Core Viewpoint - The major shareholder of Tianfu Communication, Tianfu Renhe, has announced a large-scale share reduction plan, intending to transfer 8.5 million shares at a significant discount, indicating a strong desire for liquidity amid concerns about the company's stock price and future growth potential [2][3][4]. Shareholder Reduction Plan - Tianfu Renhe, the controlling shareholder, holds 37.95% of the company and plans to transfer 8.5 million shares, representing 1.09% of the total share capital, with an estimated market value of approximately 1.32 billion yuan [3][4]. - The transfer will be conducted through a non-public inquiry transfer, limiting the buyers to qualified institutional investors, which may mitigate the impact on the stock price compared to direct market sales [3]. - The minimum transfer price is set at 70% of the average trading price over the previous 20 trading days, reflecting a strong intent to liquidate and cautious expectations regarding short-term stock performance [3][4]. Market Performance and Stock Price Trends - Tianfu Communication's stock price reached a historical high of 224.42 yuan on September 1 but has since declined by approximately 21.5%, closing at 155.47 yuan [4]. - The stock's significant drop has led to speculation about the controlling shareholder's motives, with some investors interpreting the reduction as a bearish signal for future market performance [4]. Financial Performance - For the first three quarters of 2025, Tianfu Communication reported revenues of 3.918 billion yuan, a year-on-year increase of 63.63%, and a net profit of 1.465 billion yuan, up 50.07% [5]. - However, the growth rate has shown signs of slowing down, with a notable decrease in quarter-on-quarter performance, raising concerns about the sustainability of future growth [5][6]. Financial Structure and Capacity Expansion - As of the end of the third quarter, the company's cash reserves increased by 33.10% to 2.633 billion yuan, while accounts receivable rose by 41.28% to 1.097 billion yuan, indicating a parallel growth with revenue [6]. - The company is actively expanding its production capacity, with a new facility in Thailand expected to contribute to future growth, as the first phase has already commenced production [6].

2025.11. 16 本文字数：2155，阅读时长大约4分钟 作者 | 第一财经 魏中原 光通信板块龙头天孚通信（300394.SZ）股价经历年内大幅上涨并于9月初创下历史新高后，公司控 股股东苏州天孚仁和投资管理有限公司（下称"天孚仁和"）近日抛出大规模减持计划。 天孚仁和拟 以询价转让方式减持850万股，若以公告当日收盘价估算，这部分股份市值接近13.2亿元。 值得关注的是，天孚仁和本次转让价格下限设定为公告前20个交易日交易均价的70%，即"七折"出 让，显示出较强的变现意愿，转让原因为"自身资金需求"。 今年以来，伴随CPO（光模块）概念热度攀升，天孚通信作为细分领域龙头股价一路走高，但自高 点以来已回调逾20%，反映市场对其后续走势分歧加剧。尽管公司2025年三季度财报显示业绩依然 亮眼——前三季度营收与净利润分别同比增长63.63%和50.07%，但第三季度业绩环比增速显著放 缓，在此节点上，控股股东大额折价减持是否意味着公司股价已触及阶段性顶部，这也引发投资者对 公司估值压力与未来成长持续性的担忧。 天孚仁和此次减持方案，值得注意的有两点： 一是转让方式为非公开的询价转让 ，受让方限定为符 合 ...

今年以来，伴随CPO（光模块）概念热度攀升，天孚通信作为细分领域龙头股价一路走高，但自高点以 来已回调逾20%，反映市场对其后续走势分歧加剧。尽管公司2025年三季度财报显示业绩依然亮眼—— 前三季度营收与净利润分别同比增长63.63%和50.07%，但第三季度业绩环比增速显著放缓，在此节点 上，控股股东大额折价减持是否意味着公司股价已触及阶段性顶部，这也引发投资者对公司估值压力与 未来成长持续性的担忧。 控股股东折价减持，规模与时机引关注 根据天孚通信11月15日发布的《股东询价转让计划书》，本次减持方天孚仁和为公司控股股东，截至 2025年11月14日持股比例为37.95%，即2.95亿股。天孚仁和此次拟转让股份数量为850万股，占公司总 股本的1.09%，占其自身持股的2.88%。以公告前一日（11月14日）收盘价计算，该笔股份市值约13.2亿 元。 股东朱国栋年内套现逾12亿。 光通信板块龙头天孚通信（300394.SZ）股价经历年内大幅上涨并于9月初创下历史新高后，公司控股股 东苏州天孚仁和投资管理有限公司（下称"天孚仁和"）近日抛出大规模减持计划。天孚仁和拟以询价转 让方式减持850万股，若以公告 ...