Zhongji Xuchuang said material supply is gradually improving and it expects
marginal improvement in key inputs over the next few quarters, supporting
several quarters of QoQ shipment growth. The company expects NPO volumes to
start ramping in H2 2027, with broader customer demand likely to be released in
2028. Early-stage product introductions will require manufacturing yield ramps;
new upstream materials — including higher‑power CW light sources and electronic
chips — must clear yield curves as part of normal mass‑production. Once these
preparations are complete, customer demand should scale up more materially in
2028.