Core Viewpoint - The company has shown preliminary signs of a performance turning point with a quarter-on-quarter increase in revenue and profit, supported by a multi-dimensional business system that includes "CT communication + IT computing + high-end PCBA manufacturing + automotive electronics manufacturing" [1][3] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 1.235 billion yuan, a year-on-year decrease of 1.81%, and a net profit attributable to the parent company of 47 million yuan, down 55.26% year-on-year [2][3] - In Q3 2025, the company reported operating revenue of 513 million yuan, an increase of 18.31% year-on-year and 18.78% quarter-on-quarter; the net profit attributable to the parent company was 25 million yuan, a year-on-year decrease of 11.54% but a quarter-on-quarter increase of 122.22% [2][3] Business Expansion - The company has gradually formed a multi-dimensional business system and expanded its product layout to include "server products, optical communication transmission equipment access network products, DPU module cards, and high-end equipment control boards," which is expected to contribute to future revenue growth [1][3][5] Stock Incentive Plan - The company announced a stock option incentive plan for 2025, targeting 430 individuals with a total of 1.3953 million stock options, representing 2.01% of the total share capital, with an exercise price of 99.86 yuan per share; the performance assessment targets a revenue growth rate of no less than 35%, 60%, and 90% for 2026 to 2028, reflecting confidence in long-term development [4][5] Profit Forecast - The company forecasts net profits attributable to the parent company of 74 million yuan, 140 million yuan, and 219 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 90x, 48x, and 30x, maintaining a "buy" rating [5]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported a revenue of 1.24 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 50 million yuan, down 55.3% year-on-year. However, Q3 2025 showed a revenue of 510 million yuan, an 18.3% increase year-on-year and an 18.8% increase quarter-on-quarter [1]. - The company is experiencing a recovery in performance, with significant improvements in Q3, driven by growth in data center switch sales and breakthroughs in overseas markets and server business. The operating cash flow for Q3 reached 160 million yuan, a substantial improvement from the negative 130 million yuan in Q2 [2]. - The company launched a stock incentive plan for 2025, granting 1.3953 million stock options (2.01% of total shares) to 430 core personnel, indicating management's confidence in future growth [3]. - The transfer of 15% equity in its subsidiary, Feiling Guoyi, to Guoyi New Energy is aimed at optimizing resource allocation, as the subsidiary has not achieved effective profitability [3]. - The company is making positive progress in its server and self-developed white-box switch products, with successful deliveries and advancements in high-end data center switches [4]. Financial Summary - The company forecasts revenues of 1.679 billion yuan for 2024, with a growth rate of -19.1%, and expects to achieve 1.789 billion yuan in 2025, a growth rate of 6.6%. The net profit attributable to shareholders is projected to be 78 million yuan in 2025, down 33.4% year-on-year [5][10]. - The projected PE ratios for 2025, 2026, and 2027 are 89, 65, and 36, respectively, indicating a potential for valuation improvement as earnings grow [5][10].

证券代码：301191 证券简称：菲菱科思 公告编号：2025-069 深圳市菲菱科思通信技术股份有限公司 关于设立投资者接待日的公告 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。 为进一步提升企业经营过程的公开、透明度，加强投资者关系管理工作，更 好地与投资者进行充分沟通与交流，深圳市菲菱科思通信技术股份有限公司（以 下简称"公司"）决定自 2025 年 11 月起每月 16 日作为公司指定的"投资者接 待日"（遇公休假日或法定节假日顺延），具体事项公告如下： 一、基本情况规定 （一）接待时间：15:00-17:00 （二）接待方式：现场接待 （三）接待地址：深圳市宝安区福海街道高新开发区建安路德的工业园 A 栋二楼会议室 （二）若由于客观原因导致公司不能在指定投资者接待日或接待地点进行接 待的，由公司证券法务部根据预登记情况提前 2 个工作日以电话或邮件等形式通 知预报名登记的联系人，并告知调整接待的具体日期。 （三）来访投资者需携带身份证明文件，公司将按照深圳证券交易所等相关 规定，要求投资者签署相关《承诺书》，以备监管机构查阅。 三、联系方式 联系电 ...

Summary of the Conference Call for 菲菱科思 Company Overview - **Company**: 菲菱科思 - **Industry**: Technology, specifically focusing on servers, switches, and communication technology (CT) products Key Points and Arguments Financial Performance - In Q3 2025, 菲菱科思 achieved revenue of 5.12 billion, representing an 18% year-on-year growth [3][4] - Operating cash flow improved to 1.23 billion, indicating enhanced operational quality despite a decline in net profit [3] - Inventory increased to 7.53 billion due to new projects and orders, particularly from the Haining data center switch and server projects [3] Revenue Growth Targets - The company set ambitious revenue growth targets for the next three years: 35%, 60%, and 90% respectively [2][4] - A stock incentive plan is in place to motivate core management and employees, reflecting confidence in future growth [2][4] Server Business Development - The server business is expected to be a key driver of future revenue, with collaborations with major domestic service providers like 华三, 华为超聚变, and 浪潮 [6] - The Haining factory is focused on producing 400G switches and high-end servers, with plans to double its workforce to meet market demand [6][7] Communication Technology (CT) Products - The CT product segment is seeing deepened cooperation with leading clients such as 新华三, 华为, and 锐捷, with increasing order volumes [8] - Anticipated market demand growth in Q4 and 2026 due to the accelerated replacement of traditional switches [8] International Business Strategy - A Hong Kong subsidiary has been established to accelerate international business expansion, aiming for overseas revenue to account for 5%-10% of total revenue [9][15] - The company plans to promote its "白河方案" (including switches, servers, and wireless products) to enhance global competitiveness [9] Market Conditions and Competitive Landscape - The switch market is improving, with demand rising and price competition easing [10][13] - The company is positioned as a leading ODM and JDM player in the domestic market, with stable partnerships with major clients [18] New Product Developments - Significant investments of 1.5 billion have been made in Shenzhen for FTTR and high-end PCBA production, with a projected capacity to support 20 billion in revenue over three years [11] - The company is actively developing ultra-node server cabinet products, collaborating with major clients for technology testing [16] Profitability and Operational Efficiency - 菲菱科思 reached a breakeven point in Q2 2025 and expects to achieve profitability, emphasizing both revenue and profit growth [14] - The company maintains high operational efficiency, with around 2000 employees, and aims to maximize benefits with minimal workforce [14] Future Outlook - The company plans to focus on business expansion and deepening customer cooperation, particularly in servers, high-end PCBs, and FTTR products [20] - With improving market conditions for switches, there is an opportunity for margin improvement [20] Challenges and Considerations - Geopolitical factors present uncertainties for international business expansion, but the company remains committed to its growth targets [15][19] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Financial Performance - In Q3 2025, the company's revenue was approximately CNY 513 million, representing a year-on-year growth of about 18.31% [2] - For the first three quarters of 2025, the total revenue reached approximately CNY 1.235 billion, with a net profit attributable to shareholders of approximately CNY 466.98 million [2] Investment and Expansion - The company approved the establishment of a wholly-owned subsidiary in Hong Kong to enhance international market cooperation and competitiveness [4] - The stock repurchase plan has been partially executed, with 454,300 shares repurchased, accounting for about 0.66% of the total share capital, with a total transaction amount of approximately CNY 34.38 million [5] Stock Option Incentive Plan - The 2025 stock option incentive plan proposes to grant 1.3953 million stock options, representing 2.01% of the total share capital [8] - The initial grant will consist of 1.1953 million options, accounting for 85.67% of the total options [8] Product Development and Market Strategy - The company is expanding its product line to include high-end data center switches, servers, and automotive information interaction products [3] - Significant progress has been made in the development of self-researched white-box switches and high-end data center switches, with successful customer deliveries [10][11] Research and Development - R&D investment for the first three quarters of 2025 totaled approximately CNY 114.31 million, reflecting a year-on-year increase of about 11.61% [12] - The company is focusing on various product categories, including data center switches and automotive communication products [12] Customer Base and Market Expansion - Major clients include Xinhua San, S clients, and Ruijie Networks, with ongoing efforts to expand overseas markets, particularly in Japan and South Korea [9] - The company aims to enhance its competitive advantage by increasing the development of new customers and products [9]

Core Viewpoint - Filinco (301191.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership and the presence of new foreign investors [1] Institutional Ownership - As of October 28, 2025, three institutional investors disclosed holdings in Filinco A-shares, totaling 2.3983 million shares, which represents 3.46% of the total share capital [1] - The institutional ownership decreased by 0.55 percentage points compared to the previous quarter [1] Public Fund Disclosure - In this period, 73 public funds were not disclosed compared to the previous quarter, including notable funds such as Huashang Credit Enhanced Bond A, Nuode Flexible Allocation Mixed, and others [1] Foreign Investment - One new foreign institution disclosed its holdings this quarter, namely Hong Kong Central Clearing Limited [1]

Core Viewpoint - The F5G concept sector is leading the market with a rise of 2.82%, indicating strong investor interest and potential growth in this area [2] Company Performance - Zhongji Xuchuang saw an increase of 4.89%, reflecting positive market sentiment towards its performance [2] - Shijia Guangzi experienced a rise of 2.8%, suggesting a favorable outlook among investors [2] - Feiling Kesi rose by 2.67%, indicating a growing confidence in its business prospects [2]

Company Overview - Feiling Technology (SZ 301191) announced on October 28 that it plans to establish a wholly-owned subsidiary, Feiling Technology (Hong Kong) Co., Ltd., in Hong Kong with an investment of no more than $50,000 from its own funds [1] - As of the announcement, Feiling Technology has a market capitalization of 6.9 billion yuan [1] Industry Insights - For the year 2024, Feiling Technology's revenue composition is projected to be 100% from the communication terminal equipment manufacturing sector [1]

Core Viewpoint - The company, Feiling Kesi, announced a strategic decision to optimize resource allocation and industry layout by transferring a portion of its equity in a subsidiary, Feiling Guoyi, to Anhui Guoyi New Energy Technology Co., Ltd. [1] Group 1: Equity Transfer Details - The company will reduce its investment in Feiling Guoyi from RMB 8 million to RMB 5.5 million, while other terms of the agreement remain unchanged [1] - The company will transfer 15% of its equity in Feiling Guoyi, corresponding to a registered capital of RMB 1.5 million, to Guoyi New Energy at a price of RMB 0 [1] - Following the completion of this transaction, the company's ownership in Feiling Guoyi will decrease from 55% to 40%, and Feiling Guoyi will no longer be included in the company's consolidated financial statements [1] Group 2: Financial Overview - As of the latest report, the company's market capitalization stands at RMB 6.9 billion [3] - For the year 2024, the company's revenue is entirely derived from the communication terminal equipment manufacturing sector, accounting for 100% of its revenue [2]

深圳市菲菱科思通信技术股份有限公司 董事会秘书工作制度 深圳市菲菱科思通信技术股份有限公司 董事会秘书工作制度 第一章 总则 第一条 为规范深圳市菲菱科思通信技术股份有限公司(以下简称"公司") 董事会秘书的行为，进一步完善公司的法人治理结构，促进公司规范运作，依照 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》（以下简称"《证券法》"）及《深圳市菲菱科思通信技术股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，特制订本制度。 第二条 董事会设一名董事会秘书，董事会秘书是公司高级管理人员，依据 《公司法》等有关规定赋予的职权开展工作，履行职责，对公司和董事会负责。 第二章 任职条件 第三条 董事会秘书应当由具有大学本科以上学历、从事经济、金融、管理、 股权事务等工作三年以上、年龄不低于25周岁的自然人担任。 第四条 董事会秘书应当具有履行职责所必需的财务、税收、法律、金融、 企业管理、计算机应用等方面的知识，具有良好的个人品质和职业道德，严格遵 守有关法律、法规和规章，能够忠诚地履行职责，并具有良好的处理公共事务的 能力。 第五条 董事会秘书应当由公司董事、副总经理、财 ...