Core Viewpoint - The stock of Fenghuo Communication has experienced fluctuations, with a recent decline of 2.02% and a total market capitalization of 30.67 billion yuan, despite a year-to-date increase of 23.39% [1] Company Performance - As of September 30, 2025, Fenghuo Communication reported a revenue of 17.07 billion yuan, a year-on-year decrease of 19.30%, while the net profit attributable to shareholders increased by 30.28% to 513 million yuan [2] - The company has cumulatively distributed 3.79 billion yuan in dividends since its A-share listing, with 494 million yuan distributed over the past three years [3] Stock Market Activity - The stock has seen a net outflow of 38.24 million yuan from major funds, with significant selling pressure observed [1] - The stock has been listed on the "Dragon and Tiger List" once this year, with a net purchase of 259 million yuan on February 19 [1] 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] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings [3]

Group 1 - The company has approved a share repurchase plan, allowing for the repurchase of shares using self-owned or raised funds within a six-month period from October 15, 2025, to April 14, 2026, with a total fund amount between RMB 75 million and RMB 150 million [2][3] - The maximum repurchase price is set at RMB 40.53 per share, with an estimated repurchase quantity ranging from 1,850,482 to 3,700,962 shares [2] - As of October 31, 2025, the company has repurchased 1,179,500 shares, accounting for approximately 0.09% of the total share capital, with a total transaction amount of RMB 29,981,527.37 [3] Group 2 - The company will redeem the convertible bonds at RMB 106 per bond on December 1, 2025, with the payment date set for December 2, 2025 [8][12] - The last trading day for the convertible bonds is November 26, 2025, and they will stop trading on November 27, 2025 [10] - Holders of the convertible bonds can convert them into common shares until December 1, 2025 [10][11]

Core Viewpoint - The company, Fenghuo Communication, announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [1] Summary by Categories Company Actions - As of October 31, 2025, the company has repurchased a total of 1,179,500 A-shares through centralized bidding, which represents 0.09% of the company's total share capital [1]

| 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-061 | | --- | --- | --- | | 转债代码：110062 | 转债简称：烽火转债 | | 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 | 回购方案首次披露日 | 2025/9/24 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 4 | 10 | 月 | 15 | 日~2026 | 年 | 月 | 14 | 日 | | 预计回购金额 | 7,500万元~15,000万元 | | | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | | 累计已回购股数 | 117.95万股 | | | | | | | | | | 累计已回购股数占总股本比例 | 0.09% | | | | ...

| 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-062 | | --- | --- | --- | | 转债代码：110062 | 转债简称：烽火转债 | | 烽火通信科技股份有限公司 关于"烽火转债"到期兑付暨摘牌的第一次提示性公告 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： 根据《上市公司证券发行注册管理办法》《上海证券交易所股票上市规则》 及《烽火通信科技股份有限公司公开发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"），现将烽火转债到期兑付摘牌事项公告如下： 一、兑付方案 根据《募集说明书》的规定，在本次发行的可转债期满后五个交易日内， 公司将以本次发行的可转债的票面面值的 106%（含最后一期年度利息）的价格 向投资者赎回全部未转股的可转债。烽火转债到期合计兑付人民币 106 元/张（含 可转债到期日和兑付登记日：2025 年 12 月 1 日 兑付本息金额：人民币 106 元/张 兑付资金发放日：2025 年 12 月 2 日 可转债摘牌日：2025 ...

Group 1 - The company, Fenghuo Communication, announced on November 3 that it has repurchased approximately 1.18 million A-shares through centralized bidding, accounting for about 0.09% of the total share capital [1] - The highest price for the repurchased shares was 26.26 yuan per share, while the lowest price was 24.81 yuan per share [1] - The total amount spent on the share repurchase was approximately 29.98 million yuan [1]

Group 1 - The company, Fenghuo Communication, announced a share buyback program, having repurchased 1.1795 million A-shares as of October 31, 2025, which represents approximately 0.09% of its total share capital [1] - The highest price at which the shares were repurchased was 26.26 yuan per share, while the lowest price was 24.81 yuan per share [1] - The total amount spent on the share buyback was 29.9815 million yuan, excluding transaction fees [1]

Core Viewpoint - The company, Fenghuo Communication, is a high-tech enterprise specializing in network information security and mobile information products, ranking third in revenue among its industry peers in Q3 2025 [1][2]. Group 1: Business Performance - In Q3 2025, Fenghuo Communication achieved a revenue of 17.072 billion yuan, ranking third among 36 companies in the industry [2]. - The company's main business segments include communication system equipment (8.728 billion yuan, 78.51%), optical fiber cables (2.004 billion yuan, 18.02%), data network products (220 million yuan, 1.98%), and others (165 million yuan, 1.49%) [2]. - The net profit for the same period was 505 million yuan, placing it eighth in the industry [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 61.42%, down from 64.96% year-on-year, but still above the industry average of 38.12% [3]. - The gross profit margin for Q3 2025 was 22.42%, slightly up from 22.13% year-on-year, yet lower than the industry average of 30.08% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.90% to 119,300, while the average number of circulating A-shares held per shareholder increased by 9.08% to 9,928.7 [5]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with significant increases in their holdings [5]. Group 4: Management Compensation - The chairman, Zeng Jun, saw a salary reduction from 1.627 million yuan in 2023 to 1.537 million yuan in 2024, a decrease of 90,000 yuan [4]. - The president, Lan Hai, experienced a salary increase from 1.451 million yuan in 2023 to 1.480 million yuan in 2024, an increase of 29,000 yuan [4]. Group 5: Future Outlook and Business Highlights - The company plans to repurchase shares worth 75 to 150 million yuan to reduce registered capital, indicating confidence in its development [6]. - Key business highlights include being a core supplier of multimode optical fibers, achieving over 50% compound annual growth rate in capacity over the past three years, and plans to reach an annual capacity of 4 million core kilometers by 2026 [6]. - The company has made breakthroughs in hollow-core fiber technology and has become a partner of Huawei, enhancing its capabilities in providing complete solutions [6].

Market Overview - The participation fund sector declined by 1.04% on October 30, with Fenghuo Communication leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Major gainers included: - Daheng Technology (600288) with a closing price of 15.66, up 2.82% and a trading volume of 302,700 shares, totaling 473 million yuan [1] - Zhongsheng Shengtang (000039) closed at 8.25, up 0.73% with a trading volume of 434,000 shares, totaling 359 million yuan [1] - Major losers included: - Fenghuo Communication (600498) closed at 25.09, down 4.42% with a trading volume of 538,400 shares, totaling 1371 million yuan [2] - Zhongjin Company (601995) closed at 37.48, down 3.97% with a trading volume of 542,100 shares, totaling 2056 million yuan [2] Capital Flow Analysis - The participation fund sector experienced a net outflow of 7.386 billion yuan from institutional investors, while retail investors saw a net inflow of 4.598 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow by Stock - Huatai Securities (601688) had a net inflow of 1.36 billion yuan from institutional investors, but a net outflow of 1.51 billion yuan from retail investors [3] - Other notable stocks include: - Fangzheng Securities (106109) with a net inflow of 28.79 million yuan from institutional investors [3] - Zhongsheng Shengtang (000039) saw a net outflow of 23.86 million yuan from speculative funds [3]

Core Insights - The company reported a total revenue of 17.072 billion yuan for Q3 2025, ranking 5th among disclosed peers [1] - The net profit attributable to shareholders was 513 million yuan, marking a year-on-year increase of 30.28% and ranking 9th among peers [1] - The company achieved a net cash inflow from operating activities of -52.97 million yuan, an increase of 1.548 billion yuan compared to the same period last year [1] Financial Performance - The latest debt-to-asset ratio is 61.42%, down 1.89 percentage points from the previous quarter and down 3.55 percentage points year-on-year [3] - The latest gross profit margin is 22.42%, up 0.20 percentage points from the previous quarter and up 0.29 percentage points year-on-year, achieving five consecutive years of growth [3] - The latest return on equity (ROE) is 3.25%, an increase of 0.32 percentage points year-on-year [3] Earnings and Shareholder Information - The diluted earnings per share (EPS) is 0.43 yuan, ranking 25th among disclosed peers, with a year-on-year increase of 30.30% [3] - The company has a total asset turnover ratio of 0.38 times and an inventory turnover ratio of 1.36 times [3] - The number of shareholders is 119,300, with the top ten shareholders holding 677 million shares, accounting for 52.54% of the total share capital [3]