Zhongji Innolight: The vast majority of customers have not revised down demand or orders; some customers' 1.6T demand has even increased compared with before.

Zhongji Innolight released a record of investor relations activities, responding to rumors that some overseas customers had revised down demand or cut orders: the vast majority of customers have not revised down demand or orders, a small number of customers have product structural adjustments, and some customers' 1.6T demand has even increased compared with before. Therefore, even taking into account structural adjustments by a small number of customers, overall industry demand in 2027 remains within the original forecast range, with demand from leading customers still strong. Regarding demand for 2027-2028: the vast majority of the company's orders for 2027 already cover the full year. Regarding demand for 2028, at least one key customer has already provided clear demand guidance, and demand is strong. Demand guidance from other customers is still being continuously collected. The company remains optimistic about overall industry demand and prosperity in 2028. NPO is expected to begin ramping up in the second half of 2027, with more demand expected to be released in 2028. In the early stage of new product introduction, the manufacturing yield of products needs to climb, and in addition, brand-new upstream materials such as higher-power CW light sources and electrical chips all need to go through yield ramp-up, which is a normal process for mass production of new products. After the relevant preparations are completed, customer demand is expected to be released on a larger scale in 2028.