[Definitions](index=4&type=section&id=Item%201.%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its core financial performance metrics [Company Information](index=6&type=section&id=Item%202.1.%20Company%20Information) This section provides the company's basic corporate information, including names, legal representative, and contact details Basic Company Information | Item | Information | | :--- | :--- | | **Chinese Name** | 上海移远通信技术股份有限公司 | | **Chinese Abbreviation** | 移远通信 | | **English Name** | Quectel Wireless Solutions Co.,Ltd. | | **Legal Representative** | 钱鹏鹤 | | **Stock Exchange Listing** | Shanghai Stock Exchange | | **Stock Abbreviation** | 移远通信 | | **Stock Code** | 603236 | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Item%202.7.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by **39.98%** to **11.546 billion yuan**, and net profit attributable to shareholders increased by **125.03%** to **471 million yuan**, driven by core business growth, diversification, and improved operational efficiency Key Accounting Data (Unit: Billion Yuan) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11.546 | 8.249 | 39.98 | | Net Profit Attributable to Shareholders of Listed Company | 0.471 | 0.209 | 125.03 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 0.451 | 0.189 | 139.36 | | Net Cash Flow from Operating Activities | -0.807 | -0.336 | Not Applicable | | **Asset Data** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 4.402 | 4.037 | 9.05 | | Total Assets | 13.907 | 12.980 | 7.14 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 1.80 | 0.80 | 125.00% | | Weighted Average Return on Net Assets (%) | 11.07 | 5.69 | Increased by 5.38 percentage points | - Performance growth was primarily driven by the steady increase in core businesses (LTE, automotive, 5G, smart modules) and the expansion of diversified businesses like antennas and ODM, alongside enhanced operational efficiency and cost control through supply chain optimization and digital transformation[22](index=22&type=chunk)[23](index=23&type=chunk) - The increase in net cash outflow from operating activities was mainly due to increased business volume, leading to higher cash payments for goods and services[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=Item%202.9.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **19.9091 million yuan**, primarily from government subsidies after accounting for fair value changes in financial instruments Non-recurring Gains and Losses (Unit: Million Yuan) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 1.264 | | Government Subsidies Included in Current Profit and Loss | 25.770 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities | -7.548 | | Other Non-operating Income and Expenses and Others | 0.439 | | **Total** | **19.909** | [Management Discussion and Analysis](index=9&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's operations, financial condition, and future outlook [Industry and Main Business Overview](index=9&type=section&id=Item%203.1.%20Industry%20and%20Main%20Business%20Overview) The company primarily operates in IoT wireless communication modules and solutions, serving smart transportation, energy, and urban sectors, with global IoT market growth driven by 5G and AI large models, showing potential in 5G FWA, RedCap, intelligent connected vehicles, and AIoT terminals - The company's main business involves the design, R&D, production, and sales of wireless communication modules and solutions in the IoT sector, offering one-stop solutions including modules, antennas, and IoT software platforms[29](index=29&type=chunk) - The company employs a hybrid production model of self-production and outsourced processing, along with a global online and offline sales model covering China, Europe, North America, and Asia-Africa-Latin America[33](index=33&type=chunk) - According to ABI Research data, global cellular module shipments are projected to further increase in 2025, reaching **783 million units** by 2030[34](index=34&type=chunk) - The 5G market continues to grow, with 5G module shipments expected to reach **120 million units** by 2030 at a **41% CAGR**, while 5G FWA connections are projected to reach **350 million** and RedCap module shipments to exceed **120 million units** by 2030[37](index=37&type=chunk)[39](index=39&type=chunk) - The accelerated integration of AI large models with 5G and IoT is fostering new terminals like AI robots, toys, and glasses, with the AI toy market projected to reach **$60 billion** by 2033 and smart glasses shipments increasing from **3.3 million units** in 2024 to nearly **13 million units** in 2026[40](index=40&type=chunk)[41](index=41&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Item%203.2.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved **11.546 billion yuan** in revenue (up **39.98%**) and **471 million yuan** in net profit attributable to shareholders (up **125.03%**), with overseas revenue accounting for **54.50%**, driven by a "1+N" business matrix, diversified growth in antennas, ODM, and smart solutions, and enhanced cost control Key Performance Indicators for H1 2025 | Indicator | Amount/Ratio | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | 11.546 Billion Yuan | 39.98% | | **Net Profit Attributable to Shareholders** | 471 Million Yuan | 125.03% | | **Overseas Operating Revenue** | 6.293 Billion Yuan | - | | **Proportion of Overseas Revenue** | 54.50% | - | [R&D and Innovation](index=13&type=section&id=Item%203.2.1.%20R%26D%20and%20Innovation) The company maintained high R&D investment, spending **882 million yuan** in H1, accounting for **7.64%** of revenue, with eight global R&D centers actively participating in 5G standard setting and securing **635 authorized patents** by the end of the reporting period R&D Investment in H1 2025 (Unit: Billion Yuan) | Indicator | Value | | :--- | :--- | | **R&D Investment** | 0.882 | | **Percentage of Operating Revenue** | 7.64% | | **Number of R&D Personnel** | 4,754 | | **Percentage of Total Employees** | 68.62% | - The company has established eight R&D centers globally in Shanghai, Hefei, Foshan, Guilin, Wuhan, Vancouver, Belgrade, and Penang, covering China, Europe, North America, and Asia-Pacific regions[45](index=45&type=chunk) - The company actively participates in 3GPP standard setting and strategically patents high-value technologies, having submitted **61 5G technical proposals**, declared **385 ETSI standard-essential patents**, and obtained **635 authorized patents**, **365 trademarks**, and **306 software copyrights** by the end of the reporting period[46](index=46&type=chunk) [Module Product Lines](index=13&type=section&id=Item%203.2.2.%20Module%20Product%20Lines) The company continuously expands its module product lines, launching innovative products and solutions across 5G, smart, LTE, Wi-Fi, GNSS, and satellite communication, with 5G modules focusing on AI integration and global certification, smart modules integrating AI large models for AR glasses, LTE modules offering AI toy solutions, Wi-Fi HaLow and Wi-Fi 7 modules supporting long-range and low-latency scenarios, high-precision GNSS modules achieving mass production in assisted driving, and satellite communication modules gaining Skylo certification for integrated space-ground communication - **5G Modules**: Launched multiple high-performance products, such as the L4S-enabled RG620T/RG600L series, and continuously strengthened global market access capabilities, with RG620T-NA receiving certification from four major North American carriers[47](index=47&type=chunk)[48](index=48&type=chunk) - **Smart Modules**: All series products integrate with Volcengine Doubao VLM multimodal AI large models, focusing on AR glasses and action cameras to help clients develop consumer-grade AR terminals[49](index=49&type=chunk)[50](index=50&type=chunk) - **LTE Modules**: Developed a comprehensive AI toy solution based on the EC800M-CN module, transforming traditional dolls into AI intelligent entities, successfully implemented with multiple trendy toy brands[51](index=51&type=chunk) - **Wi-Fi & BT Modules**: Wi-Fi HaLow modules successfully applied in charging piles and meters; Wi-Fi 7 technology provides critical support for next-generation embodied robots[52](index=52&type=chunk) - **GNSS Modules**: High-precision positioning products secured more designated projects and mass production increments in combined assisted driving, with L-Band supported LG695P products achieving mass delivery[53](index=53&type=chunk)[54](index=54&type=chunk) - **Satellite Communication Modules**: The multi-mode satellite communication module BG95-S5 became the world's first Skylo-certified satellite communication module, supporting Non-Terrestrial Network (NTN) technology[54](index=54&type=chunk) [Automotive Business](index=15&type=section&id=Item%203.2.3.%20Automotive%20Business) The company expanded its automotive intelligence solutions with new Bluetooth protocol stacks and virtualized cockpit software, enabling six application scenarios like smart cockpits and V2X, while achieving rapid growth in automotive 5G module shipments, mass production of domestic chip platform products, and breakthroughs in high-precision positioning and IMU products - The company's automotive business added DynaBlue Bluetooth protocol stack, LXC virtualized cockpit software solutions, and TCU network solutions, deployed in over **20 OEMs** for mass production, empowering six typical application scenarios including smart cockpits, intelligent driving, intelligent connectivity, body control, digital keys, and electric power systems[55](index=55&type=chunk) - Automotive 5G NR modules AG59xE/H and AG56xN experienced rapid shipment growth, with cellular modules based on domestic chip platforms entering mass production, and smart cockpit module AG855G shipments increasing rapidly[58](index=58&type=chunk)[59](index=59&type=chunk) - The company achieved breakthroughs in high-precision IMU, mastering design, production, and calibration technologies, and launched the LUA600A high-precision IMU BOX product, providing high-precision position-keeping solutions for ADAS[60](index=60&type=chunk) [Software-Hardware Integrated Solutions](index=16&type=section&id=Item%203.2.4.%20Software-Hardware%20Integrated%20Solutions) The company offers comprehensive software-hardware integrated solutions including antennas, ODM, software platforms, industrial intelligence, and AI large models, achieving customized breakthroughs in antennas, strong ODM growth across PDA and POS sectors, an "AI+IoT" focused software platform with an AI toy solution, benchmark industrial intelligence projects in defect detection and automated production lines, and edge-cloud collaborative AI large model solutions empowering smart healthcare and robotics - **Antennas**: Focused on smart meters, network communication, and satellite communication, providing customized solutions and accelerating market penetration through the integrated "module + antenna" advantage[61](index=61&type=chunk) - **ODM**: Business continued strong growth, providing PCBA and complete machine solutions for leading clients in industrial PDA, POS payment, FWA, and two-wheel smart mobility[64](index=64&type=chunk) - **Software Service Platform**: Focused on "AI+IoT" integration, launched a comprehensive AI toy solution, deeply empowering AI toys with a "hardware + algorithm + platform" trinity architecture[65](index=65&type=chunk) - **Industrial Intelligence**: Continuously iterated the AIFex algorithm model training platform, implementing defect detection projects in automotive and power battery industries, and delivering integrated automated assembly + test line solutions to Tier 1 manufacturers[66](index=66&type=chunk) - **AI Large Model Solutions**: Launched an integrated "module + large model + AI algorithm + platform" edge-side + cloud-side AI large model solution, empowering industries such as smart healthcare, smart education, assisted driving, and embodied intelligence[67](index=67&type=chunk)[68](index=68&type=chunk) [Analysis of Key Operating Performance](index=19&type=section&id=Item%203.4.%20Analysis%20of%20Key%20Operating%20Performance) This section details the financial performance during the reporting period, showing synchronized growth in revenue and costs, stable expenses, and investment/fair value changes primarily influenced by foreign exchange hedging, while the balance sheet reflects significant increases in inventory and short-term borrowings to support business growth and liquidity, with overseas assets comprising **50.21%** of total assets [Analysis of Financial Statement Item Changes](index=19&type=section&id=Item%203.4.1.%20Analysis%20of%20Financial%20Statement%20Item%20Changes) During the reporting period, operating revenue grew **39.98%**, driven by 5G, LTE, automotive modules, and ODM businesses, with operating costs increasing **40.71%** in line with revenue, management expenses rising **39.54%** due to personnel and travel costs, and net cash flow from operating activities decreasing primarily due to increased raw material purchases for inventory Key Income Statement and Cash Flow Statement Item Changes (Unit: Billion Yuan) | Item | Current Period (Billion Yuan) | Prior Period (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11.546 | 8.249 | 39.98 | | Operating Cost | 9.501 | 6.752 | 40.71 | | Administrative Expenses | 0.288 | 0.206 | 39.54 | | R&D Expenses | 0.882 | 0.796 | 10.78 | | Net Cash Flow from Operating Activities | -0.807 | -0.336 | Not Applicable | - Operating revenue growth was driven by accelerated penetration of 5G and AI technologies, as the company capitalized on IoT industry opportunities, achieving strong growth in 5G modules, LTE modules, automotive modules, and ODM businesses[74](index=74&type=chunk) - The decrease in net cash flow from operating activities was due to increased expenditures for raw material purchases to support future production and sales, in line with business scale growth[74](index=74&type=chunk) [Analysis of Assets and Liabilities](index=21&type=section&id=Item%203.4.3.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets increased by **7.14%** to **13.907 billion yuan**, with inventory significantly rising **41.43%** to meet future sales growth and short-term borrowings increasing **103.74%** to satisfy business funding needs, while overseas assets reached **6.983 billion yuan**, accounting for **50.21%** of total assets Key Balance Sheet Item Changes (Unit: Billion Yuan) | Item Name | End of Current Period (Billion Yuan) | End of Prior Year (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 1.088 | 1.837 | -40.75 | | Inventories | 4.610 | 3.260 | 41.43 | | Short-term Borrowings | 1.487 | 0.730 | 103.74 | | Notes Payable | 0.769 | 1.107 | -30.57 | - Inventories increased by **41.43%**, primarily due to increased stocking and material preparation to meet future sales growth[78](index=78&type=chunk) - Short-term borrowings increased by **103.74%**, mainly due to increased bank bill discount borrowings to meet the company's business development funding needs[78](index=78&type=chunk) - As of the end of the reporting period, the company's overseas assets amounted to **6.983 billion yuan**, accounting for **50.21%** of total assets[80](index=80&type=chunk) [Analysis of Investment Status](index=23&type=section&id=Item%203.4.4.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's external equity investments totaled **16.3674 million yuan**, primarily for subsidiary employee equity incentives and capital increases, while non-equity investments included **126 million yuan** for the ongoing global headquarters project, and foreign exchange hedging operations up to **2.5 billion yuan** to mitigate currency risks - Investments during the reporting period totaled **16.3674 million yuan**, primarily for implementing employee equity incentive plans for subsidiaries like Hefei Yirui and Quectel Technology, and for capital contributions to subsidiaries such as Linyi Quectel and Shanghai Yichen[84](index=84&type=chunk)[86](index=86&type=chunk) - The company plans to invest up to **1.25 billion yuan** in its global headquarters, with cumulative investments reaching **778 million yuan** by the end of the reporting period, including **126 million yuan** invested in the current period[85](index=85&type=chunk) - To mitigate exchange rate risks, the company conducted foreign exchange hedging operations with a total annual volume not exceeding **2.5 billion yuan** in 2025, realizing an actual gain of **4.8826 million yuan** and a fair value change loss of **12.4310 million yuan** during the reporting period[89](index=89&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Risk Factors and Other Disclosures](index=29&type=section&id=Item%203.5.%20Risk%20Factors%20and%20Other%20Disclosures) The company faces key risks including international relations shifts, raw material market volatility, exchange rate fluctuations, and intensified market competition, while actively enhancing company value through initiatives like focusing on core business, prioritizing shareholder returns (cash dividends and buybacks), improving information disclosure quality, and standardizing corporate governance - Key risks faced by the company include: - **International Relations Volatility**: Uncertainties in overseas political, economic, and trade policies may adversely affect business operations - **Raw Material Market Fluctuations**: Shortages or significant price increases of upstream raw materials could impact the company's profitability - **Exchange Rate Fluctuations**: Overseas procurement and export activities expose the company to risks of performance decline due to exchange rate volatility - **Intensified Market Competition**: The IoT industry faces increasing competition, and failure to maintain continuous business growth may lead to market elimination[96](index=96&type=chunk) - The company actively implemented "Quality Improvement, Efficiency Enhancement, and High Returns" initiatives, achieving significant performance growth during the reporting period and consistently rewarding shareholders through cash dividends and share buybacks, with cumulative cash dividends and share repurchases totaling **502 million yuan** from 2022 to 2024, representing **115.60%** of the average net profit over the past three years[97](index=97&type=chunk)[98](index=98&type=chunk) [Corporate Governance, Environment, and Society](index=31&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, and equity incentive programs [Changes in Corporate Governance Structure](index=31&type=section&id=Item%204.1.%20Changes%20in%20Corporate%20Governance%20Structure) To comply with the new Company Law and other regulations, the company's shareholders approved the abolition of the Supervisory Board in July 2025, with its functions now exercised by the Board's Audit Committee - In accordance with the new Company Law and relevant regulations, the company no longer has a Supervisory Board, with its functions now exercised by the Board of Directors' Audit Committee[104](index=104&type=chunk) [Profit Distribution Plan](index=31&type=section&id=Item%204.2.%20Profit%20Distribution%20Plan) The Board of Directors approved the 2025 interim profit distribution plan, proposing a cash dividend of **RMB 5.50** (tax inclusive) per 10 shares to all shareholders 2025 Interim Profit Distribution Plan | Item | Content | | :--- | :--- | | **Dividend per 10 shares (Yuan) (tax inclusive)** | 5.50 | | **Bonus shares per 10 shares (shares)** | 0 | | **Capitalized shares per 10 shares (shares)** | 0 | | **Total proposed cash dividend (Yuan) (tax inclusive)** | 143,911,709.70 | [Equity Incentive Plan](index=31&type=section&id=Item%204.3.%20Equity%20Incentive%20Plan) During the reporting period, the company adjusted the exercise prices of its 2022 and 2023 stock option incentive plans and canceled some unexercised stock options - The company adjusted the exercise prices for its 2022 and 2023 stock option incentive plans and canceled some stock options[106](index=106&type=chunk) [Significant Matters](index=33&type=section&id=Item%205.%20Significant%20Matters) This section covers the fulfillment of commitments, significant related-party transactions, and the performance of major contracts [Fulfillment of Commitments](index=33&type=section&id=Item%205.1.%20Fulfillment%20of%20Commitments) During the reporting period, the company's controlling shareholder, actual controller, directors, and other related parties strictly fulfilled commitments made during IPO and refinancing, including share lock-ups, avoiding competition, and reducing related-party transactions - The company's controlling shareholder, actual controller, directors, senior management, and other related parties promptly and strictly fulfilled commitments made during or continuing into the reporting period, such as share lock-ups, avoiding horizontal competition, and reducing related-party transactions[110](index=110&type=chunk) [Significant Related-Party Transactions](index=42&type=section&id=Item%205.10.%20Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in ordinary course related-party transactions with NETPRISMA SG PTE.LTD, including product sales and technical support services, with transaction amounts within the annual estimated limits - The company estimates annual ordinary related-party transactions with NETPRISMA SG PTE.LTD and NETPRISMA INC. not exceeding **200 million yuan** for 2025; from the 2024 Annual Shareholders' Meeting to the report disclosure date, actual related-party transactions totaled **75.5833 million yuan**, comprising **61.2303 million yuan** in product sales and **14.3530 million yuan** in technical support services[142](index=142&type=chunk) [Significant Contracts and Their Performance](index=43&type=section&id=Item%205.11.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no external guarantees, while guarantees to subsidiaries amounted to **200 million yuan** with a zero balance at period-end Guarantees During the Reporting Period (Unit: Million Yuan) | Guarantee Status | Amount | | :--- | :--- | | Total Guarantees to Subsidiaries During Reporting Period | 200 | | Total Guarantees to Subsidiaries at End of Reporting Period | 0 | | Total External Guarantees During Reporting Period | 0 | | Total External Guarantees at End of Reporting Period | 0 | [Share Changes and Shareholder Information](index=45&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure [Changes in Share Capital](index=45&type=section&id=Item%206.1.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or equity structure - During the reporting period, there were no changes in the company's total share capital or equity structure[148](index=148&type=chunk) [Shareholder Information](index=45&type=section&id=Item%206.2.%20Shareholder%20Information) As of the end of the reporting period, the company had **38,303** common shareholders, with the top two being Qian Penghe (**17.19%** stake) and Ningbo Quectel Investment Partnership (Limited Partnership) (**6.60%** stake) Top Ten Shareholders' Holdings as of End of Reporting Period (Unit: Shares) | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | | :--- | :--- | :--- | | Qian Penghe | 44,970,241 | 17.19 | | Ningbo Quectel Investment Partnership (Limited Partnership) | 17,257,208 | 6.60 | | Hong Kong Securities Clearing Company Limited | 16,635,918 | 6.36 | | MINHONG MAO | 12,559,567 | 4.80 | | Zhu Yuehai | 5,985,779 | 2.29 | | Ge Weidong | 3,626,000 | 1.39 | | Zhang Dong | 3,548,720 | 1.36 | | Shanghai Xingzhi Venture Capital Co., Ltd. | 3,425,000 | 1.31 | | Xiang Xiaoying | 3,414,200 | 1.30 | | China Merchants Bank - Ruiyuan Growth Value Mixed Fund | 3,102,900 | 1.19 | [Changes in Holdings of Directors and Senior Management](index=47&type=section&id=Item%206.3.%20Changes%20in%20Holdings%20of%20Directors%20and%20Senior%20Management) During the reporting period, Chairman Qian Penghe transferred **12,559,567** company shares to Ms. MINHONG MAO via non-trade transfer due to a divorce agreement, resulting in a decrease in his holdings - The company's controlling shareholder and actual controller, Mr. Qian Penghe, transferred **12,559,567** company shares to Ms. MINHONG MAO in February 2025, pursuant to a divorce agreement dissolving their marriage[154](index=154&type=chunk) [Bond-Related Information](index=49&type=section&id=Item%207.%20Bond-Related%20Information) This section provides an overview of the company's bond issuance and outstanding debt instruments [Bond Status](index=49&type=section&id=Item%207.1.%20Bond%20Status) During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no outstanding corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds[159](index=159&type=chunk) [Financial Report](index=50&type=section&id=Item%208.%20Financial%20Report) This section contains the company's financial statements and related notes [Financial Statements](index=50&type=section&id=Item%208.2.%20Financial%20Statements) This section presents the unaudited consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity [Company Basic Information](index=73&type=section&id=Item%208.3.%20Company%20Basic%20Information) The company's main business involves the design, R&D, production, and sales of wireless communication modules and solutions in the IoT sector, listed on the Shanghai Stock Exchange in July 2019, with Qian Penghe as the actual controller - The company's main business is the design, R&D, production, and sales of wireless communication modules and solutions in the IoT sector, offering one-stop solutions including wireless communication modules, antennas, and software platform services, with Qian Penghe as the actual controller[196](index=196&type=chunk) [Significant Accounting Policies and Estimates](index=73&type=section&id=Item%208.5.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the enterprise accounting standards followed by the company in preparing financial statements, along with specific accounting policies and estimates for financial instruments, inventories, long-term equity investments, revenue recognition, and leases [Notes to Consolidated Financial Statements](index=96&type=section&id=Item%208.7.%20Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes and explanations for key items in the consolidated financial statements, including the composition, changes, and related accounting treatments for cash and cash equivalents, accounts receivable, inventories, fixed assets, borrowings, revenue and costs, and various expenses

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and market demand [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 11.546 billion yuan, representing a year-on-year increase of 39.98% [2] - The net profit attributable to shareholders was around 471 million yuan, showing a substantial year-on-year increase of 125.03% [2] - Basic earnings per share reached 1.8 yuan, which is an increase of 125% compared to the previous year [2]

证券代码：603236 证券简称：移远通信 公告编号：2025-045 上海移远通信技术股份有限公司 关于计提资产减值准备的公告 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 8 月 13 日 召开第四届董事会第七次会议，审议通过了《关于计提资产减值准备的议案》， 现将相关内容公告如下： 一、本次计提资产减值准备的情况概述 公司根据《企业会计准则》等相关规定，基于审慎性原则，为真实、准确地 反映公司资产和财务状况，公司对截至 2025 年 6 月 30 日合并财务报表范围内的 相关资产进行减值测试，并根据减值测试结果相应计提信用减值准备 96,637,532.44 元和资产减值准备 62,110,991.49 元。 二、本次计提信用减值损失及资产减值损失情况说明 （一）2025 年半年度信用减值损失及资产减值损失变化情况 经全面清查和减值测试后，基于谨慎性原则，公司本报告期内各项减值计提 及其他变化明细如下表： 单位：元 | 项目 | 本期计提 | 转回 | ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance in its business segments, particularly in 5G and related modules [1] Financial Performance - The company achieved a revenue of 11.546 billion yuan, representing a year-on-year increase of 39.98% [1] - The net profit attributable to shareholders reached 471 million yuan, showing a remarkable year-on-year growth of 125.03% [1] - Basic earnings per share were reported at 1.8 yuan [1] Dividend Distribution - The company proposed a cash dividend of 5.5 yuan per 10 shares (including tax) [1] Business Segments - The company experienced good growth in its 5G modules, LTE modules, automotive modules, and ODM (Original Design Manufacturer) businesses during the reporting period [1]

上海移远通信技术股份有限公司发布2025年中期利润分配方案公告。截至6月30日，公司总股本 261,657,654股，拟向全体股东每10股派发现金红利5.50元（含税），合计拟派现143,911,709.70元，现金 分红金额占半年度净利润比例为30.54%，不送红股、不进行资本公积金转增股本。若总股本变动，将 维持每股分配比例不变调整总额。 ...

格隆汇8月14日丨移远通信(603236.SH)公布半年度报告，2025年上半年度，公司实现营业收入115.46亿 元，较上年同期增长39.98%；实现归属于上市公司股东的净利润4.71亿元，较上年同期增长125.03%。 此外，2025年上半年公司境外营业收入达62.93亿元，占比54.50%。向股权登记日在册全体股东每10股 派发现金红利人民币5.50元。 ...

Core Insights - The company reported a revenue of 11.546 billion RMB for the first half of 2025, representing a year-on-year growth of 39.98% [1] - Net profit attributable to shareholders reached 471 million RMB, showing a significant increase of 125.03% year-on-year [1] - The company plans to distribute a cash dividend of 5.50 RMB per 10 shares to all registered shareholders [1] Revenue Growth Drivers - The growth in revenue is primarily driven by the steady improvement in core business and continuous diversification of operations [1] - Key business segments such as LTE modules, automotive modules, 5G modules, smart modules, GNSS modules, and Wi-Fi modules have all experienced growth [1] - The company has accelerated the development and implementation of intelligent solutions, successfully building a diversified revenue growth matrix [1] Operational Efficiency and Cost Control - Enhanced operational efficiency and cost management have further solidified the company's profit foundation [1] - The company has been deepening the construction of its supply chain system and advancing the digital transformation of business processes [1] - Effective management of expenses based on business development needs has contributed to the steady enhancement of profitability [1]

Group 1 - The Shanghai Intelligent Transportation Index (H50035) rose by 0.44% to 1892.42 points, with a trading volume of 17.419 billion yuan [1] - The index has increased by 8.14% over the past month, 10.83% over the past three months, and 12.35% year-to-date [1] - The index series reflects the performance of listed companies influenced by changes in economic and consumption structures during the urbanization process, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted companies in the Shanghai Intelligent Transportation Index include SAIC Motor (10.39%), Hongfa Technology (9.56%), Aerospace Electronics (9.15%), and others [1] - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] - The industry composition of the index sample shows that industrial companies account for 31.00%, consumer discretionary for 29.43%, information technology for 28.24%, and communication services for 11.33% [2] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Group 1 - The core viewpoint of the news highlights the financial performance and stock market activity of Shanghai Mijuan Communication Technology Co., Ltd. as of August 12, 2025, with a closing price of 85.68 yuan, reflecting a 1.13% increase [1] - The company reported total revenue of 5.221 billion yuan for Q1 2025, representing a year-on-year growth of 32.05%, and a net profit attributable to shareholders of 212 million yuan, which is a significant increase of 286.91% [1] - The company's liquidity ratios include a current ratio of 1.283 and a quick ratio of 0.735, with a debt-to-asset ratio of 69.14% [1] Group 2 - Shanghai Mijuan Communication Technology Co., Ltd. was established in 2010 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has made investments in 13 enterprises and has participated in 506 bidding projects, indicating active engagement in the market [2] - The company holds 186 trademark registrations and 731 patents, along with 17 administrative licenses, showcasing its commitment to innovation and compliance [2]

Group 1 - The Chinese government has officially included 6G technology in its future industry cultivation framework, indicating its strategic importance alongside other technologies like biomanufacturing and quantum technology [2] - By 2040, the number of 6G terminal connections is expected to increase by over 30 times compared to 2022, with monthly data traffic projected to grow by over 130 times, leading to a market potential of hundreds of billions of terminal connections and trillions of GB in monthly traffic [4][2] Group 2 - The Ministry of Industry and Information Technology has emphasized the acceleration of 6G research and development, aiming to enhance the quality of the information and communication industry and promote industrial internet innovation [2] - The 6G standardization process is set to begin in June 2025, with the first version of the technical specifications expected to be completed by March 2029 [3] - China has maintained a leading position in 6G patent applications, with 89.9% of these being invention applications, showcasing its strength in 6G innovation [3] Group 3 - Several companies are proactively engaging in 6G-related research and development, with ZTE successfully completing tests in areas such as communication perception integration and wireless artificial intelligence [5] - Companies like Sunlord Electronics and Shenglu Communication are also involved in foundational research for 6G technology, focusing on various communication components and network integration strategies [5] - Wanma Co. has indicated its commitment to closely follow the developments in 6G technology and its applications [6] Group 4 - Among the 6G concept stocks, 15 companies are projected to achieve profitability in 2024, with some experiencing significant year-on-year profit growth [6] - Yiyuan Communication is expected to report a net profit of approximately 540 million yuan in 2024, reflecting a year-on-year increase of about 495.33%, driven by the recovery in the IoT market [6] - Major companies like China Mobile are actively involved in 6G research and are focusing on standard formulation and related work to prepare for future developments [6]