Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is focused on expanding its revenue streams while deepening its existing market presence. It is actively exploring new growth avenues, particularly in military communication and civilian communication sectors [2][12] - The company reported a total revenue of 1.192 billion yuan for the first three quarters of 2025, a year-on-year decrease of 25.92%, with a net loss attributable to shareholders of 206 million yuan. In Q3 alone, revenue reached 561 million yuan, reflecting a year-on-year growth of 37.65, although it still reported a net loss of 92 million yuan [6][12] Summary by Sections Military Communication - The company has successfully secured bulk orders for a new platform's comprehensive communication navigation recognition system and has entered the product delivery phase. Additionally, a collaborative data link product has opened up the market with increasing customer orders. The company is also expanding into the unmanned field, signing contracts for differential takeoff and landing guidance equipment [2][12] Civilian Communication - In the railway communication sector, the company maintains its market leadership and is actively involved in the urban rail transit market, focusing on maintenance and renovation projects. It has reached agreements for trial use of its self-branded TAU in various projects and is accelerating the application of new 5G products in urban rail systems [12] Financial Projections - The company forecasts net profits attributable to shareholders of 88 million yuan, 198 million yuan, and 314 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 178, 79, and 50 [12]

天津七一二通信广播股份有限公司 2025年第二次临时股东会 天津七一二通信广播股份有限公司 2025 年第二次临时股东会 会议资料 二〇二五年十一月十四日 天津七一二通信广播股份有限公司 2025年第二次临时股东会 天津七一二通信广播股份有限公司 2025 年第二次临时股东会 天津七一二通信广播股份有限公司 2025年第二次临时股东会 目 录 | 天津七一二通信广播股份有限公司 2025 年第二次临时股东会会议议程 1 | | --- | | 议案一：关于续聘立信会计师事务所（特殊普通合伙）为公司 2025 年度审计机构的议案 3 | | 议案二：关于制定、修订部分公司治理制度的议案 4 | 会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据中国证券监督管理委员会《上市公司股东会规则》、《天津七 一二通信广播股份有限公司章程》的有关规定，特制定会议须知如下，望出席股 东会的全体人员遵守执行： 一、股东参加股东会，应当认真履行其法定义务，不得侵犯其他股东的权益； 二、股东会期间，全体出席人员应以维护股东的合法权益、确保会议正常秩 序和议事效率为原则，认真履行法定职责 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][40]. Core Insights - Nvidia's GTC event provided a significant CAPEX guidance of $500 billion for the Blackwell-Rubin series, with North American CSPs showing a clear upward trend in capital expenditures for Q3 2025 [4][16]. - The report highlights a strong growth trend in AI infrastructure investments, with North American CSPs' capital expenditures reaching a total of $113.3 billion in Q3, marking a 75% year-on-year increase [5][17]. - The A-share communication industry is experiencing high growth in AI computing performance, although there is a mismatch between high short-term expectations and actual performance releases [5][17]. Summary by Sections Industry Dynamics - Nvidia's guidance for North American CSPs suggests CAPEX could reach $443 billion, $549 billion, and $632 billion from 2025 to 2027, with GPU shipments expected to total 20 million units [4][16]. - The report emphasizes the stability of capital markets regarding concerns over "AI bubble" investments, with Nvidia's roadmap enhancing investment certainty in areas like 1.6T optical modules and quantum computing [4][16]. A-Share Communication Industry Overview - The report notes that leading companies in optical modules, such as Zhongji Xuchuang and Xinyi Technology, continue to expand production, with stable gross margin trends despite short-term performance fluctuations [5][17]. - The bottleneck effects in core materials like optical chips are becoming more pronounced, with domestic chip manufacturers expected to gain market share as overseas giants slow down production [5][17]. Market Performance - The overall market showed mixed performance during the week of October 27 to October 31, 2025, with the Shenzhen Component Index rising by 0.67% and the communication index declining by 3.59% [11][20]. - The report identifies cloud computing as the leading sector with a weekly increase of 22.48%, followed by IDC and equipment manufacturers [11][20]. Recommended Companies - The report suggests focusing on companies in various segments, including optical devices (e.g., Guangke Technology, Shijia Photon) and AIOT solutions (e.g., Rockchip, Yiyuan Communication) [20].

Core Insights - The event "China Shipbuilding Group Intelligent Leading Deep Blue" showcased the innovative capabilities of the China Shipbuilding Group's 712 Research Institute, emphasizing its advancements in green intelligent ships, urban rail transit, and hydrogen energy applications [4][5]. Group 1: Green Intelligent Ships - The 712 Research Institute is a leader in green intelligent ship technology, having pioneered the all-electric ship concept and developed a comprehensive technical system for power system research, core component production, and system integration [6]. - The institute's delivered new energy power systems account for over 50% of the national market, maintaining a leading position [6]. - Notable projects include the Wuhan "Junlv No. 1," the first pure electric passenger ship certified by CCS, and the "Three Gorges Hydrogen Ship No. 1," which has replaced 108 tons of fuel and reduced CO2 emissions by 360 tons [7]. Group 2: Hydrogen Energy Applications - Hydrogen energy is a key focus area, with the institute achieving significant advancements in fuel cell technology, including a domestic production line for membrane electrodes and bipolar plates [8]. - The hydrogen fuel cell system developed for ships has a power output efficiency of 50%-60% and features a multi-level safety protection system certified by CCS [8][9]. - The "Hydrogen Electric Tug No. 1" is the first zero-emission hydrogen tugboat in China, capable of reducing CO2 emissions by approximately 1,500 tons annually [9]. Group 3: Urban Rail Transit - The 712 Research Institute is the only domestic entity with complete proprietary intellectual property for direct current traction power supply systems, covering 20 cities and 52 rail transit lines [11]. - The institute's products dominate the market in metro power supply systems, with a market share of over 95% in the non-ferrous metal smelting sector [11]. - The institute has developed a comprehensive research and production capacity, with an annual output value of 500 million yuan, supporting the high-quality development of urban rail transit [11]. Group 4: Innovative Application Scenarios - The event featured innovative applications such as the smart ship cockpit, which integrates AI and human-centered design to enhance navigation safety and efficiency [12]. - The smart kitchen research platform utilizes automated cooking and food preparation systems, allowing real-time feedback from employees to improve product development [13].

Core Insights - The Tianjin state-owned enterprise reform sector saw a slight increase of 0.2% on October 31, with Haitai Development leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - Haitai Development (600082) closed at 4.72, up 6.07% with a trading volume of 399,300 shares and a turnover of 185 million yuan [1] - Guifaxiang (002820) closed at 12.80, up 3.90% with a trading volume of 137,100 shares and a turnover of 174 million yuan [1] - Tianbao Infrastructure (000965) closed at 4.38, up 2.10% with a trading volume of 861,500 shares and a turnover of 380 million yuan [1] - Other notable stocks include Jinmeng Technology (300334) at 7.50 (+1.90%), Bohai Chemical (600800) at 3.83 (+1.86%), and Jintou City Development (600322) at 2.51 (+1.21%) [1] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector experienced a net inflow of 67.98 million yuan from institutional investors, while retail investors saw a net outflow of 84.03 million yuan [2][3] - The main capital inflow was observed in Tianbao Infrastructure (000965) with a net inflow of 49.38 million yuan, while Jin Kai New Energy (600821) faced a significant net outflow of 66.21 million yuan [3]

Core Insights - Company reported a total revenue of 1.192 billion yuan for Q3 2025, ranking 17th among peers, which is a decrease of 417 million yuan or 25.92% year-on-year [1] - The net profit attributable to shareholders was -206 million yuan, ranking 54th among peers, a decline of 179 million yuan compared to the same period last year [1] - The net cash flow from operating activities was -480 million yuan, ranking 51st among peers, a decrease of 9.5772 million yuan year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 52.01%, ranking 47th among peers, an increase of 1.52 percentage points from the previous quarter and 3.73 percentage points from the same period last year [3] - The latest gross profit margin is 32.10%, ranking 32nd among peers, a decrease of 1.78 percentage points from the previous quarter and 1.82 percentage points year-on-year [3] - The latest return on equity (ROE) is -4.94%, ranking 44th among peers, a decrease of 4.34 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.27 yuan, ranking 46th among peers, a decrease of 0.23 yuan compared to the same period last year [3] - The latest total asset turnover ratio is 0.13 times, ranking 37th among peers, a decrease of 0.04 times or 22.22% year-on-year [3] - The latest inventory turnover ratio is 0.31 times, ranking 52nd among peers, a decrease of 0.06 times or 16.52% year-on-year [3] Shareholder Information - The number of shareholders is 49,400, with the top ten shareholders holding 430 million shares, accounting for 55.73% of the total share capital [3] - The largest shareholder is Tianjin Zhibo Intelligent Technology Development Co., Ltd., holding 48.3 million shares [3]

天津七一二通信广播股份有限公司 借贷管理制度 第一章 总 则 第一条 为规范天津七一二通信广播股份有限公司（以下简称"公司"）的 借贷行为，使公司借贷行为规范化、制度化、科学化，规避和减少决策风险，维 护公司和全体股东合法权益，根据有关法律、法规、规范性文件及《天津七一二 通信广播股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制 度。 第二条 列入公司年度生产经营计划中的借贷行为按决策权限分别经董事 会或股东会审议批准后，可以授权总经理直接组织实施。 第三条 本制度的决策行为应遵循以下基本原则： （一）遵守国家法律、法规及《公司章程》的有关规定； （二）维护公司和全体股东利益，争取效益最大化； （三）符合公司发展战略，符合国家产业政策，发挥和加强公司的竞争优势； （四）采取审慎态度，规模适度，量力而行，对实施过程进行相关的风险管 理，兼顾风险和收益的平衡； （五）规范化、制度化、科学化，必要时咨询外部专业机构。 第二章 借贷行为 第七条 公司股东会、董事会、管理层有关借款事项的审批权限如下： （一）单项金额超过公司最近一期经审计的总资产的40%的借款事项，由股 东会审议批准； 第四条 本制度规范 ...

第四条 公司应当与控股股东、实际控制人及其他关联方的人员、资产、财 务分开，机构、业务独立，各自独立核算、独立承担责任和风险。公司的人员应 当独立于控股股东、实际控制人及其他关联方。公司的资产应当独立完整、权属 清晰,不被董事、高级管理人员、控股股东、实际控制人及其他关联方占用或支 配。 天津七一二通信广播股份有限公司 防范控股股东及其他关联方资金占用制度 第一条 为了建立天津七一二通信广播股份有限公司（以下简称"公司"） 防范控股股东、实际控制人及其他关联方占用公司资金的长效机制,杜绝控股股 东、实际控制人及其他关联方资金占用行为的发生，根据《中华人民共和国公司 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第1号——规范运作》《天津七一二通信广播股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度所称资金占用包括但不限于：经营性资金占用和非经营性资 金占用。经营性资金占用是指控股股东、实际控制人及其他关联方与公司发生的 经营性资金往来中，违反公司资金管理规定，直接或变相占用公司资金逾期不还； 非经营性资金占用是指代控股股东 ...

天津七一二通信广播股份有限公司 累积投票制度 第一章 总则 第一条 为完善天津七一二通信广播股份有限公司（以下简称"公司"）法人治 理结构，规范公司选举董事的行为，维护公司中小股东的利益，切实保障社会公众股 东选择董事的权利，根据《中华人民共和国公司法》《上市公司治理准则》及《天津 七一二通信广播股份有限公司章程》（以下简称"《公司章程》"）等有关规定，特 制定本制度。 第三条 本制度适用于股东会选举或变更两名或两名以上的董事的议案。 第四条 在股东会上拟选举两名或两名以上的董事时，董事会在召开股东会通知 中，表明该次董事的选举采用累积投票制。 第五条 本制度所称董事包括独立董事和非独立董事。由职工代表担任的董事由 公司职工代表大会、职工大会或者其他形式民主选举产生或更换，不适用于本制度的 相关规定。 第二章 董事候选人的提名 第六条 公司董事会、单独或者合并持有公司股份1%以上的股东有权提名董事候 选人人选。每1%表决权股份数最多可推荐一人，单个推荐人推荐的人数不得超过本次 拟选董事人数。 上述董事候选人的推荐人选在董事会提名委员会审核并经董事会审议通过后，由 董事会向股东会提出董事候选人并提交股东会选举。 ...

天津七一二通信广播股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范天津七一二通信广播股份有限公司（以下简称"公司"）投资 者关系管理工作，促进公司和投资者之间建立长期、稳定的良好关系，进一步完 善公司治理，切实保护投资者特别是中小投资者合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》及《国务院关于进一步提高上市公司质量 的意见》《关于进一步加强资本市场中小投资者合法权益保护工作的意见》《上 市公司投资者关系管理工作指引》等有关法律法规和规章等，结合公司实际情况， 制定本管理制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 （三）形成服务投资者、尊重投资者的企业文化。 （四）促进公司整体利益最大化和股东财富增长并举的投资理念。 （五）增加公司信息披露透明度，不断完善公司治理。 第二章 投资者关系管理的目的和原则 第三条 投资者关系管理的目的： （一）促进公司与投资者之间的良性 ...