本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 发行数量：26,165,765 股 发行价格：85.21 元/股 预计上市时间：上海移远通信技术股份有限公司（以下简称"发行 人""公司"或"移远通信"）本次向特定对象发行股票（以下简称"本次发 行"）新增的 26,165,765 股股份已于 2025 年 12 月 24 日在中国证券登记结算有 限责任公司上海分公司办理完毕登记、托管及限售手续。公司本次发行新增股份 为有限售条件流通股，预计将于 6 个月限售期满后的次一交易日在上海证券交易 所(以下简称"上交所")上市流通交易，如遇法定节假日或休息日，则顺延至其 后的第一个交易日。限售期届满后的转让和交易将按中国证券监督管理委员会 (以下简称"中国证监会")及上交所的有关规定执行。本次发行对象所认购的股 份因公司分配股票股利、资本公积转增等情形所取得的股份，亦应遵守上述限售 安排。 资产过户情况：本次发行的股票全部以现金认购，不涉及资产过户情况。 证券代码：603236 证券简称：移远通信 公告编号：2025-0 ...

Group 1 - The company, Esky Communication, has announced the registration of a stock issuance to specific targets, with a total of 26.1658 million shares to be issued at a price of 85.21 yuan per share [1] - The total amount of funds raised is 2.23 billion yuan, with a net amount of 2.22 billion yuan after deducting issuance costs of 9.6587 million yuan [1] - The newly issued shares will be subject to a six-month lock-up period and will not involve asset transfer, with trading expected to commence on the Shanghai Stock Exchange after the lock-up period [1]

Group 1 - The core viewpoint of the report is that Esky Communication maintains its leading market share, with future demand for edge AI modules expected to bring additional growth [1] - According to Counterpoint's report, global shipments of cellular IoT modules are projected to grow by 10% year-on-year in Q3 2025, with Esky Communication holding a 37% share of the market, the highest globally [1] - The analysis suggests that the company's leading position is solid, and the demand driven by edge AI in the coming years is likely to provide new growth opportunities, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [7][8]. Core Insights - The company holds a leading position in the global cellular IoT module market, with a market share of 37% as of Q3 2025, and is expected to benefit from increased demand driven by edge AI modules in the coming years [8][10]. - The company's net profit for the first three quarters of 2025 increased by 105.65% year-on-year, reaching RMB 733 million, which exceeded market expectations [10]. - The company is well-positioned to capitalize on the recovery of the IoT industry, with significant growth anticipated in the automotive and smart meter sectors [10]. Company Overview - The company operates in the communication industry, with a current A-share price of RMB 92.64 and a market capitalization of RMB 24.24 billion [2]. - The company has a total of 261.66 million shares outstanding, with major shareholder Qian Penghe holding 17.19% [2]. Financial Performance - For the fiscal year ending December 31, 2025, the company is projected to achieve a net profit of RMB 1.024 billion, representing a year-on-year growth of 75% [9][10]. - The earnings per share (EPS) for 2025 is estimated at RMB 3.91, with a price-to-earnings (P/E) ratio of 24 [9][10]. Market Position - The company has maintained its leading market share in the IoT module sector, with a strong performance in wireless, automotive, and smart modules [10]. - The global IoT module market is expected to recover in 2024, following a decline in 2023, with the company poised to benefit from this recovery [10].

Core Viewpoint - The stock price of Quectel Wireless Solutions has shown significant fluctuations, with a year-to-date increase of 40.20% and recent declines in the short term, indicating a volatile market environment for the company [2]. Group 1: Stock Performance - As of December 24, the stock price increased by 2.10% to 94.59 CNY per share, with a trading volume of 450 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 24.75 billion CNY [1]. - Year-to-date, the stock has risen by 40.20%, with a slight decline of 0.22% over the last five trading days, an increase of 8.56% over the last 20 days, and a decrease of 6.17% over the last 60 days [2]. Group 2: Company Overview - Quectel Wireless Solutions, established on October 25, 2010, and listed on July 16, 2019, specializes in the design, production, research, and sales of wireless communication modules and solutions in the Internet of Things (IoT) sector [2]. - The company's main revenue sources are wireless modules and antennas, accounting for 99.32% of total revenue, with other sources contributing 0.68% [2]. - The company operates within the communication equipment sector, focusing on communication terminals and accessories, and is involved in various concept sectors including millimeter-wave radar, autonomous driving, 6G, drones, and 5G [2]. Group 3: Financial Performance - For the period from January to September 2025, Quectel achieved a revenue of 17.877 billion CNY, representing a year-on-year growth of 34.96%, while the net profit attributable to shareholders was 733 million CNY, reflecting a significant increase of 105.65% [2]. - Since its A-share listing, the company has distributed a total of 749 million CNY in dividends, with 540 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 42,400, a rise of 10.63%, with an average of 6,174 circulating shares per person, which is a decrease of 9.61% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 17.75 million shares, an increase of 1.1141 million shares compared to the previous period, while Ruiyuan Growth Value Mixed A (007119) holds 2.9047 million shares, a decrease of 19.82% [3].

Group 1 - The company, Yitu Technology, announced plans to utilize up to RMB 1 billion of idle raised funds for cash management, focusing on low-risk, high-security investment products such as large-denomination certificates of deposit and structured deposits [2] - The investment period is limited to products with a maturity of no more than 12 months, and the funds can be used in a rolling manner [2] - The decision was approved during the ninth meeting of the fourth board of directors, allowing for flexible management of the company's financial resources [2]

Core Insights - The Internet of Things (IoT) gateway is a crucial hub in the IoT architecture, facilitating interconnectivity between the perception layer, network layer, and application layer, while performing key functions such as data collection, protocol conversion, and edge computing [1][2][3] - The global IoT market is experiencing rapid growth, with revenues expected to reach $1.016 trillion in 2024 and projected to rise to $2 trillion by 2030, with the Asia-Pacific region contributing 55% of the revenue, primarily driven by China [1][7] - The Chinese IoT industry is set to reach a market size of 4.01 trillion yuan in 2024, increasing to 4.55 trillion yuan in 2025, with a year-on-year growth rate of approximately 13.7% [1][7] - The IoT gateway market in China is expected to grow to 45 billion yuan in 2024 and surpass 51.8 billion yuan in 2025, with an annual compound growth rate of over 15% [1][8] Industry Overview - The IoT gateway serves as a key device for interconnecting various IoT terminal devices with different protocols, types, and transmission rates, while also performing data collection, protocol conversion, edge computing, data filtering, and secure transmission [2][3] - The IoT gateway can be categorized based on protocol type, deployment scenario, and functional characteristics, including wireless protocol gateways, wired protocol gateways, and multi-protocol fusion gateways [3][5] Market Dynamics - The industrial-grade gateway accounts for over 42% of the market, with significant demand from key industries such as automotive manufacturing and energy and chemical sectors [8] - The consumer-grade gateway market is driven by the proliferation of smart home devices, while the automotive IoT gateway is experiencing rapid growth due to the development of V2X infrastructure [8] - Edge computing gateways, although currently holding a market share of about 6%-10%, are seeing a penetration rate of 35% due to the demand for real-time industrial applications [8] Policy Environment - The Chinese government has implemented various policies to promote the high-quality development of the IoT industry, including the "Digital China Construction Overall Layout Plan" and local initiatives aimed at integrating new information technologies with vertical sectors [6][7] Industry Chain - The IoT gateway industry chain is clearly defined, with upstream focusing on hardware and core technology suppliers, midstream consisting of gateway manufacturers and integrators, and downstream involving users and service providers in various IoT application fields [6] Competitive Landscape - The industry is characterized by a competitive landscape dominated by local giants like Huawei and ZTE, which hold approximately 41% of the market share, while specialized companies like Yihantong focus on specific verticals [10] Future Trends - The IoT gateway industry is expected to evolve towards deeper technological integration, with a focus on edge computing and artificial intelligence, transforming gateways into intelligent decision-making terminals [11] - The market will shift towards customized solutions for vertical industries, with a focus on adapting gateways to specific scenarios [12] - The trend of domestic substitution will continue, with local companies building self-sufficient supply chains and innovative service models emerging, such as "device as a service" [13][14]

Group 1 - The core viewpoint of the article highlights that 移远通信 (YeeLink Communication) is actively managing its idle fundraising through a board meeting held on December 22, 2025, to discuss cash management proposals [1] - For the year 2024, 移远通信's revenue composition is entirely from the wireless communication module industry, accounting for 100.0% [1] - As of the report, 移远通信 has a market capitalization of 24.6 billion yuan [1] Group 2 - The article also notes a significant surge in the sales of new energy heavy trucks, with November sales increasing by 178% year-on-year, indicating a strong demand in the market [1] - The industry is experiencing supply shortages, with customers directly urging manufacturers for orders, a situation described as rare in the past decade [1]

关于上海移远通信技术股份有限公司 国联民生证券承销保荐有限公司 使用暂时闲置的募集资金进行现金管理的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐人"） 作为上海移远通信技术股份有限公司（以下简称"移远通信"或"公司"）2025年度 向特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第1号一一规范运作》《上海证券交易所上市公司自律监 管指引第11号一一持续督导》等相关法律、法规和规范性文件的规定，对移远通 信使用暂时闲置的募集资金进行现金管理事项进行了核查，具体情况如下： 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在确保不改变募集资金用途和不影响募集资金投 资项目正常运行的情况下，公司对暂时闲置的募集资金进行现金管理。 （二）投资金额 根据募集资金使用情况，公司及全资子公司将使用总额不超过（含）人民币 10亿元的闲置募集资金进行现金管理，使用期限自第四届董事会第九次会议审议 通过之日起12个月。在上述使用期限及额度范围内，资金可循环滚动使用。 （三） ...

国联民生证券承销保荐有限公司 关于上海移远通信技术股份有限公司 使用募集资金置换预先投入的自筹资金的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 人"）作为上海移远通信技术股份有限公司（以下简称"移远通信"或"公司"） 2025年度向特定对象发行A股股票的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第1号一一规范运作》《上海证券交易所上市 公司自律监管指引第11号一一持续督导》等相关法律、法规和规范性文件的规定， 对移远通信使用募集资金置换预先投入募投项目及已支付发行费用的自筹资金 （以下简称"本次置换"）事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海移远通信技术股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕2184 号）核准，公司 2025 年 度向特定对象发行人民币普通股（A 股）26,165,765 股，发行价格 85.21 元/股， 募集资金总额为 2,229,584,835.65 元，扣除不含税保荐承销费用 ...