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]