Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 5.621 billion yuan in 2024, representing a year-on-year growth of 29.28%, and a net profit of 2.648 billion yuan, up 31.72% [1]. - The business model is characterized by "incremental breakthroughs and stock optimization," with diversified and collaborative development across three main business lines: desktop communication terminals, conference products, and cloud office terminals [1]. - The company plans to distribute a cash dividend of 1.3 yuan per share, totaling 1.641 billion yuan, resulting in a nearly 91% dividend payout ratio for the year [1]. Summary by Sections Desktop Communication Terminals - In 2024, revenue reached 3.082 billion yuan, a growth of 21.13%, with a gross margin of 67.55% [2]. - The growth was driven by the normalization of hybrid work and a recovery in inventory levels after a de-stocking cycle in 2023 [2]. - New product launches, including the T7 and T8 series, are planned for 2025 [2]. Conference Products - Revenue for 2024 was 1.997 billion yuan, increasing by 36.21%, with a gross margin of 65.67% [2]. - The MeetingBoard product received positive market feedback, and new products with advanced features are set to launch in 2025 [2]. Cloud Office Terminals - Revenue in 2024 was 527 million yuan, a significant increase of 62.98%, contributing to 9.37% of total revenue [3]. - The company is enhancing its business headset product line and plans to introduce a complete range of products across various price segments in 2025 [3]. Financial Performance and Forecast - The company expects net profits for 2025, 2026, and 2027 to be 3.071 billion yuan, 3.528 billion yuan, and 4.051 billion yuan, respectively [4]. - The report highlights a strong commitment to R&D and continuous product innovation as key factors for maintaining market competitiveness [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4]. Core Views - The company achieved a revenue of 5.621 billion yuan in 2024, representing a year-on-year growth of 29.28%, and a net profit of 2.648 billion yuan, up 31.72% [1]. - The business model is characterized by "incremental breakthroughs and stock optimization" across three main segments: desktop communication terminals, meeting products, and cloud office terminals [1]. - The company plans to distribute a cash dividend of 13.00 yuan per 10 shares, totaling 1.641 billion yuan, leading to a nearly 91% dividend payout ratio for the year [1]. Summary by Sections Desktop Communication Terminals - Revenue reached 3.082 billion yuan in 2024, a growth of 21.13%, with a gross margin of 67.55% [2]. - The growth was driven by the normalization of hybrid work and a replenishment demand from distributors following a de-inventory cycle in 2023 [2]. - New product launches, including the T7 and T8 series phones, are planned for 2025 [2]. Meeting Products - Revenue for this segment was 1.997 billion yuan in 2024, up 36.21%, with a gross margin of 65.67% [2]. - The MeetingBoard product received positive market feedback, and new products featuring advanced technology are set to launch in 2025 [2]. Cloud Office Terminals - This segment saw a revenue of 527 million yuan in 2024, marking a significant growth of 62.98% [3]. - The company is enhancing its business headset product line and plans to launch a series of new products in 2025 [3]. Financial Overview - Sales expenses were 291 million yuan, up 5.66%, while management expenses increased by 17.57% to 156 million yuan [3]. - R&D expenses reached 559 million yuan, a growth of 12.08% [3]. - The company is focusing on overseas market expansion and dynamic pricing mechanisms to mitigate cost pressures [3]. Profit Forecast - Projected net profits for 2025, 2026, and 2027 are 3.071 billion yuan, 3.528 billion yuan, and 4.051 billion yuan, respectively [4].

Core Viewpoint - The company is a leading provider of communication and collaboration solutions, focusing on the integration of traditional communication technologies with advanced digital tools, particularly in the context of digital transformation and the rise of artificial intelligence in enterprise communication [5][6][7]. Company Overview - The company, established in 2001, specializes in unified communication solutions, leveraging advancements in AI and digital technologies to enhance workplace collaboration and efficiency [5][6]. - The company has a comprehensive product offering that includes desktop communication terminals, meeting products, and cloud office terminals, catering to various enterprise communication needs [16][19][20]. Industry Trends - The demand for unified communication solutions is driven by the digital transformation of enterprises, with technologies like big data, AI, cloud computing, and 5G playing a significant role [6][7]. - The integration of AI technologies is enhancing the capabilities of communication tools, leading to innovative applications in enterprise settings [7][8]. - The evolution of communication products is moving towards more intelligent and versatile solutions, breaking down barriers between different communication scenarios [8][9]. Business Development - The company has seen significant growth in its meeting products, with revenue reaching 19.97 billion yuan, a 36.21% increase year-on-year, indicating strong market demand [40]. - The cloud office terminal segment has also experienced substantial growth, with a revenue increase of 62.98%, reflecting the rising trend of remote and flexible working arrangements [41]. - The desktop communication terminal remains the largest revenue contributor, achieving 30.82 billion yuan in revenue, a 21.13% increase, driven by the normalization of hybrid work models [42]. Financial Performance - In 2024, the company reported a revenue of 56.21 billion yuan, a year-on-year increase of 29.28%, and a net profit of 26.48 billion yuan, up 31.72%, with a net profit margin of 47.10% [38]. - The company's focus on continuous product innovation and market responsiveness has positioned it well to capitalize on the growing demand for digital communication solutions [38][39]. Competitive Advantages - The company emphasizes high R&D investment, with R&D expenses accounting for 9.95% of revenue and R&D personnel making up 51.50% of the workforce, ensuring a strong technological foundation [32][43]. - A robust channel management system supports the company's sales strategy, leveraging a network of authorized distributors to enhance market reach and brand influence [33][34]. - The company maintains a flexible supply chain model, outsourcing production while ensuring quality control and cost management, which supports its long-term growth strategy [25][35]. Future Outlook - The company plans to continue enhancing its product offerings and expanding its market presence, particularly in the areas of AI-driven communication solutions and smart office environments [44]. - Ongoing investments in R&D and strategic partnerships are expected to further strengthen the company's competitive position in the evolving communication landscape [29][30].

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.4447 yuan, a decrease of 1.16% compared to Q1 2024, which was 0.4499 yuan [1] - The net asset per share increased by 9.3% to 7.52 yuan in Q1 2025 from 6.88 yuan in Q1 2024 [1] - The retained earnings per share rose by 12.29% to 5.39 yuan in Q1 2025 from 4.80 yuan in Q1 2024 [1] - The operating revenue for Q1 2025 reached 12.05 billion yuan, reflecting a 3.52% increase from 11.64 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was 5.62 billion yuan, a slight decrease of 1.23% from 5.69 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was 6.09%, down 9.91% from 6.76% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 28,007.84 million shares, accounting for 38.74% of the circulating shares, with an increase of 1,080.26 million shares compared to the previous period [1] - Hong Kong Central Clearing Limited holds 6,592.76 million shares, representing 9.12% of total share capital, with an increase of 2,351.12 million shares [2] - Xiamen Yiwanlian Information Technology Service Co., Ltd. holds 6,259.83 million shares, maintaining its position [2] - Hu Jidan holds 4,900 million shares, unchanged from the previous period [2] - Chen Jianrong holds 4,108.50 million shares, with a decrease of 1,250 million shares [2] - The National Social Security Fund 103 Portfolio holds 2,430.99 million shares, with an increase of 260 million shares [2] Dividend Distribution - The company will not distribute dividends or transfer shares in this period [2]

证券代码：300628 证券名称：亿联网络 公告编号：2025-018 关于作废 2024 年限制性股票激励计划部分已授予尚 未归属的限制性股票的公告 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。 厦门亿联网络技术股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第五届董事会第六次会议以及第五届监事会第五次 会议，审议通过了《关于作废 2024 年限制性股票激励计划部分已授 予尚未归属的限制性股票的议案》，因公司 2024 年限制性激励计划中 部分激励对象存在离职以及个人业绩考核结果未能达到 100%归属标 准，其已获授未能归属的 539,385 股限制性股票由公司作废。现将相 关内容公告如下: 一、本激励计划已履行的相关审批程序 1、公司于 2024 年 4 月 22 日召开第四届董事会第十四次会议及 第四届监事会第十三次会议，审议通过了《关于公司<2024 年限制性 股票激励计划(草案)>及其摘要的议案》等相关议案。 2、公司自 2024 年 4 月 23 日起至 2024 年 5 月 2 日止，已在公司 内部对激励对象名单进行了公示 ...

证券代码：300628 证券简称：亿联网络 厦门亿联网络技术股份有限公司 2025 年限制性股票激励计划 （草案）摘要 厦门亿联网络技术股份有限公司 二零二五年四月 厦门亿联网络技术股份有限公司 2025 年限制性股票激励计划（草案）摘要 声明 本公司及全体董事、监事保证本计划及其摘要不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则（2024 年 修订）》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理 （2024 年修订）》和其他有关法律、法规、规范性文件，以及厦门亿联网络技术 股份有限公司（以下简称"亿联网络"、"公司"或"本公司"）《公司章程》制订。 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权 激励的情形。 厦门亿联网络技术股份有限公司 2025 年限制性股票激励计划（草案）摘要 核心管理人员、核心技术（业务）人员和潜力骨干，以及公司董事会认定需要激 励的其他员工。 拟授予限制性 ...

证券代码：300628 证券简称：亿联网络 厦门亿联网络技术股份有限公司 2025 年限制性股票激励计划 （草案） 厦门亿联网络技术股份有限公司 二零二五年四月 厦门亿联网络技术股份有限公司 2025 年限制性股票激励计划（草案） 声明 本公司及全体董事、监事保证本计划及其摘要不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则（2024 年 修订）》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理 （2024 年修订）》和其他有关法律、法规、规范性文件，以及厦门亿联网络技术 股份有限公司（以下简称"亿联网络"、"公司"或"本公司"）《公司章程》制订。 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权 激励的情形。 三、本激励计划的激励对象不存在《上市公司股权激励管理办法》第八条、 《深圳证券交易所创业板股票上市规则（2024 年修订）》第 8.4.2 条规定的不得 成为激励对象的情形。 四、本 ...

证券代码：300628 证券名称：亿联网络 公告编号：2025-017 厦门亿联网络技术股份有限公司 关于作废 2022 年限制性股票激励计划部分已授予尚 未归属的限制性股票的公告 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。 厦门亿联网络技术股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第五届董事会第六次会议以及第五届监事会第五次 会议，审议通过了《关于作废 2022 年限制性股票激励计划部分已授 予尚未归属的限制性股票的议案》，因公司 2022 年限制性激励计划中 部分激励对象存在离职以及个人业绩考核结果未能达到 100%归属标 准，其已获授未能归属的 821,387 股限制性股票由公司作废。现将相 关内容公告如下: 一、本激励计划已履行的相关审批程序 1、公司于 2022 年 4 月 22 日召开第四届董事会第五次会议及第 四届监事会第五次会议，审议通过了《关于公司<2022 年限制性股票 激励计划(草案)>及其摘要的议案》（以下简称《激励计划》）、《关于 公司<2022 年限制性股票激励计划实施考核管理办法>的议案》以及 《关 ...

证券代码：300628 证券名称：亿联网络 公告编号：2025-019 厦门亿联网络技术股份有限公司 关于注销 2024 年股票期权激励计划部分已授予尚未 行权的股票期权的公告 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。 厦门亿联网络技术股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第五届董事会第六次会议以及第五届监事会第五次 会议，审议通过了《关于注销 2024 年股票期权激励计划部分已授予 尚未行权的股票期权的议案》，因公司 2024 年股票期权激励计划中部 分激励对象存在离职以及个人绩效考核结果未能达到100%行权标准， 其已获授但不满足行权条件的 1.9936 万份股票期权由公司注销。现 将相关内容公告如下: 一、本激励计划已履行的相关审批程序 1、公司于 2024 年 4 月 22 日召开第四届董事会第十四次会议及 第四届监事会第十三次会议，审议通过了《关于公司<2024 年股票期 权激励计划(草案)>及其摘要的议案》等相关议案。 2、公司自 2024 年 4 月 23 日起至 2024 年 5 月 2 日止，已在公司 内 ...

| 激励对象为董事、高级管理人员、单独或合计持股 | | | 5%以上股东 | | | --- | --- | --- | --- | --- | | 或实际控制人及其配偶、父母、子女以及外籍员工的，股权激励 | | 18 | | 是 | | 计划草案是否已列明其姓名、职务、获授数量 | | | | | | 股权激励计划的有效期从授权日起计算是否未超过 | | 19 | 10 年 | 是 | | 股权激励计划草案是否由薪酬与考核委员会负责拟定 | | 20 | | 是 | | 股权激励计划披露完整性要求 | | | | | | 股权激励计划所规定事项是否完整 | | 21 | | 是 | | （1）对照《股权激励管理办法》的规定，逐条说明是否存在上 | | | | | | 市公司不得实行股权激励以及激励对象不得参与股权激励的情 | | | | 是 | | 形；说明股权激励计划的实施会否导致上市公司股权分布不符 | | | | | | 合上市条件 | | | | | | （2）股权激励计划的目的、激励对象的确定依据和范围 | | | | 是 | | （3）股权激励计划拟授予的权益数量及占上市公司股本总额的 | ...