Summary of Key Points Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.79 yuan per 10 shares, and the relevant securities will be suspended from conversion during the distribution period [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on May 16, 2025, and details are available in the company's announcements [2]. - The cash dividend will be distributed based on the total number of shares registered on the equity distribution record date, with the total cash dividend amount subject to change according to the number of shares [1][2]. Group 2: Convertible Bond Suspension - The company's convertible bonds ("烽火转债") will stop conversion from June 12, 2025, until the equity distribution record date, with resumption of conversion on the first trading day after the record date [3]. - The company will disclose the implementation announcement and the adjustment of the convertible bond's conversion price on June 13, 2025 [3]. Group 3: Contact Information - The company has provided contact details for inquiries regarding the announcement, including the board secretary's office phone and fax numbers [4].

| 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-029 | | --- | --- | --- | | 转债代码：110062 | 转债简称：烽火转债 | | 烽火通信科技股份有限公司 关于实施权益分派时"烽火转债"转股连续停牌的 提示性公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110062 | 烽火转债 | 可转债转股停牌 | 2025/6/12 | | | | 本次权益分派公告前一交易日（2025 年 6 月 12 日）至权益分派股权登记日 期间，"烽火转债"（转债代码：110062）将停止转股。 1、公司 2024 年年度利润分配方案（以下简称"本次权益分派"）为：以实施 权益分派股 ...

Overall Growth Trends and Key Changes - Since 2020/21, Chinese brands have shown significant growth on the global stage, particularly in social channels, e-commerce platforms, and official websites. Three key changes have been observed since 2024: enhancing market access through specific country/region websites and strategic e-commerce platforms; increasing presence on social media (especially Douyin) and optimizing content quality; and strengthening DTC website functionality and customer support [1][12][17]. Industry Performance and Leading Brands - Electronics remain the dominant category on the international stage, with 54 out of the top 100 brands being in this sector. The electric vehicle segment also holds substantial potential globally [2][23]. Emerging Champions in Niche Markets - Numerous "potential champions" have emerged in specific fields, such as Anker and Ecoflow in mobile power, Roborock and Ecovacs in robotic vacuums, and DJI in drones [3]. Impact of Digital Platforms - Brands like SHEIN, Temu, and TikTok have significant influence, not only achieving success themselves but also serving as launch channels for other emerging brands [4]. Success Factors and Challenges - Successful brands focus on clear value propositions, target customer segments, and localized content and sales channels. "Hidden champions" like Tuya stand out by concentrating on specific functions and providing quality service. Challenges include brands lacking unique value or local adaptation struggling to grow, while mature brands pursue growth through acquisitions, facing impacts from brand equity and geopolitical factors [5][18]. Ranking and Evaluation Methodology - The sample covers 664 brands, focusing on consumer and retail brands while excluding media and IT types. Brand scores are derived from website traffic (40%) and social media presence (60%), with varying weights for platforms like Douyin and Facebook [6][21]. Ranking Changes - The top three brands are realme, SheIn, and Huawei, with new entrants like Insta360 and Halara making the list. Brands such as FAW and Geely have seen notable ranking improvements, while some brands have declined [7]. Regional Expansion and Strategies - Target markets include mature regions like North America, Europe, and Asia, with rapid growth in emerging markets such as the Middle East and Africa, where digitalization scores have increased by 69.8% [8][46]. Localization and Channel Strategies - Brands are enhancing localized website content and services, leveraging e-commerce platforms alongside offline networks, though there remains room for improvement in brand engagement [9][45]. Future Recommendations - Focus on core markets to enhance engagement and avoid blind expansion. Leverage digital advantages by integrating Chinese experiences with global strategies. Strengthen local partnerships, listen to customer needs, and improve brand marketing capabilities to move beyond reliance on acquisitions [10][11]. Chinese Brands' Global Expansion - Chinese brands are demonstrating strong growth momentum in a complex global environment, with optimized strategies and enhanced brand value potentially leading to breakthroughs in more sectors [12].

烽火通信本次向特定对象发行股票的定价基准日为公司第九届董事会第三次临时会议决议公告日，发行 价格为12.88元/股。 烽火通信本次向特定对象发行A股股票的发行对象为中国信息通信科技集团有限公司(以下简称"中国信 科")。中国信科拟以现金认购本次发行的全部股票。中国信科已与烽火通信签署了《附条件生效的股份 认购协议》、《附条件生效的股份认购协议之补充协议》，本次向特定对象发行A股股票构成关联交 易。 本次发行前，烽火科技集团有限公司(以下简称"烽火科技")为烽火通信的控股股东，国务院国资委为烽 火通信的实际控制人。中国信科系由国务院国资委出资控股，其持有烽火科技92.69%股权，系烽火通 信间接控股股东。本次发行后，烽火通信的控股股东仍为烽火科技，实际控制人仍为国务院国资委。 烽火通信本次向特定对象发行股票的保荐人(主承销商)为广发证券股份有限公司，保荐代表人为陆靖、 金坤明。 中国经济网北京5月30日讯烽火通信（600498）(600498.SH)昨日晚间发布公告称，公司于2025年5月29 日收到上海证券交易所(以下简称"上交所")出具的《关于烽火通信科技股份有限公司向特定对象发行股 票的交易所审核意见》， ...

Core Viewpoint - The companies under China Information Communication Technology Group are focusing on value enhancement and shareholder rights through a dedicated value management task force, emphasizing performance assessment and strategic initiatives like share buybacks and mergers [1] Group 1: Company Strategies and Innovations - China Information Communication Technology Group is a leading supplier of information communication products and services, with a focus on six key areas: optical communication, mobile communication, optoelectronics, integrated circuits, cybersecurity, and smart applications [1] - The optical communication segment has made significant advancements in next-generation products, including hollow-core fibers and ultra-low-loss optical fibers, and has become a global leader in marine network technology [2] - The company plans to invest 35.78 billion yuan in R&D in 2024, representing 12.5% of its revenue, to strengthen its position as a key player in the digital economy and smart city initiatives [2] - The security chip sector is expanding, with products like identity recognition chips and smart card chips, while the special communication sector is focusing on dedicated mobile communication and low-orbit satellite applications [3] Group 2: Financial Performance - In 2024, the company achieved a record revenue of 8.272 billion yuan, a year-on-year increase of 36.49%, and a net profit of 661 million yuan, up 6.82% [5] - In the first quarter of 2025, the company reported revenue of 2.222 billion yuan, a 72.14% increase year-on-year, and a net profit of 150 million yuan, up 95.02% [6] - Since its listing in 2009, the company has maintained a compound annual growth rate of 17.56% in revenue and 13.11% in net profit, with cumulative dividends amounting to 1.432 billion yuan [6] Group 3: Future Outlook and Market Position - The company is actively engaged in 6G technology research, aiming to establish a leading position in multi-antenna technology and develop a key technology verification platform for 6G [6] - The company is committed to enhancing internal governance and customer-centric operations, focusing on market-oriented strategies and operational efficiency [7] - The company has equipped over 4,000 large oil storage tanks and more than 20,000 kilometers of traffic tunnels with advanced monitoring technologies, showcasing its capabilities in major infrastructure projects [7]

烽火通信科技股份有限公司（以下简称"公司"）于 2025 年 5 月 29 日收到 上海证券交易所（以下简称"上交所"）出具的《关于烽火通信科技股份有限公 司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股票申请 符合发行条件、上市条件和信息披露要求。上交所将在收到公司申请文件后提交 中国证券监督管理委员会（以下简称"中国证监会"）注册。 公司本次向特定对象发行股票事项尚需经中国证监会作出同意注册的决定 后方可实施，最终能否获得中国证监会同意注册的决定及其时间尚存在不确定性。 公司将根据进展情况，严格按照上市公司向特定对象发行股票相关法律法规的要 求及时履行信息披露义务，敬请广大投资者注意投资风险。 债代码：110062 转债简称：烽火转债 证券代码：600498 证券简称：烽火通信 公告编号：2025-028 转 烽火通信科技股份有限公司 关于向特定对象发行股票申请 获得上海证券交易所审核通过的公告 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个别及连带责任。 特此公告。 烽火通信科技股份有限公司 董事会 2025 年 ...

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [10] Core Insights - The combined capital expenditure of BAT (Baidu, Alibaba, Tencent) for Q1 2025 reached 54.4 billion RMB, representing a year-on-year increase of 105% but a quarter-on-quarter decline of 23% [2][3][15] - The decline in capital expenditure is attributed to the impact of NVIDIA's H20 export restrictions, but the long-term growth trend in capital expenditure is expected to remain intact [2][3][17] - The report suggests focusing on domestic GPU capabilities and related supply chains, including optical modules, AIDC, switches, and copper connections, as they are likely to fill the demand gap created by the restrictions [2][3][17] Summary by Sections Market Overview - The telecommunications index fell by 2.31% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 0.57% and 0.46%, respectively [2][14] Key Companies and Dynamics - The report highlights a positive outlook for the AI computing chain in the telecommunications industry for 2025, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Taicheng Light, and Ruijie Network [4] - Core asset value reassessment is recommended for China Mobile, China Telecom, and China Unicom, along with a focus on new productivity in satellite internet, low-altitude economy, and deep-sea technology [4] Capital Expenditure Insights - In Q1 2025, Baidu, Alibaba, and Tencent's capital expenditures were 2.9 billion, 24 billion, and 27.5 billion RMB, respectively, with year-on-year growth rates of +42%, +136%, and +91% [3][15] - The report notes that the capital expenditure for Q1 is typically lower than that of Q4 in previous years, indicating a seasonal trend [17] Recommendations - The report recommends a focus on companies involved in the domestic GPU supply chain and related industries due to the anticipated growth in AI applications and infrastructure investments [2][3][17]

Core Viewpoint - The company maintains stable operations despite a decline in revenue, with high growth rates in net profit attributable to shareholders and net profit excluding non-recurring items. The domestic computing power business continues to grow rapidly, and overseas capacity is being continuously improved, leading to an optimistic outlook for the company's future development, resulting in an upward adjustment of the target price and a maintained buy rating [1]. Financial Performance - The company reported a revenue of 28.549 billion yuan for 2024, a year-on-year decrease of 8.29%. The net profit attributable to shareholders was 703 million yuan, reflecting a year-on-year increase of 39.05%, while the net profit excluding non-recurring items was 653 million yuan, up 43.70% year-on-year. For Q1 2025, revenue was 4.049 billion yuan, down 19.97% year-on-year, with a net profit of 55.2 million yuan, an increase of 33.08% year-on-year, and a net profit excluding non-recurring items of 53.95 million yuan, up 28.96% year-on-year [2]. Profit Forecast - The company updated its profit forecast, expecting net profits attributable to shareholders to be 1.006 billion yuan, 1.167 billion yuan, and 1.344 billion yuan for 2025-2027, respectively. Corresponding EPS for 2025-2027 is projected to be 0.85 yuan, 0.99 yuan, and 1.13 yuan. Based on industry average valuation and prudent considerations, a PE of 35x for 2025 is given, raising the target price to 29.72 yuan from the previous 24.72 yuan, while maintaining a buy rating [2]. Business Segments - In the optical communication sector, the company achieved revenue of 22.313 billion yuan from communication system equipment, down 6.19% year-on-year, with a gross margin of 19.46%, up 0.26 percentage points. Revenue from fiber and cable was 4.699 billion yuan, down 12.77% year-on-year, with a gross margin of 25.35%, up 4.16 percentage points. Data network product revenue was 1.144 billion yuan, down 27.44% year-on-year, with a gross margin of 43.92%, up 2.56 percentage points. The company secured a position as a core supplier for the 400G network by winning bids from three major operators [3]. Computing Power Business - The domestic computing power revenue reached nearly 6 billion yuan, with a compound annual growth rate exceeding 100% over the past two years. The company’s Longjiang Computing has been certified as a leading partner for Huawei's Kunpeng and Ascend products, ranking in the top three in the ecosystem, indicating potential benefits from the growth in domestic computing power demand [3]. Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [3]. Cost Management - In 2024, the company's sales, management, and R&D expense ratios were 6.59%, 1.54%, and 10.09%, respectively, showing year-on-year changes of +0.85 percentage points, +0.44 percentage points, and -1.40 percentage points. The combined expense ratio decreased by 0.11 percentage points year-on-year, indicating effective cost control amid declining overall revenue [3]. Catalysts - The demand for domestic computing power is expected to exceed expectations, serving as a potential catalyst for growth [4].

Core Viewpoint - The company will participate in a collective performance briefing hosted by China Information Communication Technology Group Co., Ltd. to discuss its operational results and financial status for the fiscal year 2024 and the first quarter of 2025 [1][2]. Group 1: Meeting Details - The meeting is scheduled for May 29, 2025, from 14:30 to 17:00 [2][3]. - The location of the meeting is the Shanghai Securities Journal·China Securities Network Roadshow Center, accessible via the website: https://roadshow.cnstock.com/ [2][3]. - The format of the meeting will be video and online text interaction, allowing for real-time communication with investors [2][3]. Group 2: Participants and Interaction - Key participants include the Chairman, Zeng Jun, the President, Lan Hai, and the Vice President and CFO, Yang Yong, among others [2][3]. - Investors can participate online during the meeting and are encouraged to submit questions via the company's email (info@fiberhome.com) by May 27, 2025, at 17:00 [3][4]. - The company will address commonly asked questions from investors during the briefing [2][3]. Group 3: Post-Meeting Information - After the meeting, investors can view the meeting's proceedings and key content on the Shanghai Securities Journal·China Securities Network Roadshow Center [4].

| 证券代码：600498 | 证券简称：烽火通信 | 公告编号：2025-027 | | --- | --- | --- | | 转债代码：110062 | 转债简称：烽火转债 | | 烽火通信科技股份有限公司 关于参加中国信息通信科技集团有限公司 2024 年度暨 2025 年第一季度集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示 烽火通信科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日、 2025 年 4 月 30 日披露了《2024 年年度报告》及《2025 年第一季度报告》。为便 于广大投资者更全面、深入地了解公司 2024 年度、2025 年第一季度经营成果、 财务状况，根据公司间接控股股东中国信息通信科技集团有限公司（以下简称"信 科集团"）统一安排，公司将与信科集团下属的其他 5 家上市公司共同参加信科 集团 2024 年度暨 2025 年第一季度集体业绩说明会，通过视频和网络文字互动的 方式，与广大投资者进行互动交流。 一、说明会类型 本次集体业 ...