陈刚感谢中兴通讯长期以来对广西发展的支持，欢迎中兴通讯积极参与广西人工智能发展。陈刚表 示，人工智能时代，广西不能缺席、不能落后，正深入贯彻落实习近平总书记关于广西工作论述的重要 要求，抢抓国家实施人工智能能力建设普惠计划等重大机遇，协力构建"北上广研发＋广西集成＋东盟 应用"发展路径，加快推进中国—东盟人工智能创新合作中心建设，打造面向东盟的人工智能国际合作 高地，服务构建更为紧密的中国—东盟命运共同体。希望双方进一步加强沟通对接，深挖合作潜力，拓 展合作领域，共同推进人工智能应用、东盟国家大语言模型建设、面向东盟人工智能人才培养等合作事 项落地建设，实现互利共赢、共同发展。 6月20日，自治区党委书记、自治区人大常委会主任陈刚在南宁会见中兴通讯股份有限公司董事长 方榕一行，并共同见证自治区大数据发展局与中兴通讯股份有限公司签署战略合作协议。 自治区领导许永锞、卢新宁、周异决及钟得志，中兴通讯股份有限公司执行副总裁谢峻石，副总裁 陈新宇、韩晶昀、黄如意等参加会见。（罗昌亮） 方榕介绍了中兴通讯产业发展和布局情况。她表示，中兴通讯非常看好广西面向东盟的人工智能发 展，将以签署合作协议为契机，积极参与中国—东盟 ...

Core Viewpoint - Huawei's Pangu model has made significant advancements in various industries, demonstrating its capabilities in over 30 sectors and 500 scenarios, with the launch of Pangu model 5.5 marking a comprehensive upgrade in five foundational models [1] Group 1: Pangu Model Developments - The Pangu model has been successfully implemented in sectors such as government, finance, manufacturing, healthcare, coal mining, steel, railways, autonomous driving, and meteorology, showcasing its transformative potential across industries [1] - Huawei introduced the Pangu Ultra MoE model with a parameter scale of 718 billion, representing a significant leap in model training capabilities on the Ascend AI computing platform [1][2] - The Pangu team has innovated in model architecture and training methods, achieving stable training of ultra-large sparse models, which is a notable challenge in the field [2] Group 2: Technical Innovations - The introduction of Depth-Scaled Sandwich-Norm (DSSN) architecture and TinyInit initialization method has enabled long-term stable training with over 18TB of data on the Ascend platform [2] - The Pangu Ultra MoE model employs advanced architectures like MLA and MTP, optimizing both pre-training and post-training phases to balance model performance and efficiency [2][3] - Recent upgrades to the training system have improved the efficiency of the pre-training process, significantly increasing the performance metrics from 30% to 41% [3] Group 3: Industry Impact and Ecosystem Development - The advancements in the Pangu model signify a full-stack domestic capability in AI, achieving international standards in ultra-large sparse model training and optimization [4] - The launch of HarmonyOS 6 at the Huawei Developer Conference 2025 aims to enhance user experience and AI capabilities across various applications [4] - The Harmony ecosystem is entering a new phase of acceleration, with over 30,000 applications and services in development, indicating a significant demand for talent in the industry [5]

Company Overview - Adtran's fiscal year 2024 revenue reached $923 million[6] - The company has over 3,100 employees worldwide and operates in 50 locations[6] - Adtran has over 1,000 global technology patents and over 35 years of experience[6] Market Trends and Outlook - The company anticipates increasing fiber infrastructure growth due to fiber expansion, vendor consolidation, a shift away from high-risk Chinese vendors, and investments focused on AI[5] - The Carrier Ethernet market is projected to reach $5 billion, with a CAGR of 3.6% between 2025 and 2028[21] - The PON OLT+ONT market is projected to reach $5 billion, with a CAGR of 6.8% between 2025 and 2028[21] - The Metro WDM market is projected to reach $600 million between 2025 and 2028[21] Q1 2025 Financial Performance - Q1 2025 revenue was $247.7 million[26, 33] - Non-GAAP gross margin for Q1 2025 was 42.5%[26, 41] - Q1 2025 non-GAAP operating margin was 3.9%[26, 41] - Operating cash flow for Q1 2025 was $43.2 million[26]

Financial Data and Key Metrics Changes - Fiscal Q2 net sales increased by 17% to $18.9 million year over year, with gross profit margin at 31.5%, exceeding the target of 30% [6][21] - Operating profit was $106,000 compared to an operating loss of $415,000 in Q2 2024, and adjusted EBITDA was over $1.1 million with a 6% margin [6][22] - Consolidated net loss was $245,000 or $0.02 per diluted share, while non-GAAP net income was $701,000 or $0.07 per diluted share, a significant improvement from a net loss of $4.3 million or $0.41 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - The company is diversifying its product offerings, with growth in wireless, aerospace, public safety, and industrial sectors [7][8] - Custom cabling projects from aerospace clients have led to repeat business, enhancing credibility in precision-demanding industries [9] - Direct air cooling (DAC) systems are gaining traction, with innovations aimed at reducing energy consumption and costs compared to traditional HVAC systems [10][11] Market Data and Key Metrics Changes - The company has over 100 opportunities in its sales pipeline for wireless DAS build-outs in stadiums and venues, indicating a recovery in this market post-COVID [12][13] - The DAC systems are expanding into wireline telecom, edge data centers, and energy applications, driven by AI demand for data centers [11][12] - The backlog increased from $15 million to $18.4 million, reflecting strong demand across various product lines [6][25] Company Strategy and Development Direction - The company is transitioning from a product-focused model to an integrated solutions provider, enhancing its market diversity [7][18] - There is a focus on operational efficiency, cost management, and leveraging prior acquisitions to create new opportunities [14][19] - The company is actively working to diversify its supply chain to mitigate tariff impacts, with most production domestically sourced [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of fiscal 2025, despite uncertainties related to tariffs and supply chain impacts [15][17] - The company anticipates Q3 sales to be in line with Q2, representing a significant increase over the previous year's Q3 sales of $16.8 million [20] - Management highlighted a strong team and platform for growth, with a focus on penetrating new markets and increasing customer engagement [20][18] Other Important Information - The company is managing its working capital effectively, with cash and cash equivalents at $3.6 million and a current ratio of approximately 1.6:1 [23] - Inventory levels decreased to $12.6 million from $14.7 million, reflecting improved procurement and supply chain processes [24] Q&A Session Summary Question: What is credited for the backlog growth? - The backlog growth is spread across several product areas, indicating a healthy mix of short and long-term opportunities [28][30] Question: Can you provide a revenue contribution breakdown for products like small cells and DAS systems? - The company does not disclose specific contributions but notes that small cells and DAS systems are significant growth areas, particularly in wireless applications [34][36] Question: What is the expected contribution timeline for DAS opportunities? - DAS opportunities are contributing continuously, with expectations for increased performance in the second half of the year [40][41] Question: What is the outlook for the wireless provider contributing 11% of revenue? - The company sees potential for growth with multiple customers contributing to sales, indicating a diverse customer base [44][46] Question: Can you elaborate on the credit facility and expected savings? - The company expects to finalize a new credit agreement in Q3, anticipating meaningful interest rate reductions [53][54] Question: How will the company achieve its 10% EBITDA target? - The company aims to improve product mix, reduce costs, and enhance operational efficiency to reach the EBITDA target [56][58] Question: What is the growth outlook for DAC and small cell products? - Both DAC and small cell products are expected to continue driving growth, supported by diverse customer bases and regional budgets [60][61]

Financial Data and Key Metrics Changes - Fiscal second quarter net sales grew 17% to $18.9 million year over year, with gross profit margin at 31.5%, exceeding the target goal of 30% [6][21] - Operating profit was $106,000 compared to an operating loss of $415,000 in the second quarter of 2024, and adjusted EBITDA was over $1.1 million with a 6% margin [6][22] - Consolidated net loss was $245,000 or $0.02 per diluted share, while non-GAAP net income was $701,000 or $0.07 per diluted share, a significant improvement from a net loss of $4.3 million or $0.41 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - The company is diversifying its revenue sources across various markets, including wireless, aerospace, public safety, and industrial customers [7][10] - The small cell solutions and direct air cooling (DAC) systems are gaining momentum, with DAC systems expected to reduce operating expenses by up to 70% compared to traditional HVAC systems [10][11] - The backlog increased significantly from $15 million to $18.4 million, indicating strong demand across multiple product lines [6][25] Market Data and Key Metrics Changes - The company is seeing growth opportunities in wireless DAS build-outs in stadiums and venues, with over 100 opportunities in the sales pipeline [10][13] - The demand for DAC systems is driven by the need for efficient cooling solutions in data centers and edge applications, particularly influenced by AI [11][12] - The company has successfully penetrated new markets, including energy, transportation, and wireline telecom, contributing to a more diverse customer base [7][14] Company Strategy and Development Direction - The company is transitioning from a products company to an integrated solutions provider, focusing on diversified end markets [7][18] - There is an emphasis on operational efficiency, cost management, and innovation in product development to drive profitability [19][20] - The management is actively working to diversify the supply chain to mitigate risks associated with tariffs and supply chain disruptions [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic environment, highlighting the company's ability to adapt to tariff impacts and supply chain challenges [15][17] - The company anticipates third-quarter sales to be in line with the second quarter, representing a significant increase over the previous year [20] - Management believes the company is well-positioned for growth, with a strong team and a robust platform to capitalize on market opportunities [20][19] Other Important Information - The company has a strong balance sheet with $3.6 million in cash and cash equivalents, and a current ratio of approximately 1.6:1 [23] - Inventory levels decreased to $12.6 million, reflecting improvements in procurement and supply chain processes [24] Q&A Session Summary Question: What would you credit for the backlog growth? - The backlog growth is spread across several product areas, indicating a healthy mix of short and long-term opportunities [28][30] Question: Can you provide a refresher on revenue contributions from different product lines? - The company does not disclose specific contributions but notes that small cell and DAS systems are significant growth areas, with increasing contributions from aerospace and industrial markets [34][36] Question: What is the expected contribution from the distributed antenna systems (DAS)? - DAS opportunities are diverse, including various venues, and the company expects continued contributions from this market [40][41] Question: Can you elaborate on the wireless provider making up 11% of revenue? - The top customer varies each quarter, reflecting a project-based nature of sales, with expectations for repeat purchases and a growing list of customers contributing to sales [44][46] Question: Can you provide more details on the credit facility and expected savings? - The company expects to finalize a new credit agreement in Q3, which should result in meaningful interest rate savings [52][53] Question: How will the company achieve its 10% EBITDA target? - The company aims to improve product mix, reduce costs, and enhance operational efficiency to reach the EBITDA target [54][56] Question: What is the growth outlook for DAC and small cell products? - Both product lines are expected to continue contributing significantly to sales, with a diverse customer base supporting growth [58][60]

Core Viewpoint - The surge of A-share companies listing in Hong Kong is driven by the desire to access international financing and expand into global markets, supported by favorable policies from both the Hong Kong Stock Exchange and mainland China [1][2]. Group 1: A-share Companies Listing in Hong Kong - In the first five months of 2025, Hong Kong IPO fundraising reached 77.68 billion yuan, nearing the total for the entire year of 2024 [1]. - At least 37 A-share companies have listed in Hong Kong this year, indicating a strong trend [1]. - The dual policy benefits from the Hong Kong Stock Exchange's reforms and mainland China's expanded overseas listing channels are facilitating this trend [1]. Group 2: ZTE Corporation Overview - ZTE Corporation, the first A-share company to list on the Hong Kong Stock Exchange, has been a leader in the telecommunications sector since its establishment in 1985 [2][4]. - The company has a significant global presence, operating in over 160 countries and regions, serving more than a quarter of the world's population [6]. Group 3: Financial Performance and R&D Investment - ZTE's overseas revenue accounted for over 30% in both 2023 and 2024, highlighting its successful international market penetration [3][7]. - From 2015 to 2024, ZTE invested a total of 168.87 billion yuan in R&D, with annual investments exceeding 10 billion yuan [9]. - The company has applied for 93,000 patents globally, with approximately 48,000 patents granted, placing it among the top in global patent filings [9]. Group 4: Profitability and Market Position - Since its A-share listing, ZTE has accumulated profits of approximately 60.63 billion yuan and distributed cash dividends totaling 17.14 billion yuan [11]. - The company's net profit for the years 2021 to 2024 showed a consistent upward trend, with figures of 6.81 billion yuan, 8.08 billion yuan, 9.33 billion yuan, and 8.43 billion yuan respectively [10].

Group 1 - The "100-day sprint" action for the employment of 2025 college graduates is currently being implemented nationwide, with the Ministry of Education coordinating a new round of school-enterprise supply-demand matching employment education projects, involving 1,771 colleges and 13,000 cooperative projects [1] - Since 2021, the Ministry of Education has initiated the school-enterprise supply-demand matching employment education project, facilitating collaboration between colleges and employers to enhance the training and recruitment of innovative, composite, and application-oriented talents, with over 2,000 colleges and 2,300 employers participating in the first three phases, resulting in 45,000 projects [2] - In March of this year, the Ministry of Education began soliciting projects in the "artificial intelligence application" field to help colleges improve students' job awareness, practical experience, and employment capabilities, with 347 companies providing 11,000 cooperative projects [4] Group 2 - The implementation of the supply-demand matching employment education project focuses on "discipline optimization + targeted talent cultivation," creating an "order-based" school-enterprise collaborative training mechanism to achieve precise matching of talent supply and demand [5] - The "Elite Class" program co-established by Xi'an Jiaotong University and ZTE Corporation has successfully trained nearly 500 graduates over five years, addressing the mismatch between graduates' skills and employer requirements through a comprehensive "training-internship-employment" model [7] - Xi'an Jiaotong University has partnered with major companies like Huawei and Baidu to establish 26 "Elite Classes" in fields such as big data and artificial intelligence, training over 1,600 students with the help of industry experts [7] Group 3 - In Sichuan, a key province for the photovoltaic industry, colleges and enterprises are collaborating to create integrated training scenarios that accelerate the transformation of research results into productive forces, focusing on cultivating urgently needed technical innovation talents [10] - The "order class" model at Southwest Petroleum University allows students to engage in early internships and learn cutting-edge photovoltaic technology, with over 50% of the professional courses developed in deep collaboration with enterprises [12] - The "order class" has trained over 600 students in the past three years, with 12 out of 47 technical improvement projects completed by students being applied in production lines, demonstrating effective conversion of educational outcomes into industrial applications [14]

Core Viewpoint - The article discusses the escalating technological competition between the U.S. and China, particularly focusing on Huawei's challenges and strategic responses to U.S. sanctions and restrictions on its operations, especially regarding software and hardware supply chains [1][2][3]. Group 1: U.S.-China Technological Competition - The U.S. has adopted a "America First" approach, leading to a series of sanctions against Chinese companies like Huawei and ZTE, marking a significant escalation in tech competition [1][2]. - Huawei has been preparing for potential sanctions for nearly a decade, initially underestimating the severity of U.S. actions, but has since recognized the need for a robust response [2][3]. Group 2: Huawei's Strategic Response - In response to the looming threat of sanctions, Huawei's leadership convened to discuss the development of an independent operating system, recognizing the risks of dependency on Android [2][3]. - The company assessed that while it could rely on older versions of Android for a limited time, the long-term viability of its overseas smartphone business was at risk without a new operating system [2][3]. Group 3: Market Dynamics and Huawei's Growth - Despite the challenges, Huawei's market presence grew significantly, with a reported revenue of 858.8 billion RMB in 2019, a 19.1% increase year-on-year, and a consumer business revenue of 467.3 billion RMB, up 34% [12]. - Huawei's smartphone shipments exceeded 240 million units in 2019, marking a 17% increase, and it became the largest supplier of 5G phones globally, with 6.9 million units shipped [12]. Group 4: Impact of U.S. Sanctions - The cancellation of Huawei's partnership with AT&T was a significant setback, highlighting the impact of U.S. government actions on Huawei's business prospects in the U.S. market [4][7]. - The political climate in the U.S. has increasingly influenced the relationship between Huawei and American companies, leading to a more hostile environment for Huawei's operations [7][15]. Group 5: Future Outlook and Development - Huawei's development of its operating system, HarmonyOS, is seen as a critical step in achieving technological independence and countering U.S. sanctions [16][17]. - The company aims to create a system that can run Android applications while maintaining its unique features, reflecting a strategic pivot in response to external pressures [16][17].

Core Viewpoint - The company has decided to extend the implementation deadlines for its fundraising projects related to 5G technology until December 31, 2026, due to delays in project progress and changes in market conditions [1][7][10]. Group 1: Fundraising Overview - The company raised a total of RMB 413,668.75 million from its initial public offering, with a net amount of RMB 401,132.53 million after deducting issuance costs [2]. - The funds have been fully received and are being managed in dedicated accounts as per regulatory requirements [2][3]. Group 2: Project Details - The fundraising projects include "5G Wireless System Product Upgrade and Technology Evolution R&D Project," "5G Industry Private Network and Intelligent Application R&D Project," and "5G Fusion Antenna and New Indoor Distribution Equipment R&D Project" [1][3]. - The total planned investment for these projects is RMB 400,000 million, with an actual excess of RMB 1,132.53 million [3][4]. Group 3: Project Delay Reasons - The delay in project implementation is attributed to the slowdown in 5G network construction by major clients and the longer development cycle for 5G-A technology [7][9]. - As of December 31, 2024, the investment progress for the projects was reported at 66.16%, 61.64%, and 72.20% respectively [8][9]. Group 4: Impact and Compliance - The extension of the project deadlines does not alter the intended use of funds, total investment, or project implementation entities, ensuring no adverse impact on the company's operations or shareholder interests [9][10]. - The company will continue to adhere to relevant regulations and guidelines to ensure effective management of the raised funds [9][10].

Core Viewpoint - Ren Zhengfei, the founder of Huawei, recently gave an interview to People's Daily, marking his return to the public eye amid significant geopolitical tensions, particularly the ongoing US-China trade negotiations and the impact on China's chip industry [4][5]. Group 1: Huawei's Response to External Pressures - Huawei is facing a full-chain blockade from the US on its chip industry, which has forced China to rebuild an independent chip supply chain [4]. - In the interview, Ren emphasized a proactive approach to external pressures, stating, "Just do it, step by step" [4]. - Ren acknowledged the exaggeration of Huawei's achievements by the US and expressed that external criticism helps Huawei remain vigilant [4]. Group 2: Research and Development Focus - Huawei's R&D expenditure for 2024 is projected to be 179.7 billion yuan, accounting for approximately 20.8% of its total revenue, with cumulative R&D investment exceeding 1.249 trillion yuan over the past decade [5][6]. - Ren highlighted that around 60 billion yuan of the R&D budget is allocated to fundamental theoretical research, which is not subject to performance evaluation, while about 120 billion yuan is focused on product development [6]. - The company employs a significant number of R&D personnel, with approximately 54.1% of its total workforce dedicated to research and innovation [10]. Group 3: Intellectual Property and Innovation - Huawei leads in global patent applications, with 6,600 applications in 2024, significantly outpacing competitors like Samsung and Qualcomm [10]. - The company has transformed its patent portfolio into a revenue-generating asset, earning 560 million USD from intellectual property in 2023 [10]. - Ren's commitment to innovation is rooted in Huawei's history, where he emphasized the importance of having proprietary technology over merely acting as a reseller [8]. Group 4: Broader Implications for Chinese Technology - The interview reflects a broader trend among Chinese companies prioritizing independent R&D and innovation, which is reshaping global industry dynamics [11][12]. - China's stance in international negotiations, particularly regarding technology and resources, indicates a firm commitment to maintaining its position without concessions [12]. - Ren's assertion that "the era of begging for survival is over" signifies a shift in mindset towards self-reliance and resilience in the face of external challenges [10][12].