Group 1: Company Overview - The company focuses on "digital culture + communication information" as its main business areas, engaging in mobile game development, publishing, and IP operations, while also integrating technologies like AI, VR, and AR into its gaming business [2][3] - The company is a key consulting entity for the "Digital Fujian" information technology design, preparing for business transformation towards multi-field digital empowerment services [3] Group 2: Core Game Product Performance - The self-developed core product "Ragnarok RO: New Generation" has been successfully launched in regions including Hong Kong, Macau, Taiwan, and Southeast Asia, achieving a total revenue of over 750 million CNY in 2024 [4] - The product was also launched in mainland China and Japan in September and November 2024, respectively, with stable performance in these new markets [4] Group 3: Competitive Advantages - The company emphasizes a "premium games + well-known IP" strategy, with a portfolio of successful IPs including "Ragnarok RO," "Gu Jian Qi Tan 3," and "Qin Shi Ming Yue" [5] - The company has extensive experience in game IP operation and development, successfully launching multiple games both domestically and internationally [5] Group 4: Technological Integration - The company is integrating AIGC technology into its game development processes, focusing on cost reduction and efficiency improvements in art resource generation and code optimization [6] - An AI-driven pet feature is being developed for "Ragnarok RO: New Generation," showcasing the company's commitment to innovation in gameplay [6] Group 5: Future Strategies - In 2025, the company plans to enhance its game product offerings, focusing on existing markets for "Ragnarok" series and "Qin Shi Ming Yue," while exploring new IP collaboration opportunities [9] - The company aims to independently manage the overseas distribution of "Ragnarok RO: New Generation" and is preparing to launch a mini-game based on "Qin Shi Ming Yue" [9] Group 6: Financial Performance - In Q1 2025, the company reported a revenue of 83.42 million CNY, representing a year-on-year growth of 63.66%, and a net profit of 10.10 million CNY, up 171.97% compared to the previous year [11]

Core Insights - Yuan Dao Communication (元道通信) reported a revenue of 1.282 billion yuan and a net profit of 42.36 million yuan for the year 2024, with total assets reaching 3.434 billion yuan, reflecting a year-on-year growth of 20.76% [1] Business Overview - The company is a leading communication technology service provider, primarily serving telecom operators such as China Mobile, China Telecom, and China Unicom, as well as infrastructure operators like China Tower [1][2] - Yuan Dao Communication offers services including communication network maintenance and optimization, as well as network construction to ensure stable and high-quality network environments for end users [1] Service Expansion - The company has deepened its presence in the communication network maintenance sector, covering 10 provinces for China Mobile and 10 regions for China Tower, and has expanded its service areas to include Zhejiang and Chongqing [2] - Yuan Dao Communication has established long-term partnerships with major clients and has been recognized for its contributions to significant events and disaster relief efforts [2][3] Financial Performance - The core business segment of communication network maintenance and optimization generated a revenue of 999.5 million yuan, with a gross profit margin of 16.03%, an increase of 1.39% from the previous year [3] Technological Innovation - The company is leveraging industry trends in the 5G era by developing digital management solutions and software products, including the "Xiao Yuan" AI model aimed at enhancing operational efficiency and reducing costs [4] - The information communication hardware and software segment achieved a revenue of 201 million yuan, marking a growth of 65.31% year-on-year, with a stable gross profit margin of 15.54% [4] Future Outlook - Yuan Dao Communication plans to continue focusing on traditional base station maintenance while expanding into renewable energy and computing power services, aiming to transform into a comprehensive service provider in "green energy + intelligent computing power" [5][6]

Core Viewpoint - The company reported a decline in revenue for 2024, primarily due to a slowdown in the telecommunications industry and cost-cutting measures from operator clients, leading to a strategic shift away from certain risk orders [2][3]. Revenue Summary - Total revenue for 2024 was 6.646 billion RMB, a decrease of 15.8% year-on-year, with traditional BSS business revenue falling to 4.046 billion RMB, down 18.9% [2]. - New business segments (OSS, vertical industries, and intelligent operations) generated 2.599 billion RMB, a decline of 10.3%, but their contribution to total revenue increased by 2.4 percentage points to 39.1% [2]. Profitability Analysis - Gross profit for 2024 was 2.484 billion RMB, down 16.5%, resulting in a gross margin of 37.4%, a slight decrease of 0.3 percentage points [2]. - Net profit stood at 516 million RMB, corresponding to a net profit margin of 7.8% [2]. Business Segment Performance - BSS revenue was 3.948 billion RMB, down 19.1%, accounting for 59.4% of total revenue, while OSS revenue was 818 million RMB, a slight decrease of 1.8%, making up 12.3% of total revenue [3]. - The company plans to replicate its domestic BSS and OSS experiences overseas and optimize its organizational structure to enhance efficiency and reduce costs [3]. Growth Opportunities in New Business - The AI large model delivery segment is expected to grow significantly, with projected revenue of 200 to 300 million RMB in 2025, following successful contracts with over 30 projects [4]. - The 5G private network segment is focusing on the energy sector, with a target of shipping over 7,500 new wireless base stations and more than 30 core networks in 2025 [4]. - The intelligent operations segment showed a slight increase in revenue to 1.106 billion RMB, with significant growth in orders from various industries [4]. Shareholder Returns - The company announced a total dividend of 0.412 HKD per share for the end of 2024, comprising a final dividend of 0.252 HKD and a special dividend of 0.16 HKD [5].

日 录 7-2-1 关于中贝通信集团股份有限公司 向不特定对象发行可转换公司债券申请文件 审核问询函中有关财务事项的说明 | 一、关于前次募集资金变更 …………………………………………………… 第 1一5 页 | | --- | | 二、关于 2022 年业绩 ……………………………………………………第 5—12 页 | | 三、关于财务性投资 ································································· 第 12-22 页 | | 四、关于其他 ………………………………………………………第 23-36 页 | 天健函〔2023〕2-58 号 上海证券交易所: 由海通证券股份有限公司转来的《关于中贝通信集团股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》(上证上审(再融资)〔2023〕 123 号,以下简称审核问询函)奉悉。我们已对审核问询函所提及的中贝通信集 团股份有限公司(以下简称中贝通信公司或公司)财务事项进行了审慎核查,现汇 报如下。 本说明中部分合计数与各项目直接相加之和在尾数上可能存在差异,这些差 异是由四舍五 ...