共进股份（603118）公告，预计2025年半年度实现归属于母公司所有者的净利润5000万元到7000万元， 与上年同期相比，将实现扭亏为盈。预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的 净利润4300万元到6300万元。 ...

Summary of the Conference Call on Switch Industry and AI Computing Power Industry Overview - The report focuses on the **switch industry**, highlighting its critical role in network interconnection and the growing demand driven by data center construction [4][20]. - The global switch market is projected to grow significantly, with the top five manufacturers holding a substantial market share [4][68]. Key Points and Arguments Market Growth and Demand - The global switch market is expected to grow from **$61.9 billion in 2020** to **$96.8 billion by 2025**, with a **CAGR of 9.4%** [24]. - In China, the market is projected to increase from **¥116.8 billion in 2020** to **¥318 billion by 2025**, with a **CAGR of 22.2%** [24]. - The demand for switches is driven by the increasing data center construction and the need for higher data transfer rates [20][30]. Market Concentration - The top five global switch manufacturers, including **Cisco, Arista, Huawei, HPE, and Xinhua San**, hold **69.6%** of the market share, with Cisco leading at **35.9%** [4][68]. - In China, the top five manufacturers account for **89.7%** of the market, with Huawei at **32.4%** [4][68]. Technological Trends - **White-box technology** is emerging, allowing for hardware-software decoupling, which reduces acquisition and operational costs [31][35]. - The **CPO (Chip-Package-Optical)** switch technology is gaining traction, promising lower power consumption and higher efficiency [36][41]. Chip Market Dynamics - The global Ethernet switch chip market is expected to grow, with commercial vendors driving the majority of the growth [81][86]. - The market is currently dominated by overseas giants, indicating significant room for domestic alternatives [87]. Important but Overlooked Content - The report highlights the **risk factors** including the potential underdevelopment of AI applications, escalating US-China trade tensions, intensified market competition, and the risk of failure in new technology and product development [7]. - The **data center switch market** in China is expected to account for **51.7%** of the total switch market by 2026, indicating a growing reliance on data center infrastructure [30]. Recommendations - The report suggests monitoring companies such as **Sengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, and Feiling Kesi** for potential investment opportunities [6]. This summary encapsulates the essential insights from the conference call regarding the switch industry and its intersection with AI computing power, providing a comprehensive overview of market dynamics, technological advancements, and investment opportunities.

证券代码：603118 证券简称：共进股份 公告编号：2025-028 深圳市共进电子股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：深圳市坪山区坑梓街道丹梓北路 2 号共进股份 4 栋 8 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 381 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 337,050,918 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.8122 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由公司董事长胡祖敏先生主持，采取 现场会议、线上视频及网络投票相结合的方式召开及表决 ...

北京市中伦（深圳）律师事务所 关于深圳市共进电子股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 法律意见书 北京市中伦（深圳）律师事务所 关于深圳市共进电子股份有限公司 2024 年年度股东大会的 法律意见书 -1- 法律意见书 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 4 月 29 日在规定的信息披露媒 体上公告了《深圳市共进电子股份有限公司关于召开 2024 年年度股东大会的通 知》（下称"《会议通知》"）。《会议通知》载明了会议的召开方式、召开时 间和召开地点，对会议议题进行了披露，说明了股东有权出席并可委托代理人出 席和行使表决权，明确了会议的登记办法、有权出席会议股东的股权登记日、会 议联系人姓名和电话号码，符合《股东会规则》和《公司章程》的要求。 根据《会议通知》，本次股东大会采取现场投票和网络投票相结合的方式进 行。本次股东大会的现场会议于 2025 年 5 月 20 日 14:30 在深圳市坪山区坑梓街 道丹梓北路 2 号共进股份 4 栋 8 楼会议室如期召开。公司股东通过上海证券交易 所交易系统投票平台的投票时间为 2025 年 ...

深圳市共进电子股份有限公司 2024 年年度股东大会会议资料 深圳市共进电子股份有限公司 2024 年年度股东大会 会议资料 证券代码：603118 2025 年 5 月 深圳市共进电子股份有限公司 2024 年年度股东大会会议资料 股东大会会议资料目录 | 一、 | 2024 | 年年度股东大会会议须知 1 | | --- | --- | --- | | 二、 | 2024 | 年年度股东大会会议议程 2 | | 三、 | 2024 | 年年度股东大会表决办法 4 | | 四、 | 议案 | | | 议案 | 1 | 年年度报告》及摘要的议案 关于《2024 6 | | 议案 | 2 | 关于《2024 年度董事会工作报告》的议案 7 | | 议案 | 3 | 年度监事会工作报告》的议案 13 关于《2024 | | 议案 | 4 | 关于《2024 年度财务决算及 2025 年度财务预算报告》的议案 17 | | 议案 | 5 | 关于董事、监事 年度薪酬确认及 2024 2025 年度薪酬预案的议案 28 | | 议案 | 6 | 关于 2024 年年度利润分配预案的议案 30 | | 议案 | 7 | ...

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。 证券代码：603118 证券简称：共进股份 公告编号：临 2025-027 重要内容提示： 深圳市共进电子股份有限公司 关于为子公司提供担保的进展公告 被担保人名称及是否为上市公司关联人：深圳市共进电子股份有限公司 （以下简称"公司"）全资子公司共进电子（香港）有限公司（以下简称"香港 共进"），非公司关联人，本次担保不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司为香港共进提供担保金 额 1,950 万美元，折合人民币 14,137.50 万元，具体以实际发生情况为准，在年度 担保预计范围内。截至本公告日，公司及控股子公司已实际为香港共进提供的担 保余额为人民币 2.13 亿元。 特别风险提示：本次被担保对象香港共进资产负债率超过 70%，敬请投 资者注意相关风险。 公司第五届董事会第三次会议、2023 年年度股东大会审议通过了《关于 2024 年度为子公司提供担保额度预计的议案》，本次担保金额在年度预计担保额 度之内。 一、担保情况概述 （一）担保基本情况 公司 ...

证券代码：603118 证券简称：共进股份 公告编号：临 2025-026 深圳市共进电子股份有限公司 关于为子公司提供担保的进展公告 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。 1、公司、香港共进与诠鼎科技股份有限公司（以下简称"诠鼎科技"）签署了 《担保协议》，公司为香港共进办理本协议约定的业务所形成的债务提供连带责 任保证担保，担保涉及合计最高债权额为100万美金（折合人民币732万元）。 1 重要内容提示： 被担保人名称及是否为上市公司关联人：深圳市共进电子股份有限公司 （以下简称"公司"）全资子公司共进电子（香港）有限公司（以下简称"香港 共进"），非公司关联人，本次担保不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司为香港共进提供担保金 额合计 600 万美元，折合人民币 4,392 万元，具体以实际发生情况为准，在年度 担保预计范围内。截至本公告日，公司及控股子公司已实际为香港共进提供的担 保余额为人民币 1.69 亿元。 特别风险提示：本次被担保对象香港共进资产负债率超过 70%，敬请投 资者 ...

Investment Rating - The report suggests a positive outlook for the industry, particularly in sectors driven by AI demand, with a focus on servers, IDC, switches, and connectors, both domestically and internationally [5]. Core Insights - The latest financial reports from Microsoft and Meta validate the acceleration of AI commercialization and sustained high capital investment in computing power. Microsoft Azure and other cloud services saw a 35% year-over-year revenue increase, with AI contributing 16%. Meta's operating profit for the first quarter reached $17.56 billion, a 27% increase year-over-year, with a rise in user engagement and an increase in annual capital expenditure to $64-72 billion, primarily for AI data centers and hardware [1][6]. - The demand for upstream components such as optical modules, servers, and connectors is expected to remain high due to strong capital expenditure from North American cloud providers, alleviating previous concerns about a slowdown in growth [1]. - The server sector is experiencing robust performance, with companies like Industrial Fulian achieving record revenue and net profit. The demand for high-density connections in data centers is surging, with MPO and AEC becoming key growth areas [1][2]. - The domestic iteration of large models is expected to accelerate application deployment, with companies like Xiaomi and Alibaba releasing advanced models that significantly reduce computing power consumption [1][3]. Summary by Sections Servers - The server sector index experienced a slight pullback in Q1 2025, primarily due to Nvidia's GB200 delivery delays and customer procurement decision postponements. However, the long-term growth logic remains intact, with strong performance from leading companies like Industrial Fulian, which reported a 27.88% year-over-year revenue increase [2][6]. - The report highlights structural opportunities in the server industry, particularly in the context of domestic chip replacement and the strong performance of established players [7]. Switches - The Ethernet switch market is showing significant structural differentiation in 2024, driven by AI computing demand pushing data center switches towards 800G/1.6T upgrades. Companies like Ruijie Networks are benefiting from this trend, with a projected 80-90% year-over-year revenue growth from internet clients [2][10]. - The report suggests focusing on high technical barriers and domestic replacements, as well as companies showing signs of earnings recovery [11]. Optical Modules - The optical module sector is rebounding, with a 48% year-over-year revenue increase in Q1 2025, driven by AI computing demand and cost reduction efforts by companies. Huawei's CloudMatrix 384 ultra-node cluster has strengthened the strategic position of optical modules in computing networks [3][12]. - The report indicates a recovery in market confidence towards optical modules, with leading companies exceeding expectations [12]. Connectors - The demand for high-density connections in data centers is accelerating, with connectors representing about 3-5% of the value in communication devices. Companies like Taicheng and Bochuang Technology are showing impressive performance, with significant year-over-year revenue growth [3][17]. - The report emphasizes the importance of MPO and high-speed copper cables as key growth areas in the connector market [17].

Summary of the Conference Call for Gongjin Co., Ltd. Company Overview - **Company**: Gongjin Co., Ltd. - **Industry**: Telecommunications Equipment Key Financial Highlights - In 2024, Gongjin Co., Ltd. reported a loss due to asset impairment, but in Q1 2025, profits surged by 267% year-on-year, driven by a decrease in expense ratios and revenue growth, with a significant recovery in net profit margin [2][4] - Revenue in 2024 declined by 1.8%, while Q1 2025 revenue reached 2.05 billion yuan, a 6.75% increase year-on-year [4] - Domestic revenue grew approximately 6%, while overseas revenue fell about 7%, with the gross margin for overseas main business rising to 17.5% [2][4] Business Segment Performance Data Communication (数通) Business - The data communication segment's overseas market demand declined due to the pandemic, while domestic market share increased, supported by the launch of 400G products [2][5] - The structure of data communication products has changed significantly, with 800G data center switches starting to ship [2][4] Network Communication (网通) Business - The network communication segment is the largest part of the company's main business, with key customers gradually recovering profitability [6] - In Q1 2025, revenue, profit, and backlog orders showed strong performance despite weak downstream demand in the telecommunications industry [6] Server Business - The company expects server orders to exceed 70,000 units in 2025, actively expanding production capacity to meet customer demand [2][7] - The revenue recognition for server products is based on the net method [7] Product Insights - High-speed switches (400G and 800G) had a shipment scale close to 100 million yuan last year, with an expected growth rate of at least 50% to 60% this year [2][8] - The company is focusing on high-end products, where competition barriers are increasing, potentially alleviating the price war in the domestic market [9] Strategic Responses - The company is implementing a dual circulation strategy to address trade frictions, using domestic materials for products in mainland China and U.S. core components for overseas markets [3][10] - The Vietnam factory is projected to achieve a production value close to 3 billion yuan this year, supporting the company's strategy to mitigate the impact of U.S. policies [12] Market Dynamics - The company has segmented its overseas market into three regions: Americas, EMEA, and Asia-Pacific, each accounting for about one-third of its overseas business [13] - Trade frictions have had a positive impact on the company, as it has been preparing for such challenges since 2017-2018 [9][10] Future Outlook - The management anticipates significant growth in revenue and profit for 2025, with a strong order backlog indicating potential for a revenue surge in Q2 [30][31] - The company is focused on enhancing operational efficiency and cost reduction through internal management measures [27] Additional Insights - The automotive electronics business is rapidly growing, with a focus on laser radar products, aiming to become a leading player in the market [15][16] - The overall gross margin decreased by 1.67 percentage points in 2024 compared to 2023, primarily due to intense domestic competition and the rising scale of low-margin products [18] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment insights, strategic responses, market dynamics, and future outlook for Gongjin Co., Ltd.

证券代码：603118 证券简称：共进股份 公告编号：临 2025-022 深圳市共进电子股份有限公司 关于计提资产减值准备的公告 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。 深圳市共进电子股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第五届董事会第十一次会议、第五届监事会第十次会议，审议通过了《关于计提 资产减值准备的议案》，现将相关情况公告如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》及公司会计政策的相关规定，公司对截至 2024 年 12 月末合并报表范围内公司所属资产进行了减值测试，基于谨慎性原则，对可能发 生资产减值损失的相关资产计提减值准备，2024 年度计提资产减值准备金额合计 170,862,473.91 元。具体明细如下： 单位：元 币种：人民币 注：公司以往年度同样存在计提相应资产减值准备的情况。2022 年度公司计 提资产减值准备金额为 366,359,291.00 元，2023 年度计提资产减值准备金额合计 238,835,380.76 元。 二、本次计提资产 ...