Core Viewpoint - The company has announced a delay in the construction period of its "Research and Development Technology Center" project from December 2025 to December 2027, while maintaining the total investment amount for the fundraising project [19][26][30]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 220.54 million yuan, a year-on-year increase of 17.81%. However, the net profit attributable to the listed company was -188.01 million yuan, showing an improvement compared to the same period in 2024 [6][27]. - The company reported a total of 33.84 million yuan in asset impairment provisions for the first three quarters, which will reduce the total profit for the period [43][49]. Shareholder Information - As of September 30, 2025, the company had a total of 156,874,408 shares outstanding, with a repurchase of 1,000,000 shares completed in September 2025, accounting for 0.6366% of the total shares before cancellation [6][8]. Project Updates - The company is actively developing its first-generation smart wireless radio baseband processing chip, which has entered the commercialization phase, while the second generation has completed trial production and testing [6][27]. - The company has signed a land use rights transfer contract for its electronic information equipment production base in Nanjing, with a total area of 48,902.94 square meters [9]. Governance Changes - The company successfully completed the election of its fourth board of directors and has decided to abolish the supervisory board, transferring its responsibilities to the audit committee of the board [7][8]. Cash Management - The company has approved the use of up to 1 billion yuan of idle fundraising and self-owned funds for cash management, ensuring that it does not affect the construction of fundraising investment projects [13][14]. Legal Matters - The company is currently dealing with frozen bank accounts due to various disputes, with a total frozen amount of 10.29 million yuan, which does not impact its fundraising projects [10][11].

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing operational quality and increasing shareholder returns, with significant progress reported in the first half of the year [1][14]. Group 1: Business Performance - The company achieved a revenue of 154.46 million yuan in the first half of 2025, representing a year-on-year increase of 40.54% [1]. - The net profit attributable to shareholders was -108.72 million yuan, showing a year-on-year growth of 22.23% [1]. Group 2: Strategic Focus and Innovation - The company has strengthened its core business and optimized its product structure, leading to a notable recovery in performance due to positive industry signals [1]. - The company has developed key products such as smart wireless radio baseband processing chips and RF transceiver chips, enhancing its technological capabilities and forming a competitive edge in the industry [2][6]. Group 3: Project Implementation - The company has optimized the investment structure of its fundraising projects, particularly in the "Research and Development Technology Center" project, to enhance research capabilities [3]. - The "Electronic Information Equipment Production Base Construction Project" has made significant progress, with a total of 24.54 million yuan invested by the end of the first half of 2025 [4]. Group 4: Financial Management - The company has improved its accounts receivable management, achieving a collection of 136.50 million yuan, which is a year-on-year increase of 4.21% [5]. Group 5: R&D and Innovation - The company maintained a high R&D intensity, with R&D expenses amounting to 131.11 million yuan, accounting for 84.88% of revenue, despite a year-on-year decrease of 5.04% [7]. - The company has successfully completed trial production and testing of its next-generation smart wireless radio baseband processing chip, which shows significant improvements over previous models [6]. Group 6: Shareholder Returns - The company has implemented a profit distribution plan, increasing its share capital by 51,326,483 shares through a capital reserve conversion, signaling a commitment to shareholder returns [7][8]. - The company has repurchased a total of 1,692,552 shares, representing 1.08% of the total share capital, to enhance shareholder value [8]. Group 7: Corporate Governance - The company has revised its governance structure, eliminating the supervisory board and adjusting the board of directors to improve operational efficiency and decision-making [10]. - The company has conducted multiple meetings to ensure compliance with regulations and enhance the effectiveness of its governance and internal control systems [11]. Group 8: Investor Relations - The company has prioritized investor relations, utilizing various communication channels to ensure transparency and timely information dissemination regarding its financial performance and operational status [12][13].

Investment Rating - The report does not explicitly state an investment rating for the communication equipment industry or the specific company involved [1]. Core Insights - The communication equipment industry is experiencing a dual-driven demand from traditional equipment delivery acceleration and rapid development in emerging fields [17]. - The company, Shenzhen Kesi Technology Co., Ltd., has a significant first-mover advantage and deep technological accumulation in the electronic information industry, focusing on continuous R&D investment across various fields including AI and cloud computing [17]. - The company is actively pursuing intelligent and unmanned product trends, integrating AI, smart wireless communication, and virtual reality technologies into its offerings [17]. Summary by Sections 1. Basic Research Information - The research was conducted on March 13, 2025, focusing on Shenzhen Kesi Technology, which operates in the communication equipment sector [13]. 2. Detailed Research Institutions - Participating institutions included Ping An Fund, Southern Fund, Xinda Australia Fund, and Rongtong Fund, all of which are fund management companies [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company was established in 2004 and listed on the Sci-Tech Innovation Board in 2020, emphasizing its commitment to R&D in various advanced technology fields [17]. - The company has established a complete chip R&D team and has made significant investments in chip development, with successful trials of its first-generation smart wireless communication baseband chip [17][19]. - R&D expenses are primarily composed of employee salaries, materials, depreciation, and design/testing fees, with a high proportion allocated to chip development [19].