Financial Performance - In 2024, the company reported operating revenue of 121,298.8 million, a decrease of 2.38% compared to 2023[29]. - Net profit attributable to ordinary shareholders decreased by 9.66% to 8,424.8 million in 2024[29]. - The net profit after deducting non-recurring gains and losses was 6,179.1 million, down 16.49% from the previous year[29]. - The net cash flow from operating activities was 11,479.8 million, reflecting a significant decline of 34.05% year-on-year[29]. - Total assets increased by 3.17% to 207,323.2 million in 2024[29]. - Total liabilities rose by 1.20% to 134,212.9 million[29]. - Equity attributable to ordinary shareholders increased by 7.06% to 72,808.5 million[29]. - Basic earnings per share decreased by 10.20% to 1.76[29]. - The weighted average return on equity fell to 11.97%, down from 15.19% in 2023[29]. - The asset-liability ratio improved to 64.74%, down from 66.00% in the previous year[29]. - The gross profit margin for the company was 37.91%, with a year-on-year increase of 3.59 percentage points[85]. - The revenue from the operator network segment was 70,326.7 million yuan, down 15.02% year-on-year, while the gross profit margin increased by 1.79 percentage points to 50.90%[91]. Market Expansion and Strategy - The company aims to enhance its market share in existing markets while successfully expanding into new markets, focusing on profitable revenue and cash flow[5]. - Market expansion efforts are underway in Southeast Asia, targeting a 30% market share by 2025[18]. - The company is adapting its business structure to focus more on the enterprise and consumer markets, promoting a new innovation model[8]. - The company plans to expand its market presence in government, transportation, and energy sectors while maintaining its leadership in finance and telecommunications[41]. - The company is focusing on expanding its data center capabilities to meet the exponential growth in computing power demand driven by generative AI technology[82]. - The company has made significant progress in expanding its market share in both domestic and international markets, particularly in the 5G and optical network sectors[92]. Research and Development - The company is investing $200 million in R&D for new technologies, focusing on AI and machine learning[18]. - Research and development expenses in 2024 amounted to CNY 24,031.5 million, a decrease of 4.97% year-on-year, representing 19.81% of operating revenue[106]. - The number of R&D personnel decreased by 6.24% year-on-year to 33,184, representing 48.53% of the total workforce, a decline of 0.56 percentage points[110]. - The self-developed ZTE Nebula large model includes various models, achieving over 30% energy savings through dual-layer AI collaboration and improving R&D efficiency across more than 30 scenarios[68]. - The company is committed to independent innovation in core technologies and aims to solidify its first curve while developing its second curve for sustainable and high-quality growth[193]. Product Development and Innovation - The company is focusing on the development of its core technologies, including chips and integrated solutions, to strengthen its competitive position in network products[7]. - New product launches included a 5G-enabled device, expected to contribute an additional $500 million in revenue[18]. - The company has launched several industry-first products, including a dual-band 64TR AAU with a throughput of 20Gbps and a millimeter-wave AAU with a throughput exceeding 25Gbps, significantly enhancing network capabilities[43]. - The AI Core product has been rated as a leader by major consulting firms such as Gartner and Omdia, integrating AI capabilities across network, business, and operations layers to improve efficiency and user experience[45]. - The company has introduced a comprehensive AI energy-saving technology in its SPN, successfully deployed in 29 provinces in China, leading in commercial scale and energy-saving effects[49]. Financial Management and Investments - The company plans to distribute a cash dividend of RMB 6.17 per 10 shares to all shareholders, subject to approval at the shareholders' meeting[1]. - The group's management expenses for 2024 amounted to 4,477.0 million, a decrease of 20.50% year-on-year, accounting for 3.69% of operating revenue, down 0.84 percentage points[107]. - The group's financial expenses for 2024 were -264.6 million, an increase of 75.97% year-on-year, primarily due to exchange rate fluctuations resulting in foreign exchange losses[107]. - The group's investment income for 2024 was 112.4 million, an increase of 154.83% year-on-year, primarily due to reduced losses from derivative contracts[113]. - The total amount of foreign exchange derivatives at the end of the year is 3,218,958.9 million RMB, accounting for 44.21% of net assets[168]. Operational Challenges and Risks - The company faces various operational risks, including country risk, intellectual property risk, exchange rate risk, interest rate risk, and customer credit risk, which could impact its operations[194][195][196][197][198]. - The company is enhancing its compliance management system to mitigate country risks and is collaborating with external professionals to analyze and respond to these risks[194]. - The company is implementing structured management of interest-bearing liabilities to control interest rate risk and improve cash turnover efficiency[197]. - The company is actively managing customer credit risk through credit assessments and insurance to minimize potential impacts on its business[198]. Sustainability and Corporate Responsibility - The company emphasizes sustainable development and green technology as part of its strategic direction for future growth[36]. - The company integrates sustainable development into its strategy, focusing on environmental, social, and governance (ESG) practices[200]. - The company made charitable donations of approximately 34.04 million in 2024[189].

Core Viewpoint - The emergence of DeepSeek has ignited the application of AI large models, intensifying the global AI competition and leading to a surge in computing power demand [1] Group 1: Financial Performance - In 2023, the company reported a total revenue of 121.3 billion yuan, a year-on-year decrease of 2.38%, with revenues from operator networks, government and enterprise, and consumer businesses at 70.33 billion yuan, 18.56 billion yuan, and 32.41 billion yuan respectively, accounting for 58%, 15.3%, and 26.7% of total revenue [1] - The revenue from operator networks decreased by 15.02% year-on-year, primarily due to the overall decline in domestic investment [3] Group 2: Industry Trends and Opportunities - The peak of 5G investment has passed, and operator investments are shifting towards emerging fields such as AI and computing networks, with predictions indicating that the three major operators' AI investments will reach 100 billion yuan over the next three years, while leading Chinese internet companies will invest over 500 billion yuan in AI [5] - The evolution of AI technology and its applications will promote the construction of intelligent computing centers and increase business volume on the consumer side, becoming the main engine driving growth in the ICT industry over the next 3-5 years [5] Group 3: AI and Computing Initiatives - The company has made significant progress in AI and computing, promoting the development of a diverse domestic intelligent computing ecosystem and actively participating in the construction of distributed high-performance domestic computing resource pools [6] - The company has launched the AiCube training and deployment machine, which facilitates faster and more secure deployment of DeepSeek models [6] Group 4: Consumer Market and Product Development - The company is focusing on AI smartphones as a key area for rapid market catch-up, with its Nubia brand entering over 30 countries and developing AI smartphones based on major telecom operators' large models [10] - The consumer business revenue grew by 16.1% year-on-year, with smartphone product revenue increasing by over 40% [11] Group 5: Future Strategy - The company aims to embrace AI and build a new experience centered on multi-terminal intelligent interconnection and ecosystem expansion, leveraging its self-developed chips and comprehensive solutions [12] - The company plans to maintain a growth trajectory in mobile and interconnected products by adhering to differentiated innovation and cost leadership strategies [12] - The company is positioned to reshape the ICT industry landscape with its "connection + computing + terminal" full-stack capability system, aiming to strengthen its resilience and explore new opportunities in the AI wave [13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - In 2024, the company reported a revenue of 121.299 billion RMB, a decrease of 2.38% year-on-year, and a net profit attributable to shareholders of 8.425 billion RMB, down 9.66% year-on-year [1]. - The operator business is under short-term pressure, while the government-enterprise and consumer sectors are experiencing rapid growth, with government-enterprise revenue increasing by 36.68% and consumer revenue by 16.12% [1]. - The company is capitalizing on AI opportunities, with overseas data center orders growing by over 100% year-on-year, driven by high-performance training servers and cost-effective inference servers [2]. - The self-developed chip business is opening up growth space for the company, with significant advancements in chip design capabilities and high-performance hardware [3]. Summary by Sections Financial Performance - In Q4, the company achieved a revenue of 31.254 billion RMB, a decline of 10.34% year-on-year, and a net profit of 518 million RMB, down 65.08% year-on-year [1]. - The company expects revenues of 130.537 billion RMB, 140.723 billion RMB, and 153.672 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 9.533 billion RMB, 11.081 billion RMB, and 12.528 billion RMB [3][6]. Business Segments - The operator network business generated 70.327 billion RMB, a decrease of 15.02% year-on-year, primarily due to the overall investment environment in the country [1]. - The government-enterprise business's gross margin was 15.33%, down 19.58 percentage points, affected by declining margins in servers and storage [1]. Market Opportunities - The company is leveraging AI developments to mitigate cyclical fluctuations caused by declining capital expenditures in the operator sector, which is expected to stabilize performance [2]. - The introduction of self-developed high-density switches and chips is anticipated to enhance the company's competitive edge and valuation [3].

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index down by 0.12%, while the Shenzhen Component and ChiNext Index rose by 0.36% and 1.20% respectively. The total market turnover was 16,645 billion, a decrease of 2,413 billion from the previous day [2][12]. Industry Highlights - Solid-state batteries continued to surge, with expectations for small-scale production by 2027 and large-scale production by 2030. Leading battery manufacturers and vehicle manufacturers are aligning their production schedules accordingly [2][10]. - The photovoltaic industry saw price adjustments from leading component manufacturers, with price increases ranging from 0.01 to 0.03 yuan/W, and auxiliary materials like glass and films experiencing price hikes of 5% to 15% [2][10]. - The nuclear fusion sector gained attention, with companies like China Nuclear Engineering announcing significant investments in fusion energy projects, aiming for commercial operation around 2045 [3][10]. Financial Insights - Major financial institutions like Goldman Sachs and Bank of America have adjusted their forecasts for the Chinese yuan, reflecting a more stable outlook despite ongoing tariff risks. Goldman Sachs revised its three-month forecast for the yuan to 7.3 from 7.4 [6][10]. - The net outflow of funds from the electronic sector was significant, with major stocks like ZTE Corporation leading the outflow. Conversely, sectors such as electric equipment and non-ferrous metals saw net inflows [12][21]. Real Estate Trends - In February, the second-hand housing market in major cities like Beijing, Guangzhou, and Shanghai experienced significant year-on-year increases in transaction volumes, with Beijing's net signing volume up by 87.6% [8][10]. Investment Opportunities - The low-altitude economy is gaining traction, with a recent event in Guizhou signing 20 projects worth 10.55 billion, indicating potential growth in this sector [9][10]. - The robotics industry is set for growth, with a government action plan aiming for breakthroughs in key components and technologies by 2027, targeting the establishment of over 100 billion yuan enterprises [7][10].

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的《關於 召開二零二四年度股東大會的通知》，僅供參閱。 承董事會命 李自學 董事長 深圳，中國 二零二五年二月二十八日 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） 海外監管公告 於本公告日期，本公司董事會包括三位執行董事：李自學、徐子陽、顧軍營；三位非執行董 事：方榕、諸為民、張洪；以及三位獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202516 中兴通讯股份有限公司 关于召开二〇二四年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 中兴通讯 ...

（股份代號：00763） 海外監管公告 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） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的《二零 二四年年度審計報告》、《二零二四年度內部控制審計報告》、《二零二四年度非 經營性資金佔用及其他關聯資金往來情況的專項說明》，僅供參閱。 承董 事會 命 李自學 董事長 深圳，中國 二零二五年二月二十八日 於本公告日期，本公司董事會包括三位執行董事：李自學、徐子陽、顧軍營；三位非執行董 事：方榕、諸為民、張洪；以及三位獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 中兴通讯股份有限公司 已审财务报表 2024年12月31日 中兴通讯股份有限公司 中兴通讯股份有限公司全体股东： 一、审计意见 我们审计了中兴通讯股份有限公司的财务报表， ...

中兴通讯 2024 年度可持续发展报告 中兴通讯 2024 年度可持续发展报告 2025 年 2 月 1 / 126 本报告是中兴通讯股份有限公司发布的年度可持续发展报告，秉承重要性、可量化、平衡性及一致性的原则， 重点披露中兴通讯股份有限公司及其附属公司在环境、社会及管治方面的理念、重要进展、成果及未来计划等， 时间跨度为 2024 年 1 月 1 日至 2024 年 12 月 31 日。如有不一致，将在具体内容处进行说明。 自 2009 年起，本公司已连续 17 年每年主动向社会发布可持续发展报告/企业社会责任报告。 ——编制依据 | 关于本报告 4 | | --- | | CEO 致辞 5 | | COO 致辞 6 | | 关于中兴通讯 7 | | 公司概况 7 | | 奖项与认可 8 | | 可持续发展战略与管理 9 | | 治理 9 | | 战略 11 | | 风险管理 12 | | 指标与目标 12 | | 分析方法与议题清单 16 | | 双重重要性评估流程 16 | | 实质性议题矩阵 16 | | 重要性议题影响、风险与机遇分析 18 | | 利益相关方沟通 24 | | 公司治理 27 | ...

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的《二零 二四年度獨立非執行董事述職報告》、《董事會關於獨立非執行董事獨立性情況的 專項意見》，僅供參閱。 承董事會命 李自學 董事長 深圳，中國 二零二五年二月二十八日 作为中兴通讯股份有限公司（简称"中兴通讯"或"公司"）的独立非执行 董事（简称"独立董事"），本人庄坚胜遵照《中华人民共和国公司法》、《上市 公司独立董事管理办法》等法律、法规以及《中兴通讯股份有限公司章程》（简 称"《公司章程》"）的规定，诚信勤勉，忠实履行职责，在董事会中充分发挥 "参与决策、监督制衡、专业咨询"的作用，注重维护公司利益、维护全体股东 特别是中小 ...

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的《二零 二四年度利潤分配預案》、《關於會計政策變更的公告》、《關於擬續聘審計機構 的公告》、《二零二四年度內部控制評價報告》，僅供參閱。 承董 事會 命 李自學 董事長 深圳，中國 二零二五年二月二十八日 於本公告日期，本公司董事會包括三位執行董事：李自學、徐子陽、顧軍營；三位非執行董 事：方榕、諸為民、張洪；以及三位獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202514 中兴通讯股份有限公司 二〇二四年度利润分配预案 本公司及董事会全体成员保证信 ...

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中興通訊股份有限公司（「本公司」）在深圳證券交易所網站發布的《關於 二零二五年度開展套期保值型衍生品交易的可行性分析及申請交易額度的公告》、 《關於二零二五年度擬使用自有資金進行委託理財的公告》、《關於二零二五年度 擬爲子公司提供擔保額度的公告》、《董事會關於二零二四年度證券投資情況的專 項說明》，僅供參閱。 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） 承董 事會 命 李自學 董事長 深圳，中國 二零二五年二月二十八日 於本公告日期，本公司董事會包括三位執行董事：李自學、徐子陽、顧軍營；三位非執行董 事：方榕、諸為民、張洪；以及三位獨立非執行董事：莊堅勝、王清剛、徐奇鵬。 证券代码（A/H）：000063/00763 证券简称(A/H ...