Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Group 1 - The establishment of Hubei Changyi Gongying Venture Capital Fund Partnership (Limited Partnership) with a capital contribution of 150 million yuan [1] - The business scope includes venture capital (limited to investing in unlisted companies) and activities such as private equity fund investment, investment management, and asset management [1] - The enterprise is co-funded by Changying Tong (688143) and others [1]

Group 1 - The core viewpoint of the news is the performance and market position of Changying Tong, a company specializing in optical fiber gyroscope technology, which saw a stock price increase of 5.05% to 48.01 CNY per share, with a total market capitalization of 5.875 billion CNY [1] - Changying Tong was established on May 18, 2010, and went public on December 12, 2022, focusing on the research, production, and sales of optical fiber ring devices and related solutions, primarily for military inertial navigation applications [1] - The company's revenue composition includes optical fiber ring devices (57.61%), special optical fibers (19.36%), other supplementary products (11.68%), new materials (7.18%), and optical device equipment and others (4.17%) [1] Group 2 - Among the top ten circulating shareholders of Changying Tong, BlackRock's China New Horizons Mixed A Fund (013426) reduced its holdings by 200,000 shares, now holding 1.6 million shares, which represents 1.69% of the circulating shares [2] - The China New Horizons Mixed A Fund has a current scale of 1.967 billion CNY, with a year-to-date return of 10.9% and a one-year return of 26.58% [2] - The fund manager, Shen Yufei, has a tenure of 12 years and 268 days, with the best fund return during this period being 141.7% [3]

Core Viewpoint - Changying Tong's stock price increased by 3.86% on September 9, with a trading volume of 219 million yuan, indicating strong market interest and activity [1] Financing Summary - On September 9, Changying Tong had a financing buy-in amount of 25.42 million yuan and a financing repayment of 14.91 million yuan, resulting in a net financing buy of 10.51 million yuan [1] - As of September 9, the total financing and securities lending balance for Changying Tong was 244 million yuan, which accounts for 5.69% of its circulating market value, indicating a high level of financing activity compared to the past year [1] - The financing balance of 244 million yuan is above the 90th percentile level for the past year, suggesting a strong demand for the stock [1] Company Overview - Changying Tong, established on May 18, 2010, and listed on December 12, 2022, is located in Wuhan, Hubei Province, and specializes in the research, production, and sales of optical fiber gyroscope core components and solutions [2] - The company's main business revenue composition includes optical fiber ring devices (57.61%), special optical fibers (19.36%), other (11.68%), new materials (7.18%), and optical device equipment and others (4.17%) [2] - For the first half of 2025, Changying Tong reported a revenue of 192 million yuan, representing a year-on-year growth of 40.40%, and a net profit attributable to shareholders of 29.11 million yuan, up 91.82% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Changying Tong has distributed a total of 53.03 million yuan in dividends [3] - As of June 30, 2025, the number of shareholders decreased by 6.23% to 4,531, while the average circulating shares per person increased by 6.64% to 20,861 shares [2][3] - Notable institutional shareholders include Huaxia Military Industry Safety Mixed A, which holds 5.65 million shares, and several new institutional investors such as Changcheng Jiujia Innovation Growth Mixed A and Zhongou Electronic Information Industry Hong Kong-Shanghai Stock A [3]

中信建投证券股份有限公司 关于武汉长盈通光电技术股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：中信建投证券股 | 被保荐上市公司名称：武汉长盈通光电技术股份有限公司 | | --- | --- | | 份有限公司 | | | 保荐代表人姓名：黎江 | 联系地址：北京市朝阳区景辉 联系方式：010-85130956 | | | 街 16 号院 1 号楼泰康集团大厦 11 层 | | 保荐代表人姓名：贺立垚 | 联系地址：北京市朝阳区景辉 联系方式：010-86451072 | | | 街 16 号院 1 号楼泰康集团大厦 11 层 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2022〕2346 号文"批准，同意武汉长盈通光电技术股份有限公司（简称"公司"或"长盈通"） 首次公开发行股票的注册申请。本次公司发行新股的发行价为 35.67 元/股，募集 资金总额为 83,944.15 万元，扣除发行费用 8,420.87 万元（不含增值税）后，实 际募集资金净额为 75,523.28 万元。本次公开发行股票于 2022 年 12 月 12 日在上 海证券交易所上市。中信建投证券 ...

证券代码：688143 证券简称：长盈通 公告编号：2025-067 武汉长盈通光电技术股份有限公司 关于参加 2025 年半年度科创板新材料行业集体业绩 说明会暨 2025 年半年度业绩说明会的公告 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： 投资者可于 2025 年 9 月 17 日 16:00 前将需要了解和关注的问题通过电子邮 件的形式发送至公司邮箱 ir@yoec.com.cn，或在 2025 年 9 月 11 日至 2025 年 9 月 17 日 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目选中本次 活动进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 武汉长盈通光电技术股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日披露了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况及发展理念等，公司拟参加由上海证券交易 所主办的2025年半年度科创板新材料行业集体业绩说明会暨召开公司2025年半 年度业绩 ...

Group 1 - The stock price of Changyingtong (688143) closed at 44.51 yuan, down 15.14% from last week's 52.45 yuan, with a market capitalization of 5.447 billion yuan [1] - The company plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronics Technology Co., Ltd. through a combination of issuing shares and cash payments [1][2] - The China Securities Regulatory Commission has approved the company's application for the issuance of shares to finance the acquisition [1][2] Group 2 - The total transaction price for the acquisition is 158 million yuan, with 140.62 million yuan paid in shares and 17.38 million yuan in cash [2][3] - The target company is engaged in the research, production, and sales of passive optical devices, falling under the C39 category of computer, communication, and other electronic equipment manufacturing [2] - The target company has committed to achieving net profits of no less than 11.2 million yuan, 18 million yuan, and 22.5 million yuan for the years 2025 to 2027, respectively [2][3]

Core Viewpoint - Changying Tong announced the acquisition of 100% equity in Wuhan Shengyisheng Optoelectronics Technology Co., Ltd. for a total consideration of 158 million yuan, marking a significant step in the company's strategy to enhance its position in the optoelectronic industry [2] Summary by Relevant Sections - **Acquisition Details** - The total transaction price for the acquisition is 158 million yuan, with 141 million yuan to be paid through the issuance of shares and 17.38 million yuan in cash [2] - The share issuance price is set at 21.95 yuan per share, resulting in the issuance of 6.4064 million shares, which will account for 4.97% of the total share capital post-issuance [2] - **Regulatory Approval** - Changying Tong has received approval from the China Securities Regulatory Commission for the issuance of shares to finance the acquisition, with specific allocations of shares to the sellers [2] - **Strategic Implications** - This acquisition is seen as a crucial move for Changying Tong to integrate advantageous resources, expand its business scope, and enhance its market competitiveness and industry synergy capabilities [2]

Group 1 - The company plans to acquire 100% equity of Wuhan Shengyisheng Optoelectronics Technology Co., Ltd. through a combination of issuing shares and cash payment, with a total transaction price of RMB 158 million [9][10][11] - The acquisition is expected to enhance the company's capabilities in the fiber optic gyroscope and optical communication sectors, creating synergies and expanding its product offerings [14][17] - The transaction will not result in a change of control for the company, as the actual controller remains the same [15][18] Group 2 - The company has committed to performance guarantees for the acquired entity, with net profit targets set at RMB 11.2 million for 2025, RMB 18 million for 2026, and RMB 22.5 million for 2027 [23][24] - If the performance targets are not met, the performance guarantee parties are obligated to compensate the company, primarily using the shares obtained from the transaction [24][26] - The transaction is subject to regulatory approvals and has already completed necessary decision-making processes [17][18] Group 3 - The company will issue 6,406,376 shares, representing 4.97% of the total share capital post-transaction, with an adjusted issue price of RMB 21.95 per share [11][12] - The total assets, equity attributable to shareholders, and revenue are expected to increase post-transaction, enhancing the company's profitability [16][17] - The company has taken measures to protect minority shareholders' rights during the transaction process, including fair pricing and information disclosure [21][22]

Core Viewpoint - Wuhan Changyingtong Optoelectronic Technology Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) for the issuance of shares and cash payment to acquire 100% equity of Wuhan Shengyisheng Optoelectronic Technology Co., Ltd. [1][2] Group 1 - The company plans to issue a total of 6,406,376 shares to three parties: 3,239,179 shares to Wuhan Chuanglian Zhiguang Technology Co., Ltd., 1,979,498 shares to Ningbo Chengfenghao Enterprise Management Co., Ltd., and 1,187,699 shares to Li Longqin [2] - The approval from CSRC is valid for 12 months from the date of issuance [2] - The company is required to strictly follow the application documents submitted to the Shanghai Stock Exchange and fulfill information disclosure obligations in a timely manner [2]