公众号记得加星标⭐️，第一时间看推送不会错过。 每隔几年，行业都会" 宣判 "铜缆的死刑。这一次，光学阵营的胜利似乎已经呼之欲出， CPO横空出世，硅光子如日中天，各大OFC展会上漫天飞舞的都是光纤的故事。 然而在2026年初，市场却迎来了一盆意料之中的冷水。 产业变心 2026 年 3 月 初 ， 博 通 CEO 陈 福 阳 （ Hock Tan ） 在 财 报 说 明 会 上 突 然 表 示 ， 随 着 2028 年 迈 向 400G SerDes，博通的XPU客户很可能仍将继续使用直连铜缆（Direct Attach Copper，DAC）。他强调， 光纤方案成本更高，且需要消耗更多电力。 博通作为CPO领域的领先者，陈福阳却在这个时机亲手给CPO的大规模普及踩了刹车，并以竞争者的 口吻描述自家技术："你没必要非得去追求什么叫CPO的闪亮新玩意儿。即使我们在CPO领域处于领 先地位，CPO也终究会到来。不是今年，也许也不是明年。"这话说得格外耐人寻味，领先者主动压 低自己领先项目的市场预期，那就说明在Scale-up（纵向扩展）场景里，铜缆的物理经济学还没有被 超越。 几乎同一时间，英伟达黄仁勋在202 ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.525 billion yuan, a year-on-year increase of 59.15% [1] - The net profit attributable to shareholders reached 157 million yuan, up 141.66% year-on-year [1] - The non-GAAP net profit attributable to shareholders was 148 million yuan, reflecting a 147.60% increase year-on-year [1] - For Q2 2025, revenue was 763 million yuan, growing 54.01% year-on-year and 0.27% quarter-on-quarter [1] - The net profit for Q2 was 81 million yuan, a substantial year-on-year increase of 249.68% and a quarter-on-quarter increase of 7.62% [1] - The non-GAAP net profit for Q2 was 75 million yuan, with a year-on-year growth of 292.43% and a quarter-on-quarter growth of 1.57% [1] Business Development Trends - The new energy connector segment showed steady growth, with revenue of 1.395 billion yuan in the first half of 2025, a year-on-year increase of 61.6% [2] - Gross margin improved by 0.78 percentage points to 23.34%, attributed to stable raw material prices and ongoing product upgrades and process improvements [2] - The company is expanding its global footprint, with production capacity increasing in its factories in Mexico and the United States, and new sales offices established in Silicon Valley and Germany [2] - The U.S. factory's sales continued to grow year-on-year, while the Mexican factory's losses significantly narrowed compared to the previous year [2] Emerging Business Opportunities - The company is actively expanding into AI and data center markets, providing comprehensive connectivity solutions for AI systems [3] - The product matrix includes high-speed data transmission cables and power supply solutions, with ongoing R&D in high-speed backplane systems and cable systems [3] - In the humanoid robotics sector, the company collaborates with leading firms to develop and supply a wide range of products [3] - The company is also exploring opportunities in the low-altitude economy, having completed solutions for EVTOL and industrial-grade aircraft [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been raised by 16.3% and 28.9% to 304 million yuan and 440 million yuan, respectively [4] - The current stock price corresponds to a P/E ratio of 51.9 for 2025 and 35.8 for 2026 [4] - The target price has been adjusted upwards by 73.7% to 49.5 yuan, indicating a potential upside of 12.1% from the current stock price [4]