Core Viewpoint - Huaxing Chuangye (300025.SZ) primarily provides mobile communication technology services and does not engage in eSIM-related business [1] Company Summary - The company has clarified its business focus on mobile communication technology services [1]

Core Points - The Shanghai Composite Index increased by 0.34%, while the China Securities Hong Kong 300 Communication Services Index (H300 Communication) reported a value of 1578.18 points [1] - The H300 Communication Index has seen a rise of 4.79% over the past month, 16.90% over the past three months, and 32.48% year-to-date [1] Group 1: Index Overview - The China Securities Hong Kong 300 Industry Index series classifies securities based on the China Securities Industry Classification Standard, reflecting the overall performance of different sectors in the Hong Kong market [1] - The base date for the index is December 31, 2004, with a base point of 1000.0 [1] Group 2: Top Holdings - The top ten holdings of the H300 Communication Index are Tencent Holdings (15.07%), NetEase-S (13.89%), China Mobile (13.81%), Baidu Group-SW (12.96%), Kuaishou-W (12.72%), Cheung Kong (7.38%), China Telecom (4.5%), China Unicom (3.24%), China Tower (2.93%), and Bilibili-W (2.79%) [1] Group 3: Sector Composition - The sector composition of the H300 Communication Index includes Digital Media (47.10%), Telecom Services (30.30%), Cultural Entertainment (15.78%), Communication Technology Services (2.93%), Data Centers (2.03%), Communication Equipment (0.99%), and Marketing & Advertising (0.86%) [2] Group 4: Sample Adjustment - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are adjusted in accordance with the sample changes, and any temporary adjustments will follow the same protocol as the index sample adjustments [2]

Group 1: Company Insights - Jizhi Jia is recognized as the world's largest AMR warehouse robot manufacturer, leveraging a full-stack platform technology and a global service network to build competitive advantages [3][4] - The company offers a range of AMR solutions including shelf-to-person, box-to-person, and pallet-to-person picking, as well as intelligent handling, and supports modular expansion [4] - Jizhi Jia has served over 800 clients across more than 40 countries/regions, with a key customer repurchase rate of 84.3%, validating the value of its technology [4] Group 2: Financial Performance - The company is expected to see a decline in expense ratios and the release of scale effects from 2022 to 2024, indicating a potential profitability inflection point [4] - For China Shenhua (601088.SH), the asset injection is anticipated to enhance business scale and further highlight scale effects, with projected net profits of 49.77 billion, 51.25 billion, and 52.20 billion for 2025-2027, corresponding to EPS of 2.50, 2.58, and 2.63 [9] - Newan Co. (600596.SH) is expected to face profit pressure due to low prices of its main products, with revised net profit forecasts of 283 million, 472 million, and 684 million for 2025-2027, reflecting a 29.7% downward adjustment for 2025 [13] Group 3: Market Trends - Dongfang Yuhong (002271.SZ) reported a revenue decline of 10.8% year-on-year for H1 2025, with net profit down 40.2%, but maintains a strong domestic position and potential for overseas expansion [16] - Ying Shi Network (688475.SH) achieved a revenue of 1.447 billion in Q2 2025, reflecting a year-on-year growth of 7.48%, supported by competitive product offerings and market investments [18] - Shangmei Co. (2145.HK) expects a revenue increase of 16.8% to 17.3% year-on-year for H1 2025, with net profit growth of 30.9% to 35.8%, indicating strong performance in its multi-brand strategy [21] Group 4: Export and Import Dynamics - In July, China's exports showed strong growth due to diversification strategies and resilient demand from emerging markets, alongside a "grab export" effect [29] - The import growth rate is expected to rise due to domestic demand, although short-term export pressures may arise as the "grab export" effect diminishes [29]

Group 1 - The company, Huaxing Chuangye, is focused on the mobile communication industry, providing network optimization services to telecom operators and major equipment manufacturers [2] - Currently, the company primarily offers technical services for civilian networks [2]

Group 1 - The core index of the China Securities 1000 Communication Services Index closed at 5430.93 points, with a one-month increase of 9.14%, a three-month increase of 11.76%, and a year-to-date increase of 17.63% [1] - The index is composed of liquid and representative securities from each industry, providing a diversified investment target for investors [1] - The top ten weighted stocks in the index include: Tom Cat (3.33%), Changxin Bochuang (3.16%), Taicheng Light (3.08%), Yiyuan Communication (2.93%), Yinzhijie (2.92%), Jiecheng Co. (2.79%), Jibite (2.75%), Aofei Data (2.69%), Zhangqu Technology (2.64%), and Yunsai Zhiliang (2.4%) [1] Group 2 - The market share of the index's holdings is 67.08% from the Shenzhen Stock Exchange and 32.92% from the Shanghai Stock Exchange [1] - The industry composition of the index includes: Communication Equipment (33.79%), Cultural Entertainment (31.87%), Marketing and Advertising (15.06%), Data Center (6.97%), Telecom Value-Added Services (4.89%), Communication Technology Services (3.91%), and Digital Media (3.51%) [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2]

Core Viewpoint - The company is focusing on mobile communication technology services and expanding its business collaborations with operators and major equipment manufacturers in various fields, including digital economy and government enterprises [2] Group 1 - The company is committed to technological research and development based on the needs of operators and major equipment manufacturers [2] - The company is actively exploring business cooperation in areas such as government enterprises and the digital economy [2] - The company continues to invest in research and development of digital products related to the metaverse, virtual reality, and digital humans [2]

Core Viewpoint - The company aims to integrate various advantageous resources and expand new channels for development while focusing on its main business and development strategy [1] Group 1: Business Strategy - The company will continue to deepen its services in mobile communication technology, focusing on the needs of operators and major equipment manufacturers for technological research and development [1] - The company plans to actively expand business cooperation with operators and major equipment manufacturers in areas such as government and enterprise services and the digital economy [1] Group 2: Industry Opportunities - The low-altitude economy presents multiple opportunities for the communication industry, and the company intends to leverage its years of experience in the communication sector to track new industry opportunities [1] - The company will continue research and development in digital products related to the metaverse, virtual reality, and digital humans, aiming to expand related business [1]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the China Securities Hong Kong 300 Communication Services Index (H300 Communication) reported at 1556.46 points [1] - The H300 Communication Index has seen a 5.23% increase over the past month, a 17.08% increase over the past three months, and a year-to-date increase of 30.66% [1] Index Composition - The top ten holdings of the H300 Communication Index are Tencent Holdings (14.99%), NetEase-S (14.07%), China Mobile (13.87%), Baidu Group-SW (12.98%), Kuaishou-W (12.55%), CK Hutchison (7.47%), China Telecom (4.55%), China Unicom (3.24%), Bilibili-W (2.84%), and China Tower (2.78%) [1] - The H300 Communication Index is composed entirely of stocks listed on the Hong Kong Stock Exchange [2] Sector Breakdown - The sector composition of the H300 Communication Index includes Digital Media (47.00%), Telecom Services (30.56%), Cultural Entertainment (15.63%), Communication Technology Services (2.78%), Data Centers (2.05%), Communication Equipment (1.02%), and Marketing & Advertising (0.96%) [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the underlying index samples [2]

Core Viewpoint - The company is actively seeking to turn around its financial performance by leveraging its core business and development strategy, focusing on expanding its profitability through various initiatives [1] Group 1: Business Strategy - The company plans to integrate various advantageous resources to explore new development channels and expand its business profitability [1] - The company will continue to deepen its services in mobile communication technology, focusing on the needs of operators and major equipment manufacturers for technological research and development [1] - The company aims to actively expand business cooperation with operators and major equipment manufacturers in sectors such as government enterprises and the digital economy [1] Group 2: Industry Opportunities - The low-altitude economy presents multiple opportunities for the communication industry, which the company intends to capitalize on by leveraging its years of experience in the field [1] - The company will continue its research and development in digital products related to the metaverse, virtual reality, and digital humans, aiming to expand its related business [1]

Core Viewpoint - The company is issuing A-shares to specific investors in 2025, which may dilute immediate returns, and has outlined measures to mitigate this impact [1][10]. Financial Impact of the Stock Issuance - The issuance will affect key financial metrics, with assumptions made for net profit scenarios: - If net profit remains flat compared to 2024, diluted earnings per share (EPS) will be approximately 0.3305 yuan [3][4]. - If net profit increases by 10% compared to 2024, diluted EPS will rise to about 0.3636 yuan [4]. - If net profit decreases by 10% compared to 2024, diluted EPS will drop to around 0.2975 yuan [4]. Necessity and Reasonableness of the Stock Issuance - The funds raised will be allocated to projects such as intelligent computing centers and 5G network construction, aligning with the company's core business and national industrial policies [6][8]. Company’s Preparedness for Investment Projects - The company has over 30 years of experience in the telecommunications sector and has established a strong technical team capable of executing complex projects [7][8]. - The company has successfully deployed multiple intelligent computing clusters, with total computing power exceeding 15,000P, indicating readiness to meet growing market demands [8]. Measures to Mitigate Dilution of Immediate Returns - The company plans to accelerate project construction and improve resource allocation to achieve expected outcomes quickly [10]. - It will enhance financial management to reduce costs and improve overall profitability, ensuring that existing business growth complements new projects [10]. - The company aims to strengthen internal controls and governance to safeguard shareholder interests, particularly for minority shareholders [10][11]. Commitment from Management - The board and senior management have committed to ensuring the effectiveness of the measures to mitigate the dilution of immediate returns, emphasizing their responsibility to protect shareholder interests [11][13].