Group 1 - The company, Fenghuo Communication (600498.SH), announced a share buyback plan aimed at canceling shares and reducing its registered capital [1] - The total amount for the share buyback is set to be no less than 75 million RMB and no more than 150 million RMB [1] - The maximum buyback price is capped at 40.53 RMB per share [1]

每经AI快讯，9月23日，烽火通信(600498.SH)公告称，公司计划以不低于7,500万元且不超过15,000万元 的自有资金或自筹资金，通过集中竞价交易方式回购部分社会公众股份，并全部予以注销以减少注册资 本。回购价格不超过40.53元/股，回购期限为股东大会审议通过后6个月内。 （文章来源：每日经济新闻） ...

| 证券代码：600498 | 证券简称：烽火通信 公告编号：2025-048 | | --- | --- | | 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 关于以集中竞价方式回购股份的预案 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份价格：不超过人民币 40.53 元/股（含本数），该回购价格上限不高 于董事会审议通过本次回购股份决议前 30 个交易日公司股票交易均价的 150%； ● 回购股份方式：集中竞价交易方式 ● 回购股份期限：自公司股东大会审议通过本次股份回购方案之日起不超过 6 个月； ● 相关股东是否存在减持计划：经问询，截至审议本次回购股份的公司董事 会决议日，公司董事、监事、高级管理人员、控股股东、实际控制人未来 3 个月、 未来 6 个月不存在减持计划，相关股东后续如有减持计划，将严格遵守相关规定 并配合公司及时履行信息披露义务。 ● 相关风险提示： 1、本次回购股份方案尚须提交公司股东大会以特别决议审议通过，如果股东 大会未能审议通 ...

烽火通信科技股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 证券代码：600498 证券简称：烽火通信 公告编号：2025-049 转债代码：110062 转债简称：烽火转债 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 15 日 14 点 30 分 召开地点：武汉市东湖高新区高新四路 6 号烽火科技园 1 号楼 5 楼会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年10月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 15 日 至2025 年 10 月 15 日 采用上海证券交易 ...

证券代码：600498 证券简称：烽火通信 公告编号：2025-047 本次会议经审议通过了以下决议： 一、以 11 票同意、0 票反对、0 票弃权，审议通过公司《关于以集中竞价交 易方式回购股份的议案》，具体内容详见公司于本公告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公司关于以集中竞价方式回 购股份的预案》，公告编号：2025-048。 本议案尚需提交公司股东大会审议。 二、以 11 票同意、0 票反对、0 票弃权，审议通过《关于召开 2025 年第一 次临时股东大会的议案》，具体内容详见公司于本公告日在上海证券交易所网站 及《中国证券报》《上海证券报》《证券时报》披露的《烽火通信科技股份有限公 司 2025 年第一次临时股东大会会议通知》，公告编号：2025-049。 特此公告。 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 第九届董事会第八次临时会议决议公告 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。 烽火通信科技股份有限公司（以下简称"公司" ...

Core Viewpoint - The company plans to repurchase shares worth between 75 million and 150 million yuan, with a maximum repurchase price of 40.53 yuan per share [1] Group 1: Share Repurchase Details - The repurchase will utilize self-owned or self-raised funds [1] - The estimated number of shares to be repurchased is between 1.8505 million and 3.701 million shares, representing 0.146% to 0.291% of the company's total share capital [1] - All repurchased shares will be canceled, leading to a reduction in the company's registered capital [1]

Group 1 - The company plans to repurchase shares worth between 75 million to 150 million yuan, with a maximum repurchase price of 40.53 yuan per share [1] - The source of funds for the repurchase will be from self-owned or self-raised funds, with an estimated repurchase quantity of 1.8505 million to 3.701 million shares, accounting for 0.146% to 0.291% of the company's total share capital [1] - All repurchased shares will be used for cancellation and reduction of the company's registered capital, with the repurchase period set to not exceed six months from the date of approval by the shareholders' meeting [1]

Core Viewpoint - The company, Fenghuo Communication (600498.SH), announced a share repurchase plan with a budget ranging from 75 million to 150 million yuan, with a maximum repurchase price of 40.53 yuan per share, aimed at canceling shares and reducing registered capital [1] Summary by Category - **Share Repurchase Plan** - The company plans to repurchase shares worth between 75 million and 150 million yuan [1] - The maximum price for the repurchase is set at 40.53 yuan per share [1] - The repurchased shares will be used for cancellation and to reduce the company's registered capital [1]

Investment Rating - The report indicates a positive outlook for the communication industry, suggesting a potential shift towards a "stronger gets stronger" dynamic due to technological and capital barriers [1]. Core Insights - The communication industry is experiencing a transformation driven by technology and policy support, with a shift in demand from traditional to emerging services [1][39]. - The industry is expected to enter a recovery phase in Q3 2025, with capital expenditure expansion driven by technological breakthroughs and new infrastructure initiatives [39]. - The demand for AI computing power, accelerated commercialization of 5G-A, breakthroughs in 6G technology, and the rise of the "low-altitude economy" are key factors driving the industry's upgrade [1][39]. Supply Capacity Analysis - The report highlights the growth in the optical communication sector, particularly in high-speed optical modules, driven by AI computing demand and increased capital expenditure from global cloud service providers [3][10]. - The domestic penetration rate of traditional optical fiber and cable is nearing saturation, prompting companies to accelerate international expansion [5][4]. - The communication equipment integration market is recovering, with the Asia-Pacific region leading in 5G system integration and services [6]. Demand Matching Capability Analysis - The demand for optical modules, especially high-speed products for data centers, is robust, with a projected shipment increase from 6.4 million units in 2023 to over 31.9 million units by 2025 [3]. - The communication equipment market is experiencing strong growth, with a year-on-year revenue increase of 18.9% in Q2 2025, despite a contraction in 5G investment [11]. - The telecommunications service sector is seeing a shift towards emerging businesses, with significant growth in AI computing and quantum communication services [15][30]. Industry Chain Position Analysis - The communication industry is characterized by a high degree of market concentration, particularly among leading companies in optical communication and equipment integration [24][27]. - The report notes that traditional communication services are facing saturation, with new business areas becoming the core of competitive differentiation [28]. Innovation Capability Analysis - The report emphasizes the importance of policy support for technological advancements, particularly in AI, 6G, and satellite communication [31][32]. - Significant R&D investments are being directed towards AI and 6G technologies, with major companies like China Mobile leading initiatives in these areas [34]. Credit Rating Situation Analysis - The communication industry is witnessing a favorable credit environment, with a total bond issuance of 17.35 billion yuan in Q2 2025, primarily from leading companies [36][37]. - The report indicates that the dual barriers of technology and capital for leading firms will become more pronounced, reinforcing the trend towards market consolidation [36]. Cycle Development Outlook - The communication industry is expected to see revenue and profit growth, with cash flow recovery anticipated in Q3 2025 [38]. - The report forecasts a transition to an expansion phase driven by new infrastructure investments and a focus on domestic demand [39]. Key Segment Development Trends - The optical communication sector is evolving towards ultra-high-speed, intelligent, and integrated solutions, supporting the AI computing network [40]. - The commercialization of 5G-A and advancements in 6G technology are expected to enhance the capabilities of communication equipment integrators [41]. - Telecommunications services are anticipated to diversify, with new opportunities arising from the low-altitude economy and satellite internet developments [42].

Group 1 - The construction of a maritime power is a significant strategic task for the rejuvenation of the Chinese nation, with advanced marine technology being a key indicator of this development [1] - The development of submarine optical cable communication is crucial for supporting marine resource development and offshore operations [1][2] - Wuhan has become the largest production base for optical fibers and cables globally, with leading companies showcasing new capabilities in transoceanic transmission [2][3] Group 2 - The total length of global submarine optical cables has reached 1.4 million kilometers, equivalent to circling the Earth 35 times, carrying trillions of dollars in financial data daily [4] - Historically, the technology and market for submarine cables have been monopolized by companies from the US, France, and Japan, making submarine cables a core element of international technological competition [4] - Wuhan enterprises are pushing for technological innovation and breakthroughs in this context of international competition [4][6] Group 3 - Yangtze Optical Fibre and Cable Company has maintained the world's largest market share in preform, optical fiber, and optical cable for nine consecutive years [6] - The company recently laid the world's first 7-core optical fiber submarine experimental cable, providing a revolutionary solution for "expanding capacity without increasing size" [6] - FiberHome Technologies announced a record transmission speed of 254.7 Tb/s over a 200-kilometer standard single-mode fiber, supporting long-distance signal transmission [6] Group 4 - The construction of a complete industrial chain capability is essential for the development of submarine optical cables [7] - The technology developed by China Information Communication Technologies Co., Ltd. achieved a world record for single-span transmission of 1002.75 kilometers, which has significant applications in near-sea fisheries and marine resource protection [7][8] - Submarine optical cables are critical for various applications, including real-time data transmission for oil and gas platforms and international quantum communication [8] Group 5 - FiberHome is investing nearly 3 billion yuan to build Asia's largest marine communication industrial park, capable of producing 10,000 kilometers of submarine optical cables annually [10] - The company has a complete industrial chain layout in optical fiber and submarine cable technology, actively participating in the optimization and construction of global marine networks [10] - The collaborative innovation model between enterprises and research institutions in Wuhan is fostering rapid technology transfer into industrial capabilities [10]