Meeting Information - The company will hold its third extraordinary general meeting of shareholders on November 18, 2025, at 14:30 [2] - The meeting will be conducted in a hybrid format, combining on-site voting and online voting [3] - The record date for shareholders to attend the meeting is November 12, 2025 [5] Voting Procedures - Shareholders can vote either in person or through online platforms provided by the Shenzhen Stock Exchange [4] - Online voting will be available on November 18, 2025, from 9:15 to 15:00 [2][15] - Shareholders must register for the meeting between 9:00 and 17:00 on November 14, 2025 [8] Attendance Requirements - All shareholders registered by the record date are entitled to attend the meeting [5] - Shareholders must present valid identification and complete a registration form to attend [8] - Proxy representatives can attend the meeting on behalf of shareholders, provided they have the necessary authorization [8] Agenda Items - The meeting will review specific proposals that require a two-thirds majority vote from attending shareholders [7] - The proposals have been approved by the company's board and comply with relevant laws and regulations [7] Contact Information - For inquiries, shareholders can contact Liu Huanming at 0755-23508348 or via email at IR@phoenixcompany.cn [10]

证券代码：301191 证券简称：菲菱科思 公告编号：2025-071 深圳市菲菱科思通信技术股份有限公司 关于召开 2025 年第三次临时股东会的提示性公告 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。 深圳市菲菱科思通信技术股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露了《关于召开 2025 年第三次 临时股东会的通知》（公告编号：2025-068），本次股东会将采取现场表决与网 络投票相结合的方式召开，根据相关规定，现将本次会议的有关情况提示如下： 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、会议召集人：公司第四届董事会 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 11 月 18 日 9:15-9:25 ， 9:30-11:30 和 13:00-15:00 ； 通 过 深 圳 证 券 交 易 所 互 联 网 系 统 （http://wltp.cninfo.com.cn）投票的具体时间为：2025 年 11 月 18 日 9:15 ...

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 10 月 28 日召开了第四届董事会第五次会议，审议通过了《关于公司<2025 年股票 期权激励计划（草案）>及其摘要的议案》等相关议案，根据《中华人民共和国 公司法》（以下简称"《公司法》"）《上市公司股权激励管理办法》《深圳证券交易 所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等有关法律、法规 及规范性文件和《深圳市菲菱科思通信技术股份有限公司章程》的相关规定，公 司对 2025 年股票期权激励计划（以下简称"本次激励计划"）首次授予激励对象 名单进行内部公示，公司董事会薪酬与考核委员会结合公示情况对激励对象名单 进行核查，相关内容如下： 一、公示情况及核查方式 1、公司对首次授予激励对象的公示情况 （1）公示内容：公司 2025 年股票期权激励计划首次授予激励对象姓名和职 务； （2）公示时间：2025 年 10 月 29 日至 2025 年 11 月 10 日； （3）公示方式：公司内部张贴； （4）反馈方式：以书面方式或邮件方式收集反馈，并对相关反馈进行记录； （5）公示结果：现公示期已满，在公示时限内，未收到任何 ...

Core Insights - The company reported a revenue of 1.23 billion yuan for the first three quarters of 2025, a year-on-year decline of 1.8%, with a net profit attributable to shareholders of 46.7 million yuan, down 55% year-on-year [1] - In Q3 alone, the company achieved a revenue of 510 million yuan, representing an 18% year-on-year increase and a 19% quarter-on-quarter increase, while the net profit was 24.81 million yuan, a 12% year-on-year decline but a 122% quarter-on-quarter increase [1] - The company has seen a gradual recovery in revenue, with inventory increasing significantly, indicating a healthy order backlog that supports future performance growth [1] Revenue and Profitability - The company experienced a revenue turning point in Q2 with 430 million yuan, a 4% year-on-year increase and a 49% quarter-on-quarter increase, followed by continued growth in Q3 [1] - Gross margin for Q3 was 11.8%, a decrease of 2.1 percentage points quarter-on-quarter, while net margin improved by 2.3 percentage points to 4.8% [1] Inventory and Orders - The company's inventory reached 750 million yuan, a 101% increase compared to the beginning of the year, primarily due to increased sales of new projects and materials preparation, reflecting a robust order backlog [1] Product Development and R&D - Significant progress has been made in the data center switch business, with advancements in self-developed white-box switches and the launch of new products in the 200G/400G/2.0T/8.0T range [2] - The company is diversifying its product offerings, including high-end data center switches, servers, high-end PCBA, FTTR products, DPU acceleration cards, and automotive information interaction products, forming a multi-dimensional business system [2] - R&D investment for the first three quarters of 2025 totaled approximately 110 million yuan, an increase of about 11.6% year-on-year [2] Investment Outlook - The company is entering a recovery phase in revenue and has made significant advancements in the data center switch sector, with a forward-looking approach to diversifying its product lines [3] - Due to increasing competition in the ICT industry, profit expectations have been adjusted, with projected net profits for 2025, 2026, and 2027 at 80 million, 120 million, and 200 million yuan respectively, corresponding to PE ratios of 87, 54, and 34 times [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has shown a gradual recovery in revenue, with a total revenue of 1.23 billion yuan for the first three quarters of 2025, a year-on-year decline of 1.8%. However, the third quarter alone saw a revenue of 510 million yuan, representing an 18% year-on-year increase and a 19% quarter-on-quarter increase [1]. - The company has made significant progress in its data center switch business, particularly in the development of self-researched white-box switches and high-end data center switch products [2]. - The company is diversifying its product offerings, investing in R&D, and has established a multi-dimensional business system that includes communication, IT computing, high-end PCBA manufacturing, and automotive electronics [2]. Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 75 million yuan, with projected net profits of 80 million yuan, 120 million yuan, and 200 million yuan for 2025, 2026, and 2027 respectively [3][5]. - The company's revenue is projected to grow from 1.8 billion yuan in 2025 to 3.325 billion yuan in 2027, reflecting a compound annual growth rate [5]. - The report indicates a significant increase in inventory, which has grown by 101% compared to the beginning of the year, indicating a strong order backlog [1].

Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]

证券代码：301191 证券简称：菲菱科思 公告编号：2025-070 深圳市菲菱科思通信技术股份有限公司 年年度权益分派实施后调整回购股份价格上限和回购股份数量的公告》（公告编 号：2025-039）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，在股份回购期间，公司应当在每个月的前三个 交易日内披露截至上月末的回购进展情况。现将具体情况公告如下： 一、回购股份进展情况 关于回购股份的进展公告 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)。 ...

Core Points - The company, Shenzhen Feiling Kesi Communication Technology Co., Ltd., has announced the establishment of a designated "Investor Reception Day" on the 16th of each month starting from November 2025 to enhance transparency and investor relations [1][2] Group 1: Basic Information - The reception time is set from 15:00 to 17:00 [1] - The reception will be conducted in person at the company's office located in the Bao'an District, Shenzhen [1] - The company will not hold receptions during sensitive periods related to regular reports or significant disclosures [1] Group 2: Reception Guidelines - Investors wishing to attend must register with the company's legal department at least three working days in advance via phone or email [2] - In case of unforeseen circumstances preventing the reception, the company will notify registered investors two working days in advance [2] - Visitors are required to bring identification and sign a commitment letter as per regulations [2] Group 3: Contact Information - The company has provided a contact number: 0755-23508348, and an email: IR@phoenixcompany.cn for investor inquiries [2] - Any changes to the reception arrangements will be announced separately [2]

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].