Core Viewpoint - The stock price of Dekoli (688205.SH) experienced a significant increase of 92.25% within a month, rising from below 70 yuan per share to over 120 yuan per share. However, major shareholders plan to reduce their holdings, which has led to a sharp decline in the stock price following the announcement [1][3]. Shareholder Reduction Plans - Major shareholders Qian Mingying and Shen Liang plan to reduce their holdings by a total of up to 2.9957% of the company's shares over the next three months [1]. - Qian Mingying intends to sell up to 680,000 shares, representing approximately 0.4296% of the total shares, through block trading [2]. - Shen Liang plans to sell up to 4,061,811 shares, which accounts for about 2.5661% of the total shares, using both centralized bidding and block trading methods [2]. Shareholder Background - Qian Mingying and Shen Liang are considered "old shareholders" of Dekoli, having acquired their shares before the company's IPO. Their combined holdings amount to approximately 21.02 million shares, representing 13.2799% of the total share capital [5][6]. - Qian Mingying has reportedly made a profit of around 2 billion yuan from her investment over the past five years [8]. Financial Performance - Dekoli reported a significant decline in net profit for the first half of 2025, with a 48.17% year-on-year decrease, amounting to 28.09 million yuan, despite a revenue increase of 5.93% to 433 million yuan [10]. - The company attributed the profit decline to a structural slowdown in demand in the traditional telecommunications market and strategic pricing adjustments that compressed profit margins [10]. - The data center interconnection and AI infrastructure markets are experiencing strong growth, but the profit contributions from these areas have not yet fully materialized due to ongoing capacity building [10]. Future Outlook - Dekoli aims to accelerate the implementation of new overseas projects and improve production capacity in the second half of the year, focusing on timely delivery of existing orders to achieve significant revenue growth [11].

Core Insights - Corning reported a 12% year-over-year increase in core sales for Q2 2025, reaching $4.045 billion, with core net profit up 29% to $523 million, and core EPS rising approximately 28% to $0.60, exceeding market expectations [1] - The optical communications segment showed exceptional performance, with net sales increasing 41% year-over-year to $1.57 billion, contributing over half of the company's net profit [1] - Corning's CEO highlighted strong customer response to new Gen AI and domestic solar products, indicating potential growth from advanced manufacturing capacity in the U.S. [2] Financial Performance - Q2 core sales reached $4.045 billion, with core net profit at $523 million and core EPS at $0.60, all surpassing market forecasts [1] - The company provided guidance for Q3 core sales of $4.2 billion and core EPS between $0.63 and $0.67, also above market expectations [5] Business Segments - Automotive applications and display technology segments faced challenges, with net sales declining 11% and 4% year-over-year, respectively [1] - The specialty materials segment saw a 9% increase in net sales, while life sciences remained flat [1] - The solar business, categorized under "Hemlock and emerging businesses," reported Q2 net sales of $326 million, accounting for less than 9% of total sales, with a loss of approximately $10 million [3] Strategic Moves - Corning acquired a 2GW solar module factory in Arizona from JinkoSolar, enhancing its vertical integration in the solar supply chain [2][3] - The company plans to establish a solar business with projected annual sales of $2.5 billion by 2028 [4][5] - Corning's CFO mentioned that the silicon wafer production is expected to commence in Q3 2025, with shipments to follow [4] Market Outlook - The company remains optimistic about the U.S. government's support for domestic solar manufacturing, which is crucial for its growth strategy [5] - Analysts have raised Corning's stock price target from $59 to $63, reflecting confidence in the company's future performance [5]