Core Viewpoint - Guanghe Tong (300638) is set to launch an IPO from October 14 to October 17, 2025, offering approximately 135 million H-shares at a price range of HKD 19.88 to HKD 21.5 per share, with trading expected to commence on October 22, 2025 [1] Group 1: Company Overview - The company is a leading provider of wireless communication modules, including data transmission modules, smart modules, and AI modules [1] - Guanghe Tong holds a 15.4% global market share in the wireless communication module sector, making it the second-largest provider worldwide according to Frost & Sullivan [1] Group 2: Financial Performance - Revenue from continuing operations increased from RMB 5.203 billion in 2022 to RMB 5.652 billion in 2023, representing an 8.6% growth, and is projected to rise by 23.3% to RMB 6.971 billion in 2024 [2] - Gross profit rose from RMB 1.066 billion in 2022 to RMB 1.187 billion in 2023, an increase of 11.4%, and is expected to grow by 6.7% to RMB 1.267 billion in 2024 [2] Group 3: IPO and Use of Proceeds - Assuming an offer price of HKD 20.69 per share, the company estimates net proceeds from the global offering to be approximately HKD 2.689 billion [3] - The allocation of proceeds includes approximately 55% for R&D, 15% for building manufacturing facilities in Shenzhen, 10% for repaying bank loans, 10% for strategic investments or acquisitions, and 10% for working capital and general corporate purposes [3] Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements with several investors, including Qindao Gantong, Pacific Asset Management, and China Pacific Insurance, with a total commitment of approximately HKD 1.253 billion [2]

Group 1 - The company, Guanghe Tong, plans to conduct an initial public offering (IPO) from October 14 to October 17, 2025, offering approximately 135 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, plus an over-allotment option of 15% [1] - The estimated share price range is HKD 19.88 to HKD 21.5, with trading expected to commence on October 22, 2025 [1] - Guanghe Tong is recognized as the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [1] Group 2 - The company's revenue from continuing operations increased from RMB 5.203 billion in 2022 to RMB 5.652 billion in 2023, representing an 8.6% growth, and is projected to rise by 23.3% to RMB 6.971 billion in 2024 [2] - Gross profit also saw an increase from RMB 1.066 billion in 2022 to RMB 1.187 billion in 2023, an 11.4% rise, and is expected to grow by 6.7% to RMB 1.267 billion in 2024 [2] - The company has secured cornerstone investment agreements with several investors, committing to purchase shares worth approximately HKD 12.53 billion at the offering price [2] Group 3 - Assuming a share price of HKD 20.69, the company estimates net proceeds from the global offering to be approximately HKD 2.689 billion [3] - About 55% of the proceeds is expected to be allocated for research and development, focusing on AI and robotics technology [3] - The company plans to allocate approximately 15% of the proceeds for building manufacturing facilities in Shenzhen, China, primarily for module production [3]

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Core Insights - The capital market is actively pursuing core assets related to "connectivity" and "intelligence" amid the AIoT wave, with Guanghetong Wireless Co., Ltd. taking significant steps towards a dual listing in A-shares and Hong Kong [1][4]. Group 1: Company Overview - Guanghetong is the world's second-largest wireless communication module provider, holding a market share of 15.4%, and leads in several high-growth segments, including smart home and consumer electronics with a market share of 75.9% [2]. - The company generates 60% of its revenue from overseas markets, which helps mitigate risks associated with single-country policies and economic cycles, while enhancing its international brand recognition and supply chain bargaining power [2]. Group 2: Financial Performance - From fiscal years 2022 to 2024, Guanghetong's revenue is projected to grow from RMB 5.203 billion to approximately RMB 6.971 billion, reflecting a compound annual growth rate (CAGR) of over 14% [2]. - The net profit from continuing operations is expected to increase from RMB 0.352 billion to RMB 0.423 billion during the same period, indicating the company's ability to maintain profitability amid market fluctuations [2]. Group 3: Business Development - In the first four months of 2025, the company reported a decline in total revenue and net profit, primarily due to accounting treatment related to Ruijun Wireless; however, core business revenue grew by 23.49% year-on-year [3]. - Guanghetong has transitioned from basic data transmission modules to smart and AI modules, with smart modules accounting for 61.3% of revenue in early 2025, indicating a shift towards higher value-added products [3]. Group 4: Strategic Initiatives - The decision to pursue an "A+H" listing is driven by strategic considerations beyond financing, focusing on resource integration and accelerated internationalization [4]. - The dual listing will enhance the company's global brand image and operational flexibility, facilitating international capital attraction for overseas acquisitions and R&D investments in cutting-edge technologies like 5G-A and AI [5]. Group 5: Market Challenges - The wireless communication module industry is characterized by a concentrated competitive landscape, with the top five manufacturers holding 76.1% of the market share, necessitating rapid R&D and product launch to keep pace with technological advancements [5]. - In 2024, the top five customers contributed 58.3% of revenue, while the top five suppliers accounted for 79.3% of sales costs, indicating a high dependency on key relationships that could impact operational performance [6].

Core Insights - The capital market is actively pursuing core assets related to "connectivity" and "intelligence" amid the AIoT wave, with companies like Guanghetong making significant strides in the wireless communication module sector [1] - Guanghetong has passed the Hong Kong Stock Exchange main board listing hearing, moving towards a dual listing strategy (A+H) to enhance its global presence [1][4] Company Overview - Guanghetong is the world's second-largest wireless communication module provider, holding a market share of 15.4%, and leads in several high-growth segments, including smart home and consumer electronics, where it has a 75.9% market share [2] - The company generates 60% of its revenue from overseas markets, which helps mitigate risks associated with single-country policies and economic cycles [2] Financial Performance - From fiscal years 2022 to 2024, Guanghetong's revenue is projected to grow from RMB 5.203 billion to approximately RMB 6.971 billion, reflecting a compound annual growth rate (CAGR) of over 14% [2] - The net profit from continuing operations is expected to increase from RMB 352 million to RMB 423 million during the same period, indicating resilience in profitability amid market fluctuations [2] Recent Developments - In the first four months of 2025, the company reported a decline in total revenue and net profit, primarily due to accounting treatment related to the exclusion of Ruijun Wireless; however, core business revenue grew by 23.49% year-on-year [3] - The company has transitioned from basic data transmission modules to smart and AI modules, with smart modules accounting for 61.3% of revenue in early 2025, enhancing its value proposition [3] Strategic Initiatives - The A+H listing strategy aims to integrate resources and accelerate internationalization, allowing Guanghetong to tap into domestic IoT resources and benefit from national policies in areas like vehicle networking and 5G [4][5] - The company is shifting its growth engine from basic connectivity to AIoT empowerment, with plans to actively develop edge AI solutions and robotics, positioning itself as a comprehensive solution provider [5] Market Dynamics - The wireless communication module industry is characterized by a concentrated competitive landscape, with the top five manufacturers holding 76.1% of the market share [5] - In 2024, the top five customers contributed 58.3% of revenue, while the top five suppliers accounted for 79.3% of sales costs, indicating a high dependency on key relationships [6] Challenges - The company faces challenges from supply chain fluctuations and rapid technological iterations, which could impact its market share if there are missteps in technology selection or certification processes [5][6] - Recent financial data indicates a decline in gross margin due to fluctuations in storage chip procurement prices, highlighting the company's reliance on key raw materials [6]

Core Viewpoint - The capital market is actively pursuing core assets related to "connectivity" and "intelligence" amid the AIoT wave, with Guanghetong Wireless Co., Ltd. taking significant steps towards dual listing in A-share and Hong Kong markets, enhancing its global strategy [1][4]. Group 1: Company Overview - Guanghetong is the world's second-largest wireless communication module provider, holding a market share of 15.4%, and leads in several high-growth segments, including smart home and consumer electronics with a 75.9% market share [2]. - The company generates 60% of its revenue from overseas markets, which helps mitigate risks associated with single-country policies and economic cycles, while enhancing its international brand recognition and supply chain bargaining power [2]. Group 2: Financial Performance - From fiscal years 2022 to 2024, Guanghetong's revenue is projected to grow from RMB 5.203 billion to approximately RMB 6.971 billion, reflecting a compound annual growth rate (CAGR) of over 14% [2]. - The net profit from continuing operations is expected to increase from RMB 352 million to RMB 423 million during the same period, indicating the company's ability to maintain profitability amid market fluctuations [2]. Group 3: Recent Developments - In the first four months of 2025, the company reported a decline in total revenue and net profit, primarily due to accounting treatment related to Ruijun Wireless; however, core business revenue grew by 23.49% year-on-year, and net profit increased by 6.54% when excluding this impact [3]. - Guanghetong has transitioned from basic data transmission modules to smart and AI modules, with smart modules accounting for 61.3% of revenue in early 2025, indicating a shift towards higher value-added products [3]. Group 4: Strategic Initiatives - The decision to pursue an "A+H" listing is driven by strategic considerations beyond financing, focusing on resource integration and accelerated internationalization [4]. - The Hong Kong platform will facilitate attracting international capital for overseas acquisitions and investments in cutting-edge technologies like 5G-A and AI, enhancing the company's global brand image and operational flexibility [5]. Group 5: Market Position and Challenges - The wireless communication module industry is characterized by a concentrated competitive landscape, with the top five manufacturers holding 76.1% of the market share, necessitating rapid R&D and product launch to keep pace with technological advancements [6]. - In 2024, the top five customers contributed 58.3% of revenue, while the top five suppliers accounted for 79.3% of sales costs, indicating a high dependency on key relationships that could significantly impact operational performance [6].

Core Viewpoint - Guanghetong (300638.SZ) has published a post-hearing information package on the Hong Kong Stock Exchange, which is intended solely to provide information to the public in Hong Kong and is subject to updates and changes [1] Group 1 - The company has complied with the requirements of the Hong Kong Stock Exchange and the Securities and Futures Commission of Hong Kong by publishing the post-hearing information package [1] - The published information package is a draft version, indicating that the contents may be updated or changed in due course [1]

广和通公告，根据本次发行上市的安排，公司按照有关规定在香港联交所网站刊登本次发行聆讯后资料 集，该聆讯后资料集为公司根据香港联交所、香港证券及期货事务监察委员会的要求而刊发，刊发目的 仅为提供资讯予香港公众人士，除此之外无任何其他目的。同时，该聆讯后资料集为草拟版本，其所载 资料可能会适时作出更新和变动。 ...

深圳市广和通无线股份有限公司 证券代码：300638 证券简称：广和通 公告编号：2025-067 第四届董事会第十七次会议决议公告 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"）第四届董事会第十七次 会议，于 2025 年 10 月 5 日发出会议通知，2025 年 10 月 9 日以现场会议方式召 开。本次会议应参与董事 5 名，实际参与董事 5 名。董事长张天瑜先生主持本次 会议，董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《关于确定公司 H 股全球发售及在香港联合交易所有限公 司上市相关事宜的议案》 二、审议通过了《关于修订<公司章程（草案）>的议案》 根据公司 2025 年第二次临时股东大会的授权，为本次发行上市之目的，根 据境内外有关政府部门和监管机构的要求与建议以及本次发行上市的实际情况 等，董事会同意根据香港交易及结算所有限公司的修改意见修订本次发行上市后 适用的《公司章程（草案）》。 详 见 同 日 刊 登 于 中 国 ...

深圳市广和通无线股份有限公司 公司章程（草案） 深圳市广和通无线股份有限公司 章程 （草案） （H 股发行并上市后适用） 【】年【】月 深圳市广和通无线股份有限公司 章程（草案） 目 录 | 第一章 | 总则 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | | | 第三章 | 股份 | | | | 第一节 | 股份发行 | | | 第二节 | 股份增减和回购 | | | 第三节 | 股份转让 | | 第四章 | 股东和股东大会 | | | | 第一节 | 股东 | | | 第二节 | 股东大会的一般规定 | | | 第三节 | 股东大会的召集 | | | 第四节 | 股东大会的提案与通知 | | | 第五节 | 股东大会的召开 | | | 第六节 | 股东大会的表决和决议 | | 第五章 | 董事会 | | | | 第一节 | 董事 | | | 第二节 | 董事会 | | 第六章 | | 总经理及其他高级管理人员 | | 第七章 | 监事会 | | | | 第一节 | 监事 | | | 第二节 | 监事会 | | 第八章 | | 财务会计制度、利润分配和审计 | | | 第 ...