Fundraising Overview - The company successfully raised a total of RMB 2,000 million through the issuance of 50 million shares at a price of RMB 42.66 per share, with all funds received by September 8, 2023 [1][2] - As of June 30, 2025, the company has utilized RMB 707.46 million of the raised funds, with RMB 165.61 million used during the reporting period [1][2] Fund Management - The company has established a fundraising management system to regulate the storage, use, and supervision of the raised funds, ensuring they are kept in dedicated accounts [1][2] - A tripartite supervision agreement was signed with various banks to ensure proper management of the funds [1][2] Fund Usage - The company has not used idle funds for temporary working capital during the reporting period [2] - A total of RMB 300 million of excess funds has been permanently allocated to supplement working capital, with RMB 600 million used cumulatively for this purpose [2][3] - The project "Next-Generation Network Switch Chip R&D and Production" has been completed, with total investment of RMB 600 million and no remaining funds [2][3] Cash Management - The company has engaged in cash management of idle funds, investing up to RMB 800 million in safe, liquid financial products, with a total of RMB 325.39 million currently managed [2][3] Project Status - The company has not changed any fundraising project during the reporting period, and there have been no external transfers or replacements of projects [2][3] - The project "Next-Generation Network Switch Chip R&D and Production" has reached its intended use status, with a total investment of RMB 589.63 million [3]

Core Viewpoint - Suzhou Shengke Communication Co., Ltd. is committed to enhancing operational quality and investor returns through a comprehensive action plan aimed at improving management, governance, and market confidence, thereby contributing to high-quality economic development [2][10]. Group 1: R&D Investment and Technological Innovation - The company is a leading domestic designer of Ethernet switch chips, which are essential for various network infrastructures, and has established a strong market position through over a decade of technological accumulation [2][3]. - Shengke Communication maintains a high R&D expense ratio of 47.10% of revenue, with a total of 405 R&D personnel, representing 75.84% of the workforce, to ensure continuous product innovation and technological advancement [3][4]. - The company has developed 11 core technologies and holds 1,465 intellectual property applications, including 1,268 invention patents, demonstrating its commitment to innovation and market leadership [3][4]. Group 2: Business Focus and Ecosystem Development - The main business involves the R&D, design, and sales of Ethernet switch chips, which are crucial for the information technology industry, especially as network communication technologies evolve [5][6]. - Despite a 4.56% decline in revenue to 50,795.40 million yuan, the company is focused on enhancing product quality and expanding its application fields to adapt to market demands [5][6]. - The company aims to strengthen its market position by deepening collaborations with existing clients and exploring new opportunities in emerging fields such as cloud computing and edge computing [6][7]. Group 3: Corporate Governance and Investor Relations - Shengke Communication emphasizes the importance of a robust governance structure and effective internal controls to protect investor rights, particularly for minority shareholders [7][8]. - The company has established a coordinated governance structure involving the shareholders' meeting, board of directors, and supervisory board, ensuring compliance and transparency in operations [7][8]. - It actively engages in investor relations through various channels, including investor hotlines and performance briefings, to enhance communication and address investor concerns [8][9]. Group 4: ESG Commitment and Sustainable Development - The company integrates ESG principles into its operations, focusing on social responsibility and stakeholder engagement to enhance management practices [10]. - Shengke Communication aims to align its corporate culture and strategy with sustainable development goals, ensuring a balance between economic performance and social responsibility [10]. Group 5: Continuous Evaluation and Market Image Maintenance - The company will continuously assess its action plan to ensure high-quality development and maintain a positive market image while fulfilling its responsibilities to investors [10][11].

Core Viewpoint - Suzhou Shengke Communication Co., Ltd. reported a net loss attributable to shareholders of 23.69 million yuan for the first half of 2025, continuing its trend of unprofitability due to a long-term development strategy focused on R&D investment and market expansion [2]. Financial Performance - The net profit attributable to shareholders was -23.69 million yuan, and the net profit after deducting non-recurring gains and losses was -62.82 million yuan for the first half of 2025 [2]. - Cumulative unabsorbed losses reached 155.63 million yuan as of June 30, 2025 [2]. - Total assets decreased by 3.06% from the end of the previous year, amounting to 2.58 billion yuan [2]. - Operating revenue for the period was 507.95 million yuan, a decline of 4.56% compared to the same period last year [2]. Strategic Focus - The company emphasizes a long-term development strategy, increasing R&D investment and expanding its R&D team to build a competitive edge in high-end products through technological innovation [2]. - In the mid-range and low-end product segments, the company is actively working on product line extensions and upgrades to capitalize on domestic market opportunities [2]. - The company acknowledges that if market expansion for its products does not meet expectations, it could significantly impact profitability and delay the timeline for achieving profitability [2].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **domestic computing power industry** in China, particularly focusing on the developments and future prospects of **AI and large models** [1][3][4]. Key Points and Arguments 1. **Increased Capital Expenditure**: Major companies are showing enhanced confidence in investing in AI and large models, with expectations of capital expenditure growth in 2026, which is likely to boost domestic computing power demand [1][3]. 2. **Core Operating Data Disclosure**: Companies like Tencent and Kuaishou have begun to disclose key operational data, such as token consumption, improving market sentiment towards domestic computing power [1][3]. 3. **Model and Application Updates**: Companies including Minimax and Kuaishou have released updates to their models and applications, such as Deepsec V3.1, positively impacting market sentiment [1][3]. 4. **Supply Chain Changes**: Major companies have started to accept domestic chips, with widespread application in the internet sector since Q3, indicating positive changes on the supply side [1][3]. 5. **Export Control Uncertainties**: Recent uncertainties regarding H20 export controls and potential halts in production provide domestic computing power with time and space for product iteration and capacity enhancement [1][4]. 6. **Upcoming Product Launches**: A new wave of domestic computing power products is expected to be launched in 2026, with performance comparable to NVIDIA's H100 and H800, allowing for increased market share due to trade friction limiting overseas chip procurement [1][4]. Additional Important Insights 1. **Long-term Growth Prospects**: The future outlook for the domestic computing power sector is optimistic, with anticipated new product releases and enhanced competitiveness [4][8]. 2. **Technological Adaptation**: The introduction of U18M 0 data representation is expected to improve performance and efficiency in both domestic and NVIDIA cards, indicating a significant engineering optimization [5][6]. 3. **Market Position of Shengke Communication**: Shengke Communication holds a unique position in the domestic computing power supply chain, with a product range that spans from 100G to 25.6T switching capacity, and is well-positioned to benefit from the increasing demand for domestic chips [2][10][12]. 4. **Server Sector Dynamics**: The server sector is experiencing high demand, driven by the growth of domestic AI chips and the increasing acceptance of these chips by operators, suggesting a positive outlook for companies like Inspur and Ziguang [16][18]. Conclusion The domestic computing power industry is poised for growth, driven by increased investments in AI, positive market sentiment from key operational disclosures, and significant technological advancements. Companies like Shengke Communication are strategically positioned to capitalize on these trends, while the server sector remains robust amid rising demand for AI capabilities.

Core Insights - Suzhou Shengke Communication Co., Ltd. reported a revenue of 508 million yuan for the first half of 2025, representing a year-on-year decline of 4.56% [2] - The net loss attributable to shareholders was 23.6891 million yuan, with the loss narrowing by approximately 33.1981 million yuan compared to the previous year [2] - The adjusted net loss after excluding non-recurring items was 62.8153 million yuan, a year-on-year reduction of 17.3269 million yuan [2] Financial Performance - Revenue for the reporting period was 508 million yuan, down 4.56% year-on-year [2] - Net profit loss was 23.6891 million yuan, with a reduction in loss by 33.1981 million yuan year-on-year [2] - The adjusted net profit loss was 62.8153 million yuan, showing a year-on-year improvement of 17.3269 million yuan [2] Operational Factors - The narrowing of losses was attributed to supply chain optimization and changes in sales structure, which led to an increase in overall gross profit margin [2] - Additional income was generated from the VAT input tax credit policy [2] Company Background - Shengke Communication is one of the earliest companies in China to invest in the research and development of Ethernet switching chips [2] - The company specializes in the R&D, design, and sales of Ethernet switching chips and related products, covering switching capacities from 100 Gbps to 25.6 Tbps and port speeds from 100M to 800G [2] - Its products are widely used in enterprises, carriers, data centers, and industrial networks, and the company has entered the supply chains of major domestic network equipment manufacturers such as H3C and Ruijie Networks [2]

Investment Rating - The report rates the communication industry as "Recommended," expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [29]. Core Insights - The communication sector has shown strong performance, with a weekly increase of 10.84%, outperforming the CSI 300 index by 6.66 percentage points and the ChiNext index by 4.99 percentage points [9][10]. - Year-to-date, the communication industry has risen by 44.91%, significantly surpassing the CSI 300 index's increase of 11.26% by 33.65 percentage points [9][10]. - The report highlights the launch of DeepSeek V3.1, which is designed for the next generation of domestic chips, showcasing improved reasoning speed and capabilities compared to previous versions [16][17]. - ByteDance is developing an AI phone named "Doubao," with ZTE as the ODM manufacturer, expected to be tested internally by the end of this year or early next year [21][22]. Summary by Sections Industry Basic Data - The communication industry consists of 123 listed companies with a total market value of approximately 49,248.97 billion and a circulating market value of about 23,006.93 billion [2]. Relative Index Performance - The absolute performance of the communication sector over 1 month, 6 months, and 12 months is 8.7%, 18.6%, and 30.5%, respectively [3]. Stock Performance - The top five gainers in the communication sector this week include Shengke Communication-U (+43.95%), ZTE (+32.21%), and Ruijie Networks (+32.17%) [12][13]. - The top five decliners include Gaohong Shares (-22.67%) and Beiwai Technology (-11.16%) [12][13]. Key Recommendations - The report recommends focusing on major operators such as China Mobile, China Telecom, and China Unicom, as well as companies in various segments like optical modules and satellite communications [23].

人民财讯8月24日电，盛科通信(688702)8月24日晚间披露2025年半年报，上半年实现营业收入5.08亿 元，同比下降4.56%；归母净利润亏损2368.91万元，上年同期净亏损5688.71万元。 ...

Company Performance - Shengke Communication reported a revenue of approximately 508 million yuan for the first half of 2025, representing a year-on-year decrease of 4.56% [1] - The net profit attributable to shareholders was a loss of approximately 23.69 million yuan, with a basic earnings per share loss of 0.06 yuan [1] - In comparison, for the same period in 2024, the revenue was approximately 532 million yuan, with a net profit loss of about 56.89 million yuan and a basic earnings per share loss of 0.14 yuan [1] Market Capitalization - As of the report, Shengke Communication's market capitalization stands at 53.3 billion yuan [1]

苏州盛科通信股份有限公司 一、持续加大研发投入，坚持技术创新，引领公司高质量发展 盛科通信为国内领先的以太网交换芯片设计企业，以太网交换芯片是构建企业网络、运 营商网络、数据中心网络和工业网络的核心平台型芯片。经过十余年的技术积累，公司现已 形成丰富的以太网交换芯片产品序列，公司在国内具备先发优势和市场引领地位，产品覆盖 从接入层到核心层的以太网交换产品，为我国数字化网络建设提供了丰富的芯片解决方案。 公司面向国家数字化网络建设需求，以打造更快、更灵活、更安全、更智能的网络为目 标，坚持自主研发。基于规模化市场应用的反馈、对产业链的理解和影响以及行业标准组织 的深度参与，公司芯片产品完成数次迭代，现已形成高性能交换架构、高性能端口设计、多 特性流水线等 11 项核心技术，构建了具备自主知识产权、具备国内领先地位、符合本土化需 求的核心技术能力，建立了完善的设计、工艺、测试平台。 持续高水平的研发投入是公司保持核心竞争力的关键因素。为实现战略目标，致力公司 长远发展，公司维持较高的研发费用率进行技术积累和产品创新，持续提高产品丰富度及性 能功能指标，以保持产品与技术的快速迭代和竞争优势。 2025 年上半年，公 ...

证券代码：688702 证券简称：盛科通信 公告编号：2025-019 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会于2023年7月13日出具的《关于同意苏州盛科 通信股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1534号）， 同意苏州盛科通信股份有限公司（以下简称"公司"或"本公司"）首次公开发 行股票的注册申请。公司获准向社会公开发行人民币普通股5,000万股，每股面 值人民币1.00元，每股发行价为人民币42.66元，募集资金总额为人民币 2,133,000,000.00 元 ， 扣 除 发 行 费 用 后 ， 实 际 募 集 资 金 净 额 为 人 民 币 2,004,215,801.87元。 上述募集资金已全部到账，信永中和会计师事务所（特殊普通合伙）对本次 公开发行新股的资金到位情况进行审验，并于2023年9月8日出具《验资报告》 （XYZH/2023BJAA10B0607）。 （二）募集资金本报告期使用和结余情况 截至2025年6月30日，本公司累计使用募集资金人民币70,745.65万元投入募 投项目，其中本报告期使用募集资金16,560.82万元；使用闲 ...