Yangtze Optical Fibre and Cable Joint Stock Limited Company (601869)

Equity Research Report | Sector: Communications Equipment / Optical Fibre and Cable | Report Date: September 13, 2026 | Market data as of the close on Friday, September 11, 2026; the "current date" reference point is approximately September 12, 2026. Some technical indicators are sourced from September 9, 2026 or September 4, 2026 pages, and are noted individually in each item.

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

1. Core Summary

Yangtze Optical Fibre's H1 2026 results showed a significant leap: revenue of RMB 9.809 billion, up 53.64% year-on-year; net profit attributable to shareholders of RMB 2.925 billion, up 888.88% year-on-year. The company attributes the growth to accelerated construction of computing-power data centers, growing demand for new-type optical fibre and cable both domestically and internationally, improvement in the industry supply-demand structure, and product mix optimization. By contrast, the company's 2024 revenue and net profit declined 8.65% and 47.91% year-on-year respectively; 2025 net profit attributable to shareholders recovered to RMB 814 million, up 20.40% year-on-year, and current performance is in a phase of rapid expansion driven jointly by a low base and a cyclical industry upturn.

In terms of business structure, 2025 optical transmission product revenue was RMB 8.346 billion, accounting for 58.56%, with a gross margin of 35.90%; optical interconnect components revenue was RMB 3.144 billion, accounting for 22.06%, with a gross margin of 39.73%. For H1 2026, per management's disclosed basis, optical transmission product revenue was approximately RMB 6.126 billion, up 59.2% year-on-year, with a gross margin of 63.11%; optical interconnect components revenue was approximately RMB 2.238 billion, up 55.0% year-on-year, with a gross margin of 48.97%. However, H1 2026 segment revenue differs in whether intersegment transactions are included, and the related revenue and gross margin data should be understood in the context of the formally disclosed basis.

Near-term business catalysts mainly come from AI computing power and data center construction, growing demand for new-type optical fibre and cable, and the company's launch of the CopackAlign brand, CPO/NPO-specific specialty optical fibre, and polarization-maintaining fibre product series. The company also won a bid of approximately RMB 504 million for a 220KV submarine cable and land cable procurement and installation project, and is pursuing diversified expansion through industrial lasers, submarine cables, third-generation semiconductors, industrial funds, and embodied intelligence. The 2026 interim profit distribution plan has been approved by the shareholders' meeting, with a cash dividend of RMB 10.60 per 10 shares proposed.

As of September 11, 2026, the share price closed at RMB 473.99, up 25.13% for the week, with daily turnover of RMB 8.448 billion and a turnover rate of 4.62%. Technically, the price is above short-term moving averages, MACD has crossed above the zero axis, and market momentum is strong. However, the share price is still far above the first support at RMB 433–442 and the strong support at RMB 387–410, and the dynamic PE is approximately 67.09x, PE(TTM) approximately 113.99x, and static PE approximately 482.24x. Valuation measures differ widely, and short-term price action simultaneously exhibits strength, a large volume of profit-taking positions, and crowded trading.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Optical transmission products segment: optical fibre preforms, optical fibres, cables, and leaky cables, RF cables, etc. (products and services across the upstream and downstream of the telecom and data communications cable industry chain) — 2025 full-year revenue RMB 8.346 billion, accounting for 58.56%, gross margin 35.90%
• Optical interconnect components segment: optical devices, optical modules, active optical cables, passive pre-terminated patch cords, data communications high-speed copper cables, etc. — 2025 full-year revenue RMB 3.144 billion, accounting for 22.06%, gross margin 39.73%
• Other products and services: communications network engineering projects, industrial lasers (subsidiary Penta Laser, acquired 59.1837% equity for RMB 239.96 million in 2025), submarine cables and marine engineering, quartz materials, third-generation semiconductors (equity participation in YOFC Advanced Semiconductor, shareholding reduced to 22.9% and no longer consolidated), embodied intelligence (joint venture with AgiBot), etc. — 2025 full-year revenue RMB 2.496 billion, accounting for 17.52%, gross margin 4.05%
• By region (2025 full year): Chinese mainland revenue RMB 7.952 billion, accounting for 55.80%, gross margin 27.88%; overseas (other) revenue RMB 6.035 billion, accounting for 42.34%, gross margin 35.29%
• H1 2026 segment revenue (basis differs, must be noted): East Money / AAStocks basis: optical transmission RMB 6.502 billion (66.29%), optical interconnect RMB 2.247 billion (22.90%), other RMB 1.771 billion (18.05%), intersegment elimination -RMB 710.9 million; interim report management discussion and Guolian Minsheng research report basis: optical transmission approximately RMB 6.126 billion (up 59.2% year-on-year, gross margin 63.11%), optical interconnect approximately RMB 2.238 billion (up 55.0% year-on-year, gross margin 48.97%), a difference of approximately RMB 380 million between the two, presumably due to the inclusion/exclusion of intersegment transactions

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The above data are all from public sources cited in the research notes, covering only full-year 2024, Q4 2024 (single quarter), full-year 2025, and H1 2026; where details such as revenue year-on-year and net profit for each period are missing from the notes, they have been faithfully marked as such.

The research notes show that the company's full-year 2024 operating revenue was RMB 12.197 billion, down 8.65% year-on-year, and net profit attributable to shareholders was RMB 676 million, down 47.91% year-on-year, of which Q4 2024 single-quarter net profit declined 75.30% year-on-year. Full-year 2025 net profit attributable to shareholders was RMB 814 million, up 20.40% year-on-year, with profitability clearly recovering. H1 2026 net profit attributable to shareholders was RMB 2.925 billion, up 888.88% year-on-year, with rapid profit growth, which the notes attribute to AI-driven and computing-power data center construction pulling demand and continuously growing demand for new-type optical fibre and cable products.

3.2 Earnings Forecast

The research notes do not provide any specific earnings forecast data (such as forecast annual operating revenue, net profit, growth rate, or EPS), so the forecast table is empty.

3.3 Valuation Levels and Institutional Ratings

The research notes do not provide specific valuation metrics such as P/E, P/B, or P/S ratios or valuation ranges, and only mention institutional ratings and target prices: Huachuang Securities initiated coverage with a "Strong Buy" rating and a target price of RMB 462 (A-share) / HKD 209 (H-share); Guolian Minsheng gave a "Recommend" rating but no target price; UBS maintained a "Buy" rating and raised its H-share target price; Huaxin Securities gave a "Buy" rating. The notes lack complete earnings forecast data usable for valuation multiple calculations, so a systematic valuation judgment cannot be given.

4. Recent News and Announcements

4.1 Yangtze Optical Fibre (601869) Research Notes: Recent News and Announcements (data as of September 12, 2026)

This section focuses on recent news and announcements of Yangtze Optical Fibre and Cable Joint Stock Limited Company (A-share: Yangtze Optical Fibre 601869, Shanghai Stock Exchange; H-share: Yangtze Optical Fibre and Cable 06869, Hong Kong Stock Exchange). Data as of September 12, 2026 (basis: the latest retrievable announcement is the extraordinary general meeting resolution held on September 11, 2026 and disclosed on September 12; the earlier 2026 interim report was disclosed in late August). The company's sector is communications equipment — communications cable and accessories, registered in Wuhan, Hubei; the company has no controlling shareholder and no actual controller, and its largest shareholder is China Huaxin Post & Telecommunication Technology Co., Ltd. Its main business is optical fibre preforms, optical fibres, cables, and related optical devices/optical modules, active optical cables, data communications high-speed copper cables, etc., with two operating segments: the "optical transmission products segment" and the "optical interconnect components segment."

4.2 1. Earnings Pre-announcements and Periodic Report Disclosures: 2025 Interim Report and Earnings Pre-announcement

2025 interim report (disclosure date approximately August 28–29, 2025): operating revenue RMB 6.384 billion, up 19.38% year-on-year; net profit attributable to shareholders RMB 296 million, down 21.71% year-on-year; net profit attributable to shareholders after deducting non-recurring items RMB 138 million, up 14.75% year-on-year. Optical transmission products segment revenue approximately RMB 3.85 billion, up 8.7% year-on-year, gross margin approximately 29.6% (down approximately 4.5pct year-on-year). Source: Sina earnings pre-announcement page, East Money research report summary. Basis note: a Tonghuashun-style page (yjpt.wlstock.com) shows "expected H1 2025 net profit attributable to shareholders of RMB 296 million, change versus the same period last year +77.31%, pre-increase, same period last year RMB 378 million," which is inconsistent with Sina (-21.69%, pre-decrease) and the company's interim report basis, and appears to be a page data basis error. Based on the formal interim report: H1 2025 net profit attributable to shareholders of RMB 296 million, approximately -21.7% year-on-year; this item has been cross-verified and the consistent multi-source basis is adopted.

4.3 1. Earnings Pre-announcements and Periodic Report Disclosures: 2025 Third Quarter Report

2025 third quarter report (disclosure date October 31, 2025): first three quarters total operating revenue approximately RMB 10.275 billion, up 18.18% year-on-year; net profit attributable to shareholders approximately RMB 470 million, down 18.02% year-on-year. This data appeared in the body of the December 2025 abnormal fluctuation announcement, was self-disclosed by the company, and has high credibility. Source: stock.stockstar.com full announcement text; gg.cfi.cn announcement full-text index shows the third quarter report disclosed on October 31, 2025.

4.4 1. Earnings Pre-announcements and Periodic Report Disclosures: 2025 Annual Report

2025 annual report (disclosure date March 27–28, 2026): operating revenue RMB 14.252 billion, up 16.85% year-on-year; net profit attributable to shareholders RMB 814 million, up 20.40% year-on-year; net profit attributable to shareholders after deducting non-recurring items RMB 516 million, up 40.56% year-on-year. Dividend proposal: cash dividend of RMB 2.95 per 10 shares (tax inclusive), totaling approximately RMB 244 million based on total share capital of 827,905,108 shares. Source: Tonghuashun, Sina announcement page annual report summary.

4.5 1. Earnings Pre-announcements and Periodic Report Disclosures: H1 2026 Earnings Pre-announcement (the most important positive catalyst this period)

H1 2026 earnings pre-announcement (disclosure date July 14, 2026): expected H1 2026 net profit attributable to shareholders of RMB 2.4–3.0 billion, up 711%–914% year-on-year (same period last year RMB 296 million); net profit attributable to shareholders after deducting non-recurring items RMB 2.0–2.6 billion, up 1,349%–1,784% year-on-year. The company's stated reasons: "benefiting from the accelerated construction of computing-power data centers, continuously growing demand for new-type optical fibre and cable products both domestically and internationally, and continuous improvement in the industry supply-demand structure," and it emphasized "core customer expansion, product mix optimization, and profitability improvement." Source: Securities Times, 21st Century Business Herald / China Fund News, Jiemian News. Single-quarter estimate (media calculation, not company disclosure): Q1 2026 net profit attributable to shareholders RMB 495 million, implying Q2 single-quarter RMB 1.905–2.505 billion, up 284%–405% quarter-on-quarter.

4.6 1. Earnings Pre-announcements and Periodic Report Disclosures: 2026 Interim Report

2026 interim report (management discussion and analysis disclosed approximately August 22, 2026): H1 2026 operating revenue RMB 9.809 billion, up 53.64% year-on-year; net profit attributable to shareholders RMB 2.925 billion, up 888.88% year-on-year (this figure falls near the upper limit of the pre-announcement range). Segments: optical transmission products segment revenue approximately RMB 6.126 billion, up 59.2% year-on-year, gross margin 63.11%; optical interconnect components segment revenue approximately RMB 2.238 billion, up 55.0% year-on-year, gross margin 48.97%. Interim dividend: cash dividend of RMB 10.60 per 10 shares proposed (tax inclusive) — the September 11, 2026 shareholders' meeting has deliberated and approved this interim profit distribution plan. Source: Stockstar, Securities Daily / Tonghuashun September 11, 2026 announcement.

4.7 2. Share Repurchase

Plan: on March 28, 2025, the board approved the "Proposal on Repurchasing the Company's A-share Shares for Implementing an Employee Stock Ownership Plan," with a price cap of RMB 57.53/share, a repurchase amount of RMB 160–320 million, a term from March 28, 2025 to March 27, 2026, and the purpose being an employee stock ownership plan. On April 18, 2025, the first repurchase of 1 million shares (0.13% of total share capital, transaction price RMB 29.83–30.90). On April 29, 2025, the board approved changing the source of repurchase funds from "own funds" to "own funds and self-raised funds." On May 7, 2025, it obtained a "Commitment Letter for Stock Repurchase and Increase in Holdings Loan" from Bank of Communications Hubei Branch, with a loan amount not exceeding RMB 288 million, restricted to repurchasing company shares. Implementation result (completed May 8, 2025, announced May 10, 2025): cumulative repurchase of 6 million A-shares, 0.79% of total share capital, transaction price range RMB 29.83–36.94/share, total funds used RMB 197,297,993 (approximately RMB 197 million), and the repurchase plan was fully implemented. Uncertainty: as of September 12, 2026, no new A-share repurchase plan announcement has been retrieved; whether a new round of repurchases will be launched has not been disclosed. In addition, the "2026 H-share Share Award Plan" was approved at the September 11, 2026 shareholders' meeting; it is equity incentive in nature, different from A-share repurchases, and should not be confused.

4.8 3. Shareholder and Share Capital Dynamics: H-share Placement, Reduction by Shareholders Holding 5% or More, and Director Changes

H-share placement (dilutive to A-share shareholders): on December 9, 2025, the 18th meeting of the fourth board of directors approved the "Proposal on Formulating an H-share Issuance Plan under the General Mandate," issuing new H-shares; the issuance was completed on December 17, 2025, and on December 18, 2025, the "Announcement on Completion of H-share Issuance under the General Mandate and Share Capital Change" was disclosed. Reduction by shareholders holding 5% or more: on December 27, 2025, the "Announcement on the Results of Reduction by Shareholders Holding 5% or More" was disclosed; the specific number of shares / amount / shareholder names in this reduction are not shown in the retrieved excerpts, which is an information gap, and verification against the original PDF is recommended. Director changes: on October 30, 2025, non-independent director Xiong Xiangfeng resigned due to retirement, and the board nominated Qiu Xiangping (Chairman of Wuhan Yangtze Communications Industry Group) for by-election (Announcement Lin 2025-049, October 31, 2025); on November 17, 2025, non-independent director Guo Tao resigned for work reasons, and Guan Jingzhi (Deputy General Manager of China Huaxin Post & Telecommunication Technology, Supervisor of Shanghai Nokia Bell) was nominated for by-election, while the nomination and remuneration committee was adjusted (Announcement Lin 2025-051, November 18, 2025). Corporate governance structure adjustment: on November 18, 2025, an announcement was made to amend the "Articles of Association," "Rules of Procedure for Shareholders' Meetings," "Rules of Procedure for Board Meetings," and "Working Rules for Independent Directors," and to "abolish the supervisory board" (approved by the second extraordinary general meeting on December 5, 2025).

4.9 3. Shareholder and Share Capital Dynamics: 2026 Second Extraordinary General Meeting Resolutions (September 11, 2026)

The 2026 second extraordinary general meeting was held on September 11, 2026: the voting rights held by attending shareholders accounted for 50.90% of the company's total voting shares (A-share shareholders held 38.60% of company shares, H-share 12.30%), and the meeting deliberated and approved ① the 2026 interim profit distribution plan (99.99% in favor) ② the 2026 H-share Share Award Plan (92.66% in favor, of which H-share opposing votes accounted for approximately 29.49% of that class) ③ authorization for the board to handle matters related to the H-share Share Award Plan. Source: Shanghai Securities News, East Money announcements. Special note: an attendance rate of only 50.90% indicates that approximately half of voting rights did not participate in voting (which is normal but noteworthy).

4.10 4. Regulatory Attention and Trading Risk Warnings (Abnormal Fluctuation)

On December 19–20, 2025, the "Announcement on Abnormal Fluctuation of Stock Trading" (Lin 2025-059) was disclosed: the company's shares had a cumulative closing price deviation exceeding 20% over three consecutive trading days from December 17 to December 19, 2025. The company self-checked and received a reply from its largest shareholder China Huaxin: there is no undisclosed material information that should be disclosed (including major asset restructuring, share issuance, major transactions, business restructuring, share repurchases, equity incentives, bankruptcy reorganization, major business cooperation, introduction of strategic investors, etc.). At the same time, it warned that "the market has recently paid relatively high attention to new-type optical fibre and cable products related to computing-power data centers, but new-type products related to data centers account for a relatively small proportion of total demand; be mindful of investment risk." Directors, supervisors, senior management, and the largest shareholder did not buy or sell company shares during the fluctuation period. On December 23, 2025, the "Announcement on Stock Trading Risk Warning" was disclosed (superimposed on the earlier December 15 decline deviation reaching 7%). The above are risk warnings proactively disclosed by the company, but the timing is December 2025, approximately 9 months before the current date (September 2026); as of September 12, no new abnormal fluctuation announcements within 2026 have been retrieved, but renewed volatility during the spring and autumn market seasons cannot be ruled out, and exchange announcements should be taken as authoritative.

4.11 5. M&A, External Investment, and Business Expansion Announcements

On December 15, 2025, the "Announcement on a Subsidiary's Proposed Participation in Establishing an Investment Fund" was disclosed (announcement type "investment establishment (equity participation) company"), part of a CVC industrial fund layout (around optical communications, pan-semiconductors, new materials, etc.). Third-generation semiconductors: on June 26, 2023, it was announced that subsidiary YOFC Advanced Semiconductor planned to invest RMB 6 billion to build a third-generation semiconductor power device project; the company participated in a Series A capital increase of RMB 281 million and received old shares for RMB 219 million, and after completion of the transaction its direct shareholding fell to 22.9%, YOFC Advanced Semiconductor was no longer consolidated and became a joint venture, expected to generate approximately RMB 35–50 million of investment income in the period (this content comes from old news reprinted by Cailian Press, and timeliness should be noted; it is not a recent new event). Marine energy engineering: in March 2026, it won a bid for a 220KV submarine cable and land cable procurement and installation project, with a bid amount of approximately RMB 504 million (subsidiary YOFC (Jiangsu) Marine Technology, source: 2026 interim report management discussion and analysis). Industrial lasers: subsidiary Penta Laser's "ultra-high-power laser cutting CNC machine tool" was selected in July 2026 by the Equipment Industry Development Center of the Ministry of Industry and Information Technology as a "2026 Typical Case of Innovative Products for Industrial Mother Machines." Embodied intelligence: jointly established Changzhi Embodied Intelligence (Hainan) Technology Co., Ltd. with AgiBot (business scope includes intelligent robot R&D/sales) — source is a Cailian Press page, with no specific announcement date seen, and timeliness and amount unverified, marked as pending verification.

4.12 6. Policy and Industry Landscape (External News Related to Announcements)

2026 is the opening year of the "15th Five-Year Plan"; January 2026 information from the Ministry of Industry and Information Technology: 6G R&D has completed the first phase of trials, with more than 300 key technology reserves; it will implement a "broadband upgrade" special project, deploy 5G-A and 10-gigabit optical networks, and strengthen computing power network construction (the "millisecond computing" special action). On the demand side: according to CRU, global data center optical fibre demand is expected to grow at an average annual rate of approximately 20.74% from 2025 to 2030, and by 2030 data center optical fibre demand is expected to account for more than half of total global demand; in 2026 global total optical fibre demand is expected to exceed 670 million fibre-km, with year-on-year growth exceeding 10%, of which data center-related optical fibre demand is expected to grow approximately 69% year-on-year (source: 2026 interim report management discussion and analysis). On the price side (media citing Securities Times report): G.652.D single-mode optical fibre rose from less than RMB 20 per fibre-km in early 2025 to approximately RMB 100 per fibre-km (high-priced orders above RMB 110), and G.657.A2 rose from approximately RMB 32 per fibre-km to approximately RMB 240 (relayed by Jiemian News, second-hand data, verification recommended). UBS research view (second-hand citation): the global optical fibre industry is at the starting point of a new super-cycle, future AI data centers will become the largest source of demand, and by 2030 enterprise and data center demand may account for more than 80%. Note that this is the view of a single foreign investment bank, not a multi-broker consensus.

4.13 7. Share Capital and Funds Related (Auxiliary Information, Not the Core of This Section)

As of July 14, 2026 (Securities Times DataBao): closing price that day RMB 400.18, +4.79%, turnover rate 3.28%, turnover RMB 5.183 billion; main funds had net inflow of RMB 94.5185 million that day and net outflow of RMB 852 million over the past 5 days; margin financing and securities lending balance RMB 2.815 billion (of which margin financing balance RMB 2.795 billion, down 5.79% from the previous period). Jiemian News said on the same day that the latest market capitalization was approximately RMB 331.3 billion. On July 15, 2026, due to the earnings pre-increase announcement, Yangtze Optical Fibre's A-shares hit the daily limit (China Fund News said total market capitalization that day was RMB 239.3 billion; market capitalization / share price bases differed considerably among media on the same day, possibly due to intraday/closing or statistical basis differences, use with caution). Note: the above is auxiliary funds/market data; if the technical analysis section of the report has another source, the technical analysis chapter shall prevail.

4.14 8. Uncertainties and Limitations to Be Noted

1) Data timeliness: all announcement information in these notes is based on retrieved original texts/reprints, with the latest as of September 12, 2026 (September 11 shareholders' meeting resolutions). Price and fund flow data are mostly snapshots around July 14, 2026 and may be outdated. 2) Basis conflicts handled: the H1 2025 earnings pre-announcement "pre-increase +77.31%" (wlstock page) contradicts the company's interim report "net profit attributable to shareholders RMB 296 million, -21.7% year-on-year," and the latter has been adopted. 3) Single-source items: ① details of the reduction by shareholders holding 5% or more (December 27, 2025) do not include specific share numbers/amounts and require checking the original PDF; ② the extent of G.652.D/G.657.A2 optical fibre price increases is a media relay; ③ the announcement date/amount of the joint venture with AgiBot has not been verified; ④ UBS's view that "data center demand will account for more than 80% by 2030" is a single foreign investment bank's view. 4) Market capitalization / share price differs notably among media (RMB 239.3 billion vs RMB 331.3 billion), due to different time points/bases, and the date must be noted when citing. 5) No new abnormal fluctuation, repurchase, or major M&A announcements within 2026 have been seen; low-attention announcements not covered by this search cannot be ruled out, and final verification is recommended against the Cninfo / Shanghai Stock Exchange (www.sse.com.cn) announcement database and the China Finance Network announcement index (gg.cfi.cn/ggqw/67439/601869.html).

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Yangtze Optical Fibre (601869.SH) started rising in early August, MACD both lines crossed above the 0 axis at the end of August, and it accelerated upward on increased volume from 9/7–9/11, gaining 25.13% cumulatively this week, closing with a large bullish candle on 9/11 (+8.78%), with a high of RMB 475.52 approaching the limit-up price of RMB 479.31. Short-term it is strong but clearly overextended (daily amplitude 10.91%, closing order ratio -96.76% indicating late-session orders skewed bearish). Moving averages (as of 9/9) MA5/MA10/MA20 were 406.33/410.72/389.34, with price above the moving average cluster; chip cost average price RMB 387.81, with abundant profit-taking positions. On the funds side, main force and hot money are engaged in a "counterparty" game — this week main force net inflow totaled RMB 1.936 billion, hot money net outflow RMB 1.732 billion, retail net outflow RMB 204 million; margin financing balance RMB 2.751 billion (September 11, 2026), according to a Sina article accounting for 1.43% of float market capitalization and "exceeding the 90th percentile level of the past year," indicating elevated crowding of leveraged funds. Valuation bases differ greatly (dynamic PE 67.09x, TTM 113.99x, static 482.24x), and explicit BOLL band values are missing this session, so short-term positioning judgment is mainly anchored on the moving average cluster, recent swing highs/lows, and 52-week high/low; specific scenarios are in the next section.

5.3 Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk warning: The following content is only a subjective scenario projection based on obtained data, not a statistical probability, and does not constitute investment advice; please judge independently in light of the latest market information.

① Key Technical Levels

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

• Range-bound consolidation (relatively higher weight, approximately 50–60%) (relatively higher subjective weight — given based on the current strong inertia and the offsetting pattern of main force net inflow and hot money net outflow, a subjective heuristic judgment, not a statistical probability): price roughly digests recent gains within the RMB 433–480 range. Trigger/confirmation conditions: turnover remains at the recent RMB 4.9–8.9 billion level but does not further expand to extremes, daily main force net inflow/outflow scale converges, and MA5 (approximately RMB 433.8) is not broken. If MA5 is broken but the strong support band of RMB 387–410 holds, it can still be viewed as strong consolidation rather than a trend reversal.
• Weaker downside (medium weight) (medium subjective weight — given in consideration of short-term overextension, margin financing balance at a high percentile of the past year (crowding warning), and the deeply negative late-session order ratio, not a statistical probability): trigger conditions: a break below first support RMB 433–442 without a simultaneous increase in turnover or accompanied by main funds turning to sustained net outflow (referencing a repeat of the September 10 single-day main force net outflow of RMB 482 million), which could lead to a pullback testing the RMB 387–410 strong support band (including MA20 389.34 and chip cost average price 387.81); if that band also fails, downside reference levels are successively the 9/7 low of RMB 383.38 and the lower 52-week low area.
• Rebound strengthening (lower weight) (lower subjective weight — requires additional incremental funds or a clear catalyst, not a statistical probability): trigger conditions: stabilizing above the RMB 475–480 resistance band on increased volume (breaking above the September 11 high of RMB 475.52 and effectively breaking above the limit-up price reference level of RMB 479.31), and main force single-day net inflow re-expanding to the high level of the past week (referencing the 9/9 basis). In addition, attention should be paid to whether catalyst news (such as the company's September 10 release of the CopackAlign brand and polarization-maintaining fibre new products, CPO/NPO-specific specialty optical fibre, and other new product progress) can form sustained thematic synergy.

③ Funds and Liquidity Background

On liquidity: September 11 turnover rate 4.62%, turnover RMB 8.448 billion; September 10 was 2.79% / RMB 4.968 billion; September 9 was 4.88% / RMB 8.886 billion. In recent days single-day turnover has broadly fallen in the RMB 4.9–8.9 billion range, and the September 11 average price was RMB 449.98. The A-share float is relatively limited — tradable A-shares are only 406 million shares (float market capitalization RMB 192.6 billion), and approximately 421 million H-shares are not included in the A-share float basis. Combined with the high price level (RMB 470 level) and high margin financing balance (September 11, 2026 margin financing balance RMB 2.751 billion, securities lending balance only 80,400 shares, very small short-selling book), there may be a relatively thin order book and enlarged slippage under extreme market conditions. On shareholder concentration: according to obtained data, the number of shareholders increased from 66,203 as of March 31, 2026 to 121,520 as of June 30, 2026 (a single-quarter increase of 55,317), with average holdings per person of 3,343 shares, showing a clear trend of chip dispersion; this data is as of June 30, 2026 (interim report disclosure basis), already somewhat lagged, and the latest structure may have changed. This research did not verify the holdings details of mainstream institutions such as public funds / social security / QFII among the top ten shareholders, so no judgment can be made on institutional shareholding structure; only reports that a public fund (Fullgoal Innovation Technology Mixed A) heavily held the stock were verified (Stockstar, September 11, 2026), as well as a margin financing and securities lending difference of RMB 2.713 billion accounting for 1.41% of the float (market average 3.95%) (East Money Qian Gu Qian Ping, as of September 11, 2026).

Volume confirmation signal: the stock's recent normal single-day turnover range is approximately RMB 4.9–8.9 billion (9/9–9/11 basis); if subsequent single-day turnover continues to expand and stabilizes above RMB 9 billion (above the upper edge of the past week), this can be viewed as a signal of incremental capital entry; conversely, if turnover shrinks below RMB 5 billion while the price rises, be alert to volume-price divergence. The above are observation indicators, not trading bases.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

• Key levels: upside resistance band RMB 475–480 (September 11 high 475.52, limit-up price 479.31), downside first support RMB 433–442 (self-calculated MA5 approximately 433.8, 9/9 close 442.03), strong support RMB 387–410 (MA5/MA10/MA20 and chip cost average price 387.81).
• Volume signals: whether single-day turnover can continue to expand above RMB 9 billion, or shrink below RMB 5 billion, as observation clues for capital entry or volume-price divergence.
• Funds structure: whether the main force versus hot money "counterparty" pattern continues (this week main force net inflow RMB 1.936 billion, hot money net outflow RMB 1.732 billion), and changes in crowding as the margin financing balance sits at a high percentile of the past year (1.43% of float market capitalization, Sina article basis).
• The above are all observation ideas, not operational instructions; short-term share price will also be disturbed by multiple factors such as news, funds, and the broader market environment.

The above scenario projection is based on September 11, 2026 closing data and historical prices and technical indicators (some indicator data dates are September 9, 2026 or September 4, 2026, noted in the text). Short-term share prices will also be disturbed by multiple factors such as news, funds, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee future actual trends, and do not constitute buy or sell advice; please judge independently in light of the latest market information and bear investment risk yourself. In addition, the shareholder count data involved in this article is as of June 30, 2026 (interim report basis), is lagged, and the latest shareholder structure may have changed; fields not verified in the text (such as explicit BOLL band values and institutional holdings details among the top ten shareholders) have been faithfully marked as data missing, without speculative filling.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

• Sustainability risk of high earnings growth: H1 2026 net profit attributable to shareholders was RMB 2.925 billion, up 888.88% year-on-year, clearly higher than the full-year 2025 profit scale of RMB 814 million, and the growth contains a strong low-base factor; if computing-power data center construction, new-type optical fibre demand, or product price improvement fall short of expectations, subsequent profit growth may decline notably.
• Optical fibre and cable volume-price fluctuation risk: the company's core revenue still comes from optical transmission products, which accounted for 58.56% of revenue in 2025; previously in 2024 the company was affected by insufficient global demand and falling prices, with revenue and net profit declining notably; if industry supply-demand improvement does not persist or price competition intensifies again, it will compress the company's profit space.
• High valuation and share price volatility risk: on September 11, 2026 the share price was RMB 473.99, with dynamic PE approximately 67.09x, PE(TTM) approximately 113.99x, and static PE approximately 482.24x, and it rose 25.13% in a single recent week; if subsequent results fall short of expectations or market sentiment weakens, valuation contraction may amplify share price volatility.
• Short-term trading crowding risk: the company's recent turnover is in the RMB 4.9–8.9 billion range, margin financing balance is approximately RMB 2.751 billion, and the margin financing balance is at a relatively high percentile of the past year; the September 11 closing order ratio was -96.76% and the chip cost average price approximately RMB 387.81; if profit-taking positions are concentrated and realized, short-term pullbacks and order book volatility may intensify.
• Risk of inconsistent segment data and profit bases: H1 2026 segment revenue differs by approximately RMB 380 million across sources, possibly related to whether intersegment transactions are included; if there is a deviation in understanding segment revenue, gross margin, or business contribution, it may affect judgment of the company's true operating trend.
• Diversified investment and M&A integration risk: the company is involved in industrial lasers, submarine cables and marine engineering, third-generation semiconductors, industrial funds, and embodied intelligence, among which YOFC Advanced Semiconductor is no longer consolidated, and information on some joint ventures or investment matters has not been fully verified; if the return on investment, commercialization progress, or integration effect of related businesses falls short of expectations, it may increase volatility in operations, management, and investment income.
• Share dilution and incentive arrangement risk: the company completed an H-share issuance in December 2025 and approved an H-share Share Award Plan in September 2026; related arrangements may change the share capital structure and have a dilutive effect on existing shareholders' rights, and the specific degree of impact must be judged based on the issuance and grant details disclosed in formal announcements.
• Corporate governance and shareholder structure risk: company information shows no controlling shareholder and no actual controller, and there have recently been director resignations, by-elections, amendments to the articles of association and governance rules, and reductions by shareholders holding 5% or more; related changes may increase the need to monitor shareholder structure, board operations, and governance stability.

8. Conclusion and Outlook

The company's growth logic has gradually expanded from traditional optical fibre and cable demand to computing-power data centers, new-type optical fibre, optical interconnect components, and specialty optical fibre. In H1 2026 both optical transmission products and optical interconnect components revenue achieved rapid growth; if demand growth, product mix optimization, and industry supply-demand improvement can continue, the company's profitability still has room for further release; the company's global sales network, industry chain layout from optical fibre preforms to cables, and continuous launch of new products also support business expansion.

However, H1 2026 profit growth was notably higher than prior-year levels, and earnings sustainability needs to be verified by subsequent periodic reports, with particular attention to whether high gross margin levels can be maintained, whether the revenue share of AI and data center-related products can continue to rise, and volume-price changes in the traditional optical fibre and cable business. The company experienced revenue and profit pressure in 2025, showing that profitability remains cyclical; at the same time, the company's other products and services had a gross margin of only 4.05% in 2025, and the contribution and stability of diversified businesses to overall profit still need to be observed.

From a market trading perspective, the share price has risen rapidly recently and is in a historically high range, the margin financing balance is at a relatively high percentile, and valuation places high demands on future earnings delivery. Going forward, key items to track include optical fibre and cable prices and orders, core customer expansion, commercialization of optical interconnect and specialty optical fibre new products, changes in segment gross margins, the impact of the H-share issuance and Share Award Plan on the share capital structure, and changes in corporate governance and shareholder structure.

Data Sources

• Yangtze Optical Fibre (601869.SH) In-depth F9-PC_HSF9 Data
• 601869 Yangtze Optical Fibre
• Yangtze Optical Fibre (sh601869)
• Yangtze Optical Fibre (601869)_Stock Overview_Share Price_Real-time Quotes_Chart_News_Stock Reviews_Financial Reports_FinScope-AI Makes Investing Simpler
• Yangtze Optical Fibre Listed Company Information - Yangtze Optical Fibre Listed Company Information
• 601869, "Four Limit-Ups in Five Days"
• Yangtze Optical Fibre (601869.SH) Yi Rating Initial Rating Report
• Yangtze Optical Fibre (601869) 2026 Interim Report Review: Rapid Profit Growth, AI-Driven Accelerated Growth_Jiufang Zhitou
• Yangtze Optical Fibre (601869) Weekly Review: Up 25.13% This Week, Main Force Net Inflow Totals RMB 1.936 Billion-Stockstar
• 601869, "Four Limit-Ups in Five Days"
• Yangtze Optical Fibre (601869.SH) Operating Analysis-PC_HSF10 Data - Main Business Scope
• 601869 Yangtze Optical Fibre - Main Business Scope
• Yangtze Optical Fibre (601869) 2026 Interim Management Discussion and Analysis
• Yangtze Optical Fibre (601869.SH) - US Stocks
• Yangtze Optical Fibre (601869) 2026 Interim Management Discussion and Analysis-Stockstar - Yangtze Optical Fibre (601869) 2026 Interim Management Discussion and Analysis
• 601869 Yangtze Optical Fibre - Core Themes
• Yangtze Optical Fibre (601869) Company Review Report: Gross Margin Hits New High, Strategic Layout in Hollow-Core Fibre_Jiufang Zhitou - Global Index
• Yangtze Optical Fibre (601869.SH) Core Themes-PC_HSF10 Data - Core Themes
• Securities Code: 601869
• Optical Fibre Costs Have Risen Sharply for Consecutive Periods, Some Manufacturers' Profitability Has Begun to Decline, but Manufacturer Differences Are Large
• Optical Fibre Demand Surging, Optical Preforms Becoming the Core Bottleneck, Upstream Materials Expected to Explode! - 20260604 Drivers...-Yu Bu Shui-Ai Gu Piao
• Optical Fibre Costs Have Risen Sharply for Consecutive Periods, Some Manufacturers' Profitability Has Begun to Decline, but Manufacturer Differences Are Large - Optical Fibre Costs Have Risen Sharply for Consecutive Periods, Some Manufacturers' Profitability Has Begun to Decline, but Manufacturer Differences Are Large
• 2026 China Optical Fibre Preform Industry Upstream Supply Landscape and Industry Barriers Analysis - 2026 China Optical Fibre Preform Industry Upstream Supply Landscape and Industry Barriers Analysis
• Complete Review of Listed Companies Corresponding to Optical Fibre Preform Raw Materials
• What Is an Optical Fibre Preform? What Are the Core Processes? Introduction to Yangtze Optical Fibre Preform Technology Breakthroughs
• Supply Falls Short of Demand! Prices Soar 500%, Take a Good Look at the Full Industry Chain List of the "Crown Jewel" of Optical Fibre - Toutiao
• Silicon Materials Industry Tracking Review: AI and Computing Center Construction Drive Optical Fibre Demand, Focus on High-Purity Silicon Tetrachloride Industry Progress
• Basic Chemicals Industry Weekly: Optical Fibre Industry Boom Rising, Focus on High-Purity Silicon Tetrachloride and D4 Demand Release
• The Impact of Cross-Listing on Corporate Governance and Corporate Performance—A Case Study Based on Yangtze Optical Fibre
• China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines
• China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines - China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines
• China Mobile's RMB 7.0998 Billion Optical Cable Second Procurement Announcement
• RMB 7.0998 Billion, Prices Up 1.15x, 18 Winners: China Mobile Ordinary Optical Cable Procurement Hammer Falls at Ceiling - RMB 7.0998 Billion, Prices Up 1.15x, 18 Winners: China Mobile Ordinary Optical Cable Procurement Hammer Falls at Ceiling
• China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines_China Mobile (600941) Stock Forum_East Money Stock Forum - Source: China Business Journal
• China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines - Economic News Rolling > Main Text
• Optical Fibre Volume and Price Rise Together, FiberHome Communications Accelerates Layout in New-Type Optical Fibre and Specialty Optical Cables
• title: China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines
• title: RMB 7.0998 Billion, Prices Up 1.15x, 18 Winners: China Mobile Ordinary Optical Cable Procurement Hammer Falls at Ceiling
• [China Mobile's RMB 7.1 Billion Optical Cable Procurement Lands: Price War Recedes, Combined Winning Share of Top Four Declines [Copy Link] - chzh4719 Currently Offline](http://www.txrjy.com/forum.php?mod=viewthread&tid=1438595#lastpost#1)
• After a Foreign Investor That Ran Along for 20 Years Cleared Out, Yangtze Optical Fibre Rose 4.6x - The Most Realistic Constraint Is the Domestic Market, Which Is Undoubtedly Still Yangtze Optical Fibre's Foundation
• 1. Market and Operating Risks Traditional Business Under Pressure In 2024, Affected by Insufficient Global Optical Fibre and Cable Demand and Falling Prices, the Company_Wealth Account_East Money
• Yangtze Optical Fibre (601869) 2023 Third Quarter Report Review: Cost Control Improvement Shares Demand Pressure, Plays an Important Role in the Construction of Next-Generation Optical Fibre Networks_Jiufang Zhitou
• Minsheng Securities: Gives Yangtze Optical Fibre a Buy Rating - Minsheng Securities Co., Ltd.'s Ma Tianyi and Yang Dongyu recently conducted research on Yangtze Optical Fibre (601869) and published a research report "2023 Third Quarter Report Review: Cost Control Improvement Shares Demand Pressure, Plays an Important Role in the Construction of Next-Generation Optical Fibre Networks"; this report gives Yangtze Optical Fibre a Buy rating, with the current share price at RMB 29.23
• Minsheng Securities: Gives Yangtze Optical Fibre a Buy Rating
• Yangtze Optical Fibre 2024 Annual Report AI Business Interpretation: AI Data Center High Growth, Betting on Hollow-Core Fibre
• Yangtze Optical Fibre: Yangtze Optical Fibre and Cable Joint Stock Limited Company 2026 Interim Report_Jiufang Zhitou - - Group 2: China Telecom Network Operators and Other Enterprises with Good Credit Records;
• Global Data Centers Booming, Yangtze Optical Fibre and Cable Can Leverage This to Enhance Growth Capacity | Peng Weixin
• Optical Fibre and Cable Analysis Season 3 Episode 5 Optical Fibre Giants VS Three Major Telecom Giants
• - Yangtze Optical Fibre (601869)- Operating Analysis - - Yangtze Optical Fibre (601869)- Operating Analysis
• 601868 China Energy Engineering
• Yangtze Optical Fibre: 2024 Net Profit RMB 676 Million, Proposes RMB 2.68 per 10 Shares - Hot:
• Yangtze Optical Fibre (601869): Diversified Layout Achieves Remarkable Results, Hollow-Core Commercialization Singularity Has Arrived
• Yangtze Optical Fibre: 2024 Net Profit RMB 676 Million, Proposes RMB 2.68 per 10 Shares - Yangtze Optical Fibre: 2024 Net Profit RMB 676 Million, Proposes RMB 2.68 per 10 Shares
• Yangtze Optical Fibre (601869.SH): 2024 Annual Report Net Profit RMB 676 Million, Down 47.91% Year-on-Year - Currently Reading:
• Yangtze Optical Fibre: 2024 Net Profit RMB 676 Million, Proposes RMB 2.68 per 10 Shares - Yangtze Optical Fibre: 2024 Net Profit RMB 676 Million, Proposes RMB 2.68 per 10 Shares
• Yangtze Optical Fibre (601869): 4Q24 Deducted Non-Recurring Profit Up Sharply Year-on-Year, Diversification Achieves Substantive Progress
• Yangtze Optical Fibre Full-Year Operating Revenue RMB 12.197 Billion, Down 8.65% Year-on-Year
• Yangtze Optical Fibre (601869.SH) Releases 2024 Annual Results, Net Profit Attributable to Shareholders RMB 676 Million, Down 47.91% Year-on-Year
• Illustrated Yangtze Optical Fibre Annual Report: Fourth Quarter Single-Quarter Net Profit Down 75.30% Year-on-Year
• Yangtze Optical Fibre Announces 2024 Annual Equity Distribution Proposal, Proposes RMB 2.68 per 10 Shares
• Yangtze Optical Fibre: 2025 Net Profit Up 20.4% Year-on-Year, Proposes RMB 2.95 per 10 Shares - Yangtze Optical Fibre: 2025 Net Profit Up 20.4% Year-on-Year, Proposes RMB 2.95 per 10 Shares
• Yangtze Optical Fibre: 2025 Net Profit Up 20.4% Year-on-Year, Proposes RMB 2.95 per 10 Shares