中信科移动通信技术股份有限公司 2025年上半年"提质增效重回报"行动方案评估报告 天馈及室分设备业务，继续稳居行业第一梯队，天馈设备集采综合市场份额 第一，省采综合市场份额第二，室分设备综合市场份额保持前二。新商业模式拓 展取得突破性进展，成功中标运营商研究院 5G 小基站委托生产及服务项目，框 架金额超过 1 亿元，为业务增长注入新动能。 服务业务，进一步提升工程管理及服务能力，驻地网和设备安装及配套业务 上半年中标额整体优于去年同期。依托 AI 和通信解决方案创新开源，公司将自 研领航通信大模型部署在自智网络平台（HiNet）中，应用于无线通信网络的规 划、建设、运维、优化等服务业务，帮助客户提升网络数智化能力，持续夯实服 务业务竞争力。 （二）国际市场，聚力攻坚破局，构建发展新格局 整合公司资源形成攻坚合力，支撑国际市场拓展，推进更高质量国际合作。 扩大客户连接，加速"走出去"步伐，借势上海世界移动通信大会、巴塞罗那世 界移动通信大会等国际平台，展示公司创新产品及解决方案，深度挖掘国际市场 商机，开展国际客户交流和高层拜访，品牌影响力持续提升。加大国际市场资源 投入与营销服务能力建设，稳步推进"根据地 ...

证券代码：688387 证券简称：信科移动 公告编号：2025-029 合同资产减值损失、其他非流动资产减值损失的的计提依据和计提方法同信 用减值准备的计提依据和计提方法。 经测试，本次需计提资产减值损失金额共计 5,884.11 万元。 中信科移动通信技术股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、计提资产减值准备情况概述 根据《企业会计准则》及中信科移动通信技术股份有限公司（以下简称"公 司"）会计政策、会计估计的相关规定，为客观、公允地反映公司 2025 年半年度 的财务状况及经营成果，本着谨慎性原则，公司对截至 2025 年 6 月 30 日合并报 表范围内的资产进行了减值测试，对可能发生资产减值损失的相关资产计提减值 准备。2025 年半年度确认的资产减值准备为 9,697.75 万元。具体情况如下表： | 序 号 | 项目 | 2025 年半年度计 提金额（万元） | | 备注 | | --- | --- | --- | --- | --- ...

证券代码：688387 证券简称：信科移动 公告编号：2025-027 中信科移动通信技术股份有限公司 2025年半年度募集资金存放与实际使用情况 的专项报告 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、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《上市公司募集资金监管规则》、《上海证券 交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《上海证券交易 所上市公司自律监管指南第 1 号——公告格式》的相关规定，中信科移动通信技 术股份有限公司（以下简称"公司"或"信科移动"）就 2025 年上半年募集资金存放 与实际使用情况作如下专项报告： 截至 2025 年 6 月 30 日，公司募集资金累计投入金额为 328,740.90 万元，余 额 84,906.05 万元，具体情况如下： | 项目 | 金额（元） | | --- | --- | | 实际募集资金总额 | 4,136,687,500.00 | | 减：发行费用-承销费 | 98,491,156.04 | | 募集资金到账净额 | 4,038,196,343.96 | ...

证券代码：688387 证券简称：信科移动 公告编号：2025-028 中信科移动通信技术股份有限公司 第二届监事会第六次会议决议公告 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 中信科移动通信技术股份有限公司（以下简称"公司"）第二届监事会第六 次会议于 2025 年 8 月 21 日在公司会议室以现场和通讯相结合的方式召开，本 次会议通知已于 2025 年 8 月 8 日通过电子邮件形式送达公司全体监事。本次会 议由监事会主席李汉兵先生主持，会议应出席监事 5 人，实际出席监事 5 人。 本次会议的召开符合《中华人民共和国公司法》等法律、法规、部门规章 以及《中信科移动通信技术股份有限公司章程》的有关规定，会议决议合法、 有效。 二、监事会会议审议情况 表决结果：同意 5 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 相关公告及文件。 （二）审议通过了《关于公司 2025 年半年度募集资金存放与实际使用情况 专项报告的议案》 ...

Part I Definitions [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 section defines key terms, company names, related parties, currency units, and mobile communication technologies for accurate report comprehension - The reporting period is from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - 5G-A (5G-Advanced) is an enhanced version of 5G technology, also known as 5.5G, offering significant improvements in speed, connection density, latency, and reliability, while integrating sensing and communication capabilities with native intelligence[10](index=10&type=chunk)[11](index=11&type=chunk) - RedCap, short for Reduced Capability, refers to 5G lightweight technology, a new technical standard specifically initiated for research during the 3GPP Release 17 phase[11](index=11&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides essential identity details for investors, including the company's Chinese name, abbreviation, legal representative, registered and office addresses, website, and email - The company's Chinese name is CICT Mobile Communication Technology Co., Ltd., abbreviated as CICT Mobile, with Sun Xiaonan as the legal representative[13](index=13&type=chunk) - The company's registered address is No. 88 Youkeyuan Road, Wuhan East Lake New Technology Development Zone, and its office address is No. 1 Tanhu Second Road, Canglong Island, Jiangxia District, Wuhan[13](index=13&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for Board Secretary Zhang Jinghong and Securities Affairs Representative Zhang Huaike, including address, phone, fax, and email, for investor inquiries and communication - The Board Secretary is Zhang Jinghong, and the Securities Affairs Representative is Zhang Huaike, both reachable at 027-87694415, with the email address ir@cictmobile.com[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%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) This section details the company's designated information disclosure newspapers, the website for semi-annual reports, and the Board Office as the report custody location, with no changes during the period - The company's designated information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[15](index=15&type=chunk)[16](index=16&type=chunk) - The semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn), and the custody location is the company's Board Office[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section outlines the company's A-share listing on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation 'CICT Mobile' and code '688387', confirming no previous abbreviation or depositary receipts - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation **'CICT Mobile'** and stock code **'688387'**[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%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 decreased by **15.21%** to **2.537 billion yuan**, net profit attributable to shareholders was **-0.062 billion yuan** (flat YoY), and non-recurring net profit loss narrowed by over **15 million yuan**, while operating cash flow and total assets declined H1 2025 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | YoY Change (%) | | :------------------------------------------------- | :------------------------------ | :-------------------- | :-------------------------- | | Operating Revenue | 2,537,242,285.05 | 2,992,455,388.62 | -15.21 | | Total Profit | -75,824,106.15 | -79,462,701.46 | N/A | | Net Profit Attributable to Shareholders | -61,738,846.15 | -61,408,460.25 | N/A | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Gains/Losses) | -87,250,192.44 | -102,500,135.96 | N/A | | Net Cash Flow from Operating Activities | -83,679,302.53 | -1,070,235,453.20 | N/A | | **As of Current Period End** | **As of Prior Year End** | **Change from Prior Year End (%)** | | | Net Assets Attributable to Shareholders | 6,200,801,065.78 | 6,276,919,527.93 | -1.21 | | Total Assets | 13,111,389,372.00 | 13,735,771,854.78 | -4.55 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :------------------------------------------------- | :----------------------- | :----------- | :-------------------------- | | Basic Earnings Per Share (yuan/share) | -0.02 | -0.02 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.02 | -0.02 | N/A | | Basic EPS (Excl. Non-Recurring Gains/Losses) (yuan/share) | -0.03 | -0.03 | N/A | | Weighted Average Return on Net Assets (%) | -0.99 | -0.94 | N/A | | Weighted Average ROE (Excl. Non-Recurring Gains/Losses) (%) | -1.40 | -1.57 | N/A | | R&D Investment as % of Operating Revenue (%) | 22.43 | 20.68 | Increased by 1.75 percentage points | [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%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) This section details the company's H1 2025 non-recurring gains and losses, totaling **25.51 million yuan**, primarily from government subsidies, fair value changes in financial assets, and other non-operating items H1 2025 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (yuan) | | :----------------------------------- | :------------ | | Disposal gains/losses from non-current assets | -130,138.10 | | Government grants recognized in current profit or loss | 17,346,996.67 | | Gains/losses from fair value changes of financial assets and liabilities held by non-financial enterprises, and disposal of financial assets and liabilities | 9,282,831.53 | | Other non-operating income and expenses apart from the above | -687,531.20 | | Less: Impact on minority interests (after tax) | 300,812.61 | | Total | 25,511,346.29 | Part III Management Discussion and Analysis [I. Industry and Principal Business Overview During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Operating in communication equipment manufacturing, the company benefits from China's leading 5G network and 5G-A advancements, critical 6G competition, and accelerated industrialization of low-altitude economy and satellite internet, maintaining its strong position in mobile communication standards and product development - The company operates in the **'C392 Communication Equipment Manufacturing'** sub-sector of **'C39 Computer, Communication and Other Electronic Equipment Manufacturing'**[25](index=25&type=chunk) - China has built the world's largest 5G network, with base stations accounting for over **66%** of the global total, actively promoting 5G to 5G-A network upgrades, with 5G-A users expected to exceed **60 million** by the end of 2025[25](index=25&type=chunk)[26](index=26&type=chunk) - Global 6G competition has entered a critical strategic phase, with ITU confirming the start of technical standardization in **2025**, the first standard freeze in **2029**, and commercialization by **2030**[26](index=26&type=chunk) - The integration of 5G-A and AI has achieved large-scale application in various industries such as mining, ports, healthcare, education, and industrial manufacturing, driving the shift from 'experience-driven' to 'data-driven' operations[27](index=27&type=chunk) - China's low-altitude economy market size is projected to reach **1.5 trillion yuan** by 2025 and potentially exceed **3.5 trillion yuan** by 2035, becoming a core growth engine for national strategic emerging industries[27](index=27&type=chunk) - The company is a significant patent holder for global 3G, 4G, and 5G mobile communication standards, ranking **seventh globally** in 5G standard proposals, and leading the first 3GPP 6G standard project initiation[29](index=29&type=chunk) - The company maintains industry-leading positions or first-mover advantages in mobile communication system equipment, antenna and indoor distribution equipment, mobile communication technical services, industry applications, and satellite internet[30](index=30&type=chunk) - The company focuses on integrated space-air-ground mobile communication as its principal business, offering network products, technical services, and comprehensive solutions for the 5G new ecosystem, 6G pre-research, and digital transformation, with no changes to its principal business during the reporting period[30](index=30&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, operating revenue decreased by **15.21%** to **2.537 billion yuan**, while net profit loss narrowed, and non-recurring net profit loss reduced by over **15 million yuan**. The company expanded domestically and internationally, achieving **74.8%** growth in industry application revenue, alongside significant advancements in 5G-A, 6G innovation, and corporate reform H1 2025 Key Economic Indicators | Indicator | 2025 H1 (billion yuan) | YoY Change | | :-------- | :--------------------- | :--------- | | Operating Revenue | 2.537 | Down 15.21% | | Net Profit Attributable to Shareholders | -0.062 | Largely flat | | Net Profit Attributable to Shareholders (Excl. Non-Recurring Gains/Losses) | -0.087 | Loss reduced by over 15 million yuan | - Domestic operator market: Won China Mobile's 5G Phase VII centralized procurement project, increasing **2.6G** share by **43.7%**; won China Telecom's mid-to-high frequency Phase VII centralized procurement project, with year-on-year share increase; achieved **first place** in overall market share for antenna and indoor distribution equipment centralized procurement, and **second place** in provincial procurement[34](index=34&type=chunk) - International market: Main equipment business won the Uganda project in Africa, while antenna and indoor distribution equipment business secured multiple projects in Europe, Latin America, the Middle East, and Africa, continuously enhancing international market influence[35](index=35&type=chunk) - Industry application market: Industry business revenue increased by **74.8%** year-on-year, signing multiple wireless private network projects in the energy market, vigorously advancing 5G-R engineering test line testing in the transportation market, and deepening industry-academia-research integration in the education market[36](index=36&type=chunk) - New business market: Satellite internet business maintained its first-mover advantage, completing integrated satellite payload overall design and signing new contracts; patent operation business added a new bilateral license with a terminal manufacturer[36](index=36&type=chunk)[37](index=37&type=chunk) - Technological innovation: Fully participated in Rel-19 standardization, submitting over **10** Rel-20 technical proposals; ranked among the **top 8** in 3GPP standard influence in H1, leading **5** international standard projects; launched the industry's unique **64T 128R** enhanced integrated sensing and communication AAU[37](index=37&type=chunk) - 6G technology pre-research: Conducted **17** key 6G technology studies, including super-dimensional antennas, and released latest achievements such as space-ground integration and standalone networking design; applied for **132** 6G patents and published **5** 6G papers[37](index=37&type=chunk) - Deepening reform: Awarded an **excellent rating** in the SASAC 2024 'Sci-Tech Reform Demonstration Enterprise' assessment; promoted tenure-based and contractual management for management team members, increasing the proportion of young cadres by over **10%**, with market-oriented exit and rotation rates for cadres both exceeding **20%**[38](index=38&type=chunk)[39](index=39&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%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 global standard influence, original technological innovation, integrated space-air-ground industrial capabilities, and exemplary corporate governance. It ranks among the **top ten globally** in 5G standard patents with over **24,000** proposals, leads 6G key technology deployment, and drives space-ground integration and satellite internet standards, enhancing innovation through industry-academia-research collaboration - The company maintains a leading position in standard patents, with over **24,000** 5G international standard proposals, ranking **seventh globally**; its 5G standard patent count disclosed by ETSI is among the **top ten worldwide**[41](index=41&type=chunk) - The company holds first-tier global technological influence in areas such as 5G massive MIMO antenna technology, ultra-dense networking technology, equipment energy-saving technology, and space-ground integrated mobile communication technology[41](index=41&type=chunk) - The company conducts a series of research projects addressing 6G requirements and key technologies, achieving breakthroughs in critical 6G core technology directions such as space-ground integration, super-dimensional antennas, and user-centric intelligent governance networks, positioning itself as an industry leader[41](index=41&type=chunk) - The company has built an integrated 'space-air-ground' collaborative development business system, possessing end-to-end satellite internet communication solutions and full industry chain capabilities, from chips and equipment to solutions[42](index=42&type=chunk) - The company leads the formulation of space-ground integration international standards, achieving China's first 3GPP NTN standard project initiation, and cumulatively leading **13** NTN projects[43](index=43&type=chunk) - The company was approved as a SASAC 'Sci-Tech Reform Demonstration Enterprise' and 'World-Class Specialized, Refined, Unique, and New Demonstration Enterprise', establishing a technology innovation platform integrating industry, academia, research, and application[43](index=43&type=chunk)[44](index=44&type=chunk) - During the reporting period, the company added **682** intellectual property application projects (including **671** domestic and international patent applications) and **529** intellectual property authorization projects (including **520** domestic and international authorized patents)[50](index=50&type=chunk) H1 2025 R&D Investment | Indicator | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :---------------------------------- | :-------------------- | :------------------ | :----------- | | Expensed R&D Investment | 491,501,005.01 | 551,224,219.91 | -10.83 | | Capitalized R&D Investment | 77,515,246.84 | 67,680,588.15 | 14.53 | | Total R&D Investment | 569,016,251.85 | 618,904,808.06 | -8.06 | | R&D Investment as % of Operating Revenue (%) | 22.43 | 20.68 | Increased by 1.75 percentage points | | Capitalization Ratio of R&D Investment (%) | 13.62 | 10.94 | Increased by 2.68 percentage points | - The company's ongoing R&D projects include **17** items such as the 6G technology verification platform, 5G-A/6G standards and space-ground integration research, 5G base station software optimization and upgrade, 5G localized base station R&D, 5G-A integrated sensing and communication technology research and base station product development, 5G-R pre-commercial projects, end-to-end satellite internet technology research and verification, satellite payload technology research and verification, satellite core network products, green wideband high-efficiency integrated base station antenna products, satellite payload phased array antennas, shared repeater products, remote O&M of equipment rooms based on 5G+IoT and AI, intelligent quality management system research for communication engineering, and smart governance platform for urban social governance and intelligent IoT rule engine technology research[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) H1 2025 R&D Personnel | Indicator | Current Period | | :---------------------------------- | :------------- | | Number of Company R&D Personnel (persons) | 1,954 | | R&D Personnel as % of Total Company Staff (%) | 45.54 | | Total R&D Personnel Compensation (million yuan) | 273.5038 | | Average R&D Personnel Compensation (million yuan) | 0.14 | | **Educational Background** | | | Doctoral Candidates (persons) | 61 | | Master's Candidates (persons) | 869 | | Bachelor's Degree (persons) | 982 | | Associate's Degree (persons) | 42 | | **Age Structure** | | | Under 30 (excluding 30) (persons) | 424 | | 30-40 (including 30, excluding 40) (persons) | 807 | | 40-50 (including 40, excluding 50) (persons) | 598 | | 50-60 (including 50, excluding 60) (persons) | 125 | [IV. Risk Factors](index=21&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces risks of unprofitability, performance decline, and losses, with H1 operating revenue down **15.21%**. Core competitiveness, operational, and financial risks include product competitiveness, IP, supply chain stability, overseas operations, customer credit, negative operating cash flow, high receivables and inventory, and seasonal revenue. Industry risks include declining telecom capex and macroeconomic challenges - During the reporting period, the net profit attributable to ordinary shareholders was **-61.7388 million yuan**, posing a risk of continued unprofitability or inability to distribute profits for a certain period in the future[62](index=62&type=chunk) - During the reporting period, the company's operating revenue decreased by **15.21%** year-on-year, primarily due to slower operator investments, presenting a risk of significant performance decline or losses[62](index=62&type=chunk) - The company faces product competitiveness risks (failure to continuously research, develop, and launch iterative updated products) and intellectual property risks (mobility of core technical personnel, inadequate protection, disputes, etc.)[62](index=62&type=chunk) - Operational risks include supply chain stability risks due to rising prices of key components, overseas operational risks from international legal/tax/regulatory/market environment and exchange rate fluctuations, and accounts receivable collection risks due to varying customer creditworthiness[63](index=63&type=chunk)[64](index=64&type=chunk) - Financial risks include negative net cash flow from operating activities (**-83.6793 million yuan**), net accounts receivable (including contract assets) totaling **5.103 billion yuan** (accounting for **38.92%** of total assets), and inventory book value of **1.485 billion yuan** (accounting for **11.32%** of total assets), leading to capital tie-up and impairment risks[64](index=64&type=chunk)[65](index=65&type=chunk) - The company's operating revenue is subject to seasonal fluctuations, with second-half revenue generally higher than the first half, potentially leading to seasonal losses[65](index=65&type=chunk) - Industry risks include declining capital expenditures in the domestic telecom sector, operators shifting investments towards industrial digitalization, posing challenges for traditional communication equipment businesses. Macroeconomic risks include slowing global economic growth, insufficient domestic demand, and international trade frictions[66](index=66&type=chunk) [(I) Analysis of Principal Business](index=22&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, operating revenue decreased by **15.21%** to **2.537 billion yuan** due to slower operator plans and macro factors. Operating costs fell **16.91%**, sales expenses **10.40%**, and R&D expenses **10.83%**. Management expenses rose **4.59%**, and financial expenses decreased by **13.2118 million yuan**. Operating cash flow was negative, investing cash flow turned positive, and financing cash flow significantly declined H1 2025 Financial Statement Items Variation Analysis | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--------------------------------- | :-------------------- | :------------------ | :----------- | | Operating Revenue | 2,537,242,285.05 | 2,992,455,388.62 | -15.21 | | Operating Cost | 1,861,329,093.93 | 2,240,134,085.36 | -16.91 | | Selling Expenses | 136,952,195.33 | 152,847,839.10 | -10.40 | | Administrative Expenses | 72,276,925.81 | 69,106,586.39 | 4.59 | | Financial Expenses | -14,299,287.15 | -1,087,482.40 | N/A | | R&D Expenses | 491,501,005.01 | 551,224,219.91 | -10.83 | | Net Cash Flow from Operating Activities | -83,679,302.53 | -1,070,235,453.20 | N/A | | Net Cash Flow from Investing Activities | 135,644,887.03 | -552,844,776.95 | N/A | | Net Cash Flow from Financing Activities | -188,863,534.01 | 142,958,744.12 | -232.11 | - The decrease in operating revenue was primarily due to slower operator construction plans and macroeconomic factors in 2025[69](index=69&type=chunk) - Financial expenses decreased by **13.2118 million yuan** year-on-year, mainly due to a reduction in the company's borrowing scale and lower interest expenses[70](index=70&type=chunk) - Net cash flow from operating activities was negative, primarily due to a reduction in the company's external procurement scale and a decrease in cash paid for goods and services[70](index=70&type=chunk) - Net cash flow from investing activities turned positive, mainly because the company reduced its investments in structured deposits[70](index=70&type=chunk) - Net cash flow from financing activities significantly decreased, primarily due to a reduction in the company's borrowing scale[70](index=70&type=chunk) [(III) Analysis of Assets and Liabilities](index=23&type=section&id=%28%E4%B8%89%29%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 were **13.111 billion yuan**, down **4.55%** YoY. Notes receivable decreased by **54.12%**, while construction in progress rose **88.59%** due to R&D and manufacturing base investments. Short-term borrowings increased **23.13%**, contract liabilities **36.40%** from sales collections, and non-current liabilities due within one year significantly decreased by **97.23%** due to strong cash flow H1 2025 Assets and Liabilities Variation | Item Name | Current Period End (yuan) | % of Total Assets at Current Period End | Prior Year End (yuan) | % of Total Assets at Prior Year End | % Change from Prior Year End | | :-------------------------- | :------------------------ | :------------------------------------ | :-------------------- | :------------------------------------ | :--------------------------- | | Cash and Bank Balances | 3,089,019,278.16 | 23.56 | 3,234,981,209.39 | 23.55 | -4.51 | | Trading Financial Assets | 1,024,098,739.72 | 7.81 | 1,254,972,561.64 | 9.14 | -18.40 | | Notes Receivable | 119,152,480.80 | 0.91 | 259,676,678.22 | 1.89 | -54.12 | | Accounts Receivable | 5,060,298,219.70 | 38.59 | 5,193,425,280.58 | 37.81 | -2.56 | | Inventories | 1,484,813,357.57 | 11.32 | 1,555,218,677.68 | 11.32 | -4.53 | | Fixed Assets | 1,056,955,768.63 | 8.06 | 1,095,560,686.13 | 7.98 | -3.52 | | Construction in Progress | 169,845,222.98 | 1.30 | 90,062,298.82 | 0.66 | 88.59 | | Intangible Assets | 191,145,782.01 | 1.46 | 206,745,368.99 | 1.51 | -7.55 | | Short-term Borrowings | 788,447,278.33 | 6.01 | 640,354,549.36 | 4.66 | 23.13 | | Notes Payable | 510,661,545.84 | 3.89 | 617,562,877.65 | 4.50 | -17.31 | | Accounts Payable | 3,940,885,058.42 | 30.06 | 4,181,161,998.91 | 30.44 | -5.75 | | Contract Liabilities | 782,275,179.09 | 5.97 | 573,516,670.99 | 4.18 | 36.40 | | Non-current Liabilities Due Within One Year | 11,558,196.77 | 0.09 | 417,484,029.20 | 3.04 | -97.23 | - Construction in progress increased by **88.59%**, primarily due to increased investment in the first phase of the company's mobile communication equipment R&D and manufacturing base project general contracting during the current period[72](index=72&type=chunk)[73](index=73&type=chunk) - Contract liabilities increased by **36.40%**, mainly due to increased sales collections by the company[73](index=73&type=chunk) - Non-current liabilities due within one year decreased by **97.23%**, primarily due to the company's good cash flow management and reduced borrowing scale[73](index=73&type=chunk) - Overseas assets totaled **32.9482 million yuan**, accounting for **0.25%** of total assets[74](index=74&type=chunk) H1 2025 Major Restricted Assets | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--------------------------- | :--------------------- | | Cash and Bank Balances | 14,971,955.44 | Litigation-frozen funds and various deposits | | Notes Receivable | 1,103,314.80 | Unrecognized notes | [(IV) Analysis of Investment Status](index=25&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section discloses the company's financial assets measured at fair value. At period-end, trading financial assets were **1.024 billion yuan**, down **18.40%** from the beginning of the period, with **2.34 billion yuan** in purchases and **2.57 billion yuan** in sales/redemptions H1 2025 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Current Period Fair Value Change (yuan) | Cumulative Fair Value Change Recognized in Equity (yuan) | Current Period Purchases (yuan) | Current Period Sales/Redemptions (yuan) | Ending Balance (yuan) | | :------------- | :----------------------- | :-------------------------------------- | :--------------------------------------- | :---------------------- | :---------------------- | :-------------------- | | Other | 1,254,972,561.64 | 4,098,739.72 | 4,972,561.64 | 2,340,000,000.00 | 2,570,000,000.00 | 1,024,098,739.72 | [(VI) Analysis of Major Controlled and Invested Companies](index=26&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists major controlled subsidiaries and their performance. Datang Mobile Communications reported **988 million yuan** in revenue and a **61.3291 million yuan** net loss. Wuhan Hongxin Technology Services had **899 million yuan** revenue and a **49.9098 million yuan** net loss. Wuhan Hongxin Technology Development achieved **2.9542 million yuan** net profit. Wuhan CICT Mobile, a new capacity vehicle, has not yet commenced operations H1 2025 Major Controlled Subsidiaries Financial Data | Company Name | Company Type | Principal 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) | | :--------------------------------------- | :----------- | :------------------------------------------------- | :------------------------------ | :-------------------------- | :------------------------ | :------------------------------- | :------------------------------ | :------------------------ | | Wuhan Hongxin Technology Development Co., Ltd. | Subsidiary | R&D, production, and sales of antenna and indoor distribution equipment | 700.00 | 796.7835 | 567.9169 | 53.8537 | 2.9826 | 2.9542 | | Datang Mobile Communications Equipment Co., Ltd. | Subsidiary | R&D, production, and sales of mobile communication system equipment and 4/5G industry application related products | 1,501.1306 | 4,261.4694 | -319.2011 | 988.4576 | -60.8073 | -61.3291 | | Wuhan Fenghao Zhida Information Technology Co., Ltd. | Subsidiary | Mobile communication related software development | 50.00 | 66.0607 | 64.6162 | - | 0.1205 | 0.1205 | | Wuhan Hongxin Technology Services Co., Ltd. | Subsidiary | Mobile communication technical services | 100.00 | 3,549.5109 | 282.4367 | 899.2720 | -50.9752 | -49.9098 | | Wuhan CICT Mobile Communication Technology Co., Ltd. | Subsidiary | Has not yet commenced specific operations, future vehicle for new capacity and incremental business | 2,000.00 | 2,021.1800 | 2,020.9242 | - | 0.1134 | 0.0851 | | Shenzhen CICT Mobile Communication Technology Co., Ltd. | Subsidiary | As CICT Mobile's business platform in Guangdong region, still in exploration phase | 50.00 | 51.1093 | 51.0468 | 0.7799 | -0.0026 | -0.0022 | | Datang Lianyi Technology Co., Ltd. | Subsidiary | R&D, production, and sales of mobile communication test instruments | 50.00 | 202.2041 | 69.0199 | 74.8652 | -4.3252 | -4.3172 | | Shanghai Datang Mobile Communications Equipment Co., Ltd. | Subsidiary | Mobile communication technical services | 105.00 | 589.5628 | 141.1596 | 200.9586 | -1.209 | -2.591 | | Shanghai Yuandongli Communication Technology Co., Ltd. | Subsidiary | Production of mobile communication system equipment and related products | 40.00 | 30.9214 | 25.6503 | 9.4168 | 1.0941 | 0.9460 | | Wuhan Hongfu Software Co., Ltd. | Subsidiary | Software development related to mobile communication technical services | 10.00 | 24.3527 | 22.8033 | 5.4513 | 1.9147 | 1.9147 | | CICT Mobile Communication (Indonesia) Co., Ltd. | Subsidiary | Conducts mobile communication business in Indonesia | 2,700.00 (million Indonesian Rupiah) | 32.9482 | 31.4975 | -0.0752 | -1.8047 | -2.5456 | Part IV Corporate Governance, Environment, and Social Responsibility [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=28&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, senior management changes occurred: Sun Shaohui, Yu Daomin, and Tian Yuxing resigned as Deputy General Managers. Sun Shaohui remains Chief Scientist, while Tian Yuxing no longer holds a position. The Board appointed Fu Xiang as Deputy General Manager H1 2025 Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel | Name | Position Held | Change Status | | :------- | :------------ | :------------ | | Sun Shaohui | Deputy General Manager | Resigned | | Yu Daomin | Deputy General Manager | Resigned | | Tian Yuxing | Deputy General Manager | Resigned | | Fu Xiang | Deputy General Manager | Appointed | - Sun Shaohui resigned as Deputy General Manager due to work changes, remaining a core technical personnel and Chief Scientist after resignation[84](index=84&type=chunk) - Yu Daomin resigned as Deputy General Manager due to personal reasons[85](index=85&type=chunk) - Tian Yuxing resigned as Deputy General Manager due to work changes and will no longer hold a position in the company after resignation[85](index=85&type=chunk) - The company appointed Fu Xiang as Deputy General Manager, with a term until the expiration of the second Board of Directors[86](index=86&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=28&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's proposed semi-annual profit distribution or capital reserve conversion plan is 'none', indicating no distribution or conversion during this reporting period - The company's proposed semi-annual profit distribution or capital reserve conversion plan is **'No'**, with no distribution or conversion planned[86](index=86&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=29&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) During the reporting period, the company fulfilled environmental responsibilities, with no pollution incidents and all pollutants meeting discharge standards. It consumes water, electricity, and natural gas, discharging exhaust gas, sewage, solid waste, noise, and minor hazardous waste/EMF, all treated by stable and efficient environmental facilities - During the reporting period, the company experienced no environmental pollution incidents, and all pollutants generated during production and operation met discharge standards[88](index=88&type=chunk) - The company's primary energy consumption includes water, electricity, and natural gas; main emissions consist of exhaust gas, domestic sewage, solid waste, noise, and small amounts of hazardous waste and electromagnetic radiation[88](index=88&type=chunk) - The company has registered for fixed pollution source discharge permits; general solid waste and small amounts of hazardous waste are recycled and disposed of by qualified entities; domestic sewage is pre-treated before discharge to wastewater treatment plants; exhaust gas and noise are managed with purification and noise reduction measures; and electromagnetic radiation is handled under shielded conditions[89](index=89&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=29&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively engaged in poverty alleviation and rural revitalization, deploying staff to Jindun Village, Hubei, as First Secretary and team leader. Over five years, it utilized over **5 million yuan** in group funds for **30** projects, supporting industry, infrastructure, and humanitarian care. Jindun Village received national and provincial honors, and company cadres were recognized as excellent youth cadres - The company dispatched employees to Jindun Village, Dawu County, Hubei, to serve as First Secretary and leader of the village working team, adhering to the 'Four Unforgettables' work philosophy[90](index=90&type=chunk) - Over five years, the company effectively utilized over **5 million yuan** in gratuitous group assistance funds, focusing on supporting industrial development, infrastructure construction, and humanitarian care, implementing **30** aid projects[90](index=90&type=chunk) - Jindun Village received multiple honors, including the national '12th Batch of National 'One Village, One Product' Demonstration Villages', 'Outstanding Unit for Consolidating Poverty Alleviation Achievements and 'Three Actions'', and 'Hubei Province Top 100 Village Committees'[90](index=90&type=chunk) Part V Significant Matters [I. Fulfillment of Commitments](index=30&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) This section details the fulfillment of commitments by the company, its actual controller, shareholders, and related parties, covering share lock-up, holding/reduction intentions, price stabilization, diluted return compensation, profit distribution, information disclosure, avoiding competition, standardizing related-party transactions, preventing fund occupation, and non-fulfillment penalties. All commitments were strictly met without violations - The share lock-up period for the company's controlling shareholder, CICT, was automatically extended by **6 months** to March 25, 2026, and voluntarily extended again by **6 months** to September 25, 2026[95](index=95&type=chunk)[96](index=96&type=chunk) - The share lock-up period for the company's shareholder, Hubei Yangtze 5G Fund, is **36 months** from the date of stock listing[97](index=97&type=chunk) - The company, its controlling shareholder, directors, and senior management all committed to strictly adhere to the share price stabilization plan and take corresponding measures when trigger conditions are met[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company committed to compensate for diluted immediate returns by strengthening market expansion, promoting technological innovation, enhancing raised capital management, improving operational efficiency, and perfecting the profit distribution system[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company's controlling shareholder, CICT, committed to avoid horizontal competition and take measures regarding competing businesses with significant adverse effects, prioritizing their transfer to the issuer[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company's controlling shareholder and other major shareholders, directors, supervisors, and senior management committed to reduce and standardize related-party transactions, ensuring fairness and impartiality of transactions[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - The company's controlling shareholder, CICT, committed to prevent the illegal occupation or transfer of funds, assets, and other resources of the issuer and its subsidiaries in any form[124](index=124&type=chunk) - All parties related to the commitments pledged to bear corresponding legal responsibilities if commitments are not fulfilled, including publicly explaining reasons, apologizing, and compensating investors for losses, among other disciplinary measures[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=43&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) During the reporting period, the company faced three significant litigation/arbitration matters. Subsidiary Datang Mobile sued Spreadtrum Communications for a **681 million yuan** technical cooperation dispute, with asset preservation applied. Two other lawsuits against subsidiaries involve a **4.1229 million yuan** road freight dispute and a **3.0361 million yuan** construction contract dispute, both pending judgment - Subsidiary Datang Mobile's technical cooperation development contract dispute with Spreadtrum Communications (Shanghai) Co., Ltd. involves **681 million yuan**, with asset preservation applied, and the case has not yet been heard[133](index=133&type=chunk) - Subsidiary Datang Mobile is involved in a road freight transportation contract dispute with Shanghai Xuxiao Logistics Co., Ltd., involving **4.1229 million yuan**; the company appealed after the first-instance judgment, and the second instance is currently underway[134](index=134&type=chunk) - Subsidiary Shanghai Datang is involved in a construction project contract dispute with natural person Luo, involving **3.0361 million yuan**; the case has been remanded for retrial[135](index=135&type=chunk) [X. Significant Related-Party Transactions](index=45&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) This section discloses H1 2025 ordinary related-party transactions, including procurement, sales, and property leases. Actual transaction amounts were significantly below estimates. The company also has financial dealings with CICT (Beijing) Finance Co., Ltd., with an ending deposit balance of **1.304 billion yuan** and actual credit utilization of **20.3829 million yuan** H1 2025 Actual Ordinary Related-Party Transactions (Partial) | Related-Party Transaction Type | Related Party | 2025 Estimated Amount (million yuan) | Actual Amount as of June 30, 2025 (million yuan) | Actual Amount as % of Estimated Amount | | :---------------------------- | :------------ | :----------------------------------- | :----------------------------------------------- | :----------------------------------- | | Procurement of goods and services from related parties | FiberHome Communications Technology Co., Ltd. | 175.00 | 8.0941 | 4.63% | | Sales of goods and services to related parties | Wuhan Smart Metro Technology Co., Ltd. | 50.00 | 7.3107 | 14.62% | | Lease-in of properties from related parties | Beijing Beifang FiberHome Technology Co., Ltd. | 15.00 | 6.1928 | 41.29% | | Lease-out of properties to related parties | China Information Communication Technology Group Co., Ltd. and its controlled companies | 7.00 | 2.5839 | 36.91% | H1 2025 Deposit Business with Related Finance Company | Related Party | Related Relationship | Maximum Daily Deposit Limit (yuan) | Deposit Interest Rate Range | Beginning Balance (yuan) | Total Deposits This Period (yuan) | Total Withdrawals This Period (yuan) | Ending Balance (yuan) | | :------------ | :------------------- | :------------------------- | :-------------------------- | :----------------------- | :-------------------------- | :-------------------------- | :----------------------- | | CICT (Beijing) Finance Co., Ltd. | Same ultimate controlling party | 1,400,000,000.00 | 0.25%-1.65% | 1,291,403,493.41 | 4,803,196,308.06 | 4,790,531,829.93 | 1,304,067,971.54 | H1 2025 Loan Business with Related Finance Company | Related Party | Related Relationship | Loan Limit (yuan) | Loan Interest Rate Range | Beginning Balance (yuan) | Total Loans This Period (yuan) | Total Repayments This Period (yuan) | Ending Balance (yuan) | | :------------ | :------------------- | :---------------- | :----------------------- | :----------------------- | :-------------------------- | :-------------------------- | :-------------------- | | CICT (Beijing) Finance Co., Ltd. | Same ultimate controlling party | 600,000,000.00 | 2.40%-2.45% | 250,000,000.00 | 250,000,000.00 | - | - | H1 2025 Credit Line Business with Related Finance Company | Related Party | Related Relationship | Business Type | Total Amount (yuan) | Actual Amount (yuan) | | :------------ | :------------------- | :------------ | :------------------ | :------------------- | | CICT (Beijing) Finance Co., Ltd. | Same ultimate controlling party | Credit Line | 360,000,000.00 | 20,382,917.78 | [XII. Explanation of Progress in Use of Raised Funds](index=49&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's IPO net proceeds were **4.137 billion yuan**, with **3.287 billion yuan** cumulatively invested by period-end, reaching **81.95%** progress. Implementation periods for three 5G R&D projects were extended to December 31, 2026. Idle raised funds of **67 million yuan** were used for cash management H1 2025 Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of Period End (4) (yuan) | Cumulative Investment Progress (%) = (4)/(1) | | :--------------------- | :-------------------------- | :----------------------------------------------------------- | :------------------------------------------- | | Initial Public Offering | 4,136,687,500.00 | 3,287,409,005.84 | 81.95 | H1 2025 Details of Raised Fund Investment Projects (Partial) | Project Name | Total Planned Investment of Raised Funds (1) (yuan) | Cumulative Raised Funds Invested as of Period End (4) (yuan) | Investment Progress (%) = (4)/(1) | Date Project Expected to Reach Usable State | | :------------------------------------------------- | :------------------------------------------ | :----------------------------------------------------------- | :-------------------------------- | :--------------------------------- | | 5G Wireless System Product Upgrade and Technology Evolution R&D Project | 2,280,219,100.00 | 1,720,532,950.58 | 75.45 | 2026/12/31 | | 5G Industry Private Network and Intelligent Application R&D Project | 419,647,000.00 | 293,954,784.79 | 70.05 | 2026/12/31 | | 5G Integrated Antenna and New Indoor Distribution Equipment R&D Project | 311,459,237.31 | 254,847,641.66 | 81.82 | 2026/12/31 | | Supplement Working Capital/Repay Bank Loans | 1,000,000,000.00 | 1,018,073,628.81 | 101.81 | N/A | - The company extended the implementation period for the '5G Wireless System Product Upgrade and Technology Evolution R&D Project', '5G Industry Private Network and Intelligent Application R&D Project', and '5G Integrated Antenna and New Indoor Distribution Equipment R&D Project' to **December 31, 2026**[155](index=155&type=chunk) - The company used a portion of temporarily idle raised funds for cash management, with an ending balance of **67 million yuan** as of the reporting period end, not exceeding the authorized limit[153](index=153&type=chunk)[154](index=154&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Capital Changes](index=55&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) During the reporting period, the company's total ordinary shares and share capital structure remained unchanged - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[159](index=159&type=chunk) [II. Shareholder Information](index=55&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 **47,329** ordinary shareholders. Among the top ten, CICT Group held **41.01%** and Hubei Yangtze CICT Mobile Fund held **18.66%**, both restricted. CDB Manufacturing Fund reduced its holdings by **30 million shares**, ending with **8.19%** unrestricted tradable shares - As of the end of the reporting period, the total number of ordinary shareholders was **47,329**[160](index=160&type=chunk) H1 2025 Top Ten Shareholders' Holdings | Shareholder Name | Change During Reporting Period | Ending Shareholding (shares) | % | Number of Restricted Shares Held | Share Status | | :------------------------------------------------- | :--------------------------- | :--------------------------- | :------ | :------------------------------- | :----------- | | China Information Communication Technology Group Co., Ltd. | 0 | 1,401,972,800 | 41.01 | 1,401,972,800 | No pledge | | Hubei Yangtze CICT Mobile Communication Technology Industry Investment Fund Partnership (Limited Partnership) | 0 | 638,027,200 | 18.66 | 638,027,200 | No pledge | | CDB Manufacturing Transformation and Upgrading Fund (Limited Partnership) | -30,000,000 | 280,000,000 | 8.19 | 0 | No pledge | | China State-owned Enterprise Restructuring Fund Co., Ltd. | 0 | 85,812,500 | 2.51 | 0 | No pledge | | Gongqingcheng Haide Maxwell Equity Investment Partnership (Limited Partnership) | 0 | 25,689,637 | 0.75 | 0 | No pledge | | CSI 500 ETF | 912,651 | 20,194,868 | 0.59 | 0 | No pledge | | CETC (Nanjing) Industry Investment Fund Partnership (Limited Partnership) | 0 | 20,000,000 | 0.59 | 0 | No pledge | | Guangzhou State-owned Assets Industry Development Equity Investment Fund Partnership (Limited Partnership) | 0 | 18,818,143 | 0.55 | 0 | No pledge | | Hangzhou Jiafu Zeyong Investment Partnership (Limited Partnership) | 0 | 17,870,000 | 0.52 | 0 | No pledge | | Hong Kong Securities Clearing Company Limited | 8,165,941 | 15,580,777 | 0.46 | 0 | No pledge | - China Information Communication Technology Group Co., Ltd. indirectly holds a portion of the property shares of Hubei Yangtze CICT Mobile Communication Technology Industry Investment Fund Partnership (Limited Partnership), forming a concerted action relationship[163](index=163&type=chunk) - The executive partner of CDB Manufacturing Fund and CDB Sci-Tech are both wholly-owned subsidiaries of CDB Financial Co., Ltd., forming a concerted action relationship[163](index=163&type=chunk) H1 2025 Top Ten Restricted Shareholders' Holdings | No. | Name of Restricted Shareholder | Number of Restricted Shares Held | Date Available for Trading | Restriction Conditions | | :-- | :----------------------------- | :------------------------------- | :------------------------- | :---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Investment Rating - The report maintains a "Recommended" rating for the commercial aerospace industry, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5]. Core Insights - The commercial aerospace industry in China is entering a peak satellite launch period, with significant advancements in satellite internet low-orbit satellite constellation launches, achieving a remarkable increase in launch efficiency [1]. - 2025 is projected to be a critical year for the commercialization of reusable rockets in China, with a potential 30%-50% reduction in launch costs if successful [2]. - The introduction of satellite services for mobile phones, such as SpaceX's direct satellite connection service, marks a significant advancement in satellite applications for consumers [3]. - The report emphasizes that the carrying capacity of rockets is analogous to the computing power of AI, suggesting that improvements in launch capabilities will accelerate satellite networking and commercial applications [4]. Summary by Sections Satellite Launch Developments - The report highlights the successful execution of multiple satellite launches by Xingwang, indicating a shift to a high-frequency, normalized launch phase, with 38 satellites launched in just 21 days [1]. Reusable Rocket Commercialization - Several private companies are set to debut reusable rockets in 2025, which could significantly lower launch costs and enhance the competitive landscape for satellite launches [2]. Consumer Satellite Applications - The launch of SpaceX's mobile satellite service and Huawei's low-orbit satellite testing indicates a growing market for consumer satellite applications, enhancing connectivity options for users [3]. Investment Recommendations - The report recommends focusing on companies within the satellite and rocket supply chains, including specific firms in satellite manufacturing, rocket production, and ground infrastructure [4].

Core Viewpoint - The company, Xinke Mobile (688387.SH), is actively involved in the construction of low-orbit satellite internet in China, showcasing its capabilities in various satellite network components and services [1] Group 1 - The company has developed a comprehensive range of products and technical services, including satellite-based base stations, phased array antennas, ground gateway stations, dedicated terminals, core networks, network management, and testing instruments [1] - The company's offerings are designed to fully support clients in building their satellite network systems [1] - Specific details regarding market expansion and customer cooperation are advised to be verified through public information [1]

信科移动8月11日大宗交易平台出现一笔成交，成交量251.56万股，成交金额1534.52万元，大宗交易成 交价为6.10元，相对今日收盘价折价3.02%。该笔交易的买方营业部为机构专用，卖方营业部为中国国 际金融股份有限公司上海分公司。 | 成交量（万 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 价（%） | 业部 | | | 251.56 | 1534.52 | 6.10 | -3.02 | 机构专 | 中国国际金融股份有限公司 | | | | | | 用 | 上海分公司 | （文章来源：证券时报网） 两融数据显示，该股最新融资余额为2.79亿元，近5日增加4882.44万元，增幅为21.20%。（数据宝） 8月11日信科移动大宗交易一览 证券时报·数据宝统计显示，信科移动今日收盘价为6.29元，上涨0.32%，日换手率为6.69%，成交额为 5.86亿元，全天主力资金净流入1289.05万元，近5日该股累计上涨9.97%，近5日资金合计净流入1.79亿 ...

Market Performance - The main board led the gains with notable increases in stocks such as Jishi Media (+10.20%), Desheng Technology (+10.02%), and Rihai Intelligent (+10.00%) [1] - The ChiNext board saw significant rises with Aerospace Intelligent Equipment (+10.64%) and Jiebang Technology (+9.61%) [1] - The Sci-Tech Innovation board was led by China Shipbuilding Gas (+7.31%) and Gaohua Technology (+7.08%) [1] - Active sub-industries included SW Communication Cables and Accessories (+2.25%) and SW Brand Consumer Electronics (+1.70%) [1] Domestic News - Aibang ARAI launched agricultural smart AR glasses with various functions including pest identification and remote guidance, already piloted in over 300 regions [1] - TSMC reported July revenue of NT$323.166 billion, a month-on-month increase of 22.5% and a year-on-year increase of 25.8%, with cumulative revenue from January to July reaching NT$2.096 trillion, up 37.6% year-on-year [1] - Sanan Optoelectronics announced that its SiC MOSFET products have been supplied in bulk to major data center and AI server power clients [1] - CINNO reported a 10% year-on-year decline in TV sales in Q2, attributed to the suspension of national subsidies in several provinces, but anticipates a mild recovery in demand as subsidy funds are fully allocated [1] Company Announcements - Wifang Optoelectronics reported H1 2025 total revenue of CNY 612 million, a year-on-year increase of 7.32%, but a net profit decrease of 32.33% to CNY 28 million [3] - Changguang Huaxin announced government subsidies totaling CNY 10.3768 million received from May 6, 2025, to the announcement date [3] - Furi Electronics reported H1 2025 total revenue of CNY 5.333 billion, a year-on-year increase of 0.42%, with net profit increasing by 123.62% to CNY 22 million [3] - Longli Technology received a patent for an injection mold that enhances OLED module strength and reliability [3] Overseas News - Skywater Technology completed a significant acquisition of a semiconductor factory in Texas for $93 million to boost domestic semiconductor manufacturing capacity [4] - AMD's CEO Lisa Su noted positive signals across all products and progress in obtaining U.S. government approval for market exports [4] - OpenAI released its most powerful AI model, GPT-5, which reportedly has a 45% lower chance of factual errors compared to GPT-4 [4] - A UK startup is focusing on developing next-generation wide bandgap semiconductor materials and devices, aiming to launch prototypes in the next 2-3 years [4]

沪深两市全天主力资金净流出410.85亿元，其中，科创板主力资金净流出62.31亿元，主力资金净流入的 有194只股，主力资金净流出的有394只股。 证券时报·数据宝统计显示，今日科创板个股上涨的有185只，涨停的有赛诺医疗、科威尔等4只，下跌 的有399只。 资金流向方面，今日主力资金净流入的科创板股共有194只，其中，5只个股主力资金净流入超亿元，东 芯股份主力资金净流入1.78亿元，净流入资金居首；铁建重工、信科移动紧随其后，全天净流入资金分 别为1.54亿元、1.39亿元。主力资金净流出的有394只，净流出资金最多的是中芯国际，该股今日下跌 4.34%，全天主力资金净流出10.19亿元，其次是寒武纪、云从科技，主力资金净流出分别为6.00亿元、 2.61亿元。 从主力资金连续性进行观察，共有31只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是龙软科技，该股已连续7个交易日净流入；连续净流入天数较多的还有海优新材、鼎阳科技等， 主力资金分别连续流入6天、6天。主力资金连续流出的个股有146只，连续流出天数最多的是亿华通， 该股已连续17个交易日净流出；连续净流出天数较多的还有星球石墨、 ...