香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 ZTE CORPORATION 中興通訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00763） 須予披露交易 本公司第九屆董事會第四十一次會議及二零二四年度股東大會審議通過《二零二五年度擬使用自有 資金進行委託理財的議案》，同意授權本集團 2025 年度使用自有資金在銀行、證券公司、基金公司 等金融機構購買安全性高、流動性好、中低風險的理財產品，資金總額不超過 300 億元人民幣，在 此額度內可滾動使用，期限內任一時點的交易金額不超過上述投資額度，授權有效期自本公司二零 二四年度股東大會審議通過之日起至二零二五年度股東大會召開之日止。 茲提述本公司於 2024 年 9 月 9 日發佈的《須予披露交易-認購理財產品》，內容有關於 2024 年 5 月 9 日至 2024 年 9 月 9 日期間，本公司及附屬公司中興康訊共認購 6 筆杭州銀行理財產品，認購金額 合計為 70 億元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4]. Core Viewpoints - The company is experiencing steady revenue recovery, with a projected revenue of 124.25 billion yuan in 2023, slightly increasing to 150.12 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.5% from 2025 to 2027 [1]. - The net profit attributable to the parent company is expected to decline from 9.33 billion yuan in 2023 to 8.43 billion yuan in 2024, before gradually increasing to 9.46 billion yuan by 2027, indicating a focus on long-term growth despite short-term challenges [1]. - The company is undergoing a structural transformation, shifting from a primary focus on operator networks to a collaborative development model involving "network + computing power + terminals," with over 35% of revenue coming from the second curve business [2][3]. Financial Summary - Revenue is projected to decrease by 2.4% in 2024, followed by a recovery with a growth rate of 7.0% in 2025 and maintaining similar growth rates through 2027 [1]. - The gross margin is under pressure during the transformation phase, with a reported gross margin of 34.27% in Q1 2025, down 7.75 percentage points year-on-year, primarily due to intense competition in the computing power and terminal markets [2]. - The company anticipates that the computing power business will become a major growth driver, particularly with the launch of DeepSeek, which is expected to shift demand from training to inference, thus expanding the market size [2]. Earnings Forecast - The forecasted net profit for the company is 8.58 billion yuan in 2025, 8.88 billion yuan in 2026, and 9.46 billion yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 17.5, 16.9, and 15.9 respectively [3][4].

Core Insights - The development of large AI models is driving a significant increase in demand for computing power, with a projected annual growth rate of 10 times as AI evolves from version 1.0 to 2.0 [1] - ZTE Corporation has established a dual-driven strategy of "Connectivity + Computing Power" to become a leader in the "network connectivity + intelligent computing power" sector, emphasizing the importance of AI integration in various industries [3][4] - The global AI market is expected to exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32%, indicating substantial investment opportunities in AI technologies [4] Industry Developments - ZTE's revenue for Q1 this year reached 32.97 billion yuan, a year-on-year increase of 7.8%, with over 35% of revenue coming from its second curve business focused on computing power and terminals [5] - The company is focusing on three key areas in AI: enhancing ICT infrastructure solutions, developing AI terminal applications, and promoting AI innovation for broader application [5][6] - ZTE has launched the AiCube DeepSeek intelligent computing integrated machine, which is already being applied in sectors such as education, healthcare, steel, and automotive [5] Challenges and Solutions - Industry clients face challenges such as data pollution, high costs of data collection, and long business cycle times for AI technology updates [9] - ZTE has upgraded its digital cloud platform to address these challenges, facilitating better integration of AI into business operations [9] - The introduction of the "Xingyun Intelligent Agent" marks a new phase in the deployment of enterprise-level intelligent agents, aimed at lowering the technical barriers for AI model commercialization across various industries [10]

Core Viewpoint - The forum focused on how artificial intelligence (AI) can empower the digital transformation of education and explore innovative development paths for "AI + Education" [1] Group 1: AI and Education Transformation - AI is reshaping the educational ecosystem, with digitalization being a key engine for high-quality educational development [3] - The Ministry of Education and nine other departments have issued opinions to accelerate educational digitalization, guiding collaborative innovation between schools and enterprises [3] - ZTE Corporation has planned three main paths: establishing an AI + Education special fund, creating a digital resource pool for education, and deepening industry-education integration [3] Group 2: Innovation and Competitions - The 2025 Second Education Information Technology Application Innovation Competition is set to begin, with ZTE hosting the AI-focused "Target Intelligent Detection Technology Application Practice Competition" [5] - This competition aims to address technical challenges in target detection, combining academic research with practical needs to accelerate technology application [5] Group 3: Industry Collaboration and Solutions - Representatives from leading companies discussed AI education, digitalization, and industry-education integration, launching the "Zhihai AI Education Integrated Machine" for smart teaching solutions [6] - ZTE officially launched the ZTE AI Certification, emphasizing its role as a builder of digital economy and its commitment to educational digitalization [6] - ZTE's "three-in-one" solution focuses on technology foundation, industry-education integration, and ecological co-construction [6] Group 4: Future Directions and Goals - ZTE is actively collaborating with the Ministry of Education on various initiatives, including talent cultivation and international professional standards [7] - The successful forum marks a significant step in promoting the integration of education and technology, contributing to the "Digital China Strategy" [7] - ZTE aims to accelerate the implementation of industry-specific large models and enhance AI talent development to achieve educational reform goals [7]

Core Viewpoint - The 2025 ZTE China Ecosystem Partner Conference focuses on the integration of digitalization and intelligence, aiming to accelerate customers' digital transformation through an open ecosystem [1] Group 1: AI Technology and Applications - The rise of open-source models like DeepSeek accelerates AI deployment across various industries, creating significant opportunities for the ICT sector in the next 3-5 years [3] - ZTE's AiCube DeepSeek integrated computing machine features four key advantages: full-stack openness, ultra-high performance, ecological openness, and reliable delivery [3] - The integrated computing machine has been applied in 21 scenarios across 8 industries, significantly enhancing efficiency in automotive design and education [4] Group 2: Industry Impact and Efficiency Gains - In the automotive sector, collaboration with Dongfeng Motor has reduced car design time from 1.5 months to 10 seconds for rendering images, doubling the design output [4] - In manufacturing, ZTE's smart production scheduling has reduced cycle time from 12 hours to 1.5 hours, with a 36.5% decrease in order delivery deviations [5] - ZTE's AI technology has improved operational efficiency in various sectors, including government, water conservancy, and transportation, with notable reductions in processing times and enhancements in service quality [5] Group 3: Future Directions - ZTE plans to continue its commitment to open cooperation, empowering customers and partners while pursuing a mutually beneficial path [6]

Core Insights - The 2025 ZTE China Ecosystem Partner Conference focuses on the integration of digitalization and intelligence, aiming to accelerate customers' digital transformation [1] - ZTE's Executive Vice President and COO, Xie Junshi, discussed the company's strategies in AI and computing power during an interview, highlighting the importance of AI in driving technological and industrial revolutions [3] Group 1: AI Market and Investment Trends - The global AI market is projected to exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32% [3] - Domestic operators are expected to maintain over 20% growth in computing power investments by 2025, while leading internet companies will invest over 500 billion in AI over the next three years [3] Group 2: ZTE's Strategic Focus Areas - ZTE is focusing on three main areas in AI: enhancing connectivity through innovations in 5G-A, 6G, and optical networks; developing computing power solutions such as unified cloud management platforms; and deepening AI-native ICT infrastructure [3][4] - The company aims to strengthen AI applications on the consumer side with its "AI for All" strategy, which includes a full range of AI terminals and home upgrades [4] Group 3: Financial Performance and Future Plans - In Q1, ZTE reported revenue of 32.97 billion, a year-on-year increase of 7.8%, with over 35% of revenue coming from computing power and terminal businesses [4] - ZTE plans to expand its cooperation in the internet market and is well-prepared to meet the 2025 market demand with comprehensive computing power solutions [5] - The company will continue to invest in AI, aiming to integrate AI technology into industry applications and everyday life, fostering an open and collaborative AI ecosystem [5]

Group 1 - The company has positioned the internet market as a strategic focus, aiming to expand cooperation with major firms like ByteDance, Alibaba, and Tencent [1] - In Q1, the company's orders for intelligent computing servers accounted for over 60%, with significant growth in the scale of cooperation [1] - As 5G investments mature, operators are shifting their capital expenditures towards computing power, with a projected increase in computing investments by major telecom operators [1] Group 2 - The company anticipates a 2.38% year-on-year decline in revenue for 2024, with a net profit of 8.425 billion yuan, down 9.66% [2] - The company is confident in returning to revenue growth, driven by changes in AI market focus from training to inference [2] - Organizational adjustments are being made to enhance responsiveness and efficiency in dealing with internet companies [2][3] Group 3 - The company is implementing a "big company, small team" approach, establishing dedicated teams for each client to improve decision-making speed and project efficiency [3] - In Q1, the company's revenue grew by 7.8%, with enterprise revenue doubling and surpassing 20% of total revenue for the first time [3] - The company aims to focus on breakthroughs in telecommunications, internet, finance, and power industries this year [3]

Core Insights - The Go Global service center in Nanshan, Shenzhen, aims to serve as an international headquarters for companies going global and a service window for foreign enterprises entering China [2][3] - The center is positioned as a platform for global cooperation, linking local enterprises with international markets and resources [3][4] Group 1: Strategic Importance - The Go Global center is described as a "business card" for Nanshan, emphasizing its role in facilitating international business [3] - Nanshan is recognized as a cradle for high-tech enterprises, with notable companies like ZTE and DJI having extensive global operations [3][4] - The center aims to support companies in transitioning from short-term decision-making to a long-term, technology and brand-driven approach for international expansion [5] Group 2: International Collaboration - The center has established partnerships with various institutions, including the Brazilian Innovation Center and the China International Trade Promotion Committee, to enhance international cooperation [6] - A national first overseas intellectual property insurance consortium was signed, indicating a focus on protecting intellectual property for companies venturing abroad [6] Group 3: Market Insights - A report by Dun & Bradstreet highlights the growth trends and market conditions for Chinese companies expanding overseas, providing valuable data for strategic planning [7] - The report emphasizes the importance of understanding regional market dynamics and competitive advantages for successful internationalization [7] Group 4: Support Services - The Go Global center will offer comprehensive services, including legal, financial, and talent support, to assist companies in their international endeavors [8] - Leading companies like Huawei and ZTE will leverage their international experience to guide other enterprises in exploring global markets [8] Group 5: Voices from Industry Leaders - Executives from established companies like ZTE and SF Express emphasize the need for sharing successful business models and adapting them to local markets when expanding internationally [9][10] - The center aims to address challenges faced by companies, such as fragmented resources and compliance issues, by providing tailored solutions [9]

Core Insights - The "2025 Second High-Performance Chip Developers Forum and Chip Thermal Management Technology Exchange Conference" will be held on May 22-23 in Beijing, focusing on domestic AI chip progress, safety, packaging technology, thermal design, and cooling techniques [1][4]. Event Overview - The forum will feature over 20 presentations and is expected to attract more than 300 industry experts [1]. - Key topics include AI chip critical technologies, packaging techniques, and efficient cooling technologies [5]. Confirmed Speakers and Topics - Tsinghua University: Cross-Scale Thermal Management of Electronic Systems [7] - ZTE Corporation: Discussion on High-Power Chip Cooling [7] - Chipmore Technology: Challenges in 3DIC Cooling and Micro-Nano Scale Heat Transfer Assessment [7] - Shanghai Birun Technology: Instant Overcurrent Protection and Dynamic Power Control for GPU Chip Stability [7] - Ansys: Topic to be confirmed [7] - Beijing Horizon Information Technology: Thermal Design and Challenges of Intelligent Driving Domain Controllers [7] - China Academy of Microelectronics: High Heat Flux Cooling Technology for High-Performance Chips [7] - Other notable companies include NVIDIA, Huada Semiconductor, and Unisoc, with topics pending confirmation [7]. Participation Details - Registration fee for attendees is 2500 RMB per person, which includes learning materials and access to a dedicated community [9]. - Options for exhibition and speaking opportunities are available, including a 30-minute presentation slot [9].

Core Insights - The "Go Global" international service platform has been officially launched in Nanshan District, Shenzhen, aimed at supporting Chinese enterprises in expanding overseas and providing services for foreign companies entering China [1][2] Group 1: Services for Chinese Enterprises - The global service center offers specialized services for Chinese companies venturing abroad, including market expansion, legal, financial, and talent services [1] - Notable companies in the region, such as ZTE and DJI, have already established a significant international presence, with DJI holding over 70% of the global market share in consumer drones [1] - Various service providers, including Dun & Bradstreet and KPMG, are involved in offering consulting, financial, and talent services to assist Chinese enterprises in their international endeavors [1] Group 2: Support for Foreign Enterprises - The center aims to serve as the first point of contact for foreign companies looking to enter China, providing investment environment introductions, registration processes, and policy support [2] - The center will collaborate with customs and other entities to offer comprehensive policy support, including tax policies and intellectual property protection, to enhance the efficiency of foreign trade enterprises [2] Group 3: International Collaboration - The global service center is seen as a channel for fostering cooperation between Chinese and Brazilian enterprises, with interest from the Brazilian Export and Investment Promotion Agency to establish a liaison point at the center [3] - In 2022, Nanshan District successfully attracted 33 key foreign investment projects, with actual foreign capital utilization exceeding 19 billion yuan, indicating a strong commitment to enhancing foreign investment mechanisms [3]