南财智讯12月26日电，长盈通公告，公司于2025年12月25日召开第二届董事会第二十二次会议，审议通 过了《关于使用超募资金及部分闲置募集资金进行现金管理的议案》，同意使用合计不超过3.00亿元的 暂时闲置募集资金和超募资金进行现金管理，投资于安全性高、流动性好的保本型产品，包括但不限于 结构性存款、大额存单、定期存款、国债逆回购、协定存款、通知存款等，使用期限自董事会审议通过 之日起12个月内有效。资金在额度范围内可滚动使用。该事项不会影响募集资金投资项目进度和公司正 常生产经营。 ...

Core Viewpoint - The capital heat in the optical communication industry has expanded from stock market exuberance to private placements and mergers, driven by the demand for AI computing power and the emergence of CPO technology as a core infrastructure [2][3]. Company Overview - Changyingtong's main business includes the research, production, and sales of specialty optical fibers, optical cables, optical devices, new materials, high-end equipment, and optoelectronic systems, with a focus on optical fiber rings used in fiber optic gyroscopes and specialty optical fibers for CPO technology [3][15]. Recent Financing Activity - In October 2023, Changyingtong finalized a private placement plan to raise 140 million yuan for the acquisition of 100% equity in Wuhan Shengyisheng Optoelectronics Technology Co., Ltd., with a transaction premium of 4.5 times [4][15]. - The acquisition price was 158 million yuan, representing a premium of 456.7% over Shengyisheng's net asset value, with a commitment from the seller to achieve a cumulative net profit of no less than 50 million yuan over the next three years [4][15]. Financial Performance - In the first three quarters of 2023, Changyingtong reported revenue of 269 million yuan, a year-on-year increase of 46.8%, and a net profit of 30.79 million yuan, marking a turnaround from losses [8][18]. - However, the company's capital expenditures have consistently exceeded operating cash flow, leading to financial strain [8][18]. Profitability Concerns - Shengyisheng's profitability is under scrutiny, with projected net profits of -2.45 million yuan in 2023 and 2.75 million yuan in 2024, and a forecasted increase to 10.97 million yuan in the first half of 2025, while its gross margin remains significantly lower than Changyingtong's and industry averages [4][17]. - The dependency on major clients is alarming, with the top five customers accounting for over 98% of Shengyisheng's revenue, raising concerns about customer concentration risk [7][17]. Accounts Receivable Issues - By the end of 2024, Shengyisheng's accounts receivable reached 28.59 million yuan, a year-on-year increase of 217.16%, with accounts receivable constituting 41.96% of total assets, indicating deteriorating cash flow and potential bad debt risks [7][17]. Management Expenses - Changyingtong's management expense ratio is notably high at 20%, significantly exceeding comparable companies, which raises questions about cost management [8][18]. - Part of the high management expenses is attributed to a recent stock incentive plan, which has been criticized for potentially providing disguised subsidies to a select group of employees due to low exercise thresholds [10][20]. Market Outlook - The CPO market is projected to reach a scale of 8.1 billion USD by 2030, with a compound annual growth rate of 137%, indicating significant growth potential in the optical communication sector [10][20].

通信线缆及配套板块走高，通鼎互联此前涨停，长飞光纤、长盈通、特发信息、亨通光电、中天科技等 跟涨。 ...

Core Viewpoint - Wuhan Changying Tongguang Technology Co., Ltd. is a high-tech enterprise focusing on optoelectronic technology, showing strong development momentum and technical strength in the optoelectronic industry [1] Group 1: Company Overview - The company specializes in five major areas: special optical fiber cables, special optical devices, new materials, high-end equipment, and optoelectronic systems [1] - It provides primary metrology calibration and testing services in the optoelectronic industry [1] Group 2: Industry Challenges - The integration of 5G, AI, and cloud computing technologies demands higher network construction standards for industrial innovation [3] - Traditional park networks faced issues such as bandwidth bottlenecks, operational burdens, and limited expansion capabilities, which hindered research efficiency and production accuracy [3] Group 3: Network Upgrade Solutions - Huawei's Starry Sky PEN solution addresses the network challenges faced by the company, offering unique advantages [6] - The solution features a core bandwidth of 160GE, allowing for ultra-broad access with 96 10G ports, significantly reducing network latency and ensuring stable connections for precision manufacturing [6][7] - The simplified operation and maintenance structure reduces management nodes by 80%, enabling faster fault location and response times [7] Group 4: Future Prospects - The implementation of the Starry Sky PEN solution enhances research efficiency, reduces operational costs, and accelerates production capacity upgrades [7] - Huawei aims to continue empowering the company through network technology innovation, supporting its digital transformation and exploring pathways for industrial intelligence upgrades [7]

证券日报网讯12月17日晚间，长盈通发布公告称，截至本公告披露日，上市公司及其控股子公司对外担 保总额为1，680万元(含本次担保)，占公司最近一期经审计净资产的比例为1.44%。其中公司对控股子 公司提供的担保总额为1，680万元(含本次担保)，占公司最近一期经审计净资产的比例为1.44%。截至 本公告披露日，公司不存在逾期担保情况或涉及诉讼的担保情况。 ...

证券代码：688143 证券简称：长盈通 公告编号：2025-084 武汉长盈通光电技术股份有限公司 关于为全资子公司提供担保的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 武汉光谷长盈通计量有限公司（以 下简称"长盈通计量"）。 | | | | --- | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | 1,680.00 | 万元 | | | 象 | | 实际为其提供的担保余额 | 1,680.00 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 1,680 | | 子公司对外担保总额（万元） | | | 对外担保 ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

Core Viewpoint - Changying Tong has completed the wafer fabrication of its third-generation fiber optic gyroscope photon chip and is currently processing wafers, with samples expected to be launched next year [2] Group 1: Product Development - The third-generation fiber optic gyroscope photon chip is designed to significantly reduce costs while effectively enhancing performance [2] - The product is anticipated to have broad prospects in both military and civilian markets [2]

证券日报网讯 12月5日，长盈通在互动平台回答投资者提问时表示，公司股东人数在定期报告中有所披 露，详情请查看公司在上海证券交易所官网披露的定期报告。 （文章来源：证券日报） ...