Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.833 billion yuan, a year-on-year increase of 23.54%, and a net profit attributable to shareholders of 326 million yuan, up 29.94% year-on-year [1][2] - The company is experiencing growth across multiple segments, with significant contributions from emerging businesses and a strong focus on product innovation [2][3][4] - The company maintains high research and development investment, with R&D expenses of 267 million yuan in the first half of 2025, a year-on-year increase of 10.13% [5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 58.13%, with a net profit margin of 18.71%, reflecting a year-on-year increase of 2.21 percentage points [1] - The second quarter of 2025 saw revenue of 1.044 billion yuan, a year-on-year increase of 20.42%, and a net profit of 184 million yuan, up 23.99% year-on-year [1] Business Segments - The Resources and Public Utilities segment generated revenue of 702 million yuan, up 3.09% year-on-year, with a gross margin of 61.69% [2] - The Construction and Infrastructure segment reported revenue of 659 million yuan, a year-on-year increase of 23.67%, with a gross margin of 61.07% [2] - The Geospatial Information segment experienced significant growth, with revenue of 359 million yuan, up 87.61% year-on-year, and a gross margin of 50.57% [2] - The Robotics and Autonomous Driving segment generated revenue of 114 million yuan, a year-on-year increase of 43.8%, with a gross margin of 43.08% [2] Research and Development - The company emphasizes R&D, focusing on high-precision positioning technology, and has established multiple R&D bases domestically and internationally [5] - The company has developed core algorithm capabilities in high-precision GNSS, 3D point cloud, and autonomous driving perception [5] International Expansion - The company's overseas business revenue reached 602 million yuan in the first half of 2025, a year-on-year increase of 35%, accounting for 32.82% of total revenue [11] - The overseas business has a gross margin of 71%, significantly higher than the company's average [11] Profit Forecast and Valuation - The company is projected to achieve net profits of 733 million yuan, 942 million yuan, and 1.223 billion yuan for the years 2025, 2026, and 2027, respectively [12]

Core Insights - The "2025 China Top 500 Enterprises" list highlights Shenzhen's strong performance, with 27 companies making the list, including 8 in the top 100, showcasing the city's innovation and growth potential in technology and advanced manufacturing [1][2] Group 1: Company Performance - Shenzhen's top companies include Ping An (12th), Huawei (23rd), BYD (26th), Tencent (31st), and others, reflecting a diverse industry presence in finance, technology, manufacturing, and logistics [2][6] - Huawei reported a revenue of 427.039 billion yuan in the first half of the year, with a net profit of 37.195 billion yuan, leading the domestic smartphone market with a 18.1% share [5] - BYD achieved a revenue of 371.281 billion yuan, with a net profit of 15.511 billion yuan, becoming the global leader in new energy vehicle sales [6] Group 2: R&D Investment - The total R&D investment of the top 500 companies reached 1.73 trillion yuan, with an average R&D intensity of 1.95%, while Shenzhen companies exceeded this average significantly [1][2] - Huawei's R&D investment for 2024 is projected to be 179.7 billion yuan, accounting for 20.8% of its revenue, with over 1249 billion yuan invested in the past decade [7] - BYD's R&D investment for 2024 is expected to be 54.2 billion yuan, representing 6.97% of its revenue, surpassing Tesla's R&D intensity [7] Group 3: Globalization Strategy - Shenzhen companies are increasingly adopting globalization as a strategy for growth, with Huawei establishing 16 R&D centers globally and expanding its cloud services [9][10] - BYD's overseas sales reached 470,000 units, a 132% increase, with significant revenue growth from international markets [9][10] - The global expansion of Shenzhen companies is seen as essential for overcoming domestic market challenges and achieving sustainable revenue growth [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 11% in net profit attributable to shareholders in the first half of 2025, driven by a recovery in defense demand and active expansion into medical and low-altitude applications [5][8] - The company is expected to see a steady growth in revenue and profit, with a projected net profit of 1.00 billion, 1.45 billion, and 1.71 billion RMB for 2025-2027, corresponding to current price-to-earnings ratios of 53.4, 37.0, and 31.3 times respectively [8] Summary by Sections Market Performance - The closing price is 28.52 RMB, with a market capitalization of 5,354 million RMB and a circulating market value of 5,150.78 million RMB [3] Financial Data - In H1 2025, the company reported revenue of 408 million RMB (up 8% year-on-year) and a net profit of 37.18 million RMB (up 11% year-on-year) [8] - The company’s revenue for Q2 2025 was 219 million RMB (up 17% year-on-year and 15% quarter-on-quarter), with a net profit of 24.81 million RMB (up 22% year-on-year and 101% quarter-on-quarter) [8] Revenue and Profit Forecast - Revenue is projected to be 886 million RMB in 2025, with a year-on-year growth rate of 16.16% [7] - The net profit for 2025 is estimated at 100 million RMB, reflecting a significant recovery from a decline in 2024 [7] Business Expansion - The company is focusing on strategic emerging industries, with a notable increase in defense orders and expansion into medical, maritime, and low-altitude economic sectors [8] - The company’s revenue from overseas markets grew by 69.42% year-on-year, indicating progress in international expansion [8] R&D and Technological Development - The company maintains a high R&D expense ratio of 9%, focusing on key technologies such as high-frequency, high-speed, and lightweight solutions [8] - The company is actively developing quantum communication technologies and has made breakthroughs in the medical and maritime sectors [8]

Group 1 - The core viewpoint of the news is that Jiexun Feihong's stock price has increased by 5.1% on September 16, reaching 11.96 CNY per share, with a total market capitalization of 7.109 billion CNY and a trading volume of 453 million CNY, indicating a strong performance in the market [1] - Jiexun Feihong has experienced a cumulative increase of 14.03% over the past four days, reflecting positive investor sentiment [1] - The company's main business involves technological innovation in the communication information field, providing integrated command and dispatch systems and comprehensive solutions, with revenue composition being 58.32% from command and dispatch, 22.04% from intelligent applications, and 19.64% from industry IoT applications [1] Group 2 - Longcheng Fund's Longcheng Jiujia Innovation Growth Mixed A (004666) is among the top ten circulating shareholders of Jiexun Feihong, having reduced its holdings by 4 million shares in the second quarter, now holding 13 million shares, which is 2.38% of the circulating shares [2] - The fund has gained approximately 7.54 million CNY in floating profit today and 18.2 million CNY during the four-day increase [2] - Longcheng Jiujia Innovation Growth Mixed A has achieved a year-to-date return of 33.65% and a one-year return of 111.03%, ranking 2193 out of 8174 and 326 out of 7982 respectively [2]

Group 1 - The company is enhancing its collaboration with Huawei and is exploring plans to supply eSIM cards for Huawei smartphones [2] - The company is leveraging its cross-industry service advantages to promote SIM/eSIM and digital RMB applications in various sectors such as public transportation, new retail, consumer electronics, government public services, and the Internet of Things [2] - The company aims to deepen the digital RMB ecosystem and expand global market cooperation while building an innovative industrial ecosystem [2]

Group 1 - The National Communication Index decreased by 1.14% as of September 16, 2025, with mixed performance among constituent stocks, led by Cambridge Technology with a rise of 9.65% [1] - The Communication ETF (159695) experienced a cumulative increase of 5.45% over the past week, ranking first among comparable funds [1] - The Communication ETF's latest scale reached 299 million yuan, marking a one-year high and also ranking first among comparable funds [3] Group 2 - The communication industry showed strong performance in the first half of 2025, with significant growth in revenue and net profit, and record high gross and net profit margins since 2022 [4] - The top ten weighted stocks in the National Communication Index accounted for 64.43% of the index as of August 29, 2025, with notable companies including New Yisheng, Zhongji Xuchuang, and ZTE [4] - The Communication ETF achieved a net value increase of 109.34% over the past year, ranking 189 out of 3013 index stock funds, placing it in the top 6.27% [3]

Company Overview - The company, Beijing Yingtong Network Technology Co., Ltd., was established on May 29, 2001, and went public on February 12, 2020 [2] - The main business involves the research and application of industrial IoT technology, with revenue composition as follows: 52.00% from industrial IoT products, 16.17% from smart vending control systems, 15.15% from digital distribution network products, 13.96% from enterprise network products, and 2.72% from technical services and others [2] Stock Performance - As of September 16, the stock price decreased by 2.23% to 53.91 CNY per share, with a total market capitalization of 3.957 billion CNY [1] - Year-to-date, the stock price has increased by 64.76%, with a slight decline of 0.20% over the last five trading days, a 5.54% increase over the last 20 days, and a 13.61% increase over the last 60 days [2] Financial Performance - For the first half of 2025, the company achieved a revenue of 351 million CNY, representing a year-on-year growth of 34.69%, and a net profit attributable to shareholders of 67.348 million CNY, up 26.07% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 60.8295 million CNY, with 34.6151 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 10.59% to 6,785, while the average circulating shares per person increased by 11.85% to 10,884 shares [2] - Among the top ten circulating shareholders, E Fund Value Growth Mixed Fund (110010) is the newest shareholder, holding 800,100 shares [3]

Group 1 - Cambridge Technology has seen a significant stock performance, achieving three trading limit ups within four trading days, with a cumulative increase of 42.96% and a turnover rate of 62.77% [2] - As of 9:50 AM, the stock's trading volume reached 23.39 million shares, with a transaction amount of 2.745 billion yuan and a turnover rate of 8.73% [2] - The latest total market capitalization of the A-shares reached 32.136 billion yuan [2] Group 2 - The margin trading data shows that as of September 15, the stock's margin balance was 2.285 billion yuan, with a financing balance of 2.277 billion yuan, reflecting an increase of 113 million yuan or 5.20% from the previous trading day, and a cumulative increase of 481 million yuan or 26.75% over the past four days [2] - The stock has appeared on the Dragon and Tiger List twice due to a cumulative deviation in price of 20% over three consecutive trading days and a daily turnover rate of 20% [2] - Institutional investors have net bought 545 million yuan, while the Shanghai Stock Connect has seen a cumulative net purchase of 15.8458 million yuan [2] Group 3 - The company's semi-annual report indicates that it achieved an operating income of 2.035 billion yuan in the first half of the year, representing a year-on-year growth of 15.48%, and a net profit of 121 million yuan, which is a year-on-year increase of 51.12% [2] - The basic earnings per share are reported at 0.4500 yuan, with a weighted average return on equity of 5.10% [2] - Shanghai Cambridge Technology Co., Ltd. was established on March 14, 2006, with a registered capital of 2.68019841 billion yuan [2]

为保证持续督导工作的有序进行，根据相关规定，广发证券委派李善军先生（简历附后）接替陆靖先生 担任公司持续督导保荐代表人，继续履行持续督导职责。 本次保荐代表人变更后，公司2024年度向特定对象发行股票项目持续督导工作的保荐代表人为李善军先 生和金坤明先生。 公司董事会对陆靖先生在持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 证券代码：600498 证券简称：烽火通信 公告编号：2025-046 转债代码：110062 转债简称：烽火转债 烽火通信科技股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 烽火通信科技股份有限公司（以下简称"公司"）近日收到广发证券股份有限公司（以下简称"广发证 券"）《关于变更公司保荐代表人安排的通知》，广发证券作为公司2024年度向特定对象发行股票项目 的持续督导保荐机构，原指派陆靖先生、金坤明先生作为持续督导保荐代表人，现陆靖先生因工作变 动，不再负责公司持续督导工作。 烽火通信科技股份有限公司 董事会 2025年9月16日 李善军：会计 ...

亿联网络9月16日在互动平台表示，公司聚焦于商务蓝牙耳麦领域的技术研发与产品迭代，暂无进入消 费蓝牙耳麦市场的相关计划。 ...