Group 1: Report Overview - The report is about the institutional research of Huamai Technology in the communication equipment industry on September 26, 2025 [1][2][17] Group 2: Research Basic Information - Research object: Huamai Technology [17] - Industry: Communication equipment [2][17] - Reception time: 2025 - 09 - 26 [17] - Reception staff: Chairman Xu Aimin, Director and General Manager Yang Yong, Director and Financial Controller Lu Yumin, Independent Director Chen Yiping, and Board Secretary Chen Ge [17] Group 3: Detailed Research Institutions - The research institutions mainly include investors and others [20] Group 4: Core Views - As an information and communication network infrastructure solution provider, Huamai Technology has the "R & D, design, manufacturing, sales, and service" integration ability, offers customized services, has core products covering a full range of ODN and wireless communication products suitable for multiple scenarios, and has formed a diversified pattern in communication infrastructure and data centers [24] - In the first half of 2025, the company's R & D expenses from January to June reached 2.37752 million yuan, with 10 new patents (including 8 invention patents), 568 valid patents (146 invention patents) and 128 software copyrights in total, and participated in formulating 96 standards in total [24] - In the first half of 2025, the company's net profit attributable to shareholders of listed companies was -21.8004 million yuan. The increase in the loss was mainly due to the impact of the domestic and international macro - economic environment, the compression of traditional industries, the decline in capital expenditure, and the decrease in sales prices of some products due to intensified market competition [24] - The company's current strategic focus is to consolidate the basic market of traditional industries and explore new tracks, seeking breakthroughs in battery charging and swapping business and the industrialization of outdoor base station integrated power products [26] - The company is actively expanding overseas markets, strengthening the development of markets in the Americas, Europe, and West Asia, and paying attention to the development of other emerging market regions [26]