长飞光纤光缆股份有限公司（以下简称"公司"）第四届监事会第十一次会 议于 2025 年 10 月 30 日以通讯方式召开。会议通知和议案材料等已按照《长飞 光纤光缆股份有限公司章程》（以下简称"《公司章程》"）规定送达各位监事 审阅。本次会议应参加表决监事 3 名，实际参加表决监事 3 名，会议由监事会主 席李平先生主持。会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 经与会监事认真审议，以逐项投票表决方式通过了以下议案，并形成如下决 议： 一、 审议通过《2025 年第三季度报告》 同意公司按照上市地上市规则、《公司章程》及证券监管部门的相关规定编 制的《2025 年第三季度报告》。具体内容详见同日披露于上海证券交易所网站 （www.sse.com.cn）及香港联合交易所有限公司网站（www.hkexnews.hk）的公 告。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-047 长飞光纤光缆股份有限公司 第四届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和 ...

长飞光纤光缆股份有限公司2025 年第三季度报告 证券代码：601869 证券简称：长飞光纤 长飞光纤光缆股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人马杰、主管会计工作负责人庄丹及会计机构负责人（会计主管人员）Jinpei Yang（杨 锦培）保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 长飞光纤光缆股份有限公司2025 年第三季度报告 | | 本报告期末 | 上年度末 | 本报告期末比上 | | | --- | --- | --- | --- | --- | | | | | 年度末增减变动 | | | | | | 幅度(%) | | | 总资产 | 34,864,410,977 | 31,726,7 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-046 长飞光纤光缆股份有限公司 第四届董事会第十六次会议决议公告 长飞光纤光缆股份有限公司（以下简称"公司"、"本公司"）第四届董事 会第十六次会议于 2025 年 10 月 30 日以通讯方式召开。会议通知和议案材料等 已按照《长飞光纤光缆股份有限公司章程》（以下简称"《公司章程》"）规定 送达各位董事审阅。会议应参加表决董事 12 名，实际参加表决董事 12 名（其中 4 名独立董事），会议由董事长马杰先生主持。会议的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。经与会董事认真审议，以 逐项投票表决方式通过了以下议案，并形成如下决议： 一、 审议通过公司《2025 年第三季度报告》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）及香港联 合交易所有限公司网站（www.hkexnews.hk）的公告。 本议案已经公司第四届审计委员会 2025 年第四次会议审 ...

每经AI快讯，10月30日，长飞光纤(601869.SH)公告称，公司发布2025年第三季度报告，第三季度实现 营业收入38.91亿元，同比增长16.27%；归属于上市公司股东的净利润为1.74亿元，同比下降10.89%。 前三季度实现营业收入102.75亿元，同比增长18.18%；归属于上市公司股东的净利润为4.70亿元，同比 下降18.02%。 ...

Core Viewpoint - UBS has raised the target price for Yangtze Optical Fibre and Cable (601869) from HKD 17.8 to HKD 44, an increase of approximately 147%, while maintaining a "Neutral" rating. The growth is driven by the stabilization of telecom business and rapid growth in data communication business [1][2]. Group 1: Revenue Growth Projections - The overall transmission business revenue is expected to have a compound annual growth rate (CAGR) of 11% from 2025 to 2028 [1]. - Telecom transmission business revenue is projected to hit a low in 2025, declining by 7% year-on-year, followed by a growth of 1.5% in 2026, and maintaining an annual growth rate of 4-5% thereafter [1]. - Data communication transmission business revenue is expected to increase by 57% this year, with a CAGR of 30-40% before 2028 [1]. Group 2: Market Dynamics and Profitability - The share of data communication in total transmission revenue is anticipated to rise from less than 15% in 2024 to 36% in 2028 [1]. - The gross margin for data communication optical cables exceeds 50%, which is expected to drive the overall transmission business gross margin from 31.7% in 2024 to 36.5% in 2028 [1]. - Supply-side dynamics indicate that suppliers are gradually shifting capacity towards data communication and export orders, improving supply-demand relationships [1]. Group 3: Market Sentiment and Future Outlook - Current market sentiment reflects the growth potential of high-margin data communication business and initial optimism regarding hollow fiber [2]. - UBS believes that hollow fiber has long-term development potential, with expectations for technology maturation and significant revenue contribution in the next 2-3 years, although short-term impacts on profitability remain limited [2].

Core Viewpoint - UBS has raised the target price for Yangtze Optical Fibre and Cable (06869) by approximately 147%, from HKD 17.8 to HKD 44, while maintaining a "Neutral" rating, driven by stabilization in telecom business and rapid growth in data communication business [1][2] Group 1: Revenue Growth Projections - The overall transmission business revenue is expected to achieve a compound annual growth rate (CAGR) of 11% from 2025 to 2028 [1] - Telecom transmission business revenue is projected to bottom out in 2025 with a year-on-year decline of 7%, followed by a growth of 1.5% in 2026, and maintaining an annual growth rate of 4-5% thereafter [1] - Data communication transmission business revenue is anticipated to increase by 57% this year, with a CAGR of 30-40% before 2028 [1] Group 2: Market Dynamics and Profitability - The share of data communication in total transmission revenue is expected to rise from less than 15% in 2024 to 36% in 2028 [1] - The gross margin for data communication optical cables exceeds 50%, which is likely to boost the overall transmission business gross margin from 31.7% in 2024 to 36.5% in 2028 [1] - Initial signs of price recovery have been observed in the second half of 2025, indicating an improvement in supply-demand dynamics despite ongoing demand pressures [1] Group 3: Long-term Growth Potential - UBS believes that the current market sentiment reflects the growth potential of the high-margin data communication business and initial optimism regarding hollow fiber [2] - Hollow fiber is expected to have long-term development potential, with significant revenue contributions anticipated as technology matures over the next 2-3 years, although its short-term impact on profitability remains limited [2]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has introduced a series of nine new policies aimed at facilitating foreign exchange settlement for foreign trade enterprises, enhancing the efficiency and convenience of cross-border trade payment processes [1] Group 1: Expansion of Pilot Programs - SAFE has expanded the pilot program for cross-border trade to 11 regions, with a total of approximately $1.7 trillion in transactions processed under the pilot scheme [2] - Companies like Yangtze Optical Fibre and Cable Joint Stock Limited Company anticipate significant cost savings and operational efficiency improvements if included in the pilot, potentially releasing over 100 million yuan in annual funds [2] - The new policies allow for the offsetting of service fees related to goods trade, such as freight and customs fees, with payment for goods, thereby reducing the frequency and cost of cross-border remittances [2] Group 2: Support for New Trade Models - The rapid growth of cross-border e-commerce has become a crucial support for stabilizing and optimizing foreign trade structures, with imports and exports reaching approximately 2.06 trillion yuan in the first three quarters of the year, a 6.4% increase [3] - Banks are encouraged to leverage the credibility of cross-border e-commerce platforms to include more small and medium-sized enterprises (SMEs) in the category of quality enterprises [3] - The new policies promote the use of electronic orders and logistics information for online automatic processing of cross-border e-commerce payments, adapting to the high-frequency and online nature of these transactions [3] Group 3: Enhancing Service Trade Efficiency - China's service trade has rapidly developed, ranking second globally, with a total import and export value of $509.1 billion in the first half of 2025, reflecting a 6% year-on-year growth [4] - New policies allow engineering companies to manage and allocate foreign funds across different projects and countries, addressing the uneven distribution of overseas funds [5] - The implementation of these policies is expected to reduce external financing needs and currency exchange losses, with estimates suggesting a reduction of approximately 50 million yuan in overseas fund pressure and 3 million yuan in annual exchange losses for companies [5]

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 900.00%, Sinopec Oilfield Service (01033) at 246.25%, and Hongye Futures (03678) at 245.50% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.52%, China Merchants Bank (03968) at -1.95%, and Heng Rui Medicine (01276) at 1.24% [1][2] - The companies with the highest deviation values are Northeast Electric (00042) at 73.25%, Shandong Molong (00568) at 39.97%, and Changfei Optical Fiber (06869) at 27.40% [1][3] - The companies with the lowest deviation values are Shanghai Electric (02727) at -16.60%, Tianjin Chuangye Environmental Protection (01065) at -16.50%, and First Tractor Company (00038) at -14.81% [1][3] Summary of Top AH Premium Rates - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [2] - Sinopec Oilfield Service (01033): H-share at 0.800, A-share at 2.31, premium rate at 246.25%, deviation at 17.04% [2] - Hongye Futures (03678): H-share at 4.000, A-share at 11.54, premium rate at 245.50%, deviation at 14.12% [2] Summary of Bottom AH Premium Rates - CATL (03750): H-share at 560.500, A-share at 400, premium rate at -14.52%, deviation at 1.38% [2] - China Merchants Bank (03968): H-share at 49.800, A-share at 40.77, premium rate at -1.95%, deviation at -5.47% [2] - Heng Rui Medicine (01276): H-share at 75.600, A-share at 63.9, premium rate at 1.24%, deviation at 3.98% [2] Summary of Top Deviation Values - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [3] - Shandong Molong (00568): H-share at 4.200, A-share at 7.92, premium rate at 125.95%, deviation at 39.97% [3] - Changfei Optical Fiber (06869): H-share at 40.040, A-share at 92.92, premium rate at 177.97%, deviation at 27.40% [3] Summary of Bottom Deviation Values - Shanghai Electric (02727): H-share at 4.780, A-share at 9.63, premium rate at 141.21%, deviation at -16.60% [3] - Tianjin Chuangye Environmental Protection (01065): H-share at 4.490, A-share at 6.32, premium rate at 68.60%, deviation at -16.50% [3] - First Tractor Company (00038): H-share at 7.940, A-share at 13.07, premium rate at 97.23%, deviation at -14.81% [3]

Core Viewpoint - Changfei Fiber's stock price has shown significant volatility, with a year-to-date increase of 208.89%, but a recent decline of 20.63% over the past 20 days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Changfei Fiber Optic Cable Co., Ltd. is located in Wuhan, Hubei Province, and was established on May 31, 1988, with its listing date on July 20, 2018. The company focuses on the telecommunications industry, particularly in the fields of telecom operators and data communication [2]. - The company has a complete industrial chain involving the research, innovation, and manufacturing of optical fiber preforms, optical fibers, and cables, with a diversified and international business model [2]. - The main revenue composition includes optical transmission products (60.25%), optical interconnection components (22.61%), and other products (17.13%) [2]. Financial Performance - For the first half of 2025, Changfei Fiber achieved an operating income of 6.384 billion yuan, representing a year-on-year growth of 19.38%. However, the net profit attributable to shareholders decreased by 21.71% to 296 million yuan [2]. - Since its A-share listing, the company has distributed a total of 2.129 billion yuan in dividends, with 943 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Changfei Fiber was 22,600, a decrease of 11.76% from the previous period. The average circulating shares per person remained at 0 [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.9496 million shares, an increase of 1.8554 million shares from the previous period. New entrants include China Europe Value Discovery Mixed A and Fengtong Value Momentum Mixed A [3].

(一)股东大会召开的时间：2025年10月27日 (二)股东大会召开的地点：湖北省武汉市东湖新技术开发区光谷创业街65号长飞光纤总部大楼2楼多功 能会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601869 证券简称：长飞光纤 公告编号：临2025-045 长飞光纤光缆股份有限公司2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场投票表决与网络投票表决相结合的方式召开。 会议由公司董事会召集，由董事长马杰先生主持。 本次股东大会的召集、召开和表决方式符合《公司法》和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事12人，出席12人； 2、公司在任监事3人，出席3人； 3、公司总裁、董事会秘书及部分高级管理人员列席了本次会议。 二、议案审议情况 表决情况 ...