Group 1 - The core point of the article highlights that Guanghetong (300638) experienced a nearly 4% decline in stock price, trading at 18.34 HKD with a transaction volume of 29.83 million HKD [1] - For the first three quarters of 2025, the company reported a revenue of approximately 5.366 billion CNY, representing a year-on-year decrease of 13.69% [1] - The net profit attributable to shareholders for the same period was about 316 million CNY, showing a significant year-on-year decline of 51.5% [1] Group 2 - In the third quarter alone, the company achieved a revenue of 1.659 billion CNY, which is a year-on-year decrease of 22.56% [1] - The net profit attributable to the parent company in the third quarter was approximately 98.28 million CNY, reflecting a year-on-year decrease of 69.14% [1] - Excluding the business of Ruiling Wireless, the company's revenue for the first three quarters showed a year-on-year growth of 7.32%, while the net profit attributable to the parent company decreased by 2.19% [1]

Core Insights - Guanghe Tong (300638.SZ) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 5.366 billion yuan, a year-on-year decrease of 13.69% [1] - The net profit attributable to shareholders was 316 million yuan, reflecting a year-on-year decline of 51.50% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 297 million yuan, down 34.05% year-on-year [1] - Basic earnings per share stood at 0.4149 yuan [1]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 5.366 billion CNY, with a net profit attributable to shareholders of 316 million CNY [3] - Revenue growth of 7.32% year-on-year, while net profit decreased by 2.19% year-on-year [3] - Improvement in gross margin and significant increase in operating cash flow both year-on-year and quarter-on-quarter [3] Product Performance - Revenue from wireless communication modules showed slight growth, while solution revenue experienced substantial growth, primarily from AI solutions, robotic solutions, and other solutions [3] - The company has a mature solution for AI toys, with products including communication modules and MagiCore chip box solutions, which have been successfully mass-produced [3] - The FWA business is growing rapidly due to low 5G penetration in target markets and increasing overseas demand [3] Collaborations and Market Expansion - Collaboration with Hesai Technology focuses on providing integrated solutions, particularly in robotics [3] - A formal partnership with XREAL has been established, with details available on the company's WeChat [3] - The company has developed close relationships with numerous downstream clients in the AI toy sector, maintaining a positive outlook for future revenue growth [3] Robotics and Product Development - The lawnmower robot business has achieved mass production, with expectations for significant growth next year [4] - The monocular solution is cost-effective, while the binocular solution is primarily used in large commercial scenarios [4] - The company has launched a new generation of the Fibot intelligent robot development platform, successfully applied in data collection for advanced visual-language-action models [4]

Core Viewpoint - Shenzhen Guanghetong Wireless Co., Ltd. (hereinafter referred to as "Guanghetong") held a conference call on October 29, 2025, with over 40 institutional investors to discuss its operational performance for the first three quarters of 2025, core business progress, and future strategic planning [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 5.366 billion yuan and a net profit attributable to shareholders of 316 million yuan. Excluding the Ruiling wireless business, revenue grew by 7.32% year-on-year, while net profit decreased by 2.19% year-on-year [3]. - The third quarter of 2025 showed two significant improvements: an increase in gross margin on a quarter-on-quarter basis and a substantial increase in operating cash flow both year-on-year and quarter-on-quarter [3]. Group 2: Core Business Developments - Revenue from wireless communication modules showed slight year-on-year growth, while revenue from solutions experienced significant growth, primarily driven by edge AI solutions, robotic solutions, and other solutions [3]. - The Fixed Wireless Access (FWA) business grew rapidly year-on-year, driven by the low penetration rate of 5G in the company's main target markets and ongoing demand for high-speed wireless access in overseas markets [5]. Group 3: Strategic Partnerships and Innovations - The company has established a partnership with Hesai Technology, focusing on integrating laser radar technology with visual algorithm development, primarily in the robotics field, with potential future applications in low-speed intelligent vehicles [7]. - A formal partnership has been established with XREAL, with specific cooperation details to be gradually implemented based on business progress [8]. - The company has developed mature solutions in the AI toy sector, including communication modules and the second-generation MagiCore chip box solution, which has shown significant improvements in key performance metrics [4]. Group 4: Product Developments - The company has achieved mass production and delivery of lawn mowing robots, with single-eye solutions currently being the mainstream market choice [10]. - In addition to lawn mowing robots, the company has launched a visual fusion laser radar positioning solution for quadruped robots, and a new generation of the Fibot embodied intelligent robot development platform has been released [11].

Group 1: Financial Performance - The company achieved a revenue of 5.366 billion CNY in the first three quarters of 2025, with a year-on-year growth of 7.32% [3] - The net profit attributable to shareholders decreased by 2.19% year-on-year [3] - Operating cash flow showed significant increases both year-on-year and quarter-on-quarter [3] Group 2: Product Performance - Revenue from wireless communication modules experienced slight growth, while solution revenue saw substantial increases, primarily from edge solutions, robotics solutions, and AI solutions [3] - The company has successfully mass-produced its lawn mowing robots, with expectations for significant growth in the following year [4] - The monocular solution is currently the mainstream in terms of shipment structure, while the binocular solution is mainly applied in large commercial scenarios [4] Group 3: Strategic Partnerships and Market Outlook - The company has established a formal partnership with XREAL, focusing on AI toy solutions and other applications [3] - The FWA business has seen rapid growth, driven by low penetration rates in target markets and increasing overseas demand [3] - Collaboration with Hesai Technology focuses on providing integrated solutions, particularly in robotics [3]

Group 1 - The core viewpoint of the article is that Guanghe Tong (300638.SZ) reported a decline in both revenue and net profit for the third quarter [1] - The company's operating revenue for the first three quarters was 5.366 billion yuan, representing a year-on-year decrease of 13.69% [1] - The net profit attributable to shareholders of the listed company was 316 million yuan, down 51.5% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 297 million yuan, reflecting a year-on-year decline of 34.05% [1]

Core Viewpoint - Guanghe Tong (00638) reported a decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was approximately 5.366 billion yuan, representing a year-on-year decrease of 13.69% [1] - The net profit attributable to shareholders was around 316 million yuan, showing a significant year-on-year decline of 51.5% [1] - Basic earnings per share stood at 0.4149 yuan [1]

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。 深圳市广和通无线股份有限公司（以下简称"公司"）第四届监事会第十七 次会议，于 2025 年 10 月 25 日发出会议通知，2025 年 10 月 29 日以现场会议方 式召开。本次会议应参与监事 3 名，实际参与监事 3 名。监事会主席陈绮华女士 主持本次会议，监事会会议的举行和召开符合国家有关法律、法规及《公司章程》 的规定。经充分讨论和审议，会议形成决议如下： 一、审议通过了关于《公司 2025 年第三季度报告》的议案 证券代码：300638 证券简称：广和通 公告编号：2025-074 深圳市广和通无线股份有限公司 第四届监事会第十七次会议决议公告 1、深圳市广和通无线股份有限公司第四届监事会第十七次会议决议 特此公告。 深圳市广和通无线股份有限公司 监事会 二О二五年十月二十九日 经审议，监事会认为：《公司 2025 年第三季度报告》的编制和审议程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊 ...

经审议，董事会认为：《公司 2025 年第三季度报告》的编制和审议程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详 见 同 日 刊 登 于 中 国 证 监 会 指 定 创 业 板 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的相关公告。 本议案已经董事会审计委员会审议通过。 表决结果：6 票同意、0 票反对、0 票弃权，审议通过本项议案。 证券代码：300638 证券简称：广和通 公告编号：2025-073 深圳市广和通无线股份有限公司 第四届董事会第十八次会议决议公告 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。 深圳市广和通无线股份有限公司（以下简称"公司"）第四届董事会第十八次 会议，于 2025 年 10 月 25 日发出会议通知，2025 年 10 月 29 日以现场结合通讯 会议方式召开。本次会议应参与董事 6 名，实际参与董事 6 名，董事许宁先生、 王宁先生以通讯方式出席会议。公司全体监事、高级管理 ...

Financial Performance - The company's revenue for Q3 2025 was ¥1,658,702,272.49, a decrease of 22.56% compared to the same period last year[5] - Net profit attributable to shareholders was ¥98,284,224.12, down 69.14% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥94,688,771.26, a decline of 29.31% compared to the previous year[5] - Year-to-date revenue reached ¥5,365,678,789.76, reflecting a 13.69% decrease year-on-year; excluding the impact of the wireless communication module business, revenue from continuing operations increased by 7.32%[5] - The basic earnings per share for Q3 was ¥0.1292, down 69.05% year-on-year[5] - Total operating revenue decreased to ¥5,365,678,789.76 from ¥6,216,604,579.49, representing a decline of approximately 13.7% year-over-year[27] - Net profit for the period was ¥315,278,337.83, down from ¥656,632,738.94, indicating a decline of approximately 52% year-over-year[28] - The company's equity attributable to shareholders increased to ¥3,671,014,958.91 from ¥3,604,335,176.04, reflecting an increase of about 1.8%[25] - The net profit attributable to the parent company's shareholders decreased to ¥316.19 million from ¥651.93 million, representing a decline of approximately 51.6% year-over-year[29] - The total comprehensive income amounted to ¥314.96 million, down from ¥676.74 million, indicating a decrease of about 53.5% compared to the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,436,499,571.20, a decrease of 1.49% from the end of the previous year[5] - Total assets decreased to ¥7,436,499,571.20 from ¥7,549,055,309.29, a decline of about 1.5%[25] - Total liabilities decreased to ¥3,757,766,461.41 from ¥3,936,094,418.37, a reduction of approximately 4.5%[25] Cash Flow - Cash flow from operating activities for the year-to-date was ¥297,597,559.91, an increase of 51.24%[5] - The net cash flow from operating activities for the first nine months of 2025 was ¥297,597,559.91, representing a 51.24% increase compared to ¥196,767,103.64 in the same period of 2024, primarily due to a reduction in cash paid to employees[13] - The net cash flow from investing activities improved to -¥93,561,756.11 in 2025 from -¥157,099,544.14 in 2024, marking a 40.44% improvement due to increased cash recovered from maturing financial products[13] - Operating cash flow generated from activities increased to ¥6.25 billion from ¥6.03 billion, reflecting a growth of approximately 3.6% year-over-year[31] - The net cash flow from operating activities improved to ¥297.60 million, up from ¥196.77 million, marking an increase of about 51.2%[31] - The net cash flow from financing activities was -¥145.80 million, slightly better than -¥152.59 million in the previous period[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 79,494, with the largest shareholder, Zhang Tianyu, holding 36.78% of the shares[15] - Zhang Tianyu's shareholding amounts to 281,512,495 shares, of which 211,134,371 shares are pledged[15] - The total number of restricted shares at the beginning of the period was 233,119,576, with 592,584 shares released from restrictions during the period[19] - The company has not reported any changes in the number of preferred shareholders or their holdings[17] - The shareholder structure indicates a concentration of ownership, with the top ten shareholders holding significant stakes, which may influence corporate governance and strategic decisions[15] Research and Development - Research and development expenses for the first nine months of 2025 were ¥359,126,774.13, a decrease of 31.20% compared to the same period in 2024[12] - Research and development expenses were ¥359,126,774.13, down from ¥521,967,258.92, reflecting a decrease of about 31.1% year-over-year[28] Market Expansion - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange, with 135,080,200 H shares listed on October 22, 2025[20] - The company’s market expansion efforts include the issuance of H shares, which is expected to enhance its capital base and market presence[20] Financial Expenses - The company reported a significant reduction in financial expenses, down 69.78% to ¥8,523,327.14, primarily due to increased exchange gains[12] - The company reported a significant decrease in financial expenses, which fell to ¥8,523,327.14 from ¥28,208,761.15, a reduction of approximately 69.8% year-over-year[28]