22 January 2026 | 1:28AM HKT Equity Research TFC Optical (300394.SZ): 1.6T Optical engines sequential ramp up ahead; 4Q midpoint NI guidance lower-than-expected on near-term TFC Optical announced 2025 net income guidance at Rmb1.88bn~Rmb2.15bn, or +40%~60% YoY, suggesting 4Q25 NI at Rmb416m~Rmb685m, or midpoint at Rmb551m. The 4Q NI guidance is generally in line with our estimates, while the midpoint is 15% below our previous estimates, and we attribute it to the tight supply of EML chipset in 4Q considerin ...

China CPO: RoboTechnik (300757.SZ) Chairman visit: CPO and OCS in expansion; automated testing and alignment required 20 January 2026 | 9:10PM HKT Equity Research We hosted RoboTechnik (300757.SZ, Not Covered) Chairman on Jan 20 at the GS Tech AI Outlook Corp Day in Hong Kong. RoboTechnik entered the photonics assembly and testing space via the acquisition of FiconTEC (private, announcement), which is a global leader in automated assembly and testing systems for integrated photonic devices and components. O ...