Nan Fang Du Shi Bao·2025-09-17 07:57Core Insights - ZTE Corporation ranked second in the "Top 100 Innovative Enterprises in China" with a score of 86.74, following Huawei, highlighting its significant R&D investments and patent achievements [1][10] - The company is transitioning from a traditional telecommunications provider to a leader in both network connectivity and intelligent computing, reflecting a strategic shift towards AI and computing power [4][5] Group 1: Strategic Shift - ZTE's management foresaw the structural adjustments in operator investments as 5G network construction matures, prompting a proactive shift from "full connectivity" to "connectivity + computing power" [3][4] - The new vision aims to position ZTE as an "engine manufacturer" in the digital economy, moving beyond merely being a builder of infrastructure [4] Group 2: Technological Foundation - ZTE's strategy is supported by substantial R&D investments, with 2024 R&D expenses projected at 24.03 billion yuan, accounting for approximately 20% of revenue [6] - Cumulatively, ZTE invested 117.07 billion yuan in R&D from 2019 to 2024, resulting in significant technological advancements and numerous patents, including nearly 5,500 AI-related patent applications [6][7] Group 3: Market Performance - In the first half of 2025, ZTE's revenue from its second growth curve, including servers and storage, nearly doubled year-on-year, now representing over 35% of total revenue [8] - The AI server segment alone accounted for 55% of the revenue in this category, indicating strong demand from leading domestic internet companies [8] Group 4: Industry Recognition - ZTE's innovations in AI have garnered industry accolades, including the highest award at the 2025 World Artificial Intelligence Conference and significant contracts from major operators like China Mobile [9][10] - The company's comprehensive self-developed capabilities in AI technology are seen as a unique long-term competitive advantage, as reflected in positive evaluations from multiple brokerage firms [9]