$AXTI Inp will not be expanded in the future。 Demand is strong and capacity has landed ahead of schedule. The new lines were originally due to be completed by end-2026, but were effectively in place by June 2026. Monthly capacity goes from 50,000 wafers to 60,000 by year-end and 90,000 in 1Q27. There is no further ramp in 4Q26, since the new equipment only arrives at the tail end of 3Q into early 4Q; and no expansion is planned beyond 2027. Orders are fully booked through end-2027, with the backlog concentrated in exports; sales inside China carry no backlog and ship faster, and account for about two-thirds of revenue. Export licences are issued per customer or region: zero shipments to the US and Canada in 2026, while Europe, Japan, Taiwan and Singapore are shipping normally. Domestic
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