Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [10]. Core Views - The company has achieved steady revenue growth and a recovery in profitability in the first half of 2024, with revenue reaching 8.249 billion yuan, a year-on-year increase of 26.67%, and a net profit of 209 million yuan, marking a turnaround from losses [2][4]. - The company is focusing on optimizing its product matrix in the smart module sector and has made significant advancements in its global market strategy, with overseas revenue accounting for 51.17% of total revenue in the first half of 2024 [2][3]. - The company is actively investing in research and development, with R&D expenses amounting to 796 million yuan, representing 9.65% of its revenue [2][3]. Financial Summary - In 2024, the company is projected to achieve a revenue of 17.326 billion yuan, with a year-on-year growth rate of 25.0% [4][6]. - The net profit for 2024 is estimated at 512 million yuan, reflecting a significant recovery from the previous year's loss [4][6]. - The company's earnings per share (EPS) for 2024 is forecasted to be 1.94 yuan, with a price-to-earnings (P/E) ratio of 22.2 times [4][6]. Business Development - The company is deepening its presence in the IoT wireless communication module sector and continuously optimizing its business layout, including the introduction of multiple 5G module products that have received global certifications [2][3]. - The company has launched several satellite communication modules and is providing comprehensive end-to-end solutions for various applications, including logistics monitoring and smart agriculture [2][3]. - The company is also expanding into new business areas such as antennas and industrial intelligence, with innovative products and platforms aimed at enhancing operational efficiency in manufacturing [2][3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's performance slightly exceeded the forecast, with market demand gradually recovering [2] - In the first half of 2024, the company achieved operating revenue of 8.25 billion yuan, a year-on-year increase of 26.7%, and a net profit attributable to shareholders of 210 million yuan, marking a return to profitability [3] - The recovery in performance is attributed to the gradual restoration of market demand and the expansion of derivative businesses based on module operations [3] - The company has significantly improved its profitability, with a gross margin of 18.14% and a net profit margin of 2.47% in the first half of 2024 [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 4.29 billion yuan, a year-on-year increase of 27.3% and a quarter-on-quarter increase of 8.6% [3] - The net profit for Q2 2024 was 150 million yuan, a year-on-year increase of 691.5% and a quarter-on-quarter increase of 182.3% [3] - The company’s gross margin for Q2 2024 was 19.26%, up 1.72 percentage points year-on-year, and the net profit margin was 3.53%, up 2.98 percentage points year-on-year [3] Market Position - The global market share of the company reached 37.1% in Q1 2024, an increase of 3.1 percentage points compared to the entire year of 2023 [4] - The demand for cellular IoT modules is expected to grow, with global shipments projected to reach 790 million units by 2029, generating revenue of approximately 9.495 billion USD [4] Product Development - The company has successfully launched several smart module products for various applications, including smart payments and industrial inspection [5] - The satellite communication modules have been widely adopted in logistics monitoring and emergency communication [5] - The automotive module technology ecosystem includes seven major products, with significant adoption by leading automotive manufacturers [5] Operational Efficiency - The company invested 796 million yuan in R&D in the first half of 2024, accounting for 9.65% of operating revenue [7] - The company has improved operational efficiency, with a reduction in sales, management, and R&D expense ratios compared to the previous year [7] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 500 million yuan, 700 million yuan, and 862 million yuan, respectively [8] - The corresponding PE ratios for these years are projected to be 23, 17, and 13 [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the recovery in downstream demand and improved profitability [4][5]. Core Insights - The company reported a significant recovery in its mid-year performance for 2024, achieving a revenue of 8.249 billion yuan, a year-on-year increase of 26.7%, and a net profit of 209 million yuan, reversing from a loss of 120 million yuan in the same period last year [4][5]. - The second quarter of 2024 saw a revenue of 4.295 billion yuan, up 27.3% year-on-year, with a net profit of 155 million yuan, reflecting a remarkable growth of 691% year-on-year and 182% quarter-on-quarter [4][5]. - The improvement in profitability is attributed to the continuous recovery in downstream demand, enhanced operational efficiency, and effective cost control measures [4][5]. Financial Summary - The company’s total revenue for 2024 is projected to be 17.879 billion yuan, with a year-on-year growth rate of 29.0% [6]. - The net profit for 2024 is estimated at 491 million yuan, representing a substantial increase of 441.4% compared to the previous year [6]. - The earnings per share (EPS) for 2024 is forecasted to be 1.86 yuan, with a projected price-to-earnings (PE) ratio of 22 times [6]. Market Position and Growth Potential - The company is positioned as a core player in the global IoT module market, with promising growth prospects in various sectors including automotive, 5G, and smart modules [5]. - The ongoing recovery in downstream demand is expected to contribute positively to the company's revenue growth, with new product lines being introduced to capture market opportunities [5]. - The company aims to maintain its profitability forecasts for 2024-2026, with net profits projected at 4.91 billion yuan, 6.13 billion yuan, and 7.76 billion yuan respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [6]. Core Insights - The company reported a significant revenue growth of 26.67% year-on-year, achieving a total revenue of 8.249 billion yuan in the first half of 2024 [1]. - The company turned a profit with a net profit of 209 million yuan, compared to a loss in the same period last year, indicating a strong recovery [1][3]. - The gross margin improved to 18.14% for the first half of 2024, with a notable increase in the second quarter to 19.26% [3]. - The company is well-positioned to benefit from the recovery in the IoT market and the growing demand for smart automotive solutions [2][5]. Financial Performance - The company achieved a total revenue of approximately 4.295 billion yuan in Q2 2024, reflecting a year-on-year growth of about 27.25% [2]. - The overseas revenue accounted for 51.17% of total revenue in the first half of 2024, amounting to 4.220 billion yuan [2]. - The projected net profits for 2024-2026 are estimated at 550 million yuan, 730 million yuan, and 940 million yuan respectively, with corresponding P/E ratios of 19.87, 14.99, and 11.62 [5][8]. Business Development - The company is expanding its edge computing capabilities, which are expected to play a crucial role in AI development, particularly in applications like VR/AR and autonomous vehicles [4]. - The introduction of a comprehensive suite of automotive communication modules is aimed at enhancing the smart automotive ecosystem [5]. - The company has successfully integrated its 5G modules with NVIDIA's Jetson AGX Orin, enhancing its AI edge computing capabilities [4].

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This chapter primarily explains professional terms and company entity abbreviations used in the report, covering communication technologies, IoT concepts, and full names of major subsidiaries and affiliates - This chapter mainly explains professional terms and company entity abbreviations used in the report, covering communication technologies (such as LTE, 5G, C-V2X), IoT-related concepts (IoT, AIoT), and the full names of the company's major subsidiaries and associated companies[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's fundamental information and key financial performance [Company Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic business registration information for Quectel Wireless Solutions Co., Ltd., including its Chinese and English names, legal representative, registered address, office address, and contact details - The company's full name is Shanghai Quectel Wireless Solutions Co., Ltd., stock code **603236**, and legal representative is Qian Penghe[11](index=11&type=chunk)[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2024, the company achieved revenue of **8.249 billion yuan**, a **26.67% year-on-year increase**, and turned losses into profits with a net profit attributable to parent company shareholders of **209 million yuan**, despite a significant **315.90% year-on-year decrease** in net cash flow from operating activities due to increased procurement Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,248,827,734.10 yuan | 6,511,850,624.80 yuan | 26.67 | | Net Profit Attributable to Shareholders of Listed Company | 209,375,373.88 yuan | -115,373,422.21 yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 188,520,567.64 yuan | -154,664,592.83 yuan | Not Applicable | | Net Cash Flow from Operating Activities | -335,989,539.88 yuan | 155,619,715.65 yuan | -315.90 | Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.80 | -0.44 | Not Applicable | | Weighted Average Return on Net Assets (%) | 5.69 | -3.15 | Increased by 8.84 percentage points | - The turnaround in performance is attributed to the gradual recovery of market demand, the company's expansion into derivative businesses based on its module business, and continuous optimization of operational efficiency, leading to a year-on-year decrease in expense ratios[18](index=18&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **20.85 million yuan**, primarily from government subsidies and gains on disposal of non-current assets Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 5,186,369.56 | | Government Subsidies Included in Current Profit/Loss | 16,396,365.75 | | Other Non-Operating Income and Expenses | -715,870.99 | | **Total** | **20,854,806.24** | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive discussion and analysis of the company's industry, principal business, operating performance, and potential risks [Industry and Principal Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's principal business involves IoT wireless communication modules and solutions, widely applied in smart transportation, energy, and financial payment sectors, with a production model combining self-production and outsourced processing, and a global sales model; the IoT industry is recovering, with 5G-A, edge computing, and XR technologies driving new growth - The company's principal business is the design, research and development, production, and sales services of wireless communication modules and their solutions in the IoT field, providing one-stop solutions[20](index=20&type=chunk) - Industry trends indicate a recovery in IoT prosperity, with global cellular IoT connections projected to reach **6.7 billion by 2029**; 5G technology is evolving towards 5G-A, fostering new applications like C-V2X and VR/AR; edge computing and XR technologies are becoming key drivers for industry advancement[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%B8%89%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2024, the company's revenue increased by **26.67%** to **8.249 billion yuan**, achieving a net profit of **209 million yuan**, with overseas revenue accounting for **51.17%**; the company continued to strengthen R&D investment, spending **796 million yuan** (9.65% of revenue), and expanded its product lines and derivative businesses globally Financial Indicators | Financial Indicators | H1 2024 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 8.249 billion yuan | 26.67% | | Net Profit Attributable to Parent | 209 million yuan | Turned losses into profits | | Overseas Operating Revenue | 4.220 billion yuan | - | | Overseas Revenue Share | 51.17% | - | [R&D and Technological Innovation](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8C%81%E7%BB%AD%E5%8A%A0%E5%BC%BA%E7%A0%94%E5%8F%91%E4%B8%8E%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0) The company prioritizes technological innovation, with R&D investment reaching **796 million yuan** (9.65% of revenue) in the first half of 2024, supported by eight global R&D centers and a high proportion of R&D personnel, contributing to significant patent achievements and international standard participation R&D Metrics | R&D Metrics | H1 2024 | Proportion | | :--- | :--- | :--- | | R&D Investment | 796 million yuan | 9.65% of revenue | | R&D Personnel | 4,203 people | 73.88% of total staff | - As of the end of the reporting period, the company had obtained **495 authorized patents**, **324 trademarks**, and **279 software copyrights**, and submitted over **50 5G technical proposals** to 3GPP[30](index=30&type=chunk) [Module Product Development](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%A0%B9%E6%8D%AE%E5%AE%A2%E6%88%B7%E9%9C%80%E6%B1%82%EF%BC%8C%E6%8C%81%E7%BB%AD%E5%BC%80%E5%8F%91%E6%A8%A1%E7%BB%84%E4%BA%A7%E5%93%81%E5%93%81%E7%B1%BB) During the reporting period, the company continuously enriched its product lines, developing over **50 5G module models**, launching new intelligent, LTE, LPWA, and Wi-Fi & BT modules, and actively positioning itself in the 5G-A ecosystem - The company has developed over **50 5G module models**, covering industrial-grade, Android smart, and automotive-grade applications, and is actively building the 5G-A ecosystem[31](index=31&type=chunk) - The company launched multiple new intelligent, LTE, LPWA, and Wi-Fi & BT module products to meet the demands of various application scenarios[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [Automotive Business](index=13&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%A0%81%E5%AE%9E%E5%86%85%E5%8A%9F%EF%BC%8C%E6%8F%90%E4%BE%9B%E5%85%A8%E6%A0%88%E8%BD%A6%E8%BD%BD%E6%A8%A1%E7%BB%84%E3%80%81%E6%96%B9%E6%A8%A1%E5%8F%8A%E6%9C%8D%E5%8A%A1) The company has established a "Seven Automotive Product Technology Ecosystem" to support automotive intelligence upgrades, covering smart cockpit, 4G/5G, C-V2X, and high-precision positioning modules, along with antennas and solutions, achieving significant progress in automotive-grade module certifications and mass production - The company launched a "Seven Automotive Product Technology Ecosystem" to empower six major application scenarios, including smart cockpit, intelligent driving, and intelligent connectivity[37](index=37&type=chunk)[38](index=38&type=chunk) - Automotive-grade 5G modules AG59xE/H series have been designated by leading automakers in Europe, North America, Japan, and India; smart cockpit module AG855G has passed AEC-Q104 automotive-grade certification[38](index=38&type=chunk) [GNSS Modules](index=14&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%89%A9%E5%B1%95%20GNSS%20%E6%A8%A1%E7%BB%84%E4%BA%A7%E5%93%81%E7%BA%BF%EF%BC%8C%E5%8A%A9%E5%8A%9B%E8%A1%8C%E4%B8%9A%E5%AE%9A%E4%BD%8D%E8%BF%BD%E8%B8%AA) During the reporting period, the company introduced two new GNSS modules, LG290P and LG580P, specifically designed for high-precision positioning needs in intelligent robots, drones, and precision agriculture - The newly launched LG290P and LG580P modules meet the demands for small-sized, all-constellation quad-band and all-constellation multi-frequency positioning and heading functions, respectively[40](index=40&type=chunk) [Satellite Communication](index=14&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%B8%83%E5%B1%80%E5%8D%AB%E6%98%9F%E9%80%9A%E4%BF%A1%E9%A2%86%E5%9F%9F%EF%BC%8C%E5%8A%A0%E9%80%9F%20IoT%20%E7%BB%88%E7%AB%AF%E7%9B%B4%E8%BF%9E%E5%8D%AB%E6%98%9F) As an early participant in satellite communication IoT, the company has mass-produced several satellite communication modules and provides end-to-end solutions for applications such as logistics monitoring and emergency communication - The company has pioneered the launch and mass production of multiple satellite communication modules, including CC660D-LS, CC200A-LB, and BG95-S5[41](index=41&type=chunk) [Derivative Businesses](index=14&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%20%E5%8A%A0%E5%BF%AB%E5%8F%91%E5%B1%95%E8%A1%8D%E7%94%9F%E4%B8%9A%E5%8A%A1%EF%BC%8C%E8%B5%8B%E8%83%BD%E5%9E%82%E7%9B%B4%E8%A1%8C%E4%B8%9A%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A8%A1%E2%80%9C%E4%B8%80%E4%BD%93%E5%8C%96%E2%80%9D) The company is accelerating the development of module-centric derivative businesses, including IoT antennas, ODM services (with over **50% revenue growth** in H1), software platform services, industrial intelligence, and certification services, providing integrated vertical industry solutions - The company's derivative businesses include IoT antennas, IoT software service platforms, ODM business, industrial intelligence, smart agriculture, and certification services[42](index=42&type=chunk) - ODM business revenue grew by over **50%** in the first half of 2024, providing PCBA solutions to leading customers in PDA, POS, FWA, and two-wheeler industries[44](index=44&type=chunk) [Analysis of Key Operating Performance](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This chapter provides a detailed analysis of key operating data for the reporting period, including changes in financial statement items, asset and liability status, and investment activities [Principal Business Analysis](index=16&type=section&id=1%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) During the reporting period, the company's operating revenue increased by **26.67%** and operating costs by **25.79%**, while financial expenses surged by **101.19%** due to reduced exchange gains, and net cash flow from operating activities significantly decreased by **315.90%** primarily due to increased procurement expenditures Financial Statement Item Change Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8,248,827,734.10 | 6,511,850,624.80 | 26.67 | | Operating Cost | 6,752,312,138.55 | 5,367,882,197.25 | 25.79 | | Financial Expenses | 33,201,313.11 | 16,502,593.70 | 101.19 | | Net Cash Flow from Operating Activities | -335,989,539.88 | 155,619,715.65 | -315.90 | [Analysis of Assets and Liabilities](index=18&type=section&id=1.%20%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) As of the end of the reporting period, the company's total assets were **11.386 billion yuan**, a slight increase of **1.36%** from the end of the previous year, with significant increases in prepayments and construction in progress due to increased inventory and headquarters construction, and a **39.74%** rise in short-term borrowings to meet business development funding needs Asset and Liability Status | Project Name | Current Period End Amount (yuan) | Change Ratio from Prior Year End (%) | Main Reason | | :--- | :--- | :--- | :--- | | Prepayments | 201,170,700.44 | 99.53 | Advance procurement of raw materials | | Construction in Progress | 155,851,324.96 | 52.82 | Increased investment in headquarters building construction | | Short-term Borrowings | 1,005,538,617.79 | 39.74 | Increased funding needs for business development | | Other Receivables | 84,925,366.58 | -64.40 | Decrease in export tax refund receivables | - As of the end of the reporting period, the company's overseas assets amounted to **2.379 billion yuan**, accounting for **20.89%** of total assets[53](index=53&type=chunk) [Analysis of Investment Status](index=19&type=section&id=1.%20%E5%AF%B9%E5%A4%96%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%80%BB%E4%BD%93%E5%88%86%E6%9E%90) During the reporting period, the company's external equity investment totaled **12.69 million yuan**, primarily for capital increases in subsidiaries and employee equity incentives, while the Quectel Global Headquarters project continued construction with a **52.66 million yuan** investment in this period, bringing the cumulative investment to **376 million yuan** - The Quectel Global Headquarters project is under continuous construction, with a total estimated investment not exceeding **1.25 billion yuan**, **52.66 million yuan** invested in this reporting period, and a cumulative investment of **376 million yuan**[56](index=56&type=chunk) - During the reporting period, the company and its wholly-owned subsidiaries did not engage in foreign exchange hedging activities[61](index=61&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This chapter discloses the operating performance of major holding and participating companies, including Changzhou Quectel, Guilin Quectel, Hong Kong Quectel, and Singapore Quectel, with Hong Kong Quectel achieving a net profit of **20.60 million yuan**, while Singapore Quectel incurred a net loss of **170 million yuan** due to undertaking some overseas business Major Holding and Participating Companies | Company Name | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Changzhou Quectel | 2,491.64 | 313.02 | 1,521.75 | -36.91 | | Hong Kong Quectel | 967.57 | -21.64 | 2,650.17 | 20.60 | | Singapore Quectel | 1,139.32 | -214.35 | 933.02 | -170.22 | [Potential Risks](index=22&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including intensified market competition, foreign exchange fluctuations, changes in international relations, and raw material market volatility, which it addresses through technological innovation, optimized management, foreign exchange monitoring, and strengthened supply chain management - The company faces four main risks: market competition risk, foreign exchange fluctuation risk, international relations change risk, and raw material market volatility risk[63](index=63&type=chunk)[64](index=64&type=chunk) [Corporate Governance](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section outlines the company's corporate governance structure and practices [Profit Distribution Plan](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A8%A1) The company's board of directors approved the 2024 interim profit distribution plan, proposing a cash dividend of **2.60 yuan (tax inclusive)** per 10 shares to all shareholders - The 2024 interim profit distribution plan proposes a cash dividend of **2.60 yuan (tax inclusive)** per 10 shares, based on the total share capital (excluding repurchased shares) on the equity distribution record date[65](index=65&type=chunk)[66](index=66&type=chunk) [Environmental and Social Responsibility](index=24&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section details the company's commitment and actions regarding environmental protection and social responsibility [Environmental Information](index=24&type=section&id=(%E4%BA%8C)%20%E9%87%8D%E7%82%B9%E6%8E%92%E6%B1%A1%E5%8D%95%E4%BD%8D%E4%B9%8B%E5%A4%96%E7%9A%84%E5%85%AC%E5%8F%B8%E7%8E%AF%E4%BF%9D%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company and its subsidiaries are not classified as key polluting entities and had no environmental violations during the reporting period, actively fulfilling environmental responsibilities through compliance, daily operations, hazardous waste management, and carbon emission reduction initiatives like smart office energy saving, rainwater harvesting, and photovoltaic power generation - The company and its subsidiaries are not classified as key polluting entities and received no administrative penalties for environmental issues during the reporting period[67](index=67&type=chunk)[68](index=68&type=chunk) - The company implements measures to reduce carbon emissions and resource waste, including new photovoltaic solar power generation projects, rainwater harvesting systems, and smart air conditioning and lighting control systems[69](index=69&type=chunk)[70](index=70&type=chunk) [Significant Matters](index=26&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers important events and commitments related to the company's operations and governance [Fulfillment of Commitments](index=26&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%88%96%E6%8C%81%E7%BB%AD%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company's actual controller, shareholders, directors, supervisors, and senior management strictly fulfilled their commitments made during initial public offerings and refinancing, including share lock-up, avoidance of horizontal competition, reduction of related-party transactions, and share price stabilization - The company's controlling shareholder, actual controller, shareholders holding **5% or more** of shares, directors, supervisors, and senior management have all timely and strictly fulfilled their various commitments[72](index=72&type=chunk) [Significant Guarantees](index=38&type=section&id=2%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company primarily provided guarantees for its subsidiaries, with the outstanding guarantee balance for subsidiaries at the end of the period being **401.44 million yuan**, representing **11.05%** of the company's net assets, all for subsidiaries with a debt-to-asset ratio exceeding **70%** Guarantee Status | Guarantee Status | Amount (million yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 580.00 | | Total Outstanding Guarantees to Subsidiaries at Period End | 401.44 | | Total Guarantees as Percentage of Company's Net Assets (%) | 11.05 | [Progress of Raised Funds Utilization](index=39&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company raised a net amount of **1.061 billion yuan** in March 2021, with cumulative investment reaching **1.071 billion yuan** (100.96% of planned investment) by the end of the reporting period, and all fundraising projects, including the Global Smart Manufacturing Center, R&D Center Upgrade, and Smart Connected Vehicle Industrialization projects, have been completed and reached their intended usable state - As of the end of the reporting period, cumulative raised funds investment reached **1.071 billion yuan**, with an investment progress of **100.96%**, and all fundraising projects have been completed[88](index=88&type=chunk)[90](index=90&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides information on its shareholders [Shareholder Information](index=41&type=section&id=(%E4%BA%8C)%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had **29,723** common shareholders, with the top two being the actual controller Qian Penghe (**22.74% share**) and Ningbo Quectel Investment Partnership (Limited Partnership) (**6.52% share**), acting in concert - As of the end of the reporting period, the company had a total of **29,723** common shareholders[92](index=92&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Qian Penghe | 60,175,557 | 22.74 | | Ningbo Quectel Investment Partnership (Limited Partnership) | 17,257,208 | 6.52 | | Hong Kong Securities Clearing Company Limited | 7,279,790 | 2.75 | | Shanghai Chongyang Strategic Investment Co., Ltd. - Chongyang Strategic Juyuan Fund | 4,325,902 | 1.64 | | Ge Guilian | 4,266,970 | 1.61 | [Preferred Shares Related Information](index=44&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of preferred shares related information for the company - The company has no preferred shares related information[96](index=96&type=chunk) [Bonds Related Information](index=44&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of bonds related information for the company - The company has no corporate bonds or convertible corporate bonds related information[96](index=96&type=chunk) [Financial Report](index=45&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements and detailed notes [Financial Statements](index=45&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Consolidated Balance Sheet Key Items (June 30, 2024) | Item | Amount (yuan) | | :--- | :--- | | **Total Assets** | **11,385,691,030.82** | | Total Liabilities | 7,668,862,009.58 | | Owners' Equity Attributable to Parent Company | 3,730,263,610.00 | Consolidated Income Statement Key Items (Jan-Jun 2024) | Item | Amount (yuan) | | :--- | :--- | | **Total Operating Revenue** | **8,248,827,734.10** | | Operating Profit | 210,351,480.72 | | Total Profit | 208,024,075.28 | | **Net Profit** | **204,115,385.09** | | Net Profit Attributable to Parent Company Shareholders | 209,375,373.88 | Consolidated Cash Flow Statement Key Items (Jan-Jun 2024) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -335,989,539.88 | | Net Cash Flow from Investing Activities | -179,056,466.53 | | Net Cash Flow from Financing Activities | 135,378,522.70 | | **Net Increase in Cash and Cash Equivalents** | **-384,934,282.03** | [Notes to Consolidated Financial Statements](index=92&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed explanations for each account in the consolidated financial statements, including the composition of key items, aging analysis, and impairment provision accruals, with a focus on monetary funds, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, and operating revenue and costs - Accounts receivable at period-end amounted to **2.191 billion yuan**, an increase of approximately **30%** from the beginning of the period, with a bad debt provision ratio of **2.01%**[254](index=254&type=chunk) - Inventory book value at period-end was **3.617 billion yuan**, an increase of **2.6%** from the beginning of the period, with raw materials accounting for the largest proportion, and an inventory impairment provision of **88.05 million yuan** at period-end[269](index=269&type=chunk) - Construction in progress at period-end was **156 million yuan**, a **52.8%** increase from the beginning of the period, primarily due to investment in the headquarters building project[281](index=281&type=chunk)[282](index=282&type=chunk) - Operating revenue by region shows domestic revenue of **4.028 billion yuan** and overseas revenue of **4.221 billion yuan**, with overseas revenue accounting for over **50%**[323](index=323&type=chunk)

独立董事提名人声明与承诺 提名人上海移远通信技术股份有限公司董事会，现提名吴剑敏先生、刘美 玉女士为上海移远通信技术股份有限公司第四届董事会独立董事候选人，并已充 分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信 等不良记录等情况。被提名人已同意出任上海移远通信技术股份有限公司第四届 董事会独立董事候选人（参见该独立董事候选人声明）。提名人认为，被提名人 具备独立董事任职资格，与上海移远通信技术股份有限公司之间不存在任何影响 其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规章 及其他规范性文件，具有5年以上法律、经济、会计、财务、管理或者其他履行独立 董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： 三、被提名人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父母、子女、主 要社会关系（主要社会关系是指兄弟姐妹、兄弟姐妹的配偶、配偶的父母、配偶 的兄弟姐妹、子女的配偶、子女配偶的父母等）； （二）直接 ...

独立董事候选人声明与承诺 本人吴剑敏，已充分了解并同意由提名人上海移远通信技术股份有限公司 董事会提名为上海移远通信技术股份有限公司第四届董事会独立董事候选人。本 人公开声明，本人具备独立董事任职资格，保证不存在任何影响本人担任上海 移远通信技术股份有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有5年以上法律、经济、会计、财务、管理或者其他履行独立 董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （三）其他法律法规、部门规章、规范性文件和上海证券交易所规定的情 形。 三、本人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父母、子女、主 要社会关系（主要社会关系是指兄弟姐妹、兄弟姐妹的配偶、配偶的 ...

第三届监事会第十七次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"或"移远通信"）第三 届监事会第十七次会议通知于 2024 年 8 月 16 日以书面方式向各位监事发出，于 2024 年 8 月 26 日以现场结合通讯方式召开。会议应出席监事 3 人，实际出席会 议监事 3 人，会议由监事会主席辛健先生主持。公司监事候选人、董事会秘书及 部分高级管理人员列席。本次会议的召集、召开和表决程序符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 二、 监事会会议审议情况 证券代码：603236 证券简称：移远通信 公告编号：2024-033 上海移远通信技术股份有限公司 本次监事会会议形成了如下决议： （一） 审议通过《关于公司 2024 年半年度报告及摘要的议案》 公司按照中国证监会、上海证券交易所有关要求编制了 2024 年半年度报告 及摘要。具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的 《2 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-032 上海移远通信技术股份有限公司 第三届董事会第二十次会议决议公告 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。 一、 董事会会议召开情况 上海移远通信技术股份有限公司（以下简称"公司"或"移远通信"）第三 届董事会第二十次会议通知于 2024 年 8 月 16 日以书面方式发出通知，2024 年 8 月 26 日以现场结合通讯方式召开。会议应出席董事 5 人，实际出席会议的董 事 5 人，会议由董事长钱鹏鹤先生主持。公司董事候选人、监事和部分高级管理 人员列席会议。本次董事会会议的召集、召开和表决程序符合有关法律、法规、 部门规章、规范性文件和《公司章程》的规定。 二、 董事会会议审议情况 本次董事会会议形成了如下决议： （一） 审议通过《关于公司 2024 年半年度报告及摘要的议案》 公司按照中国证监会、上海证券交易所有关要求编制了 2024 年半年度报告 及摘要。具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的 《2024 年 ...

证券代码：603236 证券简称：移远通信 公告编号：2024-042 上海移远通信技术股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资 者的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规 范运作》等有关规定执行。 (七) 涉及公开征集股东投票权 召开的日期时间：2024 年 9 月 18 日 14 点 30 分 召开地点：上海移远通信技术股份有限公司会议室（上海市闵行区田林路 1016 号科技绿洲 3 期（B 区）5 号楼） (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年9月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) ...