Company and Industry Summary Company: Jieput Key Points - **Optical Communication Business Progress**: Jieput's optical communication sector has exceeded expectations, with significant growth driven by the second and third growth curves [1] - **Subsidy Matrix Optical FAU**: The subsidiary, Matrix Optical FAU, has begun bulk shipments to leading domestic optical module manufacturers and is collaborating with Yuzhu Light Research to develop the next-generation OCS FAU [1][2] - **New Silicon Photonic Testing System**: The company is developing a new silicon photonic wafer-level testing system aimed at expanding into overseas markets [2] - **Certification Achievements**: The MPO has passed the Senko system certification, and the MMC has passed the USCON system certification, positioning the company to enter the CPO track and provide core components for ELS [2] - **Order Upgrades**: The company has seen continuous upgrades in optical communication orders for three consecutive quarters, with high automation in production lines expected to further optimize efficiency and accelerate net profit release [3] - **Laser Engraving Orders**: The 25H1 laser engraving product has received bulk orders from clients, with MOPA lasers being supplied for flagship products, and expected volume deliveries starting in H2 2025, along with the introduction of several new flagship models in 2026 [3] - **Optical Detection Expansion**: The company is successfully ramping up optical detection, entering the VCSEL detection phase for A customer’s foldable screens, with expected volume deliveries starting in 2026 [3] - **Equity Incentive Plan**: In February, the company disclosed an equity incentive plan granting a total of 4.5 million shares to management and 142 core technical personnel, with ambitious revenue targets of 3 billion, 13 billion, and 28 billion for the years 2026, 2026-2028, and 2026-2030 respectively, significantly upgrading the company's performance guidance and indicating strong long-term potential [3]