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的內容概不負責， 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的任何損失承擔任何責任。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6166） 海外監管公告 2025年年度報告摘要 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)刊登的本公司2025年年度報告摘要，僅供參閱。 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2026年3月30日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董事秦桂森先生、姚明龍先生及袁淑儀 女士。 上海剑桥科技股份有限公司2025 年年度报告摘要 ...

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 MeiG Smart Technology Co., Ltd. 美格智能技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3268） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列美格智能技術股份有限公司（「本公司」）在深圳證券交易所網站發佈的《美 格智能技術股份有限公司2025年年度報告》，僅供參閱。 承董事會命 美格智能技術股份有限公司 董事長 王平 中華人民共和國，深圳 2026年3月30日 截至本公告日期，本公司執行董事為王平先生、杜國彬先生、夏有慶先生及黃敏先生；及本 公司獨立非執行董事馬利軍博士、楊政先生及劉佳女士。 美格智能技术股份有限公司 2025 年年度报告全文 美格智能技术股份有限公司 2025 年年度报告 2026-017 2026 年 03 月 1 美格智能技术股份有限公司 2025 年年度报告全文 2025 年 ...

通信行业 2026 年 3 月 27 日 分析师：陈湛谦 S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 周 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2026/3/13-2026/3/26） 行 业 "十五五"规划纲要推进 5G-A 建设及商用部署 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（3/13-3/26）累计上 涨0.39%，跑赢沪深300指数4.87个百分点，涨幅在31个申万一级行业中 位列第2位；申万通信板块3月累计上涨0.46%，跑赢沪深300指数5.41个 百分点；申万通信板块今年累计上涨7.55%，跑赢沪深300指数10.84个百 分点。 报 行 业 研 究 SAC 执 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -12% -5% 2% 9% 16% 22% 29% 36% 2025.03 2025.07 2025.11 2026.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,889.08 | -1.09 | | 深证成指 | | 13,606.44 | -1.41 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,477.53 | -1.32 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,361.06 | -1.37 | | 中证 | 500 | 7,642.13 | -1.62 | | 中证 | 10 ...

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 就 因 本 公 告 全 部或任何部分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。 CHINA MOBILE LIMITED 中國移動有限公司 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及 80941（人民幣櫃台） 海外監管公告 2025年年度報告摘要 本公告乃中國移動有限公司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條 而 作 出。 茲提述本公司在上海證券交易所網站刊登的《中 國 移 動 有 限 公 司2025年年度報 告 摘 要》，僅 供 參 考。 承董事會命 中國移動有限公司 陳忠岳 董事長 香 港，2026 年3月26日 本 公 告 中 所 包 含 的 前 瞻 性 陳 述 不 構 成 亦 不 應 視 為 本 公 司 作 出 的 承 諾。這 些 前 瞻 性 陳 述 涉 及 已 知 和 未 知 的 風 險、不 確 定 性 以 及 其 他 ...

26 March 2026 2025 Annual Results 1 Disclaimer This document does not constitute an offer or invitation to purchase or subscribe for any securities or relevant derivatives of China Mobile Limited (the "Company") or the rendering of any investment advice, and no part thereof shall be relied upon or taken as the basis of any contract, commitment or investment decision relating to such securities or relevant derivatives, and this document does not constitute a recommendation in respect of the securities or rel ...

Investment Rating - The investment rating for ZTE Corporation is "Buy" (maintained) [1] Core Insights - ZTE Corporation reported a significant growth in computing power business, with a year-on-year revenue increase of 10.38% to CNY 133.895 billion in 2025, although net profit decreased by 33.32% to CNY 5.618 billion [4][5] - The company is expected to see a rebound in net profit, with projections of CNY 6.889 billion, CNY 8.252 billion, and CNY 9.590 billion for 2026, 2027, and 2028 respectively, alongside an increase in EPS [4][5] - The company is focusing on enhancing its competitiveness through high R&D investment, which reached CNY 22.76 billion, accounting for approximately 17% of revenue [6] Revenue and Profitability - In 2025, ZTE's revenue from operator networks was CNY 62.86 billion, accounting for 46.9% of total revenue, while the enterprise business saw a doubling in revenue to CNY 37.22 billion [5] - The computing power-related business achieved a remarkable growth of approximately 150%, contributing 24.6% to total revenue, with server and storage revenue increasing over 200% [5] - The gross margin and net margin for 2025 were reported at 30.25% and 4.16%, respectively, reflecting a decrease of 7.66 percentage points and 2.73 percentage points year-on-year [4] Market Position and Strategy - ZTE's domestic and international markets achieved revenues of CNY 89.74 billion and CNY 44.16 billion, respectively, with year-on-year growth of 9.4% and 12.4% [6] - The company maintains a leading position in the global 5G FWA & MBB market, with a strong focus on AI terminal layout in consumer business [5][6] - The company is expected to benefit from the commercial rollout of 5G-A and ongoing construction of computing power infrastructure, supporting long-term growth in its second curve business [4]

Core Insights - Huawei is focusing on building an AI-Centric Network to seize new opportunities in the era of the intelligent internet, enhancing operations through a three-layer intelligence approach involving business, network, and network elements [1][6] - The next five years are seen as a golden window for 5G-A technology to release its potential, with Huawei collaborating with global operators for large-scale deployment and introducing new frequency bands like U6GHz to support the transition to 6G [3][6] Business Intelligence - Huawei aims to assist operators in creating multi-agent collaborative platforms for services such as calls, internet access, and home broadband, revitalizing core business operations with AI [3][4] - By the end of 2025, Huawei's ADN (Autonomous Driving Network) L4 phase will have completed commercial deployments in over 130 telecom networks globally, enhancing operational efficiency and network quality [3][4] Computing Power Infrastructure - Huawei has introduced a "cluster + super node" architecture to meet the increasing demands for computing power and low latency in the trillion-parameter model era, showcasing products like Atlas 950 SuperPoD and TaiShan 950 SuperPoD [4][5] - The company emphasizes open-source collaboration to build a robust computing ecosystem, providing new choices for global computing power [4] Industry Innovation - Huawei's enterprise business is themed around achieving comprehensive industry intelligence, showcasing 115 intelligent case studies and 22 new industry solutions developed in partnership with clients [5] - The company is committed to bridging the digital divide by providing connectivity to 170 million underserved individuals in over 80 countries by the end of 2025 [5] Future Outlook - Huawei plans to continue building value-driven networks and computing power foundations, helping operators and industry clients capitalize on opportunities in the AI era [6] - The company is set to accelerate the commercial rollout of 5G-A and deepen its focus on AI-Centric Network strategies, aiming for a smooth transition to 6G [6]

Core Viewpoint - The company Tongze Kangwei, recognized as a national-level "little giant," is facing multiple operational challenges as it updates its prospectus and financial data, raising significant questions from the market and investors [1] Group 1: Business Overview - Tongze Kangwei focuses on self-developed broadband connection terminal devices, with a product matrix that includes 5G and 4G CPE products, portable products, industrial electronics, optical communication products, and traditional machines [2] - CPE products are the main revenue driver, with 5G CPE product revenue increasing year by year, while 4G CPE product revenue is declining [2] - The company ranked seventh globally in the 5G FWA CPE supplier competitiveness ranking, but still lags significantly behind industry leaders like ZTE, indicating a reliance on lower-tier markets for growth [2] Group 2: Financial Performance - The company's revenue from January to June 2025 reached 664.51 million, with CPE products accounting for 78.97% of total revenue [3][5] - Revenue from the Sub-Saharan Africa market has surged from 25.23% in 2022 to approximately 36% in 2023, and is projected to reach 46.57% in 2024, becoming a core growth engine [3] - Despite revenue growth, net profit has fluctuated significantly, with a projected decline of 25% in 2024, contrasting with a 12.4% revenue growth [6] Group 3: Market Dynamics - The global CPE market is experiencing rapid growth, with a projected increase in shipments from 30.4 million units in 2023 to 37.4 million units in 2024, representing a 23% year-on-year growth [6] - Tongze Kangwei's CPE product sales reached 2.2276 million units in 2024, an 8.5% increase, while portable product sales surged by 103.26% to 1.5019 million units [6] - However, the increase in sales has not translated into profit due to significant price fluctuations, particularly a 24.62% drop in the average price of portable products in 2024 [6] Group 4: Profitability Concerns - The company's overall gross margin has declined, compounded by rising sales and R&D expense ratios, leading to a decrease in operating profit [7] - The gross margin for 5G CPE products has dropped from 39.83% in 2022 to 23.31% in the first half of 2025, reflecting intensified competition and reduced pricing power [8] - The average price of 5G CPE products fell by 30.2% from 2022 to the first half of 2025, indicating a loss of pricing control [8] Group 5: R&D and Competitive Position - Despite having 92 patents and a high proportion of R&D personnel (55.07%), the company's R&D expenditure is significantly lower than industry peers, raising questions about its technological sustainability [10] - The R&D expense ratio for Tongze Kangwei was below half of the industry average, which could hinder its ability to keep pace with rapid technological advancements in the telecommunications sector [12] Group 6: Accounts Receivable and Financial Practices - The company's accounts receivable turnover ratio has been declining, indicating slower cash collection, with a drop from 6.14 times per year in 2022 to 3.92 times in the first half of 2025 [13] - The low bad debt provision of around 5% compared to the industry average of 12%-20% raises concerns about potential risks associated with revenue recognition practices [14] - The company has faced scrutiny over its reliance on extended payment terms to boost revenue, which may mask the true operational performance [14] Group 7: Sales and Marketing Expenses - A significant portion of the company's sales expenses is attributed to overseas service fees, which accounted for 29.92% of total sales expenses in the first half of 2025 [15] - Despite claims of reducing service fees, the proportion of overseas service fees has not decreased as expected, raising concerns about transparency in financial disclosures [16]

Core Viewpoint - The company is actively investing in and developing cellular RF front-end products, with related products entering mass production and expected to generate sales revenue by 2026, contributing to revenue growth [1] Group 1: Product Development - The company has begun to focus on cellular RF front-end products since its listing, with products already in the mass production stage [1] - The company is closely adapting to mainstream RedCap chip technologies from major chip manufacturers, which have matured significantly [1] - The company is increasing efforts in the research and development of RedCap RF front-end chips in collaboration with invested enterprises [1] Group 2: Market Opportunities - The company is exploring opportunities in the satellite communication RF front-end product sector and has initiated preliminary research [1] - The company is expected to benefit from advancements in main chip size, cost, battery life, and high-precision positioning [1]