1. Management expects that the compound annual growth rate (CAGR) of demand for A2 optical fiber from North American data centers over the next five years could reach 50%, and believes the 50% assumption is still relatively conservative.

2. North American customers are currently not very price-sensitive, and management is generally positive about price trends for the next 2-3 years.

3. The company is negotiating 5-year long-term agreements (LTAs) with North American data center customers, with a model of locking in volume but not price. Management stated that if the LTAs are finalized, they will drive production expansion accordingly, and progress on the LTAs is expected to be seen within the next 3-6 months. On the basis of the existing expansion, Yangtze Optical Fibre and Cable will also consider further expanding production overseas in the future to ensure supply capacity to the North American market.

4. If the LTAs meet regulatory disclosure standards, the company will make an announcement; if they do not meet the relevant standards, disclosure is not necessarily required.

5. The company remains generally cautious about the pace of overseas production expansion, hoping to release more capacity after the LTAs become clearer. Key upstream resources such as helium are not expected to be a major bottleneck, as the company already has corresponding safeguards in place.

6. Operator customers will also ultimately need to gradually accept the new price system. Management believes the market will be 'educated', and if some operators have low acceptance of price increases, the company may moderately slow down deliveries to them.

7. In terms of product structure, the company entered the market early, with G.657.A2 penetrating the data center scenario earlier. Currently, the proportion of A2 products is higher than that of peers, giving it a relatively more obvious structural advantage.

8. Management mentioned that by 2030, demand for hollow-core fiber is expected to reach the million-core-kilometer level. The company will strive to maintain a high market share, and the related application scenarios are not limited to DCI, with room for expansion into other scenarios in the future.

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