Group 1 - The satellite internet index experienced a significant increase, with the satellite industry ETF (159218) rising by 2.03% as of 13:31 on August 25 [1] - Key component stocks such as Changjiang Communication, Xinke Mobile-U, China Satellite, Tianyin Electromechanical, and Su Shi Testing showed notable gains [1] - Trading activity intensified, with a turnover rate of 28.03% and a transaction volume exceeding 21 million [1] Group 2 - Relevant authorities are expected to issue satellite internet licenses soon, marking a significant step towards commercial operations in China's satellite internet sector [1] - A senior technical expert in the satellite internet field indicated that the issuance of licenses signifies the beginning of commercial operations in this area [1]

Core Viewpoint - Xinke Mobile (688387) reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance due to a slowdown in operator construction plans and macroeconomic impacts [1][2]. Financial Performance - Total revenue for the first half of 2025 was 2.537 billion yuan, a decrease of 15.21% year-on-year [1]. - The net profit attributable to shareholders was -61.7388 million yuan, a slight decline of 0.54% year-on-year [1]. - In Q2 2025, total revenue was 1.722 billion yuan, down 14.89% year-on-year, with a net profit of 94.56 million yuan, down 2.69% year-on-year [1]. - The gross margin improved to 26.64%, an increase of 5.96% year-on-year, while the net margin decreased to -2.97%, a decline of 9.71% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable accounted for 77.96% of total revenue, indicating a significant amount of outstanding payments [1]. - Operating cash flow per share improved to -0.02 yuan, a 92.18% increase year-on-year, reflecting reduced procurement and cash payments [1][3]. Cost and Expenses - Total sales, management, and financial expenses amounted to 195 million yuan, representing 7.68% of revenue, an increase of 4.09% year-on-year [1]. - Research and development expenses decreased by 10.83%, indicating cost efficiency improvements [2]. Debt and Liabilities - Interest-bearing debt decreased significantly by 53.99% to 800 million yuan, reflecting improved cash flow management [1][2]. - The company experienced a 97.23% reduction in non-current liabilities due within one year, indicating strong liquidity [2]. Investment and Market Position - The company’s historical return on invested capital (ROIC) has been poor, with a median ROIC of -22.89% since its listing, highlighting challenges in generating returns [3]. - The business model relies heavily on research and development, necessitating careful evaluation of the underlying drivers of performance [3]. Fund Holdings - The largest fund holding Xinke Mobile is the Jianxin Shanghai Stock Exchange Selected Sci-Tech Innovation Board Innovative Value ETF, with a scale of 797 million yuan [4].

Core Viewpoint - The report provides a comprehensive overview of the company's financial performance, fundraising activities, and asset impairment provisions for the first half of 2025, ensuring compliance with relevant regulations and transparency in financial reporting [4][30]. Group 1: Company Overview - The company, 中信科移动通信技术股份有限公司 (CITIC Telecom), is listed under the stock code 688387 and focuses on mobile communication technology [2]. - The board of directors and supervisory board confirm the authenticity and completeness of the half-year report, with no significant risks affecting operations during the reporting period [1][2]. Group 2: Financial Data - The total amount raised from the initial public offering was RMB 413,668.75 million, with a net amount of RMB 401,132.53 million after deducting issuance costs [4]. - As of June 30, 2025, the cumulative investment from the raised funds amounted to RMB 328,740.90 million, leaving a balance of RMB 84,906.05 million [5]. Group 3: Fund Management - The company has established a dedicated account for managing the raised funds, ensuring compliance with legal and regulatory requirements [4]. - The company has utilized part of the idle raised funds for cash management, with a balance of RMB 670 million as of June 30, 2025 [10]. Group 4: Asset Impairment - The company recognized an asset impairment provision of RMB 96.98 million for the first half of 2025, which includes provisions for inventory and credit losses [30]. - The impairment testing was conducted in accordance with accounting standards, ensuring a fair representation of the company's financial status [30]. Group 5: Corporate Governance - The supervisory board approved the half-year report and the special report on the use of raised funds, confirming adherence to regulatory guidelines and the absence of any misuse of funds [22][19]. - The company has not made any changes to the fundraising projects or used excess funds for operational expenses during the reporting period [12][10].

（文章来源：证券日报） 证券日报网讯 8月22日晚间，信科移动发布公告称，公司第二届监事会第六次会议审议通过了《关于公 司2025年半年度报告及其摘要的议案》等多项议案。 ...

Core Viewpoint - The report highlights the financial performance and operational status of CICT Mobile Communication Technology Co., Ltd. for the first half of 2025, indicating a decrease in revenue and net profit, while emphasizing ongoing advancements in 5G and 6G technologies and market positioning [1][3][5]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 2.54 billion, representing a decrease of 15.21% compared to the same period last year [3]. - The total profit for the period was a loss of approximately RMB 75.82 million, with a net profit attributable to shareholders of approximately RMB -61.74 million [3][4]. - The company's total assets decreased by 4.55% to approximately RMB 13.11 billion compared to the end of the previous year [3]. Industry and Business Overview - The company operates in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" sector, specifically in "C392 Communication Equipment Manufacturing" [4]. - China has built the world's largest 5G network, with over 454.9 million 5G base stations as of mid-2025, accounting for over 66% of the global total [5][6]. - The company is actively involved in the transition from 5G to 5G-A networks, with significant deployments in over 300 cities and plans to exceed 60 million users by the end of 2025 [5][6]. Technological Advancements - The company is focusing on 6G research, with key areas including ultra-dimensional antennas, user-centric distributed networks, and integrated communication perception [8][18]. - In the first half of 2025, the company filed 132 new 6G patents and published 5 academic papers related to 6G technology [8][18]. - The company has maintained a leading position in the development of 5G-A technologies, contributing to international standards and participating in significant projects [8][18]. Market Positioning - The company has secured a strong market position in the domestic communication equipment sector, being a key participant in the 5G-A construction and maintaining a leading market share in feeder and indoor distribution equipment [9][10]. - The company has expanded its international market presence, winning contracts in regions such as Africa, Europe, and Latin America, enhancing its global influence [11][12]. - The company is also advancing in the satellite internet sector, establishing strategic partnerships and enhancing its core competitiveness in this emerging market [12][17].

中信科移动通信技术股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 报告期内，公司不存在对生产经营构成实质性影响的重大风险。公司已于本报告中详述公司在经 营过程中可能面临的相关风险，详见本报告第三节"管理层讨论与分析"之"四、风险因素"的相应 内容。 中信科移动通信技术股份有限公司2025 年半年度报告摘要 公司代码：688387 公司简称：信科移动 中信科移动通信技术股份有限公司 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 | | 公司股票简况 | | | | --- | --- | --- | --- | | 股票种类 | 股票上市交易所 | 股票简称 股票代码 | 变更前股票简称 | | 上海证券交易所 | | | | | A股 | 信科移动 | 688387 | 不适用 | | 科创板 | | | | | | 中信科移动通信技术股份有限公司2025 | 年半年度报告摘要 | | | 公司存托凭证简况 | | | | | □适用 ...

Core Points - The report details the fundraising and usage status of CITIC Mobile Communication Technology Co., Ltd. for the first half of 2025, ensuring compliance with relevant regulations and transparency in financial reporting [1][4]. Fundraising Overview - The company raised a total of RMB 413,668.75 million from the issuance of 68,375,000 shares at a price of RMB 6.05 per share, with a net amount of RMB 401,132.53 million after deducting issuance costs [1][2]. - As of June 30, 2025, the total amount invested from the raised funds was RMB 328,740.90 million, leaving a balance of RMB 84,906.05 million [1][2]. Fund Usage and Management - The company has established a dedicated account for the management of raised funds, adhering to legal and regulatory requirements to enhance fund efficiency and protect investor interests [1][2]. - The report indicates that there were no instances of using idle funds for temporary working capital during the reporting period [2][5]. Cash Management - The company approved the use of up to RMB 180,000 million of idle funds for cash management, investing in low-risk financial products, with a balance of RMB 670 million in cash management as of June 30, 2025 [2][5]. - The cash management products include structured deposits and time deposits, ensuring high safety and liquidity [2][5]. Project Updates - The company extended the implementation period for several fundraising projects, including the "5G Wireless System Product Upgrade and Technology Evolution R&D Project," to December 31, 2026, without altering the intended use of funds [3][4]. - There were no changes in the fundraising project usage or any significant issues in the disclosure of fundraising activities during the reporting period [4][5].

Core Viewpoint - The company has developed a comprehensive action plan for 2025 aimed at enhancing quality, efficiency, and returns, in response to national directives and market conditions. Group 1: Focus on Core Business and Operational Quality - The company aims to strengthen its core business and enhance operational quality by optimizing its business structure and expanding market reach, with a focus on 5G development [1] - In the domestic operator market, the company has secured significant contracts, including projects with China Mobile and China Telecom, improving its market share [1] - The company has achieved a leading position in the industry for feeder and indoor distribution equipment, with a breakthrough in a new business model that includes a contract worth over 100 million yuan for 5G small base stations [2] Group 2: International Market Expansion - The company is actively expanding its international market presence, leveraging global platforms to showcase innovative products and solutions, resulting in multiple project wins across various regions [2] - Significant projects have been secured in Africa, Europe, Latin America, and the Middle East, enhancing the company's international influence [2] Group 3: Industry Application Market Growth - The company has seen a 74.8% year-on-year increase in industry business revenue, driven by collaborative innovation and customized solutions [3] - New projects in the energy and transportation sectors have solidified the company's leading position, while educational initiatives have fostered industry-academia collaboration [3] Group 4: Innovation and R&D Investment - The company invested 569 million yuan in R&D, accounting for 22.43% of its revenue, reflecting a commitment to innovation [4] - The company is actively involved in standardization efforts for 5G-A and 6G technologies, contributing to significant advancements in the field [5] Group 5: Corporate Governance and Investor Rights - The company has enhanced its governance structure, focusing on transparency and accountability, while actively involving external directors in decision-making processes [6] - A sustainable development report has been published, highlighting the company's commitment to social responsibility and achieving a high ESG rating [6] Group 6: Enhancing Investor Returns - Despite challenges in capital expenditure, the company is focused on improving operational efficiency and profitability, with a plan for shareholder returns from 2025 to 2027 [7] - The company has established a market value management system to protect investor rights and enhance the reflection of the company's quality in its market value [7] Group 7: Information Disclosure and Investor Communication - The company has improved its information disclosure framework, ensuring effective communication with investors through various channels [8] - Regular performance briefings and proactive engagement with analysts and institutional investors have been prioritized to maintain transparency and trust [8]

中信科移动通信技术股份有限公司 根据上海证券交易所发布的《上海证券交易所上市公司自律监管指引第5号——交易 与关联交易》的要求，中信科移动通信技术股份有限公司（以下简称"信科移动"或"公司") 通过查验信科（北京）财务有限公司（以下简称"信科财务公司"或"财务公司"）的《营业 执照》与《金融许可证》等资料，审阅资产负债表、利润表、现金流量表等财务公司的定期财 务报告，对其经营资质、业务和风险状况进行了评估，具体情况报告如下: 一、财务公司基本情况 信科（北京）财务有限公司于 2011 年 11 月 22 日注册登记，系依照《中华人民共和国公 司法》、《企业集团财务公司管理办法》等有关法律法规的规定，经国家金融监督管理总局(原 中国银行保险监督管理委员会)批准成立的非银行金融机构，财务公司注册资本 10.00 亿元。 现法定代表人为：肖波；公司类型：有限责任公司（法人独资）；企业注册地址：北京市海淀 区学院路 40 号一区。统一社会信用代码：91110000717831362U。 有的财务公司的全部股权，2021年1月25日，已完成股权变更，变更后财务公司股权结构为： 中国信息通信科技集团有限公司出资10.00 ...

证券代码：688387 证券简称：信科移动 公告编号：2025-029 中信科移动通信技术股份有限公司 号 提金额（万元） 包含存货、合同资产、其他非流动 资产减值损失 包含应收账款、其他应收款及应收 票据减值损失 合计 9,697.75 二、计提资产减值准备事项的具体说明 （一）资产减值损失 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 2025 年半年度计 项目 备注 （二）信用减值损失 公司以预期信用损失为基础，参考历史信用损失经验，结合当前状况 ...