Core Viewpoint - Changfei Optical Fiber (601869) announced that its shareholder, Wuhan Changjiang Communication Industry Group Co., Ltd. (600345), plans to reduce its holdings of A-shares by up to 1.1 million shares, representing no more than 0.15% of the total shares, within three months from the announcement date [1] Summary by Relevant Sections - Shareholder Reduction Plan - Wuhan Changjiang Communication intends to reduce its stake in Changfei Optical Fiber through centralized bidding transactions [1] - The reduction will occur within three months after the announcement, starting from 15 trading days post-disclosure [1] - Current Shareholding Status - As of the announcement date, Wuhan Changjiang Communication holds 119.9 million A-shares, accounting for 15.82% of the total share capital of Changfei Optical Fiber [1] - The shares to be reduced are all from the initial public offering and have been tradable since July 22, 2021 [1]

Core Viewpoint - The company plans to sell up to 1.1 million shares of Yangtze Optical Fibre and Cable Joint Stock Limited Company, representing 0.15% of its total share capital, through a centralized bidding process on the stock exchange [1] Summary by Sections - **Shareholding Information** - As of the announcement date, the company holds 120 million shares of Yangtze Optical Fibre, accounting for 15.82% of the total share capital [1] - **Sale Details** - The proposed sale of shares has been approved by the company's 10th Board of Directors at its 9th meeting and does not require approval from the shareholders' meeting [1]

Core Viewpoint - Changfei Optical 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 represents no more than 0.15% of the total shares outstanding, within three months from the date of the announcement [1] Summary by Category - **Shareholder Actions** - Changjiang Communication intends to reduce its stake in Changfei Optical Fiber through centralized bidding transactions [1] - The reduction will occur within a timeframe of three months starting from 15 trading days after the announcement [1] - **Impact on Company Shares** - The planned reduction of up to 1.1 million shares indicates a strategic move by the shareholder, potentially affecting market perception and share price [1]

武汉长江通信产业集团股份有限公司 2025 年第一次临时股东大会 会议资料 二〇二五年九月十二日 证券代码：600345 证券简称：长江通信 2025 年第一次临时股东大会会议资料 会 议 须 知 为维护投资者的合法权益，确保武汉长江通信产业集团股份有限公 司（以下简称"公司"）2025 年第一次临时股东大会（以下简称"本次 大会"）的正常秩序和议事效率，根据《公司法》《上市公司股东大会规 则》等法律、法规和公司《章程》的规定，特制定本次股东大会现场会 议须知： 一、本次大会期间，全体参会人员应以维护股东的合法权益、确保 大会的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股 东代理人（以下简称"股东"）、董事、监事、高级管理人员、公司聘请 的律师及公司董事会邀请的人员以外，公司有权依法拒绝其他人士入场， 对于干扰大会秩序、寻衅滋事和侵犯股东合法权益的行为，公司有权予 以制止并报告有关部门查处。 三、会议期间谢绝个人进行录音、拍照及录像。 四、大会设会务组，负责会议的组织工作和处理相关事宜。 五、出席本次股东大会现场会议的股东（或股东代表）必须在会议 召 ...

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].