应用光电 2024年度报告

To Our Stockholders: As I sit here in early April, 2025, it is a challenging time to be a CEO. Particularly the CEO of a multi-national company.The US recently announced tariffs on many of the country’s trading partners, and retaliatory tariffs have beenannounced by various countries. I would not be surprised if all of this changes dramatically by the time you readthis. But challenge creates opportunity and uncertainty, while uncomfortable, rewards flexibility and prior planning. Andso I am pleased to report that I see new opportunities for AOI emerging at a rapid pace.Moreover, thoseopportunities for which we have positioned ourselves over the past several years are poised to initiate what I expectto be a transformational period of growth for our company. If I may, please consider the following excerpt from my letter to you last year at this time: “For AOI, our datacenter customers have been particularly attracted to the widespread use of automation in the production of ouroptical products, which allows us to produce these products in Texas at the scale that is necessary to address the quantity of productdemanded by existing and future AI datacenter infrastructure. An additional benefit to AOI’s approach is that US -based production isseen as a hedge against rising geopolitical tension that may affect production in other parts of the world. ” I’m sure nearly all of you would agree that “rising geopolitical tension” was probably an understatement consideringthe events that have transpired over the last several weeks. And yet, this is exactly what we have been preparingfor. Specifically, we have: •Begun construction of additional production lines for our data center products in Sugar Land, TX. The firstof these production lines will begin volume production in September, 2025,•Signed a multi-year incentive program with Amazon, which gives us confidence to make capacity expansionto meet the opportunities we see in our data center market,•Added 3rdparty contractors in various regions for our CATV products, to facilitate flexibility in manufacturinglocation as tariffs evolve, and•Imported a significant quantity of CATV products well before any tariffs were announced, to minimize anydisruption in delivery to our customers. We believe that these, and a myriad of smaller tactical moves made at all levels of our organization, have positionedus well to be a clear choice for customers who desire a secure US-based partner with which to navigate the “risinggeopolitical tension” that has become the hallmark of our current business environment. While I cannot pretend to know precisely what the future holds for AOI, I can confidently tell you that I believe thereis no more talented, dedicated, and productive group of professionals than those we have assembled to work foryou here at AOI. In our 28 years in business, many of our core managers have navigated grave difficulties together.We have risen to challenges in the past, evolved our business, and grown ever more capable. I believe sincerely thatas the world changes around us, the opportunities presented by that change will positively transform AOI andfurthermore we have the necessary technology, talent, and determination to not only weather the storm, but gainadvantage in the process. So to you, our valued shareholders, I say thank you for your support. And to my fellow AOI team members, many ofwhom are also our shareholders, I can only say thank you for your hard work and preparation. I look forward toexperiencing along with you the satisfaction of seeing all our preparation paying off for our customers, ourshareholders, and our fellow AOI team members. There is much work yet to be done, but I am confident that thiseffort will be richly rewarded. Sincerely, Thompson Lin, Founder, President and CEO 2024Annual Report UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36083 Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933 Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rul