Group 1 - The stock price of Yan'ao Co., Ltd. is reported at 26.02 yuan, down 4.09% from the previous trading day, with a trading volume of 28,455 hands and a transaction amount of 0.75 billion yuan [1] - Yan'ao Co., Ltd. specializes in the research, development, production, and sales of electrical equipment for rail transit vehicles, including electrical control systems and lighting systems [1] - The company has released its semi-annual report for 2025, showing an operating income of 246 million yuan, a year-on-year increase of 22.84%, and a net profit attributable to shareholders of 19.4 million yuan, up 18.13% year-on-year [1] Group 2 - On the funding flow side, Yan'ao Co., Ltd. saw a net inflow of main funds amounting to 9.28 million yuan on the day, with a cumulative net inflow of 188.78 million yuan over the past five days [2]

Core Insights - The report addresses key issues regarding the types and principles of core components in lithography machines, the market potential, ASML's industry collaboration model, and the current status and recommendations for domestic lithography machine components [1]. Investment Logic - Lithography machines are essential for chip manufacturing, directly influencing the miniaturization of chips. Key performance indicators include resolution, depth of focus, overlay accuracy, and yield. The global lithography machine market is projected to reach $29.37 billion by 2025, with specific segments such as illumination and optics, light sources, and stages having estimated market sizes of $4.78 billion, $2.86 billion, and $2.15 billion respectively [2]. - The EUV lithography machine market is expected to reach $9.6 billion by 2025, with its core components also showing significant market potential [2]. ASML's Success Factors - ASML's success is attributed to technological innovation and industry collaboration, with key partners including Zeiss, Cymer, Gigaphoton, and TRUMPF. The company has a global supply chain that enhances its competitive edge [3]. Core Components and Market Barriers - The core components of lithography machines, such as light sources, optics, and stages, represent significant barriers to entry in the industry. The complexity of manufacturing these components contributes to the competitive landscape [2][3]. - The report emphasizes the importance of domestic supply chains in China, particularly in light sources, optics, and stages, which are expected to benefit from government support [3]. Key Indicators of Lithography Machines - The report outlines critical indicators for lithography machines, including resolution, overlay accuracy, yield, and depth of focus. The resolution is determined by the Rayleigh formula, and advancements in technology are necessary to improve these metrics [11][14][36]. - The depth of focus is crucial for accommodating wafer surface irregularities, and improvements in immersion lithography technology have enhanced both resolution and depth of focus [34]. Core Component Analysis - The report details the main components of lithography machines, including light sources, illumination systems, optics, and stages. The collaboration among these components is essential for achieving high imaging quality [42][46]. - The light source is identified as a key factor influencing resolution, with various types of light sources being utilized over the years, including mercury lamps and excimer lasers [52][55]. Conclusion - The lithography machine industry is characterized by high technical barriers and significant market potential, particularly in the context of domestic supply chain development in China. The focus on core components and technological advancements will be critical for future growth and competitiveness in the semiconductor manufacturing sector [3][42].

Core Viewpoint - The company, Ocean King Lighting Technology Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.50 RMB per 10 shares, subject to certain conditions regarding share repurchase and tax implications for different types of shareholders [2][6][10]. Group 1: Profit Distribution Plan - The profit distribution is based on the total share capital after deducting shares held in the company's repurchase account, resulting in a base of 767,519,942 shares for the cash dividend calculation [2][6]. - The total cash dividend to be distributed amounts to 38,375,997.10 RMB, with the remaining undistributed profit balance carried forward to the next year being 530,063,412.23 RMB [2][6]. - The cash dividend will be distributed at a rate of 0.50 RMB per 10 shares, with specific tax treatments for different categories of shareholders [6][10]. Group 2: Key Dates and Methods - The record date for the profit distribution is set for June 3, 2025, and the ex-dividend date is June 4, 2025 [7]. - The cash dividends will be directly credited to the accounts of shareholders through their respective securities companies on the ex-dividend date [9]. Group 3: Shareholder Eligibility - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 3, 2025 [8]. Group 4: Adjustments and Calculations - The company will adjust the total distribution amount if there are changes in total share capital due to various corporate actions before the distribution [2][10]. - The ex-dividend price will be calculated based on the adjusted cash dividend per share, which is 0.0497421 RMB per share after accounting for the total share capital [10].