Core Points - The stock price of Huiyuan Communication increased by 2.05% on December 2, reaching 13.46 CNY per share, with a market capitalization of 2.604 billion CNY [1] - Year-to-date, the stock has risen by 41.68%, with a recent 0.90% increase over the last five trading days [2] - The company reported a revenue of 361 million CNY for the first nine months of 2025, reflecting a year-on-year growth of 30.37% [3] Financial Performance - As of September 30, 2025, Huiyuan Communication achieved a net profit of 14.76 million CNY, a significant increase of 665.31% year-on-year [3] - The company has not distributed any dividends in the last three years, with a total payout of 5.8032 million CNY since its A-share listing [4] Shareholder Information - The number of shareholders decreased by 1.67% to 16,400, while the average number of circulating shares per person increased by 1.70% to 11,780 shares [3] - Notable changes in institutional holdings include the exit of two funds from the top ten circulating shareholders as of September 30, 2025 [4] Business Overview - Huiyuan Communication specializes in power optical cables, online monitoring, blown micro cables, plastic optical fibers, and related products, with the main revenue sources being optical cables and fibers (48.96%) and online monitoring products (44.12%) [2] - The company is categorized under the communication equipment industry, specifically in the communication cables and accessories sector [2]

四川汇源光通信股份有限公司 关于公司股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 四川汇源光通信股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日 接到股东泉州市晟辉投资有限公司（以下简称"泉州晟辉"）发来的《证券质押 告知函》，获悉泉州晟辉所持有本公司的部分股份被质押，具体事项如下： 一、股东股份质押的基本情况 | 股东名称 | 是否为控 | | | | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 第一大股 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 限售 股（如 | 是否 为补 | 质押起 | 质押 到期 | 质权人 | 质押用途 | | | 东及其一 致行动人 | 数量（股） | 比例 | 比例 | 是，注 明限售 | 充质 押 | 始日 | 日 | | | | | | | | | 类型） | | | | | | | 泉州市晟 辉投资有 | 否 | 3,67 ...

四川汇源光通信股份有限公司 收购报告书 住所/通讯地址：安徽省合肥市长丰县双凤经济开发区梅冲湖路双凤智谷科 技园 B 座 6 楼 一致行动人名称：北京鼎耘科技发展有限公司 住所/通讯地址：北京市东城区灯市口大街 33 号 3 层 308B-011 股份收购性质：股份增加 上市公司名称：四川汇源光通信股份有限公司 股票上市地点：深圳证券交易所 股票简称（A 股）：汇源通信 股票代码（A 股）：000586.SZ 收购人名称：合肥鼎耘科技产业发展合伙企业（有限合伙） 签署日期：2025 年 11 月 声明 一、本报告书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号 ——上市公司收购报告书》及相关法律、法规和部门规章的有关规定编制。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》的规定， 本报告书已全面披露了收购人及其一致行动人在上市公司中拥有权益的股份。 截至本报告书签署日，除本报告书披露的信息外，收购人及其一致行动人没 有通过任何其他方式 ...

北京当红晴天律师事务所 关于 合肥鼎耘科技产业发展合伙企业（有限合伙） 及其一致行动人 免于发出要约事宜之 的 法律意见书 二〇二五年十一月 | 释义 3 | | | --- | --- | | 引言 4 | | | 正文 6 | | | 一、 | 收购人及其一致行动人的主体资格 6 | | 二、 | 免于发出要约的情况 7 | | 三、 | 本次收购履行的程序 9 | | 四、 | 本次收购不存在实质性法律障碍 10 | | 五、 | 收购人信息披露义务履行情况 10 | | 六、 | 关于本次收购过程中是否存在证券违法行为的核查 10 | | 七、 | 结论意见 11 | 释义 在本法律意见书中，除非文义另有所指，下列左栏中的术语或简称对应右栏中的含 义或全称： | 术语或简称 | 含义或全称 | | --- | --- | | 收购报告书 | 《四川汇源光通信股份有限公司收购报告书》 | | 收购人/鼎耘产业 | 合肥鼎耘科技产业发展合伙企业（有限合伙） | | 一致行动人/鼎耘科技 | 北京鼎耘科技发展有限公司 | | 上市公司/汇源通信 | 四川汇源光通信股份有限公司 | | 鼎耘工业 | 合肥鼎耘 ...

中国银河证券股份有限公司 关于四川汇源光通信股份有限公司 收购报告书之财务顾问报告 声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》等法律、法规的有关规定，中国银河证券股份有限公司按照行业 公认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，经过审慎调查后 就《收购报告书》有关内容出具核查意见。 中国银河证券股份有限公司提出的财务顾问意见是在假设本次交易的各方 当事人均按照相关协议条款和承诺全面履行其所有职责的基础上提出的。本财务 顾问特作如下声明： 1、本报告所依据的文件、资料及其他相关材料由信息披露义务人提供，信 息披露义务人已保证其所提供的出具本财务顾问报告所依据的相关材料真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对所提供信息的真实性、 准确性和完整性承担个别和连带的法律责任。本财务顾问有充分理由确信本次收 购符合法律、行政法规和中国证监会的规定，有充分理由确信收购人披露的信息 真实、准确、完整，不存在虚假记载、误导性陈述和重大遗漏； 财务顾问 北京市丰台区西营街 8 ...

北京当红晴天律师事务所 关于 的 法律意见书 二〇二五年十一月 | 释义 2 | | | | --- | --- | --- | | 引言 4 | | | | 正文 6 | | | | 一、 收购人及其一致行动人的主体资格 | | 6 | | 二、 | 收购目的及决定 | 16 | | 三、 | 收购方式 | 18 | | 四、 | 资金来源 | 24 | | 五、 | 免于发出要约的情况 | 24 | | 六、 | 后续计划 | 25 | | 七、 对上市公司的影响分析 | | 26 | | 八、 | 与上市公司之间的重大交易 | 30 | | 九、 前六个月买卖上市公司股份的情况 | | 31 | | 十、 | 参与本次收购的专业机构 | 31 | | 十一、 《收购报告书》的格式与内容 | | 31 | | 十二、 | 结论意见 | 31 | 释义 在本法律意见书中，除非文义另有所指，下列左栏中的术语或简称对应右栏中的含 义或全称： 《四川汇源光通信股份有限公司收购报告书》 对于本法律意见书至关重要而又无法得到独立证据支持的事实，本所依赖有关政府 部门、收购人或其他有关单位出具的证明文件出具本法律意见。 ...

Core Points - Hefei Dingyun Technology Industry Development Partnership (Limited Partnership) plans to subscribe for all shares issued by the company to specific targets in cash, with a maximum subscription of 53.65 million shares, accounting for no more than 21.71% of the total share capital after issuance [1] - Together with its concerted action partner Beijing Dingyun Technology Development Co., Ltd., the total shareholding ratio is expected to exceed 30%, triggering mandatory tender offer obligations [1] - Dingyun Industry has committed not to transfer the subscribed shares for a period of thirty-six months from the end of the issuance [1]

Core Viewpoint - Huiyuan Communication (000586) is launching a private placement plan to raise up to 610 million yuan, aimed at enhancing its financial strength to support the optimization of optical cable business, R&D investment in online monitoring products, and expansion of highway electromechanical business [1] Group 1: Company Actions - The private placement will result in Dingyun Industry becoming the controlling shareholder, with Li Hongxing as the actual controller, ending the company's previous status of having no controlling shareholder or actual controller [1] - This move is expected to improve the company's overall strategic coherence and resource integration capabilities, addressing the "light + intelligence" transformation in the telecommunications industry and competition across the entire industry chain [1] Group 2: Industry Context - The Ministry of Industry and Information Technology has issued the "Guidelines for the Construction of High-Standard Digital Parks," which aims to enhance digital infrastructure, upgrade network infrastructure, and optimize computing power infrastructure [1] - By 2027, approximately 200 high-standard digital parks are expected to be established nationwide, with a 100% coverage rate for digital transformation among large-scale industrial enterprises and dual-gigabit network coverage [1] - The demand for special optical cables and monitoring equipment is expected to continue expanding as the new power system construction and the "East Data West Calculation" project progress [1] - Huiyuan Communication aims to leverage this private placement as an opportunity to convert its technological advantages into market advantages, potentially achieving a dual leap in scale and efficiency amid the wave of optical communication industry upgrades [1]

Core Viewpoint - Huiyuan Communication (000586.SZ) has resumed trading and announced a plan for a change of control, with the company intending to issue shares to a company controlled by Chairman Li Hongxing, raising no more than 600 million yuan to supplement liquidity [2][3]. Group 1: Change of Control - After nearly ten years of maneuvering, Li Hongxing has finally gained actual control of Huiyuan Communication, ending a long-standing power struggle among major shareholders [3][4]. - The plan involves a private placement of 53,649,956 shares to Dingyun Industry, controlled by Li Hongxing, which will hold 21.71% of the shares post-issue, allowing for a combined holding of 32.75% with another major shareholder [6][10]. - The second-largest shareholder, Huifu Qiji Investment, lost its controlling stake due to judicial auction of some shares, creating an opportunity for Li Hongxing's faction [6][7]. Group 2: Capital Operations - Li Hongxing's capital operations have been ongoing for nearly a decade, with significant moves made in 2021 when he brought in major investors to support his control ambitions [4][7]. - The recent capital infusion from Dingyun Industry is crucial, as it will provide the necessary cash to complete the share issuance and strengthen Li's control over the company [6][11]. - The structure of Dingyun Industry's ownership allows Li Hongxing to maintain effective control, as he holds 100% of the controlling entity [10][13]. Group 3: Business Strategy and Future Outlook - Huiyuan Communication has a history of restructuring and has been involved in the power cable and online monitoring sectors, with plans to expand into new business areas such as automotive LED technology [14][15]. - The establishment of a wholly-owned subsidiary in Hefei is part of a strategic move to enhance competitiveness and align with local industrial strengths [14][15]. - The new subsidiary will focus on manufacturing LED chips and modules for automotive lighting, indicating a shift towards high-tech applications [15].

Summary of Key Points Core Viewpoint - Huyuan Communication experienced a significant drop in stock price, reaching the daily limit down, with a trading volume of 3.53 billion yuan and a fluctuation of 16.87% on the trading day [2] Trading Activity - The stock had a turnover rate of 13.04% for the day, indicating high trading activity [2] - Institutional investors net sold 28.88 million yuan, while brokerage seats collectively net bought 22.59 million yuan [2] Market Data - The stock was listed on the Shenzhen Stock Exchange due to its daily fluctuation of 16.87% [2] - The top five trading departments accounted for a total transaction of 121 million yuan, with a buying amount of 57.54 million yuan and a selling amount of 63.82 million yuan, resulting in a net sell of 6.29 million yuan [2] Institutional Participation - Five institutional specialized seats were involved in trading, with a total buying amount of 22.39 million yuan and a selling amount of 51.27 million yuan, leading to a net sell of 28.88 million yuan [2] Fund Flow - The stock saw a net outflow of 20.41 million yuan in principal funds, with a significant outflow of 10.23 million yuan from large orders and 10.18 million yuan from major orders [2] - Over the past five days, the net outflow of principal funds totaled 20.41 million yuan [2]