北京市君合（深圳）律师事务所 关于中兴通讯股份有限公司2020年股票期权激励计划注销 预留授予的第二个行权期部分已授予股票期权事宜的 广东省深圳市福田区中心四路 1-1 号 嘉里建设广场第三座第 28 层 2803-04 室 邮编：518048 电话：(86-755) 2939-5288 传真：(86-755) 2939-5289 junhesz@junhe.com 法律意见书 中兴通讯股份有限公司： 北京市君合（深圳）律师事务所（以下简称"本所"）为具有从事法律业务资 格的律师事务所。本所接受中兴通讯股份有限公司（以下简称"公司"或"中兴通 讯"）的委托，就中兴通讯2020年股票期权激励计划（以下简称"2020年股权激励 计划"）注销预留授予的第二个行权期部分已授予股票期权（以下简称"本次注 销"）事宜出具本法律意见书。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》、中国证券监督管理委员会（以下简称"中国证监会"） 《上市公司股权激励管理办法》（以下简称"《管理办法》"）以及《深圳证券交 易所上市公司自律监管指南第1号——业务办理》等法律、法规和规范性文件和 ...

中兴通讯股份有限公司 第九届监事会第十八次会议决议公告 证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202449 本公司及监事会全体成员保证监事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（以下简称"公司"）已于 2024 年 9 月 13 日以电子 邮件的方式向公司全体监事发出了《关于召开中兴通讯股份有限公司第九届监事 会第十八次会议的通知》。2024 年 9 月 20 日，公司第九届监事会第十八次会议 （以下简称"本次会议"）以通讯表决方式召开。本次会议应表决监事 5 名，实 际表决监事 5 名。本次会议的召开符合有关法律、行政法规、部门规章和《中兴 通讯股份有限公司章程》的有关规定，会议合法、有效。 本次会议审议通过了以下议案： 一、审议通过《关于注销 2020 年股票期权激励计划预留授予的第二个行权 期股票期权的议案》。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 监事会对本次注销的股票期权数量及涉及的激励对象名单进行了核查，认为 本次注销符合相关法律法规及《中兴通讯股份有限公司 2020 年股票期权激励 ...

中兴通讯股份有限公司 第九届董事会第三十次会议决议公告 本公司及董事会全体成员保证董事会决议公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 中兴通讯股份有限公司（以下简称"公司"）已于 2024 年 9 月 13 日以电子 邮件的方式向公司全体董事发出《关于召开中兴通讯股份有限公司第九届董事会 第三十次会议的通知》。2024 年 9 月 20 日，公司第九届董事会第三十次会议（以 下简称"本次会议"）以通讯表决方式召开。本次会议应表决董事 9 名，实际表 决董事 9 名。本次会议的召开符合有关法律、行政法规、部门规章以及《中兴通 讯股份有限公司章程》的有关规定，会议合法、有效。 本次会议审议通过了以下议案： 一、审议通过《关于注销 2020 年股票期权激励计划预留授予的第二个行权 期股票期权的议案》。 证券代码（A/H）：000063/763 证券简称（A/H）：中兴通讯 公告编号：202448 本议案已经公司董事会薪酬与考核委员会审议通过。具体情况请见与本公告 同日发布的《关于注销部分股票期权的公告》。 二、审议通过《关于继续购买"董事、监事及高级职员责任险"的议案》。 表决情况：同意 ...

Financial Performance - The company reported a total revenue of RMB 10 billion for the first half of 2024, representing a year-over-year increase of 15%[5]. - Operating revenue for the first half of 2024 reached CNY 62,487,098 thousand, a year-on-year increase of 2.94% compared to CNY 60,704,794 thousand in the same period of 2023[12]. - Net profit attributable to shareholders of the listed company was CNY 5,732,446 thousand, reflecting a growth of 4.76% from CNY 5,472,153 thousand in the first half of 2023[12]. - The net cash flow from operating activities increased by 8.94%, amounting to CNY 7,000,399 thousand compared to CNY 6,425,897 thousand in the previous year[12]. - The company's gross profit margin for the first half of 2024 was 40.47%, a decrease of 2.75 percentage points year-on-year, primarily due to changes in revenue structure and varying profit margins across different business segments[46]. - The net profit attributable to ordinary shareholders of the listed company was CNY 5,732,446 thousand, reflecting a year-on-year increase of 4.76%[47]. - The company's net profit attributable to shareholders, excluding non-recurring gains and losses, for the first half of 2024 was RMB 4,963.643 million, representing a year-on-year increase of 1.11%[190]. - The company reported a total comprehensive income attributable to shareholders of RMB 5,766,114 thousand, an increase from RMB 5,423,996 thousand in the same period of 2023, representing a growth of approximately 6.3%[198]. Market and User Growth - User data showed an increase in active users to 50 million, up from 40 million in the same period last year, marking a growth of 25%[5]. - Market expansion efforts have led to a 40% increase in sales in international markets, particularly in Southeast Asia[5]. - The company has set a revenue guidance of RMB 22 billion for the full year 2024, indicating a projected growth of 20% compared to 2023[5]. - The international market revenue reached CNY 19,426,237 thousand, representing a year-on-year growth of 10.44% and accounting for 31.09% of total revenue[50]. Research and Development - The company is investing RMB 1 billion in R&D for new technologies, focusing on 5G and AI applications[5]. - Continuous investment in core technologies, particularly in the chip sector, has strengthened the company's competitive edge in the market[16]. - The company is focusing on digital transformation and AI technology development to enhance productivity and efficiency in the next decade[15]. - ZTE is developing large-scale machine learning models with billions of parameters to improve predictive performance and handle complex tasks[6]. - R&D expenses for the first half of 2024 totaled 12,725,895 thousand RMB, a decrease of 0.51% year-on-year, accounting for 20.37% of revenue, down 0.70 percentage points[55]. Product Development and Innovation - New product launches contributed to 30% of total revenue, with the introduction of three major products in the first half of 2024[5]. - The company is expanding its product offerings with Ultra Broadband Radio (UBR) series, which supports multi-band operations across GSM, UMTS, LTE, and NR, aiming to enhance coverage capabilities[6]. - The company launched a series of intelligent computing products compatible with mainstream GPUs, enhancing performance and stability through global collaboration of computing, storage, and networking resources[24]. - The company released the world's first AI-driven 3D tablet and several innovative products, including the Nubia Z60 Ultra and Nubia Flip, focusing on AI and satellite communication technologies[28]. Financial Management and Investments - The company has no plans for profit distribution or capital reserve conversion in 2024[2]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of RMB 500 million allocated for this purpose[5]. - The company has newly added debt investments of 12,234,248 thousand, primarily due to new term deposits and large certificates of deposit[63]. - The company provided a guarantee amounting to up to $600 million for debt financing, with $500 million already utilized and $100 million remaining unused[178]. Risk Management - The board has emphasized the importance of risk management in future strategies, particularly in light of market volatility[2]. - The company emphasizes risk management in derivative trading, ensuring contracts are clear and adhering to strict risk management protocols to mitigate legal risks[90]. - Customer credit risk is managed through credit assessments and insurance, with measures in place to control credit limits and monitor payment records[101]. Environmental and Social Responsibility - The company has committed to sustainable development and ESG principles throughout its operations and governance[158]. - In the first half of 2024, the total investment in environmental governance and protection by the company was approximately 16.9 million yuan, primarily for handling waste gas, wastewater, hazardous waste, and garbage, as well as installing environmental monitoring equipment[162]. - The company has planted a total of 157,500 trees, covering an area of 1,925 acres, as part of its low-carbon environmental support initiatives[164]. - The company has established independent hazardous waste storage facilities and commissioned qualified suppliers for disposal, enhancing its environmental incident prevention and response capabilities[161]. Corporate Governance - The company has revised its governance structure in accordance with regulatory requirements, enhancing decision-making efficiency[105]. - The board of directors underwent changes, with the election of new non-executive and independent non-executive directors on June 28, 2024[121]. - The current board consists of nine members, including three executive directors and three independent non-executive directors, meeting regulatory requirements for independence and expertise[122]. Shareholder Information - The total number of shares issued as of June 30, 2024, remained unchanged at 4,783,251,552 shares[79]. - The profit distribution plan approved at the AGM includes a cash dividend of RMB 6.83 per 10 shares, totaling approximately RMB 3.27 billion based on the total issued share capital of 4,783,251,552 shares[119]. - The company distributed a cash profit of 3.27 billion yuan in 2023, which represents 35.0% of the net profit attributable to ordinary shareholders of 9.33 billion yuan[157].

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202447 中兴通讯股份有限公司 关于按照《香港上市规则》公布 须予披露交易-认购理财产品的公告 （於中華人民共和國註冊成立的股份有限公司） 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。 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简称"《香港上 市规则》"）规定，在香港联合交易所有限公司披露易网站（www.hkexnews.hk）刊登了须予 披露交易-认购理财产品的公告。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有关公告同步披 露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 2024 年 9 月 10 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 （股份代號：763） 須予披露交易 認購理財產品 認購理 ...

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202446 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2024 年 8 月份证券变动月报表的公告 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。 中兴通讯股份有限公司根据《香港联合交易所有限公司证券上市规则》（简 称"《香港上市规则》"）规定，在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了截至 2024 年 8 月 31 日的证券变动月报表。 根据《深圳证券交易所股票上市规则》关于境内外同步披露的要求，特将有 关公告同步披露如下，供参阅。 特此公告。 中兴通讯股份有限公司董事会 公司名稱: 中興通訊股份有限公司 呈交日期: 2024年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00763 | 說明 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][5]. Core Insights - The company reported a revenue of 624.87 billion RMB for the first half of 2024, a year-over-year increase of 2.94%, with a net profit of 57.32 billion RMB, up 4.76% year-over-year [2]. - The operator network revenue decreased by 8.61% to 372.96 billion RMB, while the government enterprise business saw a significant growth of 56.09% to 91.72 billion RMB, driven by demand in various sectors [2]. - The consumer business revenue increased by 14.28% to 160.19 billion RMB, supported by growth in home terminal and mobile product sales [2]. - The company is focusing on cost reduction and efficiency improvements, leading to a slight increase in net profit margin to 9.14% [2]. - The chairman emphasized that growth remains the company's top priority for 2024, with a focus on emerging fields such as 5G-A and AI [3]. Financial Summary - The company is projected to achieve net profits of 104.93 billion RMB, 119.54 billion RMB, and 135.37 billion RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 12.51%, 13.93%, and 13.24% [4]. - Earnings per share (EPS) are expected to be 2.19 RMB, 2.50 RMB, and 2.83 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 [4]. - The company’s dividend per share (DPS) is projected to increase to 0.80 RMB, 0.90 RMB, and 1.00 RMB over the next three years, with dividend yields of 3.12%, 3.51%, and 3.90% [4].

Investment Rating - The report assigns a "Buy" rating to ZTE Corporation (000063 SZ) [3] Core Views - ZTE Corporation maintains steady performance in the first half of 2024, with total revenue reaching RMB 624 87 billion, a year-on-year increase of 2 94% [2] - The company's government and enterprise business revenue grew significantly by 56 09% to RMB 91 2 billion, driven by server and storage revenue growth [2] - ZTE continues to focus on the "connectivity + computing power" strategy, with R&D expenses accounting for 20 4% of revenue in the first half of 2024, totaling RMB 127 3 billion [3] - The company holds over 90,000 global patent applications and 46,000 authorized patents, including approximately 5,000 AI-related patent applications and over 2,000 authorized patents [3] Business Performance Operator Network - Revenue decreased by 8 61% to RMB 372 96 billion, mainly due to domestic investment environment factors [2] - Gross margin increased slightly by 0 12 percentage points to 54 32% [2] Government and Enterprise Business - Revenue surged by 56 09% to RMB 91 2 billion [2] - Gross margin decreased by 5 74 percentage points to 21 77%, primarily due to changes in revenue structure [2] Consumer Business - Revenue grew by 14 28% to RMB 160 19 billion, driven by growth in home terminal and mobile phone products [2] - Gross margin increased by 1 11 percentage points to 18 93% [2] Market Position - ZTE maintains a leading position in wireless and wired core products [2] - The company has achieved breakthroughs in international markets, including Cameroon, Côte d'Ivoire, Thailand, and Africa [2] - ZTE's fixed network products maintain a global leading position, with market share expansion in Italy, Indonesia, and Brazil [2] Financial Forecast - Revenue is expected to grow at 4 58%, 5 84%, and 5 83% in 2024, 2025, and 2026 respectively [4] - Net profit attributable to parent company is projected to reach RMB 10 104 billion, RMB 11 309 billion, and RMB 12 689 billion in 2024, 2025, and 2026 respectively [4] - The current P/E ratio is 12 1x for 2024, 10 8x for 2025, and 9 7x for 2026 [4] Valuation - The report compares ZTE's valuation with peers, showing a 2024E P/E of 11 8x, lower than the industry average of 23 1x [6] - ZTE's market capitalization stands at RMB 1,225 5 billion as of August 20, 2024 [6]

证券代码（A/H）：000063/763 证券简称(A/H)：中兴通讯 公告编号：202445 中兴通讯股份有限公司 关于监事减持计划实施完毕的公告 一、股东减持情况 | 股东名称 | 减持方式 | 减持时间 | | | | 减持均价 | 减持股数 | | 减持数量占公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | （股 A 股） | | 总股本比例 | | | 谢大雄 | 集中竞价 | | | | 29.55 | 元 | | 69,700 | | 0.0015% | | | 交易 | 2024 7 | 年 | 月 | 人民币/股 | | | | | | 1、股东减持股份情况 本公司监事会主席谢大雄先生保证向本公司提供的信息内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 中兴通讯股份有限公司（简称"公司"或"本公司"）于 2024 年 6 月 20 日 披露了《关于监事减持股份预披露公告》，公司监事 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 22.17, reflecting a potential upside of 32.3% from the current price of HKD 16.76 [2][4]. Core Insights - The company's revenue for the first half of 2024 increased by 2.9% year-on-year to RMB 62.5 billion, while net profit grew by 4.8% to RMB 5.7 billion. The operator business faced challenges due to reduced domestic telecom capital expenditure, but non-operator business segments showed double-digit growth [2]. - The report highlights that the Chinese 5G network construction has made significant progress, leading to a decrease in capital expenditure from domestic telecom operators, which poses challenges for the company's operator business. However, the non-operator business is expected to continue its double-digit growth, alleviating some pressure from the operator segment [2][7]. - The company's gross margin remained stable at 40.5% in the first half of 2024, despite a decline in the operator business's revenue and a shift in product mix affecting margins [2][9]. Financial Summary - For FY22A to FY26E, the company is projected to see revenue growth from RMB 122.95 billion in FY22A to RMB 153.50 billion in FY26E, with a compound annual growth rate (CAGR) of approximately 9.5% [1][9]. - The operating profit is expected to increase from RMB 10.56 billion in FY22A to RMB 16.05 billion in FY26E, reflecting a strong growth trajectory [1][9]. - Net profit is forecasted to rise from RMB 8.08 billion in FY22A to RMB 14.42 billion in FY26E, indicating a robust growth outlook [1][9]. - The report notes a decrease in the company's projected revenue for FY24 and FY25 by 3% and 2%, respectively, due to ongoing challenges in the operator business [2][7].