[Table_Summary] 公司在海洋通信技术积淀深厚，有望推动海外业务持续拓展，助力主业经营质量稳步提升。子 公司长江计算在国内算力建设浪潮中快速释放营收，或成公司近年最为关键的增长引擎。 丨证券研究报告丨 分析师及联系人 [Table_Author] [Table_scode 公司研究丨点评报告丨烽火通信（ Msg1] 600498.SH） [Table_Title] 光网技术引领突破，算力业务加速释放 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 烽火通信（600498.SH） cjzqdt11111 [Table_Title2] 光网技术引领突破，算力业务加速释放 于海宁 刘泽龙 SAC：S0490517110002 SAC：S0490525040002 SFC：BUX641 2025-11-04 公司研究丨点评报告 [Table_Rank] 投资评级 买入丨维持 [Table_Summary2] 事件描述 烽火通信发布 2025 年三季度报告。报告期内，公司实现营业收入 170.72 亿元，同比下降 ...

Core Viewpoint - The company has delivered a strong half-year performance with increased profits despite revenue pressure, showcasing its resilience and strategic focus on R&D and international market expansion [1][2]. Financial Performance - The company achieved a total revenue of 11.117 billion yuan and a net profit of 287 million yuan, marking a year-on-year increase of 32.02% [1][2]. - The net profit excluding non-recurring items was 282 million yuan, reflecting a growth of 31.59% year-on-year [2]. - Operating costs decreased by 20.64%, contributing to a slight improvement in gross margin [2]. - Operating cash flow showed significant improvement, with a net outflow of 609 million yuan, an 81.61% enhancement compared to the same period last year [2]. R&D Investment - The company maintained a high level of R&D investment, with 1.439 billion yuan spent in the first half of 2025, accounting for 12.95% of total revenue [1][3]. - Continuous breakthroughs in core technologies such as optical transmission and broadband access were reported, including the global first trial of 400G/800G integrated rate ROADM [3]. - The company has focused on optimizing its R&D project structure while ensuring core technology development, leading to improved resource utilization efficiency [3]. International Market Expansion - The company achieved significant market share in Southeast Asia, the Americas, and Africa, with overseas assets reaching 1.046 billion yuan, representing 2.43% of total assets [1][4]. - The company has established a global presence with three overseas production bases, eight R&D centers, and eleven global delivery centers, covering over 100 countries and regions [4]. - The company actively participates in international exhibitions to enhance its brand presence and has become a long-term partner for operators in Southeast Asia, Latin America, and Europe [4]. Corporate Governance and Shareholder Returns - The company has consistently maintained a cash dividend policy since its listing, with a dividend payout ratio exceeding 30%, totaling 3.794 billion yuan in cash dividends [4].