Group 1 - The core point of the article is that Changfei Optical Fiber (601869) announced a plan for a major shareholder, Jiangsu Communications, to reduce its stake by selling up to 1.1 million shares, which represents 0.15% of the company's total shares, within three months after a 15 trading day period [1] Group 2 - Jiangsu Communications currently holds a 15.82% stake in Changfei Optical Fiber [1] - The share reduction will be executed through centralized bidding transactions [1] - The announcement was made on the evening of September 4 [1]

申港证券股份有限公司 关于电信科学技术第一研究所有限公司 免于发出要约收购 武汉长江通信产业集团股份有限公司 之 2025 年半年度持续督导意见 财务顾问：申港证券股份有限公司 二〇二五年九月 申港证券股份有限公司（以下简称申"申港证券"、"本财务顾问"）接受 委托，担任电信科学技术第一研究所有限公司（以下简称"电信一所"、"收购 人"）豁免要约收购武汉长江通信产业集团股份有限公司（以下简称"长江通信"、 "上市公司"、"公司"）的财务顾问，依照《上市公司收购管理办法》（以下 简称"《收购管理办法》"）第六十九条、第七十一条、《上市公司并购重组财 务顾问业务管理办法》第三十一条等有关规定，持续督导期从长江通信公告收购 报告书至收购完成后的 12 个月止（即从 2024 年 12 月 17 日至 2025 年 12 月 31 日）。 2025 年 8 月 28 日，长江通信披露了 2025 年半年度报告。通过日常沟通， 结合长江通信的 2025 年半年度报告及临时公告，本财务顾问出具 2025 年半年度 （2025 年 1 月 1 日至 2025 年 6 月 30 日，以下简称"本持续督导期"）的持续 督导意见 ...

长飞光纤9月4日公告，公司持股5%以上股东武汉长江通信产业集团股份有限公司因自身经营发展需 要，计划自公告披露之日起15个交易日后的3个月内，通过集中竞价交易方式减持公司A股股份不超过 110万股，即不超过公司总股本的0.15%。 ...

长飞光纤公告，持股15.82%的股东武汉长江通信产业集团股份有限公司计划于2025年9月26日至2025年 12月26日，采取集中竞价方式减持公司IPO前取得的A股不超过110万股，占公司总股本0.15%。 ...

Core Viewpoint - Changfei Fiber (601869.SH) announced that its shareholder, Changjiang Communication, plans to reduce its holdings of the company's A-shares by up to 1.1 million shares, which does not exceed 0.15% of the total shares, within three months after a 15 trading day notice period [1] Summary by Relevant Sections - Shareholder Action - Changjiang Communication intends to reduce its stake in Changfei Fiber through centralized bidding transactions [1] - The reduction will occur within three months following the 15 trading day notice period [1] - Shareholding Details - The total number of shares to be reduced is capped at 1.1 million [1] - This reduction represents a maximum of 0.15% of the total shares of the company [1]

Core Insights - The company reported a revenue of 290 million yuan for the first half of 2025, representing a year-on-year increase of 6%, but a net profit loss of 5 million yuan, indicating a shift from profit to loss compared to the previous year. The gross margin improved to 27.73%, up by 0.6 percentage points year-on-year [1]. Group 1: Financial Performance - The increase in R&D expenses by approximately 11 million yuan year-on-year is attributed to higher investment in R&D and increased personnel costs [1]. - Investment income decreased by around 16 million yuan year-on-year, primarily due to lower net profits from associated companies, Changfei Fiber and Donghu Hi-Tech [1]. - Credit impairment losses increased by about 11 million yuan year-on-year, mainly due to a rise in bad debts from accounts receivable [2]. Group 2: Business Development - The domestic low-orbit satellite market is accelerating, with the company’s "Thousand Sails Constellation" project making progress in network deployment and applications, establishing partnerships with operators in Brazil, Malaysia, and Thailand [3]. - The company is actively expanding its presence in the ground station and terminal sectors, leading in market share for integrated ground station projects, which is expected to enhance overall profitability [3]. - Significant breakthroughs in military information construction were achieved, with successful bids for portable remote medical consultation boxes and user terminal upgrades, totaling 130 million yuan [3]. Group 3: Strategic Partnerships - The company is deepening its engagement in the smart public security and emergency markets, maintaining a leading position in traditional advantageous regions while expanding into new markets [4]. - Collaboration with Huawei has been strengthened, with revenues from Huawei amounting to 26.93 million yuan and 17.62 million yuan in 2021 and 2022, respectively, representing 5.2% and 4.4% of total revenue [4]. - Future cooperation with Huawei will focus on promoting the implementation of the fourth-generation AI integrated command solution [4]. Group 4: Investment Opportunities - The company holds a 16% stake in Changfei Fiber, which is well-positioned in the optical fiber and cable industry, benefiting from AI-driven opportunities [5]. - The G.654.E fiber is emerging as a new growth driver in the industry, with operators expected to initiate a new round of large-scale procurement [5]. - Changfei Fiber is advancing its core fiber technology and is set to release new products in 2024, enhancing performance further [5]. Group 5: Profit Forecast and Valuation - The company’s net profit is projected to reach 295 million yuan, 417 million yuan, and 576 million yuan for the years 2025 to 2027, respectively, with a corresponding PE ratio of 36X for 2025 [6].

Core Viewpoint - Changjiang Communication (600345) reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit and cash flow metrics [1] Financial Performance - Total revenue for the first half of 2025 reached 290 million yuan, a year-on-year increase of 6.04% compared to 274 million yuan in 2024 [1] - The net profit attributable to shareholders was -5.11 million yuan, a decline of 120.69% from a profit of 24.71 million yuan in the previous year [1] - In Q2 2025, total revenue was 222 million yuan, up 6.29% year-on-year, while net profit was 8.67 million yuan, down 83.33% [1] Profitability Metrics - Gross margin improved to 27.73%, an increase of 2.21% year-on-year, while net margin fell to -1.76%, a decrease of 119.51% [1] - The total of selling, administrative, and financial expenses was 65.32 million yuan, accounting for 22.52% of revenue, down 3.85% year-on-year [1] Cash Flow and Debt - Operating cash flow per share was -0.61 yuan, a decrease of 15.61% year-on-year, indicating cash flow challenges [1] - The company’s accounts receivable increased by 24.99% to 719 million yuan, representing 421.52% of the latest annual net profit [1] Investment Returns - The company's return on invested capital (ROIC) was 4.45%, indicating weak capital returns, with a historical median ROIC of 5.06% over the past decade [3] - The net profit margin for the previous year was 18.48%, suggesting high value-added products or services despite overall weak investment returns [3] Market Position - The largest fund holding Changjiang Communication is the NuAn YiXin Flexible Allocation Mixed A Fund, which has recently increased its position [4] - The fund's current scale is 44 million yuan, with a recent net value increase of 5.48% and a 69.73% rise over the past year [4]

Core Viewpoint - Changjiang Communication (600345) announced that its wholly-owned subsidiary, Dias, won bids for two projects related to "portable remote medical consultation boxes" and "user terminal site renovation and upgrade" with a total bid amount of 128 million yuan [1] Group 1 - The total bid amount for the two projects is 128 million yuan [1] - The projects were organized by a military procurement service station [1] - The company stated that the related matters have not reached the legal disclosure standards [1]

公司最新毛利率为27.73%，在已披露的同业公司中排名第35，较上季度毛利率增加15.65个百分点，较 去年同期毛利率增加0.60个百分点，实现2年连续上涨。最新ROE为-0.15%，在已披露的同业公司中排 名第49，较去年同期ROE减少0.87个百分点。 公司摊薄每股收益为-0.02元，在已披露的同业公司中排名第49，较去年同报告期摊薄每股收益减少0.09 元，同比较去年同期下降128.57%。 公司最新总资产周转率为0.06次，在已披露的同业公司中排名第66，较去年同期总资产周转率持平，实 现2年连续上涨，同比较去年同期上涨2.26%。最新存货周转率为0.69次，在已披露的同业公司中排名第 56，较去年同期存货周转率增加0.05次，实现2年连续上涨，同比较去年同期上涨7.52%。 2025年8月28日，长江通信(600345.SH)发布2025年中报。 公司营业总收入为2.90亿元，在已披露的同业公司中排名第53，较去年同报告期营业总收入增加1652.10 万元，实现5年连续上涨，同比较去年同期上涨6.04%。归母净利润为-511.16万元，在已披露的同业公 司中排名第49，较去年同报告期归母净利润减少2 ...

证券之星消息，长江通信2025年中报显示，公司主营收入2.9亿元，同比上升6.04%；归母净利润-511.16 万元，同比下降120.69%；扣非净利润-3255.7万元，同比下降80.23%；其中2025年第二季度，公司单季 度主营收入2.22亿元，同比上升6.29%；单季度归母净利润867.12万元，同比下降83.33%；单季度扣非 净利润-138.81万元，同比下降108.56%；负债率22.81%，投资收益4813.54万元，财务费用-501.63万 元，毛利率27.73%。 护城河 成长性 利能力 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(万) -511.16 同比 -120.68% 单季度归母净利润-第二季度(万) 867.12 同比 -83.33% 5202.56 5081.06 5261.29 2471.07 867.12 -511.16 2023 2024 2025 ■ 归母净利润-中报(万) ■ 单季度归母净利润-第二季度(万) 一 扣非净利润 一 扣非净利润-中报(万) -3255.70 同比 - ...