Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady progress in its barcode module and semiconductor optics businesses, with expectations for recovery in the microscope business in the second half of the year [5][9] - The company’s revenue for H1 2025 was 441 million yuan, representing a year-on-year increase of 3.0%, while the net profit attributable to shareholders was 108 million yuan, up 8.8% year-on-year [6] - The optical components business generated 265 million yuan in revenue for H1 2025, accounting for 60.1% of total revenue, with a year-on-year growth of 4.4% [7] Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 441 million yuan, with a gross margin of 40.3% and a net margin of 24.6% [6] - The company’s revenue projections for 2023A to 2027E show a growth trajectory, with expected revenues of 1,763 million yuan by 2027, reflecting a compound annual growth rate [4][11] Business Segments - The barcode scanning and machine vision segments are experiencing steady growth, with the company maintaining its position as the global leader in optical component shipments [8] - The automotive LiDAR segment is expected to see accelerated growth in shipments, contributing significantly to profits in the second half of the year [8] - The medical optics segment is also projected to maintain high growth, with increasing penetration rates and collaborations with leading companies [8] - The semiconductor optics business is anticipated to gradually realize revenue from multiple key projects in the second half of the year [8] Market Position - The company has achieved a market share increase in high-end microscopes, with over 40% of its microscope shipments being high-end products [9] - The company’s barcode scanning business has transitioned from Tier 2 to Tier 1 status, indicating a significant improvement in its market position [8] Investment Recommendations - Based on the mid-year performance, the company’s profit forecasts for 2025-2027 have been adjusted to 270 million, 348 million, and 457 million yuan respectively, with corresponding P/E ratios of 45, 35, and 27 [9][11]

Company Overview - Yongxin Optical is located in Ningbo, Zhejiang Province, established on February 21, 1997, and listed on September 10, 2018. The company primarily engages in the research, production, and sales of optical microscopes, optical components, and other optical products [1][2] - The main revenue composition includes optical components series (57.56%), microscope series (39.97%), and others (2.47%) [1] Financial Performance - As of June 30, 2025, Yongxin Optical achieved a revenue of 441 million yuan, representing a year-on-year growth of 2.95%. The net profit attributable to the parent company was 108 million yuan, with a year-on-year increase of 8.75% [2] - Since its A-share listing, Yongxin Optical has distributed a total of 555 million yuan in dividends, with 307 million yuan distributed over the past three years [3] Stock Performance - On September 29, Yongxin Optical's stock price increased by 2.00%, reaching 112.03 yuan per share, with a trading volume of 194 million yuan and a turnover rate of 1.60%. The total market capitalization is 12.428 billion yuan [1] - Year-to-date, the stock price has risen by 20.50%, but it has decreased by 7.41% in the last five trading days and by 3.74% in the last 20 days. Over the past 60 days, the stock price has increased by 35.68% [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 15,200, a decrease of 8.33% from the previous period. The average circulating shares per person increased by 9.09% to 7,306 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 715,200 shares, an increase of 63,800 shares compared to the previous period [3] Market Position - Yongxin Optical belongs to the Shenwan industry classification of electronics-optics optoelectronics-optical components. The company is associated with sectors such as photolithography machines, optics, unmanned driving, semiconductors, and machine vision [1]

Company Overview - Yongxin Optical Co., Ltd. is located in Ningbo, Zhejiang Province, established on February 21, 1997, and listed on September 10, 2018. The company primarily engages in the research, production, and sales of optical microscopes, optical components, and other optical products [1]. Financial Performance - As of September 26, Yongxin Optical's stock price fell by 5.05% to 109.08 CNY per share, with a trading volume of 389 million CNY and a turnover rate of 3.16%. The total market capitalization is 12.101 billion CNY. The stock has experienced a continuous decline over four days, with a cumulative drop of 12.25% [1]. Revenue Composition - The revenue composition of Yongxin Optical is as follows: optical components account for 57.56%, microscopes for 39.97%, and other products for 2.47% [1]. Fund Holdings - Xin Yuan Fund has a significant holding in Yongxin Optical, with its Xin Yuan Yangtze River Mixed A Fund (014263) holding 36,200 shares, representing 3.93% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 210,000 CNY, with a total floating loss of 580,600 CNY during the four-day decline [2]. Fund Performance - The Xin Yuan Yangtze River Mixed A Fund was established on March 30, 2022, with a current scale of 72.966 million CNY. Year-to-date, it has achieved a return of 22.1%, ranking 4,296 out of 8,171 in its category. Over the past year, the return is 39.5%, ranking 3,925 out of 8,004, and since inception, the return is 10.54% [2]. Fund Management - The fund manager of Xin Yuan Yangtze River Mixed A is Li Biao, who has been in the position for 6 years and 110 days. The total asset size of the fund is 2.137 billion CNY, with the best return during his tenure being 81% and the worst being -1.51% [3].

值得注意的是，永新光学已连续3个交易日涨停。公司昨日晚间提示，经自查，未发现对公司股票交易 价格产生重大影响的媒体报道。公司关注到部分媒体将公司列入半导体、光刻机（胶）概念。公司主营 业务为光学显微镜及光学元组件产品，业务模式未发生重大变化。公司产品商业模式偏向定制化、多品 种、小批量，应用领域广泛且相对分散。光刻机相关光学元组件业务占公司营收比重较小，占公司营业 收入比重不足1%，目前不是公司的核心业务，不会对公司当期业绩产生重大影响。敬请投资者审慎对 待，谨防热点概念型炒作，注意投资风险。 光刻机概念19日盘中再度走强，截至发稿，波长光电20%涨停续创新高，腾景科技涨约14%亦创出新 高，凯美特气、永新光学、海立股份等均涨停；茂莱光学涨约8%，盘中一度涨超10%，逼近500元大关 创历史新高。 ...

Core Viewpoint - The photolithography machine concept stocks have shown significant strength in trading, with several companies reaching new highs, indicating a strong market interest in this sector [1] Group 1: Stock Performance - Guanghua Optoelectronics has reached a 20% limit up, continuing to set new highs [1] - Tengjing Technology has increased by approximately 14%, also achieving a new high [1] - Other companies such as Kaimete Gas, Yongxin Optical, and Haili Co. have also hit the limit up [1] - Maolai Optical has risen by about 8%, nearing the historical high of 500 yuan [1] - Yongxin Optical has experienced three consecutive trading days of limit up [1] Group 2: Company Specifics - Yongxin Optical has stated that it has not found any media reports that significantly impact its stock trading price [1] - The company acknowledges being associated with the semiconductor and photolithography machine concepts but clarifies that its main business involves optical microscopes and optical components [1] - The optical components related to photolithography machines account for less than 1% of Yongxin Optical's revenue, indicating it is not a core business and will not significantly affect current performance [1] - The company's business model is characterized by customization, a variety of products, and small batch production, with applications across diverse fields [1]

Group 1 - The core viewpoint of the news is that Yongxin Optical has experienced a significant stock price increase, rising 5.58% to 125.66 CNY per share, with a total market capitalization of 13.94 billion CNY and a cumulative increase of 21.83% over three days [1] - Yongxin Optical, established on February 21, 1997, and listed on September 10, 2018, primarily engages in the research, production, and sales of optical microscopes, optical components, and other optical products [1] - The revenue composition of Yongxin Optical is as follows: optical components account for 57.56%, microscopes for 39.97%, and other products for 2.47% [1] Group 2 - According to data from the top ten holdings of funds, Huaxia Fund has a significant position in Yongxin Optical, with Huaxia Strategy Mixed Fund (002031) holding 216,500 shares, which represents 3.81% of the fund's net value [2] - The Huaxia Strategy Mixed Fund reduced its holdings by 23,500 shares in the second quarter, and during the recent three-day price increase, it has earned approximately 4.6181 million CNY in floating profits [2] - The Huaxia Strategy Mixed Fund was established on October 23, 2008, with a current scale of 499 million CNY, and has achieved a year-to-date return of 4.16% [2]

公司产品商业模式偏向定制化、多品种、小批量，应用领域广泛且相对分散。光刻机相关光学元组件业 务占公司营收比重较小，占公司营业收入比重不足1%，目前不是公司的核心业务，不会对公司当期业 绩产生重大影响。 敬请投资者审慎对待，谨防热点概念型炒作，注意投资风险。 （文章来源：国际金融报） 9月18日，永新光学(603297.SH)发布股票交易异常波动公告称，经公司自查，未发现对公司股票交易价 格产生重大影响的媒体报道。 公司关注到部分媒体将公司列入半导体、光刻机（胶）概念。公司主营业务为光学显微镜及光学元组件 产品，业务模式未发生重大变化。 ...

Core Viewpoint - Yongxin Optical (603297.SH) experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days, which is classified as abnormal trading behavior according to the Shanghai Stock Exchange rules [1] Company Summary - The company conducted a self-examination and found no significant media reports that could have impacted its stock price [1] - Yongxin Optical's main business focuses on optical microscopes and optical components, with no major changes in its business model [1] - The company's product business model is characterized by customization, a variety of products, and small batch production, with applications across diverse fields [1] - The revenue contribution from optical components related to lithography machines is minimal, accounting for less than 1% of total revenue, and is not a core business that would significantly affect current performance [1] - The company confirmed with its controlling shareholder and actual controller that there are no other undisclosed significant matters as of the date of this announcement [1]

Core Viewpoint - Yongxin Optical (603297.SH) experienced a significant stock price fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from September 16 to September 18, 2025, which is classified as abnormal trading behavior according to Shanghai Stock Exchange regulations [1] Company Summary - The company conducted a self-examination and found no major media reports that could have significantly impacted its stock price [1] - Yongxin Optical's main business focuses on optical microscopes and optical components, with no substantial changes in its business model [1] - The company's product business model is characterized by customization, a variety of products, and small batch production, with applications across diverse and relatively dispersed fields [1] - The revenue contribution from optical components related to lithography machines is minimal, accounting for less than 1% of the company's total revenue, and is not considered a core business that would significantly affect current performance [1] - The company confirmed with its controlling shareholder and actual controller that there are no other undisclosed significant matters as of the date of this announcement [1]

Group 1 - The core viewpoint of the article is that Yongxin Optical (603297.SH) has not found any media reports that significantly impact its stock trading price [1] - The company has noted that some media have categorized it under the semiconductor and photolithography concepts, but its main business focuses on optical microscopes and optical components [1] - The business model of the company remains unchanged, emphasizing customization, a variety of products, and small batch production, with applications being broad and relatively dispersed [1] Group 2 - The revenue contribution from optical components related to photolithography is minimal, accounting for less than 1% of the company's total revenue [1] - This segment is not a core business for the company and will not have a significant impact on its current performance [1] - Investors are advised to be cautious and avoid speculative trading based on trending concepts [1]