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 ...

Group 1: Financial Performance - The company is expected to maintain a revenue growth rate of 30% and a profit growth rate of 40% in 2026[1] - The projected net profit for 2026 is 499 million yuan, reflecting a 43% increase from 2025[1] - The earnings per share (EPS) is forecasted to reach 2.3 yuan in 2026, up from 1.6 yuan in 2025[1] Group 2: Market Expansion - The company's overseas market share is anticipated to increase to 30% in 2026, driven by new product registrations in Europe[1] - The acquisition of Yijie Medical is expected to enhance the company's capabilities in the neurosurgery market, contributing to revenue growth[1] Group 3: Industry Trends - The electronics sector is experiencing a positive trend, with TCL's TV business showing significant growth in both domestic and international markets[1] - The chemical industry is benefiting from rising oil prices and a tightening supply chain, which is expected to enhance profit margins for companies like Satellite Chemical[1] Group 4: Risks and Challenges - There are risks associated with intensified market competition and potential trade frictions affecting international sales[1] - The company faces challenges related to raw material price volatility and the impact of geopolitical tensions on oil prices[1]

Group 1 - The Core View: The Science and Technology Innovation Entrepreneurship AI Index (932456.CSI) was officially launched on May 14, 2025, to reflect the overall performance of large and mid-cap growth companies with core artificial intelligence attributes in the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The index aims to capture the performance of companies involved in AI foundational resources, technology development, and application support, highlighting the characteristics of balancing domestic and overseas computing power chains [9] - The index is composed of 50 securities selected based on liquidity and market capitalization, focusing on high-elasticity computing power targets [9] Group 2 - Highlight 1: The top-level design of the "14th Five-Year Plan" anchors long-term beta for the AI chain, addressing core constraints in AI development and promoting large-scale application [10] - Highlight 2: The AI industry cycle is transitioning from the training phase to the inference phase, with significant capital expenditure from cloud vendors continuing to expand [14][17] - Highlight 3: The anticipated reversal of "stagflation" expectations may lead to greater elasticity in technology styles, with historical data showing that tech stocks often rebound first after such expectations dissipate [26][28] Group 3 - Highlight 4: The index focuses on large and mid-cap growth styles, with a market capitalization structure dominated by companies with over 100 billion in market value, providing strong foundational support [36] - Highlight 5: The index achieves risk balance across markets, with a reasonable distribution of core technology sectors, effectively avoiding excessive concentration in a single market or sector [41][45] - Highlight 6: The index is heavily weighted towards upstream sectors while also considering downstream applications, capturing the full-cycle benefits of the AI industry [48] Group 4 - Highlight 7: The AI industry's prosperity continues to validate the index's strong earnings growth expectations, with projected net profit growth significantly outperforming mainstream broad-based indices [56] - Highlight 8: The index exhibits high return elasticity and a favorable risk-return ratio, with a historical annualized return of 50.02% and a Sharpe ratio of 1.18, indicating strong risk compensation [60]

Core Viewpoint - The ongoing layoffs at Nokia and Ericsson reflect the significant decline in spending by global telecom operators in the 5G sector, driven by weak demand and unmet expectations for network upgrades [7][8]. Group 1: Nokia's Layoff Plans - Nokia plans to cut 4,100 jobs globally by 2026, reducing its workforce from 74,100 to 70,000, aiming for cost savings of €1.2 billion (approximately $1.4 billion) [1][3]. - Since acquiring Alcatel-Lucent in 2016, Nokia's workforce has decreased from 103,000 to 75,600 by the end of 2024, with a total reduction of nearly 27,500 employees [3]. - The current CEO, Pekka Lundmark, confirmed that the total layoffs will reach 14,000 positions by the end of 2026, aiming to cut costs by 15% of personnel expenses [3][8]. Group 2: Ericsson's Layoff Strategy - Ericsson has also been reducing its workforce, having laid off 5,000 employees in 2025, bringing its total headcount down to below 89,000 from 105,000 in 2020 [5]. - The company plans to continue cost-cutting measures, with an expected 13% reduction in its Swedish workforce by 2026 [5]. Group 3: Industry Context and Financial Performance - Global telecom operators' spending on Radio Access Network (RAN) products dropped from $45 billion in 2022 to $40 billion in 2023, with projections of further declines to $35 billion in 2024 [7]. - Nokia's mobile networks business is facing significant challenges, with a projected operating profit margin of only 2.8% in 2025, down from 8.8% in 2022 [7]. - Despite layoffs, Nokia's profitability remains nearly zero, with R&D spending decreasing by 4% to €2.08 billion (approximately $2.4 billion) in 2025, significantly lower than Ericsson's R&D expenditure of approximately $5.2 billion [8]. Group 4: Strategic Changes and Future Outlook - To address its challenges, Nokia plans to merge its mobile networks, technology, and cloud services into a single Mobile Infrastructure business group, although this move has faced internal dissent [9]. - The ongoing adjustments in the telecom equipment industry are expected to continue, as both Nokia and Ericsson navigate the end of the 5G cycle and the uncertain future of 6G commercialization [9].

Investment Rating - The report maintains a "Recommended" rating for the company 博实结, with a projected PE ratio decreasing from 29 in 2025 to 14 in 2027, indicating strong expected performance [4][5]. Core Insights - The AI technology revolution is driving a new growth trend, particularly in areas such as optical connectivity, domestic computing power, AI edge applications, and commercial aerospace, presenting significant development opportunities [3][32]. - The report emphasizes the importance of focusing on companies with strong earnings support as the performance period approaches, recommending companies like 中际旭创, 新易盛, 博实结, and 亿联网络 [3][32]. Market Review - During the week of March 16-20, 2026, the Shanghai Composite Index closed at 3957.05 points, with the communication sector outperforming the index [15][17]. - The communication sector indices showed positive performance, with 光通信指数 up by 3.2%, 通信设备指数 up by 3.1%, and IDC指数 up by 0.8% [17][15]. Company News - 中国联通 reported a revenue of 392.22 billion yuan for 2025, a year-on-year increase of 0.7%, and a net profit of 9.13 billion yuan, up 1.1% [31]. - 亨通光电 announced the repurchase and cancellation of 342,400 restricted stock units due to the departure of nine incentive targets [2][28]. - 长飞光纤 plans to reduce its A-share holdings by up to 1 million shares, representing no more than 0.12% of its total share capital [2][29]. Earnings Forecasts - 博实结 is expected to achieve a net profit of approximately 60 million yuan in Q1 2026 [13]. - 新易盛 is projected to have a net profit of 4.4 billion yuan in Q1 2026, a year-on-year increase of about 180% [14]. - 中际旭创 is anticipated to report a net profit of around 5 billion yuan in Q1 2026, reflecting a year-on-year increase of approximately 220% [14].

Core Viewpoint - The article highlights the significant decline in sales of 5G network products, leading to substantial layoffs at Ericsson and Nokia, with both companies struggling to maintain their workforce and profitability in a challenging market environment [1][3][4]. Group 1: Company Layoffs and Workforce Changes - Ericsson's workforce has decreased from over 105,000 employees in 2022 to below 89,000 by the end of the previous year, with ongoing layoffs expected [1][3]. - Nokia's employee count has dropped from approximately 103,000 in 2018 to about 75,600 by the end of 2024, with a planned reduction of 1,500 positions in 2025 [1][3][4]. - Nokia's CEO has indicated that the company will need to cut an additional 14,000 jobs by the end of the year to achieve a cost reduction target of €1.2 billion (approximately $1.4 billion) [4][5]. Group 2: Market Challenges and Financial Performance - The global telecom operators have significantly reduced their 5G investments, with spending on wireless access network (RAN) products expected to decline from $45 billion in 2022 to $40 billion in 2023 and further to $35 billion in 2024 [3][4]. - Nokia's mobile network business saw a drastic drop in operating profit margin from 8.8% in 2022 to 2.8% last year, indicating severe financial strain [4][5]. - Despite a significant investment from NVIDIA of $1 billion, Nokia's R&D spending in its mobile network segment decreased by 4% to €2.08 billion (approximately $2.4 billion) [5][6]. Group 3: Strategic Restructuring and Future Outlook - Nokia plans to integrate its mobile network, technology, and cloud services into a new mobile infrastructure business group, which may lead to further layoffs and cost reductions [6][8]. - The restructuring aims to eliminate overlapping positions and improve efficiency, although it may obscure the financial performance of core business segments [6][9]. - The company faces challenges in regaining lost market share in North America, particularly with major clients like Verizon and AT&T, who have shifted to competitors [9][10].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][43]. Core Insights - The "14th Five-Year Plan" outlines the construction of 500,000 5G-A base stations and the deployment of 10G optical networks, establishing a growth foundation for the industry over the next three years [3][15]. - The communication industry is currently experiencing a period of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [3][38]. - The penetration rate of 5G users has reached 67.6%, providing a solid user base for technological upgrades [3][38]. - The report highlights the recent surge in optical fiber procurement prices, indicating a recovery in upstream market conditions [3][38]. Industry Performance Review - The communication sector index increased by 0.39% over the two weeks from March 13 to March 26, outperforming the CSI 300 index by 4.87 percentage points, ranking second among 31 primary industries [10][11]. - For March, the communication sector index rose by 0.46%, again outperforming the CSI 300 index by 5.41 percentage points [10][11]. - Year-to-date, the communication sector has seen a cumulative increase of 7.55%, surpassing the CSI 300 index by 10.84 percentage points [10][11]. Subsector Performance - Among the six subsectors of the communication industry, the highest increase was seen in the SW Communication Network Equipment and Devices, which rose by 6.12% [3][16]. - The other subsectors experienced varying declines, with the SW Other Communication Equipment falling by 12.26% [3][16]. Industry Data Updates - As of February 2026, the number of mobile phone users reached approximately 1.826 billion, with a year-on-year increase of 2.03% [25][19]. - The total number of fixed internet broadband access users reached 694 million, reflecting a year-on-year increase of 3.61% [27][19]. - The number of 5G base stations reached 4.909 million, accounting for 38% of the total mobile base stations, with a net increase of 70,000 from the end of the previous year [35][19]. Company Announcements - China Mobile reported a projected net profit of 137.1 billion yuan for 2025, with a slight year-on-year decrease of 0.9% [21][19]. - China Unicom expects a net profit growth of 1.1% for 2025, with total revenue projected at 392.223 billion yuan [22][19]. - Lightwave Technology anticipates a net profit increase of 163.76% for 2025, with revenue growth of 47.56% [23][19]. - GuoDun Quantum announced a turnaround to profitability in 2025, with a net profit of 5.3919 million yuan [24][19].

Market Overview - The total margin balance in the Shanghai and Shenzhen markets is 26,165.5 billion, showing a slight decrease of 0.04% compared to the previous period [1] - The financing amount for the last trading day is 1,761.6 billion, which represents a significant decline of 14.58% [1] Industry Insights - The top 20 industries by margin balance include: - Semiconductor: 192.49 billion - Securities: 140.23 billion - Communication Equipment: 104.72 billion - Battery: 84.78 billion - Banking: 78.06 billion - Software Development: 75.23 billion - Military Equipment: 63.81 billion - Automotive Parts: 63.74 billion - Consumer Electronics: 61.18 billion - Photovoltaic Equipment: 60.69 billion - IT Services: 60.12 billion - Components: 59.09 billion - Power: 56.05 billion - Complete Vehicles: 49.46 billion - General Equipment: 47.84 billion - Chemical Pharmaceuticals: 47.74 billion - Industrial Metals: 47.36 billion - Optical Electronics: 45.77 billion - Computer Equipment: 43.08 billion - Insurance: 42.72 billion [3] Individual Stock Insights - The top five stocks by financing amount for the last trading day are: - Xinyi Technology: 2.8 billion, with a financing buy ratio of 16.41% and a price drop of 4.03% - Zhongji Xuchuang: 2.45 billion, with a financing buy ratio of 14.86% and a price drop of 2.26% - Huagong Technology: 1.72 billion, with a financing buy ratio of 11.60% and a price drop of 8.98% - Tianfu Communication: 1.71 billion, with a financing buy ratio of 12.91% and a price increase of 2.17% - Shenghong Technology: 1.41 billion, with a financing buy ratio of 18.00% and a price increase of 0.92% [5]

Key Insights - The report highlights the significant increase in domestic air travel fuel surcharges, with multiple airlines raising international surcharges by over 50% [5][8] - The transportation sector showed a robust performance in early 2026, with port cargo throughput reaching 2.87 billion tons, a year-on-year increase of 7.2% [5][8] - The mechanical industry maintained growth in early 2026, with general equipment manufacturing increasing by 8.9% and specialized equipment manufacturing by 8.8% [5][8] Market Analysis - The A-share market is experiencing a period of consolidation, with the Shanghai Composite Index and the ChiNext Index showing average P/E ratios above their three-year median, indicating a suitable environment for medium to long-term investments [9][10] - The core pressure on the market is attributed to overseas factors, particularly the potential escalation of conflicts in the Middle East, which could lead to rising oil prices and increased global inflationary pressures [9][10] - Domestic macroeconomic policies are becoming clearer, providing a solid support base for the market, with the central bank indicating a commitment to maintaining liquidity [9][10] Industry Insights - The virtual power plant industry is poised for rapid growth, supported by national policies aimed at optimizing power dispatch and integrating decentralized energy resources [16][17] - The smart home appliance market is projected to reach approximately $180 billion by 2026, with a compound annual growth rate of 22% from 2016 to 2026, driven by advancements in technology and consumer demand [18][19] - The automotive industry is facing challenges with a decline in production and sales in early 2026, influenced by seasonal factors and policy changes regarding new energy vehicles [21][22] Investment Recommendations - The report suggests focusing on sectors such as electric power, photovoltaic equipment, and communication devices for short-term investment opportunities, given their current market performance [9][10] - In the smart home appliance sector, companies like Haier, Midea, and Gree are recommended for their strong dividend yields and low valuations, alongside emerging players in high-growth segments like robotic vacuum cleaners [20] - The automotive sector is advised to be monitored closely, particularly companies with strong global capabilities and those involved in innovative technologies like smart driving and robotics [23]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]