Revenue Performance - The company achieved a revenue of 223 million yuan in the first half of 2025, representing a year-on-year growth of 17.19% [2] - Revenue breakdown: Laser optics: 137 million yuan, Infrared optics: 64.57 million yuan, Consumer optics: 11.65 million yuan [2] Semiconductor Business - Semiconductor and related fields generated revenue of 34.77 million yuan, with nearly 10 million yuan from the semiconductor sector [4] - The company has increased investment in semiconductor process capabilities and product promotion, achieving progress in technology and customer base [4] PCB Laser Microprocessing - Revenue from PCB laser microprocessing lenses exceeded 20 million yuan, matching last year's total [5] - The company aims to enhance product yield, reduce costs, and deepen customer relationships to capture market opportunities [6] Infrared Business - Infrared business revenue reached 64.57 million yuan, accounting for 62.4% of last year's total [6] - The company’s infrared products are evolving towards miniaturization and lightweight designs, with a slight decrease in gross margin compared to last year [6] AR/VR Consumer Optics - Revenue from AR/VR optics reached 8.03 million yuan, surpassing last year's total of 5.5 million yuan [7] - The company is building a cleanroom production line and expects this segment to grow significantly [8] Gross Margin and Cost Management - The overall gross margin has declined due to changes in product structure and increased fixed costs from new equipment investments [9] - The company anticipates that the gross margin will improve as high-margin businesses like PCB and semiconductors grow [9] International Business - The overseas business generated 58.85 million yuan in the first half of 2025, accounting for 46.2% of last year's total [12] - The company is focusing on enhancing overseas service capabilities and expanding production capacity to mitigate international trade risks [12] Asset Impairment - The company reported a provision for bad debts of 2.24 million yuan and inventory impairment of 4.47 million yuan [12] - The total asset impairment loss for the first half of the year was -2.77 million yuan, representing 7.51% of last year's audited net profit [12]

Core Viewpoint - The company, 波长光电, is actively expanding its semiconductor optical business and has established a joint laboratory with Zhejiang University to enhance its research and development capabilities in this field [2][3]. Group 1: Semiconductor Business Progress - The company's semiconductor optical business generated approximately 17.7 million yuan in revenue in 2024, with ongoing efforts to deepen customer cooperation and enhance technical exchanges [2]. - The product offerings in the semiconductor sector include parallel light source systems for mature processes, optical lenses for advanced lithography equipment, and various optical components for detection equipment [2]. Group 2: Collaboration with Zhejiang University - The collaboration with Zhejiang University aims to establish a joint laboratory focusing on extreme optical technology and instruments, particularly in semiconductor detection [3]. - This partnership leverages both parties' strengths in precision optical design and manufacturing capabilities to foster talent and research in the precision optics field [3]. Group 3: Capacity Expansion and Financial Planning - The company has established an advanced manufacturing process center and acquired high-precision processing and testing equipment to meet the demands of its semiconductor business [4]. - Current production capacity and funding are deemed sufficient for short-term business growth, with potential plans for capital market financing if business development exceeds expectations [4]. Group 4: Financial Performance and Outlook - In Q1 2025, the company reported a main revenue of 99.23 million yuan, a year-on-year increase of 20.87%, while net profit decreased by 39.55% to 6.51 million yuan [7]. - The company anticipates a recovery in overall gross margin in 2025 due to stabilization in raw material prices and shifts in product demand towards smaller and lighter infrared imaging products [5]. - The gross margin for infrared imaging products is expected to improve, contributing positively to the overall financial performance [5].

Group 1: Semiconductor Business Progress - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [2] - Current semiconductor product offerings include optical lenses for advanced lithography equipment, uniform light and shaping lenses for lighting systems, and laser collimation lenses for measurement devices [2][3] Group 2: Collaboration with Zhejiang University - The company has established a joint laboratory with Zhejiang University, focusing on semiconductor detection technologies and advanced optical components [3] - This collaboration aims to leverage both parties' strengths in precision optical design and manufacturing to enhance talent and research development in the optical field [3] Group 3: Capacity Expansion and Funding - The company has set up an advanced manufacturing process center equipped with high-precision processing and testing equipment, which can meet current and short-term demand for semiconductor business [3] - Future capacity expansion will be considered cautiously, with potential funding through capital markets if business growth exceeds current plans [3] Group 4: Profit Margin Outlook - The company's product gross margin has been affected by rising raw material prices, particularly germanium, leading to a decline in infrared product margins [4][5] - As of Q1 2025, gross margins are expected to recover due to stabilized raw material supply and the implementation of alternative material solutions [5] - The company anticipates an overall improvement in gross margin levels compared to the previous year, driven by shifts in product demand and structure [5]