Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

Core Viewpoint - The company, Yealink Network, anticipates a decline in net profit for the first half of 2025 due to uncertainties in the international trade environment, despite stable gross margins and ongoing sales efforts [1][2]. Financial Performance - Yealink Network projects revenue for the first half of 2025 to be between 2.64 billion and 2.667 billion yuan, representing a year-on-year decrease of 0% to 1% [1]. - The expected net profit is between 1.224 billion and 1.251 billion yuan, reflecting a year-on-year decline of 8% to 10% [1]. - The company's non-recurring net profit is estimated to be between 1.14 billion and 1.165 billion yuan, down 7% to 9% year-on-year [1]. Business Operations - The company has made orderly progress in expanding its sales operations, but the uncertainties in the international trade environment have disrupted short-term business developments [1]. - The transition period for the relocation of overseas production capacity has caused a temporary impact on order shipments [1]. - Despite macroeconomic challenges, the company's gross margin remains stable, although the expense ratio has increased due to lower-than-expected revenue growth and the impact of tariff policies [1]. Market Environment - Yealink Network has previously disclosed risks related to international trade policies and tariffs, highlighting the potential challenges posed by the current unstable global political environment and complex geopolitical situations [2]. - The implementation of "reciprocal tariffs" by the U.S. government since 2025 has raised concerns about increased tariff costs, which could compress profit margins and affect the stability of overseas order deliveries [2]. - The company is closely monitoring policy developments and has deployed strategic measures to adapt to potential changes in trade policies [2]. Shareholder Actions - Recently, the company announced that its actual controller's concerted action party, Xiamen Yiwanlian Information Technology Service Co., Ltd., plans to reduce its shareholding by up to 1.8 million shares, representing no more than 0.14% of the total share capital [3]. - The reason for the reduction is attributed to personal funding needs of certain shareholders, with the selling price determined based on market conditions at the time of the sale [3].

Core Viewpoint - Company expects a slight decline in revenue and net profit for the first half of 2025, continuing a trend of negative growth observed in the first quarter [1][2] Financial Performance - Estimated revenue for January to June 2025 is between 26.40 billion to 26.67 billion yuan, a decrease of 0% to 1% year-on-year [1] - Estimated net profit attributable to shareholders is between 12.24 billion to 12.51 billion yuan, a decline of 8% to 10% year-on-year [1] - Net profit after excluding non-recurring gains and losses is projected to be between 11.399 billion to 11.649 billion yuan, down 7% to 9% year-on-year [1] Business Environment - The company cites uncertainties in the international trade environment as a factor affecting short-term business progress [1] - The transition period for overseas production capacity has caused temporary impacts on order shipments [1] - Despite macroeconomic challenges, the company's gross margin remains stable, although the expense ratio has increased due to lower-than-expected revenue growth and tariff policies [1] Shareholder Activity - Major shareholders plan to reduce their holdings by up to 1.8 million shares, representing 0.14% of the total share capital, due to personal funding needs [2] - Previous significant share reductions by shareholders have led to stock price declines [3] Business Focus - Company maintains a stable competitive position in core business areas with good downstream market demand [2] - The company emphasizes core technology innovation and global layout strategies to ensure product competitiveness and operational efficiency [2] - Main products include business headsets, portable conference phones, and personal mobile office cameras [2]

Core Viewpoint - The company expects a slight decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating challenges in the current international trade environment and transitional impacts on overseas production capacity [1] Financial Performance - The projected revenue for the first half of 2025 is between 2.64 billion and 2.667 billion yuan, compared to 2.667 billion yuan in the same period last year, showing a potential decrease [1] - The expected net profit attributable to shareholders is between 1.224 billion and 1.251 billion yuan, down from 1.36 billion yuan in the previous year, reflecting a year-on-year decline of 8% to 10% [1] Business Development - The company's sales business development is progressing in an orderly manner, but uncertainties in the international trade environment are causing some short-term disruptions [1] - The transitional period for the relocation of overseas production capacity is having a temporary impact on order shipments [1]

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a simultaneous decline in revenue and net profit for the first half of 2025, with revenue expected to decrease by 0-1% and net profit attributable to shareholders by 8-10% Performance Forecast for H1 2025 | Item | Current Period (2025 H1) | Prior Period (2024 H1) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,640.33 – 2,667.00 million CNY | 2,667.00 million CNY | -1% to 0% | | Net Profit Attributable to Shareholders | 1,224.24 – 1,251.44 million CNY | 1,360.27 million CNY | -10% to -8% | | Net Profit Excluding Non-Recurring Gains/Losses | 1,139.89 – 1,164.94 million CNY | 1,252.62 million CNY | -9% to -7% | [Analysis of Performance Changes](index=2&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The decline in performance is primarily attributed to uncertainties in the external trade environment and the company's internal overseas capacity transfer, which temporarily impacted short-term orders and shipments, leading to increased expense ratios despite stable gross margins and core business competitiveness - Key negative factors impacting the company's performance include **external uncertainties** in the international trade environment and **internal adjustments** related to the transitional period of overseas capacity transfer, affecting short-term orders and shipments[5](index=5&type=chunk) - Despite challenges, the company's **gross margin remained stable**, but the **expense ratio increased** due to slower revenue growth and tariff policies, negatively impacting net profit[5](index=5&type=chunk) - The company emphasizes that its **core business maintains stable market competitiveness** with **robust downstream market demand**[5](index=5&type=chunk) [Other Important Information](index=2&type=section&id=IV.%20Other%20Relevant%20Information) The company disclosed that the performance forecast data is a preliminary estimate by the finance department, unaudited, with non-recurring gains/losses of approximately 85 million CNY primarily from wealth management income - This performance forecast data is a preliminary estimate by the company's finance department and has not been audited by an accounting firm; final data will be subject to the semi-annual report[4](index=4&type=chunk)[6](index=6&type=chunk) - Non-recurring gains and losses are estimated to impact net profit by approximately **85 million CNY** during the reporting period, primarily from wealth management income[7](index=7&type=chunk)

Group 1 - The core viewpoint of the news is that companies are actively engaging in share buyback and employee stock ownership plans to enhance investor confidence and align management interests with shareholders [1][2]. - Shenzhen Overseas Chinese Town Holdings Company plans to increase its stake in Huaqiang City A by investing between 111 million and 220 million RMB within six months, currently holding 48.78% of the total shares [1]. - Chengyi Pharmaceutical announced an employee stock ownership plan for 2025, targeting to raise up to 48.2864 million RMB, with a share price set at 5.02 RMB per share, covering up to 228 employees [1][2]. Group 2 - The employee stock ownership plan has performance targets for revenue and net profit from 2025 to 2027, with growth rates set at 30%, 55%, and 85% for revenue, and 35%, 65%, and 100% for net profit [2]. - Several companies have announced plans for share reductions by executives and major shareholders, including Jinzheng Co., which plans to reduce up to 28.8 million shares, equivalent to approximately 568 million RMB [3][4][5]. - The reduction plans are set to commence from July 15, indicating a trend of liquidity events in the market as companies adjust their shareholder structures [7][8].

Group 1 - The core point of the article is that Yilian Network (300628.SZ) announced that its actual controller's concerted action party, Yiwanlian, plans to reduce its shareholding by up to 1.8 million shares, which is 0.14% of the company's total share capital, within the next three months [1] - The reason for the reduction is due to personal funding needs of some shareholders [1] - The reduction will be conducted through block trading, and the selling price will not be lower than the most recent audited net asset value per share of the company [1]

证券代码：300628 证券名称：亿联网络 公告编号：2025-048 厦门亿联网络技术股份有限公司 关于实际控制人的一致行动人减持股份预披露公告 厦门亿网联信息技术服务有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 厦门亿联网络技术股份有限公司（以下简称"公司"）实际控制 人陈智松、吴仲毅、卢荣富、周继伟的一致行动人厦门亿网联信息技 术服务有限公司（以下简称"亿网联"）持有本公司股份 62,598,257 股（占本公司普通股总股本比例 4.94%），计划在本公告之日起 15 个 交易日后的 3 个月内，即从 2025 年 8 月 4 日到 2025 年 11 月 2 日， 以大宗交易方式减持本公司股份不超过 1,800,000 股，即不超过公司 总股本的 0.14%。 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | | 厦门亿网联信息技术服务有限公司 | 62,598,257 | 4.94% | | 注：亿网联减持本公司股份，涉及公司实际控 ...

Core Viewpoint - The company has established a 2025 Partner Stock Ownership Plan aimed at aligning the interests of shareholders, the company, and long-term partners, while enhancing employee engagement and performance [1][2]. Summary by Sections General Principles - The stock ownership plan will be implemented in compliance with relevant laws and regulations, ensuring accurate and timely information disclosure [1]. - Participation in the plan is voluntary for employees, with no forced allocation [1]. Objectives and Significance - The plan aims to foster a cohesive team aligned with the company's values, enhancing motivation and stability among core personnel [2]. - It supports sustainable development and focuses on long-term value creation, ensuring the achievement of the company's strategic goals [2]. Participants in the Plan - The plan's participants are determined based on legal frameworks and company regulations, with the board of directors responsible for the final list [4]. - A total of 21 employees will participate, with specific allocations for different roles, including 4 senior management members [5]. Funding and Stock Sources - The funding for the plan amounts to approximately 48.99 million yuan, representing 1.85% of the company's audited net profit for 2024 [8]. - The stock will be sourced from shares repurchased by the company, totaling 1,354,371 shares at a price of 36.1725 yuan per share [7]. Lock-up and Duration - The lock-up period for the plan is set at 12 months, starting from the date of the last stock transfer to the plan [8]. - The plan has a total duration of 36 months, with the possibility of extension upon approval [8]. Rights and Distribution of Shares - The first category of participants includes key personnel whose performance directly impacts the company's success, with performance targets set for both company and individual levels [10]. - If performance targets are met, participants will receive shares based on their individual performance evaluations [10]. Management Structure - The plan will be managed by a committee elected by the participants, with the board of directors overseeing the overall implementation [13]. - The participants have the right to convene meetings to discuss and vote on significant matters related to the plan [15]. Compliance and Accountability - The management committee is responsible for ensuring compliance with legal obligations and managing the plan's assets [17]. - Any violations of company policies or laws by participants may result in the forfeiture of their shares [12].

证券代码：300628 证券名称：亿联网络 公告编号：2025-047 厦门亿联网络技术股份有限公司 2025 年合伙人持股计划进展情况 暨完成股票购买公告 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"）分别于 2025 年 5 月 30 日、6 月 17 日召开了第五届董事会第七次会议及第五届监 事会第六次会议、2025 年第一次临时股东大会，审议通过了《关于< 厦门亿联网络技术股份有限公司 2025 年合伙人持股计划（草案）>及 其摘要的议案》及《关于提请股东大会授权董事会办理公司 2025 年 合伙人持股计划相关事宜的议案》，同意公司实施 2025 年合伙人持股 计划（以下简称"持股计划"）并授权董事会办理相关事宜。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意 见》及《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》的相关要求，现将截至本公告披露日公司 2025 年 合伙人持股计划的实施进展情况公告如下： 一、本持股计划的管理模式 本持股计划由公司自行管理，公司自行 ...