广东通宇通讯股份有限公司 2025 年半年度报告全文 广东通宇通讯股份有限公司 2025 年半年度报告 2025-049 2025 年 8 月 1 广东通宇通讯股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴中林、主管会计工作负责人吴中林及会计机构负责人(会计 主管人员)杨超声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本公司请投资者认真阅读本报告，公司在本报告"第三节 管理层讨论与 分析"之"十、公司面临的风险和应对措施"部分描述了公司未来经营中可 能面临的风险，敬请广大投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四 ...

Group 1 - The copper cable high-speed connection concept has seen a significant increase of 5.61%, making it the top-performing sector on the market, with 40 stocks rising, including notable gains from Yidong Electronics and Dingtong Technology, both reaching a 20% limit up [1] - Major inflows into the copper cable high-speed connection sector amounted to a net inflow of 1.837 billion yuan, with 26 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflows, led by Tongyu Communication with a net inflow of 341 million yuan [1][2] - The top stocks by net inflow ratio include Changfei Fiber, Tongyu Communication, and Ruikeda, with net inflow ratios of 28.85%, 18.22%, and 12.41% respectively [2][3] Group 2 - The concept of copper cable high-speed connection has outperformed other sectors, with significant daily gains compared to sectors like genetically modified organisms and Alzheimer’s concepts, which saw declines of -1.81% and -1.07% respectively [1] - The trading volume and turnover rates for leading stocks in the copper cable high-speed connection sector indicate strong investor interest, with Tongyu Communication showing a turnover rate of 31.01% and a daily increase of 6.32% [2] - Other notable performers in the sector include Huafeng Technology and Shenglan Co., which recorded increases of 15.12% and 17.28% respectively, reflecting a robust market sentiment towards this sector [1][2]

Core Insights - The F5G concept sector experienced a significant increase of 5.12%, ranking third among concept sectors on August 28, with 34 stocks rising, including notable gains from TeFa Information, Changxin Bochuang, and Dekeli, which rose by 9.96%, 18.84%, and 15.60% respectively [1][2] Market Performance - The F5G concept sector saw a net inflow of 2.487 billion yuan, with 20 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows. The leading stock in net inflow was Hengtong Optic-Electric, with a net inflow of 615 million yuan [2][3] - The top three stocks by net inflow ratio were TeFa Information (25.21%), Tongyu Communication (18.22%), and Hengtong Optic-Electric (12.33%) [3] Stock Performance - The top performers in the F5G concept sector included: - Hengtong Optic-Electric: 8.52% increase with a turnover rate of 10.09% and a net inflow of 615.30 million yuan [3] - TeFa Information: 9.96% increase with a turnover rate of 17.95% and a net inflow of 477.34 million yuan [4] - Changxin Bochuang: 18.84% increase with a turnover rate of 12.06% [4] - Conversely, the stocks with the largest declines included Tiandi Technology, which fell by 2.84%, and Shanghai Port Group, which decreased by 0.17% [1][5]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 and supporting the rapid development of low-Earth orbit satellite internet [2][4]. Industry Development - The guidelines emphasize five aspects for high-quality development: orderly, innovative, scalable, collaborative, and compliant development [4]. - By 2030, the satellite communication management system and policies are expected to be further improved, with a significant enhancement in infrastructure, industry supply, technical standards, and international cooperation [4]. Market Potential - The Chinese satellite communication market is projected to grow from 170 billion RMB to 700 billion RMB between 2025 and 2030, with a compound annual growth rate exceeding 40%, significantly outpacing the global market growth of 15% [6]. - The integration of satellite communication with ground mobile communication is anticipated to create widespread applications in various sectors, including mobile phones, automobiles, and drones [6]. Investment Opportunities - Companies in the satellite communication sector, such as China Satellite Communications, are well-positioned despite competition from low-Earth orbit constellations, maintaining a solid traditional business while actively participating in low-Earth orbit satellite internet construction [7]. - Firms like Chengchang Technology and Huazhong Technology are expected to benefit from increased demand for satellite components and services, with significant revenue growth projected in the coming years [7][8]. Related Stocks - Key stocks in the satellite communication sector include: - China Satellite Communications: The only national satellite communication operator in China, actively involved in low-Earth orbit satellite internet [7]. - Huazhong Technology: A core supplier for satellite communication chips, with a projected revenue increase of 152% year-on-year [7]. - Tongyu Communication: Leading in satellite terminal antenna technology, expected to see increased demand due to low-Earth orbit satellite networking [7].

Group 1 - The 6G concept is gaining initial strength in the market, with several companies experiencing significant stock price increases [1] - Companies such as Sanwei Communication, China Satellite, and Tongyu Communication have reached their daily price limit [1] - Other companies including Chuangyuan Xinke, Xinke Mobile-U, China Satellite Communications, Xinwei Communication, Jinxin Nuo, and Shenglu Communication also saw stock price increases [1]

Summary of Key Points from Conference Call Records Company: Horizon Robotics - **Revenue Performance**: In H1 2025, Horizon Robotics reported revenue of 1.57 billion yuan, a year-on-year increase of 68%, exceeding the expected 1.43 billion yuan. Gross profit was 1.02 billion yuan, a 39% increase year-on-year, but slightly below the expected 1.04 billion yuan [1] - **Business Segmentation**: Revenue from automotive products and solutions reached 780 million yuan, up 250% year-on-year, with shipments of 1.98 million units, a 115% increase. Revenue from automotive licensing and services was 740 million yuan, a 6.9% increase year-on-year [1] - **Market Position**: Horizon Robotics is the first domestic company to achieve a shipment volume of over 10 million units in intelligent driving technology, holding market shares of 32.4% in autonomous driving computing solutions and 45.8% in ADAS front-view integrated machines, both ranking first in the market [1] - **Core Partner**: Zhongke Chuangda, which has a joint venture with Horizon Robotics, reported a non-net profit of 49 million yuan in Q2 2025, a 16-fold increase year-on-year, driven by a 136% increase in revenue from AloT business [1] Industry: Satellite Communication - **Government Initiatives**: On August 27, 2025, the Ministry of Industry and Information Technology released guidelines to promote the development of the satellite communication industry, aiming for over 10 million users of direct satellite connections by 2030 [2] - **Market Developments**: Domestic progress includes China Telecom's plan to promote over 30 direct connection models by May 2025, with annual sales expected to exceed 16 million units [2] - **Key Technologies**: Phased array and beamforming technologies are critical for the implementation of direct satellite communication [3] Industry: Medical and Pharmaceutical - **Policy Framework**: The Ministry of Commerce and Jiangsu Provincial Government issued a development plan for the biopharmaceutical industry on August 27, 2025, focusing on innovation in drugs and high-end medical devices [5] - **Market Size**: In 2024, Jiangsu is expected to approve 352 new drugs, including 13 innovative drugs, leading the nation. The biopharmaceutical cluster in Jiangsu is projected to generate revenue of 454.39 billion yuan in 2024, accounting for 15.3% of the national total [5] - **Core Companies**: Weisi Medical, specializing in non-invasive brain-machine interfaces, and Zhaoyan New Drug, which provides non-clinical research services, are highlighted as key players in the sector [5] Company: Dongtian Microelectronics - **Financial Performance**: In H1 2025, Dongtian Microelectronics reported revenue of 376 million yuan, a 42.29% increase year-on-year, with a non-net profit of approximately 49.78 million yuan, up 109.47% [6] - **Product Expansion**: The company is expanding its product offerings in optical communication and consumer electronics, including camera optical components supplied to Huawei [6] Company: Haosi Automotive Electronics - **Strategic Partnership**: Haosi Automotive Electronics has become a key partner of NVIDIA Jetson Thor, focusing on developing control systems for robotics [7] - **Market Trends**: The value of single-vehicle perception systems is increasing, with prices rising from below 1,000 yuan to 3,000-4,000 yuan per unit due to the proliferation of intelligent driving technologies [7] Company: Yunnan Energy Investment - **Renewable Energy Development**: Yunnan Rongyao New Energy is undergoing compliance checks for its integration into Yunnan Energy Investment, which will increase its renewable energy capacity by nearly 50% [8] - **Financial Projections**: Assuming an annual power generation of 1.2 billion kWh and an electricity price of 0.35 yuan per kWh, the projected annual revenue could reach approximately 420 million yuan, with net profits estimated between 150 million to 200 million yuan [8] Company: Zhongxin Group - **Revenue Growth**: In Q2 2025, Zhongxin Group reported revenue of 1.246 billion yuan, a 161% increase year-on-year, driven by land development and industrial investment [9] - **Operational Metrics**: The company has developed a total area of 3 million square meters in industrial parks, with an occupancy rate of 81% [9] Company: Broadcom Integration - **AI Chip Demand**: Broadcom Integration is benefiting from the growing demand for AI chips in smart terminals, with a focus on Wi-Fi MCU and various AI-integrated chips for applications in AI glasses and toys [10]

Group 1 - The satellite navigation sector opened high with significant bidding activity on August 28, indicating strong investor interest [1] - Broadcom Integration reached a limit-up price, reflecting a robust market response [1] - Other companies in the sector, including Capcloud, Huazhong Technology, Tongyu Communication, Sikrui, China Satellite, and Chuangyuan Xinke, also experienced notable gains, with Capcloud rising over 10% [1]

Group 1 - The communication equipment sector experienced a significant rally on August 28, with stocks such as Yangtze Optical Fibre and Communication, Tongyu Communication hitting the daily limit up [1] - Tianfu Communication and Xinke Mobile both saw increases of over 9%, indicating strong market interest [1] - Other companies like Dekoli and Zhenyou Technology also followed the upward trend, suggesting a broader positive sentiment in the sector [1]

Market Performance - The satellite navigation concept stocks showed strong performance with several stocks hitting the daily limit up, including Broadcom Integrated, China Satellite, and Qiming Information [2][3] - The A-share market opened lower with the three major indices declining: Shanghai Composite Index down 0.1%, Shenzhen Component Index down 0.33%, and ChiNext Index down 0.58% [4][5] - The Hong Kong market also opened lower, with the Hang Seng Index down 0.68% and the Hang Seng Tech Index down 0.99%, while Meituan saw a significant drop of nearly 10% [6] Stock Performance - Notable gainers in the satellite navigation sector included: - Huali Chuangtong: +13.17% - Chuangyuan Xinke: +11.70% - Cisco Rui: +10.94% - China Satellite: +10.01% - Broadcom Integrated: +10.01% - Qiming Information: +10.00% [3] - Overall, in the A-share market, 1,810 stocks rose while 2,719 stocks fell [5] Monetary Policy - The central bank conducted a 7-day reverse repurchase operation amounting to 416.1 billion yuan with an operation rate of 1.40% [7] - The People's Bank of China adjusted the RMB to USD central parity rate up by 45 basis points to 7.1063 [8]

Core Viewpoint - Tongyu Communication's stock has shown a significant increase in price this year, with a 24% rise, indicating strong market performance and investor interest [1]. Group 1: Stock Performance - As of August 26, Tongyu Communication's stock price was 18.42 CNY per share, with a market capitalization of 9.623 billion CNY [1]. - The stock experienced a net outflow of 54.64 million CNY in principal funds, with large orders showing a buy of 81.61 million CNY and a sell of 105 million CNY [1]. - Year-to-date, the stock has increased by 24%, with a 5.02% rise in the last five trading days and a 29.04% increase over the last 60 days [1]. Group 2: Financial Performance - For the first quarter of 2025, Tongyu Communication reported a revenue of 251 million CNY, representing a year-on-year growth of 6.08%, and a net profit attributable to shareholders of 11.18 million CNY, which is a 128.26% increase [2]. - The company has distributed a total of 375 million CNY in dividends since its A-share listing, with 133 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of March 31, 2025, the number of shareholders decreased by 4.79% to 51,800, while the average circulating shares per person increased by 5.03% to 6,055 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 16.15% to 1.8572 million shares, and new entrants like Penghua Power Growth Mixed Fund and Guotai CSI Communication Equipment ETF [3].