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China's leading maker of optical fiber, fiber-optic cable and related components for telecom and data-center networks.
China's leading maker of optical fiber, fiber-optic cable and related components for telecom and data-center networks.
Makes the glass preform, the rod from which optical fibre is drawn, and then the fibre and cable itself, so it captures margin at several steps; Chinese state carriers are the largest buyers. Prysmian, the Italian cable maker, is a major shareholder, and the company is based in Wuhan.
In one line: China's Corning (fiber-optic side).
Moat: narrow (scale, IP / patents, process know-how). Long-standing technology tie (former Corning JV) and scale as one of the world's largest fiber makers.
Headquarters: Wuhan, China · Founded: 1988 · Employees: 10,596
Size Yangtze Optical Fibre and Cable Joint Stock (6869.HK) is a Hong Kong Information Technology company (Electrical Products) with a market value of $17.6B, the 103rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$86.05 on 6 Nov 2026.
Performance Over six months the shares fell 63.0%, against -32.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 9 in its peer set.
Growth Revenue grew 77.2% over the last twelve months (peer median +57.6%); the operating margin is 34.4% (peer median 12.2%).
Valuation It trades at 7.4× forward earnings against a peer median of 18.8× (cheapest of 6).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.5 points above its cost of capital (5.3% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$26.4B | HK$15.5B | HK$13.2B | HK$14.8B | HK$16.0B |
| Revenue growth | — | +17% | -10% | -8% | — |
| Gross profit | HK$14.4B | HK$4.32B | HK$3.24B | HK$3.31B | HK$3.44B |
| EBITDA | n/a | HK$2.72B | HK$1.64B | HK$1.63B | HK$1.87B |
| Net income | HK$7.46B | HK$883M | HK$733M | HK$1.43B | HK$1.36B |
| Free cash flow | HK$5.35B | HK$2.58B | HK$622M | -HK$186M | -HK$632M |
| Capital expenditure | HK$2.24B | HK$1.54B | HK$1.50B | HK$2.50B | HK$2.59B |
| Total debt | HK$12.0B | HK$12.0B | HK$11.3B | HK$10.2B | HK$8.88B |
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 and Cable Joint Stock 6869.HK | $17.6B | -63% | +77% | 34% | 7.4× | -8.4% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Jiang Su Etern 600105.SS | $4.82B | -48% | +49% | 12% | 24.4× | n/a |
| Hengtong Optic-Electric 600487.SS | $14.9B | -38% | +21% | 9% | 11.8× | n/a |
| Prysmian PRY.MI | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% |
| Furukawa Electric 5801.T | $8.75B | -54% | +13% | 6% | 11.9× | 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 | 6869.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -52.1% | -28.0% | lowest of 10 |
| 6-month return | -63.0% | -32.9% | lowest of 9 |
| Distance from 52-week high | -71.8% | -61.4% | 3rd lowest of 10 |
| Revenue growth (TTM) | +77.2% | +57.6% | 5th highest of 9 |
| Operating margin | 34.4% | 12.2% | highest of 9 |
| Forward P/E | 7.4× | 18.8× | cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | -8.4% | 11.4% | least demanding of 6 |
| Growth delivered (Del g) | +10.8% | +11.6% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | -19.3 pp | +5.0 pp | least demanding of 6 |
| ROIC minus cost of capital | +20.5 pp | -3.6 pp | 2nd highest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yangtze Optical Fibre and Cable Joint Stock 6869.HK | Hong Kong | $17.6B | -63% | +77% | 34% | 7.4× | -8.4% | +10.8% |
| Elite Material 2383.TW | Taiwan | $41.4B | -19% | +89% | 26% | 15.8× | n/a | n/a |
| Lumentum LITE | United States | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% | +11.6% |
| Belden BDC | United States | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% | +7.8% |
| Enphase Energy ENPH | United States | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% | +13.7% |
| Xinyi Solar 0968.HK | Hong Kong | $2.48B | -32% | -25% | 13% | 62.7× | 0.7% | +12.9% |
| SolarEdge Technologies SEDG | United States | $1.69B | -33% | +26% | -6% | n/a | 11.4% | -4.1% |
| POET Technologies POET | United States | $877M | -54% | +266% | -3,625% | n/a | n/a | n/a |
| TE TE | United States | $707M | -62% | +427% | -17% | n/a | n/a | n/a |
| General Fusion GFUZ | United States | $332M | n/a | n/a | n/a | n/a | n/a | n/a |