Core Viewpoint - The company has been ordered by the court to pay approximately $70.47 million in licensing fees and related interest to Motorola for the sales of its H series DMR products from 2021 to the first quarter of 2024, which the company disputes and plans to appeal [1]. Group 1: Legal Proceedings - The company does not accept the court's ruling regarding the licensing fees and intends to take necessary legal measures, including an appeal, to protect its rights [1]. - The company has been actively investing in R&D to develop proprietary communication technology standards and products to avoid intellectual property disputes [1]. - The company is promoting an "AI Private Network" development strategy to drive technological upgrades and industry transformation [1]. Group 2: Business Operations - The company's production and operations remain normal, and the court ruling is not expected to have a significant impact on its regular business activities [2]. - The company will handle the accounting related to the case in accordance with accounting standards and policies, acknowledging that the final outcome may affect profits [2]. Group 3: Disclosure and Reporting - The company has no undisclosed significant litigation or arbitration matters at this time and will continue to monitor the situation, fulfilling its disclosure obligations through timely reports [4].

关于重大诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 MOTOROLA SOLUTIONS INC.、摩托罗拉马来西亚公司（以下合称"摩托罗拉"）于 2024 年 2 月向美国伊利诺伊州联邦地区法院（简称"一审法院"）提起动议，主张针 对海能达通信股份有限公司（以下简称"公司"）自主研发的 H 系列 DMR 产品销售向 摩托罗拉支付许可费，该许可费涉及公司 2021 年至 2024 年第一季度期间销售的涉诉 产品。近日，公司收到一审法院作出的判令，裁定公司需向摩托罗拉支付许可费及相 关利息共计约 7,047 万美元。 公司不认可一审法院本次判决结果，并不认同关于许可费的认定，后续将考虑采 取包括但不限于提起上诉等必要法律措施，最大程度维护公司合法权益。今年以来， 公司持续加大研发资源投入，全面推动新一代自主知识产权的专网通信技术标准及产 品开发与落地，致力于从根本上规避知识产权争议，确保公司业务持续、健康、自主 发展。此外，公司率先在业界提出并积极推进"AI 专网"发展战略，以创新科技驱动 关键通信技术升级与产业变革，持续引领下一代专网通信演 ...

Company Overview - Hainengda Communication Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on May 11, 1993. The company went public on May 27, 2011. It primarily engages in the research, production, and sales of professional wireless communication equipment, including walkie-talkies and cluster systems, and provides comprehensive solutions, making it a leading provider in the global professional wireless communication equipment market and in China's industry [2]. Financial Performance - For the first half of 2025, Hainengda achieved operating revenue of 2.259 billion yuan, a year-on-year decrease of 17.50%. The net profit attributable to shareholders was 93.5818 million yuan, down 42.37% year-on-year [2]. - Since its A-share listing, Hainengda has distributed a total of 309 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Market Activity - On August 25, Hainengda's stock price increased by 2.14%, reaching 13.86 yuan per share, with a trading volume of 1.585 billion yuan and a turnover rate of 9.09%, resulting in a total market capitalization of 25.206 billion yuan [1]. - Year-to-date, Hainengda's stock price has decreased by 2.46%, but it has seen a 10.26% increase over the last five trading days, a 14.74% increase over the last 20 days, and a 23.09% increase over the last 60 days [1]. - Hainengda has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on June 13, where it recorded a net purchase of 324 million yuan [1]. Shareholder Information - As of June 30, 2025, Hainengda had 290,500 shareholders, an increase of 1.57% from the previous period. The average number of circulating shares per shareholder was 4,415, a decrease of 1.54% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 13.9681 million shares, an increase of 106,500 shares from the previous period [3].

Core Viewpoint - Shenzhen Hainengda Communication Co., Ltd. has evolved from a walkie-talkie OEM to a leader in professional communication equipment, providing comprehensive communication solutions for various critical sectors globally, showcasing the rise of Chinese brands in specialized fields [1][2]. Group 1: Company Development - Hainengda was founded in 1993, initially as an agent for Motorola, and later developed its first domestic walkie-talkie, the C160, in 1995, marking the beginning of independent R&D in the industry [3]. - The company has established a robust product and solution system covering multiple industries, including public safety, emergency response, and transportation [2][4]. - Hainengda invests at least 15% of its annual revenue in R&D, with eight research centers globally, contributing to its leadership in specialized communication technology [4][7]. Group 2: Global Market Strategy - Since the early 2000s, Hainengda has pursued a global market strategy, establishing over 90 branches worldwide and covering more than 120 countries and regions [5][6]. - In the first half of 2025, domestic revenue reached 1.102 billion yuan, accounting for 48.77% of total revenue, while overseas sales were 1.157 billion yuan, making up 51.23% [6]. - The company focuses on major projects in regions involved in the Belt and Road Initiative and BRICS countries, showing significant growth in these areas [6]. Group 3: Technological Innovation - Hainengda has introduced the "AI Private Network" concept, integrating AI technology into communication solutions to enhance public safety applications [8][9]. - The company is developing low-altitude communication solutions that utilize AI algorithms for real-time monitoring and data transmission, ensuring safe operations in low-altitude environments [9]. - Hainengda's commitment to innovation is evident in its ongoing development of AI applications, which are expected to create substantial market opportunities both domestically and internationally [8][9].

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

近期市场调研活动呈现活跃态势，机构对上市公司的关注度持续提升。8月14日至8月20日期间，两市共有111家公司接受机构调研，调研规模较为可观。证 券公司在此轮调研中表现最为积极，共对107家公司进行实地走访，参与比例高达96.40%。基金公司紧随其后，调研覆盖91家企业。阳光私募机构同样保持 较高热情，调研范围涉及72家上市公司。 机构调研活动对资金流向产生显著影响。在获得20家以上机构调研的公司中，29只个股实现资金净流入。海能达表现最为抢眼，5日内净流入资金达7.75亿 元，成为主力资金流入的最大受益者。欧菲光和水晶光电同样获得可观资金流入，净流入金额分别为5.79亿元和3.98亿元。 市场表现方面，机构扎堆调研的个股走势出现分化。50只个股在调研期间实现上涨，其中海能技术涨幅最为突出，达到62.96%。汇嘉时代和建邦科技同样 表现亮眼，涨幅分别为17.08%和16.41%。与此同时，17只个股出现下跌，玉马科技、微芯生物和华锐精密跌幅居前，分别下跌7.18%、6.41%和5.25%。 责任编辑：栎树 调研热度分化明显 机构调研呈现明显的集中化特征，部分公司获得超高关注度。水晶光电成为本轮调研的焦点，吸引 ...

Key Points - The main focus of the article is on the significant outflow of capital from specific stocks as of August 21, with the top 20 stocks experiencing the largest withdrawals [1][2] Group 1: Capital Outflow - The stock with the highest capital outflow is Wolong Electric Drive, with a withdrawal of 1.34 billion [1] - Shenghong Technology follows closely with an outflow of 1.29 billion [1] - Other notable stocks with significant outflows include Inspur Information (1.25 billion), Northern Rare Earth (1.23 billion), and Industrial Fulian (0.88 billion) [1]

Group 1 - The main focus of the article is on the significant outflow of capital from the top 20 stocks as of August 21, with specific amounts listed for each company [1] - The stock with the highest capital outflow is Shenghong Technology, with an outflow of 1.108 billion [1] - Other notable companies with substantial capital outflows include Wolong Electric Drive (-1.014 billion), Industrial Fulian (-0.880 billion), and Inspur Information (-0.858 billion) [1] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of reduced investor confidence in these companies [1] - The data highlights a diverse range of sectors represented among the companies experiencing capital outflows, suggesting broader market implications [1] - The amounts of capital outflow for other companies in the list range from 0.598 billion to 0.404 billion, indicating varying levels of investor sentiment [1]

Group 1 - The main stocks with significant capital outflow include Shenghong Technology (-1 billion), Industrial Fulian (-0.876 billion), and Wolong Electric Drive (-0.691 billion) [1] - The sectors affected by the capital outflow include electronic components, consumer electronics, and motors [2][3] - The largest percentage drop in stock prices was observed in Jintian Co. (-9.97%) and Wolong Electric Drive (-8.29%) [2][3] Group 2 - The total capital outflow from the top 20 stocks amounts to approximately 46.5 billion [1] - Other notable stocks with significant outflows include Yunnan Geology (-0.538 billion) and Dongfang Wealth (-0.521 billion) [1][2] - The communication equipment sector also experienced notable outflows, with companies like Tianfu Communication and Hainengda seeing outflows of 0.372 billion and 0.498 billion respectively [2][3]

Core Viewpoint - A-shares experienced a collective rise, with the Shanghai Composite Index reaching a ten-year high, driven by significant trading volume and structural market trends [1] Group 1: Market Performance - The total trading volume in the two markets reached 2.4 trillion yuan, with over 3,600 stocks rising and 86 non-ST stocks hitting the daily limit [1] - Semiconductor and liquor sectors led the market rally, indicating a notable structural market trend [1] Group 2: Popular Stocks - The top ten popular stocks as of August 21 include Inspur Information, Sanan Optoelectronics, Lingyi iTech, Leo Group, Huasheng Tiancheng, Huaying Technology, Sichuan Changhong, Hainengda, Jintian Co., and Southern Precision [2] Group 3: Key Influencing Factors - Inspur Information's stock price is driven by the explosive demand for AI computing power and the company's technological advantages, with a 165% year-on-year revenue growth in Q1 [3] - Sanan Optoelectronics benefited from multiple positive news releases, including a $239 million acquisition of Lumileds and a 21.23% year-on-year revenue increase in Q1 [3] - Lingyi iTech's growth is supported by strategic acquisitions and significant orders from Apple, with a projected net profit increase of 31.57%-66.66% for the first half of the year [3] Group 4: Additional Stock Insights - Leo Group's stock performance is influenced by multiple hot concepts and a doubling of net profit in the mid-year report [4] - Huasheng Tiancheng's expected net profit growth of 148%-173% is driven by its partnership with Huawei and participation in key projects [4] - Huaying Technology's revenue growth of 9.73% in high-margin products is supported by significant funding from its controlling shareholder [4] - Sichuan Changhong's stock is propelled by its partnership with Huawei and AI initiatives, alongside a share buyback plan [4] - Hainengda's stock performance is boosted by innovative solutions and a significant increase in operating cash flow [5] - Jintian Co. experienced a 203.86% year-on-year net profit increase, driven by advancements in liquid cooling technology [5] - Southern Precision's stock is influenced by policy catalysts and a projected net profit increase of over 286 times [5]