AI 创新驱动营收快速增长，第二曲线占比超35%。公司积极把握AI 技术带来的结构性机遇，在巩固网 络业务基本盘的同时，大力拓展智算、AI 终端等第二曲线业务。2025Q1，公司营收重回增长轨道。其 中，公司第二曲线业务营收占比超35%，成为拉动业绩增长的核心引擎；公司政企业务营收同比倍增， 占比超20%（注：2024 年占比为15%），各业务板块收入更趋平衡。公司近年持续推进从全连接向"连 接+算力"的战略升级，目前该战略已初见成效，技术整合能力与行业场景落地效率正形成协同增效的 发展新动能。 算力领域持续突破，智算服务器订货占比超60%。公司充分把握国内头部互联网公司、运营商、行业公 司等加码算力投资的市场趋势，深化市场拓展，扩大合作规模。2025Q1，公司服务器及存储营收快速 增长，其中智算服务器紧抓DeepSeek 引发的智算需求爆发窗口，通过与头部厂商深入合作，智算服务 器订货占比超60%。公司智算一体机产品已全面支持DeepSeek 等多种基础大模型配置，帮助企业安全 快速实现本地化部署，目前已在8 个行业、20多个应用场景中实践，为AI 技术的规模化应用与深度赋 能提供坚实支撑。 投资建议：中兴 ...

Focus Events - The International Monetary Fund (IMF) has revised the global economic growth forecast for 2025 down to 2.8% from an earlier estimate of 3.3%, primarily due to the abrupt changes in U.S. tariff policies and the resulting high policy uncertainty [1] - The Shanghai Stock Exchange held a special training session on market value management for nearly 50 state-owned enterprises, focusing on guidelines from the China Securities Regulatory Commission [1] Macro News - The State Administration of Foreign Exchange emphasized the need to correct market pro-cyclical behaviors to prevent excessive exchange rate fluctuations, highlighting the recent volatility in the international financial market due to U.S. unilateralism and protectionism [2] Industry Dynamics - In the first quarter, China's equipment manufacturing industry saw a year-on-year increase in added value of 10.9%, contributing 3.5 percentage points to overall industrial production growth, with nearly 70% of key products experiencing production growth [3] - High-tech manufacturing added value grew by 9.7% year-on-year, with significant growth in sectors such as fiber optics, aerospace equipment, and integrated circuit manufacturing, all exceeding 20% [4] - A medium-sized gold mine was discovered in Hami, Xinjiang, with proven reserves of 5.8 tons, meeting the criteria for a medium-sized mine [5] Company Focus - BYD announced a profit distribution plan for 2024, proposing a cash dividend of RMB 39.74 per 10 shares and a stock bonus of 8 shares plus a capital reserve conversion of 12 shares for every 10 shares held, totaling approximately RMB 120.77 billion in cash dividends [10] - Huawei launched the industry's first all-liquid-cooled megawatt-level supercharger, which can output 2400A continuously and charge approximately 20 kWh in one minute [7] - China Mobile reported a 3.5% year-on-year increase in net profit for the first quarter, with total revenue of RMB 263.8 billion, remaining stable compared to the previous year [19] - ZTE Corporation's net profit for the first quarter decreased by 11% year-on-year, with revenue of RMB 32.968 billion, reflecting a 7.82% increase [20] - Pop Mart announced a revenue growth of 165% to 170% year-on-year for the first quarter, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [21] - Xinlei Co. reported a staggering 3015% year-on-year increase in net profit for the first quarter, attributed to the recognition of relocation gains [23] - Zhonghong Medical's first-quarter net profit surged by 1370% year-on-year, with revenue of RMB 629 million, marking a 15.45% increase [24]

内容概况：近年来，中国家庭智能网关行业呈现出快速发展的态势，成为智能家居与物联网领域的重要 组成部分。作为智能家居的核心设备，家庭智能网关不仅能够实现家庭设备之间的互联互通，还能提供 远程控制、智能场景设置等功能。2024年，中国家庭智能网关行业市场规模为45.67亿元，同比增长 0.51%。其中，5G、Wi-Fi 6技术普及推动网关向高带宽、低延迟演进，同时集成AIoT功能，支持智能 设备互联与场景联动。安全防护能力显著增强，采用AES256加密与硬件级防火墙，抵御网络攻击。同 时，跨品牌兼容性提升，Matter协议加速生态互通。此外，用户需求也呈现多元化，除基础网络接入 外，家庭自动化、安防监控、健康管理等场景需求激增，推动网关向家庭智慧中枢演进。 相关上市企业：创维数字（000810）、大华股份（002236）、科大讯飞（002230）、中兴通讯 （000063）、小米集团（01810） 相关企业：海思半导体有限公司、联发科技（上海）有限公司、中兴通讯股份有限公司、瑞德智能科技 有限公司、歌尔股份有限公司、欧瑞博科技有限公司、中国移动通信集团有限公司、中国电信股份有限 公司、中国联通股份有限公司、海尔智 ...

Group 1: Core Insights - The current technological revolution and industrial transformation are deeply evolving, with artificial intelligence (AI) empowering industrial development across various dimensions, accelerating the intelligent, integrated, and green transformation of industries, and promoting significant adjustments in global supply chains [1] - China possesses rich application scenarios, a vast market, and a large talent pool, establishing a solid foundation for AI development, which has led to a complete industrial system covering foundational, framework, model, and application layers [2] - AI is fundamentally transforming production methods by breaking the boundaries between virtual and real, enabling rapid discovery of new materials, and enhancing manufacturing processes through large-scale applications [2][3] Group 2: Industry Applications and Innovations - The report from the China Academy of Information and Communications Technology emphasizes the need for intelligent upgrades across the entire manufacturing process, focusing on standardization and gradual penetration into core areas like design and production [3] - The government supports the widespread application of large models and the development of smart connected vehicles, AI smartphones, and intelligent manufacturing equipment, with predictions indicating a 4% growth in China's smart terminal market by 2025 [4] - Companies are innovating in AI applications, with Lenovo reporting over 20% growth in revenue and profit in its China division, driven by AI PCs, and ZTE launching the first full-size foldable phone with embedded AI capabilities [4][6] Group 3: Challenges and Recommendations - The current lack of established standards for AI terminals leads to difficulties in hardware-software compatibility and quality inconsistencies, raising concerns about data security and privacy [6] - Experts suggest building new industry standards for intelligent terminals, enhancing software and hardware security, and developing a regulatory framework to address data safety and privacy issues [6] - The integration of AI with traditional manufacturing is seen as a key driver for transitioning from production-oriented to service-oriented manufacturing, with a focus on deep learning frameworks and industry-specific models [7][8]

Core Points - The announcement confirms the authenticity and completeness of the financial report for the first quarter of 2025, which was approved by the board of directors [2][12][14] - The financial statements are prepared in accordance with Chinese accounting standards and have not been audited [3][4] - The report includes a retrospective adjustment of accounting data due to a change in accounting policy as per the Ministry of Finance's announcement [5] Financial Data - The report indicates that the company has made adjustments to its operating costs and sales expenses for the first quarter of 2024 due to the new accounting interpretation [5] - Non-recurring gains and losses are defined according to the relevant regulations, but specific amounts are not detailed in the provided text [6] - The company has not reported any changes in accounting estimates or corrections of accounting errors [6] Shareholder Information - As of March 31, 2025, all top ten shareholders hold unrestricted shares, and their holdings are consistent across different categories [7][8] - The report notes that there are no preferred shares issued by the company [9] Board and Supervisory Meetings - The board meeting held on April 22, 2025, was conducted via video conference, with a majority of directors present [10][11] - The supervisory board also held a meeting on the same day, confirming the legality and validity of the procedures followed in preparing the financial report [13][14]

事件简评 2025 年 4 月 22 日，公司发布 2025 年一季报，2025 年一季度公司 实现营业收入 329.68 亿元，同比增长 7.82%；实现归母净利润 24.53 亿元，同比下降 10.50%。 经营分析 营收恢复增长，战略升级已初见成效：公司在巩固网络业务基本 盘的同时，大力拓展智算、AI 终端等第二曲线业务，推动公司营 收重回增长轨道。公司近年持续推进从全连接向连接+算力的战略 升级，当前已初见成效。一季度公司第二曲线业务营收占比超 35%； 政企业务营收同比倍增，占比超 20%。 紧抓 AI 机遇，推动公司业绩重回增长轨道：三大运营商最新财报 显示，2025 年算力投资将保持 20%以上的增长；互联网头部企业 未来三年 AI 投资将超 5000 亿。AI 成为驱动未来 3-5 年 ICT 行业 攀升的核心引擎。1）在算力侧，公司推出系列化智算、通算服务 器、配套能源等解决方案，训推一体机支持 DeepSeek 等多种模型， 帮助客户 AI 应用高效落地。2）在大模型方面，公司践行"1+N+X" 策略，打造一个基础模型库、若干领域模型及多种多样的场景应 用。3）在 AI 端侧应用方面，公司 ...

第一财经每日精选最热门大公司动态。 【今日推荐】 【互联网】 京东：近期报名秒送全职骑手预计审核需要一周左右的时间 据京东黑板报消息，近期加入京东秒送全职骑手报名太火爆，预计审核需要一周左右的时间，请保持 电话畅通并耐心等待。 京东稳定币已进入香港"沙盒"测试 京东集团副总裁、首席经济学家沈建光表示，目前，京东已经进入了香港的稳定币发行"沙盒"测试阶 段，香港的稳定币相关法案制定还在推进中，还没有明确的条款。预计香港的《稳定币条例草案》获 得批准后，香港金融管理局可以据此正式发布稳定币的具体落成细则。（每日经济新闻） 中午崩了？京东外卖致歉：超时20分钟全部免单 4月22日中午，不少网友在社交媒体上发文称，京东外卖崩了相关话题迅速冲上热搜。对此，京东外 卖下午13:21分发文致歉称：非常抱歉，耽误大家用餐了！因今日午高峰京东外卖下单量暴增，导致 系统出现短暂故障，目前已全面恢复，大家可以正常下单了。感谢大家的理解与支持，为表达歉意， 所有已送达超时20分钟以上的外卖订单，京东全部免单。同时，对于22日午高峰宕机期间所有下单 用户，京东外卖将于当日额外发放一张10元无门槛优惠券到下单账户。 刘强东分享送外卖感受 ...

Group 1: Major Announcements - China Energy Engineering Corporation's subsidiary won an EPC project worth approximately 5.118 billion yuan for the construction of a thermal power project [1] - Aladdin plans to invest 41.17 million yuan to acquire a 25% stake in Yamei Biological, a company focused on life science research tools [3] - ST Mingcheng intends to sell a 45% stake in its subsidiary, Time Media, which will positively impact the company's capital efficiency [4] - Chengdi Xiangjiang's subsidiary is a candidate for a 1.632 billion yuan EPC project with China Mobile [5] - YTO Express's controlling shareholder plans to increase its stake in the company by 100 million to 200 million yuan [6] Group 2: Financial Performance - Baofeng Energy reported a net profit of 2.437 billion yuan for Q1 2025, a year-on-year increase of 71.49% [7] - Chunzhong Technology's net profit for 2024 is expected to grow by 390.75%, with a proposed cash dividend of 2.5 yuan per 10 shares [8] - Ruixin Microelectronics anticipates a net profit increase of 341.01% for 2024, proposing a cash dividend of 6.5 yuan per 10 shares [9] - Hunan Gold's Q1 2025 net profit increased by 104.63% to 332 million yuan [14] - Zhejiang Shibao's Q1 2025 net profit grew by 123.77% to 48.735 million yuan [15] - ZTE Corporation reported a net profit decline of 10.5% for Q1 2025, totaling 2.453 billion yuan [16] Group 3: Shareholder Actions - Double Tower Foods plans to repurchase shares worth 200 million to 300 million yuan for employee stock ownership plans [11] - BYD announced a profit distribution plan involving a cash dividend of 39.74 yuan per 10 shares and a stock dividend of 8 shares for every 10 shares held [12] - Yuanxin Industrial expects a net profit increase of 164.1% for 2024, proposing a cash dividend of 3 yuan per 10 shares [17]

| | | 4月22日重要公告摘要 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 今日聚焦 | 比亚迪 | 2024年度拟10送8转12派39.74元 | | | 红宝丽 | 第一季度净利润同比下降24% | | | 长盛轴承 | 第一季度净利润同比增长1.54% | | | 春秋电子 | 2024年净利润同比增长690% 超业绩预告上限 | | 投资8签约 | 浩云科技 | 签署1.74亿元算力组网集成项目合同 | | | 亚信安全 | 与联通数科达成战略合作意向 | | 股权变动 | 三旺通信 | 拟认缴五河玖兆三旺基金29.8492%出资额 | | 增减持&回购 | 双塔食品 | 拟2亿元-3亿元回购公司股份 | | 经营&业绩 | 中国移动 | 第一季度净利润同比增长3.5% | | | 中兴通讯 | 意- 季度净利润同比下降11% | | 合同&项目中标 | 城地香江 | 联合体为中国移动(宁夏中卫)数据中心项目中标候选人之一 投标报价1 | | 融资&定增 | 佳创视讯 | 拟向实控人定增募资不超过1.4亿元 | | 股价异动 | 信雅达 | 跨境支付业务非 ...

中兴通讯持续扩大销售规模，但利润承压。2025年Q1营收同比增长7.82%，但归母净利润、扣非净利润分别同比下降10.5%、26.14%。 22日，中兴通讯发布了2025年第一季度报告： | 项目 | 本报告期 | 上年同期 | 本报告期比 | | --- | --- | --- | --- | | | (2025年1-3月) | (2024年1-3月) | 上年同期增减 | | 营业收入(千元) | 32.968.196 | 30.578.301 | 7.82% | | 归属于上市公司普通股股东的净利润(千元) | 2,453,172 | 2.740.979 | (10.50%) | | 归属于上市公司普通股股东的扣除非经常性 | 1.956.700 | 2,649,236 | (26.14%) | | 损益的净利润(千元) | | | | | 经营活动产生的现金流量净额(千元) | 1,851,253 | 2,982,601 | (37.93%) | | 基本每股收益(元/股) | 0.51 | 0.57 | (10.53%) | | 稀释每股收益(元/股) | 0.51 | 0.57 | (10.53% ...