Core Viewpoint - Maolai Optical (688502.SH) is advancing its financing and expansion plan, having received approval for the issuance of convertible bonds totaling up to 563 million yuan, aimed at enhancing precision optical production and R&D [1][2]. Financing and Investment - The company plans to raise up to 563 million yuan through the issuance of convertible bonds, with net proceeds allocated to ultra-precision optical production, R&D projects, and working capital [2][4]. - The ultra-precision optical production project has a total investment of 417 million yuan, with up to 417 million yuan sourced from the bond proceeds, accounting for approximately 74% of the total fundraising [2][3]. - The ultra-precision optical technology R&D center project has a total investment of 125 million yuan, with up to 123 million yuan from the bond proceeds, representing about 22% of the total [3]. Financial Performance - For the first three quarters of 2025, Maolai Optical reported revenue of 503 million yuan, a year-on-year increase of 34.05%, and a net profit attributable to shareholders of 45.69 million yuan, up 86.57% [1][7]. - The company’s net profit excluding non-recurring items reached 38.92 million yuan, reflecting a growth of 109.45% [1][7]. - Revenue growth is primarily driven by the semiconductor sector and AR/VR testing fields, with the semiconductor sector accounting for 58.80% of total revenue [7]. R&D and Technological Capabilities - Maolai Optical emphasizes R&D, with investments increasing steadily from 54.40 million yuan in 2022 to 62.32 million yuan in the first three quarters of 2025, maintaining a high investment ratio relative to revenue [6]. - The company has developed five core technologies, including precision optical coating and high-precision optical assembly techniques, enhancing its competitive edge [6]. Strategic Partnerships and Market Position - The company has established long-term strategic partnerships with leading global tech firms and research institutions, including Google’s Waymo and Microsoft, enhancing its market position [7]. - New subsidiaries in Shenzhen and Beijing aim to focus on standard product development and local semiconductor industry support, respectively [4].

Core Viewpoint - Maolai Optics is responding to the Shanghai Stock Exchange's inquiry regarding its proposed issuance of convertible bonds to raise 580 million yuan for an "Ultra-Precision Optical Production and Processing Project," which includes the production of deep ultraviolet lens systems priced at 34.28 million yuan each [1][5]. Group 1: Project Details - The "Ultra-Precision Optical Production and Processing Project" aims to produce 300 deep ultraviolet optical devices and 7 deep ultraviolet lens systems annually [4]. - The project is expected to achieve an internal rate of return of 16.51% and a payback period of 8.3 years, with approximately 417 million yuan allocated for this initiative [2]. - The project will enhance the production capabilities of optical devices and lens systems used in semiconductor lithography and measurement equipment, aligning with the company's existing product lines [2][4]. Group 2: Financial Metrics - The average gross profit margin for the company from 2022 to 2024 is projected to be 49.94%, while the gross profit margin for the new project is estimated at 55.86% [5][6]. - The unit selling price for deep ultraviolet optical devices is set at 1.2 million yuan per piece, and for deep ultraviolet lens systems at 34.28 million yuan each [6]. - The project is characterized by high technical barriers and significant differentiation advantages, contributing to its higher gross profit margin compared to the company's overall business [6]. Group 3: Market and Capacity Analysis - The planned production capacity of the project is sufficient to support 10 to 15 deep ultraviolet lithography machines, as each machine requires one lens and 20 to 30 optical devices [4]. - The company asserts that there are currently no similar projects in the domestic market that match the planned product types, manufacturing precision, and processes [6].