Core Viewpoint - The stock of ShuoBeide has experienced fluctuations, with a year-to-date increase of 81.08% and a recent decline over the past 20 days, indicating volatility in its market performance [1][2]. Company Overview - ShuoBeide Wireless Technology Co., Ltd. is located in Huizhou, Guangdong Province, and was established on February 17, 2004. It was listed on June 8, 2012. The company specializes in the research, development, production, and sales of wireless communication terminal antennas [1]. - The main revenue components of the company include antennas (50.50%), wiring harnesses and connectors (26.34%), smart sensor modules (13.73%), heat dissipation devices and modules (8.86%), and others (0.57%) [1]. Financial Performance - For the period from January to September 2025, ShuoBeide achieved a revenue of 1.99 billion yuan, representing a year-on-year growth of 50.25%. The net profit attributable to the parent company was 50.71 million yuan, showing a significant increase of 1290.66% [2]. - Since its A-share listing, ShuoBeide has distributed a total of 116 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of ShuoBeide reached 88,000, an increase of 49.30% compared to the previous period. The average number of circulating shares per shareholder decreased by 33.14% to 5,005 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder, holding 3.01 million shares, a decrease of 8.42 million shares from the previous period [3]. Market Activity - On October 28, ShuoBeide's stock price fell by 2.02%, trading at 23.74 yuan per share with a total transaction volume of 509 million yuan and a turnover rate of 4.81%. The total market capitalization is 10.92 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 7, where it recorded a net purchase of 533 million yuan [1].

Core Viewpoint - The company ShuoBeide (300322) reported significant growth in its Q3 2025 financial results, indicating strong performance in its core business areas [1] Financial Performance - Q3 2025 revenue reached 782 million yuan, representing a year-on-year increase of 53.05% [1] - Net profit for Q3 2025 was 17.17 million yuan, showing a remarkable year-on-year growth of 3052.98% [1] - For the first three quarters of 2025, total revenue amounted to 1.99 billion yuan, with a year-on-year growth of 50.25% [1] - Net profit for the first three quarters was 50.71 million yuan, reflecting a year-on-year increase of 1290.66% [1] Business Focus - The company has concentrated on its core business and deepened collaboration with clients [1] - Key product areas such as antennas, wiring harnesses and connectors, thermal modules, and intelligent sensor modules have shown continuous positive development [1]

Core Insights - On October 22, ShuoBeide's stock fell by 3.07%, with a trading volume of 420 million yuan [1] - The company experienced a net financing outflow of 532.19 million yuan on the same day, with a total financing balance of 616 million yuan, representing 6.05% of its market capitalization [1] - ShuoBeide's main business includes the development, production, and sales of wireless communication terminal antennas, with revenue contributions from antennas at 50.50%, harnesses and connectors at 26.34%, smart sensor modules at 13.73%, and heat dissipation components at 8.86% [1] Financial Performance - As of June 30, ShuoBeide reported a revenue of 1.208 billion yuan for the first half of 2025, marking a year-on-year growth of 48.50% [2] - The net profit attributable to the parent company reached 33.53 million yuan, showing a significant increase of 981.11% compared to the previous period [2] - The company has distributed a total of 116 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 58,900, with an average of 7,485 circulating shares per person, a decrease of 2.45% from the previous period [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 11.4313 million shares, an increase of 9.1216 million shares from the previous period [2]

Group 1 - The company's liquid cooling business reported a revenue of 106,899,951.24 yuan in the first half of 2025, accounting for 8.9% of total revenue, with a growth rate exceeding 140% [2] - The gross profit margin for the liquid cooling segment is only 8.9%, which is significantly lower than that of antennas, harnesses, and connectors, as well as lower than that of peer companies in the liquid cooling sector [2] - Factors affecting product gross profit margins include structure, scale, business model, and market supply and demand [2]

Company Overview - Shuo Bei De Wireless Technology Co., Ltd. is located in Huizhou, Guangdong Province, established on February 17, 2004, and listed on June 8, 2012. The company specializes in the research, production, and sales of wireless communication terminal antennas [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.208 billion yuan, representing a year-on-year growth of 48.50%. The net profit attributable to the parent company was 33.53 million yuan, showing a significant increase of 981.11% [2]. - As of June 30, 2025, the company has cumulatively distributed 116 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - As of September 9, the stock price of Shuo Bei De was 22.72 yuan per share, with a market capitalization of 10.47 billion yuan. The stock has increased by 73.30% year-to-date, but has seen a decline of 5.06% in the last five trading days and 19.32% over the past 20 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 7, where it recorded a net purchase of 533 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 58,900, an increase of 1.37% from the previous period. The average circulating shares per person decreased by 2.45% to 7,485 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 11.4313 million shares, an increase of 9.1216 million shares compared to the previous period [3]. Industry Context - Shuo Bei De operates within the electronic industry, specifically in the consumer electronics sector, focusing on components and assembly. The company is associated with several concepts, including NFC, 5.5G, drones, Beidou navigation, and robotics [2].

Company Overview - Shuo Bei De Wireless Technology Co., Ltd. is located in Huizhou, Guangdong Province, established on February 17, 2004, and listed on June 8, 2012. The company specializes in the research, production, and sales of wireless communication terminal antennas [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1.208 billion yuan, representing a year-on-year growth of 48.50%. The net profit attributable to shareholders was 33.53 million yuan, showing a significant increase of 981.11% [2]. - Since its A-share listing, the company has distributed a total of 116 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Performance - As of September 5, the stock price of Shuo Bei De was 22.51 yuan per share, with a market capitalization of 10.373 billion yuan. The stock has increased by 71.70% year-to-date but has seen a decline of 17.42% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 7, where it recorded a net purchase of 533 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 58,900, with an average of 7,485 circulating shares per person, a decrease of 2.45% from the previous period [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 11.4313 million shares, an increase of 9.1216 million shares compared to the previous period [3]. Industry Context - Shuo Bei De operates within the electronic industry, specifically in the consumer electronics sector, focusing on components and assembly. The company is associated with several concepts, including 5.5G, NFC, drones, Beidou navigation, and robotics [2].

Group 1 - The company, ShuoBeide (300322), has a diversified business structure consisting of four main segments: antennas, thermal management modules, wiring harnesses and connectors, and intelligent sensor modules [1] - The company claims to possess advantages in technology, research and development, customer relations, talent acquisition, and manufacturing capabilities [1]

Company Overview - ShuoBeide Wireless Technology Co., Ltd. is located in Huizhou, Guangdong Province, established on February 17, 2004, and listed on June 8, 2012. The company specializes in the research, development, production, and sales of wireless communication terminal antennas [1][2]. Financial Performance - For the first half of 2025, ShuoBeide achieved operating revenue of 1.208 billion yuan, representing a year-on-year growth of 48.50%. The net profit attributable to shareholders was 33.53 million yuan, showing a significant increase of 981.11% [2]. - Since its A-share listing, ShuoBeide has distributed a total of 116 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Performance - As of August 25, ShuoBeide's stock price increased by 100.92% year-to-date, with a recent decline of 7.55% over the last five trading days. The stock has risen by 39.37% over the past 20 days and 75.02% over the past 60 days [1]. - The stock's trading volume on August 25 was 336 million yuan, with a turnover rate of 2.91% and a total market capitalization of 12.138 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for ShuoBeide was 58,900, an increase of 1.37% from the previous period. The average circulating shares per person decreased by 2.45% to 7,485 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder, holding 11.4313 million shares, an increase of 9.1216 million shares from the previous period [3]. Business Segments - The main business revenue composition of ShuoBeide includes antennas (55.16%), wiring harnesses and connectors (24.27%), smart modules (12.52%), heat dissipation components and modules (6.88%), and others (1.18%) [1]. Industry Classification - ShuoBeide is classified under the electronic industry, specifically in the consumer electronics sector, focusing on consumer electronic components and assembly. The company is associated with concepts such as 5.5G, Apple, Samsung, drones, Beidou navigation, and 5G [2].

Core Insights - The company ShuoBeide (300322) reported significant growth in both revenue and net profit for the first half of 2025, with total revenue reaching 1.208 billion yuan, a year-on-year increase of 48.5%, and net profit attributable to shareholders amounting to 33.53 million yuan, up 981.11% compared to the previous year [1][3]. Financial Performance - Total revenue for Q2 2025 was 691 million yuan, reflecting a 54.04% year-on-year increase [1]. - The net profit for Q2 2025 was 19.01 million yuan, which is a 67.42% increase year-on-year [1]. - Gross margin decreased to 23.73%, down 6.25% year-on-year, while net margin increased significantly to 3.48%, up 30,418.42% year-on-year [1]. - Total expenses (sales, management, and financial) amounted to 149 million yuan, accounting for 12.34% of revenue, a decrease of 17.53% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) rose to 0.07 yuan, a 600% increase year-on-year [1]. - Operating cash flow per share was -0.03 yuan, a decrease of 146.87% year-on-year [1]. - The company’s cash and cash equivalents increased by 122.21% due to higher financing activities [3]. Operational Insights - The increase in revenue is attributed to the company's focus on its core business and enhanced collaboration with clients, particularly in antenna, harness, connector, heat dissipation module, and smart sensor module sectors [3]. - The increase in operating costs by 51.64% is linked to the rise in revenue [3]. - The company experienced a significant increase in financing activities, with net cash flow from financing activities rising by 188% [3]. Historical Context - The company has shown a weak historical return on invested capital (ROIC), with a median of 3.14% over the past decade, and a particularly poor performance in 2015 with a ROIC of -12.6% [4]. - The company has reported losses in four out of its twelve annual reports since going public, indicating a generally weak financial history [4].

Core Viewpoint - The company has shown significant growth in revenue and net profit during the reporting period, driven by strong performance in its core business areas, including antennas, thermal modules, and sensor modules [4][5]. Financial Performance - The company's operating revenue for the reporting period reached approximately 1.21 billion yuan, representing a year-on-year increase of 48.50% compared to 813.66 million yuan in the same period last year [4]. - The net profit attributable to shareholders was approximately 33.53 million yuan, a substantial increase of 981.11% from 3.10 million yuan in the previous year [4]. - The basic and diluted earnings per share both increased to 0.07 yuan, reflecting a growth of 600% from 0.01 yuan [4]. - The net cash flow from operating activities was negative at approximately -14.00 million yuan, a decline of 146.38% from 30.20 million yuan [4]. Business Segments - Antenna Business: The company capitalized on the recovery of the consumer electronics market, resulting in a significant increase in antenna shipments for consumer electronics, which drove rapid profit growth in this segment [5]. - Thermal Modules: High-value SOC thermal projects achieved mass production and stable delivery, leading to a doubling of revenue year-on-year and improved operational performance [5]. - Wiring Harness and Connectors: The company leveraged opportunities in the electric vehicle industry, resulting in a rapid increase in new orders due to enhanced customer recognition [5]. - Intelligent Sensor Modules: The company successfully divested its fingerprint module business and focused resources on sensor modules, with the Vietnam factory achieving mass production and significant growth in overall business scale [5].