Core Viewpoint - The company anticipates gradual improvement in the second half of the year, with new factory operations and product line expansions contributing to a positive outlook for the fourth quarter [2] Group 1: Operational Performance - In the first half of the year, the company experienced rapid growth in computing power demand, but faced capacity and supply chain resource shortages, leading to insufficient order deliveries despite concentrated efforts during the Spring Festival to May Day period [2] - The focus on ensuring delivery of DCI products in the second quarter resulted in delays for other product deliveries [2] Group 2: Product and Market Development - The product structure has shifted, with revenue from data communication products, primarily DCI and high-speed optical modules, showing significant growth, increasing from over 10% to nearly 40% of total revenue [2] - The company is actively expanding its product line and entering new markets, with orderly resource allocation [2] Group 3: Capacity Expansion in Thailand - The capacity construction in Thailand is progressing as planned, with previous reliance on leased spaces for product delivery now transitioning to self-owned facilities [2] - Several customers have completed certification, while new customers are in the certification process [2] - The construction of the Thai facility has completed civil works and is currently undergoing renovations, with production expected to gradually commence after the 2026 Spring Festival, slightly behind the original schedule [2]

Group 1 - The core viewpoint is that a well-known private equity firm, Xitai Investment, has conducted research on a listed company, highlighting the rapid growth in computing power demand and the company's insufficient capacity and supply chain resources leading to order delivery issues [1] - The revenue share of data communication products has increased to nearly 40%, while the telecom business has seen a year-on-year decline of approximately 8% [1] - A new factory is expected to be operational in the second half of the year, which is anticipated to improve the situation [1] - The company has received million-level sample orders for OCS products and is exploring applications in collaboration with partners [1] - A self-owned factory in Thailand is expected to commence production after the 2026 Spring Festival, with some clients already completing certification [1] - The company emphasizes enhancing its core competitiveness to address uncertainties related to tariff policies [1] Group 2 - Xitai Investment is a relatively new private equity fund manager in the Chinese market, established in July 2014, with a registered capital of 10 million RMB [2] - The firm focuses on secondary market stock investment management and provides customized product services for investors with different risk preferences [2] - The research team consists of highly qualified employees, with 80% holding graduate degrees, and core investment personnel have backgrounds in public funds, demonstrating the ability to manage large-scale assets [2]