11月14日晚，天孚通信发布公告，公司控股股东苏州天孚仁和投资管理有限公司（以下简称"天孚仁和"）拟参与询价转让。 根据公告，本次询价转让股份的数量为850万股，占天孚通信总股本的比例为1.09%，转让原因为自身资金需求。价格方面，本次询价转让的价格下限为 不低于发送认购邀请书之日（即11月14日，含当日）前20个交易日天孚通信股票交易均价的70%。 公告同时表示，本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资者；本次询价转让为非公开转让，不会通过集中竞价交易方式进 行；受让方通过询价转让受让的股份，在受让后6个月内不得转让。 值得注意的是，今年年内，天孚通信的第二大股东朱国栋也进行过减持及询价转让。 今年3月，天孚通信披露关于持股5%以上股东减持计划期限届满暨实施情况的公告，显示朱国栋在1月22日至3月20日期间减持公司股份345.12万股，减持 均价为98.34元/股；8月，天孚通信再度披露股东询价转让，朱国栋通过询价转让出让股份数量为990万股，询价转让价格为88.55元/股，交易金额为8.77亿 元。 资料显示，天孚通信是业界领先的光器件整体解决方案提供商和光电先进封装制造服务商，产品 ...

11月14日晚，天孚通信发布公告，公司控股股东苏州天孚仁和投资管理有限公司（以下简称"天孚仁和"）拟参与询价转让。 根据公告，本次询价转让股份的数量为850万股，占天孚通信总股本的比例为1.09%，转让原因为自身资金需求。价格方面，本次询价转让的价格下限为 不低于发送认购邀请书之日（即11月14日，含当日）前20个交易日天孚通信股票交易均价的70%。 公告同时表示，本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资者；本次询价转让为非公开转让，不会通过集中竞价交易方式进 行；受让方通过询价转让受让的股份，在受让后6个月内不得转让。 值得注意的是，今年年内，天孚通信的第二大股东朱国栋也进行过减持及询价转让。 今年3月，天孚通信披露关于持股5%以上股东减持计划期限届满暨实施情况的公告，显示朱国栋在1月22日至3月20日期间减持公司股份345.12万股，减持 均价为98.34元/股；8月，天孚通信再度披露股东询价转让，朱国栋通过询价转让出让股份数量为990万股，询价转让价格为88.55元/股，交易金额为8.77亿 元。 资料显示，天孚通信是业界领先的光器件整体解决方案提供商和光电先进封装制造服务商，产品 ...

每经编辑｜许绍航 11月14日晚，天孚通信发布公告，公司控股股东苏州天孚仁和投资管理有限公司（以下简称"天孚仁和"）拟参与询价转让。 根据公告，本次询价转让股份的数量为850万股，占天孚通信总股本的比例为1.09%，转让原因为自身资金需求。价格方面，本次询价转让的价格下限为 不低于发送认购邀请书之日（即11月14日，含当日）前20个交易日天孚通信股票交易均价的70%。 公告同时表示，本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资者；本次询价转让为非公开转让，不会通过集中竞价交易方式进 行；受让方通过询价转让受让的股份，在受让后6个月内不得转让。 值得注意的是，今年年内，天孚通信的第二大股东朱国栋也进行过减持及询价转让。 今年3月，天孚通信披露关于持股5%以上股东减持计划期限届满暨实施情况的公告，显示朱国栋在1月22日至3月20日期间减持公司股份345.12万股，减持 均价为98.34元/股；8月，天孚通信再度披露股东询价转让，朱国栋通过询价转让出让股份数量为990万股，询价转让价格为88.55元/股，交易金额为8.77亿 元。 资料显示，天孚通信是业界领先的光器件整体解决方案提供商和光电先进封 ...

Core Viewpoint - Tianfu Communication, a leading global supplier of optical devices and integrated solutions, announced a plan to transfer 8.5 million shares, representing 1.09% of its total share capital, due to the funding needs of its controlling shareholder, Suzhou Tianfu Renhe Investment Management Co., Ltd [1][3]. Group 1: Share Transfer Details - The transfer price will not be lower than 70% of the average trading price of Tianfu Communication's shares over the 20 trading days prior to the date of the subscription invitation (November 14, 2025) [3]. - The transfer will be a non-public transfer and will not be conducted through centralized bidding; the shares acquired by the transferee cannot be transferred within six months after acquisition [3]. - As of the announcement date, Tianfu Renhe holds 295 million shares, accounting for 37.95% of the company [3]. Group 2: Financial Performance - For the first three quarters of 2025, Tianfu Communication achieved revenue of 3.918 billion yuan, a year-on-year increase of 63.63%, and a net profit attributable to shareholders of 1.465 billion yuan, up 50.07% year-on-year [4]. - In the third quarter alone, the company reported revenue of 1.463 billion yuan, a year-on-year growth of 74.37%, and a net profit of 566 million yuan, increasing by 75.68% year-on-year [4]. Group 3: Market Reaction and Shareholder Dynamics - Tianfu Communication's stock price has risen over 140% this year, closing at 155.47 yuan per share on November 14, with a total market capitalization of 120.9 billion yuan [4]. - Analysts suggest that the controlling shareholder's decision to transfer shares at a discount may signal concerns about the current stock price valuation or potential liquidity issues, especially given the significant price increase [4]. - The company has seen frequent share reduction activities from major shareholders, including the second-largest shareholder, Zhu Guodong, who has also conducted share transfers this year [5].

Group 1 - The core message of the 20th Central Committee's Fourth Plenary Session emphasizes the importance of prioritizing economic development, which is seen as a fundamental national policy since the reform and opening up, crucial for China's significant achievements over the past 40 years [1][4] - China's per capita GDP has increased over 70 times since the beginning of the reform and opening up, but it still only matches the global average, indicating challenges ahead to reach the level of developed countries by 2035 [4] - The U.S. attempts to suppress China's economic development through trade wars and other means, highlighting the importance of the central government's reaffirmation of economic construction as a guiding principle [4] Group 2 - The 20th Central Committee's Plenary Session calls for seizing the high ground in technological development, recognizing the intensifying competition in technology, especially under geopolitical tensions [5][7] - In the next five years, breakthroughs in core frontier areas of technology are expected, with artificial intelligence being a major focus, where China has made significant advancements and may have surpassed the U.S. in certain applications [7][9] - China is also leading in quantum computing and has made substantial progress in energy technologies, including nuclear fusion and advanced nuclear power, indicating a potential for explosive growth in these sectors during the 14th Five-Year Plan [11] Group 3 - China's approach to foreign trade and investment is evolving into a new phase, characterized by a "China + N" model, where global enterprises will produce in China while diversifying their production locations [13][15] - The new openness strategy includes welcoming high-quality foreign enterprises and supporting Chinese companies in expanding globally, aiming to create a synergistic industrial chain [17] - The focus remains on economic construction, technological advancement, new industrial chains, domestic markets, consumption, and improving people's livelihoods as key battlegrounds during the 14th Five-Year Plan [17]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].