长江通信（600345）2025年度业绩暨现金分红说明会详细纪要
一、说明会基本情况及召开背景
武汉长江通信产业集团股份有限公司于2026年6月5日10:00-11:00，通过上海证券交易所上证路演中心以视频录播结合网络互动的方式召开了2025年度业绩暨现金分红网上说明会。本次会议旨在与投资者就公司2025年经营业绩、财务状况及利润分配等情况进行全面交流。公司董事长邱祥平、总裁雷霆、独立董事李银香、副总裁兼董事会秘书与财务总监梅勇等高管出席，与投资者进行了积极互动。
二、投资者关注的核心问题及公司回复
1. 关于长飞光纤股权处置与公司市值管理
- 投资者建议： 有投资者指出长江通信当前市值仅为其持有的14%长飞光纤（601869）市值不到一半，建议公司借鉴国家大基金、宁德时代等大股东的做法，通过竞价转让部分长飞光纤股权以提升公司市值，或用于回购注销股份。
- 公司回应： 公司表示，若后续涉及出售长飞光纤股票资产，将及时履行决策流程并披露相关事项，提示投资者关注公司公告。
- 市值管理措施： 公司高度重视市值管理，除专注主业、稳健经营和创新外，还将持续提升信息披露质量、加强与投资者沟通、坚持分红政策等方式提高投资者信心，但未公布具体提升市值的方案。
2. 持有长飞光纤及对其影响力
- 最新持股情况： 截至2026年3月31日，公司持有长飞光纤118,837,010股内资股，占比14.35%，并委派了2名董事参与长飞光纤的财务和经营政策决策，公司能够对其施加重大影响。
- 会计核算方式： 目前公司对长飞光纤采用权益法核算，即便实施减持计划也不影响核算方法。未来如失去重大影响，公司将以公允价值计量。
- 未来减持计划： 公司未明确表态后续是否会继续减持，仅重复表示如有出售将履行信息披露义务。
3. 关于业绩说明会沟通形式
- 投资者诉求： 有投资者提及公司未采用直播及视频回放形式召开业绩说明会，认为影响信息的直观获取。
- 公司回应： 公司表示近年来采用视频录播结合网络文字互动的方式召开业绩说明会，并已在上证路演中心官网提供回放。公司理解投资者诉求，未来将持续完善沟通渠道，提升体验。
三、对股东和股价的潜在影响
- 潜在利好： 公司拥有长飞光纤14.35%的股权，持有市值较大，若未来选择部分或全部减持相关资产，可能带来大额现金流入，为公司带来分红、回购或主业扩展的资金基础，有望提升股价。
- 潜在风险： 目前公司未披露明确的减持计划，若相关资产长期未变现、公司主业成长缓慢，可能影响市场对公司价值的认知，导致市值被低估。
- 信息披露： 公司承诺如有重大资产处置会及时公告，投资者需密切关注后续公告，因减持长飞光纤等事项一旦推进，将对公司业绩和估值产生重大影响。
四、其他说明
公司感谢广大投资者长期的关注与支持，承诺将持续提升企业价值与信息透明度。
免责声明
本文仅为信息披露整理，内容不构成任何投资建议或买卖依据。投资者请据此自主判断并注意投资风险。
Yangtze Communication (600345) 2025 Annual Results & Cash Dividend Briefing: Full Investor Details
1. Summary and Background of the Briefing
Wuhan Yangtze Communication Industry Group Co., Ltd. held its 2025 annual results and cash dividend briefing on June 5, 2026, from 10:00 to 11:00 via the SSE Roadshow Center, combining video playback and online Q&A. The event aimed to communicate with investors regarding the company’s 2025 business performance, financial status, and profit distribution. Senior management, including Chairman Qiu Xiangping, President Lei Ting, Independent Director Li Yinxian, and Vice President/Board Secretary/CFO Mei Yong attended and interacted with investors.
2. Key Investor Concerns and Company Responses
1. On Disposal of YOFC Stake and Market Value Management
- Investor Suggestion: Some investors highlighted that Yangtze Communication’s current market cap is less than half the value of its 14% stake in YOFC (601869), suggesting the board consider selling part of this stake (like some large shareholders such as CATL or the National IC Fund) to boost its own market value, or use proceeds for share buyback/cancellation.
- Company Response: The company replied that if it decides to dispose of YOFC stock assets in the future, it will fulfill necessary decision-making procedures and make timely disclosures. Investors are advised to monitor company announcements.
- Market Value Management: The company emphasized its commitment to high-quality development, focusing on its core business, stable operations, and innovation. It also aims to improve information disclosure quality, enhance investor communication, and maintain a stable dividend policy to boost investor confidence, though no specific market value enhancement plan was announced.
2. Holding and Influence over YOFC
- Latest Shareholding: As of March 31, 2026, the company holds 118,837,010 A-shares of YOFC, representing a 14.35% stake, and has dispatched two directors to participate in YOFC’s financial and business policy decisions, exerting significant influence.
- Accounting Method: The stake is accounted for using the equity method. Even if the company implements its approved share reduction plan, the accounting method remains unchanged. If it loses significant influence in the future, the stake will be measured at fair value.
- Future Disposal: The company did not commit to further reducing its YOFC stake, repeating that any such moves would be disclosed in accordance with regulations.
3. Communication Format of Briefings
- Investor Request: Investors noted the absence of live streaming and video playback for the briefings, which may reduce transparency.
- Company Response: The company said it has used video playback with online text Q&A for recent briefings, and that video replays are available on the SSE Roadshow Center website. The company recognizes investor needs and will continue improving communication channels.
3. Potential Impact on Shareholders and Share Price
- Potential Upside: Holding a substantial 14.35% stake in YOFC, the company could realize significant cash inflows if it sells part or all of this asset. Such moves would provide funding for dividends, buybacks, or business expansion, and could drive share price appreciation.
- Potential Risks: No concrete asset disposal plan is disclosed. If the asset remains unliquidated and core business growth is slow, the company’s value could continue to be discounted by the market.
- Disclosure Commitment: The company promises timely disclosure of any major asset disposals. Investors should closely monitor announcements, as any YOFC stake sale could significantly impact earnings and valuation.
4. Other Remarks
The company thanks investors for their ongoing support and pledges to continue improving value creation and transparency.
Disclaimer
This article is for information purposes only and does not constitute investment advice. Investors should make independent decisions and be aware of investment risks.
