调研速递|苏州天孚光通信接受超200家机构调研，透露上半年业绩等重要数据

Core Viewpoint - Suzhou Tianfu Optical Communication Co., Ltd. reported strong financial performance for the first half of 2025, driven by the growth in demand for high-speed optical devices due to the acceleration of the artificial intelligence industry and global data center construction [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.456 billion yuan, representing a year-on-year increase of 57.84% [1]. - The second quarter saw even stronger performance, with operating revenue reaching 1.511 billion yuan, a quarter-on-quarter growth of 59.98% [1]. - The net profit attributable to shareholders was 899 million yuan, up 37.46% year-on-year, with the second quarter net profit at 562 million yuan, reflecting a quarter-on-quarter increase of 66.34% [1]. Business Development - The growth in active business is attributed to high-speed active products, with different products at various stages of development [2]. - The company is coordinating material supply and increasing production capacity to meet the strong demand for high-speed products [2]. - The construction of the Thailand factory is progressing steadily, with the first phase already in production and the second phase in the R&D and customer validation stage, expected to achieve large-scale production next year [2]. Profitability and Cost Structure - The decline in gross margin is due to changes in product structure, with an increased revenue share from active products affecting overall gross margin [2]. - The company is observing trends in FAU product technology and is developing new process platforms to enhance product performance and application scenarios [2]. Market and Supply Chain - Tariff policies in North America accounted for 1.13% of sales revenue in the first half of 2025, with the impact on sales being manageable [2]. - The company is expanding its supplier base based on customer requirements while ensuring quality [2]. - The production capacity for passive optical products is driven by orders, with preparations and investments based on customer forecasts [2].