（原标题：专访香港理工大学谭华耀：深耕光纤研究32年，孵化7家公司） 南方财经 21世纪经济报道记者 张伟泽 香港报道 "某种意义上，不是我选择了光纤，而是光纤选择了我。"香港理工大学光电子讲座教授及光子技术研究院副院长谭华耀如此说。 这句话总结了他与光纤技术30余年的不解之缘。 从一个因时代洪流而几无归处的华侨青年，到如今成为国际知名的光纤传感领域权威，谭华耀的经历本身就是一部跨越学术与产业的创新故事。 在谭华耀及其团队的主导下，2014年香港建成全球首个城市级光纤传感网络，监测6条MTR线路。该技术目前已覆盖香港九成以上的铁路线路， 并推广至新加坡、荷兰、澳大利亚等地。 2014年，谭华耀凭借激光传感技术在铁路监测中的应用，获得激光技术领域最高奖金的国际创新奖之一——Berthold Leibinger Innovationspreis创 新奖。 近年来，谭华耀团队将光纤传感技术从宏观的铁路监测延伸至微观的医疗应用。他们与墨尔本大学及医院合作，开发出直径仅为头发丝十分之一 的塑料光纤传感器，用于人工耳蜗植入手术。 目前，这项技术已进入临床试验阶段，正与墨尔本皇家维多利亚眼耳医院的外科医生以及全球最大的人工 ...

Core Viewpoint - The company, LIGONG Optical Technology, has demonstrated strong performance in the fiber optic sensing sector, driven by increasing demand for infrastructure safety monitoring and digital upgrades in China [1][2]. Company Performance - For the first three quarters of 2025, the company reported revenue of 469 million yuan, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 39.61 million yuan, up 47.6% [1]. - The return on equity increased by 1.17 percentage points compared to the same period last year, indicating a dual breakthrough in quality and scale [1]. Technological Advancements - Since its establishment in August 2000, the company has focused on advancing fiber optic sensing technology, with cumulative R&D investment exceeding 320 million yuan [2]. - The company has developed a leading R&D platform in China, with capabilities in innovative development, large-scale production, and engineering applications of fiber optic sensing products [2]. Market Expansion - The company's solutions have penetrated key sectors of the national economy, serving over 4,000 large oil storage tanks, nearly 25,000 kilometers of highway tunnels, over 12,000 kilometers of oil and gas pipelines, and more than 40 major bridges [3]. - Revenue has grown from 230 million yuan in 2016 to an expected 680 million yuan in 2024, with a compound annual growth rate exceeding 14% [3]. Shareholder Returns - Since its listing in 2016, the company has distributed over 100 million yuan in cash dividends, with a dividend payout ratio of 39.5% [3]. - The company is integrating market value management into its long-term strategic management to enhance both company value and market capitalization [3].

Core Viewpoint - Wuhan University of Technology Optics (理工光科) is focused on enhancing value creation and profitability while achieving reasonable growth in quantity and effective improvement in quality, laying a solid foundation for the completion of the 14th Five-Year Plan and a good start for the 15th Five-Year Plan [1] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 469 million yuan, a year-on-year increase of 13.79%, and a net profit attributable to shareholders of 39.61 million yuan, a year-on-year increase of 47.56% [2] Product Development - The company launched the FiberXense artificial intelligence platform, which is designed to create a fiber optic intelligent model base and derive multiple industry-specific models [3][4] - The company has developed a full-stack perception system based on fiber optic sensing technology, targeting major markets such as transportation and energy [4] Market Position and Achievements - The company has equipped over 4,000 large oil storage tanks, 12,000 kilometers of oil and gas pipelines, over 400 kilometers of smart highways, and more than 40 large bridges and several thermal and nuclear power plants [3] - Since its establishment in 2000, the company has maintained a compound annual growth rate of over 14%, with revenue increasing from 230 million yuan in 2016 to 680 million yuan in 2024 [3] Research and Development - The company has invested over 320 million yuan in research and development since its listing, establishing a leading R&D platform for fiber optic sensing technology in China [5] - The company emphasizes its competitive advantages in having the largest scale, most complete equipment, and strongest engineering capabilities in the domestic market for fiber optic sensing technology [5] Shareholder Returns - The company has distributed over 100 million yuan in cash dividends since its listing, with a dividend payout ratio of 39.5% [5] Future Development Strategy - The company aims to integrate innovation, coordination, green development, openness, and sharing into its operational development, focusing on empowering various industries' digital and intelligent transformation [6]

Core Insights - On October 30, Guangge Technology experienced a decline of 1.11% with a trading volume of 17.03 million yuan [1] - The company reported a financing buy-in of 1.9769 million yuan and a financing repayment of 1.6075 million yuan, resulting in a net financing buy of 0.3694 million yuan on the same day [1] - As of October 30, the total margin balance for Guangge Technology was 31.8196 million yuan, accounting for 2.35% of its market capitalization, indicating a high level of financing balance compared to the past year [1] Company Overview - Guangge Technology, established on April 28, 2010, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on July 24, 2023 [2] - The company specializes in the research, production, and sales of next-generation fiber optic sensing networks and asset digital operation and maintenance management systems [2] - The revenue composition includes: 71.30% from power facility asset monitoring and maintenance management systems, 23.29% from port traffic asset monitoring and maintenance management systems, 3.11% from submarine cable asset monitoring systems, 2.24% from other sensing monitoring products, and 0.06% from comprehensive utility tunnel asset monitoring systems [2] Financial Performance - For the period from January to September 2025, Guangge Technology achieved a revenue of 127 million yuan, representing a year-on-year growth of 42.98% [2] - The net profit attributable to the parent company was -44.6142 million yuan, reflecting a year-on-year decrease of 36.40% [2] - Since its A-share listing, the company has distributed a total of 14.52 million yuan in dividends [3]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 469 million CNY, a year-on-year increase of 13.8% [1] - Net profit reached 44.53 million CNY, up 33.8% compared to the same period last year [1] - Net profit attributable to shareholders was 39.61 million CNY, reflecting a growth of 47.6% year-on-year [1] - Return on net assets increased by 1.17% compared to the previous year [1] Market Strategy - The company focuses on national strategic needs and key infrastructure projects, enhancing market planning and expanding application depth [1] - It aims to innovate and optimize product and market structures continuously [1] - The company has equipped over 4,000 large oil storage tanks, nearly 25,000 kilometers of highway tunnels, and 12,000 kilometers of oil and gas pipelines [3] Technological Development - The company is developing a full-stack perception system based on fiber optic sensing technology, targeting major transportation and energy markets [3] - It has created advanced sensing products for extreme environments, including aerospace and oil and gas pipelines [3] - The company has developed an AI platform, FiberXense, to support various industry-specific models [3] Competitive Advantage - The company possesses the largest and most comprehensive fiber optic sensing technology R&D platform in China [5] - It has a full range of innovative development capabilities for fiber optic sensing products [5] - The company’s technology and products are positioned as leading both domestically and internationally, with U.S. competitor Luna as a benchmark [5] Future Outlook - The company plans to enhance revenue and profit growth through three strategies: solidifying core business, expanding new domains, and strengthening operations [9] - It emphasizes the importance of value and market capitalization management as part of its long-term strategic framework [6] - The company expresses confidence in achieving excellent performance to reward investor trust [8]

Group 1 - The announcement regarding the discredit treatment of Wuhan University of Technology Optics Co., Ltd. was published by the military procurement network, indicating that the company engaged in bid-rigging and other violations during the procurement activity for project number 2024-JC20-F1111 [1] - The company is prohibited from participating in procurement activities related to the military's cyberspace unit for three years, starting from September 7, 2025 [1] - During the prohibition period, the legal representative Jiang Shan and other enterprises managed by him are also banned from participating in the aforementioned military procurement activities [1] Group 2 - Wuhan University of Technology Optics Co., Ltd. (stock code: 300557) is a high-tech enterprise under China Information Communication Technology Group Co., Ltd. (Wuhan University of Posts and Telecommunications), specializing in fiber optic sensing monitoring equipment, intelligent application systems, and IoT solutions [5][7] - The company was listed on the Shenzhen Stock Exchange in November 2016 [5]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 57.80 CNY [5][8]. Core Views - The company has achieved rapid performance recovery, with a revenue of 192 million CNY in H1 2025, representing a year-on-year increase of 40.4%, and a net profit of 29 million CNY, up 91.82% year-on-year [1]. - The growth in revenue from optical fiber devices exceeded 200%, significantly contributing to the company's performance recovery and rapid restoration of profitability [2]. - The company is increasing its R&D investment to solidify its leading position in the optical fiber sensing field, with R&D expenses growing by 41.44% to 18 million CNY, representing a 9.5% R&D expense ratio [3]. - The company is actively expanding its development boundaries through both organic growth and acquisitions, including a planned acquisition of Shengyisheng, which will enhance its capabilities in optical communication and AI optical modules, thereby opening up long-term growth potential [4]. Financial Summary - The company is projected to achieve net profits of 68 million CNY, 114 million CNY, and 166 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of 281%, 66.46%, and 45.85% [5]. - The forecasted revenue for 2025 is 485 million CNY, with a net profit margin of 14.1% [11]. - The company’s average PE ratio for comparable companies is expected to be 81 and 61 times for 2025 and 2026, respectively, with the report suggesting a valuation premium due to the company's strategic positioning in specialty optical fibers and optical fiber rings [5][10].

Core Viewpoint - Guangge Technology (688450) reported mixed financial results for the first half of 2025, with significant revenue growth but a notable decline in net profit, indicating potential challenges in profitability despite increased sales [1]. Financial Performance - Total revenue for the first half of 2025 reached 87.38 million yuan, a year-on-year increase of 71.44% compared to 50.97 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -31.38 million yuan, reflecting a 55.6% decline from -20.17 million yuan in the previous year [1]. - The gross profit margin decreased to 45.88%, down 16.67% from 55.06% in 2024, indicating rising costs relative to sales [1]. - The net profit margin improved slightly to -35.91%, a 9.24% increase from -39.56% in 2024 [1]. Cash Flow and Expenses - Operating cash flow per share was -0.4 yuan, showing a 42.33% improvement from -0.7 yuan in the previous year, suggesting better cash generation from operations [1][7]. - Total expenses (selling, administrative, and financial) amounted to 40.95 million yuan, accounting for 46.87% of revenue, a decrease of 26.86% year-on-year [1]. Inventory and Assets - Inventory levels rose significantly, with a year-on-year increase of 51.75% [1]. - The company reported a 291.53% increase in prepaid expenses, attributed to higher material procurement prepayments [2]. Liabilities and Financial Position - Interest-bearing liabilities decreased by 13.70% to 84.72 million yuan [1]. - The company’s net assets per share fell to 14.73 yuan, down 8.51% from the previous year [1]. Business Development and Strategy - The company is focusing on expanding into new products and industries, particularly in areas such as next-generation fiber optic sensing networks and IoT asset operation systems [9]. - Continuous investment in R&D for innovative applications in various sectors, including oil and gas, transportation, and structural health monitoring, is a key strategic focus [9].

Core Viewpoint - Mingpu Optoelectronics has achieved a significant breakthrough in deep-sea earthquake monitoring by successfully deploying a full-fiber three-component underwater seismic monitoring system in Sanya, Hainan, marking a new phase of "high precision, wide frequency range, and long period" [1] Company Summary - Mingpu Optoelectronics' subsidiary, Zhuhai Renchi Optoelectronics Technology Co., Ltd., specializes in fiber optic sensing technology innovation [1] - The successful deployment of the monitoring system lays a solid foundation for the company's entry into the smart ocean market [1]

Group 1 - The core point of the news is that shareholder Ye Xuanxi plans to reduce his stake in Guangge Technology by up to 1,320,000 shares, representing 2.00% of the total shares, due to personal funding needs [1] - The reduction period is set from September 4, 2025, to December 3, 2025, with the selling price determined by market conditions, not lower than the initial purchase price before the company's listing [1] - As of the announcement date, Ye Xuanxi holds 6,115,092 shares, accounting for 9.27% of the total shares, all acquired before the company's initial public offering [1] Group 2 - Guangge Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 24, 2023, with an issuance of 16.5 million shares at a price of 53.09 yuan per share [2] - The total funds raised from the initial public offering amounted to 875.985 million yuan, with a net amount of 787.8167 million yuan after deducting issuance costs, exceeding the original plan by 187.8167 million yuan [2] - The funds raised are intended for projects including the upgrade and mass production of distributed fiber optic sensing systems, digital operation platform development, research center construction, and working capital supplementation [2]