Fiberhome Telecommunication Technologies Co., Ltd. (600498)

Individual Stock Analysis Report　|　Industry: Optical Communications　|　Report Date: September 13, 2026　|　September 11, 2026 Close (Friday), serving as the benchmark data after cross-verification across multiple sources; inconsistent quotes of RMB 40.75, RMB 69.35, RMB 28.91 and others previously returned by certain data sources have been excluded, with only figures consistently reported by the SSE official website, Securities Times e Company, East Money and Sina Finance retained.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Fiberhome Telecommunication Technologies reported clear “revenue growth without profit growth” in the first half of 2026: operating revenue was RMB 12.376 billion, up 11.33% year on year; net profit attributable to the parent was RMB 193 million, down 32.72%; and recurring net profit attributable to the parent was RMB 188 million, down 33.21%. Second-quarter revenue was RMB 7.866 billion, up 11.29%, while net profit attributable to the parent was RMB 154 million, down 33.26%. In 2025, revenue was RMB 24.919 billion and net profit attributable to the parent was RMB 436 million, down 12.72% and 37.98%, respectively, year on year. Profitability has yet to return to a growth trajectory.

The company operates in the midstream optical communications equipment and systems-integration segment, covering communications systems equipment, optical fiber and cable, DCI, servers and digitalization businesses. It ranks among China’s top three DWDM equipment vendors, with a 2025 industry-research CR3 of 83.7%. Data-network products generated revenue of RMB 1.42 billion in 2025, up 24.05% year on year. In 2026, the company continued to advance DCI, hollow-core fiber, ultra-high-count optical cables and computing-related products. However, communications systems equipment remains the primary source of revenue, generating RMB 18.655 billion in 2025, or 74.86% of total revenue, down 16.4% year on year.

The quality of operations faces considerable pressure. Gross margin was 21.10% in 2025, while net margin was only 1.51%; inventory write-down provisions exceeded RMB 800 million. Accounts receivable amounted to RMB 14.811 billion, or 31.39% of total assets, while short-term borrowings reached RMB 6.93 billion, up 36.43% year on year. Although net operating cash flow was RMB 4.773 billion in 2025 and turned positive at RMB 509 million in the first half of 2026, the expansion of accounts receivable, leverage and financing requirements remain important factors affecting profit realization.

As of September 11, 2026, the share price was RMB 40.75, with a market capitalization of approximately RMB 55.345 billion, a forward P/E of approximately 143.5x and a TTM P/E of approximately 161.8x. Valuation is highly dependent on future earnings recovery. Technically, the share price was below the chip-cost average of approximately RMB 41.26. Short-term resistance was concentrated at RMB 41.2–42.5, with initial support at approximately RMB 39–40. Main-fund net outflows over the past 10 trading days totaled approximately RMB 340 million, although funds returned on a single day. Margin financing was approximately RMB 2.335 billion. Trading activity was high and market divergence was significant.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Optical communications equipment and systems, including DWDM equipment and DCI products
• Optical fiber and cable
• Communications-systems and computing-related products represented by servers
• Informatization and digitalization businesses in areas such as digital government and rail-transit informatization

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Fiberhome operates in the equipment and systems-integration portion of the midstream optical communications value chain, extending upstream into optical fiber and cable and downstream into applications such as digital government and rail-transit informatization. Overall, it displays midstream manufacturing characteristics and relatively thin gross margins. Its costs and collections are influenced, respectively, by upstream component/raw-material procurement and downstream operator customers. The research note did not fully disclose specific upstream procurement categories or cost-structure data; the following upstream discussion is based on limited information contained in the note.

• The research note did not provide details of the raw materials or components specifically purchased by Fiberhome or their cost proportions. Its actual input structure therefore cannot be presented; the data gap is noted as such.
• The note positions the company as a “national champion” in optical communications. Its reliance on national-level innovation platforms and incubation of five national-level specialized and sophisticated “Little Giant” subsidiaries indirectly indicate a degree of self-sufficiency in certain core components and technologies, although the note does not provide the proportion of internally developed and internally supplied products.
• The note did not disclose the concentration of the company’s top five suppliers or whether it possesses pricing power in procurement. These judgments should be based on the latest annual report.
• Based on operators’ annual price-reduction and tendering mechanisms, cost pressure at the equipment level is likely to be transmitted upstream and to the midstream, but the note provides no specific evidence regarding the company’s bargaining power over suppliers.
• Major customers are domestic operators and enterprise-network customers. The note indicates that accounts receivable balances from domestic operator customers were approximately RMB 756.0959 million, RMB 1.5214553 billion, RMB 3.6057259 billion and RMB 5.1522895 billion, respectively, during the reporting periods, showing rapid growth. The primary reason was operators’ procurement of communications-systems products, represented by servers, to meet domestic communications and computing demand.
• Regarding customer concentration, the note provides only an accounts-receivable reference: the five largest accounts-receivable counterparties accounted for a combined 7.75%. This figure came from a historical announcement; the specific year should be confirmed against the original text. The source was single and could not be cross-verified, so the latest annual report should prevail.
• Structurally, domestic operator collections are relatively secure, while international customers and enterprise-network agents carry some collection risk. Operator tendering and centralized procurement systems typically possess strong pricing and payment-term bargaining power, leaving equipment vendors in a relatively passive position during contract execution.
• The note did not disclose the downstream customer mix by product line or the revenue contribution of the five largest customers; these data are unavailable.
• Working-capital usage signals: At the end of 2023, notes and accounts receivable were RMB 13.453 billion, up 81.30% from the previous year-end, increasing total assets and reducing asset turnover. Total asset turnover was 0.74x per year, 0.83x per year and 0.77x per year in 2021–2023, respectively. Accounts receivable from domestic operator customers increased from RMB 756.0959 million to RMB 5.1522895 billion. At year-end, the company had recognized RMB 1.517 billion in bad-debt provisions, all based on aging. Accounts receivable aged within one year, one to two years and two to three years each accounted for approximately 74% (the note truncates this figure as “74...”, so the complete proportions cannot be confirmed). These indications show that accounts receivable expanded faster than revenue and that working capital was materially occupied by downstream customers, particularly operators and server-related product lines. The company was relatively weak in bargaining power.
• Concentration data: the five largest accounts-receivable counterparties accounted for 7.75% in aggregate. This was sourced from a historical company announcement; the note did not identify the specific year, and the source could not be cross-verified. The latest annual report should prevail. Operator accounts receivable on the customer side showed a structural pattern of rapid growth. Supplier concentration and the revenue contribution of the five largest customers were not disclosed in the research note.

One-sentence positioning: Fiberhome operates in the equipment and systems segment of the midstream optical communications value chain and combines “national champion” status with an end-to-end value-chain footprint spanning optical fiber and cable, equipment systems and informatization applications. However, the rapid expansion of accounts receivable and the scale of bad-debt provisions reflected in the note—notes and accounts receivable of RMB 13.453 billion and bad-debt provisions of RMB 1.517 billion—are more typical of a midstream manufacturer or systems integrator. Gross margins are relatively thin, and profit is dictated by downstream operator centralized procurement and payment terms. Future margin improvement will depend primarily on product-mix upgrades, including growth in new products such as DCI and volume expansion in computing-related server products, economies of scale, cost control and improved operator collections, rather than simply relying on price increases at the end-user level. It should be noted that the research note provides no specific annual gross or net margin figures. The above positioning is based mainly on working-capital and business-structure information; financial verification should rely on the latest annual report.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The FY2025 annual report was disclosed on 2026-04-24. Recurring net profit attributable to the parent was RMB 393 million (同比 -39.83%), basic EPS was RMB 0.36 (East Money calculated RMB 0.32 based on the latest share capital of 1.358 billion shares; the bases differ), gross margin was 21.10% (down 0.15 percentage points year on year), net margin was 1.51% (down 0.98 percentage points), and the company proposed a cash dividend of RMB 0.97 per 10 shares (tax included) with no bonus issue. R&D expenses were RMB 2.57 billion (down 10.8%), inventory write-down provisions exceeded RMB 800 million, short-term borrowings were RMB 6.93 billion (up 36.43% from RMB 5.08 billion at 2024 year-end), accounts receivable were RMB 14.811 billion (31.39% of total assets), and net operating cash flow was RMB 4.773 billion (up 2.90%). By product, communications systems equipment generated RMB 18.655 billion (down 16.4%, 74.86% of total), optical fiber and cable generated RMB 4.654 billion (down 0.95%, 18.68%), and data-network products generated RMB 1.42 billion (up 24.05%). In the 2026 interim report, recurring net profit was RMB 188 million (down 33.21%), Q2 recurring net profit was RMB 153 million (down 32.62%), the debt ratio was 61.28%, investment income was RMB 389 million, finance expenses were RMB 376 million, gross margin was 21.4%, EPS was RMB 0.14 and net assets per share were RMB 12.96. FY2024 gross margin was 21.25% and ROE was 5.04%. Sources: 同花顺, 财联社, 每日经济新闻, 华鑫证券点评, 证券之星周评, 搜狐证券, 华西证券F10, 界面新闻, Investing.com.

2025 marked the first simultaneous decline in revenue and net profit attributable to the parent since 2021. Net profit attributable to the parent fell to RMB 436 million, ending four consecutive years of growth. The company attributed the decline mainly to lower investment by customers and operators in the traditional communications market. Q4 net profit attributable to the parent turned negative at -RMB 77 million, weighing on the full-year result. Revenue recovered to double-digit year-on-year growth in the 2026 Q1 report and interim report, rising 11.40% and 11.33%, respectively, but net profit attributable to the parent remained down by approximately 30%, demonstrating “revenue growth without profit growth.” Before the FY2025 results, the Wind consensus estimate from four institutions was revenue of approximately RMB 28.19 billion and net profit attributable to the parent of approximately RMB 1.028 billion. Actual results of RMB 24.919 billion and RMB 436 million were both materially below expectations. Analysts had expected Q4 net profit of RMB 547 million, versus actual net loss of RMB 77 million, representing a significant earnings miss. The provision of more than RMB 800 million for inventory write-downs was identified as a key audit matter. Short-term borrowings increased 36.43% year on year, and accounts receivable represented 31.39% of total assets, warranting attention to asset quality and financial pressure. Net operating cash flow improved by 2.90% year on year to RMB 4.773 billion.

3.2 Earnings Forecasts

The table above follows the East Money F10 consensus-estimate methodology for the past six months, covering six institutions. Corresponding ROE estimates are 7.73% for 2026E, 9.19% for 2027E and 9.93% for 2028E. Net assets per share are estimated at RMB 13.79 for 2026E. Based on a share price of approximately RMB 40.8, the corresponding P/E ratios are 127.45x for 2025A, 38.59x for 2026E, 30.23x for 2027E and 24.68x for 2028E. Source: East Money F10 earnings forecast page. Individual institutional forecasts diverge materially: Huaxin Securities (2026-05-20, initial Buy) forecasts 2026–2028 revenue of RMB 26.414 billion/RMB 28.263 billion/RMB 30.524 billion and EPS of RMB 0.84/RMB 0.96/RMB 1.09; Guotou Securities (2026-06-12, upgraded to Buy) forecasts revenue of RMB 28.607 billion/RMB 32.875 billion/RMB 39.087 billion and net profit attributable to the parent of RMB 1.312 billion/RMB 1.612 billion/RMB 1.655 billion, uses PS valuation because the company is in an investment phase, and sets a six-month target price of RMB 73.73, equivalent to 3.5x 2026E forward sales; Changjiang Securities (2026-05) forecasts EPS of RMB 0.88/RMB 1.00/RMB 1.15; Zhongtai Securities (2026-06-15, Buy) forecasts EPS of RMB 1.44/RMB 2.01/RMB 3.65, with the 2028E figure of RMB 3.65 clearly an outlier; Northeast Securities (2026-04-08, Buy) forecasts EPS of RMB 1.36/RMB 1.89; Tianfeng Securities (2026-05-13, Outperform) forecasts EPS of RMB 0.87/RMB 1.07/RMB 1.17 and 2026 net profit of RMB 1.186 billion; Guotai Haitong (2025-11-26, Outperform) forecasts 2025–2027 net profit attributable to the parent of RMB 951 million/RMB 1.022 billion/RMB 1.109 billion, EPS of RMB 0.74/RMB 0.79/RMB 0.86 and a target price of RMB 27.76 based on 35x 2026E P/E. This forecast is materially behind the subsequent market performance and is included only as historical reference. 同花顺 aggregates reports from five institutions over the past six months, with 2026 net-profit forecasts ranging from RMB 1.145 billion to RMB 1.842 billion and averaging RMB 1.337 billion, up 206.87% year on year. Consensus estimates should be treated cautiously because methodologies differ substantially and there are “two snapshots”: different entry points on the same East Money page show 2026E average EPS of RMB 0.99/net profit of RMB 1.340 billion versus EPS of RMB 1.06/net profit of RMB 1.439 billion. Changjiang Securities’ 2026E EPS is RMB 0.45 in one version and RMB 0.88 in another. The difference is significant and is presumed to reflect snapshots captured at different times; the version dates cannot be confirmed.

3.3 Valuation and Institutional Ratings

At the September 11, 2026 close, the share price was RMB 40.75, up 7.80% from RMB 37.80 the previous week. Market capitalization was RMB 55.345 billion; another source reported RMB 55.739 billion, corresponding to a higher share-price point. On a TTM basis, net profit was approximately RMB 342 million, down 55.7% year on year; recurring net profit was approximately RMB 300 million, down 58.4%; revenue was RMB 26.178 billion, up 1.4%; and P/E was approximately 145–162x. MarketWatch reported 147.97x based on EPS of USD 0.28; based on TTM net profit attributable to the parent of approximately RMB 342 million, the multiple was approximately 162x. TTM ROE was approximately 1.5%, TTM ROIC approximately 2.3%, gross margin 21.4%, net margin 1.5% and P/B approximately 3.1x, based on RMB 40.75 divided by net assets per share of RMB 12.96.

On a historical and forward basis, 2025A P/E was approximately 127x, while forward P/E was approximately 38.6x for 2026E, 30.2x for 2027E and 24.7x for 2028E under the East Money consensus methodology. For dividends, the FY2025 proposal of RMB 0.97 per 10 shares implied a dividend yield of approximately 0.24%; MarketWatch also showed 0.24%. Other data included goodwill of RMB 86.3484 million and a controlling-shareholder pledge ratio of 0%. Target prices diverged materially: 同花顺 reported RMB 73.73 from one clearly identified institution; the Sina list showed Guotou Securities’ target price as RMB 73.63; Investing.com reported a 12-month average target price of RMB 51.00, with a range of RMB 46–56 and only two analysts, making the data relatively old. Overall, current TTM valuation was extremely high, with P/E above 100x and P/B around 3.1x. It relies primarily on consensus expectations for a substantial earnings recovery during 2026–2028. However, institutional forecasts diverge significantly and use inconsistent methodologies, while company earnings continued to decline in 2025 and the first half of 2026. Valuation and fundamentals are therefore in clear tension. Sources: 证券之星周评, 搜狐证券, MarketWatch, East Money F10, 同花顺iNews, Sina Finance, Investing.com. Markets involve risk; invest prudently.

4. Recent News and Announcements

4.1 2026 Interim Report: Revenue Up 11.33%, Net Profit Attributable to the Parent Down 32.72%

The 2026 interim report was disclosed on 2026-08-26, with the summary released on 2026-08-27; the figures were unaudited. Operating revenue was RMB 12.376 billion, up 11.33% year on year from RMB 11.117 billion; net profit attributable to the parent was RMB 193 million, down 32.72%; recurring net profit attributable to the parent was RMB 188 million, down 33.21%; basic and diluted EPS was RMB 0.14, down 41.67%; and net operating cash flow was positive RMB 509 million, versus negative RMB 609 million in the prior-year period. Total assets were RMB 48.858 billion, net assets attributable to the parent were RMB 17.601 billion and weighted-average ROE was 1.09%. Based on media calculations, Q2 net profit attributable to the parent was approximately RMB 154 million and Q1 net profit approximately RMB 38 million. 2026H1 R&D investment was RMB 1.27 billion, down 11.76% year on year according to 证券之星’s interpretation of the interim-report data. Sources: https://www.cnfin.com/announ/detail/index.html?id=841079401283&code=600498 ; https://news.10jqka.com.cn/20260826/c679308695.shtml ; https://finance.eastmoney.com/a/202608273855825326.html ; https://m.aastocks.com/tc/cnhk/quote/stock-news/600498/0/cn-stock-news/1

4.2 No 2026 Interim Earnings Forecast Announcement Identified

No 2026 interim “earnings forecast/earnings preannouncement” announcement was identified. The interim report was directly disclosed, and Main Board companies are not subject to a mandatory interim earnings-forecast requirement. Conclusion: this search did not identify a 2026 earnings forecast announcement. If the report cites an “earnings forecast,” it should state “none.” This is a search conclusion, not an official company statement.

4.3 2025 Annual Dividend Implementation Announcement: RMB 0.097 per Share

The 2025 annual dividend implementation announcement dated 2026-07-02 used total share capital of 1,358,167,482 shares as the basis. The company paid RMB 0.097 per share in cash, including tax, for a total cash distribution of approximately RMB 131.74 million. The record date was 2026-07-09 and the ex-dividend date was 2026-07-10. Source: https://m.aastocks.com/tc/cnhk/quote/stock-news/600498/0/cn-stock-news/1

4.4 Private Placement Plan: Total Proceeds Not Exceeding RMB 2.913 Billion; Related Proposals to Be Considered at the September 24, 2026 Shareholders’ Meeting

Private placement through an issuance of A-shares to specific investors, based on the announcement dated 2026-07-10 concerning the 14th extraordinary meeting of the ninth Board of Directors: total proceeds including issuance expenses will not exceed RMB 2.913 billion. The projects include: ① an intelligent manufacturing plant for multimode and specialty optical fiber; ② industrialization of ultra-large-specification optical-fiber preforms by Fiberhome Ruituo; ③ the Fujikura Fiberhome acquisition project; ④ a Thailand optical-fiber industrial base; ⑤ R&D into key performance improvements for ultra-high-capacity hollow-core fiber; and ⑥ replenishment of working capital. The second extraordinary shareholders’ meeting on 2026-09-24 will consider nine proposals relating to the private placement, including the issuance plan, proposal, feasibility analysis report, measures to offset the dilution of immediate returns and the use of proceeds from the previous offering. It will also consider the “Shareholder Dividend Return Plan for the Next Three Years (2027–2029)” and authorization for the Board to handle related matters. Sources: https://m.aastocks.com/tc/cnhk/quote/stock-news/600498/0/cn-stock-news/1 ; https://data.eastmoney.com/gddh/detail/600498/242962.html

4.5 Proposed Cash Acquisition of 60% of Fujikura Fiberhome for RMB 500 Million (Single-Source Report, Pending Verification)

According to the 2026-07-10 announcement, the company plans to acquire for RMB 500 million in cash a combined 60% stake in Fujikura Fiberhome Optoelectronic Materials Technology Co., Ltd. held by Fujikura Japan and Fujikura China. After completion, Fiberhome would own 100% of the target. The target’s main businesses are the technology development, production, sales and after-sales service of optical-fiber preforms and other optoelectronic products. Uncertainty note: this item has so far been reported only by AASTOCKS, a single source. No second independent source or original SSE text was found for verification; it should be rechecked before citation. Source: https://m.aastocks.com/tc/cnhk/quote/stock-news/600498/0/cn-stock-news/1

4.6 Proposed Sale of a 14.68% Stake in Accelink and Capital Injection by a Related Party; Shareholders’ Meeting on 2026-09-16

The company plans to sell its 14.68% stake in Wuhan Accelink Microelectronics Technology Co., Ltd. to China Information and Communication Technologies Group Corporation for RMB 300 million. The carrying cost of the 14.68% stake was RMB 282.0554 million, implying an appreciation rate of 6.36%; the consideration will be paid in full within one month after signing the transfer agreement. China Information and Communication Technologies Group then plans to inject RMB 600 million into Accelink and subscribe for RMB 227.0175 million of newly registered capital. WRI and Fiberhome will waive their pre-emptive subscription rights. Following completion, the ownership structure will be China Information and Communication Technologies Group 42.86%, WRI 9.50% and Fiberhome 47.64%. Control of Accelink will transfer to China Information and Communication Technologies Group, and Accelink will no longer be consolidated into Fiberhome’s financial statements. The stated purpose is to relieve R&D funding pressure in the chip business and improve operating quality. The aggregate value of the related-party transaction is RMB 900 million. It does not constitute a material asset restructuring, and related shareholders must abstain from voting. The same shareholders’ meeting will consider the appointment of the 2026 auditor and the proposed reappointment of Grant Thornton. Sources: https://www.cfi.cn/p20260909001654.html ; https://www.163.com/dy/article/L6B9CB9G05568W0A.html ; http://stock.stockstar.com/AN2026082700029094.shtml

4.7 Share Repurchase: Launched in September 2025; Final Amount and Number of Shares Not Available from the Official Original Text

The Board approved a share-repurchase proposal on 2025-09-23, with the proposal announced on 2025-09-24. The company planned to use no less than RMB 75 million and no more than RMB 150 million of its own or self-raised funds to repurchase shares through centralized bidding and cancel all repurchased shares to reduce registered capital. The repurchase price would not exceed RMB 40.53 per share, and the period was six months after approval by the shareholders’ meeting. The first extraordinary shareholders’ meeting approved the proposal on 2025-10-15, the repurchase report was disclosed on 2025-10-21 and the first repurchase was implemented on 2025-10-24. The key uncertainty is the execution result. The SSE English announcement list shows an “Announcement on Implementation Result of Shares Repurchase and Share Changes” dated 2025-12-19, as well as repurchase-progress announcements dated 2025-12-06, 2025-11-24 and 2025-11-04, indicating that the repurchase had reached the results-disclosure stage by December 2025. However, the original figures for the final number and amount of repurchased shares were not obtained. No new repurchase plan launched in 2026 was identified. Exact data should be checked against the original announcement. Sources: https://www.163.com/dy/article/KA5HREVT05198CJN.html ; https://quoteimg.cfi.cn/quote.aspx?stockid=1226&contenttype=ggqw ; https://english.sse.com.cn/markets/equities/list/announcements/?COMPANY_CODE=600498

4.8 Equity Incentive Announcements (November 2025)

Equity incentives: an “Announcement on the Implementation of Repurchase and Cancellation of Restricted Shares under the Equity Incentive Plan” was issued on 2025-11-05; an announcement on vesting and lifting restrictions for the third vesting period of the 2021 restricted-share incentive plan was issued on 2025-11-13. Sources: CFi.cn/SSE announcement list (https://quoteimg.cfi.cn/quote.aspx?stockid=1226&contenttype=ggqw ; https://english.sse.com.cn/markets/equities/list/announcements/?COMPANY_CODE=600498)

4.9 Convertible Bonds: Maturity Redemption, Delisting and Redemption Results of Fiberhome Convertible Bonds

The company issued three reminder announcements on 2025-11-04, 2025-11-05 and 2025-11-06 regarding maturity redemption and delisting of the Fiberhome Convertible Bonds. The redemption results and share changes were announced on 2025-12-03. On the same date, the company announced that the holdings of the controlling shareholder and parties acting in concert had been passively diluted across a 1-percentage-point threshold because of conversion of the convertible bonds. The Fiberhome Convertible Bonds, code 110062, matured and were delisted at the end of 2025. Source: https://english.sse.com.cn/markets/equities/list/announcements/?COMPANY_CODE=600498

4.10 Shareholders’ Meeting Schedule: First and Second Extraordinary Meetings in 2026

The first extraordinary shareholders’ meeting in 2026 will be held on 2026-09-16 at 14:30 at the fifth floor of Building 1, Fiberhome Technology Park, No. 6 Gaoxin 4th Road, East Lake High-Tech Development Zone, Wuhan. The record date is 2026-09-10. The meeting will consider the sale of the Accelink stake and related-party transaction, as well as the appointment of the audit firm. The second extraordinary shareholders’ meeting will be held on 2026-09-24 at 14:30, with a record date of 2026-09-18. It will consider nine special-resolution proposals related to the private placement and the 2027–2029 dividend-return plan. Announcement No. 2026-040. Sources: http://app.cnstock.com/zzb/zgzqb/html/2026-09/09/nw.D110000zgzqb_20260909_7-B013.htm ; https://paper.cnstock.com/html/2026-09/09/content_2266539.htm

4.11 Technology and Business Developments: Media Coverage Around the 2026 Optical Expo

At the Shenzhen Optical Expo on 2026-09-09, Liu Zhijian, vice president of the company’s cable production line, said that total annual optical-fiber capacity was expected to rise to 120 million fiber-kilometers and that a new optical-fiber-preform industrial base would soon begin production. The company unveiled China’s first 13,824-fiber ultra-high-count cable and the world’s largest 300-mm preform. Hollow-core fiber completed a 51.2-km, ultra-high-capacity real-time transmission test, and China’s first 100-km-class hollow-core-fiber data-center interconnection project had been delivered. High-end multimode fiber had entered mass deployment at computing centers operated by leading internet companies. The company first proposed the “Fiber for AI” concept at MWC Shanghai in June 2026. Source: https://www.cnstock.com/commonDetail/787790. On 2026-09-11, an 800G Scale-Across transmission-equipment and hollow-core-fiber integrated solution completed end-to-end field verification at the expo. Source: https://www.egsea.com/news/detail/2340749.html. Recently in September 2026, the company assisted China Telecom Shanghai in building an optical-cable project for a 2026 rail-transit river-crossing tunnel. The project used a hollow-core-fiber hybrid cable solution and landed on Chongming Island, creating the Yangtze River Delta’s first hollow-core-fiber demonstration line for a rail-transit tunnel. The minimum loss of the company’s improved double-nested anti-resonant hollow-core fiber in the communications band was ≤0.035dB/km. Source: https://finance.eastmoney.com/a/202609113872041681.html

4.12 Patents: 219 New Patent Grants in 2026 (Non-Official Disclosure Basis)

As of early September 2026, the company had obtained 219 new patent grants in 2026, up 15.87% year on year, according to 证券之星 based on Tianyancha data. This is not an official disclosure basis and is provided only as a trend reference. Source: https://wap.stockstar.com/detail/RB2026091100009749

4.13 Financing and Trading: Margin Financing and Share-Price Reference (Snapshots from 2026-09-09 to 2026-09-11)

On 2026-09-09, margin-financing balance was RMB 2.334 billion, equivalent to 4.47% of free-float market capitalization and above the historical 90th percentile. Margin purchases that day totaled RMB 331 million. Securities-lending balance was RMB 22.1821 million, above the historical 70th percentile. Source: http://stock.10jqka.com.cn/20260910/c679761313.shtml. According to an East Money quote plug-in snapshot on 2026-09-11, the latest price was RMB 40.75, up 1.54%, with trading volume of 1.04 million lots, turnover of RMB 4.19 billion, TTM P/E of 143.53 and market capitalization of approximately RMB 55.3 billion. This is a dynamic market snapshot rather than an announcement figure. Total share capital of 1,358,167,482 shares based on the 2025-12-31 annual-report figure broadly matches the RMB 55.3 billion market capitalization and can serve as an internal consistency check. Source: https://finance.eastmoney.com/a/202609113872041681.html. For comparison, on the day the interim report was released, 2026-08-26, Sina’s quote snapshot showed a share price of RMB 37.80, down 3.96%, indicating a significant rise from late August to mid-September.

4.14 Key Uncertainties and Items Pending Verification

1. The acquisition of 60% of Fujikura Fiberhome for RMB 500 million is currently based only on a single AASTOCKS report and has not been verified against a second source or the original SSE/company announcement. The original SSE announcement should be checked before citation.

2. The final amount and number of shares executed under the repurchase plan launched in September 2025 were not obtained from the official original text. The SSE English list shows that repurchase implementation results and share changes were disclosed on 2025-12-19, from which it can be inferred that the repurchase was completed during 2025, but the specific scale remains to be verified. No new repurchase plan was identified in 2026.

3. The absence of a 2026 interim earnings forecast is a search conclusion, not an explicit company statement. If the report states that no forecast was disclosed, this qualification should be retained.

4. R&D investment of RMB 1.27 billion (down 11.76%), 219 patents and certain technology and capacity statements—120 million fiber-kilometers, 13,824 fibers, 300-mm preforms and ≤0.035dB/km—come from media reports or external statements by company executives, including Optical Expo remarks and 证券之星’s Tianyancha-based data. They are company-reported or non-official statistics, not mandatory financial-disclosure figures.

5. Market and margin-financing data are snapshots from 2026-09-09 to 2026-09-11 rather than stable closing-price data. Chinese financial pages also have JavaScript-rendering and delay issues. Exact closing prices should be rechecked against the exchange or a market-data terminal.

6. The price and announcement cutoff of this research note was approximately 2026-09-12. As of the note date, the September 16 and September 24 shareholders’ meetings had not yet been held. Final voting results for the Accelink transaction and private-placement proposals remain pending. It is more accurate to state that these matters remain subject to shareholders’ approval.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

At the September 11, 2026 close, Fiberhome was at RMB 40.75, up 1.54%, with an 8.15% turnover rate and RMB 4.191 billion in turnover, indicating relatively active recent trading. The technical picture was generally weak: a “dead triangle” of moving averages formed on September 10, a bearish “bearish cannon” pattern appeared on September 3, and a “bear point” appeared on September 4. The latest price of RMB 40.75 was below the chip-cost average of RMB 41.26 calculated by 九方智投, and a break above resistance near RMB 42 may be required for recovery.

Valuation was high: dynamic P/E was approximately 143.5x, TTM P/E 161.80x and static P/E 126.99x. These methodologies differ and should not be mixed. 九方智投 assessed current valuation as extremely high relative to the three-year average. Capital flows showed clear divergence: main-fund net inflow on September 11 was RMB 128 million, including RMB 55 million from extra-large orders and RMB 73 million from large orders, but cumulative main-fund flows over the past 10 days remained negative at approximately RMB 339 million. Margin-financing balance was approximately RMB 2.260–2.335 billion, indicating high leverage participation. The 52-week range was approximately RMB 21.5–87.5; the current price had fallen approximately 53% from the 52-week high while remaining approximately 90% above the 52-week low. Exact MA5/10/20, MACD, RSI6 and Bollinger Band figures were not obtained. Data for the top 10 free-float shareholders and institutional holdings was also unavailable. Related technical levels, chip costs and moving-average resistance came from calculations or labels by 九方智投, a single non-official source, and therefore have limited reliability.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content represents subjective scenario analysis based on historical prices, technical indicators and fund-flow data. It does not constitute investment advice or a guarantee of future actual performance. Do not trade directly on this basis.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Scenario A: Range-bound consolidation (relatively higher weight, approximately 50%; a subjective heuristic rather than a statistical probability): The share price fluctuates within RMB 39.0–42.5, with bulls and bears contesting the dense cost area around RMB 41. Trigger conditions include no major incremental news, stable broader markets and communications-equipment stocks, and turnover remaining within a normal range of RMB 2.5–4.0 billion. Under this scenario, the conflict between weak technical conditions, including the “dead triangle” of moving averages, and short-term main-fund inflows may not be resolved.
• Scenario B: Weak decline (medium weight, approximately 30%; a subjective heuristic rather than a statistical probability): The share price breaks below initial support at RMB 39.0 and closes below it effectively, moving toward strong support at RMB 37.5–38.0. Trigger conditions include turnover shrinking below RMB 2.0 billion, another daily main-fund net outflow of RMB 100 million or more similar to September 3–4, or weakness in the sector or broader market. An effective break below RMB 37.5–38.0 would open further downside.
• Scenario C: Strong rebound (lower weight, approximately 20%; a subjective heuristic rather than a statistical probability): The share price breaks above RMB 42 on rising volume and challenges the area above RMB 42.5, moving toward higher levels. Trigger conditions include sustained turnover expansion, resonance between communications-equipment and computing stocks, or positive expectations from the September 15 interim-results briefing or the September 24 extraordinary shareholders’ meeting, including private-placement proposals.

③ Capital and Liquidity Background

As of September 11, the turnover rate was 8.15% and turnover was RMB 4.191 billion, indicating relatively active recent trading. The September 10 turnover rate was 4.75% with turnover of RMB 2.451 billion, while the September 9 turnover rate was approximately 7.82%. Trading volume expanded significantly over the latest two sessions. Recent daily turnover was approximately RMB 2.4–4.2 billion. Large and extra-large orders represented a high proportion on September 11, with extra-large orders equivalent to approximately 5.5% of free-float shares and large orders approximately 2.25%. Trading was driven mainly by medium and large orders, indicating active short-term speculation.

However, cumulative main-fund flows over the past 10 days remained negative at approximately RMB 340 million according to 九方智投. The September 11 net inflow of RMB 128 million indicated capital divergence rather than sustained coordinated buying. Margin-financing balance was relatively high at approximately RMB 2.260–2.335 billion, potentially amplifying volatility. Data on shareholder concentration, including the top 10 free-float shareholders and public-fund, social-security-fund and QFII holdings, could not be verified and is marked unavailable. If the stock is regarded as a small- or mid-cap company with relatively low institutional ownership, order-book depth and market-impact costs warrant attention; this is a general caution based on missing data and has not been empirically verified.

Using the stock’s recent normal range as a benchmark—daily turnover of approximately RMB 2.4–4.2 billion and a turnover rate of approximately 5%–8%—sustained turnover above RMB 4.5 billion accompanied by stabilization above RMB 42 could signal active capital entry. Conversely, turnover below RMB 2.0 billion combined with a break below RMB 39 would increase the probability of further adjustment.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Resistance: whether the RMB 41.2–42.5 range can be broken on rising volume and whether the stock can stabilize above RMB 42.
• Support: whether initial support at RMB 39.0–40.0 holds; RMB 37.5–38.0 is the key support and the “lifeline” of the current rebound.
• Volume: whether daily turnover rises above RMB 4.5 billion, a potential entry signal, or shrinks below RMB 2.0 billion, a weakening signal.
• Events: the September 15 interim-results briefing and the September 24 second extraordinary shareholders’ meeting, which will consider the private placement and the related-party transaction involving the Accelink stake, may trigger short-term volatility.

The above scenarios are based on the September 11, 2026 closing data and calculations involving historical prices, technical indicators and fund flows. Short-term share prices may also be affected by news, capital flows and the broader market. Technical indicators have inherent lags and limitations. This analysis does not guarantee future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear their own investment risks.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

The research note indicates that Fiberhome operates in optical communications, covering DWDM equipment, optical fiber and cable, DCI and communications-systems products represented by servers. In terms of industry structure, the 2025 CR3 of the DWDM equipment market—Huawei, ZTE and Fiberhome—reached 83.7%, up 2.1 percentage points from 81.6% in 2024. CR5, including Yangtze Optical Fibre and Cable and Accelink Technologies, was 91.4%, up 1.8 percentage points from 2024. Concentration among leading companies continued to rise. A surge in AI demand was regarded as an important driver of the restructuring of the optical-fiber and cable industry in 2025. These CR3/CR5 figures came from industry-research articles reproduced by 财富号/East Money rather than company announcements and should be cross-verified against the latest authoritative third-party reports.

6.2 Competitive Landscape

• The DWDM equipment market is highly concentrated. The 2025 CR3 of Huawei, ZTE and Fiberhome was 83.7%, up 2.1 percentage points from 81.6% in 2024. CR5, including Yangtze Optical Fibre and Cable and Accelink Technologies, was 91.4%, up 1.8 percentage points from 2024. Source: 2026 China DWDM Equipment Industry Market Size and Investment Outlook Forecast Analysis Report; not a company announcement and should be cross-verified.
• Fiberhome ranked among China’s top three DWDM equipment vendors and belongs to the first tier together with Huawei and ZTE.
• Competition in optical fiber and cable is being reshaped. A surge in AI demand in 2025 became an important driver of changes in the optical-fiber and cable industry structure. Source: C114/讯石光通讯 year-end review.
• Regarding competitive rankings, the note mentioned the 2025 Top 10 Most Competitive Optical Communications Companies, the 2025 China Optical Communications Enterprise Core Competitiveness Ranking and the 2025–2026 China Optical Technology TOP300, but did not extract Fiberhome’s specific rankings.
• The company positions itself as a “national champion” in optical communications and has incubated five national-level specialized and sophisticated “Little Giant” subsidiaries through national-level innovation platforms. Source: 2025 interim report.
• In terms of business structure, the note stated that DCI product revenue increased year on year and that the company maintained leading share in digital government and rail-transit informatization.
• The note did not disclose the overall industry market size, growth rate or Fiberhome’s specific share of each submarket; these fields are unavailable.

6.3 Key Competitors

Based on the industry structure visible in the research note, Fiberhome ranked among China’s top three players in the DWDM equipment segment alongside Huawei and ZTE, while industry concentration increased further in 2025 versus 2024. However, the note did not provide comparable data on gross margin, net margin, revenue scale or market share versus other optical-communications companies. Its relative competitiveness therefore cannot be quantified financially. In addition, the CR3/CR5 concentration data came from industry-research articles rather than company announcements or authoritative regulatory disclosures. The limitations of the sources should be noted and the data cross-verified.

7. Risk Factors

• Risk of continued earnings decline: Net profit attributable to the parent fell 37.98% in 2025 and 32.72% in the first half of 2026, while recurring net profit attributable to the parent fell 33.21%. If revenue growth continues to fail to translate into profit growth, expectations for earnings recovery may be delayed further.
• Pressure on traditional communications business: Communications-systems equipment revenue was RMB 18.655 billion in 2025, accounting for 74.86% of total revenue and down 16.4% year on year. The company has attributed the decline to lower customer and operator investment in the traditional communications market. If operator investment recovers more slowly than expected, core revenue may remain under pressure.
• Accounts-receivable and collection risk: Accounts receivable amounted to RMB 14.811 billion in 2025, or 31.39% of total assets. Historical data also show rapid growth in accounts receivable from domestic operators, and the company recognized RMB 1.517 billion in bad-debt provisions at year-end. Changes in operator centralized procurement, payment terms and collections from international customers and enterprise-network agents could affect cash flow and asset quality.
• Inventory impairment risk: Inventory write-down provisions exceeded RMB 800 million in 2025 and were identified as a key audit matter. Further changes in demand and prices for communications equipment, optical fiber and cable or related products could result in additional impairment and compress profit.
• Financing and finance-expense risk: Short-term borrowings were RMB 6.93 billion in 2025, up 36.43% from the end of 2024. The debt ratio was 61.28% in the first half of 2026, and finance expenses were RMB 376 million. If project investment, working-capital usage or collections do not improve as expected, financing costs could further affect net profit.
• Capital-operation execution risk: The RMB 2.913 billion private-placement plan, the sale of the Accelink stake and the related-party capital injection all remain subject to subsequent review and implementation. The ability of private-placement projects, acquisitions and equity disposals to proceed as planned is uncertain, and these matters may cause share dilution, changes in the business structure or weaker-than-expected integration results.
• Valuation and share-price volatility risk: As of September 11, 2026, dynamic P/E was approximately 143.5x and TTM P/E approximately 161.8x, while the company remained in an earnings-decline phase. If future earnings recovery falls short of market expectations, valuation contraction could amplify share-price volatility.
• Technical and leveraged-trading risk: The share price had not yet broken above the approximately RMB 41.2–42.5 resistance zone, while technical indicators showed weak signals such as the “dead triangle” of moving averages. Margin-financing balance was approximately RMB 2.335 billion and turnover was 8.15%. A break below the RMB 39–40 support zone could cause leveraged trading to amplify short-term volatility.

8. Conclusion and Outlook

The company’s medium- and long-term growth drivers primarily include rising concentration in the optical communications industry, demand related to computing and AI, and product-mix upgrades involving DCI, servers, hollow-core fiber, high-end multimode fiber and ultra-high-capacity transmission. Fiberhome has an integrated value-chain footprint spanning optical fiber and cable, communications equipment and informatization applications. It plans to use the private-placement proceeds to invest in multimode and specialty fiber, optical-fiber preforms, an overseas optical-fiber base, hollow-core-fiber R&D and working capital. If these projects advance smoothly, they could strengthen product supply capabilities and create room for growth in new businesses.

However, the central issue remains whether revenue growth can translate into profit growth. Revenue increased by more than 11% year on year in the first half of 2026, yet net profit attributable to the parent declined by more than 30%. This shows that the pressure from weaker traditional communications investment, product structure, inventory impairments, R&D spending and financial investment has not been fully eliminated. Investors should focus on whether communications-systems equipment revenue stabilizes, whether high-growth products such as data networks and DCI can increase their contribution, whether gross margin and recurring profit improve, and whether accounts receivable and operating cash flow continue to improve.

The company plans to advance a RMB 2.913 billion private placement and sell a 14.68% stake in Accelink in connection with a related-party capital injection. The relevant proposals and transaction results remain subject to shareholders’ approval and subsequent announcements. Given the current high TTM valuation, declining earnings, wide divergence among institutional forecasts and weak technical conditions, future performance will depend on the pace of earnings recovery and capital-operation execution. In the short term, share-price performance may also be amplified by events, capital flows and market sentiment.

Data Sources

• Fiberhome Telecommunication Technologies (600498.SH) Deep F9-PC_HSF9 Data
• Fiberhome Telecommunication Technologies (600498)_Company Profile_CFi.cn
• Fiberhome Telecommunication Technologies (600498.SH) - U.S. Stocks
• Fiberhome Telecommunication Technologies: Dahua Certified Public Accountants’ Financial Report and Audit Report on the Private Placement of Shares
• Fiberhome Telecommunication Technologies Listed-Company Information
• Fiberhome Telecommunication Technologies (600498) - Company Overview
• Fiberhome Telecommunication Technologies (600498)_Company Announcements_Sina Finance
• Fiberhome Telecommunication Technologies: RMB 40.75, +1.54%, +RMB 0.62, 600498, Sohu Securities
• Fiberhome Telecommunication Technologies (600498) Company Data
• Fiberhome Telecommunication Technologies 2026 Interim Management Discussion and Analysis
• Fiberhome Telecommunication Technologies: Optical Communications Core Business Strengthened, Multi-Field Expansion Offers Future Potential
• 2026 China DWDM Equipment Industry Market Size and Investment Outlook Forecast Analysis Report
• 2025 Optical Fiber and Cable Year-End Review: AI Demand Surge Reshapes Industry Structure
• Fiberhome Telecommunication Technologies (600498.SH) Earnings Forecast
• Fiberhome Telecommunication Technologies: 2026 Interim Net Profit Down 32.72%
• Fiberhome Telecommunication Technologies: 2026 Interim Report Summary
• Fiberhome Telecommunication Technologies: 800G + Hollow-Core Fiber Completes Field Verification
• China Securities Journal: Notice of the Second Extraordinary Shareholders’ Meeting in 2026
• Fiberhome Telecommunication Technologies: Latest Price and Trading Chart
• Fiberhome Telecommunication Technologies: Share-Price and Market Data
• Fiberhome Telecommunication Technologies (600498)
• Fiberhome Telecommunication Technologies: 2026 Interim Results Briefing Announcement
• Fiberhome Telecommunication Technologies: September 11 Main-Fund Net Purchase of RMB 128 Million
• Fiberhome Telecommunication Technologies: 2026 Second Extraordinary Shareholders’ Meeting
• Fiberhome Telecommunication Technologies: Market Data
• Fiberhome Telecommunication Technologies: 2025 Net Profit Down 37.98%, Proposed Dividend of RMB 0.97 per 10 Shares
• Fiberhome Telecommunication Technologies: 2025 Net Profit of RMB 436 Million, Down 37.98%
• Fiberhome Telecommunication Technologies: Proposed Repurchase of RMB 75 Million–150 Million of Shares for Cancellation
• Fiberhome Telecommunication Technologies Obtains 219 New Patent Grants in 2026
• Fiberhome Telecommunication Technologies: RMB 3.31 Billion of Margin Purchases on September 9
• Fiberhome Telecommunication Technologies: Optical-Fiber Capacity to Rise to 120 Million Fiber-Kilometers
• Fiberhome Telecommunication Technologies: Hollow-Core Cable Enters Chongming via Rail-Transit Tunnel
• Fiberhome Telecommunication Technologies: 2026 Interim Net Profit Down 32.72%
• Fiberhome Telecommunication Technologies: 2026 Interim Revenue Up 11.33%, Net Profit Down 32.72%
• Fiberhome Telecommunication Technologies: Proposed Sale of Accelink Stake and Related-Party Capital Injection
• Fiberhome Telecommunication Technologies: First Extraordinary Shareholders’ Meeting in 2026
• Fiberhome Telecommunication Technologies: Financial Reports, Results Calls, Research and News
• Fiberhome Telecommunication Technologies (600498) Shareholder Meetings
• Fiberhome Telecommunication Technologies: 40.75, +1.54%
• Fiberhome Telecommunication Technologies (SH:600498)

This report was automatically searched, compiled and generated by AI based on publicly available information. The information is current through the September 11, 2026 close (Friday), serving as benchmark data after cross-verification across multiple sources. Inconsistent quotes of RMB 40.75, RMB 69.35, RMB 28.91 and others previously returned by certain data sources have been excluded, and only figures consistently reported by the SSE official website, Securities Times e Company, East Money and Sina Finance have been retained. Timing differences may exist. Specific data should be based on formal company announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.