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One of the world's largest makers of optical fiber, fiber preform and cables for telecom networks.
One of the world's largest makers of optical fiber, fiber preform and cables for telecom networks.
Sells largely through big tender rounds run by the Chinese carriers, so demand and price follow carrier buying cycles. It makes the preform, the glass rod from which fibre is drawn, in-house, which controls cost and quality. It began as a joint venture with Dutch cable maker Draka, now part of Prysmian, which remains a shareholder.
In one line: China's Corning (optical fiber).
Moat: narrow (scale, process know-how, IP / patents). Large-scale fiber-preform manufacturing know-how, developed with foreign JV technology transfer.
Headquarters: Wuhan, China · Founded: 1988 · Employees: 10,596
Size Yangtze Optical Fibre & Cable Joint Stock (601869.SS) is a China Industrials company (Electrical Products) with a market value of $19.8B, the 113th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥240.00 on 6 Nov 2026.
Performance Over six months the shares fell 32.2%, against -25.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 67.7% over the last twelve months (peer median +21.1%); the operating margin is 34.2% (peer median 11.6%).
Valuation It trades at 23.8× forward earnings against a peer median of 20.8× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.8 points above its cost of capital (11.8% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥23.1B | CN¥14.3B | CN¥12.2B | CN¥13.4B | CN¥13.7B |
| Revenue growth | — | +17% | -9% | -3% | — |
| Gross profit | CN¥12.6B | CN¥3.98B | CN¥2.98B | CN¥3.00B | CN¥2.96B |
| EBITDA | n/a | CN¥2.50B | CN¥1.52B | CN¥1.48B | CN¥1.60B |
| Net income | CN¥6.47B | CN¥814M | CN¥676M | CN¥1.30B | CN¥1.17B |
| Free cash flow | CN¥4.67B | CN¥2.38B | CN¥574M | -CN¥168M | -CN¥544M |
| Capital expenditure | CN¥1.96B | CN¥1.42B | CN¥1.39B | CN¥2.26B | CN¥2.23B |
| Total debt | CN¥10.3B | CN¥10.7B | CN¥10.6B | CN¥9.30B | CN¥7.91B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Prysmian PRY.MI | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% |
| Hengtong Optic-Electric 600487.SS | $14.9B | -38% | +21% | 9% | 11.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601869.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.1% | -5.7% | 4th lowest of 21 |
| 6-month return | -32.2% | -25.1% | 6th lowest of 21 |
| Distance from 52-week high | -60.0% | -36.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +67.7% | +21.1% | 2nd highest of 21 |
| Operating margin | 34.2% | 11.6% | 2nd highest of 20 |
| Forward P/E | 23.8× | 20.8× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 12.1% | 6th most demanding of 12 |
| Growth delivered (Del g) | +11.6% | +14.1% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +4.0 pp | +0.8 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +11.8 pp | +4.0 pp | 6th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Hubbell HUBB | United States | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% | +9.7% |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Shanghai Electric 601727.SS | China | $12.3B | -24% | +16% | n/a | 64.2× | -5.7% | -1.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |