Core Viewpoint - The stock of Fenghuo Communication has shown fluctuations, with a year-to-date increase of 14.36% but a recent decline over various trading periods, indicating potential volatility in the market [1][2]. Company Overview - Fenghuo Communication, established on December 25, 1999, and listed on August 23, 2001, is located in Wuhan, Hubei Province. The company specializes in the research, production, and sales of network information security products and mobile information products [1]. - The main revenue composition includes: 78.51% from communication system equipment, 18.02% from optical fiber cables, 1.98% from data network products, and 1.49% from other sources [1]. Financial Performance - For the period from January to September 2025, Fenghuo Communication reported a revenue of 17.072 billion, a year-on-year decrease of 19.30%. However, the net profit attributable to shareholders increased by 30.28% to 513 million [2]. - The company has distributed a total of 3.791 billion in dividends since its A-share listing, with 494 million distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.90% to 119,300, while the average circulating shares per person increased by 9.08% to 9,928 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.5716 million shares to 21.3305 million shares, and Southern CSI 500 ETF, which increased its holdings by 539,600 shares to 11.102 million shares [3].

Group 1 - The core announcement is regarding the maturity and redemption of the "Yunhu Convertible Bonds" (烽火转债), with a redemption amount of RMB 106 per bond [2][3][7] - The maturity date and redemption registration date for the bonds is set for December 1, 2025, with the payment date for the principal and interest on December 2, 2025 [4][6][7] - The last trading day for the convertible bonds is November 26, 2025, and trading will cease on November 27, 2025 [4][5][9] Group 2 - The total issuance of the Yunhu Convertible Bonds was 30,883,500 bonds, with a total amount of RMB 308,835 million, and a maturity period of 6 years [2][3] - The interest rates for the bonds increased progressively from 0.2% in the first year to 2.0% in the sixth year [2] - The bonds will be redeemed at 106% of the face value, which includes the final interest payment [3][7] Group 3 - The company has initiated a share repurchase program, with a total repurchase amount between RMB 75 million and RMB 150 million, and a maximum repurchase price of RMB 40.53 per share [12][14] - As of November 21, 2025, the company has repurchased 3,098,774 shares, representing approximately 0.24% of the total share capital, with a total transaction amount of approximately RMB 74.98 million [14] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [12][14]

2024年1至12月份，烽火通信的营业收入构成为：光通信占比98.63%，其他业务占比1.37%。 （记者 曾健辉） 每经AI快讯，烽火通信（SH 600498，收盘价：21.61元）11月23日晚间发布公告称，截至2025年11月21 日，公司通过集中竞价交易方式已回购A股股份数量约为310万股，已回购股份约占公司总股本的 0.24%，回购成交的最高价格为26.26元/股，回购成交的最低价格为23.14元/股，成交总金额约为7498万 元人民币。 每经头条（nbdtoutiao）——"抛售日本"？GDP负增长，股市跳水，国债被抛，日元贬值！高市早苗"亡 命一搏"："灌水"21万亿！专家：恐赴"特拉斯风暴"后尘 截至发稿，烽火通信市值为278亿元。 ...

证券代码：600498 证券简称：烽火通信 公告编号：2025-071 一、回购股份的基本情况 烽火通信科技股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日、2025 年 10 月 15 日，分别召开第九届董事会第八次临时会议、2025 年第一次临时股东 大会，审议通过了《关于以集中竞价交易方式回购股份的议案》，同意公司自股东 大会审议通过本次回购股份预案之日起 6 个月内（即 2025 年 10 月 15 日至 2026 年 4 月 14 日），使用自有资金或自筹资金以集中竞价交易方式回购公司股份，回 购的资金总额不低于人民币 7,500 万元（含）且不超过 15,000 万元（含），回购 价格不超过人民币 40.53 元/股（含），依照回购价格上限测算，回购的数量不低于 1,850,482 股（含）且不超过 3,700,962 股（含），最终回购使用资金总额、回购 数量以回购期间的具体实施结果为准。本次回购股份将全部用于注销并减少公司 注册资本。 本次回购具体内容详见公司于 2025 年 10 月 21 日在上海证券交易所网站 （www.sse.com.cn）披露的《烽火通信科技股份有限 ...

| 证券代码：600498 | 证券简称：烽火通信 公告编号：2025-070 | | --- | --- | | 转债代码：110062 | 转债简称：烽火转债 | | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 复牌日 | | --- | --- | --- | --- | --- | --- | | 110062 | 烽火转债 | 可转债债券停牌 | 2025/11/27 | | | 可转债到期日和兑付登记日：2025 年 12 月 1 日 自 2025 年 11 月 27 日至 2025 年 12 月 1 日，烽火转债持有人仍可以依据 约定的条件将烽火转债转换为公司普通股 烽火通信科技股份有限公司 关于"烽火转债"到期兑付暨摘牌的公告 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： 证券停复牌情况：适用 因烽火转债到期兑付暨摘牌,本公司的相关证券停复牌情况如下： 经中国证券监督管理委员会《关于核准烽火通信科技股份有限公司公开发行 可转换公司债券的批复》（证监许可 ...

Core Viewpoint - On November 21, a total of 9 companies had their restricted shares unlocked, with a total unlocking volume of 753 million shares, amounting to a market value of 49.147 billion yuan based on the latest closing price [1] Summary by Category Unlocking Volume - The companies with the highest unlocking volumes are Ruijie Networks, Jinghua New Materials, and Fenghuo Communication, with unlocking shares of 700 million, 27.1998 million, and 17.2516 million respectively [1] Unlocking Market Value - In terms of unlocking market value, Ruijie Networks, Jinghua New Materials, and Fenghuo Communication lead with values of 47.866 billion yuan, 0.702 billion yuan, and 0.039 billion yuan respectively [1] Unlocking Ratio - One company has an unlocking ratio exceeding 10%. The unlocking ratios for Ruijie Networks, Jinghua New Materials, and Fenghuo Communication are 88.0%, 9.39%, and 1.34% respectively [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

Meeting Overview - The shareholders' meeting was held on November 14, 2025, at the company's headquarters in Wuhan [1] - The meeting was chaired by the company's chairman, Mr. Zeng Jun, and was conducted through a combination of on-site and online voting [1] - All 11 current directors and 7 current supervisors attended the meeting, along with the board secretary and other senior management [1] Resolutions Passed - The following proposals were approved during the meeting: 1. Signing of the Financial Services Agreement with China Information Communication Technologies Group (Hong Kong) Limited [2] 2. Appointment of the auditing firm for the year 2025 [2] 3. Amendments to certain provisions of the company's articles of association [2][3] Legal Verification - The meeting was witnessed by Hubei Dewei Junshang Law Firm, with lawyers Lu Li and Wang Yi present [4] - The lawyers confirmed that the meeting's procedures complied with legal regulations and the company's articles of association, and that the resolutions passed were valid and effective [4]

Core Points - The stock price of Fenghuo Communication (600498) closed at 23.12 yuan on November 14, 2025, down 4.97% from the previous week [1] - The company has a total market capitalization of 29.792 billion yuan, ranking 14th out of 85 in the communication equipment sector and 627th out of 5165 in the A-share market [1] Company Announcements - On November 11, 2025, Fenghuo Communication held its ninth board meeting, approving the third unlocking of the 2021 restricted stock incentive plan for 1,586 participants, allowing the release of 17,251,566 shares [1][2] - The third unlocking will result in 1.34% of the company's total share capital being released, with 1,569 participants meeting the performance criteria for a 100% unlock [1][3] - The shares will be available for trading on November 21, 2025 [2][3] - The company also held a shareholder meeting on November 14, 2025, approving three resolutions, including a financial services agreement with China Information Communication Technologies Group (Hong Kong) [2][3]

证券代码：600498 证券简称：烽火通信 公告编号：2025-069 烽火通信科技股份有限公司 2025年第二次临时股东大会决议公告 (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。 会议由公司董事会召集，公司董事长曾军先生主持会议，以现场投票与网络 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 (一)股东大会召开的时间：2025 年 11 月 14 日 (二)股东大会召开的地点：武汉市东湖高新区高新四路 6 号烽火科技园 1 号楼 5 楼 511 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： | 1、出席会议的股东和代理人人数 | 1,036 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 577,195,796 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 44.2548 | 投票相结合的方式召开，湖北得伟 ...