Core Viewpoint - The company, Dier Laser, continues to demonstrate strong performance driven by technological innovation and significant orders, achieving substantial revenue and profit growth in the first half of 2025 [1][4][5]. Financial Performance - In the first half of 2025, Dier Laser reported revenue of 1.17 billion yuan, a year-on-year increase of 29.2%, and a net profit of 327 million yuan, up 38.37% [1]. - For the full year of 2024, the company achieved revenue of 2.014 billion yuan, a growth of 25.20%, and a net profit of 528 million yuan, increasing by 14.40% [3]. - The gross margin for solar cell laser processing equipment rose from 46.93% to 47.57% in the first half of 2025 [4]. Business Expansion and Innovation - Dier Laser has focused on its core business while actively expanding into consumer electronics, new displays, and integrated circuits, creating new growth points [1][2]. - The company has made breakthroughs in various laser technologies, including TOPCon and perovskite, enhancing its competitive edge in the photovoltaic industry [1][5]. - Dier Laser has developed innovative laser micro-etching technology that replaces traditional photolithography, simplifying processes and reducing costs in the BC battery sector [5][6]. Client Base and Orders - The company has established a strong client base, including major photovoltaic manufacturers such as Longi Green Energy and Trina Solar, becoming a comprehensive solution provider [3][4]. - In October 2024, Dier Laser signed significant contracts worth 1.229 billion yuan with leading photovoltaic companies, representing 76.36% of its audited revenue for 2023 [3][7]. Research and Development - Dier Laser maintains a high level of investment in R&D, with 439 domestic and international patents as of June 30, 2025, and has established multiple R&D centers globally [6][7]. - The company is involved in various national strategic emerging industry projects and has built a strong international R&D team to drive innovation [6].

Core Viewpoint - The distribution of cash dividends among 26 listed companies in the laser industry reflects the varying survival states and performance of different segments within the industry, with 19 companies distributing cash dividends, 6 suspending them, and 1 opting for stock conversion, indicating a 23% non-dividend ratio [1] Summary by Sections Dividend Distribution - As of June 18, 2024, 26 companies in the laser industry disclosed their dividend plans, with 19 companies issuing cash dividends and 6 suspending them [1] - The top five companies by cash dividend per 10 shares are: 1. Baichu Electronics: 21.60 CNY, total 445 million CNY 2. Jiepu Technology: 4.2 CNY, total 39.82 million CNY 3. Dier Laser: 3.9 CNY, total 106 million CNY 4. Han's Laser: 3.5 CNY, total 360 million CNY 5. Huagong Technology: 2 CNY, total 200 million CNY [2][3] Company Performance - Baichu Electronics, a leader in industrial laser cutting systems, holds a 60% market share and is projected to achieve over 800 million CNY in net profit for 2024, showcasing strong profitability with a gross margin of nearly 80% and a net profit margin of 40% [4] - Dier Laser maintains over 80% market share in PERC laser ablation equipment, demonstrating stable profitability and consistent high dividends since its listing [4] - Han's Laser and Huagong Technology have both maintained over ten years of continuous dividends, reflecting their strong profitability and risk resilience [5][6] Industry Challenges - The laser industry is undergoing a deep adjustment cycle, with significant price wars in the upstream market and fluctuating demand in the midstream, leading to stark performance disparities among companies [8] - Companies like Ruike Laser are facing severe pressure from price wars, resulting in a 38.24% decline in net profit for 2024, with dividends dropping from 5 CNY per 10 shares in 2018 to 0.5 CNY in 2024 [9] - Longguang Huaxin and other companies have suspended dividends due to losses, highlighting the challenges faced by non-leading firms during industry downturns [11] Strategic Responses - Jiepu Technology has successfully differentiated itself by focusing on the MOPA pulsed fiber laser segment, achieving nearly 100% growth in dividends from 1.44 CNY in 2020 to 4.2 CNY in 2024, demonstrating effective market positioning [10] - Companies like Yifei Laser are choosing to reinvest profits into R&D rather than distribute dividends, indicating a strategic shift towards technology upgrades and sustainable growth [11] Conclusion - The disparity in dividend capabilities among laser industry companies reflects their technological barriers and sustainable business models, with those possessing strong customer relationships and unique technologies showing better resilience and profitability [12]