Summary of Key Points Core Viewpoint - On June 18, 35 Hong Kong-listed companies conducted share buybacks, totaling 26.35 million shares and an aggregate amount of HKD 938 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 990,000 shares for HKD 501 million, with a highest price of HKD 510.00 and a lowest price of HKD 503.50, bringing its total buyback amount for the year to HKD 32.54 billion [1][2]. - AIA Group repurchased 5.21 million shares for HKD 354 million, with a highest price of HKD 68.65 and a lowest price of HKD 67.70, totaling HKD 13.64 billion in buybacks for the year [1][2]. - Techtronic Industries repurchased 250,000 shares for HKD 21.77 million, with a highest price of HKD 87.60 and a lowest price of HKD 86.60, totaling HKD 99.37 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on June 18 was from Tencent Holdings at HKD 501 million, followed by AIA Group at HKD 354 million [1][2]. - In terms of share quantity, the most shares repurchased on June 18 were by Pacific Basin Shipping at 6 million shares, followed by AIA Group and COSCO Shipping at 5.21 million and 5 million shares, respectively [1][2].

Summary of Key Points Core Viewpoint - On June 12, 24 Hong Kong-listed companies conducted share buybacks totaling 9.0657 million shares, with a total buyback amount of 570 million HKD, indicating a strong trend in share repurchase activity among these companies [1][2]. Group 1: Company Buyback Details - Tencent Holdings repurchased 975,000 shares for a total of 500 million HKD, with a highest price of 518.000 HKD and a lowest price of 508.000 HKD, bringing its total buyback amount for the year to 30.535 billion HKD [1][2]. - AIA Group repurchased 650,000 shares for 44.9605 million HKD, with a highest price of 69.600 HKD and a lowest price of 68.750 HKD, accumulating a total buyback amount of 12.627 billion HKD for the year [1][2]. - J&T Express-W bought back 1.15 million shares for 7.765 million HKD, with a highest price of 6.780 HKD and a lowest price of 6.690 HKD, totaling 269.17 million HKD in buybacks for the year [1][2]. Group 2: Buyback Volume Rankings - The highest number of shares repurchased on June 12 was by Zhou Hei Ya, which bought back 1.621 million shares, followed by China Xuyang Group with 1.322 million shares and J&T Express-W with 1.15 million shares [1][2]. - In terms of buyback amounts, Tencent Holdings led with 500 million HKD, followed by AIA Group with 44.9605 million HKD, and J&T Express-W also featured prominently [1][2].

Group 1 - The article reports on share buybacks conducted by various companies on May 12, 2025, with AIA Group (01299) having the largest buyback amount of 1.25 billion, purchasing 2 million shares [1][2] - Other notable buybacks include China COSCO Shipping Holdings (01919) with 4.21 million shares bought back for 53.77 million, and Times Electric (03898) with 1.43 million shares for 47.22 million [2][3] - The total number of shares repurchased by AIA Group in the year reached 5.93 billion, accounting for 5.276% of its total share capital [2] Group 2 - China Hongqiao Group (01378) repurchased 1.13 million shares for 15.96 million, representing only 0.380% of its total share capital [2] - Swire Properties (00019) bought back 181,000 shares for 12.67 million, with a total annual repurchase of 5.56 million shares, which is 6.652% of its total [2] - The buyback activity reflects a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their financial health [1][2]

Group 1 - The article reports on share buybacks conducted by various companies on April 30, 2025, highlighting the total amounts and quantities repurchased [1][2][3] - AIA Group (01299) had the largest buyback amount, repurchasing 3.7736 million shares for a total of 217 million [1][2] - China Merchants Industry Holdings (01919) and China Hongqiao Group (01378) also had significant buybacks, with 12.9715 million shares for 151 million and 4.6665 million shares for approximately 64.83 million respectively [2][3] Group 2 - The cumulative buyback amounts for the year show that AIA Group has repurchased a total of 584 million shares, representing 5.198% of its total share capital [2] - China Merchants Industry Holdings has repurchased 241 million shares, accounting for 7.530% of its total share capital [2] - Other notable companies include Times Electric (03898) with 8.016% of its total shares repurchased and Swire Properties (01972) with 1.530% [2][3] Group 3 - The buyback activities reflect a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [1][2] - Companies like FOSUN Pharma (02196) and Jitu Express (01519) have lower buyback percentages, at 1.800% and 0.645% respectively, indicating a more conservative approach [2][3] - The data suggests a strategic move by companies to enhance shareholder value amidst market conditions [1][2]

Financial Performance - In 2024, the company's revenue decreased to RMB 515.1 million, down 19.6% from RMB 640.8 million in 2023[23]. - Gross profit for 2024 was RMB 66.9 million, a decline of 30.5% compared to RMB 96.3 million in 2023[23]. - The net loss attributable to shareholders increased to RMB 120.5 million in 2024, compared to RMB 59.2 million in 2023, reflecting a worsening financial position[23]. - The gearing ratio increased to 10.7% in 2024 from 7.6% in 2023, indicating a rise in the company's financial leverage[23]. - The basic loss per share was approximately RMB 0.15[33]. - The net loss for 2024 was approximately RMB 120.53 million, representing a year-on-year increase of approximately 103.6%[33]. - The Group's gross profit decreased by approximately 30.5% to approximately RMB 66.93 million, with a gross profit margin dropping from approximately 15.0% in 2023 to approximately 13.0%[105]. - The Group's loss for the year was approximately RMB 120.53 million, resulting in a net profit margin of approximately -23.4% compared to -9.2% in 2023[127]. Asset and Liquidity Position - Total assets decreased to RMB 1,046.9 million in 2024 from RMB 1,247.7 million in 2023, indicating a reduction in the company's asset base[23]. - The current ratio fell to 1.11 in 2024 from 1.21 in 2023, suggesting a decline in short-term financial health[23]. - As of December 31, 2024, the Group reported net current assets of approximately RMB 75.98 million, a decrease from RMB 153.05 million in 2023[187]. - Cash and cash equivalents slightly decreased to approximately RMB 192.66 million in 2024 from RMB 198.67 million in 2023[192]. - Pledged bank deposits decreased to approximately RMB 78.74 million in 2024 from RMB 132.36 million in 2023, indicating a reduction in secured borrowings[192]. - The average trade payables turnover days increased to 431 days in 2024 from 387 days in 2023, indicating a longer payment period to suppliers[191]. Sales and Revenue Breakdown - In 2024, the Company's operating revenue was approximately RMB 515.15 million, representing a year-on-year decrease of approximately 19.6%[33]. - Sales of antenna systems decreased by approximately 36.4% to approximately RMB 162.53 million, down from approximately RMB 255.64 million in 2023[61]. - Sales of base station RF subsystems decreased by approximately 14.6% to approximately RMB 279.80 million, compared to approximately RMB 327.65 million in 2023[61]. - Revenue from antenna system products fell by approximately 36.4% to approximately RMB 162.53 million (2023: RMB 255.64 million), primarily due to reduced capital project construction by global telecommunications operators[69]. - Revenue from base station RF subsystem products decreased by approximately 14.6% to approximately RMB 279.80 million (2023: RMB 327.65 million), influenced by adjustments in production layouts by major international equipment manufacturer customers[76]. - Revenue from coverage extension solutions and other products increased by approximately 26.5% to approximately RMB 72.82 million (2023: RMB 57.56 million), driven by demand for extensive 5G network coverage[81]. Strategic Initiatives and Market Position - The company actively engaged in centralized procurement projects with domestic operators and expanded its international customer base amid a challenging market environment[26]. - The Group maintained strategic cooperative relationships with major domestic equipment manufacturers and deepened collaboration in essential business segments like antennas and RF[34]. - The Group is actively exploring new business areas such as "communications + energy saving/new energy," developing projects including renovation of old communities and photovoltaic projects[40]. - The Group aims to solidify its market position in traditional business areas while expanding into new business areas, including vertically derived ventures and new energy scenarios[43]. - The Group is focusing on new business areas such as "communications + energy saving/new energy" to establish a "second growth curve"[168]. - The Group has strategically expanded into new business areas such as "communications + energy saving/new energy," achieving breakthroughs in projects related to smart cities and community renovations[101]. Research and Development - Research and development expenses increased by approximately 4.0% to approximately RMB 65.04 million, reflecting increased investments in new products and businesses[112]. - The Group's R&D team completed the development of new technologies and products, positioning itself for further performance growth in the future[79]. - The Group plans to increase R&D investment to develop new product platforms that support customers in their technological evolution towards 5G and 6G[185]. - The Group is enhancing its R&D capabilities to align with customer needs and maintain a dominant position in the overseas market[167]. Market Trends and Future Outlook - By 2025, cumulative investment in 5G network construction in China is expected to reach RMB1.8 trillion, driving over RMB3.5 trillion in investment across the industrial chain[47]. - The penetration rate of 5G users in China is expected to exceed 70% by 2027[47]. - The global 5G market is expected to see an additional 80 operators from 60 markets entering the market in the coming years[48]. - The anticipated demand for comprehensive optimization of 5G network coverage is expected to drive growth in the communications sector[155]. - Emerging markets are projected to contribute over 45% of global growth in base station antennas and RF devices over the next five years[159]. - The global market size for base station antennas and RF is projected to exceed USD 30 billion by 2028[159]. Operational Efficiency - The average inventory turnover days improved to approximately 103 days in 2024 from 111 days in 2023, while average trade receivables turnover days increased to 214 days from 203 days[191]. - Distribution and selling expenses decreased by approximately 6.9% to approximately RMB 39.23 million, mainly due to reductions in various operational costs[110]. - Administrative expenses increased by approximately 3.6% to approximately RMB 77.85 million, driven by higher office and welfare expenses[111]. - Finance costs rose by approximately 39.9% to approximately RMB 4.59 million, mainly due to increased interest expenses[118]. Environmental and Compliance - The Group has not breached any environmental regulations and is committed to energy conservation and compliance with relevant laws in mainland China and Hong Kong[146][148]. - The Group's production process is characterized by low emissions and energy consumption, ensuring minimal environmental impact[146]. - The Group's future operational activities are expected to remain unaffected by environmental policies, as it strives for both cost reduction and environmental protection[147].

Financial Performance - Revenue decreased to approximately RMB 515.15 million, a decline of about 19.6% compared to the previous year[4] - Gross margin fell from approximately 15.0% in 2023 to about 13.0% in 2024[4] - Loss attributable to owners of the company was approximately RMB 120.53 million, with a basic loss per share of about RMB 14.93[4] - Total revenue for 2024 was RMB 515,148 thousand, a decrease of 19.6% compared to RMB 640,849 thousand in 2023[15] - The company reported a pre-tax loss of RMB 100,215 thousand for 2024, compared to a loss of RMB 52,806 thousand in 2023[15] - The net loss for the year was approximately RMB 120.53 million, with a net margin of about -23.4%[58] - The pre-tax loss for 2024 was approximately RMB 100.22 million, compared to RMB 52.81 million in 2023, with a pre-tax net margin of about -19.5%[56] Revenue Breakdown - The Antenna Systems segment reported a revenue of RMB 162,534 thousand, down 36.4% from RMB 255,635 thousand in 2023[15] - The Base Station RF Subsystem segment generated RMB 279,796 thousand, a decline of 14.6% from RMB 327,654 thousand in the previous year[15] - The Coverage Extension Solutions segment saw an increase in revenue to RMB 72,818 thousand, up 26.4% from RMB 57,560 thousand in 2023[15] - Revenue from external customers in China was RMB 235,526 thousand, down 28.7% from RMB 330,439 thousand in 2023[20] - Domestic sales revenue from telecom operators decreased by approximately 40.7% to about RMB 90.25 million, accounting for about 17.5% of total revenue[46] - Sales to international operators decreased by approximately 36.9% to about RMB 48.21 million, representing about 9.4% of total revenue[47] - Sales to international equipment customers increased by approximately 0.8% to about RMB 253.13 million, making up about 49.1% of total revenue[48] Expenses and Costs - Research and development expenses increased to RMB 65.04 million from RMB 62.51 million in the previous year[5] - Financial costs increased to RMB 4,593 thousand in 2024 from RMB 3,279 thousand in 2023, reflecting higher interest expenses[22] - Administrative expenses rose by approximately 3.6% to about RMB 77.85 million, driven by increases in various operational costs[53] - Other income decreased by approximately 9.7% to about RMB 31.41 million, primarily due to a reduction in government subsidies[50] - The company recognized government grants related to expenses amounting to RMB 11,973 thousand, compared to RMB 14,808 thousand in 2023[21] Assets and Liabilities - Total assets decreased to RMB 738.46 million from RMB 894.02 million year-on-year[6] - Current liabilities decreased to RMB 662.48 million from RMB 740.97 million in the previous year[6] - Trade receivables (net of credit loss provisions) decreased to RMB 226.77 million in 2024 from RMB 259.76 million in 2023[32] - Trade payables decreased to RMB 336.24 million in 2024 from RMB 369.37 million in 2023[34] - The company recorded net current assets of approximately RMB 75.98 million as of December 31, 2024, compared to RMB 153.05 million in 2023[80] - The company's cash and cash equivalents amounted to approximately RMB 192.66 million as of December 31, 2024, down from RMB 198.67 million in 2023[81] - The leverage ratio increased to approximately 10.7% as of December 31, 2024, compared to 7.6% in 2023, indicating a rise in bank borrowings[81] Corporate Governance - The company does not recommend the payment of any final dividend for the year[4] - The audit committee, consisting of three independent non-executive directors, reviewed the group's annual performance for the year ended December 31, 2024[89] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[88] - The company has complied with the corporate governance code provisions during the year, with the exception of the separation of roles between the chairman and CEO[88] - The preliminary announcement of the group's consolidated financial position and results for the year ended December 31, 2024, has been confirmed by Deloitte[91] Market Outlook and Strategy - The company is focusing on new business areas such as "telecom + energy saving/new energy" to create a second growth curve, with multiple new projects in development[39] - The company is actively exploring opportunities in the "communication + energy-saving/new energy" sectors, which are expected to drive future growth[77] - By the end of 2024, global 5G connections are expected to exceed 2 billion, with projections indicating that by 2028, 5G users will surpass 4G, marking a significant shift in mobile communication technology[69] - Emerging markets are anticipated to contribute over 45% of the global increase in base station antennas and RF devices over the next five years, highlighting substantial growth potential[69] - The global market for base station antennas and RF is projected to exceed $30 billion by 2028, indicating a promising outlook for the industry[69] - The company is focusing on the development of new product platforms to address the evolution of 5G and 5G-A/6G technologies, aiming for steady market share expansion[78] Research and Development - The company has completed self-research and development of various RF technologies and products, which are expected to contribute to future revenue growth[43] - The company is continuously improving its R&D capabilities to align with customer needs, maintaining a strong position in the overseas market[72] - The company has developed multiple industry-leading antenna products, including green antennas and multi-band integrated antennas, to meet the growing demand for 5G and satellite communication technologies[75]

[Corporate Profile](index=2&type=section&id=Corporate%20Profile) [Corporate Overview](index=2&type=section&id=Corporate%20Profile) MOBI Development Co., Ltd. is one of China's few one-stop suppliers of wireless communication antennas and base station radio frequency (RF) subsystems, offering comprehensive solutions from 2G to 5G-A, satellite communication, and microwave transmission networks to global operators and solution providers - The company is positioned as one of China's few one-stop suppliers of wireless communication antennas and base station radio frequency (RF) subsystems[3](index=3&type=chunk)[5](index=5&type=chunk) - Business scope covers complete solutions from 2G to 5G-A, satellite communication, and microwave transmission networks[3](index=3&type=chunk)[5](index=5&type=chunk) - Customer base includes network operators in China and overseas, as well as leading global wireless network solution providers integrating its products into their solutions[3](index=3&type=chunk)[5](index=5&type=chunk) [Financial Highlights](index=3&type=section&id=Financial%20Highlights) [Key Financial Indicators](index=3&type=section&id=Financial%20Highlights) In the first half of 2024, the company's financial performance faced significant pressure, with total revenue decreasing by 27.7% and gross profit declining by 33.2%, leading to a loss attributable to shareholders expanding from RMB 3.5 million to RMB 31.6 million, while gross margin contracted from 20.1% to 18.6% Key Financial Data for H1 2024 (vs H1 2023) | Metric | H1 2024 (RMB Million) | H1 2023 (RMB Million) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 249.8 | 345.7 | -27.7% | | **Gross Profit** | 46.5 | 69.6 | -33.2% | | **Loss Attributable to Shareholders** | (31.6) | (3.5) | -802.9% | | **Gross Margin** | 18.6% | 20.1% | -1.5pp | Revenue Analysis by Business Segment (RMB Million) | Business Type | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Antenna Systems | 82.6 | 106.9 | -22.7% | | Base Station RF Subsystems | 138.3 | 217.9 | -36.5% | | Coverage Extension Solutions and Others | 28.9 | 21.0 | +37.7% | [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=5&type=section&id=BUSINESS%20AND%20FINANCIAL%20REVIEW) In the first half of 2024, the Group's total revenue decreased by 27.7% due to cyclical impacts of domestic and international mobile communication network deployments and major clients adjusting production layouts; while core antenna and RF subsystem businesses declined, coverage extension solutions and other businesses achieved strong growth of 37.7% with new projects, though revenue decline led to gross margin contraction and a significant increase in net loss despite effective operating expense control [Overall Performance](index=5&type=section&id=Revenue) Total revenue for the first half of 2024 was RMB 249.8 million, a 27.7% year-on-year decrease, primarily due to delayed domestic network construction plans, postponed tenders, and major international equipment manufacturer clients adjusting production layouts affecting shipments; despite challenges, the company achieved R&D breakthroughs in green antennas and multi-band modules, and actively developed 'communication + new energy/energy saving' as a second growth curve Key Financial Indicators H1 2024 vs H1 2023 | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Consolidated Revenue | RMB 249.8 million | RMB 345.7 million | | YoY Change | -27.7% | - | - Key reasons for performance decline include delayed domestic network construction plans, awarded projects not materializing as expected, and major international equipment manufacturer clients adjusting production layouts affecting shipments[9](index=9&type=chunk)[10](index=10&type=chunk)[12](index=12&type=chunk) - The company is actively developing a second growth curve in 'communication + new energy/energy saving', with ongoing projects including old community renovation, GPS Beidou antennas, and photovoltaic projects[9](index=9&type=chunk)[10](index=10&type=chunk) [Segment Performance](index=6&type=section&id=Segment%20Performance) Core businesses, Antenna Systems and Base Station RF Subsystems, saw revenue decline by 22.7% and 36.5% respectively, primarily due to delayed market network construction cycles; however, Coverage Extension Solutions and Other Products performed strongly with a 37.7% year-on-year revenue increase, mainly benefiting from newly awarded GPS Beidou antenna projects and successful implementation in the 'communication + new energy/energy saving' sector Revenue Performance by Business Segment (H1 2024) | Business Segment | Revenue (RMB) | YoY Change | | :--- | :--- | :--- | | Antenna Systems | RMB 82.62 million | -22.7% | | Base Station RF Subsystems | RMB 138.3 million | -36.5% | | Coverage Extension Solutions and Others | RMB 28.86 million | +37.7% | - Antenna Systems: Despite overall decline, customized antenna sales increased by **100% year-on-year to RMB 7.03 million**; key breakthroughs in green antenna technology are expected to lead to bulk shipments in the second half of the year[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) - Base Station RF Subsystems: Decline primarily due to major international equipment manufacturer clients adjusting production layouts; the company maintains its position as a key supplier and has completed full in-house R&D for technologies such as multi-band ultra-wideband duplex modules and dielectric filters[18](index=18&type=chunk)[20](index=20&type=chunk) - Coverage Extension Solutions and Others: Benefiting from newly awarded GPS Beidou antenna projects, sales of GPS and specialized products surged by **6,602.7% year-on-year to RMB 3.14 million**; concurrently, over **30 old community renovation projects** have been implemented in the 'communication + new energy/energy saving' sector[22](index=22&type=chunk)[23](index=23&type=chunk) [Customer Analysis](index=9&type=section&id=Customer) Affected by market conditions, revenue from both domestic and international operators and equipment manufacturers declined; while international equipment manufacturer client revenue decreased by 33.6%, it remains the largest revenue source, accounting for 47.9%; domestic operator and equipment manufacturer businesses saw revenue decline by 20.2% and 32.2% respectively due to network construction delays and differing construction cycles; the company is diversifying its customer base by expanding into government and enterprise clients Revenue Performance by Customer Type (H1 2024) | Customer Type | Revenue (RMB) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | International Equipment Manufacturers | RMB 119.7 million | 47.9% | -33.6% | | Chinese Equipment Manufacturers | RMB 44.88 million | 18.0% | -32.2% | | Chinese Operators | RMB 44.83 million | 17.9% | -20.2% | | International Operators | RMB 31.68 million | 12.7% | -12.0% | - Domestic operator business was affected by delayed network construction progress, with most base station antenna centralized procurements postponed to the second half of the year, but the company's **16% share** obtained in the '2022 China Unicom Base Station Antenna Centralized Procurement Project' is expected to materialize in the second half[25](index=25&type=chunk)[26](index=26&type=chunk) - The company is continuously seeking customer diversification, having made breakthroughs in the government and enterprise client sector, with ongoing projects including old community renovation, smart light poles, and photovoltaic projects, to reduce reliance on operator network construction cycles[30](index=30&type=chunk)[31](index=31&type=chunk) [Profitability and Expense Analysis](index=12&type=section&id=Profitability%20and%20Expense%20Analysis) Affected by declining sales revenue, the Group's gross profit decreased by 33.2% year-on-year, with gross margin falling from 20.1% to 18.6%; while the company strengthened cost control, leading to decreases in distribution and selling expenses and administrative expenses, the sharp decline in revenue and a nearly RMB 7 million reduction in exchange gains resulted in a significant increase in pre-tax loss from RMB 3.4 million in the prior period to RMB 31.56 million - Overall gross margin decreased from **20.1% to 18.6%** compared to the same period last year, primarily due to declining sales revenue[32](index=32&type=chunk) Changes in Key Expense Items (H1 2024 vs H1 2023) | Expense Item | H1 2024 (RMB) | H1 2023 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | RMB 19.23 million | RMB 21.90 million | -12.2% | | Administrative Expenses | RMB 39.44 million | RMB 41.82 million | -5.7% | | Research and Development Expenses | RMB 35.91 million | RMB 35.78 million | +0.4% | | Finance Costs | RMB 2.06 million | RMB 3.08 million | -33.1% | - Pre-tax loss significantly increased by **828.2% from RMB 3.4 million to RMB 31.56 million** compared to the same period last year[35](index=35&type=chunk) - Loss for the reporting period was **RMB 31.58 million**, an increase of **810.1%** from **RMB 3.47 million** in the same period last year[39](index=39&type=chunk) [Future Prospects](index=15&type=section&id=FUTURE%20PROSPECTS) Looking ahead, the Group will seize opportunities in 5G-A commercialization and 6G R&D, maintaining a dual-driven strategy of market and R&D; strategic priorities include expanding global markets, especially emerging ones; deepening 'communication + energy saving/new energy' as a second growth curve, exploring areas like photovoltaics and green lighting; continuously increasing R&D investment in cutting-edge technologies such as 5G-A and satellite communication antennas, and achieving dual growth in revenue and profit through cost control - The company will seize opportunities in the first year of 5G-A commercialization and 6G technology R&D, moderately advancing the construction of information infrastructure such as 5G and computing power[41](index=41&type=chunk) - The strategic core is to develop a second growth curve in 'communication + energy saving / new energy' and actively explore '5G+' vertical industry application opportunities[41](index=41&type=chunk)[43](index=43&type=chunk) - Global 5G network construction is steadily advancing, with over **420 operators** expected to commercialize 5G networks globally by **2025**, providing significant market potential for the company, which will adhere to its international development strategy[42](index=42&type=chunk)[44](index=44&type=chunk) - Product R&D will continue to focus on new technologies such as U6G and satellite internet, launching a series of products including 5G-A, satellite communication antennas, integrated sensing and communication antennas, and millimeter-wave antennas[53](index=53&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=21&type=section&id=CAPITAL%20STRUCTURE%2C%20LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2024, the Group's financial position remained solid, with net current assets of RMB 132.6 million; the current ratio slightly decreased to 1.20x, and the gearing ratio (bank loans/total assets) slightly increased from 7.6% to 8.8%; all turnover days extended, reflecting increased working capital pressure, but the Board believes the Group has sufficient resources to support operations and capital expenditures Key Financial Position Indicators (As of June 30, 2024) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Assets | RMB 132.6 million | RMB 153.1 million | | Cash and Bank Balances | RMB 188.9 million | RMB 198.7 million | | Bank and Other Borrowings | RMB 100.5 million | RMB 95.0 million | | Current Ratio | 1.20x | 1.21x | | Gearing Ratio | 8.8% | 7.6% | Average Turnover Days (H1 2024 vs H1 2023) | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Inventory Turnover Days | 132 days | 125 days | | Trade Receivables Turnover Days | 238 days | 201 days | | Trade Payables Turnover Days | 478 days | 390 days | - The Board believes the Group's financial position is solid, with sufficient financial resources to meet necessary operating capital requirements and foreseeable capital expenditures[58](index=58&type=chunk)[60](index=60&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) [Other Disclosures](index=23&type=section&id=Other%20Information%20Summary) This section covers statutory disclosure information including directors' and shareholders' interests, share option schemes, connected transactions, and corporate governance; during the reporting period, the company repurchased and cancelled **2,225,000 shares** and does not recommend an interim dividend; regarding corporate governance, there is a deviation where the Chairman and Chief Executive Officer are the same person, which the Board believes is beneficial for the company's development at this stage; the Audit Committee has reviewed the interim financial report - During the reporting period, the company repurchased a total of **2,225,000 shares** on the Stock Exchange, which have since been cancelled[66](index=66&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[66](index=66&type=chunk) - As of June 30, 2024, share options granted but unexercised under the share option scheme involved **14,900,000 ordinary shares**[76](index=76&type=chunk) - The company complied with most provisions of the Corporate Governance Code, with one deviation: the Chairman (Mr. Hu Xiang) and Chief Executive Officer are the same person, which the Board believes provides strong and consistent leadership for the company[92](index=92&type=chunk)[93](index=93&type=chunk)[96](index=96&type=chunk) - The company's Audit Committee, comprising three independent non-executive directors, has reviewed the Group's condensed consolidated interim financial statements[99](index=99&type=chunk)[100](index=100&type=chunk) [Condensed Consolidated Financial Statements](index=33&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's revenue, costs, and expenses for the first half of 2024, showing total revenue of RMB 249.8 million, a 27.7% year-on-year decrease; gross profit declined by 33.2% as revenue fell more sharply than cost controls, resulting in a loss attributable to owners of RMB 31.58 million, compared to a loss of RMB 3.47 million in the prior period Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 249,805 | 345,737 | | Cost of Sales | (203,338) | (276,177) | | **Gross Profit** | **46,467** | **69,560** | | Other Income and Expenses | 18,637 | 29,390 | | Research and Development Expenses | (35,912) | (35,779) | | Distribution and Selling Expenses | (19,228) | (21,900) | | Administrative Expenses | (39,445) | (41,816) | | **Loss Before Tax** | **(31,563)** | **(3,399)** | | **Loss for the Period** | **(31,578)** | **(3,470)** | | **Basic Loss Per Share (RMB Cents)** | **(3.92)** | **(0.43)** | [Condensed Consolidated Statement of Financial Position](index=35&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were RMB 1.141 billion and total liabilities were RMB 669 million; shareholders' equity (net assets) was RMB 473 million, a decrease from RMB 505 million at the end of 2023, primarily reflecting the operating loss during the period; net current assets stood at RMB 133 million Summary of Condensed Consolidated Statement of Financial Position | Item (RMB Thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Non-current Assets** | 341,433 | 353,706 | | **Current Assets** | 800,038 | 894,024 | | **Total Assets** | **1,141,471** | **1,247,730** | | **Current Liabilities** | 667,474 | 740,974 | | **Non-current Liabilities** | 1,334 | 2,204 | | **Total Liabilities** | **668,808** | **743,178** | | **Net Assets** | **472,663** | **504,552** | | **Equity Attributable to Owners of the Company** | **472,663** | **504,552** | [Condensed Consolidated Statement of Cash Flows](index=39&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In the first half of 2024, the Group generated a net cash outflow of RMB 75.1 million from operating activities, a stark contrast to the net inflow of RMB 41.14 million in the prior period, primarily reflecting deteriorating operating performance; investing activities generated a net cash inflow of RMB 62.31 million, and financing activities generated a net inflow of RMB 1.17 million; cash and cash equivalents at period-end stood at RMB 189 million Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash From Operating Activities | (75,103) | 41,142 | | Net Cash From Investing Activities | 62,314 | (55,722) | | Net Cash From Financing Activities | 1,168 | 27,894 | | **Decrease in Cash and Cash Equivalents** | **(11,621)** | **13,314** | | Cash and Cash Equivalents at Beginning of Period | 198,674 | 174,275 | | **Cash and Cash Equivalents at End of Period** | **188,944** | **191,829** | [Notes to the Condensed Consolidated Financial Statements](index=40&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations and supplementary information for key financial data, including revenue breakdowns by product category, major customers, and geographical regions; the notes indicate high revenue concentration among a few major customers, with Customer B1 contributing nearly 46% of revenue; geographically, Mainland China and other Asian regions are the two largest markets - Segment information indicates the company has three reportable segments: Antenna Systems, Base Station RF Subsystems, and Coverage Extension Solutions and Others[120](index=120&type=chunk) - High customer concentration: Revenue from Customers A1, B1, and C2 each exceeded **10% of total sales**; specifically, Customer B1's revenue was **RMB 115 million**, and Customer A1's was **RMB 44.88 million**[127](index=127&type=chunk) Revenue by Geographical Region (H1 2024) | Region | Revenue (RMB Thousand) | Proportion | | :--- | :--- | :--- | | Mainland China | 110,929 | 44.4% | | Other Asian Countries/Regions | 62,158 | 24.9% | | Europe | 74,663 | 29.9% | | Americas and Others | 2,055 | 0.8% | | **Total** | **249,805** | **100%** |

Financial Performance - Revenue decreased by approximately 27.7% to about RMB 249.8 million for the six months ended June 30, 2024[2] - Gross margin declined from approximately 20.1% in the first half of 2023 to about 18.6% in the first half of 2024[2] - Loss attributable to owners of the company was approximately RMB 31.58 million, with a basic loss per share of RMB 3.92[3] - The company reported a pre-tax loss of RMB 31.56 million compared to a loss of RMB 3.40 million in the same period last year[3] - The company reported a pre-tax loss of RMB 31,563 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 3,399 thousand for the same period in 2023[15] - Gross profit decreased by approximately RMB 2,309 million or about 33.2% to RMB 4,647 million in the first half of 2024, with a gross margin of approximately 18.6% compared to 20.1% in the same period last year[31] - The company recorded a loss of approximately RMB 3,158 million in the first half of 2024, an increase of about RMB 2,811 million or approximately 810.1% compared to the same period last year[39] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was RMB 249,805 thousand, a decrease of 27.7% from RMB 345,737 thousand for the same period in 2023[15] - Revenue from the antenna systems segment was RMB 82,615 thousand, down 22.7% from RMB 106,878 thousand in the previous year[11] - Revenue from the base station RF subsystem segment was RMB 138,329 thousand, a decrease of 36.6% compared to RMB 217,900 thousand in the prior year[11] - Revenue from the Chinese market was RMB 110,929 thousand, down from RMB 133,746 thousand in the same period last year[13] - Revenue from major domestic telecom operators decreased by approximately 20.2% to about RMB 44.83 million, accounting for approximately 17.9% of total revenue[29] - Sales to Chinese equipment manufacturers decreased by approximately 32.2% to about RMB 44.88 million, representing approximately 18.0% of total revenue[29] - Direct sales to international operators decreased by approximately 12.0% to about RMB 31.68 million, accounting for approximately 12.7% of total revenue[30] - Sales to international equipment manufacturers decreased by approximately 33.6% to about RMB 119.7 million, making up approximately 47.9% of total revenue[30] Expenses and Costs - Research and development expenses remained stable at approximately RMB 35.91 million compared to RMB 35.78 million in the previous year[3] - The company incurred financial costs of RMB 2,063 thousand, down from RMB 3,079 thousand in the previous year[16] - Other income and expenses decreased by approximately 36.6% to RMB 1,864 million in the first half of 2024, primarily due to a reduction in non-operating income[32] - Distribution and selling expenses decreased by approximately 12.2% to RMB 1,923 million in the first half of 2024, attributed to reductions in various operational costs[33] - Administrative expenses decreased by approximately 5.7% to RMB 3,944 million in the first half of 2024, due to enhanced cost control measures[34] - R&D expenses increased by approximately 0.4% to RMB 3,591 million in the first half of 2024, mainly due to increased travel and material costs[35] - Financing costs decreased by approximately 33.1% to RMB 206 million in the first half of 2024, primarily due to reduced bank loan interest expenses[36] Assets and Liabilities - Total assets decreased from RMB 894.02 million as of December 31, 2023, to RMB 800.04 million as of June 30, 2024[4] - Current liabilities decreased from RMB 740.97 million to RMB 667.47 million during the same period[4] - Trade receivables decreased from RMB 259.76 million to RMB 245.01 million[5] - Cash and cash equivalents decreased from RMB 198.67 million to RMB 188.94 million[5] - As of June 30, 2024, the company reported net current assets of approximately RMB 132.6 million, a decrease from RMB 153.1 million as of December 31, 2023[47] - The leverage ratio as of June 30, 2024, was approximately 8.8%, an increase from 7.6% as of December 31, 2023[47] - The average inventory turnover days increased to approximately 132 days as of June 30, 2024, compared to 125 days for the same period in 2023[47] - The average turnover days for trade receivables increased to approximately 238 days as of June 30, 2024, compared to 201 days for the same period in 2023[47] Strategic Initiatives and Future Outlook - The company achieved a significant breakthrough in green antenna technology, with expectations for mass delivery in the second half of 2024[25] - The company plans to continue optimizing its cost structure to enhance operational efficiency, with overall expenses decreasing compared to the same period last year[24] - The company maintains its position as a key supplier for major customers while actively expanding into new growth areas, particularly in the "communication energy-saving" sector[24] - Future sales are expected to benefit from the gradual release of network construction demands from domestic and overseas operators in the second half of 2024[25] - The company plans to expand into diversified markets and customer groups, focusing on "communication + energy saving/renewable energy" as a second growth curve[40] - The global 5G network construction is progressing steadily, with expectations for significant development opportunities in the future, including over 420 operators expected to commercialize 5G networks by 2025[40] - The company aims to become a leading global supplier of mobile communication RF technology, continuously expanding its customer pipeline and maintaining technological leadership in products[42] - The company is actively exploring new business areas in energy-saving and renewable energy, with ongoing projects in photovoltaic solutions and smart city applications[45] Customer and Market Dynamics - Major customers contributed significantly to sales, with customer A1 generating RMB 44,875 thousand and customer B1 contributing RMB 114,973 thousand for the six months ended June 30, 2024[12] - Customized antenna sales increased by 100% year-on-year to approximately RMB 7.03 million, reflecting the company's responsiveness to customer needs[25] - The company is confident in its market share growth in base station antennas and RF subsystems due to ongoing network construction demands[42] - The company is focused on expanding its presence in emerging markets, increasing brand exposure through international exhibitions[42] - The company achieved breakthroughs in government and enterprise network customers, with several billion-level projects in negotiation stages, indicating strong future growth potential[43] Dividend and Financial Commitments - The company did not declare any interim dividends for the six months ended June 30, 2024[19] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[52] - The company has capital commitments of approximately RMB 13.88 million related to the acquisition of properties, plants, and equipment as of June 30, 2024[51] - The company has approximately RMB 72.98 million in bank balances pledged to banks for financing as of June 30, 2024[50] - The company has no significant contingent liabilities as of June 30, 2024[51]

智通财经APP数据显示，摩比发展(00947)、天工国际(00826)、先声药业(02096)、永升服务(01995)、友和集团(02347)、中石化炼化工程(02386)、清科创业(01945)、天福(06868)、石药集团(01093)、信星集团(01170)、赛晶科技(00580)、天鸽互动(01980)、联易融科技-W(09959)、未来发展控股(01259)、百融云-W(06608)、东亚银行(00023)、友邦保险(01299)、民银资本(01141)、周黑鸭(01458)、复星国际(00656)、恒生银行(00011)、旭日企业(00393)、太古股份公司A(00019)、九方财富(09636)、协合新能源(00182)、快手-W(01024)、太古股份公司B(00087)、KEEP(03650)、医渡科技(02158)、永达汽车(03669)、长实集团(01113)、中国软件国际(00354)、创胜集团-B(06628)、海螺创业(00586)、中手游(00302)、雍禾医疗(02279)、途虎-W(09690)、万物云(02602)、瑞尔集团(06639)、金科服务(09666)、顺丰同城( ...

Financial Performance - Revenue for 2023 was RMB 640.8 million, a decrease of 6.7% from RMB 687.0 million in 2022[22]. - Gross profit for 2023 was RMB 96.3 million, down from RMB 106.8 million in 2022[22]. - Net loss attributable to shareholders for 2023 was RMB 59.2 million, compared to a net loss of RMB 229.8 million in 2022, indicating an improvement[22]. - The Group's gross profit decreased by approximately 9.9% to approximately RMB 96.31 million, with a gross profit margin declining from approximately 15.6% in 2022 to approximately 15.0%[108]. - The net loss for 2023 was approximately RMB 59.20 million, representing a year-on-year decrease of approximately 74.2%[31]. - The Group's loss for the year was approximately RMB 59.20 million in 2023, compared to a loss of approximately RMB 229.76 million in 2022, resulting in a net profit margin of approximately -9.2%[129]. Assets and Liabilities - Total assets decreased to RMB 1,247.7 million in 2023 from RMB 1,310.2 million in 2022[22]. - The current ratio slightly decreased to 1.21 in 2023 from 1.25 in 2022[22]. - The gearing ratio increased to 7.6% in 2023 from 2.9% in 2022, indicating higher financial leverage[22]. - As of December 31, 2023, the Group had net current assets of approximately RMB 153.05 million, a decrease from RMB 186.29 million in 2022[199]. Operational Efficiency - Inventory turnover days improved to 111 days in 2023 from 124 days in 2022[22]. - Accounts receivable turnover days improved to 203 days in 2023 from 222 days in 2022[22]. - The average inventory turnover improved to approximately 111 days in 2023 from 124 days in 2022, indicating better working capital management[200]. - The average receivables turnover improved to approximately 203 days in 2023 from 222 days in 2022, reflecting enhanced efficiency in managing trade receivables[200]. Market Position and Strategy - The Group maintained its position as a key supplier for major domestic equipment manufacturers, achieving stable order fulfillment and large-scale shipments[29]. - The domestic market sales showed significant growth compared to 2022, driven by the successful execution of bid-winning projects[32]. - The Group's strategic focus will continue on market driving, technology R&D, and cost improvement to enhance core competitiveness[30]. - The Group is exploring new business areas such as photovoltaic and smart city projects, aiming to attract new customer segments[38]. - The Group anticipates that the recovery of international production bases will provide continuous growth opportunities in the future[37]. - The Group aims to optimize customer size and structure, which is expected to become a new performance growth segment[38]. - The Group aims to enhance its comprehensive competitiveness and achieve steady growth by optimizing its customer base and structure, and by implementing a differentiated competitive strategy[58]. Sales Performance - In 2023, the Company's operating revenue was approximately RMB 640.85 million, representing a year-on-year decrease of approximately 6.7%[31]. - Sales of antenna systems increased by approximately 23.5% to approximately RMB 255.64 million, while sales of base station RF subsystems decreased by approximately 19.4% to approximately RMB 327.65 million[63]. - Revenue from antenna system products increased significantly by approximately 23.5% to approximately RMB 255.64 million (2022: approximately RMB 207.00 million), driven by centralized procurement projects from major domestic operators[76]. - Sales revenue to domestic operators increased significantly by approximately 71.9% to approximately RMB 152.10 million, accounting for approximately 23.7% of total revenue[92]. - Direct sales to international operators decreased by approximately 13.3% to approximately RMB 76.38 million, accounting for approximately 11.9% of total revenue[100]. - Sales to international equipment manufacturer customers decreased by approximately 31.1% to approximately RMB 251.16 million, accounting for approximately 39.2% of total revenue[104]. - The Group's revenue from major domestic equipment manufacturers remained stable with a slight increase of approximately 1.0% to approximately RMB 143.38 million, accounting for approximately 22.4% of total revenue[96]. Research and Development - The Group has undertaken multiple R&D projects from both domestic and overseas customers, laying a foundation for future sales revenue growth[183][184]. - The Group plans to increase investment in R&D and develop new product platforms to adapt to the evolution of 5G technology and application innovation[194][195]. - The Group aims to enhance core competitiveness through technological innovation and customer demand alignment[70]. Future Outlook - The Group is optimistic about future growth opportunities in new business areas such as photovoltaic and smart city projects[86]. - The gradual resumption of capital project construction and exploration of 5G applications are expected to create new sources of growth for the Group[86]. - By 2025, it is estimated that there will be 6.50 million 5G base stations worldwide, indicating significant future market opportunities[167]. - The market size of the 5G base station RF industry is expected to exceed RMB 60 billion by 2025, driven by increasing RF investment in base stations[187][188]. Competitive Landscape - The Group's antenna system and RF subsystem products face varying levels of competition, which may necessitate price reductions and increased capital expenditures, potentially impacting profit margins[151]. - The Group's competitive advantage in deploying 5G overseas is strengthened by its leading technology and accumulated experience in the field[183][184]. - The Group has successfully maintained its competitive advantage in the overseas market through continuous technology accumulation and market expansion, winning bids from international operators[179]. Compliance and Sustainability - The Group has complied with all relevant laws and regulations in mainland China and Hong Kong, with no material breaches reported as of December 31, 2023[154]. - The Group's production process is characterized by low emissions and energy consumption, aligning with environmental regulations and policies[156].