The main reasons for the improved performance of the aforementioned companies include the development of AI technology, increased market demand for communication products such as fiber optic ring devices and industrial IoT, significant growth in overseas business, and notable cost reduction and efficiency improvement effects; the third-quarter reports show that all 10 companies listed on the STAR Market achieved profitability. Among them, the profit scale of Welltech Information, Shiji Photonics, Dingtong Technology, and Yinghan Tong exceeded 100 million yuan.
The STAR Market Daily, November 2 (reported by Wu Xuguang) – Leading communication companies have submitted their third-quarter reports, showing stable and positive performance.
Xingkuang data shows that, as of October 31, 14 listed companies in the STAR Market communication industry, including GuoDun Quantum, Yinghan Tong, Changyingtong, Youfang Technology, and Canqin Technology, disclosed their Q3 2025 earnings reports, collectively achieving a net profit of approximately 1.068 billion yuan, representing a year-on-year increase of 67.9%, reflecting an overall high-growth trend. Among these, 12 companies achieved year-on-year positive growth in the first three quarters, accounting for more than 80%.
According to a review of the third-quarter reports of various enterprises by The STAR Market Daily reporters, the main factors contributing to the improved performance of the aforementioned companies include the development of artificial intelligence technology, increased market demand for communication products such as fiber optic ring devices and industrial IoT, significant growth in overseas business, and notable cost reduction and efficiency enhancement effects.
A communications industry analyst from a brokerage firm told The STAR Market Daily during an interview, 'The positive performance of the communications industry in Q3 2025 can be attributed mainly to the combined effects of surging demand for AI optical communications and broader industry upgrades.'
Changyingtong and Shiji Photonics Achieve Over Sevenfold Increase in Net Profit in the First Three Quarters
Specifically, within the STAR Market communications sector, all 10 companies achieved profitability. Among them, Welltech Information, Shiji Photonics, Dingtong Technology, and Yinghan Tong each reported profits exceeding 100 million yuan, at 474 million yuan, 300 million yuan, 177 million yuan, and 105 million yuan, respectively.
In terms of net profit growth, Changyingtong, Shiji Photonics, and Dingtong Technology saw increases exceeding 100%, at 933.2%, 727.7%, and 125.4%, respectively, while GuoDun Quantum, Canqin Technology, and Kunheng Shunwei experienced growth rates surpassing 50%.
Notably, on October 16, Shiji Photonics, a leading enterprise in the field of optical communication chips, released its Q3 2025 report, showing revenue of 1.56 billion yuan for the first three quarters, representing a year-on-year increase of 114.0%; net profit attributable to shareholders was 300 million yuan, marking a year-on-year increase of 727.7%; non-GAAP net profit attributable to shareholders amounted to 297 million yuan, with a year-on-year increase of 1210.1%.
Regarding changes in performance, Shiji Photonics stated that driven by the development of artificial intelligence, the data communication market grew rapidly, allowing the company to meet market demand, resulting in varying degrees of order growth for its optical chips and devices, indoor optical cables, and cable polymer materials compared to the same period last year.
Changyingtong’s performance has also benefited from the iterative upgrading of optical communication technology. On October 30, the company disclosed its Q3 2025 report, showing that in the first three quarters, the company achieved total operating revenue of 269 million yuan, a year-on-year increase of 46.77%; net profit attributable to shareholders of 30.7863 million yuan, reversing losses year-on-year; and non-recurring net profit of 24.4463 million yuan, also reversing losses year-on-year.
Changyingtong stated that the growth in performance was mainly due to a significant increase in the delivery volume of fiber optic ring device orders compared to the previous year.
Wasion Information also delivered strong financial results. On October 23, Wasion Information released its Q3 2025 report, showing that in the first three quarters, the company achieved operating revenue of 2.112 billion yuan, a year-on-year increase of 8.80%; net profit attributable to shareholders of 474 million yuan, a year-on-year increase of 12.24%; and non-recurring net profit attributable to shareholders of 464 million yuan, a year-on-year increase of 13.02%.
Wasion Information stated that under the opportunities presented by global energy transition, the company focused on expanding into emerging markets in ASEAN, the Middle East Gulf region, and Africa. In the first three quarters, overseas revenue reached 398 million yuan, a year-on-year increase of 20.98%, becoming a new growth engine.
“Overall, during the reporting period, the global artificial intelligence industry accelerated its development, and the construction of global data centers continued to advance, driving stable growth in demand across the upstream and downstream of the communications industry chain. At the same time, this reflects the vast prospects of the communications industry in digital transformation and expanding overseas markets.” Bai Wenqi, Chairman of Zhonghe Kunlun (Beijing) Asset Management Co., Ltd., told reporters from The STAR Market Daily, adding that considering the acceleration of digital transformation and the continuous emergence of new technologies, the communications industry is expected to enter a new growth cycle.
According to Frost & Sullivan forecasts, by 2027, the global artificial intelligence market size will exceed 11 trillion US dollars, with China’s contribution expected to reach 39% to 45%.
Continuous Increase in R&D Investment and Acceleration of Overseas Production Capacity Layout
While maintaining robust operating performance, multiple communications companies have continued to advance in research and innovation.
Specifically, Wasion Information's R&D expenses from January to September amounted to 167 million yuan, accounting for 7.90% of operating revenue. On October 24, during an institutional investor survey, the company stated: “The proportion of R&D personnel exceeds 51%. Over the past five years, cumulative R&D investment has approached 1 billion yuan, with average R&D spending exceeding 9% of revenue. The company focuses on core competitiveness in ‘IoT + AI + chip’, forming a clear path for conversion.”
“In terms of building technological barriers, the company’s self-developed communication chips can cover more than 70% of national power communication standards globally; in terms of product iteration drivers, nearly 50 new products were launched in 2024, accounting for 49% of revenue, among which AI product revenue surged 85% year-on-year, demonstrating the company’s strong R&D innovation vitality and intrinsic growth momentum.” Wasion Information further stated.
In the first three quarters of this year, ShiJia Optoelectronics' R&D expenses reached 97.75 million yuan, with R&D investment accounting for 6.26% of operating revenue. In terms of R&D investment, from 2021 to 2024, the compound annual growth rate of R&D investment by ShiJia Optoelectronics was 8.86%. During the same period, QuantumCTek's R&D investment amounted to 88.2149 million yuan, representing a year-on-year increase of 48.58%, with R&D investment accounting for 46.49% of operating revenue.
As the communications industry experiences an upturn, demand will continue to expand. Leading optical module enterprises in the industrial chain are focusing on technological innovation and capacity deployment to seize market opportunities.
In terms of technological innovation, when discussing the development and sales progress of 1.6T products, ShiJia Optoelectronics stated that its series of products suitable for 800G/1.6T optical modules are being implemented as planned. Among these, the MT-FA product for 800G/1.6T optical modules has already achieved mass shipment; the company’s AWG chips and components for 1.6T optical modules have entered the client-side verification stage.
Regarding new capacity deployment, Well Technology stated that the overseas market is currently undergoing grid upgrades and the promotion of renewable energy applications, such as in smart distribution networks, distributed photovoltaics, charging networks, and other fields. The company is simultaneously conducting product development, pilot projects, and certification processes.
Bai Wenxi, Chairman of Zhonghe Kunlun (Beijing) Asset Management Co., Ltd., told reporters from the STAR Market Daily that against the backdrop of accelerated technological iteration and intensified market competition in the communications industry, companies proactively increasing their R&D investment has become a core strategy to address industry changes and consolidate competitive advantages.
“From a practical value perspective, continuously increasing R&D resources not only provides technological support for enterprises but also helps them break through existing product bottlenecks, upgrade performance metrics, and develop innovative products adapted to emerging fields such as AI computing power and satellite internet. Additionally, it drives market expansion, enabling companies to seize opportunities in incremental sectors like digital-real integration and high-end communication equipment.” Bai Wenxi noted.
