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LSF0102: no output

Part Number: LSF0102

HiI

    I have a project that use LSF0102. Specific application is as follows: the 1.2V MDIO bus is converted to 3.3V MDIO through a LSF0102, and then converted to 1.2V  MDIO bus through another LSF0102.

But when the actual measurement I found: When the MDC signal from the low level to the high level is Ok, there is a 3.3V output; but then 3.3V MDC by the second pieces of LSF0102 to 1.2V, there is no output.

 Can you please  help me to analyze the reason?  Thank you!

the below is the circuit:

And:

       the circuit of 1.2V to 3.3 and 3.3V to 1.2 is same, the difference is  the circuit of 1.2V to 3.3 : A is input, B is output;  the circuit of 3.3V to 1.2 : B is input, A is the output.

      the MDC rate is 2.5MHz.