A股光学镜头供应商福光股份(688010)10月10日举办2025年度半年度业绩说明会，公司董事长兼总经理 何文波谈及未来规划时指出，公司将大力推动定制产品、非定制产品业务，聚焦数字化、智能化对光学 技术与产品提出的新需求，把握人工智能、大数据、新质生产力建设等机遇，深化产业链布局。 福光股份已经在多个产品、业务条线取得进展。 在9月接受机构调研中，福光股份高管介绍，在光学元器件业务，公司为国内知名企业机器人项目研制 激光雷达反射镜片并实现量产；成功开发应用于运动TV镜头的新产品并实现量产；为国内知名品牌高 端手机摄像头提供模压非球面镜片，进入量产阶段；在商业航天领域，多类产品已经实现批量生产和优 化。 展望定制产品市场，公司高管指出，该领域正在从机械化、信息化向数字化、网络化、智能化发展，定 制产品作为航天工程、空间探测、高端装备不可或缺的组成部分，伴随着行业的快速发展，预计市场需 求稳定持续增长。 对于未来三年发展规划， 福光股份大力推动定制产品、非定制产品业务，聚焦数字化、智能化对光学 技术与产品提出的新需求，把握人工智能、大数据、新质生产力建设等机遇，深化产业链布局。包括重 点推进国家重点研发项目的研 ...

Core Insights - The company reported a revenue of 299 million yuan for the first half of 2025, representing a year-on-year increase of 10.47% [1] - The net profit attributable to shareholders was a loss of 28.77 million yuan, showing an improvement in loss by 6.21 million yuan compared to the same period last year [1] - The increase in revenue was primarily driven by the growth in both customized and non-customized product sales [1]

人民财讯8月25日电，福光股份(688010)8月25日晚间披露2025年半年报，上半年实现营业收入2.99亿 元，同比增长10.47%；归母净利润-2877.23万元；基本每股收益-0.1837元。报告期内，公司营业收入增 加，主要原因系定制产品及非定制产品收入增加，归属于上市公司股东的净利润较上年同期减亏621.31 万元。 ...

Group 1 - The future of manufacturing will be personalized and customized, shifting from B2C to C2B models, as highlighted by the founder of Wayo, Julia Xu [1] - The global custom manufacturing market is projected to reach $939.7 billion in 2024 and $1,356.9 billion by 2031, indicating significant market opportunities [4] - Wayo aims to connect businesses directly with source factories for customized products, ensuring quality and competitive pricing while leveraging AI for a smoother ordering process [13][14] Group 2 - The ongoing US-China trade war has imposed high tariffs, with some products facing tariffs as high as 245%, but Wayo believes its unique service offering will mitigate these impacts [17][24] - Wayo's strategy includes expanding into European and Canadian markets while maintaining a strong focus on the Chinese supply chain, which is recognized for its efficiency and cost-effectiveness [26][28] - The company is positioned to provide a seamless experience for clients seeking small batch custom orders, capitalizing on China's robust supply chain capabilities [22][24] Group 3 - Wayo integrates AI into its operations, developing tools like an AI procurement agent to streamline the ordering process and enhance customer interaction [68][70] - The platform's AI capabilities include generating product designs and automating order management, which significantly reduces the need for manual intervention [76][80] - Wayo's approach to AI aims to improve efficiency and reduce costs, with a focus on automating customer inquiries and order processing [79][84] Group 4 - Wayo is currently in the early stages of platform development, focusing on providing customized products for tech companies while planning to expand its offerings to various market segments [95][96] - The company aims to evolve into a comprehensive platform that connects global buyers with factories, enhancing the automation of the supply chain process [94][98] - Future developments will include more advanced AI tools and a broader range of customizable products, allowing for greater flexibility and responsiveness to market demands [96][98]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance in foreign trade, with a notable increase in revenue and net profit in Q1 2025 compared to the previous year [5] - The company is focusing on its core sofa category and expanding its custom business, with significant growth in retail sales for functional sofas and mattresses [6][9] - The company is implementing a "1+N+X" channel strategy to enhance its market presence and has established stable partnerships with key clients in the foreign trade sector [7] Financial Performance Summary - In 2024, the company achieved revenue of 18.48 billion yuan and a net profit of 1.42 billion yuan, representing a year-on-year decrease of 3.8% and 29.4% respectively [5] - For Q1 2025, the company reported revenue of 4.91 billion yuan and a net profit of 520 million yuan, showing a year-on-year increase of 12.9% and 23.5% respectively [5] - The company's gross margin for 2024 was 32.7%, slightly down by 0.1 percentage points year-on-year, while the net profit margin was 7.7%, down by 2.8 percentage points [8] Segment Performance - Revenue by product category in 2024: sofas (10.20 billion yuan, +9.1%), beds (3.25 billion yuan, -20.8%), integrated products (2.44 billion yuan, -19.5%), and custom products (990 million yuan, +12.7%) [6] - Domestic sales revenue was 9.36 billion yuan, down 14.4%, while foreign sales revenue was 8.37 billion yuan, up 11.3% [7] Strategic Outlook - The company plans to deepen its domestic "one body, two wings" strategy and global expansion in foreign trade, focusing on core categories like functional sofas and bedroom mattresses [9][10] - The company aims to enhance its marketing system and expand its manufacturing base globally, particularly in non-US markets [9]