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 has seen a decline in stock price and trading volume [1] - Changying Tong's stock price dropped by 5.23% to 34.80 CNY per share, with a total market capitalization of 4.482 billion CNY [1] - The company 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 [1] Group 2 - The main revenue composition of Changying Tong 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 (4.17%) [1] - According to fund data, Yongying Fund has a significant holding in Changying Tong, with its fund "Yongying Qiyuan Mixed Initiation A" increasing its stake by 46.36 thousand shares in the third quarter [2] - The fund's current holding in Changying Tong represents 4.06% of its net asset value, ranking it as the ninth largest holding [2]

Core Viewpoint - Changyingtong announced the election of Mr. Jiang Bin as the employee representative director of the company's second board of directors during the employee representative assembly scheduled for November 20, 2025 [1] Group 1 - The employee representative assembly will take place on November 20, 2025 [1] - Mr. Jiang Bin has been elected as the employee representative director [1]

证券代码：688143 证券简称：长盈通 公告编号：2025-079 江斌先生符合相关法律、法规及规范性文件对职工代表董事任职资格的要求。 江斌先生担任职工代表董事后，公司第二届董事会中兼任公司高级管理人员以及 由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律 法规的要求。 武汉长盈通光电技术股份有限公司 关于选举第二届董事会职工代表董事的公告 本公司董事会及全体董事保证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。 武汉长盈通光电技术股份有限公司（以下简称"公司"）于 2025 年 11 月 20 日召开 2025 年第二次临时股东大会，审议通过了《关于审议公司变更注册资本、 取消监事会、修订及制定部分公司治理制度并办理工商变更登记的议案》。 根据修订后的公司章程规定，董事会成员中应当有一名公司职工代表董事， 董事会中的职工代表董事由公司职工通过职工代表大会选举产生后，直接进入董 事会。公司于 2025 年 11 月 20 日召开职工代表大会，选举江斌先生为公司第二 届董事会职工代表董事，任期自职工代表大会通过之日起至第二届董 ...

法律意见书 北京盈科（武汉）律师事务所 关于武汉长盈通光电技术股份有限公司 2025年第二次临时股东大会的 法律意见书 武汉市武昌区徐东大街 66 号阿里中心 T2 写字楼 9 楼 二〇二五年十一月 法律意见书 北京盈科（武汉）律师事务所 关于武汉长盈通光电技术股份有限公司 2025年第二次临时股东大会的法律意见书 法律意见书 致：武汉长盈通光电技术股份有限公司 北京盈科（武汉）律师事务所（以下简称"本所"）是具有中华人民共和国 法律执业资格的律师事务所。本所接受武汉长盈通光电技术股份有限公司（以下 简称"公司"）的委托，就公司召开 2025 年第二次临时股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 股东会规则》（以下简称"《股东会规则》"）等法律、法规、规章及其他规范 性文件（以下简称"中国法律法规"，仅为本法律意见书之目的，不包括香港特 别行政区、澳门特别行政区及台湾地区的法律、法规）以及《武汉长盈通光电技 术股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律 意见书 ...

证券代码：688143 证券简称：长盈通 公告编号：2025-078 武汉长盈通光电技术股份有限公司 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 20 日 （二） 股东大会召开的地点：湖北省武汉市东湖新技术开发区高新五路 80 号武 汉长盈通光电技术股份有限公司会议室 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证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。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 59 | | --- | --- | | 普通股股东人数 | 59 | | 2、出席会议的股东所持有的表决权数量 | 39,670,448 | | 普通股股东所持有表决权数量 | 39,670,448 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 31.3426 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 ...

Core Insights - Changying Tong's stock price increased by 2.01% on November 18, reaching 36.56 CNY per share, with a total market capitalization of 4.708 billion CNY [1] Financial Performance - For the period from January to September 2025, Changying Tong achieved a revenue of 269 million CNY, representing a year-on-year growth of 46.77%, and a net profit attributable to shareholders of 30.786 million CNY, which is a significant increase of 933.24% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 76.27% to 7,987, while the average circulating shares per person decreased by 43.27% to 11,834 shares [2] Business Overview - Changying Tong, established on May 18, 2010, specializes in the research, production, and sales of fiber optic gyroscope core components and solutions, focusing on military inertial navigation applications [2] - The company's revenue composition includes fiber optic ring devices (57.61%), special optical fibers (19.36%), and other segments [2] Institutional Holdings - As of September 30, 2025, the largest circulating shareholder is Huaxia Military Industry Safety Mixed A, holding 5.7146 million shares, an increase of 61,400 shares from the previous period [3]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

武汉长盈通光电技术股份有限公司 2025年第二次临时股东大会会议资料 证券代码：688143 证券简称：长盈通 武汉长盈通光电技术股份有限公司 2025年第二次临时股东大会 会议资料 二○二五年十一月 1 / 10 | 2025年第二次临时股东大会会议须知 . | | --- | | 2025年第二次临时股东大会会议议程 . | | 2025年第二次临时股东大会会议议案 . | | 议案一、关于公司使用部分超募资金永久补充流动资金的议案 | | 议案二、关于审议公司变更注册资本、取消监事会、修订及制定部分公司治理制度并办理 | | .. 工商变更登记的议案 | | 议案三、关于补选公司第二届董事会非独立董事的议案 | 武汉长盈通光电技术股份有限公司 2025年第二次临时股东大会会议资料 武汉长盈通光电技术股份有限公司 2025年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证股东大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司 法》")《中华人民共和国证券法》（以下简称"《证券法》")《上市公司股 东会规则》以及《武汉长盈通光电技术股份有限公司章程 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 45.80 yuan [4][8]. Core Views - The company achieved a revenue of 269 million yuan in the first three quarters of 2025, representing a year-on-year increase of 46.77%, and a significant turnaround in net profit to 30.79 million yuan from a loss of 3.69 million yuan in the same period last year [1]. - The growth in revenue is primarily driven by a substantial increase in the delivery volume of optical fiber components, with a 65.5% year-on-year growth in Q3 2025 [1]. - The company continues to invest heavily in R&D, with R&D expenses increasing by 42.6% to 29.33 million yuan in the first three quarters of 2025, representing a R&D expense ratio of 10.9% [2]. - The company is expanding its business into the optical fiber energy sector and has made a strategic acquisition of Shengyisheng for 158 million yuan, which will enhance its capabilities in optical communication and AI optical modules [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 77 million yuan, with a net profit of 1.68 million yuan, marking a significant recovery from a loss of 18.87 million yuan in the same quarter last year [1]. - The gross margin improved by 6.4 percentage points to 45.4%, and the net margin increased by 43.8 percentage points to 1.7% in Q3 2025 [1]. R&D and Competitive Position - The company is focused on maintaining its leading position in optical fiber sensing by continuously increasing R&D investments and attracting high-end talent [2]. - The establishment of a complete supply chain from fiber to modules enhances the company's core competitiveness [2]. Growth Strategy - The company is actively pursuing both organic and inorganic growth strategies, particularly in the fields of 6G communication, artificial intelligence, and AI computing power [3]. - The acquisition of Shengyisheng is expected to open up new growth avenues and enhance the company's long-term growth potential [3].

Company Overview - Changying Tong is a national-level specialized and innovative "little giant" enterprise established on May 18, 2010, and listed on December 12, 2022, located in Wuhan, Hubei Province [1] - The company focuses on the research, production, sales, and service of optical fiber gyroscope core components, particularly optical fiber rings, and their application in military inertial navigation [1] - The revenue composition includes: optical fiber ring devices 57.61%, special optical fibers 19.36%, others 11.68%, new materials 7.18%, and optical device equipment and others 4.17% [1] Stock Performance - As of November 3, Changying Tong's stock price is 38.91 CNY per share, with a trading volume of 150 million CNY and a turnover rate of 4.16%, resulting in a total market capitalization of 5.011 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 8.98% [1] Fund Holdings - Changsheng Fund has one fund heavily invested in Changying Tong, specifically Changsheng Aerospace Marine Mixed A (000535), which increased its holdings by 42,800 shares in the third quarter, totaling 221,600 shares, representing 3.94% of the fund's net value [2] - The fund has incurred a floating loss of approximately 42,100 CNY today, with a total floating loss of 850,900 CNY during the three-day decline [2] Fund Manager Performance - The fund manager of Changsheng Aerospace Marine Mixed A is Wang Bingfang, who has been in the position for 3 years and 106 days, managing assets totaling 471 million CNY [3] - The best fund return during Wang's tenure is -5.33%, while the worst return is -47.99% [3]