1. Report Summary - Reported company: Raytron Technology Co., Ltd. - Industry: Semiconductor - Research date: August 29, 2025 2. Core Viewpoints - The company has formed a new pattern with infrared business as the mainstay and gradual breakthroughs in multi - dimensional sensing fields such as microwave and laser, supporting its continuous and rapid development [20]. - The market demand is booming, and the company will maintain a rapid growth trend in the future with its advantages in talent incentive, technology R & D, product mass - production, and platforms [22]. 3. Summary by Section 3.1 Research Basic Information - Research object: Raytron Technology Co., Ltd. - Industry: Semiconductor - Reception time: August 29, 2025 - Company receptionist: Huang Yan, Secretary of the Board [16] 3.2 Detailed Research Institutions - Securities companies: CITIC Securities, GF Securities, Industrial Securities, Minsheng Securities - Fund management companies: Fullgoal Fund, Bosera Fund, Southern Fund [17] 3.3 Main Content 3.3.1 Company's 2025 Semi - annual Operation and Dividend - Revenue: In the first half of 2025, the company achieved an operating income of 2,543,793,600 yuan, a year - on - year increase of 25.82% [20]. - Profit: Operating profit was 380,821,200 yuan, a year - on - year increase of 85.02%; net profit attributable to the parent company was 351,011,500 yuan, a year - on - year increase of 56.46% [20]. - Business segments: Infrared business maintained rapid growth; microwave RF business declined slightly during the product transition period but had little impact on the overall report [20]. - Dividend: The company plans to distribute a cash dividend of 0.80 yuan per 10 shares (tax - included) [21]. 3.3.2 R & D Progress - Infrared field: Completed mass production of 8μm series products, with three models entering the mass - production stage [21]. - Automotive infrared field: Obtained new front - loading fixed points and production deliveries for multiple vehicle models; the first - generation automotive 4D millimeter - wave imaging radar achieved small - batch orders and deliveries [21]. - Microwave RF field: Completed the project acceptance of the satellite Internet broadband terminal IF chip, and achieved satellite connectivity in the latest round of terminal integration testing [21][23]. - Satellite communication: Conducted research on Ku and Ka - band low - orbit satellite communication phased - array terminal products, and achieved key progress [21]. 3.3.3 Q&A - R & D investment increase: The R & D investment in the first half of 2025 was 507,845,600 yuan, a year - on - year increase of 36.95%, accounting for 19.96% of operating income. The increase was due to continuous investment in infrared technology and the development of microwave RF business [22]. - Microwave field progress: Made progress in silicon - based millimeter - wave integrated circuits, compound semiconductors, and automotive 4D millimeter - wave imaging radars, which will form the second growth curve in the future [23]. - High income tax: The high income tax was due to the adjustment of subsidiary business last year and the increase in current income tax with the growth of revenue and profit [24]. - Capacity improvement: The intelligent optoelectronic sensor R & D and pilot platform project was completed and put into production. The annual production capacity of infrared detectors reached 6 million, the wafer - level thermal imaging manufacturing platform reached 5 million, and the thermal imager reached 1 million [24]. - AI layout: The company actively applied AI in R & D, production, and management. It made progress in AI algorithms in multiple links and established a subsidiary in August to strengthen AI R & D [25]. - Low - altitude economy layout: The company provides various products for the low - altitude economy and will continue to develop this business [26].