换肤

长飞光纤

i问董秘
企业号

601869

主营介绍

  • 主营业务:

    研究、开发、生产和销售光纤预制棒、光纤、光缆及相关产品。

  • 产品类型:

    光传输产品、光互联组件

  • 产品名称:

    光纤预制棒 、 光纤 、 光缆及漏泄电缆 、 射频电缆 、 光器件 、 光模块 、 有源光缆 、 无源预端接跳线 、 数通高速铜缆

  • 经营范围:

    研究、开发、生产和销售预制棒、光纤、光缆、通信线缆、特种线缆及器件、附件、组件和材料,专用设备以及通信产品的制造,提供上述产品的工程及技术服务。(国家有专项规定的项目,经审批后方可经营)。

运营业务数据

最新公告日期:2026-03-28 
业务名称 2025-12-31 2025-06-30 2024-12-31 2024-06-30 2023-12-31
光互联组件分部毛利率(%) 39.73 40.70 29.27 - -
光互联组件分部营业收入(元) 31.44亿 14.40亿 - - -
光互联组件分部营业收入同比增长率(%) 48.58 54.60 - - -
光传输产品分部毛利率(%) 35.90 29.60 31.68 - -
光传输产品分部营业收入(元) 83.46亿 38.50亿 - - -
光传输产品分部营业收入同比增长率(%) 6.09 8.70 - - -
多元化业务营业收入(元) 59.00亿 - - 21.40亿 -
海外业务营业收入(元) 60.92亿 27.00亿 - 17.70亿 -
海外业务营业收入同比增长率(%) 47.80 52.80 - - -
光互联组件分部毛利率同比增长率(%) - 18.00 - - -
光传输产品分部毛利率同比增长率(%) - -4.50 - - -
专利数量:授权专利(项) - - 117.00 - 166.00
专利数量:申请专利(项) - - 193.00 - 291.00
光互联组件分部销售收入(元) - - 10.74亿 - -
光互联组件分部销售收入同比增长率(%) - - 87.75 - -
业务收入:境外(元) - - - 17.70亿 -
业务收入:多元化业务(元) - - - 21.40亿 -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了52.93亿元,占营业收入的51.07%
  • 中国移动
  • 鑫茂光通信
  • 中国电信
  • 长飞四川
  • 江苏中利
  • 其他
客户名称 销售额(元) 占比
中国移动
28.84亿 27.82%
鑫茂光通信
8.39亿 8.10%
中国电信
6.00亿 5.79%
长飞四川
5.19亿 5.01%
江苏中利
4.50亿 4.35%
前5大供应商:共采购了35.19亿元,占总采购额的51.48%
  • 鑫茂光通信
  • 长飞四川
  • Heraeus
  • 鑫茂光缆
  • 长飞上海
  • 其他
供应商名称 采购额(元) 占比
鑫茂光通信
11.18亿 16.36%
长飞四川
8.89亿 13.00%
Heraeus
7.48亿 10.95%
鑫茂光缆
4.07亿 5.95%
长飞上海
3.57亿 5.22%
前5大客户:共销售了40.35亿元,占营业收入的49.76%
  • 中国移动通信集团公司
  • 天津长飞鑫茂光通信有限公司
  • 中国电信集团公司
  • 中国联合网络通信集团公司
  • 江苏长飞中利光纤光缆有限公司
  • 其他
客户名称 销售额(元) 占比
中国移动通信集团公司
17.08亿 21.06%
天津长飞鑫茂光通信有限公司
7.80亿 9.62%
中国电信集团公司
6.80亿 8.39%
中国联合网络通信集团公司
5.07亿 6.26%
江苏长飞中利光纤光缆有限公司
3.59亿 4.43%
前5大供应商:共采购了29.94亿元,占总采购额的51.81%
  • 天津长飞鑫茂光通信有限公司
  • Heraeus(德国贺利氏集团)
  • 长飞光纤光缆四川有限公司
  • 信越化学工业株式会社
  • 山东太平洋光缆有限公司
  • 其他
供应商名称 采购额(元) 占比
天津长飞鑫茂光通信有限公司
10.29亿 17.80%
Heraeus(德国贺利氏集团)
6.51亿 11.27%
长飞光纤光缆四川有限公司
5.56亿 9.63%
信越化学工业株式会社
3.84亿 6.65%
山东太平洋光缆有限公司
3.74亿 6.47%
前5大客户:共销售了31.31亿元,占营业收入的46.49%
  • 中国移动通信集团公司
  • 中国电信集团公司
  • 中国联合网络通信集团公司
  • 天津长飞鑫茂光通信有限公司
  • 湖北凯乐科技股份有限公司
  • 其他
客户名称 销售额(元) 占比
中国移动通信集团公司
7.51亿 11.16%
中国电信集团公司
7.27亿 10.80%
中国联合网络通信集团公司
6.41亿 9.52%
天津长飞鑫茂光通信有限公司
5.50亿 8.17%
湖北凯乐科技股份有限公司
4.61亿 6.84%
前5大供应商:共采购了25.45亿元,占总采购额的51.68%
  • 天津长飞鑫茂光通信有限公司
  • Heraeus(德国贺利氏集团)
  • 信越化学工业株式会社
  • 长飞光纤光缆四川有限公司
  • 湖北凯乐科技股份有限公司
  • 其他
供应商名称 采购额(元) 占比
天津长飞鑫茂光通信有限公司
8.09亿 16.42%
Heraeus(德国贺利氏集团)
6.18亿 12.55%
信越化学工业株式会社
3.99亿 8.11%
长飞光纤光缆四川有限公司
3.69亿 7.49%
湖北凯乐科技股份有限公司
3.50亿 7.11%
前5大客户:共销售了25.69亿元,占营业收入的45.20%
  • 中国移动通信集团公司
  • 湖北凯乐科技股份有限公司
  • 通鼎互联信息股份有限公司
  • 天津长飞鑫茂光通信有限公司
  • 中国联合网络通信集团公司
  • 其他
客户名称 销售额(元) 占比
中国移动通信集团公司
12.09亿 21.27%
湖北凯乐科技股份有限公司
4.49亿 7.88%
通鼎互联信息股份有限公司
3.26亿 5.73%
天津长飞鑫茂光通信有限公司
3.01亿 5.30%
中国联合网络通信集团公司
2.85亿 5.02%
前5大供应商:共采购了23.82亿元,占总采购额的57.60%
  • Heraeus(德国贺利氏集团)
  • 信越化学工业株式会社
  • 天津长飞鑫茂光通信有限公司
  • 长飞光纤光缆四川有限公司
  • 汕头高新区奥星光通信设备有限公司
  • 其他
供应商名称 采购额(元) 占比
Heraeus(德国贺利氏集团)
7.53亿 18.22%
信越化学工业株式会社
5.50亿 13.29%
天津长飞鑫茂光通信有限公司
5.14亿 12.43%
长飞光纤光缆四川有限公司
3.18亿 7.70%
汕头高新区奥星光通信设备有限公司
2.46亿 5.96%

董事会经营评述

  一、报告期内公司从事的业务情况  公司经营分部主要包括光传输产品分部及光互联组件分部,其中光传输产品业务主要包括光纤预制棒、光纤、光缆及漏泄电缆、射频电缆等应用于电信及数通行业的线缆产业链上下游产品及服务;光互联组件业务主要包括光器件、光模块、有源光缆、无源预端接跳线、数通高速铜缆等应用于电信及数通行业的器件产品及服务。  2025年公司一方面提升普通单模光纤光缆产品生产效率,另一方面大力拓展智算中心应用场景所需新型光纤产品的规模商用。报告期内,光传输产品分部实现收入约人民币83.46亿元,同比增长约6.09%,实现毛利率35.90%。  在光互联组件分部,公司子公司长芯博创紧抓人工智能发... 查看全部▼

  一、报告期内公司从事的业务情况
  公司经营分部主要包括光传输产品分部及光互联组件分部,其中光传输产品业务主要包括光纤预制棒、光纤、光缆及漏泄电缆、射频电缆等应用于电信及数通行业的线缆产业链上下游产品及服务;光互联组件业务主要包括光器件、光模块、有源光缆、无源预端接跳线、数通高速铜缆等应用于电信及数通行业的器件产品及服务。
  2025年公司一方面提升普通单模光纤光缆产品生产效率,另一方面大力拓展智算中心应用场景所需新型光纤产品的规模商用。报告期内,光传输产品分部实现收入约人民币83.46亿元,同比增长约6.09%,实现毛利率35.90%。
  在光互联组件分部,公司子公司长芯博创紧抓人工智能发展机遇,进一步深化内部资源整合与业务协同,大力推进全球化战略布局,实现了较快的业绩增长。报告期内,该分部实现收入约人民币31.44亿元,同比增长约48.58%,实现毛利率39.73%。
  
  二、报告期内公司所处行业情况
  二零二五年,国内通信设施建设持续完善,电信行业实现高质量发展,我国已建成全球规模最大、覆盖最广、技术领先的网络基础设施。根据工信部于二零二六年一月发布的数据,截至二零二五年末,我国5G基站数达483.8万个,同比增长约13.8%,占移动电话基站数比重达37.6%,平均每万人拥有5G基站34.4个,高于“十四五”规划发展主要目标8.4个;而在固定网络方面,具备千兆网络服务能力的10G PON端口数达3162万个,达“十四五”规划发展主要目标的2.6倍,与此同时,全国千兆以上接入速率的用户为2.38亿户,占固定网络用户比例已达34.5%。在行业高质量发展新阶段,国内电信运营商提质增效,总体资本开支持续下降,发展重点向智算网络倾斜,电信行业发展面临机遇与挑战。
  二零二六年是“十五五”规划开局之年,国内信息基础设施将持续迭代升级,保持全球领先水平。根据工信部于二零二六年一月发布的信息,在移动网络方面,遵循“商用一代、研发一代”的规律,我国6G技术研发已完成第一阶段试验,形成了超300项关键技术储备,将前瞻布局和培育面向6G的应用产业生态;在固定网络方面,将实施“宽带升级”专项计划,在城市地区和重点场景部署5G-A网络和万兆光网,推动“双千兆”向“双万兆”升级;在算力网络方面,将加强体系建设,深入实施城域“毫秒用算”专项行动。
  信息通信技术及数字经济的发展,日益成为实现各国社会经济繁荣和可持续发展的重要驱动力,全球电信基础设施建设保持稳健发展。在移动网络方面,根据二零二五年十一月发布的爱立信移动市场报告,二零二五年末全球5G签约用户数量达29亿,已占移动用户总数的三分之一,全球5G信号人口覆盖率已达60%。二零二五年第三季度,全球网络数据流量增长至188EB,同比提升20%,其中约76%为视频流量。随着未来全球智能移动终端数量的持续增长、高清视频内容的不断增加、人工智能应用渗透率的快速攀升,全球电信基础设施仍有充分的发展空间。而在固定网络方面,根据国际电联发布的数据,二零二五年末全球有60亿人能接入互联网,占全球总人口比例为74%,但在低收入国家,仅有23%的人口能享受互联网服务,数字鸿沟仍然显著。但另一方面,全球复杂多变的宏观经济状况、地缘政治局势、贸易保护举措等不确定因素,也在深刻影响包括通信行业在内的各国基础设施建设趋势,并不断给从事相关业务的国际化企业提出了新的挑战。
  在数据中心市场,随着生成式人工智能的快速迭代和大模型的不断普及,算力资源已经成为支撑人工智能持续发展的关键基石。而算力数据中心及其数据传输网络,作为算力资源的核心承载平台,正在迎来迅猛的发展浪潮。根据中国信息通信研究院2026年3月发布的报告,截至2025年6月,全球计算设备算力总规模为4,495EFlops,同比大幅增长117%,其中智能算力规模约为3,846EFlops,占总算力比例达85%。预计未来五年全球算力规模将以超过60%的速度增长,在2030年全球算力将达到50ZFlops,其中智能算力占比将超过95%。面对算力发展趋势,国内外主要云服务厂商正在对算力数据中心相关建设进行持续高强度投入。生成式人工智能的进一步发展及算力数据中心的持续建设,将对应用于算力网络的相关光通信产品需求产生深远的结构性影响。
  随着计算芯片逼近光罩极限,新型技术,包括先进封装以及数据中心内部与集群相互之间的高速网络连接,对算力发展愈加重要。AI基础设施将由“单卡性能算力”全面向“系统级海量互联”演进;算力提升方式将从单一芯片运算能力发展向整柜级系统升级转换;光互联场景有望从机柜外进一步向机柜内延伸,给算力数据中心内部及集群间光网络互连相关产品带来巨大增长潜力。光互联组件业务亦受到人工智能发展的影响,高速率光模块商用进程加速。
  三、经营情况讨论与分析
  二零二三年至二零二五年前三季度,受国际电信行业周期下行影响,全球光纤光缆需求总量及普通单模光纤产品平均价格持续承压,二零二五年全球光缆需求总量尚未恢复至三年前的水平。但得益于生成式人工智能的快速发展及算力数据中心资本开支强度的持续加大,二零二五年第四季度起,市场环境有所改善。在海外市场,东南亚及欧美电信基础设施建设回暖;而在人工智能时代,国内外应用于数据中心算力底座“三超”(超大容量、超低时延、超低损耗)网络的新型光纤光缆产品需求持续增长,呈现出更为明显的结构性市场机会。而在行业周期持续下行期间进行的供给侧有效优化,亦加速了市场整体供需结构的改善。
  面对挑战与机遇并存的市场,公司保持战略定力,深入实施全业务增长、技术创新与数字化转型、国际化、多元化、资本运营协同成长等战略举措,强化核心竞争力,保持了全球领先的行业水平,巩固了在新型光纤产品领域的研发创新及产业化进程优势,实现了高质量发展。
  报告期内,公司营业收入约为人民币142.52亿元,相较二零二四年的约人民币121.97亿元增长约16.8%。公司生产效率及产品结构的持续优化改善了盈利水平,毛利率由二零二四年的约27.3%提升至二零二五年的约30.7%。公司归属于上市公司股东的净利润由二零二四年的约人民币6.76亿元增长至二零二五年的约人民币8.14亿元,增幅约20.4%;而归属于上市公司股东的扣除非经常性损益的净利润约人民币5.16亿元,同比增长约40.6%。公司二零二五年度经营活动产生的现金流量约为人民币36.53亿元,相比二零二四年度的约人民币17.83亿元增长约104.83%。
  
  四、报告期内核心竞争力分析
  1、领先的市场地位
  公司作为全球光纤光缆行业的领先企业,是国内最早的光纤光缆生产厂商之一,在行业内深耕多年,拥有雄厚的技术储备和广泛的客户群体,具备先发优势。在客户日益集中的市场趋势下,公司领先的技术基础、生产能力和稳定的客户群体使公司能在激烈的市场竞争中保持足够的影响力和吸引力,巩固市场份额,占据优势地位。
  2、完善的业务链
  公司是国内少数能够大规模一体化开发与生产光纤预制棒、光纤和光缆的公司之一,并持续向产业链的上下游拓展。棒纤缆的一体化生产,提升了公司的生产水平和运营水平。通过参与全行业多个生产供应链,公司能够更好把握市场趋势,对于公司优化生产结构,规划市场战略,灵活应对市场变动具有重要意义。
  垂直整合的业务模式帮助公司能够凭借在光缆终端市场上的领先地位推动上游光纤预制棒和光纤产品需求的增加。通过采用垂直整合一体化的业务模式,公司能够在全产业的价值链内更好地配置生产资源,提高营运效率和灵活性,增强竞争力和抗风险能力。
  3、领先的生产制造技术和严格的质量控制体系
  公司采用全球领先的工艺和技术生产各类优质光纤预制棒、光纤和光缆等相关产品。其中,光纤预制棒是行业内重要的上游原材料,光纤预制棒的质量与性能能够直接影响光纤及光缆的质量和性能。公司是国内第一家拥有光纤预制棒生产能力的企业,同时也是行业内为数不多的可以同时通过PCVD工艺和VAD+OVD工艺进行光纤预制棒生产的企业之一。
  PCVD工艺较其他光纤预制棒生产工艺而言,具备折射率分布控制更精确和加工灵活性更大等诸多优势,帮助公司更好地把握市场发展方向,抓住更多市场机遇。除PCVD生产工艺外,公司亦掌握VAD/OVD生产工艺。采用VAD/OVD工艺有助于提高光纤预制棒制造效率,降低光纤衰减水平和生产成本。公司通过先进的生产技术,出色的产品质量和优异的客户服务,赢得了包括三大国有电信运营商在内的稳定客户群体。与此同时,公司制定了严格的质量控制工序,保证了产品质量和性能。公司于2025年11月入选工业和信息化部等6部门联合发布的全国首批15家领航级智能工厂名单,充分体现了公司行业领先的智能制造水平。
  4、领先的国际化业务
  公司通过积极建立海外生产基地和海外办事处,实施海外销售本土化的策略,强化海外销售力度,在国际上拥有较高品牌知名度。自2018年以来,公司设立了多个海外办事处及生产基地,公司海外生产销售能力进一步增强,海外业务收入占营业收入的比例在报告期内已超过40%。与此同时,经验和人才的积累帮助公司逐步形成强大的本地化营销网络,提高公司海外营销和服务能力,更好地满足海外客户的需求。
  5、领先的研发创新能力
  公司拥有完善的研发平台,包括研发中心和国内光纤光缆行业内唯一的国家重点实验室。公司研发中心专注于光纤预制棒、光纤及光缆的研发、技术管理与测试。先进的技术和出色的产品为公司赢得了诸多荣誉,2005年至今,共获得三次国务院颁发的国家科技进步二等奖,是国内光纤光缆行业获得的最高级别国家科技进步奖;也是光纤光缆行业唯一一家三次荣获国家科技进步二等奖的企业。在研发标准制定和发布方面,2025年,公司主持制定2项国际标准、1项国家标准;参与制定2项国际标准、7项国家标准、18项行业标准及12项团体标准;在知识产权方面,公司2025年申请专利283项、授权专利319项。
  6、多样化的产品结构
  公司除了主流的棒纤缆业务,亦拥有较为成熟的特种产品与器件业务,与主营业务关联紧密。特种产品与器件是目前光纤光缆下游应用市场的一个细分领域,客户需求日益增大。该细分市场目前的参与企业和合格产品种类较少,市场潜力巨大。随着特种产品技术的提升,产品种类逐渐丰富,公司在特种产品领域的优势地位将得到进一步巩固与发展。特种产品的发展进一步优化了公司的产品结构,丰富了公司产品业务内容,提高了公司整体业务的多元性和抗风险能力。报告期内,公司在已完成初步布局的光互联组件、工业激光、海洋能源与工程、高纯度石英材料等领域均取得了实质性进展,业务结构得到持续优化。
  7、稳固的客户群体
  公司自成立以来致力于为客户提供技术先进、性能卓越和质量出众的光纤光缆行业相关产品和服务。经过多年发展,公司建立起了稳固而广泛的客户群体。光纤光缆行业的客户群较为集中,三大国有电信运营商是国内光纤光缆市场的主要终端客户。公司通过与三大国有电信运营商的合作机会,深入了解其市场需求和产品发展趋势,有针对性地开发和供应符合客户需求的光纤光缆产品,提升自身服务质量。
  8、经验丰富的管理层和高效的人才培养体系
  公司的高级管理层通过对行业趋势的深入观察,结合丰富的管理经验,能够准确地把握行业和公司的发展方向,制定合适的战略决策,帮助公司保持行业领先地位。同时,公司为企业管理人员及技术人员分别设立了独立的晋升途径,能够让两方面的人才拥有实现职业理想的机会和平台。此外,公司将短期激励与长期激励相结合,通过员工持股激励,将企业的成长与核心员工的个人发展牢牢绑定,推动公司长期、可持续发展。
  
  五、报告期内主要经营情况
  2025年度,公司实现营业收入约人民币142.52亿元,较去年同期增长约16.85%;归属于上市公司股东的净利润约人民币8.14亿元,较去年同期增长约20.40%。
  
  六、公司关于公司未来发展的讨论与分析
  (一)行业格局和趋势
  在人工智能蓬勃发展的时代,算力是核心生产力,而智算中心的全光互联网络则是算力的基础底座。二零二五年,随着智算中心的快速建设,其内外连接所需新型光纤产品需求持续增长、占光纤总需求的比例不断提升。根据中金公司二零二五年十二月发布的报告,与人工智能相关的光纤光缆需求量占全球光纤光缆需求总量的比例,将从二零二四年的不到5%提升至二零二七年的35%,也将是期间需求增量的主要来源。全球光纤光缆市场日益呈现出电信市场与数据中心市场“双轮驱动”的新格局。
  尽管人工智能的进步正在对光通信行业的发展产生结构性变革,但海外数字鸿沟仍然显著。二零二五年,全球仍有约四分之一的人口无法接入互联网,许多低收入国家尚未完成基本的网络覆盖,海外通信网络基础设施建设潜力巨大。根据CRU发布的数据,全球二零二五年光缆需求约为5.49亿芯公里,同比增长约3.9%,在连续两年下滑后实现温和回升,并将保持增长趋势。
  (二)公司发展战略
  2026年,公司将秉承“智慧联接美好生活”的使命,紧抓人工智能时代带来的算力革命与联接需求的爆发性增长机遇,主动拥抱技术范式变革。通过实施“AI驱动、多元协同、全球布局”的战略组合,加快从单一产品提供商向综合线缆和解决方案提供商的战略转型,实现公司高质量发展。
  (三)经营计划
  1、紧跟市场发展趋势,实现主业提质增效
  在人工智能蓬勃发展的时代,算力是核心生产力,而智算中心的全光互联网络则是算力的基础底座。二零二五年,随着智算中心的快速建设,其内外连接所需新型光纤产品需求持续增长、占光纤总需求的比例不断提升。根据中金公司二零二五年十二月发布的报告,与人工智能相关的光纤光缆需求量占全球光纤光缆需求总量的比例,将从二零二四年的不到5%提升至二零二七年的35%,也将是期间需求增量的主要来源。全球光纤光缆市场日益呈现出电信市场与数据中心市场“双轮驱动”的新格局。公司一方面持续优化工艺水平,发展新质生产力,强化普通单模光纤光缆产品的效率领先优势;另一方面紧跟市场发展趋势带来的产品结构性变化,加速拓展新型光纤产品的规模商用,实现主业提质增效。
  二零二五年十一月,公司作为通信行业唯一一家企业,入选工业和信息化部等6部门联合发布的全国首批15家领航级智能工厂名单。作为智能工厂梯度培育体系的最高层级,领航级智能工厂代表了当前制造业智能化发展的领先水平,是新一代信息技术、先进制造技术、精益管理理念融合的最佳实践,承担着探索未来制造模式、验证前沿技术路径、塑造行业示范标杆的重要使命。公司的入选体现了公司行业领先的智能制造和成本控制水平。未来,公司将充分利用技术、平台、人才优势,赋能公司国内外生产基地及相关多元化产业,实现生产效率的全面提升。
  二零二五年,兼具大有效面积及低衰减系数、用于通信骨干网升级及数据中心长距离互联的G.654.E光纤规模化商用提速。二零二五年六月,中国移动进行的G.654.E光缆产品集中采购总量达314万芯公里,相较其前次增长约156%;十月,中国电信进行干线光缆产品集中采购,其中G.654.E光缆产品需求约224万芯公里,是其针对该产品的首次框架集中采购。公司在该等国内主要运营商客户针对G.654.E光缆产品的集中采购中均以最大份额中标。同时,公司用于数据中心内部连接的中高端单模及多模光纤产品亦实现了较好的业绩增长。
  二零二五年第四季度,得益于市场供需环境的改善,以及公司在传统和新型光纤领域的全球领先优势,公司主业盈利能力增强,实现归属于上市公司股东的净利润约人民币3.44亿元,同比增长约234.2%;实现归属于上市公司股东的扣除非经常性损益的净利润约人民币2.33亿元,同比增长约293.6%。公司二零二五年度毛利率达30.7%,为自二零一四年在香港联交所上市以来首次超过30%;第四季度毛利率为35.7%,亦为上市以来最高的单季度毛利率水平。
  2、引领科技创新方向,巩固研发领先优势
  人工智能的持续发展,正在给各行各业带来颠覆性变革。而光网络产品的研发方向,也从传统的以电信骨干网、城域网的标准化通用产品为核心,向智算中心内部及高性能算力集群互联的创新光纤产品发展。公司作为行业领先企业,确立了“AI时代光基础设施引领者”的核心定位,将引领行业创新方向,针对智算场景提供定制化、精细化的全系列产品及解决方案,并充分利用在新型光纤产品的研发及产业化优势,拓展相关业务,巩固领先地位。
  空芯光纤有望突破传统实芯光纤的物理极限,是未来大容量、低时延通信网络的关键支撑技术,也是智算中心应用场景最具颠覆性的代表产品。公司加强研发投入,空芯光纤技术持续提升,已实现全球最低衰减0.04dB/公里,相较传统实芯光纤时延降低31%、传输速度提升47%、非线性效应近乎归零。与此同时,公司已构建从光纤预制棒制备、拉丝涂覆到成缆测试的完整空芯光纤产业链,单根空芯光纤预制棒拉丝长度达91.2公里,实现了长段长、超低损耗空芯光纤规模化制造,为更大规模化商用筑牢了产业根基。截至目前,公司已在亚洲、欧洲、美洲等地区成功部署十个以上商用及试点空芯光纤应用项目,并在二零二五年内助力国内三家运营商客户完成各自全球首条空芯光纤商用线路部署,其中包括广东至香港长达100公里的全球最长距离空芯光纤商用项目,二零二五年已成为空芯光纤商用元年。二零二六年二月,公司发布空芯光纤品牌HollowBand,未来将携手全球行业伙伴成立产业生态联盟,引领相关国际标准制定,并联合全球主流电信运营商与云服务商,推动超过50个空芯光纤商用及试点项目,全力促进空芯光纤全球规模商用。
  除空芯光纤外,公司亦推出包括多芯光纤、高品质多模光纤、800G/1.6T高速光模块、绿色布线系统等产品与服务在内的综合解决方案,为智算中心提供高可靠、高性能、高扩展的全光底座。公司将坚持不懈进行研发投入,通过确保前沿技术和产品的持续领先,实现对智算时代新型光纤研发创新及产业化发展的持续引领。
  3、强化海外业务布局,提升国际运营能力
  当前,国际局势错综复杂,经济增长面临多重挑战。而全球供应链的重构、各国贸易保护举措的频出也对从事国际业务的企业提出了客户拓展、产能布局、合规运营等多方面的挑战。自二零一四年启动国际化战略举措以来,公司根据海外市场趋势、主要客户区域、产业发展水平、贸易及金融政策等因素,高效、审慎的进行产能及业务布局,并已取得显著成效。目前,公司在印度尼西亚、南非、巴西、波兰、德国、墨西哥等6个国家布局8大生产基地,从国际化前期的以产品生产为主,发展至客户拓展、研发创新、生产交付等业务海外协同化实体运营。
  二零二五年是公司位于印度尼西亚的光纤生产基地成立十周年。从二零一五年建成东南亚区域首个光纤产能,到二零一七年形成完整的光纤光缆产业生态,再到多元化产品及业务在当地的规划与落地,公司在印度尼西亚的战略布局是从“走出去”到“融进去”、从“业务布局”到“价值共创”的写照,也给公司其他海外区域的业务拓展提供了参照案例。自二零二一年至今,公司海外业务占比均保持在30%以上。二零二五年,公司海外业务收入约人民币60.92亿元,同比增长约47.8%,占营业收入的比例进一步增长至42.7%。
  展望未来,公司将紧跟各区域市场发展情况及产品结构性变趋势,一方面进一步提升海外客户拓展及生产交付能力,在通信网络基础设施建设回暖的行业环境中实现业务增长;另一方面大力拓展与智算中心应用场景相关的新型光纤产品商用,改善海外业务收入结构,实现高质量增长及海外业务收入占比的进一步提升,成为真正的全球化企业。
  4、深入各多元化产业,持续优化经营效率
  二零二五年,公司持续提升各个多元化业务板块的核心竞争力,实现了多元化产业的进一步发展。在光互联组件领域,公司子公司长芯博创紧抓人工智能发展机遇,进一步深化内部资源整合与业务协同,大力推进全球化战略布局。报告期内,其位于印度尼西亚的产能扩充进展顺利,印尼+嘉兴、成都、汉川”的“1+3”全球协同生产体系已构建完毕,能匹配全球市场需求趋势实现业务拓展。长芯博创始终坚持技术创新驱动发展战略,持续加大研发投入力度,为产品迭代升级与战略转型提供坚实技术支撑,报告期内研发投入1.27亿元,占营业收入比例超过5%。报告期内,其PON光模块产品迭代升级,400G/800GAEC系列产品、多模400G SR4、800G SR8产品具备批量供货能力,产品体系进一步完善。得益于长芯博创强劲的业绩增长,二零二五年公司光互联组件分部实现营业收入约人民币31.44亿元,同比增长约48.6%,毛利率达39.7%
  在工业激光领域,公司快速完成对奔腾激光(浙江)股份有限公司的业务整合,构建了上游特种光纤、中游激光器、下游激光装备的完整产业链,提升了整体竞争力及海外业务拓展能力。在海洋能源与工程领域,公司围绕深远海上风电规模化开发需求,构建海洋能源传输、海洋光网系统、海洋工程施工服务的全链条能力,实现了业务的发展。在高纯度石英材料领域,公司完成了长飞光学石英元器件研发及产业化项目建设,在核心市场取得了重要客户突破,实现了收入的快速增长。在第三代半导体领域,公司参股公司长飞先进半导体于二零二五年五月完成武汉基地首片晶圆正式下线。通过大量研发投入与技术创新,其晶圆制造、模块开发及芯片迭代能力不断提升,为后续业务快速发展奠定了坚实基础。
  二零二五年,公司多元化业务收入约为人民币59.0亿元,占营业收入的比例首次超过40%,体现了公司实施多元化战略的阶段性进展。二零二六年,各个多元化业务板块在已完成前期布局的基础上,将进一步完善协同效应,提升经营效率,实现业务可持续增长。
  5、保持稳健经营举措,与资本市场协同成长
  面对不确定性持续增强的外部宏观环境及行业周期的不断变化,公司始终践行稳健的财务政策,确保核心战略举措的实施与公司业务的持续发展。二零二五年,公司实现经营性现金流净额约人民币36.53亿元,同比增长超过100%,并保持了审慎的资产负债水平。得益于健康的财务状况及业务发展预期,公司以AAA的主体评级,于二零二五年八月发行了全国光纤光缆行业首笔科技创新债券。债券规模为人民币5亿元、期限为3年,发行利率为1.9%。二零二五年十二月,公司完成7000万股H股的配售,所得款项净额约为港币22.29亿元,将用于支持海外业务发展。该配售是二零二五年通信行业规模最大的H股配售项目,也是二零一五年以来光通信行业融资规模最大的H股配售项目,充分体现了市场对光通信行业发展潜力及公司行业领军地位的高度认可。
  二零二五年,公司完善了以武汉长飞科创产业基金合伙企业(有限合伙)、湖北长江长飞激光智造创业投资基金合伙企业(有限合伙)、湖北省长飞天使创业投资基金合伙企业(有限合伙)为代表的产业基金布局,充分利用资本市场,与各合伙人共同推动硬科技领域早期项目孵化与相关产业链生态建设。
  为回馈投资者、健全长效激励机制,公司于二零二五年四月至五月使用人民币 197,297,993元(不含交易费用)完成了对600万股公司A股股份的回购,并已将回购股份过户至“长飞光纤光缆股份有限公司-2025年员工持股计划”证券账户,用于实施员工持股计划,通过充分调动核心员工的积极性和创造性,促进公司长期可持续发展。
  (四)可能面对的风险
  多项因素或会影响本集团业绩及业务营运,其中若干因素乃光纤及光缆业务的固有特点,另有若干因素则来自外部。主要风险及不确定因素概述如下:
  1、市场及政策风险
  目前国家正在大力推进的千兆光网、5G铺设、数字中国等战略对公司的业务发展构成了良好的产业环境。公司的主要客户是电信运营商,运营商的投资需求构成了公司发展的主要驱动力,如果受到宏观经济的周期性波动、经济发展速度等因素的综合影响,国家关于通信等基础设施投资的产业政策出现调整,或运营商对通信网络的投资不及预期,则将对公司的业务发展造成负面影响。
  2、海外风险
  公司长期积极开发国际市场,海外业务收入快速提升,业务已覆盖100多个国家与地区。而当前海外宏观经济环境及地缘政治局势错综复杂,部分国家存在着政治、战争、政策经济波动等风险。同时,海外国家的金融、法律、财税等与中国存在较大差异,汇率大幅波动也会增加海外业务的复杂性。
  3、财务风险
  随着公司规模的扩张,运营资金需求量伴随业务规模扩大而迅速增加。而且,公司应收票据和应收账款合计金额较大,如果不能按期收回而发生坏账损失,可能对公司经营业绩造成不利影响。
  4、技术升级风险
  随着国内外光纤光缆市场的进一步发展和光纤光缆产品的升级换代,如果公司的新技术和新产品不能及时研发成功,或者对技术、产品和市场的趋势把握出现偏差,将削弱公司的技术优势和竞争力。此外,随着各项技术的发展,如其他竞争者成功开发出有效替代现有技术的新技术,并快速适用于光纤光缆产品的生产制造,也将对公司经营业绩带来较大不利影响。
  5、新业务培育风险
  公司在不断开拓相关多元化业务。除预制棒、光纤、光缆的上下游产业延伸外,还在不断尝试新业务的培育和孵化。如果新业务的发展达不到预期,也将对公司经营业绩造成不利影响。 收起▲

产品价格

数据截至(20260327)
[""]
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