Investment Rating - The report assigns an "Accumulate-B" rating to the company for the first time [1][8]. Core Views - The company is experiencing high growth in cloud office terminals, and the introduction of AI is expected to open new growth opportunities [1][8]. - The company has a stable long-term performance, with a revenue increase of 29.3% year-on-year in 2024, reaching 56.21 billion yuan, and a net profit increase of 31.7%, totaling 26.48 billion yuan [4][24]. - The company is focusing on enhancing product quality and expanding sales channels, particularly in the business headset segment, which saw a revenue increase of 62.98% year-on-year in 2024 [6][24]. Financial Performance - In 2024, the company achieved a revenue of 56.21 billion yuan, with a net profit of 26.48 billion yuan, reflecting a year-on-year growth of 29.3% and 31.7% respectively [4][24]. - For Q1 2025, the company reported a revenue of 12.05 billion yuan, a year-on-year increase of 3.57%, while the net profit slightly decreased by 1.15% to 5.62 billion yuan [4][8]. - The company expects net profits for 2025-2027 to be 30.53 billion yuan, 35.87 billion yuan, and 41.78 billion yuan, representing growth rates of 15.3%, 17.5%, and 16.5% respectively [8][9]. Product Development and Market Position - The company is actively developing intelligent and efficient product solutions, with a focus on meeting market demands for high-end conference products and cloud office terminals [5][6]. - The conference product line is expected to maintain strong market penetration, with plans to launch new products featuring advanced AI capabilities [5][33]. - The desktop communication terminal segment achieved a revenue of 30.82 billion yuan in 2024, with a year-on-year growth of 21.13%, despite a slight decline in revenue share [7][8]. Strategic Direction - The company aims to leverage AI technology to enhance its product offerings and expand market share, focusing on creating a comprehensive communication solution that integrates cloud, terminal, and platform services [16][33]. - The company is committed to maintaining a strong R&D focus, with a budget of 5.59 billion yuan for 2024, representing a year-on-year increase of 12.08% [29][30].

Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company has demonstrated strong revenue growth, with a reported revenue of 56.21 billion yuan in 2024, reflecting a year-on-year increase of 29.28%. The net profit for the same period was 26.48 billion yuan, up 31.72% year-on-year [4][23]. - The introduction of AI technology is expected to open new growth avenues, particularly in the company's cloud office terminals and meeting products, which are gaining traction in the market [5][25]. - The company is focusing on enhancing product quality and expanding sales channels, particularly in the business headset segment, which saw a revenue increase of 62.98% year-on-year in 2024 [5][6]. Financial Performance - In 2024, the company achieved a net profit margin of 47.10%, an increase of 0.87 percentage points year-on-year [4]. - The projected net profits for 2025-2027 are 30.53 billion yuan, 35.87 billion yuan, and 41.78 billion yuan, respectively, with year-on-year growth rates of 15.3%, 17.5%, and 16.5% [7][8]. - The company's earnings per share (EPS) are expected to rise from 2.42 yuan in 2025 to 3.31 yuan by 2027, indicating a strong growth trajectory [8]. Product and Market Strategy - The company is enhancing its meeting products, which accounted for 35.52% of total revenue in 2024, with plans to launch new AI-driven solutions in 2025 [4][6]. - The cloud office terminal segment is also expanding, with a focus on improving sound quality and noise cancellation features in its business headsets [5][6]. - The desktop communication terminal segment remains competitive, with a revenue of 30.82 billion yuan in 2024, despite a slight decline in market share [6][7]. Market Position and Competitive Advantage - The company is recognized as a leading provider of communication and collaboration solutions, leveraging AI and other advanced technologies to enhance its product offerings [15][25]. - The company maintains a strong R&D focus, with an investment of 5.59 billion yuan in 2024, representing 9.95% of its revenue, which supports its competitive edge in the market [28][32]. - The company’s diverse product lines cater to various communication needs, ensuring a comprehensive solution for enterprise clients [32][33].

证券代码：300628 证券名称：亿联网络 公告编号：2025-032 厦门亿联网络技术股份有限公司 2024 年年度权益分派实施公告 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、厦门亿联网络技术股份有限公司（以下简称"公司"）本次利 润分配以实施权益分派方案时股权登记日的总股本扣减公司回购专 用证券账户中的股份为基数，向全体股东每 10 股派发现金红利人民 币 13.00 元（含税）。本年度不送红股，不以资本公积金转增股本。 2、本次权益分派实施后，按公司总股本折算每 10 股现金红利比 例及除权除息参考价如下：按公司总股本折算每 10 股现金分红=实际 现金分红总额÷总股本（含回购股份）×10 股= 1,641,198,832 元÷ 1,263,815,202 股×10 股= 12.986066 元（保留六位小数，不四舍五 入）；除权除息参考价格=股权登记日（2025 年 5 月 29 日）收盘价- 1.2986066 元/股。 公司 2024 年年度权益分派方案已获 2025 年 5 月 20 日召开的 2024 年年度股东大会审议通 ...

证券代码：300628 证券名称：亿联网络 公告编号：2025-031 厦门亿联网络技术股份有限公司 2024 年年度股东大会决议公告 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： 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会。 2、会议方式：本次股东大会所采用的表决方式是现场表决与网 络投票相结合的方式。 3、会议召开日期和时间： （1）现场会议：2025 年 5 月 20 日（星期二）14:30 1、本次股东大会未出现否决议案的情形； （2）网络投票：通过深圳证券交易所系统进行网络投票的具体 时间为 2025 年 5 月 20 日上午 9:15-9:25、9:30-11:30，下午 13:00- 15：00；通过深圳证券交易所互联网投票系统进行网络投票的具体时 间为 2025 年 5 月 20 日 9:15-15:00 的任意时间。 4、现场会议召开地点：福建省厦门市湖里区护安路 666 号，亿 联总部大楼十楼董事会议室。 5、现场会议主持人：董事长陈智松先生。 ...

关于厦门亿联网络技术股份有限公司 2024 年年度股东大会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）88065558 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于厦门亿联网络技术股份有限公司 2024 年年度股东大会的法律意见书 闽理非诉字[2025]第 097 号 致：厦门亿联网络技术股份有限公司 福建至理律师事务所（以下简称"本所"）接受厦门亿联网络技术股份有限 公司（以下简称"公司"）之委托，指派魏吓虹、陈宓律师出席公司 2024 年年 度股东大会（以下简称"本次大会"），并依据《中华人民共和国公司法》（以下 简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司 股东会规则》（中国证券监督管理委员会公告〔2025〕7 号，以下简称《股东会 规则》）、《深圳证券交易所上市公司股东会网络投票实施细则（2025 年修订）》 （以下简称《网络投票实施细则》）等有关法律、法规、规范性文件以及《公司 章程》之规定出具法律意见。 对于本 ...

Core Viewpoint - The article highlights the significant increase in cash dividends among listed companies in Xiamen, with a notable focus on shareholder returns amidst changing market conditions and regulatory frameworks [1][3][5]. Group 1: Dividend Trends - Over 67.48% of A-share listed companies plan to distribute cash dividends, with a total expected payout of approximately 1.65 trillion yuan, while Xiamen's listed companies show a higher participation rate of 74.6% [5][7]. - The total dividend amount for Xiamen companies is projected to be 10.881 billion yuan, with eight companies contributing over 300 million yuan each, accounting for about 50% of the total dividends [7][12]. - Yilian Network leads with a proposed dividend of 1.643 billion yuan, representing 15% of Xiamen's total dividends, and has a remarkable dividend payout ratio of 90.59% for 2024 [7][11]. Group 2: Shareholder Returns - 34 listed companies in Xiamen have a dividend yield exceeding the one-year deposit rate of 1.5%, with Jianfa Co. having the highest yield at 6.65% [10]. - Despite some companies facing profit declines, they still prioritize shareholder returns, with commitments to distribute at least 30% of distributable profits [8][10]. - The trend of increasing dividends reflects a strong commitment to shareholder value, with many companies maintaining high dividend payout ratios over the past five years [11][12]. Group 3: Historical Performance - Jianfa Co. has demonstrated impressive dividend performance, with cumulative cash dividends reaching 9.806 billion yuan over the past five years, averaging nearly 2 billion yuan annually [11]. - Other notable companies include Xiamen Guomao and Xiamen Xiangyu, with cumulative dividends of 5.26 billion yuan and over 5.1 billion yuan, respectively, showcasing a consistent commitment to returning profits to shareholders [11][12]. - The overall positive dividend performance among Xiamen listed companies indicates strong profitability and financial health, enhancing their appeal to investors [12].

证券代码：300628 证券名称：亿联网络 公告编号：2025-030 关于 2025 年限制性股票激励计划内幕信息知情人及 激励对象买卖公司股票情况的自查报告 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《关于公司<2025 年限制性股票激励计划(草案)>及其 摘要的议案》，具体内容详见公司于 2025 年 4 月 21 日在巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等相关法律法规的规定，公司通过向中国证券登记结算有限责任公司 深圳分公司查询，对 2025 年限制性股票激励计划内幕信息知情人及 激励对象在 2025 年限制性股票激励计划（草案）公开披露前 6 个月 内（即 2024 年 10 月 18 日至 2025 年 4 月 18 日，以下简称"自查期 间"）买卖公司股票的情况进行了自查，具体情况如下： 一、 核查的 ...

证券代码：300628 证券名称：亿联网络 公告编号：2025-028 暨投资者网上集体接待日活动的公告 厦门亿联网络技术股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会 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。 为进一步加强与投资者的互动交流，厦门亿联网络技术股份有限 公司（以下简称"公司"）将参加由厦门证监局、厦门上市公司协会 与深圳市全景网络有限公司联合举办的"厦门辖区上市公司 2024 年 年报业绩说明会暨投资者网上集体接待日活动"，现将相关事项公告 如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载 全景路演 APP,参与本次互动交流，活动时间为 2025 年 5 月 15 日（周 四）15:40-17:00。届时公司高管将在线就公司 2024 年度业绩、公司 治理、发展战略、经营状况、股权激励和可持续发展等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 厦门亿联网络技术股份有限公司 二〇二五年五月 ...

关于 2025 年限制性股票激励计划激励对象 名单的公示情况说明及核查意见 证券代码：300628 证券名称：亿联网络 公告编号：2025-029 厦门亿联网络技术股份有限公司监事会 本公司及监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《关于公司<2025 年限制性股票激励计划(草案)>及其 摘要的议案》，具体内容详见公司于 2025 年 4 月 21 日在巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等有关规定，公司对 2025 年限制性股票激励计划激励对象的姓名和 职务在公司内部进行了公示。根据《管理办法》和《公司章程》的有 关规定，公司监事会结合公示情况对公司 2025 年限制性股票激励计 划激励对象名单进行了核查，相关公示情况的说明及核查意见如下： 一、公示情况 1、2025 年 4 月 21 日，公司在中国证监会指定信息披露 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - The company reported a revenue of RMB 5.62 billion for 2024, representing a year-on-year increase of 29.28%, and a net profit attributable to shareholders of RMB 2.65 billion, up 31.72% year-on-year [9]. - In Q1 2025, the company achieved a revenue of RMB 1.21 billion, a year-on-year increase of 3.57%, but a quarter-on-quarter decrease of 20.27% [9]. - The revenue growth in Q1 2025 fell short of expectations due to tariff adjustments and increased overseas warehouse shipments affecting delivery timelines [9]. - The updated profit forecast for 2025-2027 projects net profits of RMB 2.90 billion, RMB 3.24 billion, and RMB 3.58 billion, respectively, with corresponding EPS of RMB 2.30, RMB 2.56, and RMB 2.83 [9]. - The target price is set at RMB 45.91, based on a 20x PE for 2025, reflecting a slight decrease of 2% from previous estimates [9]. Financial Summary - The company’s revenue is projected to grow from RMB 5.62 billion in 2024 to RMB 7.72 billion by 2027, with annual growth rates of 29.3%, 11.7%, 11.3%, and 10.5% respectively [3]. - Net profit attributable to shareholders is expected to increase from RMB 2.65 billion in 2024 to RMB 3.58 billion in 2027, with growth rates of 31.7%, 9.6%, 11.6%, and 10.4% respectively [3]. - The company’s return on equity (ROE) is projected to rise from 29.6% in 2024 to 36.2% in 2027 [3]. Product Performance - Revenue from desktop communication terminals reached RMB 3.08 billion, up 21.13% year-on-year, with a gross profit margin of 67.55% [9]. - Conference products generated RMB 1.99 billion in revenue, a 36.21% increase year-on-year, with a gross profit margin of 65.67% [9]. - Cloud office terminals saw revenue growth of 62.98%, totaling RMB 0.53 billion [9]. - The contribution of second and third growth curves to total revenue increased from 41.15% to 44.89% [9]. Shareholder Returns - The company distributed total cash dividends of approximately RMB 2.40 billion in 2024, with a payout ratio of 90.59% [9].