Core Insights - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, driven by the modernization of national defense equipment and the mass production of non-refrigerated infrared and optical products [1][5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 716 million yuan, a year-on-year increase of 11.31% - The net profit attributable to the parent company was 126 million yuan, reflecting a year-on-year growth of 17.63% - In Q3 2025, revenue reached 310 million yuan, up 16.25% year-on-year, with a notable acceleration in growth compared to Q2 [1] Market Drivers - The increase in defense spending, with a budget of 1.81 trillion yuan for 2025, represents a 7.2% growth from the previous year, contributing to the rising demand for military equipment, including infrared and optical products [1] - The company’s non-refrigerated infrared and optical products have begun mass supply, becoming a new growth driver for revenue [3] Product Development - The company has established a solid foundation in the antimony-based infrared field and has achieved pilot production capabilities for Type II superlattice detectors, differentiating itself from competitors using cadmium mercury technology [2] - The company is expanding its product offerings in non-refrigerated detectors, with a focus on emerging markets such as robotics, smart driving, and drones [3] Future Projects - The company is actively developing projects for near-infrared APD photodetector production lines and mid-wave infrared semiconductor laser construction, aiming to enhance its product range and market coverage [4] - The mid-wave infrared semiconductor laser project is expected to support applications in various fields, including special equipment, environmental monitoring, and medical applications [4] Revenue Forecast - The company anticipates revenue growth for 2025-2027, with projected revenues of 1.128 billion yuan, 1.482 billion yuan, and 2.020 billion yuan, representing year-on-year growth rates of 17.4%, 31.3%, and 36.4% respectively [6]

Core Viewpoint - The 25th China International Industry Fair will open on September 23, 2023, in Shanghai, focusing on building an open and collaborative intelligent industrial ecosystem to provide solutions for global industrial transformation and upgrading [1]. Group 1: Exhibition Overview - The exhibition area of this year's fair reaches 300,000 square meters, showcasing thousands of new products and technologies, achieving the largest scale in history [1]. - The fair introduces the "Five Extremes" concept, categorizing 392 exhibits into extreme large, extreme small, extreme light, extreme precise, and extreme intelligent dimensions to highlight innovative applications and benchmark products [1][2]. Group 2: Featured Exhibits - In the extreme large category, the "Guohe No. 1" nuclear power plant from Shanghai Nuclear Engineering Research and Design Institute is showcased, capable of generating 11.4 billion kilowatt-hours annually, meeting the electricity needs of over 11 million residents, while reducing carbon dioxide emissions by 9 million tons per unit per year [1]. - The extreme small category features expandable microspheres from KSR Technology (Shanghai), which are micron-level "smart balloons" that make materials lighter and more environmentally friendly, reducing costs by 40% and breaking technological monopolies [2]. - The extreme light category includes a digital chip verification solution from Shanghai Hejian Industrial Software Group, which is the first domestic hardware simulator that can be expanded to 46 billion logic gates [2]. - The extreme precise category showcases a high-end photoelectric detector from Shanghai Institute of Technology, which is the first and only commercial electronic detector in China, outperforming similar products from Japan and matching the leading German detectors [2]. - In the extreme intelligent category, the GWB-6030H industrial control machine from Sugon Network is highlighted as China's first self-service check-in system, already implemented at Beijing Daxing International Airport [2].