在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 在与每个智能汽车、笔记本电脑、智能音箱设备日常互动的背后，都隐藏着无数微小但至关重要的组件 作为支撑，无形中深入到生活中的方方面面。 近日，广和通无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在A股创业板 上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两地上市的宏 伟蓝图迈出关键一步。 同期，公司持续经营净利润也从人民币3.52亿元增至4.23亿元，证明了其在市场波动中保持盈利规模的 能力。 与此同时，也须审慎看待公司最新的运营数据。2025年前四个月，公司报告的总营收和归母净利润同比 有所下滑，主要由锐凌无线出表（会计处理）所致，若剔除这一影响，公司主业收入实际同比增长 23.49%，归母净利润同比增长6.54%，显示出核心业务保持着强劲的增长势头。 此外，在业务结构方面，广和通已完成了从基础数传模组向智能模组和AI模组的升级迭代，构建了"三 模"产品矩阵。值得关注的是，在2025年前四个月，智能模组的收入占比高达61.3%。 其中，智能模组因集成了应用处理器 ...

在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 在与每个智能汽车、笔记本电脑、智能音箱设备日常互动的背后，都隐藏着无数微小但至关重要的组件 作为支撑，无形中深入到生活中的方方面面。 近日，广和通（300638）无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在 A股创业板上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两 地上市的宏伟蓝图迈出关键一步。 从数传模组到AI模组，海外营收占比60% 智通财经APP了解到，广和通是全球第二大无线通信模组提供商，市场份额高达15.4%，并且在多个高 增长细分赛道占据领先地位： 例如，在智慧家庭和消费电子（如平板、笔记本）领域，公司均拿下全球第一的市占率，尤其在消费电 子领域，市占率高达75.9%；在汽车电子领域，公司位居全球第二，这得益于新能源汽车前装市场对高 可靠性模组需求的爆发。 尤其在同行对比中，广和通的全球化是其最鲜明的标签。其中，公司有高达60%的收入来自海外市场， 使得公司能够有效地分散单一国家或地区的政策及经济周期风险，并确保其技术标准和产品认证体系与 全球 ...

近日，广和通无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在A股创业板 上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两地上市的宏 伟蓝图迈出关键一步。 从数传模组到AI模组，海外营收占比60% 智通财经APP了解到，广和通是全球第二大无线通信模组提供商，市场份额高达15.4%，并且在多个高 增长细分赛道占据领先地位： 例如，在智慧家庭和消费电子（如平板、笔记本）领域，公司均拿下全球第一的市占率，尤其在消费电 子领域，市占率高达75.9%；在汽车电子领域，公司位居全球第二，这得益于新能源汽车前装市场对高 可靠性模组需求的爆发。 尤其在同行对比中，广和通的全球化是其最鲜明的标签。其中，公司有高达60%的收入来自海外市场， 使得公司能够有效地分散单一国家或地区的政策及经济周期风险，并确保其技术标准和产品认证体系与 全球主流市场保持同步。 这种全球化的业务结构，不仅为公司带来了规模经济效应，也显著提升了其国际品牌知名度和供应链议 价能力，是其构建深厚业务壁垒的关键。 在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 ...

Core Viewpoint - Guanghetong (300638.SZ) has passed the Hong Kong Stock Exchange hearing and updated its prospectus on October 5, moving closer to its listing on the Hong Kong main board, with plans for a global offering soon [3][4]. Company Overview - Guanghetong is a leading provider of wireless communication modules, offering data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its understanding of downstream application scenarios, including edge AI solutions and robotics [3][5]. - The application scenarios for Guanghetong's module products and solutions are extensive, covering automotive electronics, smart homes, consumer electronics, and smart retail [3][5]. Market Position - According to Frost & Sullivan, Guanghetong is the second-largest wireless communication module provider globally based on revenue from continuing operations in 2024 [3][6]. - Guanghetong has established a strong market presence, ranking first in market share for automotive electronics and smart home applications globally [6][7]. Financial Performance - For the four months ending April 30, 2025, Guanghetong reported revenue from continuing operations of approximately 2.481 billion RMB, a year-on-year increase of about 21.2%. However, net profit was approximately 160 million RMB, a decrease of about 31.3% [3][8]. - The sales revenue from 5G module products accounted for over 50% of the company's revenue from continuing operations during the same period [6][7]. Fundraising Plans - Guanghetong plans to use the net proceeds from its fundraising for research and development, particularly in AI and robotics technology, as well as for building manufacturing facilities in Shenzhen, China, and repaying certain interest-bearing bank loans [4][5]. Strategic Focus - The company aims to focus on strategic investments and/or acquisitions in wireless communication, artificial intelligence, robotics, and other complementary or synergistic fields [5][6].

Core Viewpoint - Guanghetong, a Chinese wireless communication module provider, has passed the listing hearing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Guanghetong was established in 1999 and specializes in data transmission modules, smart modules, and AI modules, offering customized solutions for edge AI and robotics [1] - The company is the second-largest wireless communication module supplier globally, with a projected market share of approximately 15.4% in 2024 [1] - As of September 30, Guanghetong's A-share market capitalization is about 23.2 billion yuan, with a year-to-date stock price increase of 52% [1] Industry Context - The products of Guanghetong are widely used in various sectors, including automotive electronics, smart home, consumer electronics, and smart retail [1] - The company was listed on the A-share market in April 2017 [1]

智通财经APP获悉，据港交所10月5日披露，深圳市广和通无线股份有限公司(简称：广和通)通过港交所主板上市聆讯，中信证券为其独家保荐人。广和通 (300638.SZ)已在深交所上市。根据弗若斯特沙利文，广和通是全球第二大无线通信模组提供商，全球市场份额为15.4%（以 2024年来自持续经营业务的收入 计）。 据招股书，广和通是领先的无线通信模组提供商。公司的模组产品包括数传模组、智能模组及AI模组。同时，公司以模组产品为基础，结合对下游应用场 景的理解，向客户提供定制化解决方案，包括端侧AI解决方案、机器人解决方案及其他解决方案。 凭借公司的研发实力，广和通在各代无线通信技术的迭代过程中不断取得突破。例如，于2019年，广和通联合英特尔发布全球首批5G数传模组之一，并推 出全球首批集成区块链技术的5G数传模组之一。于2020年，公司联合中国联通发布全球首批5G+eSIM模组之一及国内首批搭载国产芯片的5G数传模组之 一。 在全球无线通信模组市场中，广和通在多个下游应用场景的市场份额排名领先。具体而言，在汽车电子领域，广和通的市场份额排名全球第二，为14.4% （以来自持续经营业务的收入计）。2024年，汽车 ...

Core Viewpoint - Guanghetong Wireless Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, having already been listed on the Shenzhen Stock Exchange, and is recognized as the second-largest wireless communication module provider globally with a market share of 15.4% as of 2024 [1][3]. Company Overview - Guanghetong specializes in wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its module products and understanding of downstream application scenarios [3]. - The company has achieved significant breakthroughs in wireless communication technology, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019 and the first domestic 5G data transmission module equipped with a domestic chip in 2020 [3]. Market Position - In the automotive electronics sector, Guanghetong holds a global market share of 14.4%, ranking second, with the market size projected to reach RMB 11.7 billion in 2024, accounting for 26.8% of the global wireless communication module market [3]. - In the smart home sector, Guanghetong leads with a market share of 36.6%, with the market size expected to be RMB 6.6 billion in 2024, representing 15.1% of the global market [4]. - In the consumer electronics sector, the company also ranks first with a market share of 75.9%, with a projected market size of RMB 2.2 billion in 2024, making up 5.0% of the global market [4]. Financial Performance - The revenue figures for Guanghetong are as follows: approximately RMB 5.203 billion in 2022, RMB 5.652 billion in 2023, RMB 6.971 billion in 2024, and RMB 2.481 billion for the first four months of 2025 [4][6]. - The net profit for the same periods is approximately RMB 365 million in 2022, RMB 565 million in 2023, RMB 678 million in 2024, and RMB 160 million for the first four months of 2025 [4][6].

Core Insights - The report highlights the strategic moves of various companies in the textile and apparel industry, including the planned IPO of潮宏基 in Hong Kong and the brand strategy of 雪中飞 focusing on innovation and brand elevation [5][6][7] - The performance of the jewelry and bag sectors is analyzed, with潮宏基's jewelry business showing a revenue increase of 21.2% year-on-year, while the bag business faced a decline of 17.4% [5] - The report discusses the financial health of广和通, noting a significant revenue growth of 23.49% when excluding the impact of a specific business segment, and emphasizes the company's focus on AI and IoT technologies [10][12] -大全能源's financial performance is under scrutiny, with a reported revenue drop of 67.9% in the first half of 2025, but the company maintains a strong cash reserve to navigate market pressures [13][15] Market Trends - The textile and apparel sector experienced a slight decline, with the SW textile and apparel index down by 0.26% and the SW light industry manufacturing index down by 0.58% [6] - The report notes a mixed performance among sub-sectors, with SW textile manufacturing up by 0.76% and SW accessories down by 3.78% [6] - The report indicates a growing trend in online sales, with brands like 361 degrees and Anta seeing significant e-commerce revenue growth [7] Company Reviews - For广和通, the report emphasizes its deepening AI stack and the growth potential in embodied intelligence and smart cockpit solutions [10][12] - The analysis of大全能源 highlights its strategic production cuts to alleviate market supply pressures, despite a significant drop in revenue [13][15] - The report also discusses the performance of the jewelry sector, with潮宏基's revenue from jewelry reaching 39.24 million yuan, driven by strong growth in franchise and self-operated stores [5][11] Investment Recommendations - The report suggests continued investment in 361 degrees and recommends monitoring特步国际 and安踏体育 for potential growth opportunities [7] - In the jewelry sector,老铺黄金 and潮宏基 are recommended, with a focus on the upcoming demand due to seasonal factors [11] - The report indicates that the overall retail environment is improving, with名创优品 showing positive same-store sales growth and operational improvements [11]

Group 1 - The core products of the company include AI modules and edge AI solutions, as well as robotic products such as lawn mowing robots, mobile robot solutions, and the embodied intelligence robot development platform Fibot [1] - The company is exploring the integration of physical AI, which combines artificial intelligence with physics to enhance the understanding of the physical world, thereby driving advancements in robotics, autonomous driving, and high-end manufacturing [3] Group 2 - Investors have inquired about the company's offerings related to physical AI and whether it provides hardware components for robots or humanoid robots [3]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shenzhen Guanghetong Wireless Co., Ltd., allowing the company to issue up to 155,342,200 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1][2] Group 2 - Guanghetong is a leading global provider of wireless communication modules, with product offerings including data transmission modules, smart modules, and AI modules [4] - The company provides customized solutions based on its module products, including edge AI solutions, robotic solutions, and other applications [4] - Guanghetong's products and solutions cover a wide range of application scenarios, primarily in automotive electronics, smart home, consumer electronics, and smart retail [4] - According to Frost & Sullivan, Guanghetong is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [4]