这家被认定为国家级专精特新"小巨人"的企业，正面临着多重经营迷局，诸多疑问亟待向市场及投资者作出明确回应。 近日，创业板拟上市企业通则康威自2025年6月递表以来再次更新招股书，这份招股书及相关财报披露的经营数据引发市场广泛关注。 增收不增利凸显隐忧 增长瓶颈疑云难散 通则康威的核心业务聚焦于自主型号系列宽带连接终端设备，产品矩阵涵盖5G和4G CPE类产品、便携式产品、工业电子产品、光通信产品及传统整机产 品，其中CPE类产品（无线终端接入设备）是绝对的收入主力——随着5G技术的普及，5G类CPE产品收入占比逐年上升，4G类CPE产品占比则持续下降， 业务结构看似贴合行业趋势。 根据全球知名技术情报公司ABI Research去年1月发布的全球5G FWA CPE供应商竞争力排名，通则康威位列全球第七，这一成绩成为其招股书中的重要亮 点。但需要注意的是，该领域竞争格局高度集中，中兴通讯等龙头企业已连续四年稳居全球市占率第一，通则康威与头部企业仍存在显著差距，第七的排名 背后，是其依赖下沉市场的发展现状。 | 项目 | 2025 年 1-6 月 | | 2024 年度 | | 2023 年度 | | 2022 ...

1. Report Basic Information - Research Object: Huamai Technology [17] - Industry: Communication Equipment [17] - Reception Time: May 15, 2025 [17] - Company Reception Staff: Chairman Xu Aimin, Director and General Manager Yang Yong, Director and Financial Controller Lu Yumin, Independent Director Chen Yiping, and Board Secretary Chen Ge [17] 2. Core Views - The communication industry will continue to accelerate on the path of technological innovation. The integration of AI and communication technologies will give rise to more intelligent applications, and the in - depth deployment of 5G and forward - looking research on 6G will inject new vitality into the industry [24] - Huamai Technology's future profit growth drivers include focusing on the main business, market transformation, innovation - driven development, and optimizing resource allocation [27] 3. Company Performance - In 2024, the company achieved an operating income of 90,559,990 yuan and a net profit attributable to the parent company's shareholders of 1,456,950 yuan [29] - In 2025 Q1, the company's overall revenue declined, mainly due to the impact of market demand changes on products such as ODN network physical connection and protection equipment, optical passive devices, and indoor optical cables [24] 4. R & D Investment and Achievements - In 2024, the company's R & D investment was 4,562,540 yuan [27] - In 2024, the company added 41 patents (26 invention patents). As of December 31, 2024, it had a total of 643 valid patent authorizations (141 invention patents), 126 software copyrights, and participated in formulating 97 standards, including 6 national standards, 79 industry standards, and 12 group standards [28]