Business Overview - The company operates in three main business areas: smart automotive, smart home, and panoramic/sports cameras, with emerging fields like AI hardware, machine vision, industrial inspection, and medical technology driving growth [1]. - The overall business structure has not shown significant changes in the first half of 2025, with detailed operational performance to be disclosed in future reports [1]. Financial Performance - The gross margin for the camera module business in 2024 is reported at 19.92%, which is considered reasonable [2]. - The company aims to maintain this gross margin by controlling material costs and improving product yield rates as it scales its operations [2]. Clientele and Market Position - Major clients for the smart automotive products include Tier 1 manufacturers such as Desay SV, Baolong Technology, and Hikvision, with end customers like Chery, Geely, and Xpeng [3]. - The company currently supplies panoramic camera modules, which are technically more challenging to manufacture compared to sports camera modules due to the need for seamless stitching and minimal distortion [4]. Production Capacity and Market Outlook - The company maintains a high capacity utilization rate in the first half of 2025, with ongoing projects to expand optical lens and module production capacity [5]. - The global retail market for consumer-grade panoramic cameras is projected to reach ¥5.37 billion in 2024, which is only one-seventh of the global sports camera market valued at ¥36.6 billion [5]. - The compound annual growth rate (CAGR) for the consumer-grade panoramic camera market from 2023 to 2027 is forecasted at 11.5%, indicating significant growth potential driven by technological advancements and increased consumer awareness [5].