格隆汇12月25日丨广和通(300638.SZ)在互动平台表示，公司无线通信模组及解决方案可应用于汽车智 能座舱领域。 ...

每经AI快讯，移远通信（SH 603236，收盘价：94.05元）12月22日晚间发布公告称，公司第四届第九次 董事会会议于2025年12月22日以现场结合通讯方式召开。会议审议了《关于使用闲置募集资金进行现金 管理的议案》等文件。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 王晓波） 2024年1至12月份，移远通信的营业收入构成为：无线通信模组行业占比100.0%。 截至发稿，移远通信市值为246亿元。 ...

Group 1 - The core point of the article is that Guanghetong (00638.HK) has signed an investment agreement with the Shangli County People's Government to establish a wholly-owned subsidiary in Shangli County, Jiangxi Province, to enhance its industrial chain layout and reduce manufacturing costs [1] - The registered capital for the new wholly-owned subsidiary is set at 50 million RMB, with a total investment of 400 million RMB planned for the Shangli County project [1] - The investment includes an estimated 200 million RMB for repurchasing built factory buildings and land transfer fees, and another 200 million RMB for purchasing 10 production lines for wireless communication modules [1] Group 2 - As of November 28, 2025, Guanghetong's stock closed at 16.5 HKD, reflecting a 0.43% increase, with a trading volume of 3.5252 million shares and a turnover of 58.3518 million HKD [1] - The investment bank attention on Guanghetong is low, with no ratings provided by investment banks in the past 90 days [1] - Jianyi Group has a market capitalization of 316 million HKD and ranks 11th in the white goods industry [1]

Core Viewpoint - The company aims to enhance its industrial chain layout and reduce manufacturing costs by establishing a wholly-owned subsidiary in Jiangxi Province, as part of a strategic investment agreement with the local government [1] Group 1: Investment Details - The company signed an investment agreement with the Shangli County People's Government on November 28, 2025 [1] - The registered capital for the new wholly-owned subsidiary is set at 50 million RMB [1] - The total investment amount in Shangli County is planned to be 400 million RMB [1] Group 2: Allocation of Investment - Out of the total investment, approximately 200 million RMB is allocated for the repurchase of constructed factory buildings and land transfer fees [1] - The remaining 200 million RMB is designated for the purchase of equipment for 10 production lines of wireless communication modules [1]

Core Viewpoint - Guanghetong (300638) has signed an investment agreement with the Shangli County People's Government to establish a wholly-owned subsidiary in Shangli County, Jiangxi Province, aimed at enhancing its industrial chain layout and reducing manufacturing costs [1] Group 1: Investment Details - The newly established wholly-owned subsidiary will have a registered capital of 50 million RMB [1] - The total investment in Shangli County is projected to be 400 million RMB, which includes approximately 200 million RMB for repurchasing built factory buildings and land transfer fees [1] - An additional 200 million RMB is allocated for the purchase of 10 production lines for wireless communication modules [1]

Core Viewpoint - Guanghe Tong (00638) aims to enhance its industrial chain layout and reduce manufacturing costs through a new investment agreement with the Shangli County government, establishing a wholly-owned subsidiary in Jiangxi Province [1] Group 1: Investment Agreement - The company signed an investment agreement on November 28, 2025, with the Shangli County government [1] - The registered capital for the new wholly-owned subsidiary is set at 50 million RMB [1] - The total investment amount in Shangli County is projected to be 400 million RMB [1] Group 2: Investment Breakdown - The investment includes approximately 200 million RMB for the repurchase of constructed factory buildings and land transfer fees [1] - An additional 200 million RMB is allocated for the purchase of 10 production lines for wireless communication modules [1]

广和通公告，为进一步完善公司产业链布局、降低制造成本，公司于2025年11月28日与上栗县人民政府 签署《投资协议书》，在江西省上栗县设立全资子公司进行产业园区投资。拟新设全资子公司注册资本 为5000万元人民币，全资子公司拟在上栗县投资额为4亿元人民币，其中包括回购代建厂房及土地出让 金预计2亿元人民币，购置无线通信模组10条生产线设备预计2亿元人民币。 ...

Financial Performance - In Q3 2025, the company reported revenue of 5.366 billion yuan, a year-on-year decrease of 13.69%. Excluding the impact of the wireless communication module business, revenue from continuing operations grew by 7.32% [1] - The net profit attributable to shareholders was 316 million yuan, down 51.50% year-on-year. Excluding the wireless communication module business, net profit from continuing operations decreased by 2.19% [1] - The net profit after deducting non-recurring gains and losses was 297 million yuan, a year-on-year decline of 34.05% [1] - For Q3 2025, the company achieved revenue of 1.659 billion yuan, a year-on-year decrease of 22.56% and a quarter-on-quarter decrease of 10.41%, primarily due to adjustments in the wireless business [1] - The gross profit margin for Q3 2025 decreased by 0.33 percentage points to 18.73% year-on-year but improved by 2.90 percentage points quarter-on-quarter, indicating initial improvements in operational efficiency [1] - The operating cash flow for the quarter reached 316 million yuan, showing a significant positive turnaround year-on-year [1] Strategic Developments - The company is deepening its edge computing layout, with significant growth in revenue from edge AI solutions, particularly in smart toys and robotics [2] - Strategic partnerships have been formed, such as with HeSai Technology for a multi-modal perception and control solution, and with XREAL to advance consumer-grade AI glasses, showcasing the company's capability in the edge intelligence sector [2] Market Positioning - The company successfully listed on the Hong Kong Stock Exchange on October 22, becoming the first wireless communication module enterprise to achieve "A+H" listing in China, raising approximately 2.9 billion HKD [3] - The funds raised will be primarily allocated to research and development in robotics and edge AI, debt repayment, and enhancing liquidity, which is expected to strengthen the company's position in the rapidly evolving edge intelligence market [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has shown initial improvements in operational efficiency, with a focus on deepening its edge computing layout in the TMT and communication sectors [6] - The company reported a revenue of 5.366 billion yuan for Q3 2025, a year-on-year decrease of 13.69%, but a 7.32% increase in continuing operations when excluding the impact of a specific business segment [6] - The net profit attributable to shareholders was 316 million yuan, down 51.50% year-on-year, with a 2.19% decline in continuing operations [6] Financial Data and Valuation - Total revenue is projected to be 7.716 billion yuan in 2023, with a growth rate of 37%, and is expected to decline to 7.530 billion yuan in 2025, reflecting an 8% decrease [2] - The net profit attributable to shareholders is forecasted to be 564 million yuan in 2023, with a growth of 55%, and is expected to drop to 494 million yuan in 2025, indicating a 26% decline [2] - The company’s current price-to-earnings (PE) ratio is 43.6, projected to rise to 49.7 in 2025, before decreasing to 28.4 by 2027 [13] Operational Highlights - The company has made strategic partnerships to enhance its edge computing capabilities, including collaborations with HeSai Technology and XREAL to develop advanced AI solutions [6] - The company successfully listed on the Hong Kong Stock Exchange, raising approximately 2.9 billion yuan to invest in robotics and edge AI research and development [6]

Core Insights - The company reported a revenue decline of 13.69% year-on-year for the first three quarters of 2025, totaling 5.366 billion yuan, with a net profit drop of 51.50% to 316 million yuan [1][2] - The third quarter of 2025 saw a revenue of 1.659 billion yuan, down 22.56% year-on-year and 10.41% quarter-on-quarter, with a net profit of 98 million yuan, reflecting a 69.14% year-on-year decline [1][2] Revenue Analysis - The revenue decline was primarily attributed to the impact of the divestiture of Ruijun Wireless, but excluding this effect, revenue showed a year-on-year increase of 7.32% [2] - The growth in revenue is mainly driven by the increase in overseas 5G penetration, leading to a surge in Fixed Wireless Access (FWA) business [2] Profitability Insights - The gross margin for Q3 2025 was 18.73%, showing a year-on-year decrease of 0.33 percentage points but a quarter-on-quarter increase of 2.9 percentage points, indicating a recovery in profitability [2] - The net profit for the first three quarters of 2025 was significantly impacted by the sale of Ruijun Wireless and the ongoing investment in new business ventures, resulting in a 2.2% decline when excluding Ruijun's impact [2] Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange on October 22, becoming the first "A+H" listed wireless communication module enterprise in China [3] - The company is focusing on AI and robotics as a second growth curve, with developments in AI edge computing and strategic partnerships in robotics enhancing its product offerings [3] Financial Projections - Revenue forecasts for 2025-2027 are projected at 8.598 billion, 10.742 billion, and 13.367 billion yuan, reflecting year-on-year growth rates of 5.00%, 24.93%, and 24.44% respectively [4] - Expected earnings per share (EPS) for the same period are 0.58, 0.83, and 1.01 yuan, with price-to-earnings (PE) ratios of 47.53, 33.19, and 27.06 [4]