威胜信息分析师会议：调研日期-20250923

Group 1: Research Basic Information - The research object is Wesync Information, belonging to the communication equipment industry, and the reception time was on September 23, 2025. The listed company's reception staff included the vice president, board secretary, and CFO Zhong Xiyu, strategic development director Wu Hao, and investor relations manager Zhang Lewei [17] Group 2: Detailed Research Institutions - The research institutions included Huatai-PineBridge, Rongtong Fund, Fountain Cap, Point72, Willing Capital, UBS Securities, and Guolian Minsheng [18] Group 3: Research Institutions Proportion - No relevant content provided Group 4: Main Content Revenue and Profit Growth - In the first half of 2025, focusing on the core business, Wesync Information achieved an operating income of 1.368 billion yuan, a year-on-year increase of 11.9%; the net profit was 305 million yuan, a year-on-year increase of 12.2%. Since its listing in 2020, the company has achieved continuous dual growth in revenue and net profit, demonstrating operational resilience [23] Operating Quality - In the first half of the year, the return on net assets was 9.18%, and the asset-liability ratio was 34.8%. The net cash inflow from operating activities was 178 million yuan, a year-on-year improvement of 11%. The new orders signed in the first half of the year were 1.627 billion yuan, a year-on-year increase of 8.3%; as of June 30, the balance of pending orders was 3.956 billion yuan, a year-on-year increase of 12.6% [23] R & D Innovation Achievements - The company continued to increase R & D investment. In the first half of the year, R & D investment accounted for 7.6% of the revenue, and R & D personnel accounted for 51.5% of the total number of employees. It successfully launched 36 innovative products and solutions, and the revenue from new products reached 642 million yuan, accounting for 47% of the total revenue [23] Shareholder Returns and Index Inclusion - In January this year, the company issued its second share repurchase plan. As of now, it has used 150 million yuan of its own funds to repurchase 4.23 million shares. It plans to distribute its first interim dividend, with a cash dividend of 2.5 yuan per 10 shares. The total amount of the proposed interim dividend and the repurchase amount in the first half of the year was 249 million yuan, accounting for 81.7% of the net profit in the first half of the year. It plans to have a benchmark cash dividend payout ratio of 40% in the next five years to establish a long - term and stable return mechanism. Based on its comprehensive performance, the company was included in the CSI 500 Index, SSE 380 Index, SSE STAR Market 100 Index, SSE STAR Market Artificial Intelligence Index, SSE Specialized, Refined, Distinctive, and Innovative Index, SSE STAR Market Private Enterprise Index, and Hunan 50 Index [23][24] Q&A Highlights - In the first half of 2025, 15 scientific and technological innovation products of Wesync Information passed the scientific and technological achievement appraisal, with 1 reaching the international advanced level and 10 at the domestic leading level, covering the fields of intelligent terminals, communication, and intelligent sensing. The revenue from new products was 642 million yuan, accounting for 47% of the total operating income [25] - Strategic mergers and acquisitions are an important development strategy of the company, and relevant results will be announced in a timely manner [25] - The localization rate of the company's communication chips has reached 100%, and the company is not affected by semiconductor control policies [25] - Wesync Holdings is the controlling shareholder of Wesync Information. The two have clear divisions in positioning, strategy, business, and products, and there is no competitive relationship [25] - In the first half of 2025, the company's new orders were 1.627 billion yuan, and as of June 30, 2025, the pending orders were 3.956 billion yuan [25] - Wesync Information, with "Internet of Things + Chip + Artificial Intelligence" as its core competitiveness, has implemented multiple key applications in the "last mile" of the power grid. Its self - developed communication chips can cover the power communication solutions of more than 70% of countries in the world, providing communication technology support for the digitalization of the "last mile" on the domestic distribution network side [27] - The company's overseas business development focuses on emerging market countries in ASEAN, the Middle East Gulf, and Africa. These countries have a demand for the digitalization and intelligentization of energy infrastructure, and the company has mature solutions and technical reserves [28] - The company will focus on developing AI + Edge Computing, AI + Microgrid, AI + Big Data, and comprehensively promote the application of AI technology in R & D, production, and operation [29][30][31]