Core Viewpoint - Zhongbei Communication's stock price has shown fluctuations, with a slight increase of 2.05% on October 31, 2023, while the company has experienced a year-to-date price increase of 2.23% and a decline of 10.70% over the past 20 trading days [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Zhongbei Communication achieved a revenue of 2.317 billion yuan, representing a year-on-year growth of 5.05% [2]. - The net profit attributable to shareholders for the same period was 85.0419 million yuan, which reflects a significant year-on-year decrease of 41.14% [2]. - The company has distributed a total of 324 million yuan in dividends since its A-share listing, with 145 million yuan distributed over the past three years [3]. Group 2: Stock Market Activity - As of October 31, 2023, Zhongbei Communication's stock was trading at 23.37 yuan per share, with a total market capitalization of 10.148 billion yuan [1]. - The stock has seen a trading volume of 1.09 billion yuan on the same day, with a turnover rate of 1.09% [1]. - The net inflow of main funds was 9.5089 million yuan, with large orders accounting for 22.03% of purchases and 14.52% of sales [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongbei Communication was 66,100, which is a decrease of 13.03% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 14.98% to 6,571 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.2545 million shares, an increase of 3.2048 million shares from the previous period [3].

Core Viewpoint - The company plans to increase its investment in its wholly-owned subsidiary, aiming to enhance operational capabilities and support daily business needs by injecting RMB 130 million [9][11][35]. Financial Data - The financial report for the third quarter of 2025 has not been audited, and the company confirms the accuracy and completeness of the financial information presented [3][5][34]. Investment Details - The investment will be made to 中贝通信集团香港有限公司, which will subsequently invest the same amount into 中贝通信集团科技有限公司, maintaining their registered capital unchanged [11][35]. - The total investment in 中贝通信集团科技有限公司 over the last 12 months, including this increase, amounts to RMB 273 million [17]. Approval Process - The board of directors approved the investment proposal on October 29, 2025, and it does not require shareholder meeting approval [11][36]. Risk Management - The company acknowledges potential operational and management risks due to differences in legal and business environments between domestic and overseas operations, but emphasizes that these risks are manageable [10][19].

Group 1 - The core point of the article is that Zhongbei Communication (603220) announced that it does not have any overdue guarantees and has not provided guarantees for its controlling shareholders and actual controllers or their related parties [1]

Core Viewpoint - Zhongbei Communication (603220.SH) reported a total operating revenue of 2.317 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.05% [1] - The net profit attributable to shareholders decreased by 41.14% to 85.0419 million yuan [1] - The basic earnings per share were reported at 0.1959 yuan [1] Financial Performance - Total operating revenue for the first three quarters reached 2.317 billion yuan, showing a growth of 5.05% compared to the previous year [1] - Net profit attributable to the parent company was 85.0419 million yuan, reflecting a significant decline of 41.14% year-on-year [1] - Basic earnings per share stood at 0.1959 yuan [1]

| 证券代码：603220 | 证券简称：中贝通信 | 公告编号：2025-072 | | --- | --- | --- | | 转债代码：113678 | 转债简称：中贝转债 | | 中贝通信集团股份有限公司 关于向子公司增资的公告 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法律责任。 重要内容提示： 投资标的名称：中贝通信集团香港有限公司、中贝通信集团科技有限公 司 投资金额：中贝通信集团股份有限公司（以下简称"公司"）拟使用自 有资金或自筹资金向全资子公司中贝通信集团科技有限公司增资人民币 13,000 万元。 交易实施尚需履行的审批及其他相关程序 相关的备案或审批，以及最终取得备案或审批时间存在不确定性的风险。 一、对外投资概述 （一）本次交易概况 1、本次交易概况 为满足公司境外全资子公司中贝通信集团科技有限公司日常经营需要，提升 公司的营运能力，公司拟以自有资金或自筹资金对全资子公司中贝通信集团香港 有限公司增资人民币 13,000 万元，相关增资款将用于其向中贝通信集团科技有 限公司增资；增资完成后中贝通信集团香港有 ...

| 证券代码：603220 | 证券简称：中贝通信 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：113678 | 转债简称：中贝转债 | | 中贝通信集团股份有限公司 关于为子公司提供担保的公告 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法律责任。 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 91,874.79（含本次担保） | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 45.03 | | | □对外担保总额超过最近一期经审计净资 | | | 产 100% | | | □担保金额超过上市公司最近一期经审计 | | 特别风险提示（如有请勾选） | 净资产 50% | | | □对合并报表外单位担保金额达到或超过 | | | 最近一期经审计净资产 30%的情况下 | | | ☑对资产负债率超过 70%的单位提供担保 | | 其他风险提示（如有） | 无 | 一 ...

| 证券代码：603220 | 证券简称：中贝通信 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：113678 | 债券简称：中贝转债 | | 中贝通信集团股份有限公司 第四届董事会第十一次会议决议公告 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。 中贝通信集团股份有限公司（以下简称"公司"、"中贝通信"）第四届董 事会第十一次会议于2025年10月26日以电话、微信和电子邮件的方式通知各位董 事，于2025年10月29日在公司会议室以现场和通讯方式召开，应参加表决董事9 名，实际参加表决董事9名，会议由董事长李六兵先生主持。公司部分监事、高级 管理人员列席了会议。会议召开符合《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和《公司 章程》的有关规定，会议审议通过如下决议： 一、审议通过了《关于<公司2025年第三季度报告>的议案》 1、议案内容： 根据中国证监会和上海证券交易所对上市公司信息披露有关规定的要求和 固定格式，公 ...

Financial Performance - The company's operating revenue for the third quarter was ¥732,776,114.57, an increase of 5.66% compared to the same period last year[4] - The total profit for the third quarter was ¥39,411,464.97, a decrease of 12.45% year-on-year[4] - The net profit attributable to shareholders was ¥34,398,988.08, down 12.04% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥34,283,519.46, a decrease of 13.67% year-on-year[4] - The basic earnings per share for the third quarter was ¥0.0792, a decline of 5.60% compared to the same period last year[5] - The diluted earnings per share also stood at ¥0.0792, reflecting a decrease of 5.60% year-on-year[5] - The company reported a significant decrease in total profit for the year-to-date, down 41.21% due to a reduction in revenue from new infrastructure business[9] - Total operating revenue for the first three quarters of 2025 reached ¥2,317,179,299.11, an increase of 5.04% compared to ¥2,205,738,832.26 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 decreased to ¥99,071,322.38, down 42.14% from ¥171,239,439.24 in 2024[20] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥85,041,899.11, a decline of 41.19% compared to ¥144,477,633.88 in the same period of 2024[21] - Basic earnings per share for the first three quarters of 2025 were ¥0.1959, down from ¥0.3707 in 2024, indicating a decrease of 47.16%[21] - The company reported a total comprehensive income of ¥75,571,512.28 for the first three quarters of 2025, down from ¥144,520,459.07 in 2024, a decline of 47.60%[21] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,015,896,926.35, a decrease of 0.89% from the end of the previous year[5] - The equity attributable to shareholders increased by 1.82% to ¥2,077,340,741.63 compared to the end of the previous year[5] - The company's total current assets decreased from ¥3,722,973,768.18 at the end of 2024 to ¥3,430,967,061.33 as of September 30, 2025, a decline of approximately 7.83%[16] - Accounts receivable increased slightly from ¥2,086,180,360.54 to ¥2,104,719,126.12, reflecting a growth of about 0.03%[16] - Total assets decreased from ¥8,088,088,584.50 to ¥8,015,896,926.35, a reduction of approximately 0.9%[17] - Short-term borrowings increased from ¥988,000,000.00 to ¥1,121,862,000.00, an increase of about 13.5%[17] - Total liabilities increased from ¥4,631,508,477.17 to ¥4,726,337,608.84, reflecting a growth of approximately 2.05%[17] - Total liabilities decreased to ¥5,825,554,132.99 in 2025 from ¥5,970,579,728.07 in 2024, a reduction of 2.43%[18] - Total equity increased to ¥2,190,342,793.36 in 2025 from ¥2,117,508,856.43 in 2024, reflecting a growth of 3.43%[18] Cash Flow - Operating cash inflow from sales increased to $2,533,619,530.83, up from $1,968,506,130.75, representing a growth of approximately 28.7%[24] - Net cash flow from operating activities was $163,864,520.31, a significant recovery from a negative cash flow of -$276,787,578.87 in the previous period[24] - Total cash outflow from investment activities was $362,657,880.82, compared to $1,958,474,682.56 in the prior period, indicating a reduction in investment spending[25] - Net cash flow from financing activities showed a deficit of -$196,153,526.86, contrasting with a positive cash flow of $1,442,051,109.21 previously[25] - The ending cash and cash equivalents balance was $356,077,839.30, slightly up from $351,727,475.29 in the previous period[25] - Cash inflow from financing activities totaled $1,567,862,000.00, down from $2,724,340,547.13, reflecting a decrease in new financing[25] - Cash outflow for debt repayment was $1,491,312,276.11, which increased from $1,162,559,423.94, indicating higher debt servicing costs[25] - The company received $40,000,000.00 from minority shareholders, a significant increase from $5,000,000.00 in the previous period[25] - The impact of exchange rate changes on cash and cash equivalents was positive at $4,120,662.24, compared to $2,775,819.74 previously[25] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥68,600,008.83, slightly up from ¥65,958,469.50 in 2024, indicating a year-on-year increase of 3.93%[20] Strategic Developments - The company has not reported any new strategies or product developments during this period[14] - The company will not apply new accounting standards starting from 2025, as confirmed in the announcement[26]

Group 1 - The core point of the article is that Zhongbei Communication reported a revenue of 733 million yuan in the third quarter, representing a year-on-year increase of 5.66% [1] - The net profit for the third quarter was 34.4 million yuan, showing a decline of 12.04% compared to the previous year [1] - For the first three quarters, the total revenue reached 2.317 billion yuan, which is a year-on-year growth of 5.05% [1] - The net profit for the first three quarters was 85.0 million yuan, reflecting a significant decrease of 41.14% year-on-year [1]

Market Overview - In October 2025, the equity market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3900 points and reaching a historical high of 3950.3, marking a monthly increase of 0.42% [5] - The bond market remained volatile, influenced by expectations of further monetary policy easing and high risk aversion due to the uncertain Sino-US trade situation. The yield on 10-year government bonds rose by 0.20 basis points to 1.849% by October 24 [5] - The convertible bond market saw a stabilization after an initial valuation compression, with the average price of convertible bonds decreasing by 3.00% to 114.34 yuan, and the median price dropping by 0.48% to 131.01 yuan [5][11] Convertible Bond Strategy - The report suggests a balanced approach to convertible bond investments, emphasizing the need for a wave-like strategy in asset management. It highlights the importance of selecting bonds with high potential for price appreciation while managing risks associated with high premiums and frequent redemptions [17] - The report identifies sectors with high win rates and high odds for convertible bond investments, including lithium batteries, semiconductor equipment, and agricultural chemicals, which are expected to benefit from recent price increases and market demand [17] "Top Ten Convertible Bonds" Portfolio - The report lists the "Top Ten Convertible Bonds" for November 2025, highlighting their respective industries, credit ratings, and reasons for recommendation. For instance, the "Xingye Convertible Bond" is recommended due to its attractive dividend yield of over 5% [19][20] - The portfolio includes bonds from various sectors such as banking, battery manufacturing, medical devices, and semiconductor industries, showcasing a diverse investment strategy aimed at capturing growth across different market segments [19] Sector-Specific Insights - The banking sector, represented by Xingye Bank, is noted for its stable revenue growth and strong asset quality, with a projected dividend yield of 4.6% [20][21] - The battery sector, particularly represented by Yiwei Lithium Energy, is experiencing rapid growth in energy storage battery shipments, positioning the company as a leader in the market [31][34] - The medical device sector, led by Yirui Technology, is benefiting from increased demand for digital X-ray detectors and core component breakthroughs, indicating strong growth potential [43][46] - The semiconductor sector, represented by Weier Technology, is capitalizing on the recovery in consumer electronics demand and the expansion of automotive electronics, leading to significant revenue growth [68][71] - The communication sector, represented by Zhongbei Communication, is seeing explosive growth in its intelligent computing business, driven by the increasing demand for AI-related services [80][83] Conclusion - The report emphasizes the importance of a strategic approach to investing in convertible bonds, focusing on sectors with strong growth potential and favorable market conditions. The "Top Ten Convertible Bonds" portfolio serves as a guide for investors looking to capitalize on these opportunities while managing associated risks [17][19]