Group 1 - The company Guanghetong (SZ 300638) announced the convening of its 20th meeting of the 4th board of directors on November 28, 2025, to discuss the proposal for the reappointment of the auditing firm for the fiscal year 2025 [1] - For the fiscal year 2024, the company's revenue composition shows that 99.67% comes from IOT wireless communication applications, while other sources account for only 0.33% [1] - As of the report, Guanghetong has a market capitalization of 24.3 billion yuan [1]

广和通公告，为进一步完善公司产业链布局、降低制造成本，公司于2025年11月28日与上栗县人民政府 签署《投资协议书》，在江西省上栗县设立全资子公司进行产业园区投资。拟新设全资子公司注册资本 为5000万元人民币，全资子公司拟在上栗县投资额为4亿元人民币，其中包括回购代建厂房及土地出让 金预计2亿元人民币，购置无线通信模组10条生产线设备预计2亿元人民币。 ...

Core Insights - The Hong Kong stock market has seen 87 new listings raising over 240 billion HKD, making it the leading exchange globally for IPOs as of November 11, 2025 [1] - The introduction of the "18C" rule and the "Specialized Technology Company" service by the Hong Kong Stock Exchange has attracted a surge of robotics companies seeking to go public, with over 30 companies from the robotics industry lining up for IPOs [1][4] - Despite the influx of companies, many are struggling with losses, indicating a critical test of the commercialization capabilities and sustainable development prospects of China's robotics industry [1][11] Listing Progress - Among the 32 robotics companies currently in the IPO process in Hong Kong, only 5 have successfully listed, while 25 are still awaiting approval [4] - The companies are categorized into four main types, including those already listed on A-shares seeking dual listings in Hong Kong to broaden financing channels [4][5] 18C Rule Impact - The "18C" rule facilitates the listing of unprofitable specialized technology companies by lowering the minimum market capitalization requirements and allowing companies to go public without profitability [5] - Approximately 15-20 companies are targeting the 18C listing pathway, reflecting the high investment and long cycle characteristics of the robotics industry [5] Market Segmentation - Several companies are competing to become the "first stock" in specific robotics segments, such as logistics, agricultural, and household robots, aiming to establish brand recognition and valuation premiums [7] - The presence of 14 upstream suppliers in the robotics industry highlights the importance of these companies in supporting the growing demand from downstream clients [8] Financial Performance - Financial data indicates that about two-thirds of the 32 companies face profitability challenges, with many experiencing significant losses despite revenue growth [11][12] - A few companies have successfully turned losses into profits, showcasing potential for improvement in the industry [12] - The sustainability of these companies post-IPO remains uncertain, as evidenced by previous cases where companies listed under the 18C rule have struggled to maintain their stock prices [13] Conclusion - The 2025 IPO wave in Hong Kong reflects both the potential and challenges within the Chinese robotics industry, with many companies seeking to capitalize on market opportunities while facing significant financial hurdles [14]

Core Viewpoint - Guanghetong's stock price has shown significant fluctuations, with a year-to-date increase of 35.45% and a recent decline over the past 60 days of 21.28% [1][2] Group 1: Stock Performance - As of November 28, Guanghetong's stock price rose by 2.05% to 26.82 CNY per share, with a trading volume of 2.91 billion CNY and a turnover rate of 2.06%, resulting in a total market capitalization of 241.52 billion CNY [1] - The stock has experienced a net outflow of 19.79 million CNY from main funds, with large orders showing a buy of 63.91 million CNY and a sell of 69.40 million CNY [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 143 million CNY on January 21 [1] Group 2: Company Overview - Guanghetong, established on November 11, 1999, and listed on April 13, 2017, is based in Shenzhen, China, focusing on wireless communication modules and related solutions [2] - The company's main revenue source is wireless communication modules, accounting for 99.38% of total revenue, with other services contributing 0.62% [2] - As of September 30, the number of shareholders decreased by 3.54% to 79,500, with an average of 6,703 circulating shares per person, an increase of 3.67% [2] Group 3: Financial Performance - For the period from January to September 2025, Guanghetong reported a revenue of 5.366 billion CNY, a year-on-year decrease of 13.69%, and a net profit attributable to shareholders of 316 million CNY, down 51.50% year-on-year [2] - The company has distributed a total of 869 million CNY in dividends since its A-share listing, with 620 million CNY distributed over the past three years [3] Group 4: Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder with 6.3011 million shares, an increase of 1.553 million shares from the previous period [3] - The Southern CSI 1000 ETF is the seventh-largest shareholder with 4.2008 million shares, having decreased by 50,000 shares [3] - Huaxia CSI 1000 ETF has exited the list of the top ten circulating shareholders [3]

格隆汇11月28日丨根据联交所最新权益披露资料显示，2025年11月24日，广和通(00638.HK)遭广发基金管理有限公司在场内以每股均价16.5162港元减持 27.12万股，涉资约447.92万港元。 减持后，广发基金管理有限公司最新持股数目为1210.48万股，持股比例由9.16%下降至8.96%。 | 股份代號: | 00638 | | --- | --- | | 上市法國名稱: | 深圳市廣和通無線股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 28/10/2025 - 28/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | | --- | --- | --- | --- | --- | --- | --- | | | 份數目 | 泉図 | | | (請參閱上述*註解) 有投票權股 (日 / 月 | | | | | | | | 份百分比 | | | | | | | | ( % ) | | | CS20251127E00315 | 发基金管理有限 ...

香港联交所最新数据显示，11月24日，广发基金减持广和通（300638）(00638)27.12万股，每股作价 16.5162港元，总金额约为447.92万港元。减持后最新持股数目约为1210.48万股，持股比例为8.96%。 ...

智通财经APP获悉，香港联交所最新数据显示，11月24日，广发基金减持广和通(00638)27.12万股，每 股作价16.5162港元，总金额约为447.92万港元。减持后最新持股数目约为1210.48万股，持股比例为 8.96%。 ...

Market Overview - The communication equipment sector experienced a decline of 0.27% on November 27, with Meilixin leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Tongyu Communication (002792) saw a significant increase of 10.03%, closing at 21.62 with a trading volume of 576,300 shares and a transaction value of 1.207 billion [1] - LianTe Technology (301205) rose by 9.98%, closing at 134.73 with a trading volume of 196,100 shares and a transaction value of 2.507 billion [1] - Other notable gainers include Taicheng Light (300570) up 7.51%, Guanghetong (300638) up 7.09%, and Cambridge Technology (603083) up 5.95% [1] Underperformers - Meilixin (301307) experienced a significant drop of 11.70%, closing at 35.86 with a trading volume of 257,600 shares and a transaction value of 963 million [2] - Shida Group (600734) fell by 9.92%, closing at 5.54 with a trading volume of 3,512,400 shares and a transaction value of 76.67 million [2] - Other notable decliners include Ruisi Kanda (603803) down 6.35% and Changxin Bochuang (300548) down 3.84% [2] Capital Flow - The communication equipment sector saw a net outflow of 2.31 billion from institutional investors, while retail investors contributed a net inflow of 1.647 billion [2][3] - Notable net inflows from retail investors were observed in companies like Cambridge Technology and Guanghetong, while significant outflows were noted in Meilixin and Taicheng Light [3] Individual Stock Capital Flow - ZTE Corporation (000063) had a net inflow of 787 million from institutional investors, while retail investors saw a net outflow of 337 million [3] - Taicheng Light (300570) had a net inflow of 319 million from institutional investors, with retail investors experiencing a net outflow of 174 million [3] - Cambridge Technology (603083) recorded a net inflow of 238 million from institutional investors and a net inflow of 159 million from retail investors [3]

Core Viewpoint - Guanghetong (300638) shares surged over 14% in early trading, currently up 11.53% at HKD 16.93, with a trading volume of HKD 91.84 million, following Huawei's announcement of its first companion robot "Smart Hanhai" priced at RMB 399, set to launch on November 28 [1] Group 1: Company Developments - Huawei's Executive Director and Head of Terminal BG, Yu Chengdong, announced the launch of the "Smart Hanhai" robot, marking Huawei's entry into the smart companionship market [1] - Guanghetong has established a strategic partnership with Luobo Intelligent, aiming to empower Luobo's AI nurturing toy brand Fuzozo, targeting Gen Z users for mobile social and emotional companionship [1] Group 2: Industry Insights - Zheshang Securities noted that Guanghetong has mature solutions in the AI toy sector, providing communication modules, MagiCore chip box solutions, and complete products based on customer needs [1] - The Cat1+SDK cloud-based module solution has achieved mass production and delivery in the first half of the year, while the MagiCore chip box solution has been upgraded to its second generation, showing improvements in noise reduction, latency, power consumption, and interaction experience [1] - Guanghetong has established close partnerships with numerous downstream clients in the AI toy sector, indicating potential for continued benefits from product volume growth in the future [1]

Core Viewpoint - Guanghetong's stock price has shown fluctuations in recent trading days, with a year-to-date increase of 23.43% but a notable decline over the past 60 days, indicating potential volatility in the market [1][2]. Company Overview - Guanghetong Wireless Co., Ltd. is based in Shenzhen, Guangdong, and specializes in the design, research and development, and sales of wireless communication modules and related solutions. The company was established on November 11, 1999, and went public on April 13, 2017. Its main business revenue is derived from wireless communication modules, accounting for 99.38% of total revenue [1][2]. Financial Performance - For the period from January to September 2025, Guanghetong reported a revenue of 5.366 billion yuan, representing a year-on-year decrease of 13.69%. The net profit attributable to shareholders was 316 million yuan, down 51.50% compared to the previous year [2][3]. - The company has distributed a total of 869 million yuan in dividends since its A-share listing, with 620 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Guanghetong had 79,500 shareholders, a decrease of 3.54% from the previous period. The average number of tradable shares per shareholder increased by 3.67% to 6,703 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 6.3011 million shares, an increase of 1.553 million shares from the previous period [3].