Suzhou Delphi Laser Co. Ltd. A

The A-share optical chip concept sector weakened today, with many stocks falling sharply. As of press time, Yuanjie Technology and Changguang Huaxin were down 20% at the daily limit, Dongshan Precision hit the limit down, Shijia Photonics fell more than 16%, and Yongding Co. dropped over 7%. The glass substrate concept also weakened in the afternoon, with Woge Optoelectronics hitting the limit down intraday, and Dier Laser, Meidikai, and Delong Laser among the biggest decliners. Comprehensive market analysis suggests today's sector plunge resulted from multiple overlapping factors. First, Morgan Stanley recently published a research note saying that after discussions with Washington telecom experts, the Federal Communications Commission, and export-control veterans, its team judged that potential FCC restrictions on Chinese-made optical modules would most likely be implemented in phases starting from the 3.2T generation, with a possible 'US-content exemption' path: if the value share of US companies in the bill of materials reaches 65%, imports could still be allowed. Since the combined value of US-made DSPs and lasers is already close to that threshold, some analysts believe that if this framework is implemented, the substitution space and overseas channels for domestic optical chips could come under pressure. In addition, market sources indicated that 1.6T optical chip prices have already declined, because the market overestimated short-term chip premiums, the smooth ramp-up of silicon photonics solutions has exposed the cost floor, and customer purchasing attitudes have shifted. Regarding the price-cut rumors, according to China Securities Taurus, Changguang Huaxin said the company has not received any news about optical chip price cuts and did not speculate on the reason for the sharp share-price decline. Yongding Co. said it was unaware of the situation and would not speculate on the cause of the abnormal share-price movement. Shijia Photonics said it had not received any news about optical chip price cuts, but believed this round of sector adjustment may have stemmed from the Morgan Stanley research report on FCC policy published on October 1.

Delong Laser released its 2026 interim report. Total operating revenue was 266 million yuan, down 6.60% year-on-year. Net profit attributable to the parent company was a loss of 38.176 million yuan, with the loss widening by 22.6916 million yuan compared with the same period last year. Net cash flow from operating activities was negative 73.792 million yuan, down 475.48% year-on-year. The company's asset-liability ratio was 36.99%, gross margin was 42.24%, return on equity was negative 3.13%, and diluted earnings per share was negative 0.37 yuan. The number of shareholders was 17,600, and the top ten shareholders held 42.42% of the total share capital.