证券代码：688618 证券简称：三旺通信 公告编号：2025-027 执行事务合伙人：昆山玖兆康乾投资管理有限公司（委派代表：段昌胜） 统一社会信用代码：91340322MAEM6F6G5G 深圳市三旺通信股份有限公司 关于与私募基金合作投资的进展公告 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、与私募基金合作投资概述 深圳市三旺通信股份有限公司（以下简称"公司"）与昆山玖兆康乾投资管 理有限公司（以下简称"玖兆投资"）共同投资设立五河玖兆三旺创业投资基金 合伙企业（有限合伙）（以下简称"五河玖兆三旺基金"），公司作为有限合伙 人以自有资金认缴出资 653.40 万元人民币，认缴五河玖兆三旺基金 29.8492%的出 资 额 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 23 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于与私募基金合作投资公告》（公告编号：2025-016）。 二、与私募基金合作投资的进展情况 2025 年 5 月 28 日，公司收到基金 ...

| 证券简称：三旺通信 公告编号：2025-026 | 证券代码：688618 | | --- | --- | | 深圳市三旺通信股份有限公司 | | | 本公司董事会及全体董事保证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。 | | | 重要内容提示： | | | 本次会议是否有被否决议案：无 | ? | | 一、会议召开和出席情况 | | | （一）股东大会召开的时间：2025 年 5 月 22 日 | | | 1 3 （二）股东大会召开的地点：深圳市南山区西丽街道百旺信高科技工业园 区 | | | 栋五楼会议室 | | | （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其 | | | 持有表决权数量的情况： | | | 35 | 普通股股东人数 | | 78,565,890 | 普通股股东所持有表决权数量 | | 71.1874 | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | | （四）表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 | | | 本次会议由公司董事会召集，董事长熊 ...

Summary of Key Points Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Shenzhen Sanwang Communication Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [1][18]. Group 1: Meeting Procedures - The meeting was convened by the company's third board of directors and publicly announced on April 30, 2025, in major financial newspapers and the Shanghai Stock Exchange website [2][3]. - The meeting took place on May 22, 2025, combining on-site and online voting methods, with the on-site meeting held at a specified location in Shenzhen [3][4]. Group 2: Qualifications of Participants - The convenor of the meeting was the company's board of directors, meeting the qualifications set by relevant laws and regulations [4]. - A total of 35 shareholders (or their agents) attended the meeting, representing valid voting rights, along with company directors, supervisors, and legal representatives [4][5]. Group 3: Voting Procedures and Results - The meeting reviewed and voted on all agenda items as per the announced notice, with voting results showing 78,325,219 shares in favor, accounting for 99.6936% of the valid votes [5][17]. - The voting results included 240,671 shares against, representing 0.3064% of the valid votes, with no abstentions recorded [5][17]. - For small investors, 3,787,557 shares voted in favor, making up 94.0253% of their valid votes, while 240,671 shares were against, representing 5.9747% [15][17].

证券代码：688618 证券简称：三旺通信 公告编号：2025-026 深圳市三旺通信股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 22 日 （二）股东大会召开的地点：深圳市南山区西丽街道百旺信高科技工业园 1 区 3 栋五楼会议室 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其 持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 35 | | --- | --- | | 普通股股东人数 | 35 | | 2、出席会议的股东所持有的表决权数量 | 78,565,890 | | 普通股股东所持有表决权数量 | 78,565,890 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 71.1874 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 71.1874 | （四）表决方式是否符 ...

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于深圳市三旺通信股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]C0060 号 致：深圳市三旺通信股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股东会 规则》）、《律师事务所从事证券法律业务管理办法》（以下简称《证券法律业务管理办法》）、 《律师事务所证券法律业务执业规则（试行）》（以下简称《证券法律业务执业规则》） 等相关法律、行政法规、规章、规范性文件及《深圳市三旺通信股份有限公司章程》（以 下简称《公司章程》）的规定，就本次会议的召集与召开程序、召集人资格、出席会议 人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3][8]. Core Views - The company experienced a decline in performance due to slower implementation of downstream solution projects, increased upfront expenses, and depreciation from new bases [4][5]. - Despite short-term pressures in various sectors, the company is expected to benefit from its leading position in smart energy and the potential growth in intelligent manufacturing and smart transportation [6][8]. Financial Performance Summary - In 2024, the company achieved revenue of 357 million, a year-on-year decrease of 18.79%, and a net profit of 33 million, down 69.98% [3][9]. - For Q1 2025, revenue was 81 million, showing a year-on-year increase of 7.01%, while net profit was 8 million, down 48.44% [3][9]. - Revenue projections for 2025-2027 are 411 million, 535 million, and 660 million respectively, with expected growth rates of 15.2%, 30.2%, and 23.4% [9][12]. Business Segment Analysis - The company’s revenue from various application scenarios in 2024 included smart energy (191.27 million, +8.1%), smart transportation (61.30 million, -20.6%), industrial internet (36.60 million, -62.2%), and smart city (27.05 million, -47.4%) [4][5]. - The industrial internet segment faced challenges due to a slowdown in digital transformation orders from the manufacturing sector [4][5]. Strategic Focus - The company is transitioning from a single communication equipment provider to a customized solution provider, with significant investments in R&D for advanced technologies such as TSN, edge computing, and AI [5][6]. - The company aims to leverage opportunities in AI, robotics, and low-altitude industries to open new growth points [7][8]. Profitability and Valuation - The projected net profit for 2025 is 44 million, with a year-on-year growth of 35.3%, and EPS is expected to be 0.40 [9][12]. - The report indicates a PE ratio of 53.9 for 2025, decreasing to 16.8 by 2027, reflecting an improving valuation outlook [9][12].

Investment Rating - The report maintains an "Add-A" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][8]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year. However, Q1 2025 showed a revenue increase of 7.01% year-on-year [3][4]. - The company is transitioning from a single communication equipment provider to a customized solution provider, with significant investments in R&D and market expansion [5][6]. - Despite short-term pressures in various sectors, the company is expected to benefit from long-term growth opportunities in smart energy, smart cities, and intelligent manufacturing [7][8]. Financial Performance Summary - In 2024, the company reported a revenue of 357 million yuan, with a year-on-year decline of 18.8%. The net profit was 33 million yuan, reflecting a significant drop of 70.0% [9]. - The projected revenue for 2025 is 411 million yuan, with an expected growth of 15.2% year-on-year, and net profit is forecasted to rise to 44 million yuan, a growth of 35.3% [9]. - The company's gross margin is expected to be 58.0% in 2025, with a net margin of 10.8% [9]. Market Position and Strategy - The company maintains a leading position in the smart energy sector, benefiting from digitalization initiatives in the power grid and various demonstration projects [6][7]. - The company is focusing on high-end markets and aims to leverage opportunities in AI, robotics, and low-altitude industries to drive growth [7][8]. - The report highlights the company's commitment to R&D, with significant investments aimed at developing cutting-edge technologies such as TSN, edge computing, and AI [5][6].

证券代码：688618 证券简称：三旺通信 | 深圳市三旺通信股份有限公司 2024 年年度股东大会会议须知 | | 2 | | --- | --- | --- | | 深圳市三旺通信股份有限公司 2024 年年度股东大会会议议程 | | 4 | | 议案一：关于公司 2024 年度董事会工作报告的议案 | | 7 | | 议案二：关于公司 2024 年度监事会工作报告的议案 | | 8 | | 议案三：关于公司 2024 年度财务决算报告的议案 | | 9 | | 议案四：关于公司 2025 年度财务预算报告的议案 | | 10 | | 议案五：关于公司 2024 年年度报告及其摘要的议案 | | 11 | | 议案六：关于公司 2024 年度利润分配方案的议案 | | 12 | | 议案七：关于公司董事薪酬方案的议案 | | 13 | | 议案八：关于公司监事薪酬方案的议案 | | 14 | | 议案九：关于作废 2022 年限制性股票激励计划部分已授予尚未归属的限制性股票的议案 | | .. 15 | | 议案十：关于回购注销 2022 年限制性股票激励计划部分已获授尚未解除限售的限制性股票的议 | | ...

Core Viewpoint - Sanwang Communication (688618.SH) reported a significant decline in revenue and net profit for the fiscal year 2024, indicating potential challenges in its business operations and market conditions [1][2]. Financial Performance Summary - For the fiscal year 2024, the company achieved operating revenue of 357 million yuan, a decrease of 18.79% compared to 439 million yuan in 2023 [2]. - The net profit attributable to shareholders was 32.82 million yuan, down 69.98% from 109.35 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was 20.62 million yuan, reflecting a decline of 78.20% from 94.57 million yuan in 2023 [2]. - The net cash flow from operating activities increased by 26.91% to 65.42 million yuan, compared to 51.55 million yuan in the previous year [2]. Quarterly Performance Summary - In the first quarter of 2025, the company reported operating revenue of 80.79 million yuan, a year-on-year increase of 7.01% [3]. - The net profit attributable to shareholders for the first quarter was 797,270 yuan, a decrease of 48.44% from 1.55 million yuan in the same period last year [3]. - The net profit after excluding non-recurring items was 324,750 yuan, down 72.70% from 1.19 million yuan in the previous year [3]. - The net cash flow from operating activities for the first quarter was 11.29 million yuan, a decrease of 29.17% compared to 15.94 million yuan in the previous year [3]. Fundraising and Stock Issuance - Sanwang Communication was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2020, raising a total of 430 million yuan, with a net amount of 384 million yuan after deducting issuance costs [3]. - The company planned to raise 449 million yuan, with allocations for industrial internet equipment expansion, R&D center construction, and working capital [4]. - The company announced a stock dividend of 4.8 shares for every 10 shares held, along with a pre-tax dividend of 5.2 yuan, effective from June 4, 2024 [4].

Core Viewpoint - The company is actively engaging in research and development, focusing on integrating advanced technologies such as DeepSeek into its products, while also navigating challenges such as rising costs and international trade issues. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 80.79 million yuan, an increase of 7.01% year-on-year, while the net profit attributable to shareholders decreased by 48.44% to 7.97 million yuan [7] - The company's gross profit margin stands at 60.18%, with a debt ratio of 15.37% [7] Group 2: Cost Management - The increase in expenses for 2024 is attributed to enhanced R&D, sales team development, and market expansion, leading to higher personnel costs, business entertainment, and travel expenses [2] - The company has implemented a comprehensive budget management mechanism to align resources with strategic goals and performance targets [2] Group 3: Technological Integration - The company has successfully integrated its edge gateway with the DeepSeek model, enabling real-time semantic understanding and inference of heterogeneous data [3] - This integration allows for automatic identification of equipment anomalies and enhances operational efficiency in industrial scenarios [3] Group 4: Industry Outlook - The coal mining industry is expected to see stable growth, driven by national policies aimed at achieving full automation and smart systems by 2035 [4] - The company anticipates significant opportunities in the coal mining sector as the government pushes for intelligent mining solutions [4] Group 5: International Trade Impact - The company assesses that the impact of the US-China tariff situation is manageable, as overseas revenue is not significantly high, and strategic reserves for chips have been established [5] - Potential indirect effects on clients due to tariffs are acknowledged, but overall, the impact is considered controllable [5] Group 6: Market Expansion - The company plans to strengthen its presence in emerging markets like Southeast Asia and the Middle East while also increasing efforts in mature markets such as Europe and the US [6] - Localized sales and service teams will be established to better understand and meet local market demands [6]