co-manager [2]. Regulatory Information - An automatically effective shelf registration statement on Form S-3 was filed with the SEC on February 3, 2026, relating to the securities offered [3]. - The offering is being made only by means of a preliminary prospectus supplement and the accompanying base prospectus [3].

Core Viewpoint - The company, Inno Laser, announced an expected government subsidy of 10.394 million yuan, with 8.874 million yuan being revenue-related and provided in cash [1] Group 1: Financial Impact - The subsidy represents over 10% of the company's audited net profit attributable to shareholders for the most recent fiscal year, with an absolute amount exceeding 1 million yuan [1] - The subsidy is anticipated to increase the company's total profit for the fiscal year 2026, with the specific amount dependent on project progress and the annual audit report [1] Group 2: Compliance and Usage - The company commits to using the subsidy funds in a reasonable, compliant, and efficient manner, while also fulfilling its information disclosure obligations [1]

Core Viewpoint - Inno Laser (301021.SZ) expects a net profit attributable to shareholders of 38 million to 50 million yuan for 2025, representing a year-on-year growth of 74.06% to 129.02%. The net profit after deducting non-recurring gains and losses is projected to be 24 million to 36 million yuan, indicating a growth of 152.19% to 278.29% compared to the previous year [1]. Group 1 - The company focuses on addressing industry pain points and deepening innovative solutions, leading to significant improvements in core capabilities and operational performance [1]. - The core laser business continues to lead the market with record-high shipment volumes [1]. - The laser module business has made breakthroughs in new areas such as PCB, showing substantial growth [1]. Group 2 - The medical device CDMO business has achieved milestone progress, preparing for mass production for clients in the heart valve industry [1]. - The company has successfully completed the first phase of R&D for high-power thin-slice laser projects and launched prototypes for continuous deep ultraviolet lasers and 500W ultrafast lasers [1]. - Future plans include leveraging deep technical expertise in solid-state lasers to tackle core technologies for shorter pulse and wavelength lasers, aiming to maintain and enhance industry leadership in solid-state nanosecond and ultrafast laser technologies and applications [1].

Core Insights - nLIGHT, Inc. has announced the addition of 50,000 square feet of leased manufacturing and office space in Longmont, Colorado, which will more than double its current capacity [1][2] - This expansion aims to support ongoing and future work for the U.S. Department of War and other U.S. agencies, reflecting the company's commitment to U.S. manufacturing of directed energy laser weapons [2][3] - The company leverages 25 years of expertise in laser power scaling and proprietary technology to deliver industry-leading high-energy laser systems [3] Company Overview - nLIGHT, Inc. is a leading provider of high-power lasers for mission-critical applications, including directed energy and advanced manufacturing [4] - The company is headquartered in Camas, Washington, and employs approximately 800 people with operations in the U.S., Europe, and Asia [4]

Core Insights - Lumentum Holdings Inc. (NASDAQ:LITE) experienced a significant share price increase of 10.05%, closing at $356.83, as investors prepared for its upcoming earnings report [1] - The company is set to announce its financial results for Q2 2026 on February 3, 2026, after market close, followed by a conference call to discuss the results [2] Product Innovations - Lumentum showcased its next-generation ultrafast and UV laser platforms, including PicoBlade Core, NQ-series, and 3D Sensing VCSELs, at the SPIE Photonics West 2026 conference [3] - The PicoBlade Core is an ultrafast laser platform that delivers up to 150 watts of average power with sub-12 picosecond pulses, designed for high-throughput micromachining in various applications [4] - The NQ-series provides up to 500 µJ pulse energy of UV light at rates up to 60 kHz, aimed at high-throughput micromachining with exceptional beam quality and reliability [5] - The 3D Sensing VCSEL offers a broad range of solutions for 3D sensing applications, ensuring consistent performance and high reliability for industrial and consumer uses [6]

Core Insights - IPG Photonics Corporation will showcase innovative laser solutions at the 2026 SPIE Photonics West Exhibition in San Francisco from January 20-22, 2026 [1] - The company is a finalist for the 2026 SPIE Prism Award in the Lasers category for its 8-kilowatt compact single-mode laser source [4] Product Innovations - The booth will feature displays of laser components and technologies for applications such as cleaning, welding, cutting, micro-machining, and directed energy [2] - New nanosecond laser sources include a 3-kilowatt high-power laser and a 650-watt air-cooled high-pulse energy laser module for cleaning applications [5][6] - A new 10 W pulsed Deep UV laser module for precision applications in semiconductor manufacturing will be showcased [7] - IPG will present pulsed holmium and erbium laser sources, and a continuous-wave thulium laser source for medical procedures [9] - New directed energy lasers include a 30-kilowatt high-power single-mode laser and an 8-kilowatt single-mode laser for defense applications [11] - A 60-kilowatt high-power laser source and a 500 W single-mode laser module will be displayed for high-power applications [13] Technical Presentations - IPG will host technical presentations on various laser technologies and industry trends during the exhibition [15] - Topics include industrial applications of diode laser heaters and high-resolution spectroscopy using a 148 nm vacuum ultraviolet laser source [15] Company Overview - IPG Photonics is a leader in high-power fiber lasers and amplifiers, focusing on innovative laser solutions that enhance productivity and reduce costs [16]

Core Viewpoint - Inno Laser focuses on the consumer electronics sector, emphasizing "new products, new materials, and new processes" to capture structural growth opportunities amid industry recovery [1] Group 1: Company Strategy - The company is developing laser solutions and devices for acoustic components, microcrystalline glass, foldable screens, WLG lenses, and VC thermal management materials [1]