Core Insights - Shenzhen Guanghetong Wireless Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for A+H share enterprises [1][3] - Guanghetong is a leading player in the global communication module industry, with a market share ranking second globally and first in several verticals [3] Group 1 - Guanghetong's products are widely used in emerging fields such as automotive electronics and smart home applications, serving major clients like BYD, Lenovo, and HP [3] - The investment by Jiangxi Ganxiang Industrial Investment Group represents its first participation in an overseas direct investment (ODI) project [3] - The successful listing was facilitated by the "private placement investment" model and the strategic location advantages of Shangli as a core cooperation node in the Ganxiang region [3] Group 2 - Guanghetong plans to invest in the Jiangxi Guanghetong IoT Communication Industrial Park project in Shangli, gradually transferring its high-end product lines to the area [5] - The annual procurement demand for high-end PCB products by Guanghetong is approximately 200 million yuan, which will synergize with existing listed companies in Shangli, such as Jiahe Intelligent and Guoguang Electric [5] - This initiative aims to create a "three-engine" model for industrial transformation and upgrading in Shangli, attracting more upstream and downstream supporting enterprises and enhancing the competitiveness of the PCB industry cluster [5]

Core Viewpoint - The company, Lihui Microelectronics (力合微), is focusing on maintaining a strong R&D investment to ensure its competitive edge in the IoT communication and chip design sectors, despite facing challenges in revenue and profit in the first quarter of 2025 [1][4]. R&D Investment and Personnel - Lihui Microelectronics has maintained a high level of R&D investment, totaling 89.02 million yuan in 2024, representing an 8.59% year-on-year increase [2]. - The company employs 182 R&D personnel, accounting for 57.59% of its total workforce, emphasizing its commitment to innovation and product development [2]. - The company has developed significant proprietary technologies, including advanced digital communication and low-power chip design technologies, which have established a competitive advantage in the market [2]. Product Development in Photovoltaics - The company has developed products for the photovoltaic market, including a rapid shutdown chip that complies with the North American SUNSPEC protocol, becoming the first in China to receive international certification [3]. - Lihui Microelectronics has also launched a narrowband PLC SOC chip for the European market, meeting EN50065-1 standards, and has implemented a monitoring and safety shutdown system for rooftop photovoltaic components [3]. Financial Performance - In Q1 2025, the company reported revenue of 97.79 million yuan, a decrease of 24.70% year-on-year, primarily due to the impact of bidding and supply rhythms in the smart grid market [4]. - The net profit attributable to shareholders was 12.59 million yuan, down 46.08% year-on-year, reflecting the decline in revenue [4]. - The company’s non-grid business generated revenue of 32.24 million yuan in 2024, a growth of 39.81% year-on-year, indicating progress in the non-power IoT market [5]. Order Backlog and Revenue Recognition - As of the end of March 2025, the company had an order backlog of 9.3 billion yuan, which is expected to be recognized as revenue within the same year, depending on the delivery and acceptance schedules of the power companies [6].