Q3 单季度，公司营收为16.48 亿元，环比增长14.11%，归母净利润为7.18亿元，环比增长5.91%。Q3 毛 利率为61.96%，同比下降4.88 个百分点，环比下降3.76 个百分点，主要是受前期关税政策及海外产能 爬坡带来的影响。当前关税政策趋于明朗，海外产能建设已取得有序进展，长期来看关税对公司毛利率 的影响总体处于可控范围。 三大产品线保持稳健，市场地位保持领先 由于美国关税政策的不确定性，公司于2024 年底启动海外产能转移项目，目前海外产能建设已取得阶 段性进展，预计下半年将进入产能加速释放期。 事件：公司发布2025 年第三季度报告，前三季度公司实现营业收入42.98亿元，同比增长4.59%，归母 净利润为19.58 亿元，同比下降5.16%，扣非归母净利润为18.43 亿元，同比下降3.86%。经营活动现金 净流量为14.6亿元，同比下降25.93%。 为应对宏观环境的不确定性，公司积极布局供应链全球化，长期而言，海外产能建设对盈利的正向价值 将逐步凸显，公司将充分利用海外产能的优势，拓展全球市场。 Q3 营收环比改善，毛利率同比下降 2025 年前三季度，公司三条产品线整体保持稳健 ...

公司报告 | 季报点评 亿联网络（300628） 证券研究报告 Q3 经营持续改善，海外产能加速释放 事件：公司发布 2025 年第三季度报告，前三季度公司实现营业收入 42.98 亿元，同比增长 4.59%，归母净利润为 19.58 亿元，同比下降 5.16%，扣非 归母净利润为 18.43 亿元，同比下降 3.86%。经营活动现金净流量为 14.6 亿元，同比下降 25.93%。 Q3 营收环比改善，毛利率同比下降 Q3 单季度，公司营收为 16.48 亿元，环比增长 14.11%，归母净利润为 7.18 亿元，环比增长 5.91%。Q3 毛利率为 61.96%，同比下降 4.88 个百分点， 环比下降 3.76 个百分点，主要是受前期关税政策及海外产能爬坡带来的影 响。当前关税政策趋于明朗，海外产能建设已取得有序进展，长期来看关 税对公司毛利率的影响总体处于可控范围。 三大产品线保持稳健，市场地位保持领先 2025 年前三季度，公司三条产品线整体保持稳健，均延续"环比改善、逐 季上行"的良好趋势，公司对企业通信市场的长期景气度及自身业绩增长潜 力保持充分信心，会议产品增长势头恢复，云办公终端仍展现出较好 ...

浙商证券研报指出，亿联网络25Q3实现营收16.48亿元，符合我们此前预期的15-17亿元，同比 +14.26%，环比+14.11%；归母净利润7.18亿元，略超我们此前预期的6.5-7亿元，同比+1.95%，环比 +5.91%。公司三季度收入利润均实现环比和同比双回升，经营显著回暖。针对上半年对公司业务造成 较大影响的关税及海外产能问题，目前均在逐渐向好方向发展。认为关税调整+产能转移对公司未来1-2 年的利润率影响可控，随着后续海外产能成熟度进一步提升，有望进一步弱化负面影响。同时，全球化 的产能布局更有利于公司应对日益复杂的国际贸易竞争，进一步提升公司的市场份额。公司将于Q4继 续推出MeetingBarA25、智能办公大模型一体机及中高端话机T7、T8系列等新产品，细分市场竞争力有 望提升。维持"买入"评级。 ...

投资要点 海外产能影响边际减弱，Q3 经营表现改善 25Q3公司实现营收16.48亿元，符合我们此前预期的15-17亿元，同比+14.26%，环比+14.11%；归母净 利润7.18 亿元，略超我们此前预期的6.5-7 亿元，同比+1.95%， 环比+5.91%； 扣非后归母净利润6.88 亿元， 同比+3.46%， 环比+10.07%。公司三季度收入利润均实现环比和同比双回升，经营显著回暖， 主要系上半年受国际贸易环境波动及海外产能转移节奏带来的影响已有所改善，出货节奏恢复平稳；利 润端增速低于收入，主要系毛利率受前期关税政策及海外产能爬坡等影响，Q3 公司毛利率61.69%，同 比-4.88pct，环比-3.76pct。 预计公司25-27 年归母净利润分别为26.8/30.4/34.0 亿元，分别同比+1.1%/13.6%/11.9%，对应25-27 年PE 分别为18/16/14 倍，维持"买入"评级。 风险提示 2025 年前三季度，公司实现收入42.98 亿元，同比+4.59%；归母净利润19.58 亿元，同比-5.16%；扣非 后归母净利润18.43 亿元，同比-3.86%。 产能转移有序推进， ...

Core Viewpoint - Yilian Network, a leading provider of enterprise communication terminal solutions, has demonstrated strong financial performance and growth potential in the third quarter of 2025, with significant revenue and profit figures compared to industry peers [2][6]. Financial Performance - In Q3 2025, Yilian Network achieved a revenue of 42.98 billion, ranking 4th among 29 companies in the industry, while the industry leader, Yiyuan Communication, reported a revenue of 178.77 billion [2]. - The company's net profit for the same period was 19.58 billion, the highest in the industry, significantly surpassing the second-place Yiyuan Communication's net profit of 7.27 billion [2]. Profitability and Debt Ratios - Yilian Network's asset-liability ratio stood at 11.34% in Q3 2025, an increase from 9.00% year-on-year, which is well below the industry average of 40.17%, indicating strong debt repayment capability [3]. - The company's gross profit margin was 63.95%, slightly down from 65.81% year-on-year, but still significantly higher than the industry average of 26.55%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.73% to 36,600, while the average number of circulating A-shares held per shareholder decreased by 4.52% to 19,800 [5]. Business Highlights - Yilian Network's cloud office terminal revenue reached 2.62 billion, marking a year-on-year growth of 30.55%, alongside the launch of the new wired headset UH4X series [6]. - The company plans to transfer part of its supply chain overseas by 2025, which is expected to enhance operational efficiency [6]. - The desktop communication terminal segment continues to optimize product structure and expand into high-end markets [6].

Group 1: Overall Performance - In the first three quarters of 2025, the company achieved a revenue of 4.298 billion CNY, a year-on-year increase of 4.59% [3] - The net profit attributable to shareholders was 1.958 billion CNY, a year-on-year decrease of 5.16% [3] - In Q3 2025, revenue reached 1.648 billion CNY, up 14.26% year-on-year, while net profit was 718 million CNY, an increase of 1.95% year-on-year [3] Group 2: Product Line Performance - The company maintained steady performance across three product lines, showing a trend of "quarterly improvement" [4] - Meeting products showed a recovery in growth, while cloud office terminals continued to exhibit sustainable growth potential [4] - Desktop communication terminals faced short-term pressure but are gradually stabilizing, with resilient downstream demand [4] Group 3: Overseas Capacity and Profitability - The impact of tariffs and overseas capacity issues is gradually improving, with the U.S. tariff distribution largely stabilized [6] - The company aims to meet 70% of U.S. demand through overseas capacity by the second half of the year [6] - A dynamic adjustment mechanism for production and delivery has been implemented to ensure stable overseas market deliveries [6] Group 4: Q&A Insights - The decline in Q3 gross margin was primarily due to previous tariff policies and the ramp-up of overseas capacity, but the long-term impact is manageable [7] - Orders that were not delivered in the first half of the year have largely been fulfilled by the end of Q3, with healthy downstream market demand [8] - Current inventory increases are related to overseas capacity construction, ensuring production continuity and flexibility [9] - Tariff fluctuations had a disruptive effect on business in the first half, but the situation has stabilized, allowing for improved overseas capacity [10] - The hearing aid business is in its early stages, with a focus on product quality and reliability for future growth [11] - Dividend considerations will balance shareholder returns with long-term development needs, with a stable cash position expected [12]