Core Viewpoint - Changfei Fiber is a leading global supplier of optical fiber preforms, optical fibers, and cables, maintaining the largest market share since 2016 [1] Group 1: Business Performance - In Q3 2025, Changfei Fiber reported revenue of 10.275 billion RMB, ranking third among 12 companies in the industry, with the top competitor, Hengtong Optic-electric, at 49.621 billion RMB [2] - The company's net profit for the same period was 541 million RMB, also ranking third, with Hengtong Optic-electric leading at 2.537 billion RMB [2] - The main business segments included optical transmission products at 3.847 billion RMB (60.25%), optical interconnection components at 1.444 billion RMB (22.61%), and other products at 1.094 billion RMB (17.13%) [2] Group 2: Financial Ratios - As of Q3 2025, Changfei Fiber's debt-to-asset ratio was 53.61%, higher than the industry average of 44.07% [3] - The gross profit margin for the same period was 28.83%, exceeding the industry average of 24.18% [3] Group 3: Management and Shareholder Information - Chairman Ma Jie has been in position since December 2013, while President Zhuang Dan's salary decreased by 212,100 RMB in 2024 compared to 2023 [4] - As of July 20, 2018, the number of A-share shareholders was 72,500, with an average holding of 1,045.3 shares [5] Group 4: Market Opportunities and Strategic Developments - In H1 2025, the company achieved revenue of 6.384 billion RMB, a year-on-year increase of 19.38%, while net profit decreased by 21.71% to 296 million RMB [5] - The company is focusing on high-end multimode fibers and expanding into data center markets, with strategic opportunities in G.654.E fiber deployment [5] - Huatai Securities initiated coverage with a "Buy" rating, highlighting the rapid development of G.654.E fiber and the company's vertical and horizontal expansion strategies [6]

（文章来源：国际金融报） 10月30日，长飞光纤(601869.SH)公告称，公司发布2025年第三季度报告，第三季度实现营业收入38.91 亿元，同比增长16.27%；归属于上市公司股东的净利润为1.74亿元，同比下降10.89%。前三季度实现营 业收入102.75亿元，同比增长18.18%；归属于上市公司股东的净利润为4.70亿元，同比下降18.02%。 ...

证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-049 长飞光纤光缆股份有限公司 关于董事辞任暨补选非独立董事的公告 公司于 2025 年 10 月 30 日召开第四届董事会第十六次会议，审议通过了《关 于非独立董事辞任暨补选非独立董事的议案》，经公司提名及薪酬委员会审核通 过，公司董事会提名邱祥平先生为公司第四届董事会非独立董事候选人，并提请 公司股东大会审议。邱祥平先生任期自公司股东大会审议通过之日起至第四届董 事会任期届满之日止，董事袍金拟定为每年人民币 380,000 元（经扣除所有税项 后）。 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。 一、非独立董事离任情况 长飞光纤光缆股份有限公司（以下简称"公司"）董事会收到非独立董事熊 向峰先生的辞职报告。熊向峰先生因退休原因申请辞去公司非独立董事的职务。 熊向峰先生与公司董事会并无不同意见，亦无与其辞职有关的事项需要提请公司 股东注意。 | 姓名 | 离任职 | | 离任时间 | | | 原定任期到期日 | 离任 | 是否继续在 上市公司及 | 是否 ...

证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-046 长飞光纤光缆股份有限公司 日常关联交易公告 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： 一、日常关联交易基本情况 (一) 日常关联交易履行的审议程序 本公司与中国华信及其附属公司签署的2023-2025年销售及采购框架协议及 项下交易金额上限，及与上海诺基亚贝尔及其附属公司签署的 2023-2025 年采购 框架协议及项下交易金额上限将于 2025 年 12 月 31 日届满。本公司与 Prysmian S.p.A.及其附属公司、长飞上海、特发光纤、云晶飞等公司日常关联交易金额上 限将于 2025 年 12 月 31 日届满。本公司拟继续与前述关联方开展同类交易。 2025 年 10 月 30 日，公司召开第四届董事会第十六次会议，审议通过了《关 于与中国华信及上海诺基亚贝尔签署2026 年度日常关联/关连交易框架协议及批 准交易金额上限的议案》，同意与中国华信签署 2026 年日常关联/关连交易协议 及批准协议项下 2026 年度 ...

长飞光纤光缆股份有限公司（以下简称"公司"）第四届监事会第十一次会 议于 2025 年 10 月 30 日以通讯方式召开。会议通知和议案材料等已按照《长飞 光纤光缆股份有限公司章程》（以下简称"《公司章程》"）规定送达各位监事 审阅。本次会议应参加表决监事 3 名，实际参加表决监事 3 名，会议由监事会主 席李平先生主持。会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 经与会监事认真审议，以逐项投票表决方式通过了以下议案，并形成如下决 议： 一、 审议通过《2025 年第三季度报告》 同意公司按照上市地上市规则、《公司章程》及证券监管部门的相关规定编 制的《2025 年第三季度报告》。具体内容详见同日披露于上海证券交易所网站 （www.sse.com.cn）及香港联合交易所有限公司网站（www.hkexnews.hk）的公 告。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-047 长飞光纤光缆股份有限公司 第四届监事会第十一次会议决议公告 本公司监事会及全体监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 ...

长飞光纤光缆股份有限公司2025 年第三季度报告 证券代码：601869 证券简称：长飞光纤 长飞光纤光缆股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人马杰、主管会计工作负责人庄丹及会计机构负责人（会计主管人员）Jinpei Yang（杨 锦培）保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 长飞光纤光缆股份有限公司2025 年第三季度报告 | | 本报告期末 | 上年度末 | 本报告期末比上 | | | --- | --- | --- | --- | --- | | | | | 年度末增减变动 | | | | | | 幅度(%) | | | 总资产 | 34,864,410,977 | 31,726,7 ...

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。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-046 长飞光纤光缆股份有限公司 第四届董事会第十六次会议决议公告 长飞光纤光缆股份有限公司（以下简称"公司"、"本公司"）第四届董事 会第十六次会议于 2025 年 10 月 30 日以通讯方式召开。会议通知和议案材料等 已按照《长飞光纤光缆股份有限公司章程》（以下简称"《公司章程》"）规定 送达各位董事审阅。会议应参加表决董事 12 名，实际参加表决董事 12 名（其中 4 名独立董事），会议由董事长马杰先生主持。会议的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。经与会董事认真审议，以 逐项投票表决方式通过了以下议案，并形成如下决议： 一、 审议通过公司《2025 年第三季度报告》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）及香港联 合交易所有限公司网站（www.hkexnews.hk）的公告。 本议案已经公司第四届审计委员会 2025 年第四次会议审 ...

每经AI快讯，10月30日，长飞光纤(601869.SH)公告称，公司发布2025年第三季度报告，第三季度实现 营业收入38.91亿元，同比增长16.27%；归属于上市公司股东的净利润为1.74亿元，同比下降10.89%。 前三季度实现营业收入102.75亿元，同比增长18.18%；归属于上市公司股东的净利润为4.70亿元，同比 下降18.02%。 ...

Core Viewpoint - UBS has raised the target price for Yangtze Optical Fibre and Cable (601869) from HKD 17.8 to HKD 44, an increase of approximately 147%, while maintaining a "Neutral" rating. The growth is driven by the stabilization of telecom business and rapid growth in data communication business [1][2]. Group 1: Revenue Growth Projections - The overall transmission business revenue is expected to have a compound annual growth rate (CAGR) of 11% from 2025 to 2028 [1]. - Telecom transmission business revenue is projected to hit a low in 2025, declining by 7% year-on-year, followed by a growth of 1.5% in 2026, and maintaining an annual growth rate of 4-5% thereafter [1]. - Data communication transmission business revenue is expected to increase by 57% this year, with a CAGR of 30-40% before 2028 [1]. Group 2: Market Dynamics and Profitability - The share of data communication in total transmission revenue is anticipated to rise from less than 15% in 2024 to 36% in 2028 [1]. - The gross margin for data communication optical cables exceeds 50%, which is expected to drive the overall transmission business gross margin from 31.7% in 2024 to 36.5% in 2028 [1]. - Supply-side dynamics indicate that suppliers are gradually shifting capacity towards data communication and export orders, improving supply-demand relationships [1]. Group 3: Market Sentiment and Future Outlook - Current market sentiment reflects the growth potential of high-margin data communication business and initial optimism regarding hollow fiber [2]. - UBS believes that hollow fiber has long-term development potential, with expectations for technology maturation and significant revenue contribution in the next 2-3 years, although short-term impacts on profitability remain limited [2].

Core Viewpoint - UBS has raised the target price for Yangtze Optical Fibre and Cable (06869) by approximately 147%, from HKD 17.8 to HKD 44, while maintaining a "Neutral" rating, driven by stabilization in telecom business and rapid growth in data communication business [1][2] Group 1: Revenue Growth Projections - The overall transmission business revenue is expected to achieve a compound annual growth rate (CAGR) of 11% from 2025 to 2028 [1] - Telecom transmission business revenue is projected to bottom out in 2025 with a year-on-year decline of 7%, followed by a growth of 1.5% in 2026, and maintaining an annual growth rate of 4-5% thereafter [1] - Data communication transmission business revenue is anticipated to increase by 57% this year, with a CAGR of 30-40% before 2028 [1] Group 2: Market Dynamics and Profitability - The share of data communication in total transmission revenue is expected to rise from less than 15% in 2024 to 36% in 2028 [1] - The gross margin for data communication optical cables exceeds 50%, which is likely to boost the overall transmission business gross margin from 31.7% in 2024 to 36.5% in 2028 [1] - Initial signs of price recovery have been observed in the second half of 2025, indicating an improvement in supply-demand dynamics despite ongoing demand pressures [1] Group 3: Long-term Growth Potential - UBS believes that the current market sentiment reflects the growth potential of the high-margin data communication business and initial optimism regarding hollow fiber [2] - Hollow fiber is expected to have long-term development potential, with significant revenue contributions anticipated as technology matures over the next 2-3 years, although its short-term impact on profitability remains limited [2]