Group 1 - The controlling shareholder of Qiyi Communication Broadcasting Co., Ltd., Tianjin Zhibo Intelligent Technology Development Co., Ltd., holds approximately 373 million shares, accounting for 48.31% of the company's total equity [1] - After the release of the pledge, Zhibo Technology has cumulatively pledged about 132 million shares, which is 35.42% of its total holdings and 17.11% of the company's total equity [1] - As of the report date, the market capitalization of Qiyi is 16.4 billion yuan [1] Group 2 - For the fiscal year 2024, the revenue composition of Qiyi is as follows: specialized wireless communication industry accounts for 93.92%, other industries account for 4.23%, and other businesses account for 1.85% [1]

证券代码：603712 证券简称：七一二 公告编号：临 2025-039 公司于 2025 年 9 月 15 日收到控股股东智博科技的通知，智博科技于 2025 年 9 月 12 日办理了该笔质押股票的解质押手续，解除质押 24,526,000 股。具体 情况如下： 本次股份解除质押后，如有后续质押计划，智博科技将根据质押业务办理进 度按照相关法律法规要求及时通知公司履行信息披露义务。 股东名称 天津智博智能科技发展有限公司 本次解除质押股份数量（股） 24,526,000 占其所持股份比例 6.58% 占公司总股本比例 3.18% 解除质押时间 2025 年 9 月 12 日 持股数量（股） 372,938,300 持股比例 48.31% 剩余被质押股份数量（股） 132,101,800 剩余被质押股份数量占其所持股份比例 35.42% 剩余被质押股份数量占公司总股本比例 17.11% 一、本次股份解除质押的基本情况 二、股东累计质押股份情况 天津七一二通信广播股份有限公司 关于控股股东部分股权解除质押的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is experiencing a temporary decline in performance due to fluctuations in industry customer demand, leading to lower-than-expected order deliveries. The absolute amount of R&D expenses remains high, and prudent impairment loss provisions have resulted in a net loss [2][6]. - In the first half of 2025, the company achieved operating revenue of 631 million yuan, a year-on-year decrease of 47.49%, and a net profit loss attributable to the parent company of 114 million yuan, a year-on-year decrease of 270.67% [6][13]. - The company continues to invest in R&D to maintain its technological leadership, with R&D expenses in the first half of 2025 amounting to 212 million yuan, a decrease of 8.31% year-on-year, but the R&D expense ratio reached a historical high of 33.58% due to declining revenue [13]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit in the first half of 2025, with Q2 revenue at 415 million yuan, down 41.73% year-on-year, and a net profit loss of 60 million yuan, down 217.94% year-on-year [6][13]. - The company’s R&D expenses are projected to be 454 million yuan in 2025, with a decreasing trend in the following years, while the net profit is expected to recover to 88 million yuan in 2026 and 198 million yuan in 2027 [18]. R&D and Innovation - The company emphasizes innovation as a top priority, focusing on the development of basic product components and key technologies. It has made significant progress in military communication projects, including winning bids for helicopter and swarm projects, marking a breakthrough in swarm data link applications [13]. - The company is also advancing in ground communication projects, collaborating with domestic universities to enhance anti-jamming technology, which is crucial for communication security in complex electromagnetic environments [13]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 88 million yuan, 198 million yuan, and 314 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 191, 85, and 53 times [13].

Market Performance - The military electronics sector increased by 0.9% compared to the previous trading day, with Xinguang Optoelectronics leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Highlights - Xinguang Optoelectronics (688011) closed at 40.88, with a significant increase of 13.71% and a trading volume of 67,600 shares, amounting to a transaction value of 262 million yuan [1] - Haige Communication (002465) rose by 7.39% to close at 13.80, with a trading volume of 2.4033 million shares and a transaction value of 333.2 million yuan [1] - Other notable performers include Qiyi (603712) with a 4.96% increase, Huali Chuantong (300045) up by 4.06%, and Gaoling Information (688175) rising by 2.50% [1] Fund Flow Analysis - The military electronics sector saw a net inflow of 545 million yuan from institutional investors, while retail investors experienced a net outflow of 90.57 million yuan [2] - The overall trend indicates a mixed sentiment among different investor types, with institutional investors showing confidence in the sector [2]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) increased by 5.2% to 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - Yongying Technology Driven A (永赢科技驱动A) fund holds a significant position in Qiyi, having increased its holdings by 985,700 shares to a total of 3.5231 million shares, representing 5.72% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 40.36%, ranking 1027 out of 8177 in its category, and a one-year return of 83.47%, ranking 621 out of 7982 [2] - The fund manager, Li Wenbin, has been in position for 8 years and 242 days, with the fund's total asset size at 1.451 billion CNY and a best return of 127.45% during his tenure [3]

Group 1 - The core viewpoint of the news is that Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) experienced a stock price increase of 5.2%, reaching 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company was established on October 28, 2004, and went public on February 26, 2018. Its main business involves the research, development, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - From the perspective of fund holdings, Changjiang Asset Management has one fund heavily invested in Qiyi, specifically the Changjiang Balanced Growth Mixed A (长江均衡成长混合A), which held 70,000 shares in the second quarter, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 50.4473 million CNY and has achieved a year-to-date return of 11.73%, ranking 5374 out of 8177 in its category, with a one-year return of 38.06%, ranking 3983 out of 7982 [2]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) fell by 5.07% on September 3, closing at 21.36 yuan per share, with a trading volume of 385 million yuan and a turnover rate of 2.28%, resulting in a total market capitalization of 16.49 billion yuan [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 56.74% from specialized wireless communication terminal products, 37.18% from system integration products, and 4.23% from other sources [1] Group 2 - Changjiang Asset Management holds a significant position in Qiyi, with its Changjiang Balanced Growth Mixed A Fund (010663) holding 70,000 shares, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has experienced a floating loss of approximately 79,800 yuan today [2] - The Changjiang Balanced Growth Mixed A Fund was established on December 30, 2020, with a current scale of 50.4473 million yuan, yielding 14.7% year-to-date and 40.03% over the past year [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.32 RMB [6][4]. Core Views - The company experienced rapid revenue growth and improved profitability, with H1 2025 revenue at 631 million RMB, a year-over-year decrease of 47.49%, and a net loss of 114 million RMB, a year-over-year increase in loss of 270.67% [1]. - The report anticipates a gradual recovery in demand within the military industry, driven by ongoing information technology construction and the "14th Five-Year Plan" [1]. Summary by Sections Performance Overview - In H1 2025, the company reported revenue of 631 million RMB, a decrease of 47.49% year-over-year, and a net loss of 114 million RMB, which is a significant increase in loss compared to the previous year [1]. - Q2 2025 revenue was 415 million RMB, down 41.73% year-over-year but up 91.90% quarter-over-quarter [1]. Business Segments - The company’s specialized wireless communication terminals and system integration products generated revenues of 344 million RMB and 252 million RMB, respectively, reflecting declines of 41.95% and 56.98% year-over-year [2]. - The company is focusing on expanding its military and civilian wireless communication sectors, with new projects in aviation communication and satellite navigation [2]. Profitability and Costs - The comprehensive gross margin for H1 2025 was 33.88%, down 1.93 percentage points year-over-year, while the net profit margin was -18.11%, a decline of 23.68 percentage points year-over-year [3]. - The report notes an increase in R&D expenses, with the R&D expense ratio rising by 14.35 percentage points year-over-year [3]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 140 million RMB, 308 million RMB, and 379 million RMB, respectively [4]. - The target price for 2026 is set at 24.32 RMB, based on a price-to-earnings ratio of 61x, reflecting the company's growth potential and multi-sector collaboration [4].

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

Group 1 - The company, Qiyi, announced on August 27 that it plans to reappoint Lixin Certified Public Accountants (Special General Partnership) as the auditing firm for its financial statements and internal controls for the fiscal year 2025 [2]