Q3 - 2 5 Earning s N o vem ber 1 2 , 2 0 2 5 B e n n y E p p s t e i n CEO Had a r R a h a v CFO 1 SAFE HARBOR PROVISION This conference call will contain forward-looking statements. Forward-looking statements in the conference call involve several risks and uncertainties, including, but not limited, to the Company's statements about its commitment to delivering solutions that are transforming the assurance landscape, continued adoption and investment in AI and 5G as well as other favorable market trends, t ...

Core Insights - RADCOM Ltd. reported record revenue of $18.4 million for Q3 2025, marking a 16.2% increase from $15.8 million in Q3 2024, and achieved its highest operating margin since 2018 [2][10] - The company generated over $5 million in positive cash flow during the third quarter, with cash and cash equivalents totaling $106.7 million and no debt [2][10] - RADCOM reaffirms its full-year 2025 revenue growth guidance of 15%-18%, projecting approximately $71.1 million in revenue at the midpoint [5][10] Financial Highlights for Q3 2025 - Total revenues reached $18.4 million, a 16.2% increase year-over-year [10] - GAAP operating income was $2.4 million, representing 13.1% of revenue, compared to $1.2 million (7.6% of revenue) in Q3 2024 [10] - Non-GAAP operating income was $3.8 million, or 20.9% of revenue, up from $2.6 million (16.7% of revenue) in the same quarter last year [10] - GAAP net income for Q3 2025 was $3.5 million, or $0.21 per diluted share, compared to $2.3 million ($0.14 per diluted share) in Q3 2024 [10] Financial Highlights for the First Nine Months of 2025 - Total revenues for the first nine months were $52.6 million, a 17.6% increase from $44.8 million in the same period of 2024 [10] - GAAP operating income was $5.6 million (10.7% of revenue), compared to $1.8 million (4.0% of revenue) in the first nine months of 2024 [10] - Non-GAAP operating income for the first nine months was $10.4 million (19.8% of revenue), up from $6.7 million (14.9% of revenue) in the previous year [10] - GAAP net income for the first nine months was $8.3 million ($0.50 per diluted share), compared to $4.7 million ($0.29 per diluted share) in the same period of 2024 [10] Recent Developments - RADCOM secured 1Global as a new customer, deploying its AI-driven assurance solution RADCOM ACE to enhance customer experiences across multiple regions [10] - The company launched its High-Capacity User Analytics solution, capable of capturing network data at speeds of up to 400Gbps on a single server [10] - RADCOM's solutions are designed to be open, vendor-neutral, and cloud-agnostic, driving next-generation network automation and efficiency [8]

Core Viewpoint - The strategic cooperation agreement between Xingmin Zhitong and Beijing Automotive Group aims to enhance collaboration in the fields of new energy vehicle technology research and development, vehicle sales, and resource sharing, leveraging each party's expertise in capital, industry, technology, and products [1][2]. Group 1: Strategic Cooperation - Both parties will establish a deep technical cooperation mechanism focusing on the next-generation in-vehicle intelligent systems, particularly in vehicle communication evolution, supporting 5G, and preparing for 6G [1]. - The collaboration will involve joint development of multi-domain integrated controller solutions to accelerate the construction of advanced electronic and electrical architecture platforms, enhancing vehicle intelligence and development efficiency [1]. - The partnership aims to improve the reliability and compliance of Beidou positioning technology, increasing its application depth and breadth in mass-produced vehicles [1]. Group 2: Data and Computing Collaboration - The companies plan to build a "computing power + data + model" collaborative system, establishing a flexible computing base to support rapid implementation of intelligent driving, smart cockpits, intelligent customer service, and smart manufacturing for Beijing Automotive [2]. - The collaboration will integrate chip-level security solutions and digital twin technology to achieve joint innovation of data elements, reduce operational costs, and enhance operational efficiency [2]. - Both parties will promote each other's brands and products, with a plan to purchase no less than 200 vehicles from Xingmin Zhitong's brands over the next three years [2].

Core Viewpoint - MIND C.T.I. Ltd has announced its third quarter results for 2025, highlighting a focus on innovation and operational excellence despite a challenging market environment. The company has also approved a share repurchase program to enhance shareholder value [1][12][13]. Q3 2025 Financial Highlights - Revenues for Q3 2025 were $4.8 million, a decrease from $5.2 million in Q3 2024, representing a year-over-year decline of approximately 7.7% [9]. - Operating income for Q3 2025 was $0.6 million, down from $0.7 million in the same quarter of the previous year [9]. - Net income for Q3 2025 was $0.7 million, or $0.03 per share, compared to $0.9 million, or $0.05 per share in Q3 2024 [9]. - Cash flow from operating activities was $1.2 million, an increase from $1.0 million in Q3 2024 [9]. - The cash position as of September 30, 2025, was $12.5 million [9]. Nine Months Financial Highlights - Total revenues for the first nine months of 2025 were $14.6 million, down from $16.2 million in the same period of 2024, indicating a decline of approximately 9.9% [9]. - Operating income for the first nine months was $1.3 million, compared to $3.1 million in the same period of the previous year [9]. - Net income for the first nine months was $1.7 million, or $0.08 per share, down from $3.4 million, or $0.17 per share in the first nine months of 2024 [9]. - Cash flow from operating activities in the first nine months of 2025 was $2.8 million, compared to $3.8 million in the same period of 2024 [9]. Revenue Distribution - In Q3 2025, revenue distribution was as follows: Europe 59% (with Germany's messaging segment contributing 36%), Americas 35%, and the rest of the world 6% [6]. - For the first nine months of 2025, revenue distribution was: Europe 60% (Germany's messaging segment 36%), Americas 33%, and the rest of the world 7% [8]. - Revenue from customer care and billing software was $2.3 million, or 47% of total revenues in Q3 2025 [7]. - Revenue from maintenance and additional services was $4.7 million, or 96% of total revenues in Q3 2025 [10]. Share Repurchase Program - The Board of Directors approved a plan to repurchase up to $2.4 million of outstanding ordinary shares, transitioning from an annual dividend to a share repurchase program [12][13]. - The decision reflects a commitment to disciplined capital allocation and shareholder value creation, with the belief that the buyback will deliver value without compromising growth plans [13].

Core Viewpoint - The company, Wuhan LianTe Technology Co., Ltd., specializes in the research, production, and sales of optical communication transceiver modules, with a significant focus on high-speed optical modules and technologies related to 5G and data centers [7]. Company Overview - Wuhan LianTe Technology was established on October 28, 2011, and went public on September 13, 2022. The company primarily generates revenue from optical modules, with 92.72% from modules of 10G and above, 5.57% from modules below 10G, and 1.71% from material sales and leasing [7]. - As of September 30, 2025, the company reported a revenue of 847 million yuan, representing a year-on-year growth of 31.75%, and a net profit attributable to shareholders of 81.8 million yuan, also showing a growth of 31.39% [8]. Market Position and Trends - The company has developed core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production. It is currently working on 800G optical modules and technologies required for next-generation products [2]. - The optical module market is experiencing rapid growth, particularly in the data communication sector, which has surpassed the telecommunications market to become the largest market for optical modules. The demand for optical modules in the telecommunications sector is expected to increase significantly due to 5G construction [2][3]. Financial Performance - The company's overseas revenue accounts for 89.07% of its total revenue, benefiting from the depreciation of the Renminbi [3]. - The average trading cost of the company's shares is 114.44 yuan, with the stock price currently near a resistance level of 108.00 yuan, indicating potential for upward movement if this level is surpassed [6]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders increased to 24,900, with an average of 2,725 shares held per person, a decrease of 6.66% from the previous period [8]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the fourth largest shareholder, increasing its holdings by 533,300 shares [9].

Core Viewpoint - The company, Zhongying Technology, has experienced a decline in stock price and revenue, while focusing on high-frequency communication materials and being recognized as a "specialized, refined, distinctive, and innovative" enterprise in China [1][8][9]. Company Overview - Zhongying Technology, established on March 28, 2006, and listed on January 26, 2021, specializes in the research, production, and sales of high-frequency communication materials [8]. - The company's main revenue sources are: 68.56% from communication materials, 25.43% from lead frames, and 6.02% from other products [8]. - As of September 30, the company had 11,900 shareholders, a decrease of 8.04% from the previous period, with an average of 4,003 circulating shares per person, an increase of 8.74% [8]. Financial Performance - For the period from January to September 2025, Zhongying Technology reported a revenue of 157 million yuan, a year-on-year decrease of 21.65%, and a net profit attributable to shareholders of -7.19 million yuan, a decline of 125.66% year-on-year [8][9]. - The company has distributed a total of 128 million yuan in dividends since its A-share listing, with 60.16 million yuan distributed over the past three years [10]. Market Position and Product Applications - The company's ZYF-D series products are applicable in satellite navigation and the ZYF-6000 series high-frequency copper-clad laminates are used in global positioning satellite antennas and mobile communication systems [2]. - The ZYF-6000 series is also a material for unmanned vehicle millimeter-wave radar, currently in small batch supply verification [2]. - The company's products have been certified by Huawei, allowing them to be used in related product manufacturing [4]. Industry Context - Zhongying Technology is categorized under the electronics sector, specifically in printed circuit boards, and is involved in concepts such as specialized, refined, distinctive, and innovative enterprises, unmanned driving, Huawei concepts, satellite navigation, and 5G [8].

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned as a key player in the high-speed cable and optical fiber market, benefiting from the depreciation of the RMB and expanding its overseas revenue. Group 1: Company Performance - On November 12, Zhaolong Interconnect's stock fell by 2.17%, with a trading volume of 175 million yuan and a market capitalization of 15.229 billion yuan [1] - For the period from January to September 2025, the company achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 13.28%, and a net profit attributable to shareholders of 138 million yuan, up 53.82% year-on-year [7] - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8] Group 2: Market Position and Products - The company has established itself as a core partner in the active cable (AEC) sector for leading international interconnect solution providers, leveraging its technological expertise in high-speed cables [2] - Zhaolong Interconnect's optical products include fiber jumpers, MPO/MTP pre-terminated connectors, and LC fiber connectors, primarily serving high-end projects in finance, education, healthcare, and exhibitions, while also expanding into overseas markets [2] - The company is one of the few in China capable of designing and manufacturing data cables exceeding Category 6, 6A, and up to Category 8, meeting the new data transmission demands of the 5G era [2] Group 3: Financial and Technical Analysis - The average trading cost of the company's shares is 56.64 yuan, with recent reductions in shareholding but at a slowing rate; the current stock price is between resistance at 51.55 yuan and support at 46.66 yuan, indicating potential for range trading [6] - The company's overseas revenue accounted for 61.93% of total revenue, benefiting from the depreciation of the RMB [3] - The main capital inflow for the stock today was negative at 6.6472 million yuan, with no significant trend in major shareholder movements [4][5]

Core Viewpoint - The stock of Heertai experienced a decline of 2.01% on November 12, with a trading price of 45.25 yuan per share, amidst significant trading volume and net outflow of funds [1]. Group 1: Stock Performance - Heertai's stock price has increased by 151.25% year-to-date, but it has seen a decline of 4.54% in the last five trading days and 10.57% in the last twenty days [1]. - The company has appeared on the trading leaderboard nine times this year, with the most recent appearance on October 31, where it recorded a net buy of 43.05 million yuan [1]. Group 2: Company Overview - Heertai, established on January 12, 2000, and listed on May 11, 2010, is based in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of smart controllers and related technologies [2]. - The main revenue sources for Heertai include smart controllers for household appliances (65.41%), smart products (11.34%), power tools (9.82%), automotive electronics (7.63%), and microwave/mm-wave chips (3.69%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Heertai achieved a revenue of 8.27 billion yuan, reflecting a year-on-year growth of 17.47%, while the net profit attributable to shareholders was 603 million yuan, marking a 69.66% increase [2]. - The company has distributed a total of 770 million yuan in dividends since its A-share listing, with 325 million yuan distributed over the past three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, Heertai had 246,300 shareholders, an increase of 72.35% from the previous period, with an average of 3,272 circulating shares per person, down by 41.98% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 52.29 million shares, which increased by 39.08 million shares compared to the previous period [3].

Core Viewpoint - The performance of various ETFs shows mixed results, with biotechnology and oil & gas sectors experiencing gains while 5G and solar energy sectors face declines [1] Group 1: ETF Performance - The S&P Biotechnology ETF (159502) increased by 3.44% [1] - The NASDAQ Biotechnology ETF (513290) rose by 2.79% [1] - The S&P Oil & Gas ETF (513350) saw a gain of 2.07% [1] - The 5G50 ETF (159811) decreased by 2.22% [1] - The Solar ETF Index Fund (159618) fell by 1.98% [1] - The Sci-Tech Innovation and Entrepreneurship ETF (588360) dropped by 1.95% [1]

Company Overview - Shenghong Technology Co., Ltd. is located in Huizhou, Guangdong Province, and specializes in the research, development, production, and sales of new electronic devices, primarily printed circuit boards (PCBs) [1] - The company was established on July 28, 2006, and went public on June 11, 2015 [1] - The main business revenue composition is 93.66% from PCB manufacturing and 6.34% from other sources [1] Stock Performance - As of November 12, the stock price of Shenghong Technology decreased by 2.06%, trading at 283.21 CNY per share, with a total market capitalization of 246.49 billion CNY [1] - The stock has increased by 577.68% year-to-date, with a recent decline of 5.09% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 2.12 billion CNY on September 5 [1] Financial Performance - For the period from January to September 2025, Shenghong Technology reported a revenue of 14.12 billion CNY, representing a year-on-year growth of 83.40% [2] - The net profit attributable to the parent company was 3.25 billion CNY, showing a significant year-on-year increase of 324.38% [2] Shareholder Information - As of October 10, the number of shareholders decreased to 176,900, a reduction of 3.85% [2] - The average number of tradable shares per shareholder increased by 4.01% to 4,835 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, both of which have seen a decrease in their holdings [3]