Key Takeaways:
- H1 net profit rose 889% to 2.925 billion yuan on AI-driven fiber price gains.
- China fiber export prices jumped 234% to $79.49 per kilogram.
- Optical interconnect revenue grew 55% as data centers shift to 400G/800G.
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Changfei Optical Fiber net profit jumps 889% on AI fiber demand
Changfei Optical Fiber & Cable reported H1 net profit of 2.925 billion yuan, up 889% from a year earlier as AI-driven fiber prices surged.
"The first quarter was still affected by earlier low-price orders, so the price increase effect has not been fully reflected," Everbright Securities said in a research note. "As new-price orders are gradually delivered, second-quarter profit elasticity will be further released."
Revenue rose 53.6% to 9.809 billion yuan in the six months ended June 30, with second-quarter revenue of 6.114 billion yuan up 65.4% sequentially. Non-GAAP net profit climbed 1,680.5% to 2.449 billion yuan, while second-quarter net profit of 2.43 billion yuan rose 390.7% from the first quarter. The optical transmission segment generated 6.126 billion yuan in revenue, up 59.2%, with gross margin expanding 33.5 percentage points to 63.11%.
The optical interconnect segment posted revenue of 2.238 billion yuan, up 55%, as data center networks migrate to 400G, 800G and 1.6T speeds. China's average optical fiber export price rose 234.2% year on year to $79.49 per kilogram in the first half, according to customs data and Guomaotong Research Institute.
The results show the pricing power of Chinese fiber makers. China Mobile's 2026-2027 group procurement of ordinary optical cable, the year's largest, failed its first-round tender because of price, according to C114, reflecting tight supply and a higher price floor. Changfei's hollow-core fiber has been delivered in cumulative volumes exceeding 10,000 core-kilometers across more than 13 commercial and pilot projects, with a record low attenuation of 0.04 dB per kilometer and a longest draw of 91.2 kilometers.
Subsidiary Changxin Bochuang, listed on the Shenzhen exchange as 300548.SZ, reported interconnect revenue of 1.48 billion yuan, up 51.6%, with gross margin of 52.89%. The unit completed client phase acceptance for 400G and 800G active electrical cables, began marketing 1.6T AEC products and finished solution selection for 1.6T optical modules.
The results point to sustained demand from AI compute buildouts and data center upgrades. Investors will watch whether fiber price momentum holds into the second half and how quickly higher-margin optical interconnect products lift the revenue mix.
This article is for informational purposes only and does not constitute investment advice.
