Core Viewpoint - The company has raised its profit forecast and target price, maintaining a buy rating, with significant revenue growth and a fast-growing data communication business, alongside a proposed acquisition of Anjie Xun that is expected to enhance performance [1][2]. Financial Performance - The company has adjusted its net profit forecasts for 2025-2027 to 114 million, 397 million, and 556 million yuan respectively, up from previous estimates of 110 million, 161 million, and 227 million yuan, with corresponding EPS of 0.46, 1.59, and 2.23 yuan [2]. - For the first half of 2025, the company reported revenue of 597 million yuan, a year-on-year increase of 41.58%, and a net profit of 52 million yuan, up 70.96% year-on-year [2]. - The optical fiber laser device business generated 240 million yuan in revenue with a gross margin of 39.97%, while optical communication devices brought in 279 million yuan with a gross margin of 26.47%, reflecting a year-on-year growth of 73.89% [2]. Acquisition of Anjie Xun - The proposed acquisition of Anjie Xun, a high-tech company focused on passive optical communication devices, is expected to enhance the company's revenue and customer base, leveraging scale advantages [3]. - Anjie Xun's revenues for Q1 2023, 2024, and 2025 were 156 million, 509 million, and 127 million yuan respectively, with corresponding net profits of -1.52 million, 105 million, and 35 million yuan [3]. Industry Outlook - The data communication business is experiencing rapid growth due to increased demand from downstream optical module manufacturers [2]. - The company is expected to continue expanding its production capacity, leading to sustained revenue growth in subsequent quarters [4].

业务问答环节要点有源业务增长与新客户导入：2025年上半年有源业务增长源于高速率有源产品，且不 同产品处于不同阶段。关于新客户导入，公司未明确透露。高速率产品供需展望：下一阶段高速率产品 需求仍旺盛，公司将协调物料供给与产能增加，保障客户交付。泰国工厂产能建设：泰国工厂产能建设 稳步推进，一期厂房已投产，二期处于研发试样及客户验证阶段，预计明年大规模量产有源与无源产 品。毛利率下降原因：产品结构变化致毛利率下降，有源产品收入占比提升影响整体毛利率。CPO相 关配套产品进展：公司较早布局CPO配套产品，相关技术持续迭代，按不同客户要求稳步推进项目。下 一代速率产品研发：公司保持高强度研发投入，配合客户研发最新产品。关税政策影响：2025年上半年 北美洲地区关税占销售收入比例为1.13%，关税政策对销售业务影响可控。人员扩张情况：为满足交付 需求，公司人员规模增加，同时通过自动化替代提升效率，控制人员规模增长。产品价值量变动：产品 价值量取决于客户设计方案，不同客户在不同场景应用产品设计存在差异，影响产品价值量。关键物料 供应商导入：公司将根据客户要求和建议，在保证质量前提下，合理安排新供应商导入工作。光无源产 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84% [5] - In Q2 2025, operating revenue reached 1.511 billion yuan, with a quarter-on-quarter growth of 59.98% [5] - The net profit attributable to shareholders was 899 million yuan, up 37.46% year-on-year [5] - In Q2 2025, net profit attributable to shareholders was 562 million yuan, reflecting a quarter-on-quarter increase of 66.34% [5] Market Trends and Demand - The rapid development of the artificial intelligence industry and the global data center construction have driven stable growth in demand for high-speed optical device products [5] - The company is actively expanding its customer base, with new product deliveries at different stages for various clients [6] Production and Capacity - The Thai factory's capacity construction is progressing steadily, with the first phase already in production and the second phase in the R&D and customer validation stage [6] - The company anticipates large-scale production at the Thai facility to commence next year [6] Profitability and Margins - The decline in gross margin in the first half of 2025 is attributed to changes in product structure, with an increased revenue share from active products [6] - The North American sales revenue was approximately 27.69 million yuan, accounting for 1.13% of total sales revenue in the first half of 2025, with limited impact from tariff policies [7] Product Development and Innovation - The company maintains high R&D investment to support the development of next-generation high-speed products [6] - The value of the company's products is primarily determined by customer design schemes, which vary across different applications [7] Operational Adjustments - The company is increasing its workforce to meet customer delivery needs while also focusing on automation to enhance efficiency [7] - Plans for capacity expansion of passive optical products are driven by customer orders and forecasts [7]