Core Insights - The performance meeting held by Guangdong Tongyu Communication Co., Ltd. on September 1, 2025, attracted participation from 83 institutions, including Southern Fund and Western Gain Fund, where executives discussed the company's business development and financial data for the first half of 2025 [1] Business and Financial Overview - In the first half of 2025, the microwave antenna business generated approximately 119 million yuan, representing a year-on-year growth of about 84%, with a gross margin of 33%, accounting for 22% of total revenue [1] - The optical module business saw a revenue increase of 98%, currently contributing 0.67% to total revenue [1] - The satellite communication business reported a revenue increase of 2.59%, reaching 26 million yuan [1] Investor Interaction Highlights - The company is optimistic about the growth of its satellite communication business, which aligns with national strategies for low-orbit broadband satellite internet, and is involved in multiple satellite constellation plans [2] - The overseas sales account for nearly half of total revenue, driven by 4G construction in Belt and Road countries and 5G network upgrades in certain nations [2] - The MACRO WIFI product is being tested in several countries and has begun small-scale deliveries, with plans to expand sales channels in Belt and Road countries [2] - The company aims to enhance its communication capabilities in remote areas and sees significant demand for its products in domestic and international markets, particularly in Southeast Asia and Australia [2] - The company plans to optimize its sales structure and views satellite communication as a second growth curve for the next five years [2] - The subsidiary Sichuan Guangwei Communication has shown stable performance with its 400G and 200G products, and is expanding into overseas markets [2] - The company is optimistic about the base station antenna market over the next 3-5 years, despite a decline in direct procurement by domestic operators [2]

Company Overview and Financial Performance - The company introduced its basic situation and business development in the first half of 2025, along with future business plans [2] - The financial data for the first half of 2025 was analyzed, showing a revenue of approximately 119 million CNY for microwave antennas, with a year-on-year growth of about 84% [4] - Satellite communication revenue reached 26 million CNY, with a year-on-year increase of 2.59% [4] Business Growth and Strategic Focus - The company is optimistic about the future growth of its satellite communication business, aiming to establish it as a second growth curve alongside existing products [3] - The overseas sales ratio has approached 50% of total revenue, driven by 4G and 5G network upgrades in countries along the Belt and Road [3] - The company plans to enhance its sales strategies in Southeast Asia, the Middle East, and Africa, focusing on expanding its MACRO WIFI product sales channels [3] Product Development and Market Expansion - The company has developed specialized antennas for unique scenarios, such as high-speed rail and remote areas, addressing communication needs in underserved regions [4] - The company is actively participating in satellite communication applications and has established a solid presence in both domestic and international markets [4] - The company is also expanding its product lines in collaboration with Sichuan Guangwei Communication, focusing on high-demand areas like data centers and cloud computing [5] Future Outlook and Market Positioning - The company plans to maintain its focus on the base station antenna market over the next 3-5 years, despite a decline in domestic direct procurement [6] - It aims to leverage international market growth from 4G and 5G investments, enhancing its competitive edge through new product launches [6] - The company is committed to optimizing its business structure, with microwave antennas as the core and satellite communication as a key growth area for the next five years [4]