11月21日，会畅通讯盘中上涨2.03%，截至13:14，报19.06元/股，成交1.70亿元，换手率4.56%，总市值 37.79亿元。 资料显示，上海会畅通讯股份有限公司位于上海市长宁区红宝石路500号东银中心A栋11楼，成立日期 2006年2月8日，上市日期2017年1月25日，公司主营业务涉及国内多方通信服务业务,视频数据应用处理 业务,及信息通信类摄像机、视频会议一体化终端的研究、开发、生产及销售业务。主营业务收入构成 为：云视频业务99.37%，其他(补充)0.63%。 会畅通讯所属申万行业为：通信-通信服务-通信应用增值服务。所属概念板块包括：SAAS、AIGC概 念、3D建模、Web3概念、元宇宙概念等。 会畅通讯今年以来股价跌0.99%，近5个交易日涨6.24%，近20日涨3.31%，近60日跌9.41%。 今年以来会畅通讯已经1次登上龙虎榜，最近一次登上龙虎榜为5月26日，当日龙虎榜净买入5311.24万 元；买入总计1.21亿元 ，占总成交额比23.96%；卖出总计6834.75万元 ，占总成交额比13.48%。 截至11月10日，会畅通讯股东户数2.50万，较上期减少3.85%；人均流 ...

Market Overview - On November 20, the communication services sector rose by 0.57% compared to the previous trading day, with Yitong Century leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Yitong Century (300310) closed at 6.37, up 5.99% with a trading volume of 880,900 shares and a transaction value of 556 million [1] - ST Tongmai (603559) closed at 60.8, up 5.06% with a trading volume of 33,900 shares [1] - Chaoxun Communication (603322) closed at 48.45, up 3.15% with a trading volume of 118,900 shares and a transaction value of 569 million [1] - Other notable gainers include Jingtong Holdings (300292) and Huichang Communication (300578), with increases of 3.02% and 2.92% respectively [1] Fund Flow Analysis - The communication services sector saw a net inflow of 55.01 million from institutional investors, while retail investors contributed a net inflow of 157 million [2] - However, speculative funds experienced a net outflow of 212 million [2] Individual Stock Fund Flow - China Unicom (600050) had a net inflow of 217 million from institutional investors, but a net outflow of 107 million from speculative funds [3] - Yitong Century (300310) saw a net inflow of 108 million from institutional investors, with a significant net outflow from retail investors amounting to 97.79 million [3] - Aofei Data (300738) experienced a net inflow of 10.2 million from institutional investors, while retail investors had a net outflow of 65.31 million [3]

（编辑 王雪儿） 证券日报网讯 会畅通讯11月18日在互动平台回答投资者提问时表示，公司将继续围绕"AI+云+硬件"的 总体战略方向，稳步推进"智能化、国产化、全球化"的业务和产品落地，并积极拓展与全球行业伙伴的 合作。从经营层面，公司将持续聚焦产品竞争力与运营效率提升，力争实现稳健发展。近期公司完成董 事长调整，新任董事长在战略与管理方面经验丰富，将在保持公司战略连续性的基础上，进一步推动公 司高质量发展。公司将严格依照监管要求履行信息披露义务，如有应披露的重要事项，将及时在指定信 息披露媒体发布公告。 ...

11月18日，会畅通讯盘中上涨2.04%，截至09:58，报18.55元/股，成交2674.69万元，换手率0.74%，总 市值36.78亿元。 资金流向方面，主力资金净流入11.32万元，大单买入282.16万元，占比10.55%，卖出270.85万元，占比 10.13%。 会畅通讯今年以来股价跌3.64%，近5个交易日涨2.32%，近20日涨2.04%，近60日跌10.95%。 今年以来会畅通讯已经1次登上龙虎榜，最近一次登上龙虎榜为5月26日，当日龙虎榜净买入5311.24万 元；买入总计1.21亿元 ，占总成交额比23.96%；卖出总计6834.75万元 ，占总成交额比13.48%。 资料显示，上海会畅通讯股份有限公司位于上海市长宁区红宝石路500号东银中心A栋11楼，成立日期 2006年2月8日，上市日期2017年1月25日，公司主营业务涉及国内多方通信服务业务,视频数据应用处理 业务,及信息通信类摄像机、视频会议一体化终端的研究、开发、生产及销售业务。主营业务收入构成 为：云视频业务99.37%，其他(补充)0.63%。 截至11月10日，会畅通讯股东户数2.50万，较上期减少3.85%；人均流通 ...

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company reported a slight improvement in revenue for Q3, with a year-on-year increase of 9.49% to 1.17 billion yuan, although the net profit decreased by 62.76% to 0.02 billion yuan [2] - The company is accelerating its full industry layout of "AI + Cloud + Hardware," focusing on industrial internet, artificial intelligence, cloud computing, and big data [3] - The subsidiary, Tomorrow Industry, is actively launching new products and enhancing its overseas strategy, including the release of various 4K and AI-enabled products [4] - The profit forecast for the company has been adjusted, with expected net profits of 0.16 billion yuan, 0.25 billion yuan, and 0.36 billion yuan for 2025-2027 [5] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 339 million yuan, a decrease of 0.48% year-on-year, and a net profit of 10 million yuan, down 55.84% [1] - The projected revenue for 2025 is 463.15 million yuan, with a growth rate of 2.24% [6] - The EBITDA for 2025 is estimated at 32.60 million yuan, with a significant increase in the following years [6] - The company’s net profit margin is projected to improve gradually, reaching 6.57% by 2027 [14]

（文章来源：证券日报） 证券日报网讯会畅通讯11月12日在互动平台回答投资者提问时表示，截至2025年11月10日收市，公司股 东总户数约2.5万户。 ...

近日，上海会畅通讯股份有限公司（以下简称"会畅通讯"）发布公告称，85后何飞当选该公司新任董事长，任期至本届董事会任期届满之日止。此次人事调 整标志着这家云视频通讯领域的龙头企业正式进入"二代掌舵"时代，而新掌门上任即面临业绩承压的考验。 值得注意的是，何飞接掌的会畅通讯正处于业绩低谷。2021年至2024年，会畅通讯营收连续4年下滑，从2020年的7.88亿元下滑至2024年的4.53亿元。此外， 该公司近4年中有2年出现亏损，2021年至2024年归母净利润分别为-2.35亿元、1688.58万元、-5.01亿元、2948.15万元。 会畅通讯2025年前三季度实现营收3.39亿元，同比下滑0.48%；归母净利润仅为1015.57万元，同比下滑55.84%；扣非净利润为439.65万元，同比下降 19.91%。单季度来看，会畅通讯第三季度归母净利润为213万元，同比下降62.8%；扣非归母净利润为98万元，同比下降78.2%，盈利能力持续承压。 公告称，截至目前，何飞未直接持有会畅通讯股份，通过该公司控股股东江苏新霖飞投资有限公司间接持有会畅通讯541万股，与非独立董事、总经理方艺 霖女士为配偶关系，与会 ...

Core Viewpoint - The company is undergoing a leadership transition with He Qijin stepping down as chairman and his son He Fei taking over, amidst declining financial performance and project delays [1][2][5]. Group 1: Leadership Transition - He Fei has been elected as the new chairman of the company, marking a generational shift in leadership [2][3]. - He Qijin, the former chairman, resigned due to personal reasons and will no longer hold any position within the company [3][4]. - He Fei, born in June 1988, has a background in various management roles but has not previously worked at the company [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 339 million yuan, a year-on-year decrease of 0.48%, and a net profit of 10.16 million yuan, down 55.84% [1][5]. - In 2023, the company experienced a significant revenue decline of 32.11%, with a net loss of 501 million yuan [5][6]. - The company had a slight recovery in 2024, achieving revenue of 453 million yuan, a decrease of 0.37%, and a net profit of 29.48 million yuan, an increase of 105.88% [5]. Group 3: Project Delays and R&D - The company announced a delay in the "Super Vision Cloud Platform R&D and Industrialization Project" to December 31, 2025, due to technological updates and increased competition [1][7]. - As of mid-2025, the investment progress for this project was only 18.36%, with a mere 63,400 yuan invested [1][7]. - The company plans to terminate the project and reallocate the remaining funds to supplement working capital for its main business operations [7]. Group 4: Market Performance - Since mid-July 2025, the company's stock price has entered a downward trend, with a decline of over 20% [8].

Core Points - He Qijin, the former chairman of Huichang Communications, has stepped down, passing the leadership to his son He Fei, who has been elected as the new chairman [1][2] - The company is currently facing a decline in performance, with a revenue of 339 million yuan in the first three quarters of 2025, a year-on-year decrease of 0.48%, and a net profit of 10.16 million yuan, down 55.84% [1][5] - The company has announced a delay in the "Super Vision Cloud Platform R&D and Industrialization Project" to December 31, 2025, with only 18.36% of the investment progress completed as of mid-2025 [1][7] Leadership Transition - He Fei, born in June 1988, has taken over as chairman, marking a generational shift in leadership [2][3] - He Fei does not directly hold shares in Huichang Communications but has indirect control through Jiangsu Xinlinfei Investment Co., holding 5.41 million shares [2][3] - He Qijin, the former chairman, has resigned due to personal reasons and will no longer hold any position in the company [3] Financial Performance - In 2023, Huichang Communications reported a revenue of 455 million yuan, a year-on-year decline of 32.11%, and a net loss of 501 million yuan [5] - The company managed to turn a profit in 2024, achieving a revenue of 453 million yuan, a slight decrease of 0.37%, and a net profit of 29.48 million yuan, a significant increase of 105.88% [5] - The decline in profitability in 2025 is attributed to a previous impairment of goodwill amounting to 396 million yuan related to the acquisition of Shenzhen Mingri [5][6] R&D and Project Updates - Research and development expenses for the first three quarters of 2025 reached 47.27 million yuan, a year-on-year increase of 14.47%, accounting for approximately 14% of revenue [7] - The company has decided to terminate the "Super Vision Cloud Platform R&D and Industrialization Project" due to slow progress and will redirect the remaining funds to support working capital needs [7] Market Performance - Since mid-July 2025, Huichang Communications' stock price has entered a downward trend, with a decline of over 20% [8]

Core Points - The company announced the convening of its second extraordinary general meeting on November 7, 2025, to elect He Fei as a non-independent director of the fifth board of directors, with a term until the current board's term ends [1] - On the same day, the company’s fifth board of directors held its thirteenth meeting and elected He Fei as the new chairman, with a term lasting until the end of the current board's term [1]