Macro Commentary - China's manufacturing PMI rebounded significantly in March, partly due to the later and longer Spring Festival holiday in 2026, although it remains in a contraction state based on the three-month moving average. Both supply and demand have improved significantly, with inventory cycles and import/export orders showing recovery [2] - The non-manufacturing PMI slightly increased, indicating a return to expansion in the service sector, while the construction sector remains in contraction. The price indices for both manufacturing and services suggest that upstream input inflation may lead to a positive PPI in the coming months [2] - The overall resilience of the RMB is maintained, fluctuating around 6.9 against the USD despite a strong dollar backdrop [4] Company Analysis Sunny Optical Technology (2382 HK) - The company is expected to achieve a revenue and net profit growth of 21% and 85% year-on-year in the second half of 2025, reaching RMB 23.6 billion and RMB 3 billion respectively. The net profit aligns with previous positive forecasts and exceeds market consensus by 44% due to a one-time investment gain from GoerTek [5] - Management guidance for 2026 indicates revenue and net profit growth of no less than 7% each, driven by a 5-10% increase in smartphone revenue and a 60% increase in IoT revenue, offsetting weakness in XR business [5] Yongda Automobile (3669 HK) - The company anticipates a significant impairment in 2025, with revenue expected to decline by 15% to RMB 27.5 billion in the second half of 2025, leading to a historical low overall gross margin of 7.0%. A total impairment of approximately RMB 4.9 billion is expected, resulting in a net loss of RMB 1.7 billion in the second half of 2025 [5] - Management plans to close 15-20 stores in 2026, with most related asset impairments already accounted for in 2025, suggesting no major impairments in 2026 [6] Sanofi Pharmaceutical (1530 HK) - The company is projected to achieve a revenue of RMB 17.7 billion in 2025, a 94.3% year-on-year increase, primarily due to a RMB 9.4 billion licensing income from Pfizer. However, product sales are expected to decline by 10.3% to RMB 8 billion due to national procurement policies [7] - The company is expected to maintain high levels of R&D investment to accelerate pipeline progress, with significant clinical advancements anticipated from the collaboration with Pfizer [8] Kanglong Chemical (300759 CH) - The company reported a 14.8% year-on-year revenue growth to RMB 14.1 billion in 2025, with adjusted net profit increasing by 13.0% to RMB 1.82 billion, both exceeding previous forecasts [10] - Management expects a revenue growth of 12-18% in 2026, with currency fluctuations negatively impacting growth guidance by 3 percentage points [11] Zhongji Xuchuang (300308 CH) - The company reported a strong FY25 performance with a revenue growth of 60% to RMB 38.2 billion and a net profit increase of 109% to RMB 10.8 billion, aligning with market expectations [14] - The gross margin improved significantly from 34.7% in FY24 to 42.6% in FY25, driven by strong shipments of high-speed optical modules and an increase in the proportion of silicon photonics products [14] OmniVision Technologies (603501 CH) - The company achieved a revenue growth of 12.1% to RMB 28.9 billion in FY25, with a net profit increase of 21.7% to RMB 4 billion, although slightly below market expectations [15] - The gross margin improved from 29.4% in FY24 to 30.6% in FY25, primarily due to the optimization of CIS product structure and increased contributions from automotive CIS revenue [15]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 727.72 [1][10]. Core Insights - The company has experienced rapid revenue and gross profit growth driven by the demand for high-speed optical modules, particularly benefiting from the global AI computing power demand [6][9]. - The company's core optical communication transceiver business generated revenue of RMB 374.57 billion, a year-on-year increase of 63.67%, with significant contributions from 400G and 800G product shipments [7]. - The overall gross margin improved significantly to 42.04%, up 8.23 percentage points year-on-year, attributed to an optimized product mix and increased sales of high-end products [8]. Financial Performance - For the fiscal year 2025, the company reported revenue of RMB 382.40 billion, a 60.25% increase year-on-year, and a net profit attributable to the parent company of RMB 107.97 billion, reflecting a growth of 108.78% [6]. - The company’s earnings per share (EPS) for 2025 is projected at RMB 9.72, with a return on equity (ROE) of 36.62% [5]. - The company’s revenue is expected to continue growing, with projections of RMB 66.29 billion in 2026 and RMB 81.17 billion in 2027, indicating a compound annual growth rate (CAGR) of 73.35% and 22.44% respectively [5][10]. Market Position and Outlook - The company is positioned as a leading player in the optical module sector, expected to benefit from the ongoing expansion of GPU clusters and the increasing demand for high-speed optical modules [9]. - The anticipated growth in demand for 800G and 1.6T optical modules is expected to drive revenue and profit growth in the coming years, with net profits projected at RMB 204 billion in 2026 and RMB 246 billion in 2027 [10].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6166） 海外監管公告 2025年年度報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)刊登的本公司2025年年度報告，僅供參閱。 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2026年3月30日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董事秦桂森先生、姚明龍先生及袁淑儀 女士。 上海剑桥科技股份有限公司2025 年年度报告 公司代码： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6166） 海外監管公告 2025年年度報告摘要 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)刊登的本公司2025年年度報告摘要，僅供參閱。 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2026年3月30日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董事秦桂森先生、姚明龍先生及袁淑儀 女士。 上海剑桥科技股份有限公司2025 年年度报告摘要 ...

Core Viewpoint - Zhongji Xuchuang (300308.SZ) reported significant growth in its annual performance for 2025, with a revenue of 38.24 billion yuan and a net profit of 10.797 billion yuan, indicating strong demand in the computing infrastructure sector [1] Financial Performance - The company's revenue for 2025 reached 38.24 billion yuan, representing a year-on-year increase of 60.25% [1] - The net profit attributable to shareholders was 10.797 billion yuan, showing a remarkable year-on-year growth of 108.78% [1] - Basic earnings per share were reported at 9.8 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 10 yuan (including tax) for every 10 shares to all shareholders [1] Growth Drivers - The increase in performance is attributed to strong investments from end customers in computing infrastructure, leading to a rapid growth in product shipments [1] - The proportion of high-speed optical modules in the product mix has continued to rise, contributing to the overall revenue growth [1] - Continuous optimization of product solutions and improved operational efficiency have also played a significant role in enhancing both revenue and net profit compared to the previous year [1]

Core Viewpoint - The integrated circuit industry continues to maintain a high level of prosperity driven by demand for artificial intelligence, recovery in consumer electronics, and accelerated domestic substitution [1][3]. Group 1: Industry Performance - The 128 integrated circuit companies listed on the Sci-Tech Innovation Board are expected to achieve a revenue of 365.11 billion yuan, a year-on-year increase of 25%, and a net profit of 27.93 billion yuan, a year-on-year increase of 83% [1]. - Over 80% of these companies anticipate revenue growth, with 60% expecting an increase in net profit, and 12 companies turning losses into profits [1]. - The chip design segment leads the industry with a net profit growth rate of 268% [1]. Group 2: AI and Market Trends - In 2025, the commercial application of artificial intelligence is expected to accelerate, leading to a surge in demand for computing power, storage, and optical chips [3]. - The 76 chip design companies are projected to achieve a combined revenue of 163.10 billion yuan, a year-on-year increase of 32%, and a net profit of 13.7 billion yuan, a year-on-year increase of 268% [3]. - Companies like Cambricon, Moore Threads, and Muxi have seen significant revenue growth, with Cambricon achieving its first annual profit of 2.06 billion yuan [3]. Group 3: Storage and Optical Chips - The storage chip sector is entering a "super cycle" due to explosive demand for AI computing power, with companies like Lianqi Technology and Baiwei Storage expecting substantial profit increases [4]. - The optical chip market, represented by companies like Shijia Photon and Yuanjie Technology, has seen a combined revenue of 4.62 billion yuan, a year-on-year increase of 62%, and a net profit of 713 million yuan, a year-on-year increase of 419% [4]. Group 4: Manufacturing Capacity and Policy Support - The manufacturing sector is operating at full capacity, with companies like SMIC and Huahong achieving high utilization rates and significant revenue growth [7]. - The government has prioritized the integrated circuit industry as a key emerging pillar, promoting technological self-reliance and efficiency improvements [6]. Group 5: Mergers and Acquisitions - Mergers and acquisitions are becoming a vital strategy for the integrated circuit industry to enhance resource integration and competitiveness [9]. - Since the release of supportive policies, there have been 51 disclosed equity acquisitions in the integrated circuit sector, with a total transaction amount exceeding 77 billion yuan [9].

Core Insights - The upcoming NVIDIA GTC 2026 conference is set to showcase groundbreaking advancements in AI computing, including a new GPU architecture called Rubin and the next-generation Feynman architecture [1] - NVIDIA is expected to introduce a new inference chip integrating Groq LPU technology, aimed at enhancing performance and reducing costs in AI inference, which could expand its product line and drive demand for SRAM and PCB materials [1] - The increasing power consumption of GPUs is pushing for advancements in interconnect technology, with the Rubin GPU expected to have significantly higher power, and the Feynman architecture potentially reaching 5000W [1] Group 1: NVIDIA's Technological Advancements - The GTC 2026 conference will focus on showcasing the Rubin platform and advancements in GPU, CPO switches, power architecture, and liquid cooling technologies [1] - NVIDIA is accelerating the development of CPO switches and optical interconnect solutions, collaborating with companies like Coherent and Lumentum to build a robust supply chain for AI computing infrastructure [2] - The conference is anticipated to provide a clear roadmap for the commercialization of CPO technology, with products like QuantumX3450 and SpectrumX being highlighted [2] Group 2: Market Implications and Investment Opportunities - The demand for high-speed optical modules is expected to grow as AI computing clusters expand, benefiting companies such as Zhongji Xuchuang, Xinyi Technology, Tianfu Communication, Guangxun Technology, and Yuanjie Technology [2] - The advancement of CPO switches and optical interconnect technologies will likely increase the demand for optical engines, external lasers, modulators, and fiber connections, benefiting companies like Taicheng Technology, Tengjing Technology, Dekeli, and Liante Technology [3] - The year 2026 is projected to be a pivotal year for silicon photonics commercialization, with ongoing developments in 3.2T optical modules further driving growth in the optical communication industry [2]

Core Insights - The upcoming NVIDIA GTC 2026 conference is set to showcase groundbreaking advancements in AI computing, including a new GPU architecture called Rubin and the next-generation Feynman architecture [1][2] - The conference is expected to highlight NVIDIA's new inference chip that integrates Groq LPU technology, aimed at enhancing performance and reducing costs in AI inference applications [1] Group 1: NVIDIA GTC 2026 Conference Highlights - The GTC 2026 conference will take place from March 16 to March 19 in San Jose, California, and is anticipated to reveal significant technological advancements in AI computing [1] - NVIDIA's CEO Jensen Huang has indicated that the conference will feature "unprecedented" new chip designs, focusing on the Rubin platform and Feynman architecture [1] - The introduction of a new inference chip is expected to expand NVIDIA's product line and stimulate demand for SRAM and PCB materials [1] Group 2: Power Consumption and CPO Technology - The increasing power consumption of GPUs is driving the need for upgraded interconnect technologies, with the next-generation Feynman architecture potentially reaching power levels of 5000W [2] - CPO technology, which combines optical engines with switch chips, is projected to significantly reduce transmission energy consumption, making it advantageous in high-bandwidth scenarios [2] - NVIDIA is actively developing a CPO supply chain ecosystem in collaboration with optical communication firms like Coherent and Lumentum to support future AI infrastructure [2] Group 3: Growth in Optical Communication Industry - The year 2026 is anticipated to mark the commercial breakthrough of silicon photonics, with advancements in high-speed optical modules such as the 3.2T module [3] - The demand for high-speed optical modules is expected to rise as computing clusters expand, benefiting companies like Zhongji Xuchuang, Xinyisheng, Tianfu Communication, Guangxun Technology, and Yuanjie Technology [3] - The progression of CPO switches and optical interconnect technologies is likely to enhance the demand for optical components, benefiting firms like Taicheng Technology, Tengjing Technology, Dekeli, and Liante Technology [3]

Group 1: AI Storage Market and Company Strategy - The AI storage market is entering a highly certain "super boom cycle," with major storage companies shifting capacity from consumer electronics to AI servers [2] - The company is focusing on high-growth application scenarios like AI computing, with products suitable for AI server power systems, including high-end magnetic components [2] - High-speed optical module products (e.g., 800G LPO) are aligned with data center and AI computing scenarios, indicating a strong market fit [2] Group 2: Impact of Raw Material Prices - The company mitigates profit impacts from raw material price fluctuations by passing some cost pressures to downstream customers and optimizing product design to reduce material usage [3] - Efforts to expand international customer bases help diversify market risks, maintaining stable gross margins despite rising raw material costs [3] Group 3: Product Layout and Competitiveness - The company has developed a complete power magnetic solution for AI servers and data centers, compatible with high-voltage platforms (400V to 800V) [3] - Achievements in the automotive sector include certifications (IATF 16949, ISO 14001) and patents in automotive-grade magnetic components, ensuring high consistency and safety for global clients [3] Group 4: New Product Advantages - The new copper-iron co-fired inductor leads in core components for AI computing and new energy drives, offering high performance, reliability, and integration [3] - The product is becoming the preferred choice for high-end applications like GPUs and autonomous driving, with future adaptations for AR/VR devices and new energy systems [3] Group 5: Future Business Growth Points - The company aims to deepen cooperation with key clients, enhancing product share and customer loyalty [3] - It plans to capitalize on rapid developments in AI computing, electric vehicles, and photovoltaic storage, actively pursuing new high-growth sectors [3]

Core Viewpoint - BofA Securities maintains a "Buy" rating for Zhongji Xuchuang and raises the target price from 780 yuan to 888 yuan, citing strong performance expectations for Q4 2025 with a projected net profit growth of 90%-128% year-on-year [2] Financial Performance - Zhongji Xuchuang reported total revenue of 38.24 billion yuan for 2025, a year-on-year increase of 60.25%, and a net profit attributable to shareholders of 10.799 billion yuan, up 108.81% year-on-year [3] - The company anticipates a Q4 2025 net profit of approximately 3.7 billion yuan, reflecting a 17% quarter-on-quarter growth and a 159% year-on-year increase, exceeding BofA's expectations by about 9% [2] Market Outlook - Management expresses optimism about the industry's expansion and upgrade process by 2027, highlighting that pluggable optical modules will remain a mainstream solution for computing power "scale-out" [2] - The penetration rate of optical technology in computing power "scale-up" is expected to significantly increase starting in 2027 [2] Investment Potential - Based on the closing price of 534.00 yuan per share on February 27, the target price of 888 yuan implies an upside potential of over 66% [4]