Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 12.58 RMB [5][4]. Core Views - The company is experiencing a revenue decline of 16.06% year-on-year for the first three quarters of 2025, with a net profit decrease of 53.99%, but the third quarter shows signs of recovery with a revenue increase of 2.84% [1][4]. - The company is positioned as a leading provider of wireless IoT devices and solutions, with optimistic prospects in the AI era despite current challenges [1][3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's revenue was 582 million RMB, and the net profit attributable to the parent company was 62 million RMB [1]. - The gross margin for the first three quarters was 40.65%, down 1.86 percentage points year-on-year, while the third quarter gross margin was 40.07%, down 2.23 percentage points year-on-year [2]. Emerging Business Development - The company has seen significant growth in emerging business areas, with video vehicle networking products achieving 36.66 million RMB in revenue, a 90.44% increase year-on-year [3]. - The company is expanding its animal traceability management products in South America, with a revenue growth of 20.60% year-on-year [3]. - The industrial router products have also shown promising customer expansion, with a revenue increase of 77.54% year-on-year [3]. Future Outlook - The company is expected to benefit from policy changes regarding electric two-wheelers, with products compliant with new national standards set to be shipped in the fourth quarter [3]. - Long-term projections for net profit have been adjusted to 102 million RMB, 128 million RMB, and 159 million RMB for 2025, 2026, and 2027 respectively [4].

Core Insights - Yiwai Communication (300590.SZ) reported its Q3 2025 results, revealing that as of October 28, 2025, five institutional investors held a total of 80.527 million A-shares, accounting for 17.51% of the company's total equity, a decrease of 1.49 percentage points from the previous quarter [1] Institutional Holdings - The institutional investors include Jing Su International Limited, Xinwei Consulting Limited, Hong Kong Central Clearing Limited, Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 1802 Portfolio, and GF Securities Co., Ltd. - Baodao Growth Intelligent Navigation Equity Fund [1] - Among public funds, only one fund, Baodao Growth Intelligent Navigation A, increased its holdings by 0.21% compared to the previous period [1] - A total of 84 public funds did not disclose their holdings this period, including notable funds such as the Fortune CSI 300 Index Enhanced A/B and the China Universal Quantitative Multi-Factor A [1] Social Security Fund - One new social security fund disclosed its holdings in Yiwai Communication, specifically Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 1802 Portfolio [1] Foreign Investment - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly compared to the previous period [2] - Two foreign funds, Xinwei Consulting Limited and Jing Su International Limited, reduced their holdings by a total of 1.56% compared to the previous quarter [2]

Group 1 - The core viewpoint of the article highlights that 移为通信 (Yiwai Communication) has announced its board meeting to review the Q3 2025 report, indicating ongoing corporate governance and financial oversight [1] - For the fiscal year 2024, 移为通信's revenue composition shows that the Internet of Things (IoT) accounts for 99.39% of total revenue, while other segments, including leasing, contribute only 0.61% [1] - As of the report, 移为通信's market capitalization stands at 5.5 billion yuan [1] Group 2 - The article also notes a significant market trend where the A-share market has surpassed 4000 points, marking a resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [1]

Core Viewpoint - The company reported a slight increase in revenue for Q3 2025, but a significant decline in net profit compared to the previous year [1] Financial Performance - In Q3 2025, the company achieved a revenue of 222 million yuan, representing a year-on-year growth of 2.84% [1] - The net profit attributable to shareholders was 30.61 million yuan, showing a year-on-year decrease of 13.17% [1] - Basic earnings per share for Q3 2025 were 0.0674 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported a total revenue of 582 million yuan, which is a year-on-year decline of 16.06% [1] - The net profit attributable to shareholders for the first three quarters was 61.63 million yuan, reflecting a significant year-on-year decrease of 53.99% [1] - Basic earnings per share for the first three quarters were 0.1348 yuan [1]

表决结果：5 票同意，0 票反对，0 票弃权。 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。 一、董事会会议召开情况 上海移为通信技术股份有限公司（以下简称"公司"）第四届董事会第十九次会议于 2025 年 10 月 28 日（星期二）在上海市闵行区新龙路 500 弄 30 号 6 楼会议室以现场结 合通讯的方式召开。本次会议由董事长提议召开，并于会议召开 5 日前通过邮件的方式 通知全体董事。 本次会议由董事长廖荣华先生主持，本次会议应参会董事 5 人，实际参会董事 5 人 （包含 2 名独立董事）。公司全体高级管理人员及董事会秘书列席了本次会议。会议的召 开符合《中华人民共和国公司法》《公司章程》和《董事会议事规则》的有关规定。经各 位董事认真审议，会议形成了如下决议： 证券代码：300590 证券简称：移为通信 公告编号：2025-075 二、董事会会议审议情况 上海移为通信技术股份有限公司 1、审议通过《公司 2025 年第三季度报告》 第四届董事会第十九次会议决议公告 《公司 2025 年第三季度报告》具体内容详见同日披露于巨潮资讯网（www.cn ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥222,335,784.91, an increase of 2.84% compared to the same period last year[5]. - The net profit attributable to shareholders decreased by 13.17% year-on-year to ¥30,605,741.51, while the net profit after deducting non-recurring gains and losses fell by 7.71% to ¥27,656,100.62[5]. - In the first three quarters of 2025, the company achieved revenue of RMB 582.31 million, a year-on-year decrease of 16.06% due to external shocks from US tariffs and geopolitical conflicts, product upgrade cycles, and fluctuations in customer demand[19]. - The company reported a revenue of RMB 222.34 million in Q3, representing a quarter-on-quarter growth of 9.44%, with a net profit attributable to shareholders of RMB 30.61 million, up 44.14% from the previous quarter[19]. - Total operating revenue for the current period is ¥582,306,591.12, a decrease of 16.06% from ¥693,746,691.21 in the previous period[26]. - Net profit attributable to the parent company decreased to ¥746,753,088.64, down 4.95% from ¥785,699,341.52 in the previous period[25]. - The net profit for the current period is CNY 61,502,796.60, a decrease of 54.1% compared to CNY 133,943,830.43 in the previous period[27]. - Operating profit for the current period is CNY 64,524,464.84, down from CNY 143,376,516.49, reflecting a decline of 55.1%[27]. - The total comprehensive income attributable to the parent company's owners is CNY 61,625,731.16, down from CNY 133,943,830.43[27]. - Basic and diluted earnings per share for the current period are both CNY 0.1348, down from CNY 0.2919 in the previous period[27]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,042,099,072.28, representing a decrease of 2.66% from the end of the previous year[5]. - Total current assets decreased to ¥1,650,219,023.06, down 3.80% from ¥1,715,277,527.03 at the beginning of the period[24]. - Total non-current assets increased to ¥391,880,049.22, up 2.00% from ¥382,643,515.10 at the beginning of the period[24]. - Total liabilities decreased to ¥218,637,942.40, down 7.59% from ¥236,601,943.44 at the beginning of the period[24]. - Total equity attributable to shareholders decreased to ¥1,823,584,064.44, down 2.03% from ¥1,861,319,098.69 at the beginning of the period[25]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥147,537,435.99, down 37.87% compared to the same period last year[13]. - Cash flow from operating activities generated a net amount of CNY 147,537,435.99, a decrease of 37.8% from CNY 237,473,925.79 in the previous period[28]. - The net cash flow from financing activities decreased by 45.70% to -¥104,286,748.45, mainly due to an increase in cash dividends[13]. - The net cash flow from investment activities is -CNY 41,108,189.01, improving from -CNY 58,782,222.72 in the previous period[28]. - The net cash flow from financing activities is -CNY 104,286,748.45, compared to -CNY 71,575,851.61 in the previous period, indicating a larger outflow[29]. - The cash and cash equivalents at the end of the period amount to CNY 180,160,763.02, a decrease from CNY 202,344,406.92[29]. - Cash and cash equivalents increased slightly to ¥540,970,936.01, up 0.30% from ¥537,379,838.93 at the beginning of the period[23]. Research and Development - R&D expenses for the first three quarters amounted to RMB 98.79 million, an increase of 13.78% year-on-year, reflecting the company's commitment to technology transformation[21]. - Research and development expenses increased to ¥98,794,343.75, up 13.76% from ¥86,825,501.79 in the previous period[26]. - The company plans to launch several innovative products, including an E-Call emergency terminal and a new generation of video vehicle networking terminals with AI core algorithms[21]. Market and Product Development - The company is expanding its market presence in South America and has seen significant revenue growth in Brazil and Turkey, with new customer development in Algeria[19]. - The company’s two-wheeled vehicle products compliant with new national standards are set to be shipped in Q4, with expected growth driven by policy incentives starting December 1, 2025[20]. - Revenue from video vehicle networking products grew by 90.44% year-on-year, reaching RMB 36.66 million in the first three quarters[20]. - The comprehensive gross margin for the first three quarters reached 40.65%, supported by ongoing domestic substitution of core materials and improvements in production processes[20]. - The company is leveraging efficient logistics channels like the China-Europe Railway Express to deepen cooperation with countries along the Belt and Road Initiative[19]. - The company’s strategic focus on "new products, new technologies, new customers, and new application scenarios" is expected to stabilize and enhance operational performance[19]. Other Financial Metrics - The weighted average return on equity decreased by 3.98 percentage points to 1.66% for the year-to-date[5]. - The company experienced a 128.45% increase in credit impairment losses, reflecting improved collection of accounts receivable[12]. - The company recorded a 52.40% decrease in fair value gains, attributed to reduced floating gains from unfulfilled forward foreign exchange contracts[12]. - The total number of ordinary shareholders at the end of the reporting period was 36,412[15]. - The company has not undergone an audit for the third quarter financial report[30].

证券代码：300590 证券简称：移为通信 公告编号：2025-074 上海移为通信技术股份有限公司 关于取消监事会及召开职工代表大会选举职工代表董事的公告 上海移为通信技术股份有限公司（以下简称"公司"）于 2025 年 7 月 30 日召 开了第四届董事会第十四次会议、第四届监事会第十一次会议，于 2025 年 10 月 24 日召开 2025 年第一次临时股东会，审议通过了《关于取消监事会、设置职工代表董 事并修订<公司章程>的议案》。相关内容如下： 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。 一、取消监事会的情况 根据《公司章程》，公司将不再设置监事会或者监事，公司第四届监事会监事 成员：王晓桦女士、汪洁女士、朱维娜女士因公司治理结构调整，其监事职务自然 免除。监事会的职权由董事会审计委员会承接相关职责，公司监事会相关制度相应 废止。 王晓桦女士、汪洁女士、朱维娜女士原定任期至第四届监事会任期届满之日（2 026 年 11 月 30 日），均不存在应当履行而未履行的承诺事项。截至本公告披露日， 王晓桦女士、汪洁女士、朱维娜女士均未持有公司股票。公司 ...

上海市锦天城律师事务所 关于上海移为通信技术股份有限公司 2025 年第一次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海移为通信技术股份有限公司 2025 年第一次临时股东会的 法律意见书 致：上海移为通信技术股份有限公司 一、本次股东会的召集、召开程序 经核查，公司本次股东会由公司董事会召集召开。2025 年 9 月 30 日，公司 召开第四届董事会第十八次会议，决议召开本次股东会。董事会作为公司本次股 2 上海市锦天城律师事务所 法律意见书 东会召集人符合法律、行政法规、《股东会规则》和《公司章程》的相关规定。 公司董事会于 2025 年 10 月 1 日在巨潮资讯网（www.cninfo.com.cn）刊登了 《上海移为通信技术股份有限公司关于召开公司 2025 年第一次临时股东会的通 知》（以下简称"《公告》"），《公告》载明了本次股东会的召集人、召开日期 和时间（包括现场会议日期、时间和网络投票 ...

证券代码：300590 证券简称：移为通信 公告编号：2025-073 上海移为通信技术股份有限公司 2025年第一次临时股东会决议公告 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。 特别提示： 1、 本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、 会议召开情况： 1、 召开时间：2025 年 10 月 24 日（星期五）15：00 2、 召开地点：上海市闵行区新龙路 500 弄 30 号 3、 召集人：公司董事会 1、 出席的总体情况：参加本次股东会的股东（或委托代理人）共 243 人，代表 股份 213,628,404 股，占公司有表决权股份总数的 46.7272％（四舍五入保留四位小 数，有表决权股份总数为截至股权登记日公司股本总数剔除回购专用账户的股份总 数，下同）。 2、 现场会议出席情况：参加本次股东会现场会议的股东（或委托代理人）9 人， 代表股份 210,354,424 股，占公司有表决权股份总数的 46.0111％。 3、 网络投票情况：参加本次股东会网络投票的股东 234 人，代表股份 3,273 ...

在上述授权金额及期限内，公司实际用于暂时补充流动资金的闲置募集资金总额 为人民币 7,500 万元。截至 2025 年 10 月 23 日，公司已将前述用于暂时补充流动资 金的募集资金全部归还并存入募集资金专用账户，此次归还的募集资金使用期限未超 过 12 个月，同时将上述募集资金的归还情况通知了保荐机构及保荐机构代表人。 特此公告。 上海移为通信技术股份有限公司董事会 关于归还暂时补充流动资金的闲置募集资金的公告 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。 上海移为通信技术股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开 的第四届董事会第九次会议、第四届监事会第七次会议审议通过了《关于使用部分闲 置募集资金暂时补充流动资金的议案》,同意公司在保证募集资金投资项目的资金需 求以及募集资金使用计划正常进行的前提下，使用不超过人民币 8,000 万元的闲置募 集资金暂时补充流动资金，使用期限自公司董事会批准之日起不超过 12 个月。具体 内容详见巨潮资讯网（www.cninfo.com.cn）披露的《关于使用部分闲置募集资金暂 时补充流 ...