On April 13, 2026, Dare Laser (300776) released a record of investor relations activities. When asked about the slight year-on-year decline in the company's 2025 operating revenue and net profit, along with a noticeable drop in fourth-quarter revenue, the company attributed the changes primarily to shifts in the timing of equipment acceptance. Regarding first-quarter 2026 performance, the company stated that details would be available in its Q1 2026 report, scheduled for release on April 28, 2026.

The company explained that the significant quarter-on-quarter decrease in Q4 revenue and profit was also due to variations in equipment acceptance schedules. Contract liabilities at the end of 2025 fell to 1.413 billion yuan from 1.761 billion yuan at the beginning of the year, a decline of 19.78%, which the company noted is consistent with broader trends in the solar industry.

In response to concerns about the company's declining stock price and shareholder confidence, management emphasized that operations remain normal and order fulfillment is proceeding as planned. The company has established a long-term market value management mechanism focused on improving operational quality, implementing equity incentives, distributing cash dividends, conducting share buybacks, and enhancing the quality and transparency of disclosures.

Regarding future growth, Dare Laser continues to focus on its core business while actively developing a "second growth curve," including advanced packaging laser processing equipment. The company aims to build a sustainable business system centered on its solar operations, extending into semiconductors and forward-looking technologies.

The company confirmed that it has shipped panel-level glass substrate through-hole equipment, achieving full coverage of wafer-level and panel-level TGV packaging laser technology. However, specific customer details were not disclosed.

Looking ahead, the company anticipates continued growth in Brunswick (BC) capacity in the coming years. Short-term expansion is influenced by industry policies and other factors, with an estimated 40-50GW of new or upgraded BC production lines expected in 2026, excluding major players like LONGi and Aiko.

In terms of international business, overseas revenue in 2024 and 2025 amounted to 191.3119 million yuan and 79.0525 million yuan, accounting for 9.50% and 3.89% of total revenue, respectively. The company has established overseas subsidiaries focused on R&D and handling some international orders.

The company is actively preparing for an H-share listing on the Hong Kong Stock Exchange, with pricing to be determined based on market conditions, industry valuation levels, and investor feedback. It reaffirmed its commitment to boosting investor confidence through sustained operational performance, R&D investment, and transparent communication.