Core Insights - Yongxin Optical reported a revenue of 674 million yuan for the first three quarters of 2025, representing a year-on-year increase of 3.59% [1] - The net profit attributable to shareholders was 151 million yuan, up 7.69% year-on-year, with a basic earnings per share of 1.36 yuan [1] - The company's gross margin for the first three quarters was 40.32%, an increase of 1.24 percentage points year-on-year, while the net margin was 22.39%, up 0.91 percentage points from the previous year [1] Financial Performance - For Q3 2025, the gross margin was 40.30%, showing a year-on-year increase of 0.94 percentage points but a quarter-on-quarter decrease of 0.18 percentage points [1] - The net margin for Q3 was 18.30%, which is a slight increase of 0.04 percentage points year-on-year but a significant decrease of 5.51 percentage points compared to the previous quarter [1] - The company’s weighted average return on equity was 7.49% during the reporting period [1] Market Metrics - As of October 29, 2025, Yongxin Optical's price-to-earnings ratio (TTM) was approximately 53.40, with a price-to-book ratio (LF) of about 5.94 and a price-to-sales ratio (TTM) of around 12.83 [1] - The total number of shareholders increased to 19,800 by the end of Q3 2025, marking a 30.43% rise from the end of the previous half [2] - The average market value per shareholder decreased from 640,600 yuan to 631,700 yuan, a decline of 1.40% [2] Company Overview - Yongxin Optical, established on February 21, 1997, is located in Ningbo, Zhejiang Province, and was listed on September 10, 2018 [2] - The company specializes in the research, development, production, and sales of optical microscopes, optical components, and other optical products [2] - Yongxin Optical is categorized under the electronic industry, specifically in optical optoelectronics and optical components, with involvement in sectors such as lithography machines, optical technology, machine vision, augmented reality, and vehicle networking [2]

Core Viewpoint - The article emphasizes the importance of domestic innovation and collaboration in the high-end scientific instrument industry, highlighting the need for breakthroughs in core technologies and the integration of the industrial chain to promote the development of domestic high-end scientific instruments [2][9][23]. Summary by Sections Event Overview - The "2025 High-end Scientific Instrument Localization Technology and Industry Collaborative Innovation Salon" was held in Beijing, focusing on core technology breakthroughs, industrial collaboration, and policy recommendations in the high-end scientific instrument sector [2]. Keynote Report - The keynote speaker, Suo Jishuan, pointed out that scientific instruments are crucial for building a strong technological nation, but China heavily relies on imports for high-end instruments, which restricts technological innovation. He noted that despite government support since the "12th Five-Year Plan," there remains a gap between investment and actual industry needs [9][10]. - He introduced three development models: the "Zeiss model" focusing on key technologies, the "Thermo Fisher model" emphasizing platform development through mergers and acquisitions, and the "Danaher model" concentrating on forming leading enterprises [9][10]. Special Report - Han Li discussed the bottlenecks in the development of core components for high-end scientific instruments, stating that support for core component research is significantly lower than for complete systems, with only about 15% of funding allocated to core components [12][13]. - He highlighted the reliance on imports for many critical components and the need for a collaborative innovation platform involving government, research institutions, and enterprises to address these challenges [14]. Roundtable Discussion - The roundtable participants identified three main challenges in collaborative innovation: reliance on foreign technology for core components, a fragmented industrial ecosystem, and a lack of high-level talent in the field [16][17]. - They proposed solutions including policy guidance, collaboration between academia and industry, and leveraging AI technology to enhance efficiency and reduce dependency on manual operations [18][19]. Industry Expectations - The participants noted that current international trade restrictions present an opportunity for domestic scientific instrument development, urging the industry to focus on technological innovation and the leadership role of major enterprises [19][20]. - They called for sustained policy support for high-end instruments and emphasized the importance of building a robust talent pool and academic framework to achieve long-term industry growth [20][24]. Event Conclusion - Li Xin, Vice Chairman of the Beijing Association for Science and Technology, summarized the challenges and opportunities in the localization of high-end scientific instruments, noting that 70.9% of high-end instruments priced over 500,000 yuan are imported [23][24]. - She stressed the need for a systematic approach to innovation and collaboration across sectors to strengthen the foundation for technological self-reliance [24].

Group 1 - Yongxin Optical experienced a stock price increase of 5.11%, reaching 118.63 CNY per share, with a trading volume of 271 million CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 13.16 billion CNY [1] - Yongxin Optical, established on February 21, 1997, and listed on September 10, 2018, is primarily engaged in the research, development, production, and sales of optical microscopes, optical components, and other optical products [1] Group 2 - According to data, Huaxia Fund holds a significant position in Yongxin Optical, with the Huaxia Strategy Mixed Fund (002031) reducing its holdings by 23,500 shares in the second quarter, now holding 216,500 shares, which accounts for 3.81% of the fund's net value, ranking as the seventh largest holding [2] - The Huaxia Strategy Mixed Fund (002031), established on October 23, 2008, has a current size of 497 million CNY, with a year-to-date return of 7.49%, ranking 6362 out of 8234 in its category, and a one-year return of 11.89%, ranking 5434 out of 8083 [2] - The fund manager, Chen Weiyan, has been in position for 9 years and 332 days, with the fund's best return during his tenure being 44.15% and the worst being -32.92% [2]

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].

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 Optics, and Haili Co. have hit the limit up [1] - Maolai Optics has risen by about 8%, nearing the historical high of 500 yuan [1] - Yongxin Optics has experienced three consecutive trading days of limit up [1] Group 2: Company Specifics - Yongxin Optics has stated that it has not found any media reports that significantly impact its stock trading price [1] - The company acknowledges that it has been associated with the semiconductor and photolithography machine concepts by some media [1] - Yongxin Optics primarily focuses on optical microscopes and optical components, with no significant changes in its business model [1] - The revenue contribution from photolithography-related optical components is less than 1%, indicating it is not a core business for the company [1] - The company advises investors to be cautious of speculative trading related to hot concepts and to be aware of investment risks [1]

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]

Core Viewpoint - Yongxin Optical (603297.SH) announced that it has not found any significant media reports affecting its stock price, despite being associated with the semiconductor and lithography machine concepts by some media outlets [2] Company Overview - The company's main business focuses on optical microscopes and optical components, with no significant changes in its business model [2] - The business model is characterized by customization, a variety of products, and small batch production, with applications across diverse and relatively dispersed fields [2] Financial Impact - The revenue from optical components related to lithography machines constitutes less than 1% of the company's total revenue, indicating that it is not a core business and will not have a significant impact on current performance [2]