Yunnan Germanium announced on November 3 that its controlled subsidiary, Yunnan Xinyao, has entered into a Long-Term Supply Agreement with customer AOI. Under the agreement, AOI is expected to purchase 180,000 4-inch N-type indium phosphide substrates annually from 2027 through 2031, totaling 900,000 substrates. Actual prices and quantities will be subject to annual contracts, purchase orders, and export license approval. The two parties also signed an Annual Contract specifying that AOI will purchase 180,000 substrates in 2027 for US$194.40 million (excluding tax), with the actual amount subject to export licensing and order conditions. The contract term will remain in effect until the expiration date specified in the dual-use items and technologies export license (including renewals) issued by the Ministry of Commerce.