证券代码：688143 证券简称：长盈通 公告编号：2025-065 六、你公司在实施过程中，如发生法律、法规要求披露的重大事项或遇重大 问题，应当及时报告上海证券交易所并按有关规定处理。" 公司董事会将根据上述文件和相关法律法规的要求以及公司股东大会的授 权，在规定期限内办理本次交易相关事宜，并及时履行信息披露义务。敬请广大 投资者关注后续公告并注意相关投资风险。 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"上市公司"或"公司"）拟 通过发行股份及支付现金方式，向武汉创联智光科技有限公司、李龙勤、宁波铖 丰皓企业管理有限公司等 3 名交易对方收购武汉生一升光电科技有限公司 100% 股权（以下简称"本次交易"）。 公司于近日收到中国证券监督管理委员会出具的《关于同意武汉长盈通光电 技术股份有限公司发行股份购买资产注册的批复》（证监许可〔2025〕1966 号）。 批复文件的主要内容如下： "一、同意你公司向武汉创联智光科技有限公司发行 3,239,179 股股份、向 宁波铖丰皓 ...

| | 章节 | 修订说明 | | --- | --- | --- | | | 释义 | 更新重组报告书全称 | | | 重大事项提示 | 更新本次交易尚需履行的决策及审批程序 | | | 重大风险提示 | 删除了"一、与本次交易相关的风险"之"（一）本次交易 的审批风险"相关内容 | | 第一节 | 本次交易概况 | 更新本次交易已经履行和尚需履行的决策和审批程序 | | 第四节 | 交易标的基本情况 | 更新租赁房产备案情况 | | 第八节 | 本次交易的合规性分析 | 更新本次交易已经履行的决策和审批程序 | 证券代码：688143 证券简称：长盈通 公告编号：2025-066 武汉长盈通光电技术股份有限公司 关于发行股份及支付现金购买资产报告书 修订说明的公告 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。 武汉长盈通光电技术股份有限公司（以下简称"上市公司"或"公司"）拟 通过发行股份及支付现金方式，向武汉创联智光科技有限公司、李龙勤、宁波铖 丰皓企业管理有限公司等 3 名交易对方收购武汉生一升光电科技有限公司 10 ...

长盈通(688143.SH)发布公告，公司拟通过发行股份及支付现金方式，向武汉创联智光科技有限公司、 李龙勤、宁波铖丰皓企业管理有限公司等3名交易对方收购武汉生一升光电科技有限公司100%股权。公 司于近日收到中国证券监督管理委员会出具的《关于同意武汉长盈通光电技术股份有限公司发行股份购 买资产注册的批复》(证监许可〔2025〕1966号)，同意公司向武汉创联智光科技有限公司发行3,239,179 股股份、向宁波铖丰皓企业管理有限公司发行1,979,498股股份、向李龙勤发行1,187,699股股份购买相关 资产的注册申请。 ...

智通财经APP讯，长盈通(688143.SH)发布公告，公司拟通过发行股份及支付现金方式，向武汉创联智 光科技有限公司、李龙勤、宁波铖丰皓企业管理有限公司等3名交易对方收购武汉生一升光电科技有限 公司100%股权。公司于近日收到中国证券监督管理委员会出具的《关于同意武汉长盈通光电技术股份 有限公司发行股份购买资产注册的批复》(证监许可〔2025〕1966号)，同意公司向武汉创联智光科技有 限公司发行3,239,179股股份、向宁波铖丰皓企业管理有限公司发行1,979,498股股份、向李龙勤发行 1,187,699股股份购买相关资产的注册申请。 ...

长盈通公告，公司拟通过发行股份及支付现金的方式向交易对方购买标的资产，交易价格为1.58亿元。 交易对方包括武汉创联智光科技有限公司、李龙勤和宁波铖丰皓企业管理有限公司，分别持有标的公司 45.00%、27.50%和27.50%的股权。交易对价中，发行股份支付1.41亿元，现金支付1738万元。发行股份 价格为21.95元/股，发行数量为640.64万股，占发行后总股本的4.97%。 ...

Core Insights - The company, Changying Tong (688143.SH), reported significant growth in its mid-year financial results for 2025, with total revenue reaching 192 million yuan, a year-on-year increase of 40.40%, and a net profit of 29.11 million yuan, up 91.82% [1][2] - The primary driver of revenue growth is attributed to a surge in orders for fiber optic ring devices, which are essential components in fiber optic gyroscopes widely used in military navigation systems [2] Financial Performance - In the first half of 2025, the company achieved a total revenue of 192 million yuan, reflecting a 40.40% increase compared to the previous year [1] - The net profit for the same period was 29.11 million yuan, marking a 91.82% year-on-year growth [1] - The company's non-recurring net profit reached 25.73 million yuan, showing a remarkable increase of 202.96% [1] - The gross profit margin stood at 52.65%, an increase of 5.62 percentage points year-on-year, while the net profit margin was 15.30%, up 4.32 percentage points from the previous year [1] Business Segments - The revenue from fiber optic ring devices skyrocketed to 110 million yuan in the first half of 2025, more than three times the revenue of 36.01 million yuan in the same period of 2024, accounting for 57.29% of total revenue [2] - The company has established a "5+1" concentric industrial strategy, focusing on special optical fibers, new materials, electromechanical equipment, optoelectronic systems, and measurement detection services [2] Strategic Developments - The first phase of the "Changying Tong New Materials Industrial Park Project," with a total investment of 500 million yuan, has completed its main structure and is expected to be operational by the end of December 2025 [3] - This industrial park will enhance the company's existing fiber optic ring device business and create new growth opportunities by developing thermal control materials and components [3]

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].