Core Viewpoint - The significant decline in Datang Telecom's stock price is attributed to multiple factors, including poor fundamentals, capital outflows, and negative sentiment in the sector [1][2][3][4][5][6][7]. Group 1: Stock Performance - As of February 13, 2026, Datang Telecom's stock has dropped 21.43% over the past 20 days, with a price fluctuation of 16.92% [1]. - The stock price fell from a high of 11.28 yuan to a closing price of 9.53 yuan, resulting in a total market capitalization decrease to 12.423 billion yuan [1]. Group 2: Earnings Forecast - On January 19, 2026, the company announced an expected annual loss for 2025, projecting a net profit attributable to shareholders between -56 million yuan and -39 million yuan, a shift from a profit of 27.893 million yuan in 2024 [2]. - The primary reasons for the loss include fluctuations in demand for special communication services and delays in project acceptance, leading to revenue decline, compounded by real estate impairment pressures [2]. Group 3: Capital Outflows - On the day of the stock's limit down on January 20, 2026, there was a net outflow of 155 million yuan in principal funds, accounting for 15.94% of the total trading volume [3]. - The trend of capital outflows continued, with a net outflow of 32.637 million yuan on February 10 and 14.658 million yuan on February 13 [3]. Group 4: Valuation and Technical Analysis - Prior to the decline, the stock had seen a significant increase of over 30% from October 2025 to January 2026, leading to a valuation that significantly deviated from fundamentals [4]. - Even after the decline, the price-to-earnings ratio (TTM) remains at 180.40 times, and the price-to-book ratio is 45.31 times, both well above industry averages [4]. Group 5: Industry Context - The communication equipment sector has weakened overall, with the Shenwan Communication Equipment Index declining by 0.92% over the past 20 days and a single-day drop of 1.97% on February 13 [5]. - The sector is affected by changes in value-added tax rates for operators and concerns over overseas technology replacements, leading to a 7.92% decline in the communication equipment sector during the same period [5]. Group 6: Company Fundamentals - The company's profit structure is fragile, with a reported revenue growth of 66.16% year-on-year in Q3 2025, but a cumulative loss of 49.58 million yuan over the first three quarters [6]. - The company's debt ratio is high at 77.89%, indicating potential financial strain [6]. Group 7: Future Outlook - The recent stock decline is a result of a collapse in confidence due to the earnings forecast, the digestion of high valuation bubbles, and capital outflows from the sector [7]. - Future attention should be on the actual loss extent in the 2025 annual report, the progress of special communication project acceptance, and the implementation effects of low-altitude economic policies [7].

证券日报网讯 2月10日，大唐电信在互动平台回答投资者提问时表示，公司持续关注手机直连卫星相关 技术和应用发展，结合自身业务定位开展必要的技术研究与储备。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 2月10日，大唐电信在互动平台回答投资者提问时表示，公司以安全芯片为核心业务方 向，目前未涉及通用 MCU 芯片领域。 ...

（编辑 楚丽君） 证券日报网讯 2月10日，大唐电信在互动平台回答投资者提问时表示，公司业绩预告中提及的"部分项 目推迟验收"为客户整体项目延期。公司2025年年度业绩及具体业务情况，请以公司后续披露的2025年 年度报告为准。 ...

大唐电信科技股份有限公司 2026 年第一次临时股东会 会议资料 2026 年 2 月 26 日 大唐电信科技股份有限公司 2026年第一次临时股东会会议文件 根据《上海证券交易所股票上市规则》的规定，现将大唐电信科技股份有限公司（以 下简称"公司"）2026 年年度日常关联交易预算的议案提交本次股东会审议，具体内容 如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2026 年 2 月 9 日，公司第九届董事会第十四次会议审议《关于公司 2026 年年度日 常关联交易预算的议案》。公司董事会在审议该关联交易时，5 名关联董事回避表决， 关联董事回避表决后，出席董事会的非关联董事人数不足 3 人，该议案须直接提交公司 股东会审议。关联股东须在股东会上回避表决。 该议案已经公司独立董事专门会议审议通过。 1.关于公司 2026 年年度日常关联交易预算的议案············································ 1 议案 1： 关于公司 2026 年年度日常关联交易预算的议案 各位股东： （二）2025 年度日常关联交易的预计和执行情况 | | | 单位：万元 ...

Group 1 - The company, Datang Telecom (600198.SH), focuses on security chips as its core business direction [1] - Currently, the company has not ventured into the general MCU chip sector [1]

格隆汇2月10日丨大唐电信(600198.SH)在投资者互动平台表示，公司以安全芯片为核心业务方向，目前 未涉及通用 MCU 芯片领域。 ...

证券代码：600198 证券简称：大唐电信 公告编号：2026-002 一、董事会会议召开情况 （一）本次董事会会议的召开符合《中华人民共和国公司法》和《公司章程》的规定。 （二）本次董事会会议通知于2026年2月3日以电子邮件方式向全体董事发出。 （三）本次会议于2026年2月9日以通讯表决方式召开。 （四）会议应参会董事7人，实际参会董事7人。 二、董事会会议审议情况 （一）审议《关于公司2026年年度日常关联交易预算的议案》。 大唐电信科技股份有限公司 第九届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 具体内容详见上海证券交易所网站同日披露的《大唐电信科技股份有限公司关于2026年度日常关联交易 预计的公告》。 该议案已经公司独立董事专门会议审议通过。 该议案关联董事刘欣、冉会娟、马建成、胡军统、黄珊须回避表决，关联董事回避表决后，出席董事会 的非关联董事人数不足3人，本议案将直接提交公司股东会审议。 （二）审议通过《关于公司召开2026年第一次临时股东会的议案》。 公司定于2026年2月 ...

Group 1 - Zhongke Shuguang, based in Beijing, is a leading enterprise in high-performance computing, cloud computing, and big data, with a comprehensive self-developed technology system in computing infrastructure [1][29] - The company collaborates with top research institutions to develop quantum computing supporting technologies and has launched dedicated computing infrastructure for quantum computing [1][29] - Future prospects include becoming a core service provider for quantum computing industrialization, leveraging national computing network construction and quantum technology policies [1][29] Group 2 - iFlytek, located in Hefei, is a leader in intelligent voice and AI, focusing on the integration of quantum computing and AI applications [2][30] - The company aims to optimize AI model training efficiency using quantum computing's parallel processing advantages and explores quantum algorithms in various fields [2][30] - Future developments may lead to differentiated advantages in quantum intelligent interaction and optimization algorithms [2][30] Group 3 - Hengtong Optic-Electric, based in Suzhou, is a global leader in optical communication and energy interconnection, with a significant market share in quantum communication [3][31] - The company has developed quantum key distribution (QKD) equipment and has a market share of over 40% in quantum optical cables [3][31] - Future strategies include enhancing core devices and exploring the integration of quantum communication with marine communication [3][31] Group 4 - Aerospace Electronics, located in Beijing, is a core enterprise in aerospace electronic information, focusing on quantum sensing and navigation technologies [4][32] - The company develops high-precision aerospace sensors based on quantum effects and supports the construction of space-based quantum communication networks [4][32] - Future advancements may position the company as a key supplier in aerospace quantum technology applications [4][32] Group 5 - Zhongtian Technology, based in Nantong, specializes in optical cables and renewable energy, focusing on the infrastructure for quantum key distribution networks [5][34] - The company collaborates with other quantum technology firms to provide supporting equipment for quantum communication systems [5][34] - Future efforts may include the development of specialized optical devices and solutions for quantum communication [5][34] Group 6 - Huagong Technology, located in Wuhan, is a leader in laser processing and optoelectronic devices, focusing on core optical devices needed for quantum communication [6][35] - The company aims to become a key supplier of quantum communication components and explore quantum sensing technology applications [6][35] - Future developments may enhance the company's position in the quantum communication market [6][35] Group 7 - China West Electric, based in Xi'an, focuses on quantum sensing technology applications in power systems, developing high-precision monitoring sensors [7][36] - The company aims to enhance the stability and intelligence of power systems through quantum sensing technology [7][36] - Future strategies may solidify the company's core advantages in quantum monitoring and precision measurement [7][36] Group 8 - AVIC Optoelectronics, located in Luoyang, specializes in high-precision connectors and optoelectronic components for quantum communication and computing [8][37] - The company aims to support the miniaturization and integration of quantum devices through its advanced manufacturing capabilities [8][37] - Future developments may expand the company's role in the quantum technology supply chain [8][37] Group 9 - Southern Power Grid Digital, based in Guangzhou, focuses on digital power grid solutions and quantum key distribution technology in power systems [9][38] - The company aims to establish a quantum security protection system for critical power infrastructure [9][38] - Future initiatives may position the company as a benchmark in quantum security applications within the power industry [9][38] Group 10 - China Great Wall, located in Beijing, is a leader in self-controlled computing and information security, focusing on post-quantum cryptography [10][39] - The company develops solutions to ensure information system security in the quantum computing era [10][39] - Future advancements may enhance the company's offerings in quantum security solutions [10][39] Group 11 - Kehua Data, based in Xiamen, specializes in data center infrastructure and energy management, providing power solutions for quantum computing facilities [11][41] - The company aims to become a core supplier for quantum computing infrastructure as the industry grows [11][41] - Future developments may optimize energy solutions for quantum computing centers [11][41] Group 12 - State Grid Information Communication, located in Beijing, focuses on digital power and information communication, exploring quantum key distribution in power networks [12][42] - The company aims to enhance the security of power communication networks through quantum technology [12][42] - Future strategies may solidify the company's role in promoting quantum communication applications in the power sector [12][42] Group 13 - Tiantong Co., based in Haining, specializes in magnetic materials and sapphire crystals, focusing on high-performance sapphire substrates for quantum computing [13][43] - The company aims to become a key supplier of materials essential for quantum chip manufacturing [13][43] - Future developments may expand the application of quantum materials in various quantum devices [13][43] Group 14 - Shenzhou Information, a leader in financial technology, focuses on quantum key distribution in the financial sector [14][44] - The company aims to build a quantum security financial service system to protect financial data [14][44] - Future initiatives may enhance the integration of quantum technology in financial services [14][44] Group 15 - Qiming Star, located in Beijing, is a leader in network security, focusing on the development of post-quantum cryptography technologies [15][45] - The company aims to provide comprehensive network security solutions to protect against quantum computing threats [15][45] - Future advancements may position the company as a core service provider in post-quantum security [15][45] Group 16 - Electric Science Network Security, based in Chengdu, focuses on quantum security technologies, including quantum key distribution and post-quantum cryptography [16][47] - The company aims to become a key player in quantum security for critical information infrastructure [16][47] - Future developments may enhance the company's capabilities in quantum security solutions [16][47] Group 17 - Keda Guokai, located in Hefei, focuses on the intersection of quantum computing and big data, developing algorithms for quantum data processing [17][48] - The company aims to accelerate the industrialization of quantum computing technologies [17][48] - Future initiatives may open new growth opportunities in the intelligent software industry [17][48] Group 18 - Guangdong Measurement, based in Guangzhou, specializes in calibration and testing services for quantum technology products [18][49] - The company aims to ensure the measurement accuracy and stability of quantum devices [18][49] - Future developments may position the company as a core calibration service provider in the quantum technology sector [18][49] Group 19 - Dongxin Peace, located in Zhuhai, focuses on quantum key distribution technology for IoT security applications [19][50] - The company aims to enhance the security of IoT devices and data transmission through quantum technology [19][50] - Future initiatives may solidify the company's position in the quantum security market for IoT [19][50] Group 20 - Hengbao Co., based in Zhenjiang, specializes in smart cards and financial technology, focusing on quantum security in financial transactions [20][51] - The company aims to develop quantum secure payment systems to protect financial data [20][51] - Future developments may enhance the company's offerings in quantum security applications within the financial sector [20][51] Group 21 - Datang Telecom, located in Beijing, focuses on integrated circuit design and quantum communication chip development [21][52] - The company aims to support the miniaturization and integration of quantum devices through specialized chips [21][52] - Future advancements may position the company as a key supplier in the quantum chip market [21][52] Group 22 - Guomin Technology, based in Shenzhen, focuses on post-quantum cryptography for security chips in various industries [22][54] - The company aims to ensure the security of devices and data in the quantum computing era [22][54] - Future developments may enhance the company's capabilities in the quantum security chip market [22][54]

每经AI快讯，大唐电信2月9日晚间发布公告称，公司第九届第十四次董事会会议于2026年2月9日以通 讯表决方式召开。会议审议了《关于公司召开2026年第一次临时股东会的议案》等文件。 每经头条（nbdtoutiao）——美国名校毕业刚回国，26岁"金少"空降成董事长和总经理，父母隐退！A股 多位"00后"执掌要职，"不负投资者"成重大考验 （记者 张明双） ...