Investment Rating - Industry rating: Recommended [4] Core Insights - The traditional business of operators continues to face pressure, with profitability shrinking due to the macroeconomic environment and high penetration of 5G. However, the digital transformation and intelligence initiatives are showing initial results, leading to a steady increase in revenue and stable profit growth due to cost reduction and decreased depreciation [1][18]. Revenue and Profitability - In 2025, the revenue of major operators remained stable: China Mobile achieved revenue of 1,050.2 billion, a year-on-year increase of 0.9%; China Telecom's operating revenue was 529.6 billion, showing a slight increase; China Unicom's revenue reached 392.2 billion, with a year-on-year growth of 0.7% [6]. - Profit growth slightly declined: In 2025, China Unicom's net profit attributable to shareholders was 9.13 billion, up 1.1% year-on-year; China Telecom's net profit was 33.2 billion, up 0.5%; China Mobile's net profit was 137.1 billion, a slight decrease of 0.9% [6]. Traditional Business Performance - Mobile communication service revenue for China Mobile decreased by 1.0% to 714.9 billion, with mobile ARPU slightly declining to 46.8 yuan/month/household. However, family broadband revenue grew by 8.0%, and enterprise broadband revenue increased by 6.7% [7]. - China Telecom's mobile communication service revenue increased by 1.0% to 204.5 billion, maintaining stable ARPU at 45.1 yuan/month/household [7]. Growth in Intelligent Services - Revenue from computing services and intelligent services is continuously increasing. China Mobile's computing service revenue grew by 11.1% to 89.8 billion, accounting for 10.0% of total revenue, while intelligent service revenue increased by 5.3% to 90.8 billion [9]. - China Telecom's intelligent revenue reached 12.3 billion, growing by 38.2%, indicating a shift towards token-based operations [9]. Capital Expenditure Trends - Capital expenditures are expected to continue decreasing, with the share of intelligent computing networks exceeding 35% [10][12]. - In 2025, China Mobile's capital expenditure was 150.9 billion, a decrease of 8.0%, while China Telecom's was 80.4 billion, with a projected decrease of 9.2% in 2026 [12][14]. Dividend Policy - The three major operators emphasize shareholder returns, with increasing dividend payout ratios: China Telecom, China Mobile, and China Unicom's interim dividends were 0.272, 5.27 (HKD), and 0.417 yuan, respectively, with year-on-year growth rates of 4.7%, 3.5%, and 3.1% [15].

Group 1: Fundraising and Investment Plans - The company plans to raise up to 6 billion CNY through a private placement, targeting three major projects: - Commercial satellite communication devices and components with a total investment of 35.63 billion CNY and fundraising of 28.5 billion CNY [2] - RF devices and components with a total investment of 28.53 billion CNY and fundraising of 21.5 billion CNY [2] - Chip thermal management devices with a total investment of 11.7 billion CNY and fundraising of 10 billion CNY [2] Group 2: Business Development and Client Engagement - Since 2021, the company has been serving North American satellite clients, becoming a key supplier of ground terminal components, with products already in mass delivery [3] - The company has expanded its client base to include a second North American satellite customer, with a focus on high-frequency, high-speed connectors and array antennas for ground terminals [3] Group 3: Technology and Product Innovations - The company offers a one-stop solution for chip packaging thermal management, focusing on high thermal conductivity TIM1 materials and thermal management plates, which are crucial for advanced packaging and high-performance applications [4] - The company has developed proprietary formulations for TIM1 materials, achieving high thermal conductivity and excellent interface compatibility [4] Group 4: Market Position and Competitive Advantages - The company is a global leader in RF technology, with capabilities in LCP film and flexible copper-clad laminates, supplying major North American consumer electronics clients [5] - The automotive RF business is rapidly growing, with the company supplying vehicle-mounted antennas and millimeter-wave radar modules, having entered the supply chains of leading domestic automotive manufacturers [6] Group 5: Future Growth and Strategic Outlook - The overall construction period for the fundraising projects is 36 months, with a phased production model that will generate benefits during the construction phase [7] - The company aims to leverage its technological advantages and key client resources to optimize product structure and enhance profitability, targeting sustainable high-quality growth [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 （於百慕達註冊成立之有限公司） （股份代號：1159） 自願公告 業務最新進展 本公告乃由智數科技集團有限公司（「本公司」）自願發佈，以向本公司股東 （「股東」）及本公司潛在投資者提供有關本公司及其附屬公司（「本集團」）的業 務最新進展。 業務最新進展 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二六年三月十日（交易時 段後），本公司與香港衛星通信有限公司（「香港衛星通信」）簽訂了手機直連衛 星合作意向協議（「手機直連衛星合作意向協議」）。同時，本公司與北京九天微 星科技發展有限公司（「九天微星」）簽訂了衛星工廠租賃與戰略合作意向協議 （「衛星工廠租賃戰略合作意向協議」）。 手機直連衛星合作意向協議和衛星工廠租賃戰略合作意向協議對各方均不具 任何法律約束力，但保密和適用法律條款除外。 1 香港衛星通信的背景 香港衛星通信是一家於香港成立並運營的衛星通信有限公司，致力於建構全 球首個高性價比手 ...

Group 1: Company Overview - Shanghai Weiyi Communication Technology Co., Ltd. was established in 2009 and listed on the Shenzhen Stock Exchange in 2017, focusing on providing forward-looking IoT terminal products and solutions globally [2]. - The company covers a wide range of communication networks including cellular, ZigBee, Bluetooth, satellite communication, and NTN, with products spanning automotive, visual, network, AI terminal, livestock, and domestic products [2]. - The headquarters is located in Shanghai, with R&D centers in Shanghai, Shenzhen, and Hefei, and sales and support teams in major global regions, serving customers in over 140 countries [2]. Group 2: Market and Product Development - The company is currently focused on the aftermarket but has plans to enter the original equipment manufacturer (OEM) market with its vehicle gateway product (T-Box), which is already in mass production for engineering machinery [4]. - The animal traceability market is growing, with the company operating a dedicated e-commerce platform for animal traceability products in regions like the USA, Canada, Australia, New Zealand, and South Africa, effectively reducing labor costs and enhancing operational efficiency [5]. - The company has developed products with embedded satellite communication modules for animal traceability, currently in testing and certification stages [5]. Group 3: Competitive Advantages and Risk Management - The company's core competitiveness lies in its software application layer, with encrypted core software code and hardware designed to be difficult to replicate [3]. - To mitigate risks from international market fluctuations, the company has established cooperative production bases in China, Vietnam, and Indonesia, optimizing customer structure and diversifying markets [7]. - The company has made significant progress in domestic substitution of core components, ensuring quality while reducing costs to maintain stable gross margins [7]. Group 4: Future Growth and Innovation - The company anticipates growth driven by the transition from IoT to intelligent connectivity, focusing on expanding its product matrix and application scenarios [8]. - Key growth drivers include: 1. Actively developing new businesses to create a second growth curve [8] 2. Leveraging innovations in AI, edge computing, satellite communication, and other technologies to upgrade product lines [8] 3. Deeply exploring product applications in diverse scenarios to enhance penetration and solution capabilities [8] 4. Optimizing market structure by focusing on leading companies in niche domestic markets and expanding into "Belt and Road" countries [8].

Core Viewpoint - AST SpaceMobile Inc (NASDAQ:ASTS) is preparing for its fourth-quarter report, with analysts predicting a loss of $0.18 to $0.20 on revenue of $40.69 million, while the stock has seen a recent increase of 2% to $84 [1]. Group 1: Stock Performance and Historical Trends - Historically, ASTS has finished higher after four of its last eight reports, averaging a move of 22%, with a significant 68% increase since May 2024 [2]. - Investors are expecting a smaller-than-usual move of 15.3% for the upcoming trading session [2]. - The stock has a year-over-year increase of 208%, but has decreased by 35% from its record high of $129.89 on January 30 [2]. Group 2: Short Selling and Market Sentiment - Short interest in ASTS has risen by 8.9% in the last two reporting periods, now comprising 28% of the available float [4]. - An optimistic report could position ASTS as a candidate for a short squeeze in the near future [4]. Group 3: Options Market Activity - Traders in the options market are favoring call options, with a call/put volume ratio of 2.07, which is higher than 75% of all other annual readings [5]. - The stock's put/call open interest ratio (SOIR) of 0.57 is in the 1st percentile of its annual range, indicating a strong preference for calls among short-term option players over the past year [6].

Group 1 - The company is closely monitoring the development opportunities in 6G and satellite communication fields [2] - The company has initiated technical research and product layout for high-end application materials such as microwave liquid crystal and liquid crystal phased array antennas [2] - The company aims to continue deepening its focus on high-end liquid crystal materials and actively support the localization of core materials [2]

Core Viewpoint - The company is closely monitoring the development opportunities in 6G and satellite communication sectors, focusing on high-end application materials such as microwave liquid crystals and liquid crystal phased array antennas [1] Group 1: Company Initiatives - The company has initiated technological research and product layout for high-end application materials [1] - Collaboration with relevant enterprises and research institutions is underway to advance these initiatives [1] - The company aims to deepen its focus on high-end liquid crystal materials and actively support the domestic substitution of core materials [1]

Group 1 - The company is closely monitoring development opportunities in 6G and satellite communication sectors [2] - The company has initiated technical research and product layout for high-end application materials such as microwave liquid crystals and liquid crystal phased array antennas [2] - The company is collaborating with relevant enterprises and research institutions to advance these initiatives [2]

Financial Highlights - Sales in 2025 reached $130 million, increasing by 11% year-on-year [1] - Gross profit was $74 million, a year-on-year growth of about 15.5%, with a gross margin of 57%, an increase of 2.1 percentage points [2] - Net profit reached $45.5 million, a year-on-year increase of 19.5%, with a net profit margin improving to 34.9%, an increase of 2.3 percentage points [2] - Diluted EPS came to $0.0411 per share, which increased 19.1% year-on-year [2] Business Segment Performance - Fixed First Connectivity segment revenue increased by 3.5% year-on-year to about $18 million [3] - Mobile First Connectivity segment increased by 10.4% year-on-year to $73 million, driven by strong growth in high-end Mobile First routers and Starlink equipment [3] - Warranty and support services segment reached $28 million, up 12.3% year-on-year, while software licenses segment reached about $11 million, up 34% year-on-year [4] - Recurring revenues in warranty and support services and software licenses totaled about $38 million, an increase of 17% year-on-year, now accounting for close to 29% of total sales [4] Geographic Performance - North America sales increased 2.1% year-on-year to $76 million, accounting for about 59% of total sales, affected by tariff uncertainties [5] - EMEA sales increased about 28% year-on-year to $37 million, now accounting for about 29% of total sales [5] - Sales to Asia increased to $12 million, growing 36% year-on-year, attributed to large multi-year projects and growth in new markets like Japan [5] - Sales in Australia increased 14% year-on-year, making up about 4% of total sales [6] Company Strategy and Industry Competition - The company is focused on the connectivity market, serving a diverse range of verticals without a single dominant customer [8] - The company plans to spin off its North American business to better address different market requirements and improve competitiveness [12][13] - The company aims to maintain lean operations while leveraging AI tools for efficiency [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges from increased memory and component costs but believes the business model can mitigate these impacts [10][11] - The company sees significant growth opportunities in the U.S. and Europe, with a focus on becoming market leaders in various segments [32] - Management emphasizes the importance of reliable connectivity and the potential of new technologies like satellite communications [9] Other Important Information - The company has no debts and strong operating cash flows, with trade receivables turnover days at 67 days and inventory turnover days at 112 days [7] - The company is exploring AI applications to enhance product offerings and operational efficiency [29] Q&A Session Summary Question: Why not apply for marine certifications for cybersecurity compliance? - Management believes cybersecurity concerns can be addressed through third-party products rather than integrating them into their own [15][17] Question: Why not provide WireGuard support? - Management acknowledges the feedback and plans to provide support but emphasizes their focus on reliable connectivity rather than being feature-rich [19] Question: Will the spin-off unlock value? - Management views the spin-off as a way to better address market needs and improve operational efficiency rather than purely a financial maneuver [23][25] Question: What is the impact of the Starlink business? - The Starlink business is performing well, with plans for integrated products to enhance deployments [35][36] Question: How will the spin-off affect dividend payouts? - Management plans to continue distributing excess cash to shareholders, with the approach depending on market opportunities [33][49] Question: Will product development become independent post-spin-off? - Yes, both companies will operate independently, allowing for tailored product development [70][71]

Core Viewpoint - The company, AVIC Optoelectronics (002179), provides a full-link solution for inter-satellite microwave and laser communication for China's internet satellite constellation, showcasing its extensive flight application experience [1] Group 1 - The company's product offerings include connectors, cable assemblies, flexible board components, optical modules, and optical cable assemblies [1]