Core Viewpoint - The stock price of Dekoli (688205.SH) experienced a significant increase of 92.25% within a month, rising from below 70 yuan per share to over 120 yuan per share. However, major shareholders plan to reduce their holdings, which has led to a sharp decline in the stock price following the announcement [1][3]. Shareholder Reduction Plans - Major shareholders Qian Mingying and Shen Liang plan to reduce their holdings by a total of up to 2.9957% of the company's shares over the next three months [1]. - Qian Mingying intends to sell up to 680,000 shares, representing approximately 0.4296% of the total shares, through block trading [2]. - Shen Liang plans to sell up to 4,061,811 shares, which accounts for about 2.5661% of the total shares, using both centralized bidding and block trading methods [2]. Shareholder Background - Qian Mingying and Shen Liang are considered "old shareholders" of Dekoli, having acquired their shares before the company's IPO. Their combined holdings amount to approximately 21.02 million shares, representing 13.2799% of the total share capital [5][6]. - Qian Mingying has reportedly made a profit of around 2 billion yuan from her investment over the past five years [8]. Financial Performance - Dekoli reported a significant decline in net profit for the first half of 2025, with a 48.17% year-on-year decrease, amounting to 28.09 million yuan, despite a revenue increase of 5.93% to 433 million yuan [10]. - The company attributed the profit decline to a structural slowdown in demand in the traditional telecommunications market and strategic pricing adjustments that compressed profit margins [10]. - The data center interconnection and AI infrastructure markets are experiencing strong growth, but the profit contributions from these areas have not yet fully materialized due to ongoing capacity building [10]. Future Outlook - Dekoli aims to accelerate the implementation of new overseas projects and improve production capacity in the second half of the year, focusing on timely delivery of existing orders to achieve significant revenue growth [11].

Group 1 - The CPO concept stocks in the A-share market experienced a significant decline, with major companies like Dekoli and Ruijie Network dropping over 14% and 13% respectively [1] - Other notable declines included Taicheng Light, Tianfu Communication, and Jingwang Electronics, all falling more than 11% [1] - Several companies hit the 10% daily limit down, including Cambridge Technology and Guangxun Technology, while Kecuan Technology approached the limit down [1] Group 2 - Dekoli's stock fell by 14.63%, with a total market capitalization of 16.9 billion [2] - Ruijie Network saw a decline of 12.64%, with a market value of 72 billion [2] - Taicheng Light and Tianfu Communication reported decreases of 11.40% and 10.73% respectively, with market caps of 28.6 billion and 154.2 billion [2]

从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓中际旭创。浙商汇金先进制造混合（013145）二季度持有股 数8600股，占基金净值比例为3.52%，位居第五大重仓股。根据测算，今日浮亏损失约18.15万元。 9月2日，中际旭创跌5.2%，截至发稿，报385.00元/股，成交200.52亿元，换手率4.49%，总市值4277.81 亿元。 资料显示，中际旭创股份有限公司位于山东省龙口市诸由观镇驻地，成立日期2005年6月27日，上市日 期2012年4月10日，公司主营业务涉及电机定子绕组制造装备的研发、设计、制造、销售与服务;光模块 设备制造。主营业务收入构成为：光通信模块97.58%，汽车电子1.74%，光组件0.67%。 浙商汇金先进制造混合（013145）成立日期2021年8月16日，最新规模3560.7万。今年以来收益 38.05%，同类排名1663/8184；近一年收益78.24%，同类排名899/7971；成立以来收益2.25%。 浙商汇金先进制造混合（013145）基金经理为王霆。 截至发稿，王霆累计任职时间6年94天，现任基金资产总规模3560.5万元，任职期间最佳基金回报 25. ...

Group 1 - The stock of Zhongji Xuchuang fell by 5.2% to 385.00 CNY per share, with a trading volume of 20.052 billion CNY and a turnover rate of 4.49%, resulting in a total market capitalization of 427.781 billion CNY [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012. The company's main business includes the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The revenue composition of Zhongji Xuchuang is as follows: optical communication modules account for 97.58%, automotive electronics 1.74%, and optical components 0.67% [1] Group 2 - Dachen Fund has a significant holding in Zhongji Xuchuang, with Dachen Technology Innovation Mixed A (008988) holding 224,400 shares, representing 9.98% of the fund's net value, making it the second-largest holding [2] - The Dachen Technology Innovation Mixed A fund was established on April 29, 2020, with a latest scale of 157 million CNY. It has achieved a return of 106.5% this year, ranking 43 out of 8,184 in its category, and a return of 148.61% over the past year, ranking 53 out of 7,971 [2] - The fund manager, Guo Weiling, has been in position for 4 years and 221 days, with a total asset scale of 328 million CNY. The best fund return during his tenure is 63.33%, while the worst is -20.74% [2]

Market Overview - The A-share market experienced a collective pullback on September 2, with the Shanghai Composite Index falling to 3844.84 points, down 0.79%, the Shenzhen Component Index down 2.21%, and the ChiNext Index down 2.90% [1][2]. Sector Performance - The brokerage sector saw a sudden surge in the morning, with notable gains including Pacific Securities hitting the daily limit, Guosheng Financial increasing by 5.82%, and Changcheng Securities rising over 4% [3][4]. - Financial stocks generally performed well, with major banks like China Merchants Bank rising nearly 3%, and other banks such as China Construction Bank, CITIC Bank, and Industrial and Commercial Bank of China increasing by over 1% [3][4]. Consumer Sector - Several consumer stocks rose against the market trend, with BeiGene up 9.84% and Midea Group also showing gains. Kweichow Moutai's stock price briefly returned to 1500 yuan, currently reported at 1488.07 yuan per share [4][6]. Gold and Silver Market - The gold and jewelry sector saw significant gains, with stocks like Mankalon rising by 16% and several others hitting the daily limit. Gold futures and spot prices both surpassed the $3500 mark, influenced by expectations of U.S. interest rate cuts and a weak dollar, with gold prices up over 33% year-to-date [10][12]. Declining Sectors - The photovoltaic sector faced significant declines, with CPO modules, optical communication, and digital currency-related stocks among the hardest hit, showing drops of over 5% [8][9].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by increased orders and improved profit margins, particularly in the optical fiber components segment [1][2]. Financial Performance - In 25H1, the company achieved revenue of 192 million yuan, a year-on-year increase of 40.4%, and a net profit attributable to shareholders of 29 million yuan, up 91.8% year-on-year [1]. - For Q2 2025, revenue reached 127 million yuan, reflecting a year-on-year growth of 58.7% and a quarter-on-quarter increase of 93.5% [1]. - The net profit for Q2 was 21 million yuan, showing a year-on-year increase of 140.9% and a quarter-on-quarter rise of 151.7% [1]. Revenue Drivers - The revenue from optical fiber components was 111 million yuan, a significant year-on-year increase of 207.4%, making it the primary growth driver for the company [2]. - Revenue from special optical fibers and new materials was 37 million yuan (down 20.9% YoY) and 14 million yuan (up 10.8% YoY), respectively [2]. Profitability Metrics - The overall gross margin for 25H1 was 52.7%, an increase of 5.6 percentage points year-on-year [2]. - The gross margin for optical fiber components was 56.6%, up 15.9 percentage points year-on-year [2]. - The company managed to reduce its expense ratio to 32.1%, down 3.2 percentage points year-on-year, with management and sales expense ratios also decreasing [2]. Cash Flow and Inventory - The company reported a net operating cash flow of -29 million yuan, indicating a narrowing of negative cash flow compared to the previous year [2]. - Accounts receivable increased by 13.3% year-to-date to 460 million yuan, reflecting seasonal changes in industry cash flow [2]. - Inventory grew by 31.0% to 100 million yuan, driven by increases in raw materials and work-in-progress due to rising orders [2]. Strategic Initiatives - The company announced plans to acquire Shengyisheng, which will enhance its capabilities in optical fiber gyro photonic chip processing and expand its product offerings [3]. - This acquisition is expected to help the company enter the optical communication sector and diversify its market reliance [3]. - The company is actively developing third-generation optical fiber gyro photonic chip technology and expanding into non-military markets, driven by AI computing demand [4]. Future Projections - The company forecasts net profits of 69 million yuan, 111 million yuan, and 150 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.56, 0.91, and 1.22 yuan [4]. - The current stock price corresponds to PE ratios of 93, 58, and 42 for the years 2025, 2026, and 2027 [4].

Group 1 - Tianfu Communication's stock price dropped by 5.03% to 210.98 CNY per share, with a trading volume of 6.536 billion CNY and a turnover rate of 3.89%, resulting in a total market capitalization of 164.019 billion CNY [1] - The company, Suzhou Tianfu Optical Communication Co., Ltd., was established on July 20, 2005, and went public on February 17, 2015. Its main business involves the research, design, high-precision manufacturing, and sales of optical passive devices, with 98.91% of its revenue coming from optical communication components [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under China Merchants Asset Management holds Tianfu Communication as a significant investment. The fund, China Merchants Core Advantage Mixed D (880006), held 6,860 shares in the second quarter, accounting for 1.78% of the fund's net value, ranking as the tenth largest heavy stock [2] - The fund has a total scale of 12.2702 million CNY and has achieved a return of 20.37% since its inception on January 23, 2025 [2] - The fund manager, Li Chuan, has been in position for 223 days, with the fund's total asset scale at 30.7199 million CNY, achieving a best return of 19.5% and a worst return of 8.08% during his tenure [2]

Group 1 - The communication ETF (515880) has shown strong performance, with a year-to-date increase of 98.24%, leading among A-share ETFs [1] - Significant net inflows have been observed, with over 3.5 billion yuan net inflow in the last 20 days as of September 1, bringing the total scale to over 10.8 billion yuan, ranking first among peers [1] - Guojin Securities forecasts that leading optical module companies will achieve revenue of 27.682 billion yuan in the first half of 2025, representing a year-on-year growth of 83.54%, and a net profit of 8.837 billion yuan, up 127.88% [1] Group 2 - The gross margin is projected to be 43.4%, with a net profit margin of 32.82% for the leading optical module companies [1] - The market for optical modules is expanding, with a forecasted market share of 21% in the Scale-up network by 2030 according to Lightcounting [1] - The demand for high-speed optical modules is expected to rise due to increased capital expenditures related to AI and accelerated iterations of overseas optical communication solutions [1] Group 3 - The communication ETF (515880) has over 75% allocation in "optical modules + servers + optical fibers + copper connections," providing a one-click investment opportunity in core computing power [1] - Investors without stock accounts can consider the communication ETF linked funds (Link A: 007817; Link C: 007818) [1]

Summary of the Conference Call for 光迅科技 Company Overview - **Company**: 光迅科技 - **Industry**: Optical Communication Technology Key Points and Arguments Financial Performance - In the first half of 2025, 光迅科技 achieved revenue of 52.32 billion, a year-on-year increase of 62.47%, marking a historical high, primarily driven by strong growth in data and access businesses, which accounted for 70% of total revenue [2][3] - Net profit attributable to shareholders increased by 78.98% to 3.72 billion, with a 131% increase when excluding financial expenses, indicating significant improvement in profitability due to rising market demand and enhanced operational efficiency [2][3] - Sales collection reached 67.48 billion, up nearly 96% year-on-year, while procurement payments rose by 104% to 60 billion [3] Market Dynamics - Major domestic clients have increased investments, positioning 光迅科技 as a leading supplier, with expectations for continued market growth in 2026, although overall trends may be affected by GPU supply constraints [2][6] - The company’s overseas revenue reached 13 billion, a 24% increase year-on-year, but the proportion of overseas revenue declined by 9 percentage points [3] Technological Advancements - Significant progress in silicon photonics technology, with single-mode silicon photonics products now exceeding 60% of the product mix, enhancing market share through high integration, yield, cost advantages, and superior supply chain scalability compared to traditional laser products [2][7] - The company has invested heavily in silicon photonics R&D, launching the 400G DR4 silicon photonics module in 2023, achieving historical peaks in 2024 and 2025 [7] Production Capacity - Total production capacity is 700,000 units per month, with 400,000 units in domestic markets and 300,000 units overseas. The company is rapidly expanding and adjusting capacity distribution based on market demand, with a significant expansion project in Wuhan [2][9] Profitability and Cost Management - A decline in gross margin in Q2 was attributed to product mix and domestic market competition, but it is expected to recover as cost reduction measures take effect [4][11] - The company anticipates stable growth in demand for the second half of the year, with overseas transmission business expected to grow [4][16] Future Outlook - The company is actively engaging in emerging technologies such as CPO and DCI to solidify its industry-leading position, with expectations for significant growth in the 800G market in 2026 [4][16][21] - The transition to 800G modules is anticipated to accelerate in 2026, with signs of increasing domestic market demand [13] Supply Chain and Material Management - The company is facing short-term capacity constraints for CW Laser due to rapid scaling of silicon photonics technology, but this is not expected to become a long-term bottleneck [22] - Anticipated supply tightness and price increases for key materials like DSP and FAU in 2026, with proactive inventory management strategies in place to mitigate risks [24] Additional Important Insights - The company maintains a strong position in the domestic internet market, with significant contributions from internet firms in its revenue structure [12] - The development of 25G and 50G ports is gaining traction, with the company closely monitoring industry trends and participating in relevant R&D [19] - The domestic AI industry is rapidly evolving, with the company providing multi-mode products and planning to expand into CPO and NPO products [20]

Summary of the Conference Call for 聚光科技 (Juguang Technology) Company Overview - **Company**: 聚光科技 (Juguang Technology) - **Industry**: Optical technology, semiconductor processing, automotive applications, and consumer electronics Key Financial Performance - **Revenue Growth**: In the first half of 2025, revenue reached 390 million RMB, a 26% year-on-year increase. Q2 revenue was 223 million RMB, up 32% from Q1 [2][4] - **Net Profit**: The company reported a net loss of 24.94 million RMB, an improvement from a loss of 28.12 million RMB in the same period of 2024. The adjusted net loss, excluding stock compensation, was 6.72 million RMB, down from 19.82 million RMB [2][4] - **Gross Margin**: Increased from 28% in 2024 to 33% in 2025, attributed to a higher proportion of high-margin businesses and effective cost control [2][4][5] - **Operating Cash Flow**: Positive operating cash flow of 15.89 million RMB as of June 2025, up from 3.89 million RMB in Q1 [5] Business Segment Performance - **Automotive Applications**: Q2 revenue grew 230% quarter-on-quarter and 25% year-on-year, driven by increased automotive lighting business [2][12] - **Photonics and Manufacturing Services**: Significant growth with Q2 revenue reaching 22.5 million RMB, a 101% increase from Q1. Total revenue for the first half was 33.72 million RMB [2][9] - **Laser Optics**: Contributed 50% to total revenue, but faced a 10% decline year-on-year due to challenges in overseas markets [2][10] Strategic Initiatives - **Market Expansion**: The company is focusing on expanding market share, increasing the proportion of high-margin businesses, and implementing cost control measures [2][7] - **Business Transformation**: Accelerating strategic transformation towards emerging sectors like optical communication, consumer electronics, and semiconductor processing while maintaining traditional businesses for cash flow support [3][39] - **M&A Activities**: Recent acquisitions aimed at entering new markets and enhancing capabilities in semiconductor processing and consumer electronics [25][28] Operational Improvements - **Cost Management**: Reduction in sales, management, and R&D expense ratios from 53% in Q1 to 36% in Q2 [4] - **Inventory Management**: Accounts receivable turnover days improved from 88 to 79 days, indicating better cash flow management [5] - **Digital Transformation**: Implementation of SIP ERP and MES systems to enhance operational efficiency [18] Future Outlook - **Growth Projections**: The company expects continued growth in the second half of 2025, with a focus on maintaining positive cash flow and profitability [67] - **Emerging Technologies**: Plans to develop high-precision multi-channel microwave technology and CPO solutions, with potential breakthroughs expected in the next few years [42][44] - **Market Positioning**: Aiming to become a key player in the optical communication and consumer electronics sectors, leveraging technological advantages and strategic partnerships [70][71] Additional Insights - **R&D Focus**: Emphasis on high-potential projects and reducing investment in low-return initiatives [21][34] - **Impact of Tariffs**: Minimal direct impact from tariffs due to a shift in production to Southeast Asia, although global economic conditions have affected business [24] - **Human Resource Strategy**: Focus on increasing business volume to improve efficiency rather than downsizing [17][64] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, operational improvements, and future outlook of 聚光科技.