Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by increased orders and improved profit margins, particularly in the optical fiber components segment [1][2]. Financial Performance - In 25H1, the company achieved revenue of 192 million yuan, a year-on-year increase of 40.4%, and a net profit attributable to shareholders of 29 million yuan, up 91.8% year-on-year [1]. - For Q2 2025, revenue reached 127 million yuan, reflecting a year-on-year growth of 58.7% and a quarter-on-quarter increase of 93.5% [1]. - The net profit for Q2 was 21 million yuan, showing a year-on-year increase of 140.9% and a quarter-on-quarter rise of 151.7% [1]. Revenue Drivers - The revenue from optical fiber components was 111 million yuan, a significant year-on-year increase of 207.4%, making it the primary growth driver for the company [2]. - Revenue from special optical fibers and new materials was 37 million yuan (down 20.9% YoY) and 14 million yuan (up 10.8% YoY), respectively [2]. Profitability Metrics - The overall gross margin for 25H1 was 52.7%, an increase of 5.6 percentage points year-on-year [2]. - The gross margin for optical fiber components was 56.6%, up 15.9 percentage points year-on-year [2]. - The company managed to reduce its expense ratio to 32.1%, down 3.2 percentage points year-on-year, with management and sales expense ratios also decreasing [2]. Cash Flow and Inventory - The company reported a net operating cash flow of -29 million yuan, indicating a narrowing of negative cash flow compared to the previous year [2]. - Accounts receivable increased by 13.3% year-to-date to 460 million yuan, reflecting seasonal changes in industry cash flow [2]. - Inventory grew by 31.0% to 100 million yuan, driven by increases in raw materials and work-in-progress due to rising orders [2]. Strategic Initiatives - The company announced plans to acquire Shengyisheng, which will enhance its capabilities in optical fiber gyro photonic chip processing and expand its product offerings [3]. - This acquisition is expected to help the company enter the optical communication sector and diversify its market reliance [3]. - The company is actively developing third-generation optical fiber gyro photonic chip technology and expanding into non-military markets, driven by AI computing demand [4]. Future Projections - The company forecasts net profits of 69 million yuan, 111 million yuan, and 150 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.56, 0.91, and 1.22 yuan [4]. - The current stock price corresponds to PE ratios of 93, 58, and 42 for the years 2025, 2026, and 2027 [4].

（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，中国银河9月2日发布研报称，给予长盈通（688143.SH，最新价：49.21元）推荐评级。评 级理由主要包括：1）订单交付加速，业绩表现亮眼；2）订单饱满，回款向好；3）收购生一升，开拓 新增长曲线。风险提示：行业需求波动的风险；新产品市场开拓不及预期的风险。 每经头条（nbdtoutiao）——阿里的双向突围 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 57.80 CNY [5][8]. Core Views - The company has achieved rapid performance recovery, with a revenue of 192 million CNY in H1 2025, representing a year-on-year increase of 40.4%, and a net profit of 29 million CNY, up 91.82% year-on-year [1]. - The growth in revenue from optical fiber devices exceeded 200%, significantly contributing to the company's performance recovery and rapid restoration of profitability [2]. - The company is increasing its R&D investment to solidify its leading position in the optical fiber sensing field, with R&D expenses growing by 41.44% to 18 million CNY, representing a 9.5% R&D expense ratio [3]. - The company is actively expanding its development boundaries through both organic growth and acquisitions, including a planned acquisition of Shengyisheng, which will enhance its capabilities in optical communication and AI optical modules, thereby opening up long-term growth potential [4]. Financial Summary - The company is projected to achieve net profits of 68 million CNY, 114 million CNY, and 166 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 281%, 66.46%, and 45.85% [5]. - The forecasted revenue for 2025 is 485 million CNY, with a net profit margin of 14.1% [11]. - The company’s average PE ratio for comparable companies is expected to be 81 and 61 times for 2025 and 2026, respectively, with the report suggesting a valuation premium due to the company's strategic positioning in specialty optical fibers and optical fiber rings [5][10].

Core Viewpoint - Longyingtong's 1H25 net profit increased by 91.8% year-on-year, driven by significant growth in optical fiber components and strategic expansion into AI and big data sectors [2][5]. Financial Performance - 1H25 revenue reached 192 million yuan, up 40.4% year-on-year; net profit was 29 million yuan, up 91.8% year-on-year; and non-recurring net profit was 26 million yuan, up 203.0% year-on-year [2]. - In Q2 2025, revenue was 127 million yuan, a 58.7% increase year-on-year; net profit was 21 million yuan, up 140.9% year-on-year; and non-recurring net profit was 19 million yuan, up 245.7% year-on-year [2]. - 1H25 gross margin improved by 5.6 percentage points to 52.7%, and net margin increased by 4.3 percentage points to 15.3% [2]. Product Performance - Revenue from optical fiber components reached 110 million yuan, a 207.4% increase year-on-year; special optical fibers generated 40 million yuan, down 20.9% year-on-year; new materials contributed 10 million yuan, up 10.8% year-on-year; while optical device equipment and others generated 10 million yuan, down 47.6% year-on-year [3]. Strategic Initiatives - The company is focusing on high-growth sectors such as new generation information technology, new materials, new energy vehicles, and biomanufacturing, with three main growth curves: 1. "Sensing" for optical fiber gyroscopes and underwater acoustic solutions 2. "Power Transmission" for optical fiber laser upstream solutions 3. "Next Generation Optical Communication and Thermal Management" for AI big data solutions [3]. Research and Development - 1H25 period expense ratio decreased by 3.2 percentage points to 32.1%, with sales expense ratio down 1.4 percentage points to 4.4%, and management expense ratio down 2.5 percentage points to 17.7%; R&D expense ratio increased slightly by 0.1 percentage points to 9.5% [4]. - As of Q2 2025, accounts receivable and notes totaled 460 million yuan, up 13.3% from the beginning of the year; prepaid expenses increased by 163.9% to 10 million yuan; inventory rose by 31.0% to 100 million yuan; and contract liabilities increased by 135.6% to 3 million yuan [4]. Investment Outlook - The company is recognized as a national-level specialized and innovative "little giant" enterprise, with a solid foundation for future expansion in big data, AI, and high bandwidth sectors. Projected net profits for 2025, 2026, and 2027 are 67 million yuan, 126 million yuan, and 200 million yuan, respectively, with corresponding PE ratios of 90x, 48x, and 30x [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a significant increase in net profit by 91.8% year-on-year for the first half of 2025, with revenue reaching 192 million yuan, a 40.4% increase [1]. - The company is strategically expanding into high-growth sectors such as AI, big data, and new materials, with a focus on three growth curves: "sensing," "transmission," and "next-generation optical communication" [2]. - The company has improved its profitability, with a gross margin increase of 5.6 percentage points to 52.7% and a net margin increase of 4.3 percentage points to 15.3% in the first half of 2025 [1][3]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 192 million yuan, with a year-on-year growth of 40.4% and a net profit of 29 million yuan, reflecting a 91.8% increase [1]. - The second quarter of 2025 saw a revenue of 127 million yuan, up 58.7% year-on-year, and a net profit of 21 million yuan, marking a 140.9% increase [1]. - The company’s revenue from optical fiber components surged by 207.4% year-on-year, while revenue from specialty optical fibers decreased by 20.9% [2]. - The company’s R&D expenses increased slightly to 9.5% of total revenue, while overall operating expenses decreased, leading to improved cash flow [3]. Future Earnings Forecast - The company is projected to achieve net profits of 67 million yuan, 126 million yuan, and 200 million yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The expected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 90x, 48x, and 30x, respectively [4][5].

智通财经APP讯，长盈通(688143.SH)披露2025年半年度报告，报告期公司实现营收1.92亿元，同比增长 40.40%;归母净利润2911万元，同比增长91.82%;扣非净利润2573万元，同比增长202.96%;基本每股收益 0.24元。 ...

（文章来源：证券日报） 证券日报网讯 8月27日晚间，长盈通发布公告称，公司第二届监事会第十八次会议审议通过了《关于公 司2025年半年度报告全文及其摘要的议案》等多项议案。 ...

证券日报网讯 8月27日晚间，长盈通发布公告称，公司第二届董事会第二十次会议审议通过了《关于公 司2025年半年度报告全文及摘要的议案》等多项议案。 （文章来源：证券日报） ...

格隆汇8月27日丨长盈通(688143.SH)发布2025年半年度报告，报告期实现营业收入1.92亿元，同比增长 40.40%；归属上市公司股东的净利润2910.97万元，同比增长91.82%；扣除非经常性损益后的归属于上 市公司股东的净利润2573.26万元，同比增长202.96%；基本每股收益0.24元。 ...

Core Viewpoint - The legal opinion letter issued by Hubei Qianxing Law Firm confirms that Wuhan Changying Tongguang Technology Co., Ltd. has obtained necessary approvals for its 2024 restricted stock incentive plan, including adjustments, vesting conditions, and the cancellation of certain unvested stocks [1][2][3]. Group 1: Approval and Authorization - The company has followed the required procedures for the approval of the incentive plan, including meetings of the board of directors and the supervisory board, which passed relevant resolutions [3][4][5]. - The company conducted a self-examination regarding insider trading by informed persons prior to the announcement of the incentive plan and found no violations [6][7]. Group 2: Adjustment Details - The adjustment of the grant price for the restricted stocks was made due to a cash dividend distribution of 0.05 yuan per share, resulting in a new grant price of 11.33 yuan per share [8][9]. - The adjustments comply with relevant laws and regulations, including the Company Law and the Securities Law [8][9]. Group 3: Vesting Conditions - The first vesting period for the restricted stocks is set from August 27, 2024, to August 27, 2025, with specific performance conditions that must be met for vesting to occur [9][10]. - The performance conditions include company revenue targets and individual performance assessments, with a total of 84 incentive objects identified [11][12][13]. Group 4: Cancellation of Stocks - A total of 49,019 shares were canceled due to five incentive objects leaving the company, and an additional 80,382 shares were canceled due to three incentive objects failing to meet performance criteria [16][17]. - The cancellation process has been approved by the supervisory board and complies with the relevant regulations [17]. Group 5: Conclusion - The legal opinion concludes that all adjustments, vesting, and cancellations have been conducted in accordance with applicable laws and regulations, and the company has fulfilled its disclosure obligations [18].