证券代码：603236 证券简称：移远通信 公告编号：2025-049 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。" 公司董事会将根据上述批复文件和相关法律、法规的要求及公司股东会的授 权，在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披露 义务。敬请广大投资者注意投资风险。 特此公告。 上海移远通信技术股份有限公司 关于 2025 年度向特定对象发行 A 股股票申请 获得中国证券监督管理委员会同意注册批复的公告 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。 上海移远通信技术股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日收到中国证券监督管理委员会出具的《关于同意上海移远通信技术股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2025〕2184 号），批复如下： "一、同意你公司向特定对象发行股票的注 ...

Core Viewpoint - Shanghai Mijuan Communication Technology Co., Ltd. has received approval from the China Securities Regulatory Commission for a specific stock issuance, which is valid for 12 months and requires compliance with regulatory requirements [1] Group 1 - The company has been granted approval to issue stocks to specific investors as per the regulatory filing [1] - The approval is valid for a period of 12 months, during which any significant events must be reported to the Shanghai Stock Exchange [1] - The company's board of directors will handle the necessary procedures and disclosures in accordance with the approval and regulatory requirements [1]

Core Viewpoint - The company emphasizes the rapid technological iteration and expanding application scenarios in the IoT industry, highlighting the need for proactive investment in cutting-edge technologies to enhance core competitiveness [1] Group 1 - The company is focusing on refining the management and assessment of R&D projects to improve operational efficiency [1] - The company aims to enhance profitability through business expansion and optimization of operational efficiency [1]

Group 1 - The core viewpoint of the article highlights that 移远通信 (Yiyuan Communication) achieved a net profit attributable to shareholders of 471 million yuan in the first half of the year, representing a year-on-year increase of 125.03% [1] - In Q2, the company reported a net profit attributable to shareholders of 259 million yuan, which is a year-on-year growth of 67.68% [1] - The improvement in profitability is attributed to enhanced cost control and efficiency improvements, shifting the business focus from "scale first" to a balance between "scale and efficiency" [1] Group 2 - The company is expected to continue its trend of improving profitability, driven by its AI and automotive sectors, which are seen as dual engines for future growth [1] - In the robotics field, the company has launched the RobrainAI robot solution version 2.0, which has successfully been implemented in humanoid robots [1] - The overall industry maintains a high prosperity trend, and based on the company's performance in the first half of 2025, the net profit estimates for 2025-2026 have been adjusted to 880 million yuan and 1.15 billion yuan, respectively [1] Group 3 - The projected net profit for 2027 is estimated to be 1.46 billion yuan, with corresponding PE valuations for 2025-2027 at 30, 23, and 18 times [1] - The company maintains an "overweight" rating based on its performance and growth prospects [1]

Core Viewpoint - The stock of Esky Communication has shown significant performance in 2023, with a year-to-date increase of 52.42%, indicating strong market interest and potential growth in the IoT wireless communication module sector [1][2]. Financial Performance - For the first half of 2025, Esky Communication reported a revenue of 11.546 billion yuan, representing a year-on-year growth of 39.98% [2]. - The net profit attributable to shareholders for the same period was 471 million yuan, reflecting a substantial increase of 125.03% year-on-year [2]. Stock Market Activity - As of September 24, Esky Communication's stock price was 102.84 yuan per share, with a market capitalization of 26.909 billion yuan [1]. - The stock experienced a trading volume of 766 million yuan on that day, with a turnover rate of 2.90% [1]. - The stock has been on the龙虎榜 (top trading list) twice this year, with the most recent occurrence on April 8 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Esky Communication was 38,300, a decrease of 11.33% from the previous period [2]. - The average number of circulating shares per shareholder increased by 12.78% to 6,831 shares [2]. - The company has distributed a total of 749 million yuan in dividends since its A-share listing, with 540 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 16.636 million shares, an increase of 1.561 million shares from the previous period [3]. - The tenth-largest circulating shareholder, Ruiyuan Growth Value Mixed A, held 3.103 million shares, a decrease of 1.489 million shares from the previous period [3].

Group 1: Fixed Income and Monetary Policy - The report discusses the anticipation surrounding the resumption of government bond trading, highlighting a shift from "buying long" to "buying short" under supportive monetary policy, with a focus on liquidity management [2][4][27] - It is expected that if interest rate cuts occur, the impact on the bond market will depend on the magnitude of the cuts, with a likely continuation of a 10 basis point reduction seen in the first half of the year [2][28][29] - The report emphasizes that regardless of whether bond trading resumes, liquidity concerns are manageable due to the central bank's diverse monetary policy tools [27][28][29] Group 2: Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects expected to drive growth [6][9] - The report notes that the early drug development process in China is significantly faster than the global average, saving 30%-50% of time [9] - Future prospects for the industry are optimistic, with increased innovation expected to unlock greater commercial value [9] Group 3: Agricultural Sector - The dairy sector is experiencing a strong supply contraction, with expectations that the phase of destocking is nearing its end [10] - The meat cattle sector is entering a super cycle, with domestic supply tightening due to reduced imports and a long replenishment cycle [10] - The report suggests that the interconnection between dairy and meat cattle sectors will enhance profitability for related enterprises [10] Group 4: Technology Sector - The report highlights the rapid growth of Meige Intelligent, driven by demand in the smart connected vehicle and edge AI hardware markets, with a 44.50% increase in revenue year-on-year [32] - The company is expanding its applications in various sectors, including drones, AR glasses, and robotics, showcasing its strong capabilities in edge AI [34][35] - Despite a decline in overall gross margin, the company anticipates improvements in profitability in the latter half of the year [33][36] Group 5: Investment Recommendations - The report recommends focusing on sectors such as innovative pharmaceuticals, new energy, and new consumption, which are expected to benefit from seasonal demand and improving economic conditions [11] - Specific companies to watch include China Shengmu, Guangming Meat, and Fucheng Co., which are positioned well within the agricultural sector [10]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 11.546 billion yuan, a year-on-year growth of 39.98%, and a net profit attributable to shareholders of 471 million yuan, up 125.03% [1] - The Internet of Things (IoT) sector remains robust, with Q2 revenue of 6.325 billion yuan, reflecting a year-on-year increase of 47.28% and a quarter-on-quarter growth of 21.14% [2] - The company's profitability has improved, with a gross margin of 17.71% and a net margin of 4.06%, indicating effective cost management and a shift towards balancing scale and efficiency [3] Financial Performance - In H1 2025, the company achieved a net profit of 471 million yuan, a 125.03% increase year-on-year, and a non-recurring net profit of 451 million yuan, up 139.36% [1] - The gross margin decreased slightly by 0.43 percentage points, while the net margin increased by 1.59 percentage points compared to the previous year [3] Industry Trends - The overall IoT industry is experiencing high demand, with the company's overseas revenue accounting for 54.50% of total revenue in H1 2025 [2] - The company is actively integrating AI technologies into its product offerings, enhancing its competitive edge in consumer-grade AR devices and robotics [4] Future Growth Drivers - The company is expanding its AI capabilities by integrating its smart module products with advanced AI models, targeting applications in AR glasses and sports cameras [4] - In the automotive sector, the company has introduced new technologies and solutions, including a Bluetooth protocol stack and a virtual cockpit software solution, which have been adopted by over 20 major manufacturers [4] Profit Forecast - Based on the strong performance in H1 2025, the company's net profit forecasts for 2025 and 2026 have been revised to 880 million yuan and 1.15 billion yuan, respectively, with an expected net profit of 1.46 billion yuan in 2027 [5]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a significant increase in performance for the first half of 2025, with operating revenue reaching 11.546 billion yuan, a year-on-year growth of 39.98%, and a net profit attributable to shareholders of 471 million yuan, up 125.03% year-on-year [1] - The overall IoT industry remains in a high-growth state, with the company achieving a 47.28% year-on-year increase in Q2 revenue [2] - The company's profitability has improved, with a gross margin of 17.71% and a net margin of 4.06%, reflecting effective cost control and management [3] - The company is actively expanding its AI and automotive sectors, integrating AI capabilities into its products and enhancing its automotive technology ecosystem [4] Financial Performance - For the first half of 2025, the company achieved a gross margin of 17.71% and a net margin of 4.06%, with year-on-year changes of -0.43 percentage points and +1.59 percentage points respectively [3] - The company's overseas revenue for the first half of 2025 reached 6.293 billion yuan, accounting for 54.50% of total revenue [2] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 880 million yuan and 1.147 billion yuan respectively, with a corresponding PE ratio of 30 and 23 times [5] Future Growth Drivers - The company is focusing on AI integration across its product lines, including smart modules for AR glasses and sports cameras, and has launched an upgraded AI robot solution [4] - In the automotive sector, the company has expanded its product offerings and has successfully implemented solutions with over 20 major manufacturers [4]

Industry Overview - The wireless communication module industry is experiencing continuous expansion in application fields, with a broad market outlook driven by the increasing demand for information technology upgrades and smart living [1] - The industry value chain includes high-tech core components such as baseband, RF, and storage chips, while passive components like capacitors and resistors are in a highly competitive market with strong substitutability [1] Market Size - The global wireless communication module market is projected to grow from 32.2 billion yuan in 2020 to 43.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.7% [3] - China's wireless communication module market is expected to expand from 17.4 billion yuan in 2020 to 24.7 billion yuan in 2024, with a CAGR of 9.1% [3] - By 2031, the global market size is anticipated to reach 87.5 billion yuan, with China's market projected to grow to 56.5 billion yuan [3] Competitive Landscape - The global wireless communication module industry exhibits a highly concentrated oligopoly structure, with the top five companies (CR5) holding a market concentration of 76% [5] - Leading companies such as Quectel and Fibocom dominate the market due to their scale and technological advantages, while other firms seek differentiation in specific regions or segments [5] - The market share of leading companies is expected to continue expanding, indicating a "stronger get stronger" trend in the industry [5] IoT and Related Fields - The IoT industry is in a rapid growth phase, with global connections expected to increase by 23% in 2024, surpassing 25 billion connections [6] - The number of cellular IoT connections is projected to reach 6.7 billion by 2029, driven by advancements in infrastructure and technologies such as AI and 5G [6] - The global shipment of cellular modules is expected to rebound in 2024, with projected shipments of 705 million units and revenues of 9.239 billion USD by 2029 [6] 5G Technology and Applications - By 2029, the number of global 5G mobile users is expected to approach 5.6 billion, with 5G accounting for approximately 75% of mobile data traffic [7] - The transition to 5G-A is anticipated to enhance capabilities significantly, enabling new applications in areas such as connected vehicles and VR/AR [7] Edge Computing and XR Technology - The demand for high computing power in the digital age is driving the growth of edge computing, which offers low latency and high bandwidth advantages [8] - XR technology is emerging alongside 5G and cloud computing, facilitating the connection between physical and virtual worlds [8] Artificial Intelligence Development - The AI sector is experiencing robust growth, with deep learning algorithms and enhanced chip capabilities driving advancements [9] - AI is expected to become a core force in technological revolutions and industrial transformations, leading to new business models and practices [9]

Group 1 - The core viewpoint of the news highlights the strong performance of Esky Communication, with a stock price increase of 53.02% year-to-date and significant trading activity on September 17, where the stock rose by 2.04% to 103.24 CNY per share [1] - Esky Communication's main business involves the design, production, research and development, and sales of wireless communication modules and solutions in the Internet of Things (IoT) sector, with module and antenna sales accounting for 99.32% of its revenue [1] - The company has been listed on the stock market since July 16, 2019, and has made two appearances on the "Dragon and Tiger List" this year, indicating notable trading activity [1] Group 2 - As of June 30, 2025, Esky Communication reported a revenue of 11.546 billion CNY, representing a year-on-year growth of 39.98%, and a net profit attributable to shareholders of 471 million CNY, which is a 125.03% increase compared to the previous year [2] - The company has distributed a total of 749 million CNY in dividends since its A-share listing, with 540 million CNY distributed over the past three years [3] - The number of shareholders decreased by 11.33% to 38,300, while the average number of circulating shares per person increased by 12.78% to 6,831 shares [2]