YOFC Reports 9M Net Profit of 6.1 Billion Yuan, Surging Over 12-Fold Year-on-Year
nashnova research
Yangtze Optical Fibre and Cable (长飞光纤) reported ¥61.28 billion in net profit for the first three quarters, up 1,204.63% year-on-year; an AI-driven data-center buildout has tipped the fibre industry into an upcycle, with volume and pricing gains producing extraordinary profit leverage.
What do the first three quarters look like?
Revenue hit ¥191.24 billion, up 86.12% YoY; net profit attributable to shareholders reached ¥61.28 billion, up 1,204.63%.
Non-GAAP net profit came in at ¥55.05 billion, up 1,846.32%. This means → profit growth ran roughly 14× faster than revenue growth — earnings leverage far exceeded the top-line expansion itself.
In plain terms = selling more fibre is only half the story; higher prices per unit are the real engine behind the profit explosion.
Why did profit growth so dramatically outpace revenue?
The company's filing pointed to simultaneous jumps in both sales volume and average selling price, alongside an improved revenue mix.
This means → higher-margin products — fibre and cable destined for AI compute centres — now make up a larger share of revenue, lifting the overall margin.
In plain terms = the product mix has shifted from commodity fibre toward pricier, higher-margin lines. For every ¥100 in sales, the company keeps far more than before.
Is the trend accelerating or fading?
Q3 standalone revenue was ¥93.16 billion, up 139.42% YoY; net profit was ¥32.03 billion, up 1,741.52%.
Q3 non-GAAP net profit reached ¥30.56 billion, up 2,003.37% — growth rates above the nine-month aggregate.
This reflects sustained — and still strengthening — momentum in both volume and pricing through the third quarter.
What is driving this?
The company's filing explicitly credits the accelerating buildout of AI compute centres — large-scale data centres purpose-built for AI training and inference.
AI compute centres consume far more high-speed fibre than traditional data centres. This means → demand has not simply recovered — it has been structurally lifted by the AI computing wave.
Management's own assessment: the industry has entered an upcycle, with the supply-demand balance flipping from oversupply to undersupply.
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