6月11日，"芯片首富"虞仁荣的第二个IPO项目新恒汇，即将发行招股，向创业板发起最后冲刺。 新恒汇是智能卡封装业务全球第二大的企业。领先的行业地位、"芯片首富"的加持，让新恒汇的IPO， 自"亮相"开始就备受关注。 然而，在最需要"亮家底"的阶段，新恒汇近期的财报数据却不算理想：同花顺iFinD数据显示，2024年 公司盈利能力下降，毛利率较上年同期下降1.22个百分点；公司2022年至2024年的营收复合增长率从上 一周期的18.28%降至10.97%；2025年一季度，盈利能力下滑趋势仍在延续，归母净利润同比下降 2.26%。 柔性引线框架市占率全球第二 实控人陷入债务转嫁争议 新恒汇成立于2017年，是一家集芯片封装材料的研发、生产、销售与封装测试服务于一体的集成电路企 业，主要业务包括智能卡业务、蚀刻引线框架业务以及物联网eSIM芯片封测业务。 凭借技术与市场的积累，新恒汇仅用五年时间，便在智能卡封装领域崭露头角，成为全球市场份额排名 第二的柔性引线框架生产厂家。目前，新恒汇还具有年产约23.42亿颗智能卡模块生产能力，是国内主 要的智能卡模块供应商之一。 此外，实控人上市前"预告减持"的操作、核心 ...

证券代码：300689 证券简称：澄天伟业 编号：2025-003 深圳市澄天伟业科技股份有限公司投资者关系活动记录表 | | ☑特定对象调研□分析师会议 | | | --- | --- | --- | | 投资者关系活 动类别 | □媒体采访□业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观□其他 | | | 参与单位名称 | 红思客资产、山西证券、中金财富、国投证券、国投期货、远东宏信、 | | | 及人员姓名 | 北斗星投资、哲灵投资、雷沃基金、慧研智投、骏胜投资、太古投资、 | | | | 香港星悦资本、深圳宝林泉科技发展有限公司 | | | 时间 | 2025 年 月 29 日 | 5 | | 地点 | 深圳市南山区粤海街道高新区社区高新南九道 号深圳湾科技生态 10 | | | | 园 10 栋 B 座 34 楼公司会议室 | | | 上市公司接待 | 董事：宋嘉斌 | | | 人员姓名 | 董事会秘书、财务总监：蒋伟红 | | | | 证券事务代表：陈远紫 | | | | 一、公司介绍公司基本情况和发展历程。 | | | | 二、与调研机构的互动交流。 | | | ...

作者：郑勇康 编辑：张佳茗 新恒汇电子股份有限公司（下称：新恒汇）是一家集芯片封装材料的研发、生产、销售与封装测试服务于一体的集成电路企业，主要业务包括智能卡业务、 蚀刻引线框架业务以及物联网eSIM芯片封测业务。 2017年，恒汇电子科技有限公司（下称：恒汇电子）及同一控制下的山东凯胜电子股份有限公司（下称：凯盛电子）受山东淄博当地"担保圈"问题的影响， 陷入债务危机。包括"芯片首富"虞仁荣、任志军在内的一众投资人参与公司重组，重组完成后，恒汇电子、凯胜电子已不从事生产经营性业务，同时虞仁 荣、任志军成为重组后新设立的新恒汇的实际控制人。 2022年6月，新恒汇创业板IPO就获得了深交所受理，直到今年3月方才注册生效，即将启动招股，但其招股书中的信披方面仍存有疑点。 募投项目仍有疑点 新恒汇本次IPO拟募集资金51,863.13万元，用于建设高密度QFN/DFN封装材料产业化项目和研发中心扩建升级项目。其中高密度QFN/DFN封装材料产业化 项目拟使用募集资金45,597.01万元，研发中心扩建升级项目拟使用募集资金6,266.12万元。 高密度QFN/DFN封装材料产业化项目总投资估算为45,597.01 ...

KORE Group (KORE) Q4 2024 Earnings Call April 30, 2025 05:00 PM ET Company Participants Vik Vijayvergiya - Vice President, Investor RelationsRonald Totton - President & CEOPaul Holtz - Executive VP, CFO & Treasurer Conference Call Participants Lance Vitanza - MD & Senior AnalystScott Searle - Managing Director, Senior Research Analyst Operator Greetings, and welcome to the Core Group Holdings Fourth Quarter twenty twenty four Earnings Call. As a reminder, this conference is being recorded. It is now my plea ...

Financial Data and Key Metrics Changes - The company reported total revenue for Q4 2024 of CAD 73.3 million, an increase of CAD 0.8 million or 1% year over year [20] - Adjusted EBITDA for Q4 was CAD 14 million, an increase of CAD 0.2 million or approximately 1.1% compared to the prior year [27] - Free cash flow for Q4 was positive CAD 1.6 million, a significant improvement from negative CAD 15.5 million in the prior year [30] - For the full year 2024, total revenue increased CAD 9.5 million or 3% to CAD 286.1 million [21] - The net loss for Q4 was CAD 25.4 million, an improvement from CAD 33.6 million in the prior year [26] Business Line Data and Key Metrics Changes - IoT connectivity revenue for Q4 was CAD 56.5 million, up 2% year over year, representing 77% of total revenue [20] - IoT Solutions revenue declined 2% year over year to CAD 16.8 million, accounting for 23% of total revenue [20] - For the full year, IoT connectivity revenue increased 12% to CAD 226.9 million, representing 79% of total revenue [21] - Non-GAAP IoT connectivity margin was up 300 basis points year over year to 59.3% [21] - Non-GAAP IoT Solutions margin increased 1,500 basis points year over year to 48.1% [21] Market Data and Key Metrics Changes - Total connections at the end of Q4 were 19.7 million, an increase of 1.2 million year over year [6] - Average revenue per user (ARPU) for Q4 was $0.97, down from $0.99 in Q4 2023 [23] - The company expects the IoT market to grow rapidly, with connected devices projected to surpass 96 billion by 2030, growing at a CAGR of over 20% [15] Company Strategy and Development Direction - The company is focused on operational excellence and has launched several AI projects to drive efficiency and support profitable growth [7] - The shift from total contract value (TCV) to estimated annual recurring revenue (EARR) is aimed at better illustrating the recurring revenue business model [11] - The company is committed to delivering innovative high-value solutions that drive growth and success for customers [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2025, expecting revenue growth driven by IoT connections and improvements in adjusted EBITDA and free cash flow [34] - The company is mindful of evolving tariff policies that could create uncertainty for customers, but believes its recurring revenue model provides insulation against these pressures [34] - Guidance for 2025 includes revenue in the range of CAD 288 million to CAD 298 million, reflecting a 2% year-over-year growth [35] Other Important Information - Operating expenses in Q4 increased by CAD 4.8 million or 9.7% year over year, primarily due to unrealized foreign exchange losses [25] - The company plans to continue focusing on profitable growth while rationalizing unprofitable contracts and product lines [47] Q&A Session Summary Question: What were the drivers of connections and ARPU? - Management noted that the increase in connections came from low ARPU cases, which were not present for the full quarter, leading to a decrease in ARPU [40][41] Question: Is the low ARPU indicative of market development? - Management indicated that while low ARPU cases contributed to growth, they are not the only source of demand, with growth also seen in connected health and retail sectors [44] Question: What is the guidance for 2025 regarding hardware? - Management stated that they do not expect significant growth or decline in IoT Solutions, and they are moving away from lower-margin hardware deals [63] Question: Are customers slowing down their deployments? - Management has not seen a slowdown in customer demand but is being cautious due to potential tariff impacts [71] Question: How does AI factor into product evolution? - Management highlighted active conversations with customers about using AI to leverage collected data for better decision-making and new revenue streams [80] Question: What are the debt coverage targets? - Management indicated there is no specific target for debt coverage but emphasized a focus on improving cash flows and potentially paying down debt as cash flow improves [83]

F o u r t h Q u a r t e r 2 0 2 4 E a r n i n g s P r e s e n t a t i o n April 30, 2025 1 Disclaimers Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. KORE's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements ...

Core Viewpoint - The iPhone 17 Air is set to eliminate the physical SIM card slot, transitioning to eSIM technology, which is currently being tested by a domestic operator in China [1][3][13]. Group 1: eSIM Implementation and Market Impact - China Unicom has been actively collaborating with Apple on eSIM services since 2018, indicating a strong likelihood of eSIM support for the iPhone [3][12]. - The iPhone 17 Air will be the first model to completely remove the physical SIM card slot globally, potentially pushing the mobile industry towards a full eSIM adoption [13][15]. - The global eSIM connections reached 460 million in 2022, with projections to grow to 1.9 billion by 2027, driven primarily by smartwatches and IoT devices [17]. Group 2: Advantages and Challenges of eSIM - eSIM technology allows for more efficient use of internal space in devices, which is crucial for the slim design of the iPhone 17 Air, measuring only 5.5mm thick [9][20]. - eSIM enhances security by making it harder for thieves to misuse stolen devices, as the eSIM cannot be easily removed [9][12]. - However, the migration process for eSIM can be complicated, especially between different brands, which may deter some users from adopting the technology [11][18]. Group 3: Consumer Reception and Future Outlook - The transition to eSIM may increase user retention for Apple, as the complexity of switching between platforms could discourage users from moving to Android devices [14][20]. - Consumer acceptance of the iPhone 17 Air's eSIM-only design will be a test for future models, as not all users may find the eSIM migration process convenient [18][20]. - The current market still shows a preference for devices that support both eSIM and physical SIM cards, suggesting that Apple may need to balance user needs in future releases [20].