每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 每经AI快讯，中贝通信（SH 603220，收盘价：23.55元）8月27日发布公告称，公司第四届第十次董事 会会议于2025年8月26日在公司会议室以现场和电话会议方式召开。会议审议了《关于 <公司2025年半 年度报告> 的议案》等文件。 2025年1至6月份，中贝通信的营业收入构成为：5G新基建占比46.76%，智慧城市与5G行业应用占比 33.58%，智算业务占比18.76%，其他业务占比0.9%。 （记者 王晓波） ...

Core Insights - Hengwei Technology reported significant declines in both revenue and net profit for the first half of 2025, with revenue at 488.40 million yuan, a year-on-year decrease of 23.19%, and net profit attributable to shareholders at 17.82 million yuan, down 75.16% [2][3] Financial Performance - Total revenue for the first half of 2025 was 488.40 million yuan, compared to 635.89 million yuan in the same period last year, reflecting a decrease of 23.19% [3] - Total profit for the period was 17.06 million yuan, a decline of 77.11% from 74.55 million yuan year-on-year [3] - The net profit attributable to shareholders was 17.82 million yuan, down 75.16% from 71.74 million yuan in the previous year [3] - The net profit after deducting non-recurring gains and losses was 15.07 million yuan, a decrease of 77.99% compared to 68.46 million yuan last year [3] - The net cash flow from operating activities was 72.64 million yuan, a significant improvement from a negative cash flow of 104.35 million yuan in the previous year [3] - As of the end of the reporting period, the net assets attributable to shareholders were 1.37 billion yuan, a slight increase of 0.86% from the previous year [3] Business Segmentation - The network visualization business generated revenue of 262 million yuan, a year-on-year increase of 43.48%, primarily benefiting from the implementation of projects in the operator market [4] - Conversely, the intelligent system platform business saw revenue drop to 226 million yuan, a decline of 49.95%, which was the main factor dragging down overall performance [4] - The decline in the intelligent system platform business was attributed to a reduction in orders for intelligent computing services [4] Subsidiary Performance - Several subsidiaries of Hengwei Technology reported losses, including Shanghai Hengwei Intelligent Technology, Zhejiang Hengwei Electronics, and Shenzhen Haishang Zhiyun Technology, with at least six major subsidiaries showing negative net profits [5] Dividend and R&D - In response to performance pressures, Hengwei Technology announced a semi-annual dividend plan, proposing a payout of 0.05 yuan per 10 shares (tax included) [5] - The company maintained R&D expenditures at 59.45 million yuan, a slight increase of 0.45% year-on-year, and introduced a new utility model patent for "FPGA-based power switch control circuit" [5]

Core Viewpoint - The company, Zhimi Intelligent, has significantly improved its operating performance due to the recovery of the PC industry and strong growth in its intelligent computing business, achieving substantial revenue and profit increases in the first half of 2025 [2][4]. Financial Performance - In the first half of 2025, Zhimi Intelligent reported revenue of 1.947 billion yuan, a year-on-year increase of 15.29%, and a net profit of 102 million yuan, up 80.08% [4][5]. - The company's net profit attributable to shareholders was 87.7163 million yuan, reflecting a growth of 77.18% after excluding non-recurring gains and losses [4][5]. - Basic earnings per share reached 0.41 yuan, an increase of 78.26% compared to the previous year [4]. Business Segments - The intelligent computing business generated revenue of 298 million yuan in the first half of 2025, marking a remarkable year-on-year growth of 146.37%, and accounted for 15.31% of total revenue [3][7]. - The traditional business segments, including industry terminals, ICT infrastructure, and industrial IoT, reported revenues of 1.043 billion yuan, 307 million yuan, and 145 million yuan, respectively, with year-on-year changes of 0.5%, 2.1%, and 125.38% [6][7]. Research and Development - Zhimi Intelligent invested 90.955 million yuan in R&D in the first half of 2025, representing 4.67% of its revenue, with a focus on new technologies, products, and performance optimization [2][7]. - The company holds a total of 772 valid patents, including 58 invention patents, 593 utility model patents, and 121 design patents, along with 245 software copyrights [7].

Summary of Zhongbei Communication Conference Call Company Overview - **Company**: Zhongbei Communication - **Industry**: Telecommunications and New Energy Key Points Financial Performance - In Q1 2025, Zhongbei Communication reported revenue of **549 million** yuan, a year-on-year decline of **24.67%**. Net profit was **18 million** yuan, with a significant drop in net profit excluding non-recurring items by approximately **60%** [2][3] - For the full year 2024, the company achieved revenue of **2.984 billion** yuan, a growth of **4.28%** year-on-year, with net profit of **145 million** yuan, slightly up from the previous year. The largest revenue segment was 5G infrastructure, generating **1.968 billion** yuan but down **12.13%** due to reduced operator investments [3] Business Segments - **Intelligent Computing (智算业务)**: This segment saw explosive growth, with revenue reaching **135 million** yuan, up **972.79%** year-on-year. The company has invested **3 billion** yuan to establish a nationwide intelligent computing cluster, delivering over **15,000P** of operational computing power [2][5] - **New Energy**: The company is focusing on power batteries and energy storage, collaborating with BYD to build a power battery factory in Hefei, targeting commercial vehicle heavy-duty batteries and energy storage systems. The expected scale for the new energy business is **1 billion** yuan for the year [2][8][9] Strategic Investments - The company plans to invest **1.9 billion** yuan in a private placement, with **1.1 billion** yuan allocated for cluster construction to support large model training and small client inference needs [2][7] - The company has a competitive edge in electricity costs in regions like Wudang, which will help optimize financial costs and support its computing power rental business [2][7] Market Trends and Challenges - The domestic 5G infrastructure market is expected to continue declining, with a drop of over **10%** last year and further declines anticipated in 2025. The company is focusing on overseas markets such as the Philippines, Saudi Arabia, and South Africa to offset domestic shortfalls, although growth is limited by funding constraints [11][12] - The company is also facing challenges in the high-end SIM card market due to industry restrictions, but it maintains sufficient inventory and has established compliant procurement channels [20] Collaborations and Partnerships - Zhongbei Communication is collaborating with Jinkai New Energy, which handles heavy asset ownership and financing, while Zhongbei provides supply chain and operational services. This partnership reduces financial costs and enhances the development of computing power leasing [4][13][15] - The company is also working with academic teams, including that of Academician Cai Hengli, to develop applications in artificial intelligence, with projects expected to launch within one to two quarters [4][22][23] Future Outlook - The company is optimistic about the growth of its new energy business, with a strong order pipeline from traditional and new clients in the heavy-duty vehicle sector. The Hefei factory is expected to contribute significantly to revenue in Q2 2025 [8][9] - The focus for future development will remain on intelligent computing, 5G infrastructure, and new energy, which are seen as critical growth areas [26] Additional Notes - The company holds **40%** of Dahu Industrial, with the remaining shares held by Academician Cai and his team [24][25] - The company is actively addressing misconceptions about its private placement and is progressing well with competitive projects [16][17] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, strategic initiatives, market challenges, and future outlook.

Group 1 - The company reported a revenue of 549 million yuan for Q1 2025, representing a year-on-year decrease of 24.67% [1] - The net profit attributable to shareholders was 18.82 million yuan, down 59.49% year-on-year [1] - The decline in revenue was primarily due to a 27.53% decrease in income from 5G infrastructure business, the new energy battery production line being in the ramp-up phase, and an increase in financial expenses by over 22 million yuan [1] Group 2 - The company's intelligent computing business achieved a revenue of 135 million yuan, showing a significant year-on-year growth of 972.79% [1]

Core Insights - The company reported a revenue of 2.984 billion yuan for 2024, marking a year-on-year increase of 4.28%, with a net profit of 145 million yuan, up 0.66% [1] - The total assets of the company reached 8.088 billion yuan by the end of 2024, reflecting a significant year-on-year growth of 31.73% [1] Group 1: Intelligent Computing Business - The intelligent computing business achieved remarkable growth, generating revenue of 269 million yuan, a staggering year-on-year increase of 3696.16% [2] - The gross margin for the intelligent computing business exceeded 41%, making it the top-performing segment within the company [2] - The company has invested approximately 3 billion yuan in intelligent computing clusters, with operational computing power exceeding 15,000 P [2] - The company secured contracts worth about 2.5 billion yuan in intelligent computing services, including a recent order from Beijing Wanjie worth 441 million yuan [2] - The company is optimistic about the application of artificial intelligence across various sectors, leveraging its computing resources to collaborate with major model enterprises [2] Group 2: 5G Infrastructure and New Energy - The 5G infrastructure business generated revenue of 1.968 billion yuan in 2024, despite a year-on-year decline of 12.13% due to reduced investment from telecom operators [3] - The company managed to reduce costs by 14.13% year-on-year, resulting in a gross margin increase of 1.9 percentage points [3] - The company made significant progress in projects in Hubei and Hebei, and saw a substantial increase in overseas project bids [3] - In the new energy sector, the company formed a strategic partnership with Fudi Battery and introduced advanced production lines from BYD, with trial production set to begin in January 2025 [3] Group 3: Fundraising and Strategic Development - The company announced a plan to raise up to 1.922 billion yuan through a private placement, focusing on intelligent computing centers and 5G network construction [4] - This fundraising initiative is aimed at strengthening the company's core business and enhancing its competitive edge in the market [4] - The successful fundraising will improve the company's asset and liability structure, leading to increased profitability and core competitiveness [4]