On February 25, the optical industry was abuzz with the announcement of a much-anticipated capital operation.

Changxin Bochuang revealed that on February 24, 2026, it inked an 'Equity Acquisition Letter of Intent concerning Shanghai Honghui Optical Link Communication Technology Co., Ltd.' with Shanghai Honghui Optical Communication Technology Co., Ltd. (hereinafter referred to as 'Honghui Optical Communication'). This agreement pertains to the 93.8108% stake held by Honghui Optical Communication in Shanghai Honghui Optical Link Communication Technology Co., Ltd. (hereinafter referred to as 'Honghui Optical Link'), marking a preliminary agreement for acquisition. The tentative transaction value stands at approximately RMB 375 million, with subsequent plans to coordinate the acquisition of the remaining shares to attain 100% ownership of Honghui Optical Link.

This strategic move not only signifies corporate-level expansion but also mirrors the profound transformation within the current optical communication industry, propelled by technological advancements and market demands.

Established on September 21, 2000, with a registered capital of RMB 112.3 million, Honghui Optical Link boasts a 25-year legacy in the optical device sector. Its primary operations encompass the research and development, production, and sales of core optical devices such as optical filters, beam splitters, high-reflectivity films, and Z-BLOCK. Additionally, its business scope extends to the sales of optical communication equipment, a trending concept in the current A-share market.

Changxin Bochuang, a frontrunner in the integrated optoelectronic devices field for optical communication, has showcased remarkable performance in recent years. In the first three quarters of 2025, Changxin Bochuang reported revenue of RMB 1.794 billion, marking a year-on-year surge of 45.41%; net profit attributable to shareholders reached RMB 250 million, a substantial year-on-year increase of 566.59%; and its non-recurring profit and loss net profit growth approached ninefold.

Projections for the subsequent full-year performance indicate that the company's net profit is anticipated to soar by 344.01%–413.39% year-on-year in 2025. This explosive growth is primarily attributed to the burgeoning data communication market, fueled by the surge in AI computing power demand. Against this backdrop, Changxin Bochuang has opted to look upstream in the industry chain, aiming to vertically extend its product line through acquisition.

From a macro perspective on industry evolution, this acquisition embodies the distinct characteristics of the current era. The explosion in AI computing power demand is reshaping the competitive landscape of the entire optical communication industry. Data centers are increasingly demanding high-speed, high-reliability optical modules, making the mastery of upstream core optical device technology pivotal for midstream device manufacturers to forge competitive advantages.

Changxin Bochuang's decision to acquire Honghui Optical Link is precisely rooted in the latter's technological prowess in precision optical fields such as optical filters and high-reflectivity films. This technological synergy transcends mere capacity expansion. By integrating upstream optical device research and development and production capabilities into its own framework, Changxin Bochuang aims to bolster product integration while enhancing supply chain stability and cost control, thereby securing a more favorable stance in the fiercely competitive market.

It is noteworthy that this acquisition case also underscores that the core driving force for technological innovation in the current optical industry is highly concentrated in the AI data center scenario. Whether it is the speed enhancement of optical modules or the precision evolution of optical devices, the demand push behind them largely originates from the rapid expansion of AI computing power infrastructure.

The explosive growth in Changxin Bochuang's performance and the initiation of this acquisition essentially represent positive responses to this industry trend. For the entire optical industry, this implies that future technological research and development and capital deployment will need to be more closely aligned with AI application scenarios. The strategic value and market position of enterprises capable of providing critical upstream device support in the high-speed optical communication field will undergo reevaluation.

Currently, this acquisition is still in the intent phase, and its finalization is contingent upon a series of procedures such as due diligence, auditing, and evaluation. There is also the possibility of adjustments to the transaction details.

It should be noted that within the three months preceding the signing of the letter of intent, several senior executives and shareholders holding more than 5% of Changxin Bochuang's shares engaged in intensive share reductions, with disclosed reduction plans still ongoing for the next three months. This information suggests that while examining the positive implications of industrial mergers and acquisitions, corporate governance and the interest movements of insiders should also be comprehensively considered.

Overall, Changxin Bochuang's planned acquisition of Honghui Optical Link serves as a quintessential example of vertical integration in the optical communication industry chain, driven by AI computing power demand. It clearly reveals an industry trend: in the wave of technological iteration, the ability to control upstream core optical device technology is increasingly becoming the key determinant of downstream competitive success. This logic is poised to reshape the competitive landscape of the entire optical industry.