深圳市菲菱科思通信技术股份有限公司 2025 年第三季度报告 证券代码：301191 证券简称：菲菱科思 公告编号：2025-065 深圳市菲菱科思通信技术股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 （二） 非经常性损益项目和金额 适用 □不适用 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包 | | | | | 括已计提资产减值准备的冲 | 17,693.03 | -697,958.77 | | | 销部分） | | | | | 计入当期损益的政府补助 | | | | | （与公司正常经营业务 ...

Core Insights - On October 13, 2023, Feiling Kesi's stock fell by 1.66% with a trading volume of 275 million yuan, indicating a decline in market performance [1] - The company reported a financing buy-in of 46.23 million yuan and a net financing buy of 7.86 million yuan on the same day, suggesting active trading interest despite the stock price drop [1] - As of June 30, 2023, Feiling Kesi's revenue decreased by 12.39% year-on-year to 722 million yuan, and net profit dropped by 71.32% to 21.88 million yuan, reflecting significant financial challenges [2] Financing and Trading Activity - On October 13, 2023, Feiling Kesi's financing balance reached 246 million yuan, accounting for 5.25% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of leverage [1] - The company had no short-selling activity on October 13, with a short-selling balance of 0, suggesting a lack of bearish sentiment among investors [1] Company Overview - Feiling Kesi, established on April 16, 1999, and listed on May 26, 2022, specializes in the research, production, and sales of network equipment, primarily through ODM/OEM partnerships [2] - The company's revenue composition includes 78.42% from switch products, 16.96% from routers and wireless products, and 4.00% from communication equipment components [2] - As of June 30, 2023, the number of shareholders increased by 37.40% to 13,000, with an average of 3,486 circulating shares per person, indicating growing investor interest [2] Dividend and Shareholder Information - Since its A-share listing, Feiling Kesi has distributed a total of 192 million yuan in dividends, reflecting a commitment to returning value to shareholders [3] - Notably, as of June 30, 2023, Huashang Credit Enhanced Bond A became a new major shareholder, holding 214,800 shares, while several other funds exited the top ten list of shareholders [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 - On October 9, 2023, Feiling Kesi's stock fell by 2.63% with a trading volume of 391 million yuan, indicating a decline in investor confidence [1] - The company reported a net financing outflow of 7.27 million yuan on the same day, with a total financing balance of 258 million yuan, which is 5.08% of its market capitalization [1] - For the first half of 2025, Feiling Kesi's revenue decreased by 12.39% year-on-year to 722 million yuan, and net profit dropped by 71.32% to 21.88 million yuan [2] Financing and Trading Activity - On October 9, 2023, Feiling Kesi had a financing buy-in of 62.33 million yuan and a financing repayment of 69.60 million yuan, resulting in a net financing buy-in of -7.27 million yuan [1] - The current financing balance of 258 million yuan is above the 80th percentile of the past year, indicating a high level of leverage [1] - There were no short sales or repayments on the same day, with the short balance also at zero, reflecting a lack of bearish sentiment [1] Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 37.40% to 13,000, with an average of 3,486 circulating shares per person, up by 25.88% [2] - The company has distributed a total of 192 million yuan in dividends since its A-share listing [3] - Notably, Huashang Credit Enhanced Bond A became the ninth largest circulating shareholder with 214,800 shares, while several other institutional investors exited the top ten list [3] Business Overview - Feiling Kesi, established on April 16, 1999, specializes in the research, production, and sales of network equipment, primarily through ODM/OEM partnerships [1] - The company's revenue composition includes 78.42% from switch products, 16.96% from routers and wireless products, and 4.00% from communication equipment components [1]

Core Viewpoint - The company, Feiling Kesi (301191.SZ), has announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own shares [1] Summary by Categories Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 454,300 shares, which represents approximately 0.66% of its total share capital [1] - The highest transaction price during the buyback was 79.99 CNY per share, while the lowest was 74.03 CNY per share [1] - The total amount spent on the buyback reached 34,382,590.35 CNY, excluding transaction fees [1]

Core Viewpoint - The company, 菲菱科思, has announced a share buyback program, indicating a commitment to returning value to shareholders through the repurchase of its own shares [1] Summary by Category Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 454,300 shares, which represents approximately 0.66% of its total share capital [1] - The highest transaction price for the repurchased shares was 79.99 yuan per share, while the lowest was 74.03 yuan per share [1] - The total amount spent on the share buyback was 34,382,590.35 yuan, excluding transaction fees [1]

深圳市菲菱科思通信技术股份有限公司 关于回购股份的进展公告 证券代码：301191 证券简称：菲菱科思 公告编号：2025-063 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。 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日分别召开第四届董事会第二次会议和第四届监事会第二次会议，审议通 过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易 方式回购公司部分股份，回购的公司股份用于员工持股计划或股权激励、维护公 司价值及股东权益。本次回购股份资金总额为不低于人民币 3,000 万元（含）且 不超过人民币 6,000 万元（含），回购股份价格不超过人民币 160.26 元/股(含)。 本次用于员工持股计划或股权激励的回购股份实施期限自公司董事会审议通过 本次回购股份方案之日起 12 个月内；其中用于维护公司价值及股东权益所必需 （股份出售的情况）的回购股份实施期限为自公司董事会审议通过回购股份方案 之日起 3 个月内，公司已实施完成本次回购股份方案中用于维护公司价值及股东 权益的股份回购。具体内容详见公 ...

Core Insights - The communication equipment sector experienced a rise of 0.54% on October 9, with GuoDun Quantum leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Summary by Category Stock Performance - GuoDun Quantum (688027) closed at 398.79, with a significant increase of 13.62% and a trading volume of 64,800 shares, amounting to a transaction value of 2.581 billion [1] - Guanghe Tong (300638) saw a rise of 10.77%, closing at 33.64 with a trading volume of 926,600 shares, totaling 3.101 billion [1] - Other notable performers included: - Shijia Technology (002796) up 9.99% at 21.46 [1] - Yongding Co. (600105) up 9.99% at 13.98 [1] - ZTE Corporation (000063) up 9.51% at 49.98 with a trading volume of 4,508,700 shares, totaling 22.121 billion [1] Market Trends - The overall communication equipment sector saw a net outflow of 804 million from institutional funds, while retail investors contributed a net inflow of 1.257 billion [2] - The sector's performance indicates a mixed sentiment among different types of investors, with retail investors showing confidence despite institutional outflows [2]

Core Viewpoint - Shenzhen Amperelong Technology Co., Ltd. has recently engaged with 18 institutions, including Tianfeng Securities and E Fund, for investor activities, showcasing strong operational performance in the first half of 2025 with significant revenue growth and strategic advancements in various sectors [1] Group 1: Investor Activities - The investor activities included specific object research, on-site visits, and online meetings held from September 5 to September 25, 2025 [1] - Participating institutions included Tianfeng Securities, Century Asset Management, and E Fund among others [1] - Company representatives included Zhang Yanhong, the Secretary of the Board, and Peng Biyong, the Director of Investor Relations [1] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 553,874,075.46 yuan, representing a year-on-year increase of 34.44% [1] - Domestic revenue was 468,344,613.60 yuan, up 38.03%, accounting for 84.56% of total revenue, while overseas revenue was 85,529,461.86 yuan, up 17.68%, making up 15.44% [1] - Net profit attributable to shareholders was 42,132,049.92 yuan, a 19.60% increase year-on-year, with a net profit of 38,266,307.13 yuan after deducting non-recurring gains, reflecting a 24.76% growth [1] Group 3: Product Performance - Pressure sensors generated revenue of 292.41 million yuan, a 61.88% increase, contributing 52.79% to total revenue [1] - Thermistors and temperature sensors achieved revenue of 251.40 million yuan, up 12.99%, accounting for 45.39% of total revenue [1] - MEMS pressure sensors saw a remarkable revenue increase of 382.33%, reaching 24.45 million yuan, indicating strong demand in automotive and home appliance applications [1] Group 4: Strategic Developments - The company is actively expanding into the robotics sector by forming a research team focused on force control sensors [1] - Global expansion includes establishing a wholly-owned subsidiary in Germany for localized sales and support, a research subsidiary in Belgium for sensor chip technology, and a subsidiary in Hong Kong for supply chain coordination [1] - Progress on the production line for EMB brake system force sensors is underway, with equipment selection completed and installation in progress to meet market demand [1]

Market Overview - The communication equipment sector experienced a decline of 2.18% on September 30, with Feiling Kesi leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the communication equipment sector included: - Dingxin Communication (603421) with a closing price of 8.00, up 10.04% and a trading volume of 274,800 shares [1] - Bingjin Co., Ltd. (603118) closed at 13.76, up 6.01% with a trading volume of 1,377,400 shares [1] - Xinkai Mobile (688387) closed at 6.94, up 3.58% with a trading volume of 529,600 shares [1] - Major decliners included: - Feiling Kesi (301191) closed at 110.45, down 6.37% with a trading volume of 58,700 shares [2] - Xinyi Sheng (300502) closed at 365.77, down 5.80% with a trading volume of 495,900 shares [2] - Guangku Technology (300620) closed at 118.80, down 5.11% with a trading volume of 166,200 shares [2] Capital Flow - The communication equipment sector saw a net outflow of 5.981 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.771 billion yuan [2][3] - Notable stocks with significant capital flow included: - Dingxin Communication (603421) had a net inflow of 105 million yuan from institutional investors, representing 48.64% of its total capital flow [3] - Bingjin Co., Ltd. (603118) experienced a net outflow of 23.5 million yuan from institutional investors, accounting for 12.28% of its total capital flow [3]