| 投资 | □分析师会议 ☑特定对象调研 | | --- | --- | | 者关 | □媒体采访 □业绩说明会 | | 系活 | □新闻发布会 □路演活动 | | 动类 | | | 别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与 | | | 单位 | 北京含章私募基金管理有限公司李贵林；珠海市横琴财东基金管理有限公 | | 名称 | 司刘娅琴；中信证券股份有限公司邵籽杰；北京鹭林投资管理有限公司李 | | 及人 | 清林、江洋；国中长城（天津）资产管理有限公司刘志强。 | | 员姓 | | | 名 | | | 时间 | 2025 年 8 月 26 日 | | 地点 | 公司会议室 | | 上市 | | | 公司 | | | 出席 | 董事会秘书饶燕、证券事务代表曲虹桥 | | 人员 | | | 姓名 | | | 投资 | | | 者关 | 1、公司半年度营收缩小，利润亏损扩大的主要原因？2025 年内这种情况 | | | 是否会有转变？ | | 系活 | 回复： | | 动主 | | | 要内 | 2025 年 1-6 月，公司实现营业收入 10,603.54 万元，较上 ...

Performance Forecast - The company expects a net loss attributable to shareholders of 40 million to 46 million yuan for the current reporting period, compared to a loss of 23.1757 million yuan in the same period last year [1] - The net loss after deducting non-recurring gains and losses is projected to be between 41 million and 47 million yuan, compared to a loss of 25.7039 million yuan in the previous year [1] - The basic earnings per share are expected to be a loss of 0.39 to 0.45 yuan per share, compared to a loss of 0.23 yuan per share in the same period last year [1] Communication with Auditors - The company has communicated with the accounting firm regarding the performance forecast and there are no discrepancies between the company and the auditors concerning the performance forecast [1] Reasons for Performance Variance - The company's operating income shows significant seasonality, with a higher proportion in the fourth quarter, while management, sales, and R&D expenses are incurred more evenly throughout the quarters, leading to losses in the first half of 2025 [1] - The decline in software development business orders due to telecom operators' cost-reduction strategies has impacted the revenue targets for the first half of 2025 [1] - The company is actively advancing the development of the next-generation OSS product platform to create more business opportunities for incremental revenue in OSS [1] - In the new computing power business, the company is in a rapid development phase, with related projects progressing orderly towards operational status to gradually realize revenue [1]

Core Insights - Huawei's data center autonomous network achieved an overall intelligence level of AN L3.9, with core business scenarios in "planning and configuration" and "application deployment and configuration" reaching AN L4 level, marking it as the first solution to pass EANTC L4 autonomous network testing [1][2] - The evaluation by EANTC, a recognized independent network testing organization, serves as a significant reference for assessing network product performance, reliability, and intelligence level [2] Group 1 - The autonomous network grading assessment focused on three key value scenarios: planning and configuration, application deployment and issuance, and monitoring and troubleshooting, analyzing four critical capabilities of autonomous networks [2] - Huawei's solution demonstrated high intelligence and reliability in data center network operations, aligning well with the goals of AN L4, especially as enterprises expand data centers due to AI/ML workloads and private cloud adoption [2][3] Group 2 - The autonomous network solution has been deployed at scale in industries such as finance and the internet, with plans for broader implementation across various sectors in collaboration with industry organizations and testing agencies [3]

Core Viewpoint - The global telecommunications industry is facing a "growth without revenue" bottleneck, where the increase in network traffic does not translate into corresponding revenue growth, leading to a "growth reduction" phenomenon [1][3]. Group 1: Industry Challenges - The traditional network service model is homogenized, failing to meet diverse market demands, resulting in a lack of differentiation between high-value and ordinary services [1]. - Operators are experiencing a "pipeline" dilemma, where the expansion of 5G networks does not yield proportional income increases [1]. Group 2: Differentiated Connectivity - "Differentiated connectivity" has become a consensus in the industry, focusing on using technology to identify the value of different services and providing customized network guarantees for high-priority applications [3]. - Singapore Telecommunications (Singtel) exemplifies this approach by offering tiered service packages based on user needs, transforming operators from mere traffic providers to "service value definers" [3]. Group 3: Programmable Networks and AI Integration - Ericsson views programmable networks as a core development goal for 5G-A, enabling dynamic network configuration based on business needs through software-defined networking (SDN) and network function virtualization (NFV) [5]. - The integration of AI is reshaping network management, transitioning from passive to proactive management, with AI acting as a "network brain" for autonomous decision-making [5][7]. Group 4: Ecosystem Development - Ericsson is building an open ecosystem to attract third-party developers, creating a "network as a service" economic model, with a RAN ecosystem comprising 56 members [8]. - The acquisition of Vonage and the establishment of Aduna aim to create a CPaaS ecosystem, addressing fragmentation in network capability and enhancing collaboration with developers [8]. Group 5: Future Outlook - Despite the commercial launch of 5G-A, challenges remain, including deployment strategy delays in some regions and low penetration rates of new terminals [9]. - Ericsson proposes a dual-track development strategy to enhance 5G-A capabilities while promoting end-to-end differentiated services, aiming to redefine the telecommunications industry's revenue model and digital infrastructure [9].

Core Insights - Huawei has been awarded the "Data Center Intelligent Network Basic Capability Solution Testing Certificate," marking a significant milestone in the development of intelligent network technology [1][2] - The certification validates Huawei's technical capabilities in L4 intelligent networks for data centers, setting a new technical benchmark in the industry [2] Group 1: Certification and Evaluation - The China Academy of Information and Communications Technology (CAICT) issued the certification to Huawei and other companies, confirming their capabilities in intelligent networks [1] - CAICT, in collaboration with industry partners, developed the "Intelligent Network Basic Capability Grading Assessment Testing Method - Data Center Network (2023 Edition)," which defines L1 to L4 grading capabilities and testing methods across three major value scenarios [1] Group 2: Performance and Applications - Huawei's intelligent network solution excelled in three key scenarios: intelligent deployment of POD, intelligent application access initiation, and intelligent fault handling, demonstrating capabilities such as automatic generation of optimal deployment plans and precise fault prediction [1][2] - The solution enhances operational efficiency for industries like finance by providing self-generating configurations and self-diagnosing faults [2] Group 3: Future Developments - Huawei plans to continue increasing R&D investment and collaborate with industry partners to advance intelligent network technology, contributing to the construction of smart, efficient, and reliable ICT infrastructure for digital transformation [2]