诺基亚强调，此次收购旨在"优化其在中国的所有权结构"并"简化其在中国的所有权结构"。完成全资控股后，诺基亚贝尔将完全 并入诺基亚的全球运营体系，与其全球战略和管理模式保持一致。这意味着诺基亚在华业务的决策链条将更为顺畅，有利于资源 整合与效率提升。 诺基亚贝尔的前身上海贝尔股份有限公司成立于1984年，是中国第一家中外合资通信企业，股权结构长期为中外各持50%左右 （诺基亚方多1股）。2017年，诺基亚完成对阿尔卡特朗讯的收购后，将其在华业务与上海贝尔整合，成立了上海诺基亚贝尔股份 有限公司，作为其在华的独家运营平台。 根据股权转让时披露的财务信息，诺基亚贝尔2024年实现营收83.91亿元，净利润4209.29万元；2025年前三季度营收46.06亿元， 净利润显著增长至9046万元。截至2025年9月30日，公司总资产达115.69亿元，净资产69.51亿元，为此次股权交易提供了明确的估 值基础。 在全球5G网络建设高峰期渐过、地缘政治环境复杂的背景下，诺基亚此番全资控股在华核心运营实体，被业界视为对中国市场的 长期信心和战略加码。 近日，诺基亚宣布，已于2025年12月12日完成收购中国华信邮电科技有限 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company is projected to achieve revenues of 28.65 billion RMB, 29.41 billion RMB, and 30.69 billion RMB for the years 2025 to 2027, with net profits attributable to shareholders of 951 million RMB, 1.02 billion RMB, and 1.11 billion RMB respectively [4][9]. - The earnings per share (EPS) are expected to be 0.74 RMB, 0.79 RMB, and 0.86 RMB for the same period [4][9]. - The target price is set at 27.76 RMB based on a 2026 price-to-earnings (PE) ratio of 35x [4][9]. Financial Summary - For the first three quarters of 2025, the company reported revenues of 17.07 billion RMB, a year-on-year decrease of 19.3%, while net profit attributable to shareholders was 513 million RMB, reflecting a year-on-year increase of 30.28% [4][9]. - The gross profit margin (GPM) for the first three quarters of 2025 was 22.42%, an increase of 0.29 percentage points year-on-year [4][9]. - In Q3 2025, the company achieved revenues of 5.96 billion RMB, down 18.48% year-on-year and 15.75% quarter-on-quarter, with a net profit of 226 million RMB, up 28.14% year-on-year [4][9]. Market Position and Strategy - The domestic market is focused on consolidating existing market share while accelerating the layout of new products, with successful bids for centralized procurement projects in optical networks [10]. - The international market is showing improvement, with significant market share gains in Southeast Asia, the Americas, and Africa for optical network and broadband products [10]. - The company is deepening its presence in the information market, securing major projects and integrating its core capabilities in cloud, data, and computing to form a unique competitive solution [10].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has shown a year-on-year increase in net profit for Q3, with a focus on steady progress in optical communication [2][11] - The report highlights a significant growth in FTTR shipments and successful acquisition of multiple pilot projects for 10G optical networks from the Ministry of Industry and Information Technology [2][11] - The company has made substantial inroads into international markets, securing significant market shares in Southeast Asia, the Americas, and Africa for its optical network and broadband products [11] Financial Summary - The projected total revenue for 2025-2027 is estimated at 286.54 billion, 294.05 billion, and 306.88 billion respectively, with corresponding net profits of 9.51 billion, 10.22 billion, and 11.09 billion [11] - For the first three quarters of 2025, the company reported revenue of 170.72 billion, a year-on-year decrease of 19.3%, while net profit reached 5.13 billion, an increase of 30.28% [11] - The gross profit margin for Q3 2025 was reported at 22.79%, reflecting a quarter-on-quarter increase of 2.70 percentage points [11] Market Performance - The current stock price is 22.83 yuan, with a target price set at 27.76 yuan, indicating a potential upside [5][6] - The stock has a market capitalization of 29.418 billion yuan and a price-to-earnings ratio of 58.21 based on the latest diluted share capital [6][12] - The company’s stock has experienced a 52-week price range of 17.21 to 29.88 yuan [6]

Core Viewpoint - The company maintains a positive outlook with an "overweight" rating, expecting revenue growth and profitability improvements in the coming years, driven by strong performance in both domestic and international markets [2][3]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 17.072 billion yuan, a year-on-year decrease of 19.3%, while net profit attributable to shareholders was 513 million yuan, an increase of 30.28% year-on-year [2]. - The gross profit margin for the first three quarters of 2025 was 22.42%, reflecting a slight increase of 0.29 percentage points year-on-year [2]. - In Q3 2025, revenue was 5.955 billion yuan, down 18.48% year-on-year and 15.75% quarter-on-quarter, while net profit attributable to shareholders was 226 million yuan, up 28.14% year-on-year but down 2.27% quarter-on-quarter [2]. Market Position and Strategy - The company is consolidating its market share in the domestic operator sector and accelerating the layout of new products, successfully winning bids for major projects such as mobile cable and telecom PON [3]. - Internationally, the company has made significant inroads in Southeast Asia, the Americas, and Africa, capturing substantial market share in optical networks and broadband products [3]. - The company is deepening its presence in the information technology market, securing bids for major projects in the financial sector and leveraging its integrated solutions in cloud, data, and computing capabilities [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 28.654 billion yuan, 29.405 billion yuan, and 30.688 billion yuan, respectively, with net profits expected to reach 951 million yuan, 1.022 billion yuan, and 1.109 billion yuan [2]. - The company is assigned a target price of 27.76 yuan based on a 35x PE ratio for 2026 [2].

Group 1 - Nokia plans to invest $4 billion to expand its R&D and manufacturing capabilities in the United States, with approximately $3.5 billion allocated for R&D and $500 million for capital expenditures in Texas, New Jersey, and Pennsylvania [2] - The first large-capacity all-solid-state battery production line in China has been established, capable of mass production of automotive-grade all-solid-state batteries with over 60 ampere-hours [2] - China successfully launched the Communication Technology Test Satellite No. 21, which will be used for satellite communication, broadcasting, and data transmission [2] Group 2 - The world's largest "Hualong One" nuclear power base, the Fujian Zhangzhou Nuclear Power Unit 2, has successfully connected to the grid for the first time, marking significant progress in the batch construction of "Hualong One" [3] - The first mass production prototype of Xiaopeng Motors' land aircraft carrier has rolled off the production line, indicating the imminent mass production phase of this innovative vehicle [2]

Core Viewpoint - Nokia has decided to delist its shares from the regulated market of Euronext Paris, citing a comprehensive assessment of trading volume, costs, and administrative requirements associated with the listing [1] Group 1: Delisting Decision - The delisting is expected to save Nokia significant regulatory fees and administrative burdens, estimated to be in the millions of euros [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts (ADR) will remain on the New York Stock Exchange [1] - The decision has raised concerns among investors regarding Nokia's operational status, leading to a 4.76% drop in its U.S. stock [1] Group 2: Business Strategy and Market Position - The delisting coincides with a critical point in Nokia's business strategy transformation, shifting focus from mobile phones to network infrastructure, mobile networks (5G), cloud services, and technology licensing [2] - Nokia holds a 13% share of the global telecom equipment market, ranking second behind Huawei, which has a 31% share [4] - The company is facing challenges in the North American telecom market, with AT&T terminating a significant 5G contract with Nokia in favor of Ericsson [4] Group 3: Financial Performance - Nokia's Q3 financial report for the period ending September 2025 shows adjusted net sales of €4.833 billion, a 12% year-over-year increase, but operating profit declined by 10% to €435 million [5] - The company plans to increase investments in artificial intelligence, with NVIDIA announcing a $1 billion acquisition of a 2.9% stake in Nokia [5] - The partnership with NVIDIA aims to enhance Nokia's 5G and 6G software to run on NVIDIA chips, accelerating the development of AI-native mobile networks [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company has a strong foundation in marine communication technology, which is expected to drive continuous expansion in overseas markets and improve the quality of its main business operations. The subsidiary, Changjiang Computing, is rapidly generating revenue amidst the domestic computing power construction wave, potentially becoming the key growth engine for the company in the coming years [2][12]. Financial Performance - In the third quarter of 2025, the company achieved a total revenue of 17.072 billion yuan, a year-on-year decrease of 19.30%. However, the net profit attributable to shareholders increased by 30.28% to 513 million yuan [6][12]. - The company is projected to have net profits of 920 million, 1.15 billion, and 1.38 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31%, 25%, and 20% [12]. Business Development - The company is advancing its optical network construction towards ultra-high speed, large capacity, low latency, and intelligent directions, while maintaining rapid development in computing power infrastructure. Despite a slight decline in revenue due to reduced capital expenditures from domestic operators, the company has optimized its revenue structure [12]. - The company has made significant strides in international markets, achieving breakthroughs in Southeast Asia, the Americas, and Africa, and has secured substantial market shares in optical network and broadband products [12]. - The computing power business is accelerating, focusing on building a soft and hard integrated, domestically produced computing power platform to meet the needs of key sectors and the digital transformation of various industries [12]. Research and Development - The company has consistently invested heavily in R&D, maintaining global competitiveness in OTN and broadband access products. It is recognized as a major supplier in the global market and a source of original technology [12]. - The company has developed core technologies in marine communication, being the only high-tech enterprise globally that integrates chip devices, shore-based and underwater equipment, and marine engineering equipment [12].

Core Viewpoint - Nokia's stock surged by 10% to $6.105 following better-than-expected Q3 earnings driven by growth in network infrastructure and optical networks [1] Financial Performance - Nokia's Q3 net sales increased by 12% year-over-year to €4.828 billion, surpassing analyst expectations of €4.64 billion [1] - Adjusted operating profit decreased by 10% year-over-year to €435 million, but exceeded analyst expectations of €324 million [1] - Adjusted earnings per share remained flat at €0.06 compared to the same period last year [1] Business Drivers - The growth in performance was primarily driven by demand from artificial intelligence and cloud services customers [1] - After a period of weak 5G equipment sales, Nokia diversified its business by expanding into new areas such as AI and defense [1] Updated Guidance - The company updated its full-year profit forecast to €1.7-2.2 billion, an upward revision from previous expectations [1]

Core Insights - Nokia's Q3 2025 earnings performance exceeded market expectations, driven by growth in network infrastructure and optical network businesses [1] - The company reported a 12% year-on-year increase in net sales to €4.828 billion, surpassing analyst expectations of €4.64 billion [1][2] - Adjusted operating profit decreased by 10% to €435 million, but was better than the average analyst forecast of €324 million [1][2] Financial Performance - Net sales for Q3 2025 reached €4.828 billion, up from €4.326 billion in Q3 2024, marking a 12% increase [2] - Gross margin decreased to 43.7% from 45.2% year-on-year, reflecting a 150 basis points decline [2] - Operating profit for Q3 2025 was €239 million, down 14% from €278 million in Q3 2024 [2] - Profit for the period fell to €80 million, a 54% decrease from €175 million in the same quarter last year [2] Business Segment Performance - Network infrastructure segment reported net sales of €1.953 billion, a 28% increase year-on-year [2] - Mobile networks segment saw net sales of €1.842 billion, a slight decline of 1% [2] - Cloud and network services segment achieved net sales of €645 million, up 8% year-on-year [2] - Nokia Technologies segment reported net sales of €391 million, a 1% increase [2] Future Outlook - Despite previous adjustments to profit expectations due to tariffs and currency fluctuations, Nokia reaffirmed its full-year operating outlook, now expecting comparable operating profit between €1.7 billion and €2.2 billion [3] - The company is focusing on expanding into sectors like artificial intelligence and defense to diversify its customer base beyond mobile operators [3] - CEO Justin Hotard is set to outline strategic plans on November 19 during the capital markets day [3]

Core Viewpoint - The company has delivered a strong half-year performance with increased profits despite revenue pressure, showcasing its resilience and strategic focus on R&D and international market expansion [1][2]. Financial Performance - The company achieved a total revenue of 11.117 billion yuan and a net profit of 287 million yuan, marking a year-on-year increase of 32.02% [1][2]. - The net profit excluding non-recurring items was 282 million yuan, reflecting a growth of 31.59% year-on-year [2]. - Operating costs decreased by 20.64%, contributing to a slight improvement in gross margin [2]. - Operating cash flow showed significant improvement, with a net outflow of 609 million yuan, an 81.61% enhancement compared to the same period last year [2]. R&D Investment - The company maintained a high level of R&D investment, with 1.439 billion yuan spent in the first half of 2025, accounting for 12.95% of total revenue [1][3]. - Continuous breakthroughs in core technologies such as optical transmission and broadband access were reported, including the global first trial of 400G/800G integrated rate ROADM [3]. - The company has focused on optimizing its R&D project structure while ensuring core technology development, leading to improved resource utilization efficiency [3]. International Market Expansion - The company achieved significant market share in Southeast Asia, the Americas, and Africa, with overseas assets reaching 1.046 billion yuan, representing 2.43% of total assets [1][4]. - The company has established a global presence with three overseas production bases, eight R&D centers, and eleven global delivery centers, covering over 100 countries and regions [4]. - The company actively participates in international exhibitions to enhance its brand presence and has become a long-term partner for operators in Southeast Asia, Latin America, and Europe [4]. Corporate Governance and Shareholder Returns - The company has consistently maintained a cash dividend policy since its listing, with a dividend payout ratio exceeding 30%, totaling 3.794 billion yuan in cash dividends [4].