Core Viewpoint - The company, Guangha Communication, plans to enhance its research and development efforts in various intelligent systems and technologies to maintain its competitive edge in the market [2] Group 1: Product Development - The company aims to deepen its R&D and optimize products such as intelligent operation and maintenance systems, intelligent scheduling business assistants, and smart airport systems [2] - Significant technological advancements are expected in areas including voice interaction-based scheduling intelligent platforms, low-code technology for intelligent business flow engines, and enhanced terminal communication capabilities [2] Group 2: Technological Advancements - The company is focusing on achieving important technological breakthroughs in autonomous controllable technology, as well as enhancing audio and visual experiences for intelligent terminals and scene integration technologies [2] - These efforts are intended to strengthen the company's core technological advantages and ensure its technological leadership in the industry [2]

Group 1: Company Overview and Core Competencies - The company maintains a high market share in power dispatch systems, digital hydropower, X-ray detection of electrical equipment, and certain defense communication systems [3] - The company has sustained a research and development (R&D) investment rate of over 15% for the past five years, providing integrated solutions for key industry users [3] - The company has over 30 years of experience in technology, products, and management, establishing a strong brand presence in the command and dispatch communication market [3] Group 2: Emerging Business Areas - The company is expanding into intelligent command and dispatch, focusing on sectors such as railways, emergency response, oil, and petrochemicals [4] - In the railway sector, the company has participated in 5G-R line technical experiments and secured contracts for local railway dispatch projects [4] - The emergency response sector benefits from national policy support, with the company actively involved in major emergency drills and disaster communication support [4] Group 3: Financial Performance and Management - Non-recurring gains for the year include subsidies related to technology projects and grants for specialized small and medium enterprises [5] - The increase in accounts receivable is attributed to project progress in defense business and consolidation of subsidiaries, with no significant recovery risks identified [6] Group 4: Future Development and Financing - The company plans to invest in R&D for intelligent operation systems, intelligent dispatch assistants, and smart machine systems, focusing on voice interaction and low-code technologies [7][8] - The company’s stock issuance to specific investors was approved by the Shenzhen Stock Exchange on December 18, 2025, to support business development and accelerate technology R&D [8]

Core Viewpoint - Guangha Communication plans its first private placement since its listing in 2017, aiming to raise up to 750 million yuan to strengthen its main business development and enhance its core competitiveness [2][4]. Financing Plan - The company intends to issue no more than 49.83 million shares to a maximum of 35 specific investors, with total fundraising not exceeding 750 million yuan [3]. - After the issuance, the controlling shareholder, Guangzhou Digital Science Group, will hold 55.28% of the shares, maintaining its status as the controlling entity [3]. Business Strategy and Performance - Guangha Communication has experienced steady growth in operating performance, with revenue, net profit, and net profit excluding non-recurring gains increasing by 170.6%, 373%, and 573% respectively from 2019 to 2024 [2][6]. - The company focuses on a three-pronged industrial layout strategy: reliable communication networks, comprehensive command and dispatch systems, and intelligent services [4][6]. Investment Projects - The raised funds will be allocated to three major projects: - New generation intelligent dispatch system construction (investment: 346 million yuan, funding: 309 million yuan) - Smart command system upgrade (investment: 280 million yuan, funding: 245 million yuan) - Core technology research for dispatch command systems (investment: 278 million yuan, funding: 197 million yuan) [5]. - The new generation intelligent dispatch system aims to develop products based on cloud-edge architecture and expand into new application fields such as railways and petrochemicals [5]. Technological Innovation - The company is engaged in the research, production, and sales of digital and multimedia command dispatch systems, with applications in critical sectors like power, defense, and emergency response [6]. - Guangha Communication has been driving innovation through a dual approach of "innovation + capital," leading to continuous growth in operating performance [6]. - The company has made significant investments in R&D, with expenditures of 61.93 million yuan, 72.09 million yuan, and 75.36 million yuan from 2022 to 2024, representing 16.16%, 15.99%, and 13.86% of revenue respectively [7]. Workforce and R&D Capacity - As of the end of 2024, the number of R&D personnel increased by 27.22% to 215, accounting for 31.62% of the total workforce [8].