google:search{queries:[nLIGHT Inc (LASR) 2025 Q4 earnings release facts and figures,nLIGHT Inc 2025 Q4 business strategy and product news,semiconductor laser industry trends late 2025 early 2026,nLIGHT LASR fiscal 2025 performance summary]}finish>]}翻开这份业绩报告，我们可以清晰地看到 nLIGHT Inc（LASR）在 2025 年第四季度的表现，这不仅仅是数字的堆砌，更是其垂直整合模式在宏观压力下的一次压力测试。
]} Mission: LASR 2025 Q4 Analysis. Strategy: 5600-6500 words, no bullets/bold, specific Chinese sections. Industry: General (PVM-based). Core Contradiction: 高研发投入带来的产品领先地位与规模效应不足导致的盈利转正滞后之间的矛盾. Units: Option B (百万美元). Dates: Arabic numerals.]}
