证券代码：688159 证券简称：有方科技 公告编号：2025-057 二、监事会会议表决情况 经与会监事认真讨论，审议并通过如下事项： 深圳市有方科技股份有限公司 第四届监事会第五次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 深圳市有方科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日在公司会议室现场召开第四届监事会第五次会议（以下简 称"本次会议"）。本次会议由熊杰主持，本次应出席会议的监事 3 名，实际出席的监事 3 名。本次会议的召集、召开符合《公司法》等 相关法律、法规以及《公司章程》的规定。 （一）审议通过《关于公司<2025 年半年度报告>及摘要的议案》。 公司根据法律、法规和《公司章程》的规定，编制了《2025 年 半年度报告》和《2025 年半年度报告摘要》并予以汇报。 监事会认为：公司 2025 年半年度报告的编制和审议程序符合相 关法律、法规及《公司章程》等内部规章制度的规定；公司 2025 年 半年度报告的内容与格式符合相关规定，公允地反 ...

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、准确性和完整性依法承担法律责任。 一、董事会议召开情况 深圳市有方科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日在公司会议室以现场结合通讯的方式召开第四届董事会第九 次会议（以下简称"本次会议"）。本次会议由董事长王慷先生主持， 本次应出席会议的董事 8 名，实际出席的董事 8 名，公司监事、高级 管理人员列席会议。本次会议的召集、召开符合《公司法》等相关法 律、法规以及《公司章程》的规定。 证券代码：688159 证券简称：有方科技 公告编号：2025-056 深圳市有方科技股份有限公司 第四届董事会第九次会议决议公告 二、董事会会议表决情况 经与会董事认真讨论，审议并通过如下事项： （一）审议通过《关于公司<2025 年半年度报告>及摘要的议案》 公司根据法律、法规和《公司章程》的规定，编制了《2025 年 半年度报告》和《2025 年半年度报告摘要》并予以汇报。 经审核，董事会认为公司 2025 年半年度报告的编制和审议程序 符合相关法律法规及《公司章程》等内部规章制度的规定；公 ...

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by growth in cloud product and IoT wireless communication module sales, despite a decline in net profit [1] Financial Performance - The company achieved operating revenue of 2.452 billion yuan, representing a year-on-year growth of 39.06% [1] - The net profit attributable to shareholders was 63.5641 million yuan, showing a year-on-year decrease of 22.1% [1] - Basic earnings per share were reported at 0.69 yuan [1] Business Segments - The increase in operating revenue was primarily due to a substantial rise in income from the company's cloud product business [1] - Revenue from IoT wireless communication modules also saw a year-on-year increase [1]

Core Insights - The company, Youfang Technology (688159.SH), reported a significant increase in revenue for the first half of 2025, achieving 2,452.26 million yuan, which represents a year-on-year growth of 39.06% [1] - Research and development (R&D) expenditure for the company was 47.19 million yuan, showing a decrease of 8.68% compared to the previous year [1] - The R&D investment accounted for a certain percentage of the total revenue, indicating a shift in the company's focus or strategy regarding R&D spending [1]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section highlights significant risks and clarifies the nature of forward-looking statements within the report [Significant Risk Warning](index=2&type=section&id=%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company experienced substantial revenue growth, driven by cloud products and IoT wireless communication, but net profit declined due to lower cloud product gross margins and increased financing costs - The company's operating revenue achieved significant growth, primarily due to increased income from **cloud products** and **IoT wireless communication products**[3](index=3&type=chunk) - The company's net profit decreased year-on-year, mainly due to a **decline in gross profit margin for cloud product business** and **increased bank financing interest expenses**[3](index=3&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding the company's future plans and development strategies do not constitute substantial commitments, and investors are advised to be aware of investment risks - The company's forward-looking statements regarding future plans and development strategies do not constitute substantial commitments, and investors need to be aware of investment risks[4](index=4&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for common terms used throughout the report, ensuring clarity and accurate understanding of the content [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines frequently used terms, covering company specifics, reporting period, currency, and key technologies like IoT, various wireless communication standards, AI, and major chip suppliers - The reporting period refers to the **first half of 2025**[10](index=10&type=chunk) - **Internet of Things (IoT)** is defined as connecting objects to the internet via information sensing devices, according to agreed protocols, to achieve intelligent identification, positioning, tracking, monitoring, and management[10](index=10&type=chunk) - **Wireless communication modules** are components that provide network information transmission capabilities for IoT terminal devices[10](index=10&type=chunk) - Major chip suppliers include **Qualcomm, Spreadtrum, ASR, Realsil, JSC, and NXP**[10](index=10&type=chunk) [Section II 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 basic information, contact details, stock profile, and key financial performance metrics for the reporting period [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company's full name is Shenzhen Neoway Technology Co., Ltd., abbreviated as Neoway Technology, with Wang Kang as its legal representative and registered in Shenzhen - The company's Chinese name is **深圳市有方科技股份有限公司**, abbreviated as **有方科技** (Neoway Technology)[13](index=13&type=chunk) - The company's legal representative is **Wang Kang**[13](index=13&type=chunk) - The company's registered address is Room 4401, Building 1, Huide Building, Beizhan Community, Minzhi Street, Longhua District, Shenzhen, which remained unchanged during the reporting period[13](index=13&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Li Zirui serves as the Board Secretary and domestic information disclosure representative, with Zheng Yan as the Securities Affairs Representative, and their contact details are provided - The Board Secretary is **Li Zirui**, and the Securities Affairs Representative is **Zheng Yan**[14](index=14&type=chunk) - The company's email address is **nw@neoway.com**[14](index=14&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E4%B8%89%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates specific newspapers for information disclosure, publishes its semi-annual report on the Shanghai Stock Exchange website, and maintains document custody at its office address - The company's information disclosure newspapers include **China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily**[15](index=15&type=chunk) - The semi-annual report is published on the website **www.sse.com.cn**[15](index=15&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=6&type=section&id=%E5%9B%9B%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange under the abbreviation Neoway Technology and stock code 688159 - The company's share type is **A-shares**, listed on the **STAR Market of the Shanghai Stock Exchange**[17](index=17&type=chunk) - The stock abbreviation is **Neoway Technology**, and the stock code is **688159**[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%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 H1 2025, operating revenue grew significantly, driven by cloud products and IoT modules, but net profit declined due to lower cloud product gross margins and increased interest expenses, while operating cash flow surged 2025 H1 Key Accounting Data | Key Accounting Data | This Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 2,452,259,861.90 | 1,763,511,726.05 | 39.06 | | Total Profit (yuan) | 68,430,411.33 | 89,755,859.97 | -23.76 | | Net Profit Attributable to Listed Company Shareholders (yuan) | 63,564,096.47 | 81,592,264.23 | -22.10 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) (yuan) | 59,099,433.04 | 77,961,018.11 | -24.19 | | Net Cash Flow from Operating Activities (yuan) | 141,427,437.43 | 11,951,456.73 | 1,083.35 | | **End of This Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | | Net Assets Attributable to Listed Company Shareholders (yuan) | 929,071,814.12 | 855,226,154.28 | 8.63 | | Total Assets (yuan) | 2,529,425,067.44 | 1,774,025,769.80 | 42.58 | 2025 H1 Key Financial Indicators | Key Financial Indicators | This Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.69 | 0.89 | -22.47 | | Diluted Earnings Per Share (yuan/share) | 0.69 | 0.83 | -16.87 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 0.64 | 0.85 | -24.71 | | Weighted Average Return on Net Assets (%) | 7.15 | 10.38 | Decrease of 3.23 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 6.65 | 9.92 | Decrease of 3.27 percentage points | - Operating revenue increased by **39.06%**, primarily due to a significant increase in **cloud product business** and **IoT wireless communication module revenue**[20](index=20&type=chunk) - Net profit decreased by **22.10%** year-on-year, mainly due to a **decline in gross profit margin for cloud product business** and **increased bank financing interest expenses**[20](index=20&type=chunk) - Net cash flow from operating activities increased by **1,083.35%** year-on-year, primarily due to a higher proportion of **cloud infrastructure revenue** with shorter settlement cycles[20](index=20&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E5%B8%B8%E5%B9%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled 4.46 million yuan, mainly from asset disposals, government grants, and reversal of impairment provisions for receivables 2025 H1 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 111,991.86 | | Government grants recognized in current profit or loss | 1,827,593.70 | | Reversal of impairment provisions for individually assessed accounts receivable | 4,062,679.37 | | Other non-operating income and expenses apart from the above | -682,205.16 | | Less: Income tax impact | 837,288.92 | | Minority interest impact (after tax) | 18,107.42 | | **Total** | **4,464,663.43** | [Section III 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 an in-depth analysis of the company's industry, main business operations, financial performance, core competitiveness, and key risk factors during the reporting period [Explanation of the Company's Industry and Main Business During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%20%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 operates in the strategic emerging IoT sector, leveraging a "Cloud-Pipe-Edge" architecture to provide wireless communication modules, terminals, solutions, and cloud products, with a focus on AI integration [Company's Industry](index=8&type=section&id=1.%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A) The company operates in the "Computer, Communication and Other Electronic Equipment Manufacturing (C39)" industry, aligning with the "New Generation Information Technology" sector supported by the STAR Market - The company's industry is classified as **"Computer, Communication and Other Electronic Equipment Manufacturing (C39)"**[25](index=25&type=chunk) - The company's industry belongs to the **"New Generation Information Technology"** field supported and encouraged by the STAR Market[25](index=25&type=chunk) [Basic Industry Situation](index=8&type=section&id=2.%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The IoT industry is a rapidly growing strategic emerging sector, with global cellular IoT connections projected to reach 6.2 billion by 2030, driven by a 15% CAGR and significant AI integration - The IoT industry is a strategic emerging industry, benefiting from policy support such as the **"14th Five-Year Plan"**[25](index=25&type=chunk) - Global cellular IoT connections surpassed **4 billion in 2024**, and are expected to reach **4.2 billion by early 2025**[25](index=25&type=chunk) - Global cellular IoT connections are projected to exceed **6.2 billion by 2030**, with a compound annual growth rate of **15% from 2024-2030**[26](index=26&type=chunk) - The convergence of AI and IoT is evident, with **AI-embedded cellular modules** expected to account for **25% of all IoT module shipments by 2030**, growing at a compound annual growth rate of **35%**[26](index=26&type=chunk) [Basic Characteristics of the Industry](index=9&type=section&id=3.%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%89%B9%E7%82%B9) The IoT industry is characterized by rapid technological iteration, quick innovation integration, and broad application scenarios, with AI driving new growth in hardware and cloud infrastructure - The IoT industry features **rapid technological iteration**, quick integration of new innovations, and **wide application scenarios**[28](index=28&type=chunk) - **"IoT+AI"** will generate more application scenarios, such as robots, AI toys, and the low-altitude economy, with **AI hardware** bringing new business growth points[28](index=28&type=chunk) - Large AI models demand immense cloud infrastructure, leading to **continued high-speed development in cloud infrastructure construction**[29](index=29&type=chunk) [Main Technical Barriers in the Industry](index=9&type=section&id=4.%E8%A1%8C%E4%B8%9A%E4%B8%BB%E8%A6%81%E6%8A%80%E6%9C%AF%E9%97%A8%E6%A7%9B) High technical barriers in the IoT industry require deep wireless communication expertise, comprehensive R&D capabilities, understanding of downstream applications, and interdisciplinary talent for AI integration - The IoT industry requires a **deep understanding of wireless communication technology** and the establishment of R&D capabilities in hardware, software, systems, and platforms[29](index=29&type=chunk) - It is necessary to deeply understand **downstream industry application scenarios** and terminal device characteristics to develop stable and reliable wireless communication products[29](index=29&type=chunk) - The development of artificial intelligence places higher demands on the R&D team's continuous learning and integration capabilities, necessitating the cultivation of **interdisciplinary talent**[30](index=30&type=chunk) [Company's Main Business Operations](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's core business encompasses the design, R&D, production, and sales of IoT wireless communication modules, terminals, solutions, and cloud products, leveraging a "Cloud-Pipe-Edge" architecture to provide comprehensive data services and actively deploy AI solutions - The company's main business involves the design, R&D, production, and sales of **IoT wireless communication modules, terminals, solutions, and cloud products** (cloud platforms and cloud infrastructure)[31](index=31&type=chunk) - The company adopts a **"Cloud-Pipe-Edge" development architecture**, forming a data element chain covering data collection, transmission, cleaning, computing, storage, and disaster recovery through its product and service portfolio[27](index=27&type=chunk)[35](index=35&type=chunk)[43](index=43&type=chunk) - The company holds a **leading position in smart grid wireless communication modules**, with its shipments accounting for over **50% of State Grid's procurement bids** in recent three years, and is actively expanding into overseas markets[33](index=33&type=chunk) - The company is actively deploying **edge AI**, developing **AI modules, AI terminals, and AI agents** to form scenario-specific AI solutions, empowering digital transformation in industries such as culture, tourism, and aquaculture[33](index=33&type=chunk) - The cloud product business includes **IoT operation and management platforms, pipe cloud, cloud infrastructure** (storage and computing hardware/software products), and **computing power cloud services**, demonstrating synergistic effects with the IoT wireless communication business[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=12&type=section&id=%E4%BA%8C%E3%80%81%20%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 H1 2025, the company's operating revenue increased by 39.06%, driven by cloud products and IoT modules, despite an 8.68% decrease in R&D investment, while it expanded markets and launched new cloud computing power services [Overall Company Operations](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%95%B4%E4%BD%93%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company achieved 2,452.26 million yuan in operating revenue, a 39.06% increase, but net profit attributable to shareholders decreased by 22.10% to 63.56 million yuan, while total assets and owner's equity grew 2025 H1 Overall Company Operations | Indicator | Amount (million yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 2,452.26 | 39.06 | | Net Profit Attributable to Listed Company Shareholders | 63.56 | -22.10 | | R&D Investment | 47.19 | -8.68 | | Total Assets (period-end) | 252,942.51 | 42.58 | | Owner's Equity Attributable to Listed Company Shareholders (period-end) | 92,907.18 | 8.63 | - IoT wireless communication module revenue achieved growth, with **electricity industry revenue significantly increasing**, mainly due to increased investment in electricity infrastructure in overseas markets like India[39](index=39&type=chunk) - Cloud product business revenue achieved **substantial growth**, primarily due to the development of the artificial intelligence industry and the construction of smart computing centers driving increased market demand for cloud infrastructure[39](index=39&type=chunk) [Company R&D Status](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E7%A0%94%E5%8F%91%E6%83%85%E5%86%B5) During the reporting period, R&D investment decreased by 8.68% to 47.19 million yuan, representing 1.92% of revenue, with 265 R&D personnel, and the company accumulated 163 patents and 153 computer software copyrights - R&D investment was **47.19 million yuan**, a year-on-year decrease of **8.68%**, accounting for **1.92% of operating revenue**[39](index=39&type=chunk) - There are **265 R&D personnel**, accounting for **61.77% of the company's total employees**[39](index=39&type=chunk) - During the reporting period, the company cumulatively applied for **15 patents** and **3 computer software copyrights**, and as of the end of the reporting period, had cumulatively obtained **163 patents** and **153 computer software copyrights**[39](index=39&type=chunk) [Company Sales and Market Situation](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E9%94%80%E5%94%AE%E5%92%8C%E5%B8%82%E5%9C%BA%E6%83%85%E5%86%B5) The company primarily uses direct sales, supplemented by distribution, and is expanding its service operation model in urban IoT sensing, securing new projects and clients for cloud infrastructure and computing power services, while actively participating in market promotion activities - The company's sales model is primarily **direct sales**, supplemented by distribution, and it promotes a **service operation model in urban IoT sensing**[40](index=40&type=chunk) - The company made progress in urban IoT sensing, successfully undertaking the **"Urban IoT Sensing Data Governance" task for Shandong Big Data Bureau**, and completing contract signings for the Yulin City IoT Platform and Digital Lushan projects[40](index=40&type=chunk) - The company continues to expand its **cloud infrastructure clients**, providing storage and computing servers to multiple smart computing centers and launching **computing power cloud services**[41](index=41&type=chunk) - The company actively participated in domestic and international market promotion activities such as the **2025 World Mobile Congress Shanghai** and the **German Embedded Exhibition**, and won the **"Digital City Hundred Scenery Award"** in the 2025 Digital China Innovation Competition[41](index=41&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its stable management team, comprehensive "Cloud-Pipe-Edge" integrated layout, and cloud product business advantages, supported by five core basic technologies and continuous R&D in cutting-edge areas like 5G RedCap and AI modules [Core Competitiveness Analysis](index=13&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is rooted in its team's deep understanding of IoT wireless communication and data storage/computing needs, enabling the provision of stable, reliable, and secure IoT big data products and solutions through a "Cloud-Pipe-Edge" integrated layout and cloud product advantages - The company's core competitiveness lies in its core team's full understanding of **IoT wireless communication and data storage/computing needs**, and its ability to provide stable, reliable, and secure **IoT big data products and solutions**[43](index=43&type=chunk) - The company possesses a core management and technical team with an average of **over 20 years of experience in the communication industry**, maintaining synergy and a pioneering spirit[43](index=43&type=chunk) - Based on the **"Cloud-Pipe-Edge" architecture**, the company provides storage and computing hardware/software products, covering the entire data element chain from collection, transmission, cleaning, computing, storage, and disaster recovery[43](index=43&type=chunk) - The cloud product business has built **customer and supply chain advantages**, enhancing customer stickiness and forming a unique differentiated competitive advantage[45](index=45&type=chunk) [Core Technologies and R&D Progress](index=13&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses five core basic technologies and over ten core application technologies, with R&D investment of 47.19 million yuan, focusing on 5G RedCap, 5G+V2X, and computing power modules, leading to new product launches and significant patent accumulation - The company possesses **five core basic technologies**: cellular communication technology, reliability technology, application layer protocol technology, baseband and radio frequency technology, and embedded software and AI large model development, optimization, and deployment technology for vertical industries[46](index=46&type=chunk) - During the reporting period, the company's R&D investment was **47.19 million yuan**, a year-on-year decrease of **8.68%**, accounting for **1.92% of operating revenue**[48](index=48&type=chunk)[50](index=50&type=chunk) - As of the end of the reporting period, the company had cumulatively obtained **163 patents** and **153 computer software copyrights**[48](index=48&type=chunk) - The company focuses on **5G RedCap, 5G+V2X, and computing power modules**, launching products such as new-generation Cat.1 bis wide-voltage modules, power Bluetooth modules, domestic chip 4G/5G RedCap automotive-grade modules, AI toy solutions, AI computing power modules and AI terminals, and robot core boards[48](index=48&type=chunk) R&D Investment Status | Indicator | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 39,446,426.59 | 43,402,317.50 | -9.11 | | Capitalized R&D Investment | 7,739,490.35 | 8,267,033.48 | -6.38 | | Total R&D Investment | 47,185,916.94 | 51,669,350.98 | -8.68 | | Total R&D Investment as % of Operating Revenue | 1.92 | 2.93 | Decrease of 1.01 percentage points | | Proportion of Capitalized R&D Investment (%) | 16.40 | 16.00 | Increase of 0.4 percentage points | R&D Personnel Status | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 265 | 279 | | R&D Personnel as % of Total Company Personnel | 61.77 | 58.99 | | Total R&D Personnel Compensation (million yuan) | 35.18 | 37.53 | | Average R&D Personnel Compensation (million yuan) | 0.13 | 0.13 | [Risk Factors](index=21&type=section&id=%E5%9B%9B%E3%80%81%20%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces a range of operational, financial, industry, and macro-environmental risks, including global trade policy changes, chip shortages, accounts receivable issues, and intensified market competition [Operational Risks](index=21&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%BB%8F%E8%90%A5%E9%A3%8E%E9%99%A9) The company's operations are exposed to risks from global trade policy shifts impacting supply and competitiveness, chip shortages affecting delivery and costs, and changes in cloud product policies and settlement methods, including large advance payments - Global trade policy changes may lead to **increased chip prices** and **restricted raw material supply**, affecting the company's product competitiveness[61](index=61&type=chunk) - **Chip shortages** may impact the company's order production and delivery, costs, and gross profit, especially if key overseas chips are unavailable[61](index=61&type=chunk) - The cloud product business is affected by **policy and settlement method changes**, and tight supply of storage and computing servers, along with large advance payments, may impact order delivery and cash flow[62](index=62&type=chunk) [Financial Risks](index=22&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%B4%A2%E5%8A%A1%E9%A3%8E%E9%99%A9) The company faces financial risks including accounts receivable bad debts, potential operating cash flow pressure, declining product gross margins due to market factors, changes in rebate policies, inventory impairment, and liquidity challenges - The period-end balance of accounts receivable is **881.23 million yuan**, accounting for **42.33% of current assets**, with a longer collection cycle, posing a **bad debt risk**[62](index=62&type=chunk) - Net cash flow from operating activities may face **cash flow pressure** due to settlement timing differences between upstream and downstream and large transaction amounts in cloud infrastructure[63](index=63&type=chunk) - Product gross margins are at risk of decline, influenced by **communication standard iterations, market competition, chip price fluctuations, and exchange rate volatility**[63](index=63&type=chunk) - Changes in **rebate policies** may have a significant impact on the company's operating performance and production operations[64](index=64&type=chunk) - Inventory book value is **172.43 million yuan**, accounting for **6.82% of total assets**, facing **impairment risk**[64](index=64&type=chunk) - The company's working capital demand is growing, and if it cannot obtain bank and finance lease financing in a timely manner, it may face **liquidity risk**[65](index=65&type=chunk) [Industry Risks](index=23&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E9%A3%8E%E9%99%A9) The IoT industry faces intensified competition, potentially reducing the company's market share, while the rapid evolution of upstream chip technology, particularly SOC chips, could significantly impact existing product iteration - Intensified competition in the IoT industry may lead to a **reduction in the company's market share**[65](index=65&type=chunk) - The widespread application of **SOC chips** may have a significant impact on the technological iteration of the company's existing **"Modem mode" products**[65](index=65&type=chunk) [Macro-Environmental Risks](index=23&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%AE%8F%E8%A7%82%E7%8E%AF%E5%A2%83%E9%A3%8E%E9%99%A9) Escalating international trade frictions, such as increased tariffs or import/export restrictions, could negatively impact the company's business development, particularly affecting overseas market exports and foreign chip imports - Intensified international trade frictions, such as increased tariffs or import/export restriction policies, may have an **adverse impact on the company's business development**[66](index=66&type=chunk) [Main Operating Performance During the Reporting Period](index=23&type=section&id=%E4%BA%94%E3%80%81%20%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) During the reporting period, the company achieved 2.452 billion yuan in operating revenue, a 39.06% increase, while net profit attributable to parent company shareholders decreased by 22.10% to 63.56 million yuan, and operating cash flow surged by 1,083.35% 2025 H1 Main Operating Data | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 2.452 billion yuan | 39.06% | | Net Profit Attributable to Parent Company Shareholders | 63.56 million yuan | -22.10% | | Net Cash Flow from Operating Activities | 141.43 million yuan | 1,083.35% | - The amount of rebates that reduced current operating costs was **1.0762 million yuan**[67](index=67&type=chunk) [Main Business Analysis](index=23&type=section&id=(%E5%9B%9B)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by 39.06% due to cloud products and wireless modules, while operating costs rose 43.25%; management and financial expenses increased, R&D decreased, and operating cash flow surged due to shorter cloud product settlement cycles 2025 H1 Financial Statement Related Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,452,259,861.90 | 1,763,511,726.05 | 39.06 | | Operating Cost | 2,264,248,903.89 | 1,580,609,399.91 | 43.25 | | Selling Expenses | 25,588,187.41 | 24,072,645.78 | 6.30 | | General and Administrative Expenses | 27,851,294.55 | 25,375,230.49 | 9.76 | | Financial Expenses | 16,545,824.26 | 12,562,247.64 | 31.71 | | R&D Expenses | 39,446,426.59 | 43,402,317.50 | -9.11 | | Net Cash Flow from Operating Activities | 141,427,437.43 | 11,951,456.73 | 1,083.35 | | Net Cash Flow from Investing Activities | -29,235,469.23 | -14,738,376.02 | -98.36 | | Net Cash Flow from Financing Activities | 46,478,982.94 | 11,414,001.83 | 307.21 | - Operating revenue increased by **39.06%**, mainly due to a significant increase in **cloud product business revenue** and **wireless communication module revenue**[70](index=70&type=chunk) - General and administrative expenses increased by **9.76%**, mainly due to **increased share-based payment expenses** from the 2025 restricted stock incentive plan[70](index=70&type=chunk) - Financial expenses increased by **31.71%**, mainly due to **increased interest expenses** from higher bank borrowings[70](index=70&type=chunk) - Net cash flow from operating activities increased by **1,083.35%**, primarily due to shorter settlement cycles for cloud products, leading to an increase in net cash received from sales of goods[70](index=70&type=chunk) [Analysis of Assets and Liabilities](index=25&type=section&id=(%E5%85%AD)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets increased by 42.58% due to profitability and increased borrowings, with significant growth in cash, receivables, prepayments, notes payable, and accounts payable; overseas assets constituted 5.03% of total assets 2025 H1 Asset and Liability Status Changes | Item Name | Current Period-End Amount (yuan) | Current Period-End as % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End as % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Equivalents | 575,695,199.79 | 22.76 | 239,050,769.47 | 13.48 | 140.83 | Increase in bank borrowings and not yet repaid at period-end | | Accounts Receivable | 881,229,152.35 | 34.84 | 575,172,132.01 | 32.42 | 53.21 | Sales of goods not yet due or final payment received at period-end | | Prepayments | 342,747,040.49 | 13.55 | 247,673,335.80 | 13.96 | 38.39 | Advance payments for storage and computing servers not yet received | | Construction in Progress | 3,661,785.33 | 0.14 | 374,213.96 | 0.02 | 878.53 | New renovation not yet completed | | Short-term Borrowings | 678,162,212.50 | 26.81 | 547,368,184.58 | 30.85 | 23.90 | Increase in bank borrowings | | Notes Payable | 190,000,000.00 | 7.51 | 6,922,285.83 | 0.39 | 2,644.76 | Bank acceptance bills issued to suppliers not yet due | | Accounts Payable | 486,267,201.75 | 19.22 | 242,627,673.79 | 13.68 | 100.42 | Purchases of goods not yet due for settlement at period-end | | Long-term Borrowings | 79,000,000.00 | 3.12 | - | - | - | Increase in two-year term borrowings | | Lease Liabilities | 4,280,891.21 | 0.17 | 684,976.94 | 0.04 | 524.97 | New lease for office building | - Overseas assets amounted to **127.20 million yuan**, accounting for **5.03% of total assets**[75](index=75&type=chunk) [Investment Status Analysis](index=28&type=section&id=(%E4%B8%83)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment surged by 19,507.84% to 100 million yuan, primarily due to establishing a wholly-owned subsidiary, while financial assets measured at fair value totaled 30.07 million yuan at period-end Reporting Period Investment Amount | Indicator | Reporting Period Investment Amount (yuan) | Prior Year Period Investment Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Investment Amount | 100,000,000 | 510,000 | 19,507.84% | - During the reporting period, the company established a wholly-owned subsidiary, **Beijing Neoway IoT Sensing Technology Co., Ltd.**, with a registered capital of **100 million yuan**[78](index=78&type=chunk) Period-End Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased This Period (yuan) | Other Changes (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial assets held for trading | - | 10,000.00 | - | 10,000.00 | | Receivables financing | 21,514,990.54 | - | 8,548,912.84 | 30,063,903.38 | | Total | 21,514,990.54 | 10,000.00 | 8,548,912.84 | 30,073,903.38 | [Analysis of Major Holding and Participating Companies](index=29&type=section&id=(%E4%B9%9D)%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) The company's main subsidiaries include Dongguan Neoway Communication Technology, Neoway Communication Technology (Hong Kong), and Dongguan Neoway IoT Technology; a newly registered wholly-owned subsidiary, Beijing Neoway IoT Sensing Technology, has not yet had a significant impact Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (million yuan) | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Operating Profit (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Neoway Communication Technology Co., Ltd. | Subsidiary | Providing office infrastructure and living facilities for Dongguan R&D center | 12.00 | 230.92 | -19.21 | 3.84 | -1.40 | -1.40 | | Neoway Communication Technology (Hong Kong) Co., Ltd. | Subsidiary | Company's import and export business platform | HKD 0.50 | 127.20 | -4.15 | 240.89 | -0.90 | -0.90 | | Dongguan Neoway IoT Technology Co., Ltd. | Subsidiary | Undertaking R&D and testing of some company products and technologies; connecting company R&D with production to promote R&D commercialization and industrialization | 10.00 | 548.51 | 11.48 | 414.94 | 6.37 | 7.83 | - A wholly-owned subsidiary, **Beijing Neoway IoT Sensing Technology Co., Ltd.**, was newly registered during the reporting period and has not yet had a significant impact[83](index=83&type=chunk) [Section IV Corporate Governance, Environment and Society](index=31&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%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in the company's governance structure, including personnel, profit distribution plans, and the status and impact of equity incentive schemes [Changes in Company Directors, Supervisors, Senior Management, and Core Technical Personnel](index=31&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Huang Lei resigned as Board Secretary, and Li Zirui was appointed as the new Board Secretary, effective January 9, 2025 - Board Secretary **Huang Lei resigned**, and **Li Zirui was appointed** as the company's Fourth Board Secretary, effective January 9, 2025[85](index=85&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=31&type=section&id=%E4%BA%8C%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%A1%88) The company has no profit distribution or capital reserve conversion plan applicable for this reporting period - No profit distribution or capital reserve conversion plan is applicable for this reporting period[85](index=85&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company approved the vesting of restricted shares under the 2023 incentive plan, including repurchases and forfeitures, and proposed a new 2025 restricted stock incentive plan to grant 3.14 million shares - The conditions for the **second vesting period of the first type restricted stock under the 2023 Restricted Stock Incentive Plan** were met, allowing **3 grantees to vest 114,750 shares**[86](index=86&type=chunk) - The company repurchased and canceled **20,250 shares of the first type restricted stock** under the 2023 Restricted Stock Incentive Plan[86](index=86&type=chunk) - The conditions for the **second vesting period of the second type restricted stock under the 2023 Restricted Stock Incentive Plan** were met, allowing **8 grantees to vest 934,575 shares**[87](index=87&type=chunk) - The company forfeited **164,925 shares of previously granted but unvested second type restricted stock** under the 2023 Restricted Stock Incentive Plan[87](index=87&type=chunk) - The company proposes to grant **3.14 million restricted shares** under the 2025 Restricted Stock Incentive Plan to grantees, representing **3.41% of the company's total share capital**[87](index=87&type=chunk) [Section V Significant Matters](index=34&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the company's fulfillment of commitments, significant litigation and arbitration, related party transactions, major contracts, and the progress of raised funds utilization [Fulfillment of Commitments](index=34&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller, controlling shareholder, and directors, supervisors, and senior management have strictly fulfilled all commitments made during the initial public offering, with no violations reported - The share lock-up commitments of controlling shareholder **Shenzhen Jisirui Investment Development Co., Ltd.** and actual controller **Wang Kang** have been strictly fulfilled[91](index=91&type=chunk)[92](index=92&type=chunk) - The share lock-up commitments of the company's **directors, senior management, and core technical personnel** have been strictly fulfilled[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - The commitments regarding **profit distribution** by the company, controlling shareholder, and actual controller have been strictly fulfilled[96](index=96&type=chunk)[97](index=97&type=chunk) - The commitments regarding **avoidance of horizontal competition** by the company, controlling shareholder, and actual controller have been strictly fulfilled[101](index=101&type=chunk)[102](index=102&type=chunk) - The commitments regarding **standardization of related party transactions** by the company, controlling shareholder, and actual controller have been strictly fulfilled[103](index=103&type=chunk)[104](index=104&type=chunk) - The commitments regarding the **truthfulness, accuracy, and completeness of the prospectus** by the company and relevant parties have been strictly fulfilled[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Litigation and Arbitration Matters](index=49&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in two significant legal disputes: an arbitration award against Shenzhen Innovision Technology Co., Ltd. for contract breach, and a lawsuit filed against Shenzhen Zifeng Communication Co., Ltd. and Hong Ying for contract disputes - The company's contract dispute with **Shenzhen Innovision Technology Co., Ltd.** has resulted in an **arbitration award**, requiring the counterparty to refund the principal and pay interest[107](index=107&type=chunk) - The company has filed a lawsuit with the Longhua District People's Court of Shenzhen regarding a contract dispute with **Shenzhen Zifeng Communication Co., Ltd. and Hong Ying**[107](index=107&type=chunk) [Significant Related Party Transactions](index=49&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) In December 2024, the company approved an estimated daily related party transaction limit of 62 million yuan for 2025, which was not exceeded during the reporting period - The company estimated that the total amount of daily related party transactions for **2025 would not exceed 62 million yuan**[109](index=109&type=chunk) - During the reporting period, the company's transactions with related parties **did not exceed the estimated scope**[109](index=109&type=chunk) [Significant Contracts and Their Performance](index=51&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its subsidiaries provided guarantees totaling 9 million yuan for subsidiaries, representing 0.97% of net assets, which were general, not overdue, and without counter-guarantees Company and its Subsidiaries' Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | Guarantee Overdue | Counter-Guarantee Exists | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan Neoway IoT Technology Co., Ltd. | Dongguan Neoway Communication Technology Co., Ltd. | 9,000,000.00 | 2024-12-4 | 2026-3-27 | General Guarantee | No | No | No | - The total amount of guarantees provided to subsidiaries during the reporting period was **9 million yuan**, with a period-end guarantee balance of **9 million yuan**[114](index=114&type=chunk) - The total guarantee amount represents **0.97% of the company's net assets**[114](index=114&type=chunk) [Explanation of Progress in Use of Raised Funds](index=54&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) As of period-end, the company had invested 368.93 million yuan, or 89.4%, of its 466.42 million yuan committed raised funds, having adjusted project plans and temporarily used idle funds for working capital Overall Use of Raised Funds | Committed Investment of Raised Funds (million yuan) | Cumulative Investment at Period-End (million yuan) | Investment Progress at Period-End (%) | Investment Amount This Year (million yuan) | | :--- | :--- | :--- | :--- | | 466.42 | 368.93 | 89.4 | 24.85 | - The company had repeatedly adjusted the implementation plan for some raised fund investment projects on **April 28, 2022, March 3, 2023, and January 22, 2025**[124](index=124&type=chunk)[125](index=125&type=chunk) - The company used up to **60 million yuan of idle raised funds** to temporarily supplement working capital on March 11, 2024, and had fully repaid it by **March 6, 2025**[127](index=127&type=chunk) - The company again approved the use of up to **55 million yuan of idle raised funds** to temporarily supplement working capital on **March 12, 2025**[127](index=127&type=chunk) [Section VI Share Changes and Shareholder Information](index=59&type=section&id=%E7%AC%AC%E5%85%AD%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, restricted shares, and information on its shareholders, directors, supervisors, senior management, and core technical personnel [Share Capital Changes](index=59&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total shares increased to 92,929,070 due to the vesting of restricted stock, with a decrease in restricted shares and an increase in unrestricted tradable shares; a post-period repurchase will further reduce shares Share Change Table | Share Category | Quantity Before This Change (shares) | Proportion Before This Change (%) | Increase/Decrease (+,-) Other (shares) | Quantity After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 315,000 | 0.34 | -114,750 | 200,250 | 0.22 | | II. Unrestricted Tradable Shares | 91,679,495 | 99.66 | 1,049,325 | 92,728,820 | 99.78 | | III. Total Shares | 91,994,495 | 100 | 934,575 | 92,929,070 | 100 | - Share changes were primarily due to the **vesting of 114,750 shares of first type restricted stock** under the 2023 Restricted Stock Incentive Plan, and the **repurchase and cancellation of 20,250 shares**; and the **vesting of 934,575 shares of second type restricted stock**[131](index=131&type=chunk) - After the reporting period, the company repurchased and canceled **20,250 restricted shares**, leading to a reduction in total shares and an **increase in earnings per share and net assets per share**[132](index=132&type=chunk) [Changes in Restricted Shares](index=61&type=section&id=(%E4%BA%8C)%20%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, total restricted shares decreased from 315,000 to 200,250, mainly due to the vesting of first type restricted stock for incentive grantees Restricted Share Change Status | Shareholder Name | Beginning Restricted Shares (shares) | Restricted Shares Released This Period (shares) | Period-End Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Shang Jiangfeng | 26,250 | 9,563 | 16,687 | 2023 Restricted Stock Incentive Plan First Type Restricted Stock | | Luo Wei | 210,000 | 76,500 | 133,500 | 2023 Restricted Stock Incentive Plan First Type Restricted Stock | | Ouyang Jian | 78,750 | 28,687 | 50,063 | 2023 Restricted Stock Incentive Plan First Type Restricted Stock | | Total | 315,000 | 114,750 | 200,250 | / | [Shareholder Information](index=61&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of period-end, the company had 6,181 common shareholders, with Shenzhen Jisirui Investment Development Co., Ltd. and Wang Kang as the top two largest shareholders, holding 23.29% and 5.97% respectively - As of the end of the reporting period, the company had a total of **6,181 common shareholders**[135](index=135&type=chunk) Top Ten Shareholders' Shareholdings as of Period-End | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Share Nature | | :--- | :--- | :--- | :--- | | Shenzhen Jisirui Investment Development Co., Ltd. | 21,641,000 | 23.29 | Domestic Non-State-Owned Legal Person | | Wang Kang | 5,548,398 | 5.97 | Domestic Natural Person | | China Construction Bank Co., Ltd. - GF Technology Innovation Mixed Securities Investment Fund | 3,081,426 | 3.32 | Domestic Non-State-Owned Legal Person | | Shanghai Pudong Development Bank Co., Ltd. - Winging Digital Economy Smart Selection Mixed Initiated Securities Investment Fund | 2,436,771 | 2.62 | Domestic Non-State-Owned Legal Person | | Zhang Yiqi | 2,281,700 | 2.46 | Domestic Natural Person | | Du Guang | 1,888,540 | 2.03 | Domestic Natural Person | | Shanghai Liwo Private Equity Fund Management Co., Ltd. - Liwo Fuxing Private Securities Investment Fund | 1,811,508 | 1.95 | Domestic Non-State-Owned Legal Person | | Wei Qiong | 1,302,737 | 1.40 | Domestic Natural Person | | Chen Qiaoxian | 1,250,000 | 1.35 | Domestic Natural Person | | Cai Xin | 1,065,595 | 1.15 | Domestic Natural Person | - **Wang Kang** holds **59.88% of Shenzhen Jisirui Investment Development Co., Ltd.** and serves as its executive director; their combined shareholdings are calculated for reduction purposes[139](index=139&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=64&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, core technical personnel's shareholdings changed due to equity incentive vesting and secondary market trading, with 418,200 second type restricted shares vesting and 164,925 shares forfeited due to unmet company performance targets Directors, Supervisors, Senior Management, and Core Technical Personnel Shareholding Changes | Name | Position | Beginning Shareholding (shares) | Period-End Shareholding (shares) | Share Change During Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Xiao Yueshang | Core Technical Personnel | 61,550.00 | 153,000.00 | 91,450 | Equity incentive implementation and secondary market trading | | Peng Yan | Core Technical Personnel | 90,000.00 | 20,000.00 | -70,000 | Secondary market trading | | Tian Tongjun | Core Technical Personnel | 35,000.00 | 0 | -35,000 | Secondary market trading | | Lin Shen | Core Technical Personnel | 0 | 191,250.00 | 191,250 | Equity incentive implementation | | Tang Kefu | Core Technical Personnel | 0 | 16,575.00 | 16,575 | Equity incentive implementation | | Guo Jianlin | Core Technical Personnel | 0 | 57,375.00 | 57,375 | Equity incentive implementation | | Shang Jiangfeng | Core Technical Personnel | 26,250.00 | 16,687.00 | -9,563 | Secondary market trading | Second Type Restricted Stock Granted to Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position | Beginning Granted Restricted Stock (shares) | New Restricted Stock Granted This Period (shares) | Vested Quantity This Period (shares) | Unlocked Quantity This Period (shares) | Period-End Granted Restricted Stock (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qiu Fangyong | CFO | 0 | 80,000 | 0 | 0 | 80,000 | | Li Zirui | Board Secretary | 0 | 20,000 | 0 | 0 | 20,000 | | Tang Kefu | Core Technical Personnel | 45,500 | 20,000 | 16,575 | 16,575 | 46,000 | | Peng Yan | Core Technical Personnel | 0 | 100,000 | 0 | 0 | 100,000 | | Guo Jianlin | Core Technical Personnel | 157,500 | 100,000 | 57,375 | 57,375 | 190,000 | | Shang Jiangfeng | Core Technical Personnel | 0 | 100,000 | 0 | 0 | 100,000 | | Lin Shen | Core Technical Personnel | 525,000 | 150,000 | 191,250 | 191,250 | 450,000 | | Xiao Yueshang | Core Technical Personnel | 420,000 | 230,000 | 153,000 | 153,000 | 470,000 | | Total | / | 1,148,000 | 800,000 | 418,200 | 418,200 | 1,456,000 | - For the 2023 incentive plan's second vesting period, the company-level performance assessment indicator met the trigger value but not the target value, resulting in a **vesting ratio of 85%**, with **934,575 restricted shares vested** and the unvested **164,925 shares forfeited**[145](index=145&type=chunk) [Section VII Bond-Related Information](index=66&type=section&id=%E7%AC%AC%E4%B8%83%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 that the company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=66&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=66&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) During the reporting period, the company had no convertible corporate bonds [Section VIII Financial Report](index=67&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with notes on accounting policies, taxation, and other financial details [Audit Report](index=67&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [Financial Statements](index=67&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 consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, offering a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=67&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets reached 2,529.43 million yuan, a 42.58% increase from year-end 2024, with total liabilities at 1,602.20 million yuan and owner's equity at 927.23 million yuan Consolidated Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Cash and Equivalents | 575,695,199.79 | 239,050,769.47 | | Accounts Receivable | 881,229,152.35 | 575,172,132.01 | | Inventories | 172,425,571.29 | 165,562,524.17 | | Total Assets | 2,529,425,067.44 | 1,774,025,769.80 | | Short-term Borrowings | 678,162,212.50 | 547,368,184.58 | | Accounts Payable | 486,267,201.75 | 242,627,673.79 | | Total Liabilities | 1,602,197,311.18 | 919,717,338.13 | | Total Owner's Equity Attributable to Parent Company | 929,071,814.12 | 855,226,154.28 | [Consolidated Income Statement](index=71&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, consolidated total operating revenue increased by 39.06% to 2,452.26 million yuan, while total profit decreased by 23.76% to 68.43 million yuan, and net profit attributable to parent company shareholders decreased by 22.10% to 63.56 million yuan Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,452,259,861.90 | 1,763,511,726.05 | | Total Operating Costs | 2,375,662,084.80 | 1,687,802,113.52 | | Total Profit | 68,430,411.33 | 89,755,859.97 | | Net Profit | 62,537,761.22 | 79,492,098.38 | | Net Profit Attributable to Parent Company Shareholders | 63,564,096.47 | 81,592,264.23 | | Basic Earnings Per Share (yuan/share) | 0.69 | 0.89 | | Diluted Earnings Per Share (yuan/share) | 0.69 | 0.83 | [Consolidated Cash Flow Statement](index=75&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities surged by 1,083.35% to 141.43 million yuan, while investing activities resulted in a net outflow of 29.24 million yuan, and financing activities generated a net inflow of 46.48 million yuan Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | 2025 H1 (yuan) | 2024 H1 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 141,427,437.43 | 11,951,456.73 | | Net Cash Flow from Investing Activities | -29,235,469.23 | -14,738,376.02 | | Net Cash Flow from Financing Activities | 46,478,982.94 | 11,414,001.83 | | Net Increase in Cash and Cash Equivalents | 158,048,547.09 | 8,627,082.54 | | Period-End Balance of Cash and Cash Equivalents | 381,694,567.23 | 173,425,060.83 | [Company Basic Information](index=92&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shenzhen Neoway Technology Co., Ltd., established in 2006 and listed on the STAR Market in 2020, specializes in IoT wireless communication modules, terminals, and solutions, with a total share capital of 92,929,070 shares and Wang Kang as its actual controller as of June 30, 2025 - The company was established on **October 18, 2006**, and listed on the **STAR Market of the Shanghai Stock Exchange on January 23, 2020**[186](index=186&type=chunk) - The company's main business is the R&D, production, and sales of **IoT wireless communication modules, terminals, and solutions**[187](index=187&type=chunk) - As of June 30, 2025, the company's total issued share capital was **92,929,070 shares**, and its actual controller is **Wang Kang**[186](index=186&type=chunk)[187](index=187&type=chunk) [Basis of Financial Statement Preparation](index=92&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with an evaluation confirming no significant doubts about its ability to continue as a going concern for the next 12 months from June 30, 2025 - The company's financial statements are prepared on a **going concern basis**[188](index=188&type=chunk) - The company evaluated its ability to continue as a going concern for the next 12 months and found **no significant doubts**[189](index=189&type=chunk) [Significant Accounting Policies and Estimates](index=92&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section outlines the company's adherence to accounting standards, defining its accounting period, operating cycle, functional currency, and detailing policies for financial instruments, receivables, revenue recognition, and R&D expenditures - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[191](index=191&type=chunk) - The company's accounting year runs from **January 1 to December 31**, its operating cycle is **12 months**, and its functional currency is **RMB**[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) - The company classifies financial assets as measured at **amortized cost**, at **fair value through other comprehensive income**, or at **fair value through profit or loss**[204](index=204&type=chunk) - The company accrues **bad debt provisions** for various receivables (notes receivable, accounts receivable, receivables financing, other receivables) based on **expected credit losses**[210](index=210&type=chunk)[211](index=211&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, distinguishing between performance obligations fulfilled over time or at a point in time[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) - The company's internal research and development project expenditures are divided into **research and development phases**, with research phase expenditures expensed and development phase expenditures capitalized when conditions are met[253](index=253&type=chunk) [Taxation](index=112&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT (13%, 6%, export "exempt, credit, refund"), Urban Maintenance and Construction Tax (7%), Education Surcharge (3%), Local Education Surcharge (2%), and Property Tax, benefiting from a 15% corporate income tax rate as a high-tech enterprise for 2023-2025 Main Taxes and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 13%, 6% ("exempt, credit, refund" for exports) | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 7% | | Education Surcharge | Actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Actual VAT and consumption tax paid | 2% | | Property Tax | 1.2% per annum of the original value of property after a 30% deduction / 12% of rental income | - | - As a high-tech enterprise, the company is eligible for a preferential corporate income tax rate of **15% for 2023, 2024, and 2025**[113](index=113&type=chunk)[287](index=287&type=chunk) - General VAT taxpayers selling self-developed software products are subject to an immediate refund of the portion of VAT burden exceeding **3%**[286](index=286&type=chunk) [Notes to Consolidated Financial Statement Items](index=113&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 section details the period-end and beginning balances and changes for consolidated financial statement items, including cash, receivables, inventories, borrowings, and operating figures, with significant increases in cash (140.83%), accounts receivable (53.21%), short-term borrowings (23.90%), and notes payable (2,644.76%) Consolidated Financial Statement Major Item Changes (2025 H1) | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Equivalents | 575,695,199.79 | 239,050,769.47 | 140.83 | | Accounts Receivable | 881,229,152.35 | 575,172,132.01 | 53.21 | | Prepayments | 342,747,040.49 | 247,673,335.80 | 38.39 | | Short-term Borrowings | 678,162,212.50 | 547,368,184.58 | 23.90 | | Notes Payable | 190,000,000.00 | 6,922,285.83 | 2,644.76 | | Accounts Payable | 486,267,201.75 | 242,627,673.79 | 100.42 | | Operating Revenue | 2,452,259,861.90 | 1,763,511,726.05 | 39.06 | | Operating Cost | 2,264,248,903.89 | 1,580,609,399.91 | 43.25 | | R&D Expenses | 39,446,426.59 | 43,402,317.50 | -9.11 | | Financial Expenses | 16,545,824.26 | 12,562,247.64 | 31.71 | - The book value of **assets restricted in ownership or use** at period-end was **393.58 million yuan**, primarily including cash and equivalents, accounts receivable, fixed assets, investment properties, and intangible assets, mostly restricted due to **bank loan pledges or mortgages**[373](index=373&type=chunk) - Operating revenue and operating costs are disaggregated by product type, with **cloud products and services revenue** being the highest at **2,015.11 million yuan**[413](index=413&type=chunk) - R&D expenses incurred this period amounted to **39.45 million yuan**, a year-on-year decrease of **9.11%**, mainly due to a **reduction in total R&D personnel compensation** and the **termination of the Xi'an R&D base lease**[420](index=420&type=chunk) - Financial expenses incurred this period amounted to **16.55 million yuan**, a year-on-year increase of **31.71%**, mainly due to **increased interest expenses**[421](index=421&type=chunk) [R&D Expenses](index=171&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was 47.19 million yuan, a decrease of 8.68%, comprising 39.45 million yuan expensed and 7.74 million yuan capitalized, with 5G series wireless communication modules being a major capitalized project R&D Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 35,319,670.15 | 37,631,280.55 | | Material Consumption | 472,471.92 | 690,701.88 | | Depreciation | 2,178,984.18 | 2,227,217.20 | | Intangible Asset Amortization | 2,493,278.36 | 2,559,454.59 | | Right-of-Use Asset Depreciation | 730,597.26 | 2,594,015.28 | | Lease Expenses | 722,935.32 | 878,752.70 | | Travel Expenses | 247,088.77 | 442,947.04 | | Testing and Certification Fees | 579,338.61 | 997,155.66 | | Technical Service Fees | 52,131.30 | 41,411.34 | | Utilit

证券代码：688159 证券简称：有方科技 公告编号：2025-059 深圳市有方科技股份有限公司 关于参加 2025 年半年度科创板人工智能行业 集体业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 09 月 02 日(星期二)至 09 月 08 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 nw@neoway.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 深圳市有方科技股份有限公司（以下简称"公司"）已于 2025 年 08 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 09 日（星期二）15:00-17:00 参加由上海证券交易所主办的 2025 年半年度科创板人工智能行业集体业绩说明会，就投资者关心 的问题进行交流。 会议召开时间：2025 年 09 月 09 日(星期二) 下午 ...

证券代码：688159 证券简称：有方科技 公告编号：2025-058 深圳市有方科技股份有限公司 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个别及连带责任。 一、募集资金基本情况 1．实际募集资金的金额及到账情况 经中国证券监督管理委员会出具的《关于同意深圳市有方科技股 份有限公司首次公开发行股票注册的批复》（证监许可[2019]2971 号）核准，公司首次向社会公开发行人民币普通股（A 股）2,292 万 股，每股发行价格 20.35 元，募集资金总额为 466,422.000.00 元， 扣除发行费用后募集资金净额为 412,662,868.55 元。立信会计师事 务所（特殊普通合伙）对有方科技首次公开发行股票的资金到位情况 进行了审验，并出具了《验资报告》（[2020]第 ZI10010 号）。公司 对上述募集资金进行专户存储管理，扣除保荐及承销费用后的募集资 金已存入募集资金专户，并已与存放募集资金的商业银行、保荐机构 签订了《募集资金三方监管协议》和《募集资金四方监管协议》。 2.募集资金本报告期使用金额及期末余额情况 ...

Group 1 - The core viewpoint of the articles highlights the performance and financial metrics of Youfang Technology, indicating a significant increase in stock price and trading activity in recent months [1][2] - As of August 22, Youfang Technology's stock price rose by 128.59% year-to-date, with a recent decline of 7.71% over the last five trading days [1] - The company has been active in the market, appearing on the "龙虎榜" (Dragon and Tiger List) twice this year, with the latest net buying amounting to 83.67 million yuan on August 14 [1] Group 2 - As of March 31, the number of shareholders for Youfang Technology increased by 21.57% to 9,559, while the average circulating shares per person decreased by 17.74% to 9,590 shares [2] - For the first quarter of 2025, Youfang Technology reported a revenue of 1.058 billion yuan, reflecting a year-on-year growth of 22.66% [2] - Since its A-share listing, Youfang Technology has distributed a total of 16.62 million yuan in dividends, with 9.19 million yuan distributed over the past three years [2]

Core Insights - The wireless communication module is a crucial connection hub between the perception layer and the network layer of the Internet of Things (IoT) [1] - The global market size for wireless communication modules is projected to reach $6.12 billion in 2024, with a year-on-year growth of 9.2% [10][12] - China's wireless communication module market is expected to reach 24.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.4% from 2020 to 2024 [14] Industry Overview - Wireless communication modules integrate various chips and components on a PCB to facilitate radio wave transmission, noise filtering, and signal conversion [1][6] - The industry is characterized by high market concentration, with the top five companies holding over 75% of the market share by 2024 [18] Market Size and Growth - The application scale of wireless communication modules in the IoT sector is projected to be $3.09 billion in 2024, growing by 11.6% [12] - The wireless broadband application scale is expected to be $1.52 billion, with a growth of 6.9% [12] - The smart connected vehicle application scale is anticipated to reach $700 million, growing by 15.1% [12] Competitive Landscape - The leading companies in the global wireless communication module market include Quectel (移远通信) and Gree (广和通), with market shares of 42.6% and 18.1% respectively [18] - The first-tier companies generate revenues exceeding 5 billion yuan, while second-tier companies have revenues over 1 billion yuan [16] Industry Trends - Wireless communication modules are evolving from traditional connection devices to intelligent components that integrate communication, computing, and management functions [20] - The integration of AI technology is transforming communication modules into intelligent terminals capable of data analysis and decision support [21] - There is a trend towards smaller sizes and lower power consumption in wireless communication modules, catering to the needs of portable and embedded systems [23]

Market Performance - On August 15, the communication equipment sector rose by 0.58% compared to the previous trading day, with Hengbao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Hengbao Co., Ltd. (002104) closed at 29.01, with a gain of 7.36% and a trading volume of 3.0958 million shares [1] - Other notable gainers included: - Zhongguang Fangrui (300414) at 14.30, up 5.46% [1] - Hata Dong Technology (688182) at 28.01, up 5.30% [1] - Sinan Navigation (688592) at 44.50, up 4.95% [1] - Nanjing Panda Electronics (600775) at 14.06, up 4.85% [1] Fund Flow Analysis - The communication equipment sector experienced a net outflow of 3.849 billion yuan from institutional investors, while retail investors saw a net inflow of 3.444 billion yuan [2][3] - Notable individual stock fund flows included: - Zhongtian Technology (600522) with a net inflow of 259 million yuan from institutional investors [3] - Datang Telecom (600198) with a net inflow of 32.33 million yuan from institutional investors [3] - Youfang Technology (688159) with a net inflow of 29.24 million yuan from retail investors [3]