Core Viewpoint - The company maintains its profit forecast, raises the target price, and retains a buy rating, indicating a positive outlook for future performance [1][2]. Financial Performance - The company reported a revenue of 32.049 billion yuan for the first half of 2025, representing a year-on-year increase of 20.42%. The net profit attributable to shareholders was 1.613 billion yuan, showing a slight increase of 0.24% year-on-year, attributed to a high base from the previous year [2]. - The company maintains a gross margin of 13.56%, which is relatively stable compared to previous periods. However, there is a noted decline in gross margin compared to the same period last year, primarily due to the rapid growth of smart grid, industrial intelligence, and copper conductor businesses, which have increased their share [2]. Order Backlog and Strategic Initiatives - The company currently has a backlog of orders in marine power, marine engineering, and land cable sectors amounting to approximately 20 billion yuan, with marine communication-related orders totaling 7.5 billion yuan, indicating a robust order book [3]. - The company has acquired j-fiber in Germany, which has nearly 40 years of experience in the production of specialty optical fibers. Additionally, the company is expanding its AI advanced optical fiber materials R&D and manufacturing center, with plans for completion by February 2026, aimed at enhancing production capabilities for multimode, multi-core, and hollow-core specialty fibers [3][4].

Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 32.049 billion yuan, a year-on-year increase of 20.42% [1] - The net profit attributable to shareholders was 1.613 billion yuan, a year-on-year increase of 0.24% [1] - The non-recurring net profit attributable to shareholders was 1.571 billion yuan, a year-on-year increase of 3.69% [1] - In Q2 2025, the company achieved operating revenue of 18.781 billion yuan, a year-on-year increase of 26.64% and a quarter-on-quarter increase of 41.55% [1] - The net profit attributable to shareholders in Q2 2025 was 1.056 billion yuan, a year-on-year decrease of 3.63% but a quarter-on-quarter increase of 89.74% [1] Group 2: Strategic Developments - The company is focusing on global wind energy resources and has secured a substantial order backlog in offshore wind projects [2] - As of June 2025, the company had approximately 20 billion yuan in orders related to underwater cables and marine engineering, and about 7.5 billion yuan in orders for marine communication business [2] - The company participated in significant offshore wind projects, including the first fully operational offshore wind project in Hainan Province [2] Group 3: Innovation and Market Trends - The demand for data centers driven by AI technology is experiencing explosive growth, with global capital expenditure on AI data centers significantly increasing [3] - The company has innovated in low-loss optical fiber and liquid cooling solutions, positioning itself to benefit from the growing data center market [3] - The company launched a new generation of ultra-low-loss optical fiber products and liquid cooling solutions to meet the needs of high-density computing environments [3] Group 4: Investment Outlook - The company is a leading provider of system solutions in the communication and energy sectors, with expected continued performance improvement [4] - Forecasted net profits for 2025-2027 are 3.382 billion, 3.933 billion, and 4.617 billion yuan, respectively, with corresponding EPS of 1.37, 1.59, and 1.87 yuan [4] - The company maintains a "buy" rating based on the anticipated growth in the optical communication and energy internet sectors [4]

Core Viewpoint - Hengtong Optic-Electric experienced a decline in stock price on September 8, 2023, with a drop of 2.04% to 19.69 CNY per share, amidst significant trading activity and net outflow of funds [1][2]. Company Performance - Hengtong Optic-Electric's stock price has increased by 15.89% year-to-date, with a recent decline of 4.93% over the last five trading days, an increase of 11.56% over the last 20 days, and a rise of 31.97% over the last 60 days [2]. - For the first half of 2025, the company reported a revenue of 32.049 billion CNY, representing a year-on-year growth of 20.42%, while the net profit attributable to shareholders was 1.613 billion CNY, showing a slight increase of 0.24% [2]. Business Segments - The company's main business segments include smart grids (36.98%), copper conductors (25.02%), industrial and new energy intelligence (11.28%), optical communication (10.94%), marine energy and communication (9.57%), and others (5.33%) [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 11.80% to 161,700, with an average of 15,118 shares held per shareholder, which increased by 13.38% [2]. - The company has distributed a total of 2.614 billion CNY in dividends since its A-share listing, with 1.121 billion CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder with 64.5046 million shares, an increase of 10.1831 million shares from the previous period [3]. - Southern CSI 500 ETF ranks as the fourth-largest circulating shareholder with 29.3348 million shares, up by 3.8346 million shares [3].

Group 1 - The core viewpoint highlights that Suzhou-listed companies have demonstrated strong R&D capabilities, with a total R&D investment of approximately 15.69 billion yuan in the first half of 2025, significantly higher than the A-share market average of 2.13% [1][3] - Suzhou companies exhibit a "leading head and following tiers" pattern in R&D investment, with 40 companies investing over 100 million yuan, led by Hengtong Optic-Electric with 1.09 billion yuan [3] - Hengtong Optic-Electric has achieved significant innovation results, winning multiple awards for its projects, including the second prize for technological progress from the China Optical Engineering Society [3] Group 2 - Among Suzhou-listed companies, 48 have an R&D intensity exceeding 10% of their revenue, with 30 of these from the Sci-Tech Innovation Board, representing 62.50% [5] - Guoxin Technology leads with an R&D intensity of 89.9%, followed by Yutai Micro and Borui Pharmaceutical at 70.06% and 64.83%, respectively [5] - Over 55% of Suzhou-listed companies reported a year-on-year increase in R&D investment, with several companies like Hasen Co., Borui Pharmaceutical, and Huaya Intelligent showing over 100% growth [5] Group 3 - The outlook for Suzhou A-share listed companies indicates a continued steady growth in R&D investment, driven by national emphasis on technological innovation and local policy support [6] - Companies are expected to adapt to changing market demands through increased R&D efforts to maintain competitiveness [6]

Group 1 - The company will hold a half-year performance briefing on September 12, 2025, from 15:00 to 16:00 [1][2] - The meeting will take place online at "Value Online" (www.ir-online.cn) and will be conducted in an interactive text format [2] - Investors can submit questions before the meeting by visiting a specified URL or scanning a QR code, with a deadline of September 11, 2025, at 17:00 [1][4] Group 2 - Key participants in the meeting will include the Chairman, independent directors, the General Manager, the Chief Financial Officer, and the Board Secretary [3] - The company aims to enhance communication efficiency with investors by addressing commonly raised questions during the performance briefing [4] Group 3 - Contact information for inquiries includes the Board Office, with a phone number, fax number, and email provided for investor communication [5]

Core Viewpoint - The South Korean government's decision to impose a temporary anti-dumping tax of 43.35% on Chinese single-mode optical fibers starting from October 19 has sparked significant controversy and may ultimately harm its own market competitiveness [1][2][3] Group 1: Impact on Chinese Fiber Optic Companies - Chinese fiber optic companies such as Hengtong, Yangtze Optical, and JinXingTong will face a 43.35% temporary anti-dumping tax for four months, which is expected to disrupt their operations in the South Korean market [1] - Chinese optical fibers hold over 55% of the global market share, while South Korean domestic production accounts for less than 30%, indicating a significant competitive advantage for Chinese firms [1] Group 2: Reactions from South Korean Operators - South Korean operators are caught between rising costs due to the tax and consumer demand, leading to potential price increases for consumers or disruptions in service [2] - The pressure from the tax is likely to be passed on to consumers, resulting in higher network expenses for the general public [2] Group 3: Global Market Dynamics - The global market has evolved beyond simple tariffs, with Chinese manufacturing capabilities now encompassing advanced technology and supply chains, making it difficult for South Korea to maintain its competitive edge through tariffs alone [3] - The rapid expansion of Chinese companies into markets like Vietnam, Thailand, and Malaysia means that they can quickly adapt and potentially undercut prices, undermining the intended protective measures [2][3]

Group 1 - The company, Hengtong Optic-Electric, announced that it will hold a semi-annual performance briefing on September 12, 2025, from 15:00 to 16:00 [2]

Core Points - The company will hold a half-year performance briefing on September 12, 2025, from 15:00 to 16:00 [1][2] - The briefing will be conducted online through "Value Online" platform [1][2] - Investors can submit questions before the briefing until September 11, 2025, at 17:00 [1][2] Meeting Details - The meeting will include participation from key company executives: Chairman Cui Wei, Independent Director Yang Junhui, General Manager Zhang Jianfeng, CFO Wu Yan, and Board Secretary Gu Yiqian [2] - Investors can engage in real-time communication during the meeting [2] - The company aims to address common investor concerns within the scope of regulatory disclosure [1][2]

关于召开 2025 年半年度业绩说明会的提示性公告 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个别及连带责任。 重要内容提示： 会议问题征集：投资者可于 2025 年 9 月 11 日下午 17:00 前访问网址 https://eseb.cn/1rjTecG0fja 或扫描下方小程序码进行会前提问，公司将在业绩说 明会上对投资者普遍关注的问题在上市公司信息披露规定允许的范围内进行回 答。 一、 说明会类型 证券代码：600487 证券简称：亨通光电 公告编号：2025-035 号 江苏亨通光电股份有限公司 吴燕女士，董事会秘书顾怡倩女士。 四、 投资者参加方式 江苏亨通光电股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日披 露了《公司 2025 年半年度报告》及《公司 2025 年半年度报告摘要》。根据《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》的规定，为便于广大 投资者更加全面深入地了解公司发展战略、经营状况及公司治理等情况，公司将 举行 2025 年半年度业绩说明会，在上市公司信息披露规定 ...

Core Logic of Active Optical Communication Sector - The demand for optical communication is driven by the growth of digital economy and increasing computing power needs, as traditional communication architectures struggle to meet bandwidth and latency requirements [2] - The Ministry of Industry and Information Technology has been promoting the self-controllability of the electronic information manufacturing industry, supporting technological upgrades and domestic substitution in core communication equipment [2] - Domestic R&D in optical communication continues to advance, with breakthroughs in materials and technologies that enhance performance and competitiveness in the industry [2] Performance and Analysis of Leading Stocks - Zhongji Xuchuang (300308) holds a strong position in the global optical module market with a market share of approximately 25%-30%, and has seen a significant increase in North American orders [3] - Huagong Technology (000988) is one of the early adopters of 800G silicon optical modules in China, with a recent surge in stock price due to positive market expectations following technological advancements [3] - Yangtze Optical Fibre and Cable (601869) leads in the global optical fibre preform market, reporting a 28% year-on-year increase in net profit, benefiting from accelerated domestic substitution [4] - Hengtong Optic-Electric (600487) has a comprehensive layout in optical communication, with a 20.4% year-on-year revenue growth in the first half of 2024, driven by new business opportunities [4] Characteristics of Stocks with Significant Price Movements - Tengjing Technology (688195) saw a 20% increase in stock price, driven by its precision optical components used in cutting-edge fields, with overseas revenue rising to 45% [5] - Qingshan Paper (600103) opened with a limit-up due to increased demand for optical communication materials, establishing supply relationships with leading optical fibre companies [5] - Tiantong Co., Ltd. (600330) experienced a strong price increase, with high yield rates in its sapphire substrates, directly supplying to major optical module companies [6]