华夏行业景气混合A（003567）成立日期2017年2月4日，最新规模72.61亿。今年以来收益58.47%，同 类排名864/8166；近一年收益68.31%，同类排名457/8014；成立以来收益386.36%。 华夏行业景气混合A（003567）基金经理为钟帅。 截至发稿，钟帅累计任职时间5年76天，现任基金资产总规模82.53亿元，任职期间最佳基金回报 185.39%， 任职期间最差基金回报17.06%。 10月10日，东田微跌3.99%，截至发稿，报87.85元/股，成交3.84亿元，换手率7.34%，总市值70.28亿 元。东田微股价已经连续3天下跌，区间累计跌幅7.39%。 资料显示，湖北东田微科技股份有限公司位于湖北省当阳市玉泉办事处长坂路南段188号,广东省东莞市 万江街道蚬涌工业路8号，成立日期2009年7月24日，上市日期2022年5月24日，公司主营业务涉及精密 光电薄膜元件研发、生产和销售。主营业务收入构成为：成像类光学元器件66.83%，通信类光学元器 件28.71%，其他收入4.46%。 从东田微十大流通股东角度 数据显示，华夏基金旗下1只基金位居东田微十大流通股东。华夏行业景气 ...

Company Overview - Dongtian Microtechnology Co., Ltd. is located in Hubei Province and was established on July 24, 2009, with its listing date on May 24, 2022. The company specializes in the research, production, and sales of precision optical film components [1] - The main business revenue composition includes imaging optical components at 66.83%, communication optical components at 28.71%, and other revenues at 4.46% [1] Stock Performance - On September 25, Dongtian Micro's stock increased by 5.46%, reaching a price of 103.52 CNY per share, with a trading volume of 5.11 billion CNY and a turnover rate of 8.67%. The total market capitalization is 8.282 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders, a fund under Huaxia Fund holds a position. The Huaxia Industry Prosperity Mixed Fund (003567) reduced its holdings by 264,500 shares in the second quarter, now holding 1.4991 million shares, which accounts for 2.56% of the circulating shares [2] - The fund has achieved a floating profit of approximately 8.0352 million CNY as of the latest data [2] Fund Performance - The Huaxia Industry Prosperity Mixed Fund (003567) was established on February 4, 2017, with a current scale of 7.261 billion CNY. Year-to-date returns are at 59.33%, ranking 665 out of 8,173 in its category, while the one-year return is 105.64%, ranking 433 out of 8,003 [2] - Since its inception, the fund has delivered a return of 389% [2]

Core Viewpoint - Dongtian Micro's stock has shown significant growth this year, with a year-to-date increase of 100.28% and a recent surge of 34.06% over the past 20 days, indicating strong market interest and performance [1]. Financial Performance - For the first half of 2025, Dongtian Micro reported a revenue of 376 million yuan, representing a year-on-year growth of 42.29%. The net profit attributable to shareholders was 50.68 million yuan, reflecting a substantial increase of 107.35% [2]. - Since its A-share listing, Dongtian Micro has distributed a total of 20 million yuan in dividends [3]. Shareholder and Market Activity - As of August 8, 2025, the number of shareholders for Dongtian Micro decreased by 13.26% to 19,000, while the average circulating shares per person increased by 15.29% to 3,083 shares [2]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 28 [1]. Company Overview - Dongtian Micro, established on July 24, 2009, and listed on May 24, 2022, specializes in the research, production, and sales of precision optical film components. Its main revenue sources include imaging optical components (66.83%) and communication optical components (28.71%) [1]. - The company operates within the electronic industry, specifically in the optical components sector, and is associated with concepts such as LiDAR, CPO, optical communication, F5G, and data centers [1]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund held 1.4991 million shares, a decrease of 26.45 million shares from the previous period. Additionally, Bosera Value Selection Fund has exited the top ten circulating shareholders list [3].

Group 1 - The core viewpoint of the news highlights the financial performance and stock trading activities of Dongtian Micro, indicating a significant increase in revenue and net profit for the first half of 2025 [2] - As of September 22, Dongtian Micro's financing balance reached 5.45 billion yuan, accounting for 6.21% of its market capitalization, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - The company reported a revenue of 3.76 billion yuan for the first half of 2025, representing a year-on-year growth of 42.29%, while the net profit attributable to shareholders increased by 107.35% to 50.68 million yuan [2] Group 2 - Dongtian Micro's main business involves the research, production, and sales of precision optical film components, with imaging optical components contributing 66.83% and communication optical components 28.71% to its revenue [1] - The number of shareholders for Dongtian Micro decreased by 13.26% to 19,000 as of August 8, while the average circulating shares per person increased by 15.29% to 3,083 shares [2] - Since its A-share listing, Dongtian Micro has distributed a total of 20 million yuan in dividends [2]

Company Overview - Dongtian Microelectronics Co., Ltd. is located in Hubei Province and Guangdong Province, established on July 24, 2009, and listed on May 24, 2022. The company specializes in the research, production, and sales of precision optical film components [1] - The main business revenue composition includes imaging optical components (66.83%), communication optical components (28.71%), and other income (4.46%) [1] Stock Performance - As of September 16, Dongtian Micro's stock price increased by 2.04%, reaching 98.59 CNY per share, with a total market capitalization of 7.887 billion CNY [1] - The stock has seen a year-to-date increase of 83.68%, with a 5-day increase of 8.58%, a 20-day increase of 20.23%, and a 60-day increase of 94.98% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent occurrence on August 28 [1] Financial Performance - For the period from January to June 2025, Dongtian Micro achieved operating revenue of 376 million CNY, representing a year-on-year growth of 42.29%, and a net profit attributable to shareholders of 50.684 million CNY, reflecting a year-on-year increase of 107.35% [2] - Since its A-share listing, the company has distributed a total of 20 million CNY in dividends [3] Shareholder Information - As of August 8, the number of shareholders for Dongtian Micro was 19,000, a decrease of 13.26% from the previous period, with an average of 3,083 circulating shares per person, an increase of 15.29% [2] - As of June 30, 2025, among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund held 1.4991 million shares, a decrease of 264,500 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Dongtianwei's stock has shown a slight increase, with a current price of 116.34 yuan per share and a market capitalization of 9.307 billion yuan [1] - Dongtianwei, established on July 24, 2009, specializes in the research, production, and sales of precision optical film components, with main revenue sources being imaging optical components (66.83%), communication optical components (28.71%), and other income (4.46%) [1] - The company has a trading volume of 1.088 billion yuan and a turnover rate of 16.78% [1] Group 2 - Among the top ten circulating shareholders of Dongtianwei, Huaxia Fund's Huaxia Industry Prosperity Mixed Fund (003567) reduced its holdings by 264,500 shares in the second quarter, now holding 1.4991 million shares, which is 2.56% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed Fund has achieved a year-to-date return of 43.74% and a one-year return of 89.23%, ranking 994 out of 8,254 and 571 out of 8,037 respectively [2] - The fund manager, Zhong Shuai, has a tenure of 5 years and 37 days, with the best fund return during this period being 157.9% [3]

Group 1 - The core viewpoint of the news highlights the significant increase in the stock price of Dongtian Micro, which rose by 15.38% on August 28, with a trading volume of 1.953 billion yuan [1] - As of August 28, Dongtian Micro's financing balance reached 342 million yuan, accounting for 3.85% of its market capitalization, indicating a high level of financing activity compared to the past year [1] - The company reported a revenue of 376 million yuan for the first half of 2025, representing a year-on-year growth of 42.29%, and a net profit of 50.684 million yuan, which is a 107.35% increase year-on-year [2] Group 2 - Dongtian Micro has distributed a total of 20 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the number of shareholders for Dongtian Micro decreased by 13.26% to 19,000, while the average circulating shares per person increased by 15.29% to 3,083 shares [2] - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund reduced its holdings by 26.45 million shares, while another fund, Bosera Value Selection, exited the top ten list [3]

Summary of Dongtianwei's Conference Call Company Overview - **Company**: Dongtianwei - **Industry**: Optical components, specifically in communication and imaging sectors Key Points and Arguments 1. **Revenue Growth**: Dongtianwei reported a revenue of 376.29 million yuan for the first half of 2025, representing a year-on-year increase of 42.29% [3] 2. **Net Profit Increase**: The net profit attributable to shareholders was 50.68 million yuan, up 107.35% year-on-year [3] 3. **Product Categories**: The company has two main product categories: imaging optical components and communication optical components. Imaging components generated 251.46 million yuan in revenue, a 22.54% increase, while communication components reached 108.03 million yuan, growing 113.72% [3] 4. **Profit Margin Improvement**: The gross margin for imaging components was 28.18%, an increase of 4.72 percentage points year-on-year, while communication components had a gross margin of 27.45%, up 0.24 percentage points [3] 5. **Expansion in High-Speed Modules**: The shift from low-speed modules to high-speed modules and data center business has significantly improved overall profitability [4] 6. **Automated Production**: The optical isolator project has completed the assembly of fully automated production lines, enhancing product functionality and efficiency [5] 7. **Employee Growth**: The workforce at the Nanchang base has reached 600 employees, supporting capacity expansion [6] 8. **Supply Constraints**: There is a global shortage of Faraday rotators, particularly for high-end long-wave materials, which is expected to continue due to increasing demand for 1.6T products [7] 9. **Silicon Photonics Dependency**: All silicon photonics solutions currently require optical isolators, with no alternatives available in the short term [8] 10. **Product Line Expansion**: Dongtianwei is expanding its optical communication product range from 2.5G to high-speed modules, isolators, prisms, and filters to meet market demand [10] 11. **High-Margin Product Contribution**: The growth in revenue is significantly driven by the demand for optical isolators, which have gained wide recognition in the market [11] 12. **Customer Acceptance**: The acceptance of high-end products by customers is gradually improving as the company diversifies its product offerings [12] 13. **Future Margin Expectations**: The increase in high-margin products is expected to continue, driven by a structural change in product offerings [13] 14. **International Expansion Considerations**: The company is open to establishing overseas manufacturing based on customer needs, with current operations in South Korea [14] 15. **Material Sourcing Challenges**: The company faces challenges in sourcing key materials like Faraday rotators, which are critical for production [16] 16. **Technological Advantages**: Dongtianwei has significant technical barriers in producing high-performance filters for 800G and 1.6T applications, supported by in-house material production [15] 17. **Inventory Management**: The company maintains stable inventory levels by matching stock with supplier output speeds, while actively preparing for material shortages [18] 18. **Order Management**: Customers typically place orders three to six months in advance, with annual contracts locking in quantities but not prices [19] 19. **Future Development Opportunities**: The optical industry is poised for growth, particularly in imaging, radar, and data transmission technologies, driven by the integration of AI across sectors [21] Additional Important Insights - **Market Dynamics**: The transition to 1.6T products represents a doubling of demand compared to 800G, necessitating larger quantities of critical materials [9] - **Technological Challenges**: The company faces significant technical challenges in high-end long-wave material acquisition and production processes [14] - **Strategic Focus**: Dongtianwei aims to strengthen its core capabilities in optical processing to meet the growing demand for optical products in the interconnected world [21]

Financial Performance - The company achieved operating revenue of 37,628.99 thousand yuan, a year-on-year increase of 42.29% [2] - Net profit attributable to shareholders reached 5,068.40 thousand yuan, up 107.35% year-on-year [2] - Revenue from imaging optical components was 25,146.40 thousand yuan, reflecting a 22.54% increase, driven by higher shipment volumes of infrared cutoff filters [2] - Revenue from communication optical components was 10,803.25 thousand yuan, a significant increase of 113.72%, attributed to the growing demand for high-speed optical modules [2] Gross Margin Insights - Imaging optical components' gross margin improved by 4.72 percentage points, mainly due to the increased revenue share of high-margin spin-coated filters and slight reductions in unit costs [3] - Communication optical components' gross margin rose by 10.24 percentage points, driven by optimized customer structure and higher revenue share of high-margin products [3] - Future gross margin improvements are anticipated as product structure optimization and scale effects continue [3] Product Development and Market Position - The company has completed the product line setup for optical isolators, with current capacity meeting order and customer demand [3] - The global supply of Faraday rotators is primarily dominated by foreign manufacturers, with domestic suppliers having limited output; market demand is increasing, leading to potential price adjustments [3] - The company is expanding its product range in optical communications, moving from low-speed to high-speed modules, with products like WDM filters and prisms already in sample or small batch production [4] Customer Engagement and Future Plans - The company is actively engaging with various customers across the spectrum of low-speed to high-speed optical communication products, particularly in the data communication market [4] - Decisions regarding overseas factory establishment will be driven by customer demand, with a commitment to respond proactively [4]

Group 1 - The core viewpoint of the article is that Dongtian Micro (301183.SZ) has stated it does not currently produce semiconductor optical materials, focusing instead on imaging and communication optical components [1] Group 2 - The company's main products are imaging optical components and communication optical components, indicating a specific market focus [1]