证券代码（A/H）：000063/00763 证券简称(A/H)：中兴通讯 公告编号：202560 中兴通讯股份有限公司 关于按照《香港上市规则》公布 2025 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 2025 年 8 月 31 日的证券变动月报表。 呈交日期: 2025年9月2日 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 2025 年 9 月 3 日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 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 ...

Core Viewpoint - ZTE Corporation has reported a continuous decline in the number of shareholders for the 13th consecutive period, indicating potential concerns regarding investor confidence and stock performance [2] Group 1: Shareholder and Stock Performance - As of August 31, the number of shareholders for ZTE Corporation was 428,391, a decrease of 26,709 from the previous period, representing a decline of 5.87% [2] - The closing price of ZTE Corporation's stock on the reporting date was 44.83 yuan, down 6.60%, although the stock has seen a cumulative increase of 12.24% since the concentration of shares began [2] - The stock experienced 4 days of increases and 5 days of decreases during the reporting period [2] Group 2: Financing and Revenue - As of September 1, the margin trading balance for ZTE Corporation was 10.354 billion yuan, with a financing balance of 10.337 billion yuan, reflecting an increase of 2.118 billion yuan, or 25.78%, since the concentration of shares began [2] - For the first half of the year, ZTE Corporation reported total revenue of 71.553 billion yuan, a year-on-year increase of 14.51%, while net profit was 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - The basic earnings per share were 1.0600 yuan, and the weighted average return on equity was 6.85% [2] Group 3: Institutional Ratings - In the past month, ZTE Corporation received buy ratings from 10 institutions [2] - The highest target price forecasted by Huatai Securities is 62.76 yuan, as reported on August 30 [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中興通訊股份有限公司 呈交日期: 2025年9月2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 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 755,502,534 | RMB | | 1 | RMB | | 755,502,534 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 755,502,534 | RMB | | 1 | RMB | | 755,502,534 | | 2. 股份分類 | 普通股 ...

Core Viewpoint - The report from BOC International highlights that breakthroughs in AI servers are driving new growth opportunities for ZTE Corporation (00763), with a year-on-year revenue increase of 109% in the second quarter [1] Group 1: Financial Performance - ZTE Corporation's revenue for the second quarter increased by 109% year-on-year [1] - The company's gross margin is expected to gradually recover as domestic GPUs replace imported chips, leading to lower semiconductor costs [1] Group 2: Market Outlook - The anticipated improvements in hardware gross margins are expected to stimulate higher demand due to widespread AI applications [1] - BOC International has raised the target price for ZTE Corporation from HKD 29.28 to HKD 37.58, reiterating a "Buy" rating [1]

智通财经APP获悉，中银国际发布研报称，由于AI服务器出现突破，带动新的增长机会，中兴通讯 (00763)次季收入同比升109%。该行预计，中兴通讯的毛利率将随着国产GPU逐步取代进口芯片而逐渐 回升，较低的半导体成本可改善硬件毛利率，并会就广泛AI应用刺激更高需求。该行将中兴通讯目标 价由29.28港元上调至37.58港元，重申"买入"评级。 ...

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-1.82 billion), Northern Rare Earth (-1.55 billion), and Dongfang Fortune (-1.40 billion) [1] - The sectors affected by capital outflows include communication equipment, small metals, and internet services [2][3] - Notable declines in stock prices were observed, with Xinyi Technology down by 8.46%, Northern Rare Earth down by 2.67%, and Zhongyou Capital down by 9.95% [2][3] Group 2 - The total capital outflow from the top 20 stocks reached significant amounts, indicating a trend of investors pulling back [1] - Other companies experiencing notable outflows include Inspur Information (-1.08 billion), Guoxuan High-Tech (-1.07 billion), and ZTE Corporation (-1.06 billion) [1] - The overall market sentiment appears to be cautious, as reflected in the negative performance of several stocks [2][3]

Group 1 - The core point of the article is that ZTE Corporation achieved a transaction volume of 10 billion yuan but experienced a decline of 6.71% in its stock price [1] Group 2 - The transaction volume of ZTE Corporation reached 10 billion yuan, indicating significant market activity [1] - The stock price decline of 6.71% suggests potential concerns among investors regarding the company's performance or market conditions [1]

Group 1: Market Overview - The Hang Seng Index fell by 0.61%, down 157 points, closing at 25,460 points, while the Hang Seng Tech Index dropped by 1.78% [1] - The early trading volume in the Hong Kong stock market reached HKD 183.6 billion [1] Group 2: Banking Sector Performance - Chinese banks showed a significant recovery in performance for the first half of the year, attracting insurance capital inflows amid asset scarcity [1] - Chongqing Rural Commercial Bank rose by 4.15%, Agricultural Bank of China increased by 3.65%, and Postal Savings Bank of China gained 2.50% [1] Group 3: Notable Stock Movements - Haotian International Investment surged over 11% as its subsidiary plans to apply for virtual asset trading services [1] - Yunfeng Financial increased by over 8% following a strategic cooperation agreement with Ant Group and investment in Pharos blockchain [1] - China Nonferrous Mining rose over 4% due to rising copper prices improving mid-term performance [1] - Saint Noble Pharmaceutical-B saw a mid-day increase of over 10%, with a 91% year-on-year reduction in shareholder losses [1] - Hualing Pharmaceutical-B gained 2.67%, achieving its first profit in the first half of the year [1] Group 4: Declining Stocks - Chenming Paper Industry fell over 5% due to ongoing production line maintenance, reporting a loss exceeding CNY 3.8 billion for the first half [2] - ZTE Corporation dropped over 8% as its mid-term gross margin significantly declined, with analysts suggesting market optimism was excessive [2] - JS Global Life fell over 8%, reporting a shareholder loss of USD 5,924.2 million and a decrease in gross margin from third-party sales [3] - New Quality Digital plummeted over 11%, with its stock price halved in three trading days due to forced sale of shares by an executive [4]

Core Viewpoint - ZTE Corporation reported a revenue of 71.553 billion yuan for the first half of the year, representing a year-on-year growth of 14.51%, while net profit decreased by 11.77% to 5.058 billion yuan, indicating a mixed performance amid market optimism driven by AI and ASIC chip growth [3]. Financial Performance - Revenue for the first half of the year reached 71.553 billion yuan, up 14.51% year-on-year [3]. - Net profit was 5.058 billion yuan, down 11.77% year-on-year [3]. - Gross margin stood at 32.45%, a decline of 7.99% compared to the previous year [3]. Market Analysis - Jefferies reported that ZTE's stock price has risen approximately 52% over the past three months, fueled by expectations surrounding AI and ASIC chip growth [3]. - The second quarter performance fell short of market expectations, suggesting that the market may have been overly optimistic [3]. - Jefferies has lowered its investment rating from "Hold" to "Underperform" and adjusted the target price to 27.27 HKD, citing a 22x P/E ratio that appears unattractive given projected negative net profit growth over the next three years [3]. Future Outlook - Nomura's report indicates that ZTE is maintaining effective cost management, particularly in R&D, which partially offsets the impact of declining gross margins [3]. - The company is expected to face continued pressure on profit margins in the second half of the year, with a gradual recovery anticipated starting next year due to improved cost optimization [3]. - Nomura has raised its revenue forecasts for ZTE from 2025 to 2027 by 8.5% to 10%, reflecting increased demand for AI servers, but has lowered its profit forecasts for the same period by 4% to 21% due to margin dilution [3].

Core Viewpoint - ZTE Corporation's stock has dropped over 7%, reflecting market concerns about its recent financial performance despite previous gains driven by AI and ASIC chip growth [1] Financial Performance - ZTE reported a revenue of 71.553 billion yuan for the first half of the year, representing a year-on-year increase of 14.51% [1] - The net profit for the same period was 5.058 billion yuan, showing a year-on-year decline of 11.77% [1] - The gross margin decreased to 32.45%, down 7.99% year-on-year [1] Market Analysis - Jefferies noted that ZTE's stock had risen approximately 52% over the past three months, driven by optimism around AI and ASIC chips, but the second quarter performance fell short of expectations, indicating market over-optimism [1] - Jefferies has lowered its profit forecasts for ZTE for the next two years by 26% and 31% compared to market predictions, and downgraded its investment rating from "Hold" to "Underperform," while raising the target price to 27.27 HKD [1] Research Insights - Nomura's report highlighted ZTE's effective cost management, particularly in R&D, which partially offset the impact of declining gross margins [1] - Nomura anticipates continued pressure on profit margins in the second half of the year, with a gradual recovery starting next year due to better cost optimization [1] - The firm has raised its revenue forecasts for ZTE from 2025 to 2027 by 8.5% to 10%, reflecting increased demand for AI servers, but has lowered its profit forecasts for the same period by 4% to 21% due to margin dilution [1]