Group 1 - The company will hold an earnings briefing on June 27, 2025, from 15:00 to 16:00 to discuss its 2024 annual and Q1 2025 performance, financial status, and strategic initiatives [1][4] - The earnings briefing will be conducted via video and online interaction, allowing investors to engage and ask questions [1][4] - Investors can submit questions via email to the company's investor relations before the briefing, and the company will address commonly asked questions during the session [3][4] Group 2 - The briefing will be accessible through the China Securities Network Roadshow Center [3][4] - Key participants in the briefing include the company's executive director and president, independent director, vice president, and financial director [2]

证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-029 长飞光纤光缆股份有限公司 2024 年度暨 2025 年第一季度业绩说明会预告公告 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： 为便于广大投资者深入了解长飞光纤光缆股份有限公司（以下简称"公司" 或"本公司"）2024 年度及 2025 年第一季度经营成果、财务状况及战略举措情 况，本公司拟于 2025 年 6 月 27 日（星期五）15:00–16:00 召开业绩说明会，就 投资者普遍关心的问题进行交流。 一、业绩说明会类型 本次业绩说明会通过视频及网络互动的方式召开。本公司将针对 2024 年度 及 2025 年第一季度经营成果、财务状况及战略举措情况与投资者进行互动交流， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 会议召开时间：2025年6月27日（星期五）15:00–16:00 会议召开方式：视频及网络互动 会议召开网址：中国证券网路演中心（https://roadshow.cn ...

Core Viewpoint - The company launched the "AI-2030" strategy aimed at becoming a leader in global AI optical connectivity infrastructure through technological innovation and ecosystem collaboration [2] Group 1: Strategic Focus - The "AI-2030" strategy emphasizes the need for new optical fiber networks to support the data flow generated by the digital transformation in various industries [2] - Key products in the strategy include G.654.E optical fiber, multi-core optical fiber, high-end multi-mode optical fiber, ultra-high-speed optical modules, and hollow-core optical fiber, which are designed to create super high-capacity, low-latency, and low-loss networks [2] Group 2: Ecosystem Collaboration - The strategy prioritizes collaborative development across the industry chain, leveraging national key laboratories to promote pilot projects and commercialization of new products like multi-core and hollow-core optical fibers [3] - The company is actively involved in setting domestic and international standards for products and technologies such as G.654.E and hollow-core optical fiber, fostering comprehensive industry chain collaboration [3] Group 3: Market Expansion - The company has established 8 production bases in 6 countries and over 20 overseas platforms, providing products and services to more than 100 countries and regions [3] - A dual strategy is employed to promote global digitalization, partnering with global operators for AI network construction and establishing communication infrastructure in underdeveloped areas [3] Group 4: Sustainable Development - The "AI-2030" strategy aligns with green sustainable development, achieving a 40% increase in energy efficiency, a 20% rise in production efficiency, and a 20% reduction in operating costs [4] - The company integrates AI technology into smart manufacturing and has been recognized as a "green factory" by the national government [4] - The strategy promotes a sustainable supply chain through green procurement, packaging, logistics, and recycling initiatives [4] Group 5: Investment and Competitiveness - To enhance competitiveness, the strategy emphasizes multi-field collaboration and the establishment of investment funds in areas such as industrial lasers, third-generation semiconductors, and robotics [4]

Core Viewpoint - The company emphasizes the importance of talent and investment in driving technological innovation and achieving strategic goals, with a strong focus on cultivating a skilled workforce through its newly established Changfei University [1][3]. Group 1: Talent Development - Changfei University has been officially established to serve as a resource platform for cultivating world-class talent necessary for the company's growth [1]. - The company has innovated its talent cultivation model, focusing on comprehensive training for outstanding engineering talents from theory to application [1]. - Over 10 national-level leading talents and more than 50 top technical talents are currently employed at the company, highlighting its commitment to attracting and retaining skilled professionals [3]. Group 2: Research and Development Investment - The company allocates at least 5% of its annual revenue to research and development, with no upper limit on investment, demonstrating its commitment to continuous innovation [1]. - The company has applied for over 3,300 patents, with 1,900 patents granted, showcasing its strong focus on intellectual property and technological advancement [1]. Group 3: Industry Leadership - The company has established itself as a leader in the optical fiber industry, achieving domestic leadership and entering the global top tier, being the only company to independently master and industrialize three mainstream optical fiber preform preparation technologies [3]. - Since 2016, the company has maintained the global market share leader in optical fiber preforms, optical fibers, and optical cables for nine consecutive years, contributing to China's development of the largest and most advanced network infrastructure globally [3].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the AI industry, public cloud services, and the renewable energy sector, with a focus on companies like Huoshan Engine, Guoneng Rixin, and Zhongji Xuchuang [2][9][13]. Core Insights and Arguments AI Industry - Huoshan Engine leads the domestic public cloud large model invocation market with a 46.4% market share [2][3]. - Daily invocation of Huoshan Engine's Daobao model increased from 4 trillion tokens in December 2024 to over 16.4 trillion tokens by May 2025, indicating rapid growth [3]. - AI tool token consumption has surged, with programming tools increasing by 8.4 times and general tools by 10 times [2][3]. - Visual understanding models in K12 education have seen a 12-fold increase in token consumption [2][3]. - Daily token consumption for intelligent inspection videos and video retrieval has surpassed 10 billion [4]. Pricing Strategy - Huoshan Engine's Daobao 1.6 pricing strategy varies by input range, significantly reducing costs for enterprises, especially for requests within the 0-32K range, where costs can drop by 63% [5]. Demand for Computing Power - The AI era is driving a shift from BI to multi-modal data processing, increasing demand for computing power [6]. - Domestic computing power is currently in short supply, with potential price increases expected in the second half of the year [21]. - Despite NVIDIA's potential return to the Chinese market, domestic computing power still has significant growth potential [21]. Renewable Energy Sector - The National Development and Reform Commission's green electricity direct supply policy benefits Guoneng Rixin and Langxin, enhancing their competitive edge in renewable energy generation efficiency [9]. - Guoneng Rixin's products and services are expected to help reduce waste in wind and solar energy generation [9]. Optical Module Market - The demand for optical modules is rapidly increasing, with expectations of 15-17 million units of 800G products needed by 2025 and optimistic projections of 25-30 million units by 2026 [13]. - Zhongji Xuchuang is highlighted as a leading player in the optical module market, with significant potential for rebound and sustained growth [13]. International Expansion and Market Dynamics - Companies like Changfei Fiber have improved their performance, with revenue and profit growth returning to levels seen in 2021 and 2022 [15][16]. - The international market is opening new opportunities, with overseas revenue exceeding 30% [16]. - The hollow fiber technology is identified as a key growth driver for Changfei Fiber, with significant investments from major players like Microsoft [17]. Other Important Insights - The AI industry is expected to see a new wave of growth if major models are upgraded in the coming months [6]. - The consumer electronics sector is anticipated to benefit from innovations in foldable screens and wearable devices, with significant sales expected [23][24]. - The electronic sector is currently facing challenges but may see valuation recovery opportunities, particularly in the consumer electronics segment [19]. This summary encapsulates the key points discussed in the conference call, highlighting the trends, opportunities, and challenges within the AI and renewable energy sectors, as well as the performance of specific companies.

Group 1: China Resources Beer (00291) - The company achieved positive sales growth in April and May, aligning with the sales trend from January to May 2025 [1] - The management expects pressure on the liquor business revenue due to weak demand and high base, aiming to avoid losses and impairments [1] - The company benefits from favorable raw material factors, leading to a gross margin increase of over 1 percentage point, while operational costs are reduced through "Three Precision" initiatives [1] - Heineken sales grew over 20% year-on-year, while Super X saw approximately 10% growth; Snow Beer Pure Life experienced a slight decline [1] - Sales momentum is strong in Guangdong, particularly around Shenzhen, with expectations for East and South China to drive growth in 2025 [1] - The ready-to-drink channel remains weak, but there was slight improvement in some dining markets in May [1] Group 2: Capital Expenditure and Financial Projections - The company plans to expand Heineken production capacity in Fujian and continue investments in maintenance, production line transformation, and liquor business in 2025 [2] - Future capital expenditures are expected to gradually decrease [2] - Key assumptions for financial projections include a weighted average cost of capital (WACC) of 11.3% and a terminal growth rate of 3% [2] Group 3: Kingsoft Software (03888) - The upcoming game "Mecha BREAK" is expected to be a key driver for Kingsoft's stock price [3] - The game is highly anticipated, ranking 5th on Steam's wishlist, with 3.5 million pre-registrations and a peak of over 300,000 concurrent players during closed testing [4] - Potential outcomes for the game's performance include revenue predictions of 500 million RMB if it ranks 10-20 on Steam, and over 300 million RMB if it enters the top ten [4] Group 4: FiberHome Technologies (601869) - Goldman Sachs reviewed FiberHome's earnings forecast following China Mobile's 2025-26 tender results, which were below expectations [6] - FiberHome's winning share in the tender decreased to 13.6%, down from 19-20% in previous tenders, and the average procurement price dropped by 26% [7] - The tender results indicate a cautious outlook for the telecom industry's fiber optic cable demand [7] Group 5: Q Technology (01478) - Q Technology reported a 1.9% month-on-month increase in smartphone camera module shipments for May 2025, but a year-on-year decline of 17.5% [8] - The shipment of camera modules with 32 million pixels and above saw a year-on-year decline of 19.0% [8] - Fingerprint recognition module shipments surged by 45.0% year-on-year, benefiting from market share gains and increased production capacity [8]

长飞光纤光缆股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示 性公告 Draka Comteq B.V.保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 本次权益变动为长飞光纤光缆股份有限公司（以下简称"公司"）持股5%以 上非第一大股东Draka Comteq B.V.减持公司H股股份，不涉及公司A股股份。 证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-028 Draka Comteq B.V.为私人有限责任公司，注册地址为 Schieweg 9, 2627AN Delft，股本为 1,000,000 欧元，注册号码为 34207155。 | 权益变动方向 | 比例增加□ | 比例减少√ | | --- | --- | --- | | 权益变动前合计比例 | 20.00% | | | 权益变动后合计比例 | 15.65% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否√ | | 是否触发强制要约收购义务 | 是□ | 否√ | 一、 ...

Group 1 - The stock of Yangtze Optical Fibre and Cable (06869) was transferred from J.P. Morgan Broking (Hong Kong) to China International Capital Corporation Hong Kong Securities, with a market value of HKD 645 million, accounting for 11.15% [1] - The company reported a revenue of RMB 12.197 billion for the fiscal year 2024, a year-on-year decrease of 8.7%, and a net profit attributable to shareholders of RMB 676 million, down 47.9% year-on-year [1] - The company plans to distribute a final dividend of RMB 0.268 per share on August 15, 2025 [1] Group 2 - Yangtze Optical Fibre has completed pilot tests of hollow-core optical fibers with the three major domestic operators and is collaborating with several equipment manufacturers and internet companies, achieving globally leading indicators [2] - The demand for mid-to-high-end multimode optical fibers for data centers is exceeding supply, and the development and industrialization of hollow-core optical fibers are accelerating [2]

Group 1 - The terahertz concept sector declined by 0.16%, ranking among the top declines in concept sectors, with notable declines in stocks such as Four Creation Electronics, Taihao Technology, and Haige Communication [1] - Among the terahertz concept stocks, 12 stocks experienced price increases, with Changfei Fiber, Jiuzhiyang, and Phoenix Optical leading the gains at 2.67%, 2.63%, and 1.98% respectively [1] - The terahertz concept sector saw a net outflow of 531 million yuan from main funds, with 15 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The top net outflow stock in the terahertz concept was Haige Communication, with a net outflow of 215 million yuan, followed by Four Creation Electronics and Taihao Technology with net outflows of 122 million yuan and 102 million yuan respectively [1] - The leading stocks for net inflow included ZTE Corporation, Tianhai Defense, and Changfei Fiber, with net inflows of 105 million yuan, 1.03 million yuan, and 697,430 yuan respectively [2] - The overall market performance showed that the beer concept led with a gain of 3.85%, while the terahertz concept was among the sectors with the largest decline [1]

Core Viewpoint - The legal opinion letter confirms that Changfei Fiber Optic Co., Ltd. is qualified to implement its 2025 Employee Stock Ownership Plan (ESOP) and has complied with relevant legal procedures and regulations [4][15]. Group 1: Company Overview - Changfei Fiber Optic Co., Ltd. is a publicly listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with a registered capital of 7.57905108 billion RMB [5][6]. - The company specializes in the research, development, production, and sales of optical fibers, cables, and related communication products [4][5]. Group 2: Employee Stock Ownership Plan (ESOP) - The 2025 ESOP is designed to enhance the company's incentive system and is based on voluntary participation from employees, ensuring no forced participation [7][12]. - The plan allows for a maximum of 10% of the company's total share capital to be held under the ESOP, with individual employee holdings capped at 1% of the total share capital [8][9]. - The ESOP will be managed by a management committee, which is responsible for daily operations and representing shareholders' rights [9][10]. Group 3: Legal Compliance and Procedures - The company has followed necessary legal procedures, including obtaining opinions from employee representatives and board approvals, ensuring compliance with the Company Law and Securities Law [10][12]. - The legal opinion letter states that the ESOP has met the requirements of the "Guiding Opinions" and "Self-Regulatory Guidelines" regarding legal compliance and information disclosure [14][15]. - The company is required to hold a shareholders' meeting to approve the ESOP before implementation [14][15].