Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4]. Core Viewpoints - The company is experiencing steady revenue recovery, with a projected revenue of 124.25 billion yuan in 2023, slightly increasing to 150.12 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.5% from 2025 to 2027 [1]. - The net profit attributable to the parent company is expected to decline from 9.33 billion yuan in 2023 to 8.43 billion yuan in 2024, before gradually increasing to 9.46 billion yuan by 2027, indicating a focus on long-term growth despite short-term challenges [1]. - The company is undergoing a structural transformation, shifting from a primary focus on operator networks to a collaborative development model involving "network + computing power + terminals," with over 35% of revenue coming from the second curve business [2][3]. Financial Summary - Revenue is projected to decrease by 2.4% in 2024, followed by a recovery with a growth rate of 7.0% in 2025 and maintaining similar growth rates through 2027 [1]. - The gross margin is under pressure during the transformation phase, with a reported gross margin of 34.27% in Q1 2025, down 7.75 percentage points year-on-year, primarily due to intense competition in the computing power and terminal markets [2]. - The company anticipates that the computing power business will become a major growth driver, particularly with the launch of DeepSeek, which is expected to shift demand from training to inference, thus expanding the market size [2]. Earnings Forecast - The forecasted net profit for the company is 8.58 billion yuan in 2025, 8.88 billion yuan in 2026, and 9.46 billion yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 17.5, 16.9, and 15.9 respectively [3][4].

Core Insights - The development of large AI models is driving a significant increase in demand for computing power, with a projected annual growth rate of 10 times as AI evolves from version 1.0 to 2.0 [1] - ZTE Corporation has established a dual-driven strategy of "Connectivity + Computing Power" to become a leader in the "network connectivity + intelligent computing power" sector, emphasizing the importance of AI integration in various industries [3][4] - The global AI market is expected to exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32%, indicating substantial investment opportunities in AI technologies [4] Industry Developments - ZTE's revenue for Q1 this year reached 32.97 billion yuan, a year-on-year increase of 7.8%, with over 35% of revenue coming from its second curve business focused on computing power and terminals [5] - The company is focusing on three key areas in AI: enhancing ICT infrastructure solutions, developing AI terminal applications, and promoting AI innovation for broader application [5][6] - ZTE has launched the AiCube DeepSeek intelligent computing integrated machine, which is already being applied in sectors such as education, healthcare, steel, and automotive [5] Challenges and Solutions - Industry clients face challenges such as data pollution, high costs of data collection, and long business cycle times for AI technology updates [9] - ZTE has upgraded its digital cloud platform to address these challenges, facilitating better integration of AI into business operations [9] - The introduction of the "Xingyun Intelligent Agent" marks a new phase in the deployment of enterprise-level intelligent agents, aimed at lowering the technical barriers for AI model commercialization across various industries [10]

Core Viewpoint - The forum focused on how artificial intelligence (AI) can empower the digital transformation of education and explore innovative development paths for "AI + Education" [1] Group 1: AI and Education Transformation - AI is reshaping the educational ecosystem, with digitalization being a key engine for high-quality educational development [3] - The Ministry of Education and nine other departments have issued opinions to accelerate educational digitalization, guiding collaborative innovation between schools and enterprises [3] - ZTE Corporation has planned three main paths: establishing an AI + Education special fund, creating a digital resource pool for education, and deepening industry-education integration [3] Group 2: Innovation and Competitions - The 2025 Second Education Information Technology Application Innovation Competition is set to begin, with ZTE hosting the AI-focused "Target Intelligent Detection Technology Application Practice Competition" [5] - This competition aims to address technical challenges in target detection, combining academic research with practical needs to accelerate technology application [5] Group 3: Industry Collaboration and Solutions - Representatives from leading companies discussed AI education, digitalization, and industry-education integration, launching the "Zhihai AI Education Integrated Machine" for smart teaching solutions [6] - ZTE officially launched the ZTE AI Certification, emphasizing its role as a builder of digital economy and its commitment to educational digitalization [6] - ZTE's "three-in-one" solution focuses on technology foundation, industry-education integration, and ecological co-construction [6] Group 4: Future Directions and Goals - ZTE is actively collaborating with the Ministry of Education on various initiatives, including talent cultivation and international professional standards [7] - The successful forum marks a significant step in promoting the integration of education and technology, contributing to the "Digital China Strategy" [7] - ZTE aims to accelerate the implementation of industry-specific large models and enhance AI talent development to achieve educational reform goals [7]

Group 1 - The company has positioned the internet market as a strategic focus, aiming to expand cooperation with major firms like ByteDance, Alibaba, and Tencent [1] - In Q1, the company's orders for intelligent computing servers accounted for over 60%, with significant growth in the scale of cooperation [1] - As 5G investments mature, operators are shifting their capital expenditures towards computing power, with a projected increase in computing investments by major telecom operators [1] Group 2 - The company anticipates a 2.38% year-on-year decline in revenue for 2024, with a net profit of 8.425 billion yuan, down 9.66% [2] - The company is confident in returning to revenue growth, driven by changes in AI market focus from training to inference [2] - Organizational adjustments are being made to enhance responsiveness and efficiency in dealing with internet companies [2][3] Group 3 - The company is implementing a "big company, small team" approach, establishing dedicated teams for each client to improve decision-making speed and project efficiency [3] - In Q1, the company's revenue grew by 7.8%, with enterprise revenue doubling and surpassing 20% of total revenue for the first time [3] - The company aims to focus on breakthroughs in telecommunications, internet, finance, and power industries this year [3]

Core Viewpoint - The telecommunications industry is shifting focus from 5G infrastructure to AI infrastructure investment, with companies like ZTE Communications aiming to capitalize on growth opportunities in the AI era [1][2]. Group 1: AI and Infrastructure Investment - ZTE Communications is transitioning from a fully connected model to a "connection + computing power" model, anticipating significant growth driven by AI over the next 3 to 5 years [1][2]. - IDC predicts that the global AI market will exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32%, prompting major internet companies and operators to increase investments in computing infrastructure [1]. Group 2: Revenue and Business Segments - In 2024, ZTE Communications expects a 2.38% year-on-year decline in revenue due to the overall investment environment, but the company is optimistic about returning to growth driven by AI [2]. - The revenue from ZTE's second curve business, which includes computing and terminals, accounted for over 35% in Q1, while the enterprise business revenue doubled, making up over 20% [2]. Group 3: Shift in Revenue Sources - The operator network, previously ZTE's highest revenue source, saw a 15.02% decline in revenue to 703.27 billion yuan in the previous year, influenced by the domestic investment environment [3]. - By 2024, the operator business's revenue share is projected to decrease to 57.98%, while consumer business revenue will rise to 26.72%, and enterprise business revenue will reach 15.3% [3]. Group 4: Growth in Enterprise Business - The surge in AI adoption is driving demand for intelligent computing, with intelligent computing servers becoming a core growth engine for ZTE [4]. - The company anticipates significant growth in the enterprise market, driven by the digitalization needs of industries like short video and live streaming [4]. Group 5: Strategic Focus on Key Industries - ZTE is targeting major clients in the internet, finance, and power sectors, with significant investments in AI infrastructure from leading companies like Alibaba, which plans to invest 380 billion yuan over three years [5]. - The company has adopted a "large enterprise-small team" model to enhance responsiveness to clients, integrating R&D, supply chain, and sales resources [5]. Group 6: Consumer Business Challenges and Strategies - ZTE's consumer business, including smartphones, is viewed as a core growth area, with over 26% of total revenue coming from this segment last year [8]. - The company plans to increase investment in mobile phones, focusing on brand and channel development, and enhancing product competitiveness through collaboration with AI technology firms [9].

Market News - The three major US stock indices closed mixed, with the Dow Jones up 0.28%, S&P 500 up 0.06%, and Nasdaq down 0.1% [1] - International crude oil futures settled down 1.5%, with WTI crude oil futures for June down 1.54% at $62.05 per barrel, and Brent crude down 1.51% at $65.86 per barrel [1] - COMEX gold futures rose 1.83% to $3358.9 per ounce, while COMEX silver futures increased by 0.21% to $33.08 per ounce [1] - European stock indices showed positive performance, with the Euro Stoxx 50 up 0.50%, FTSE 100 up 0.22%, CAC 40 up 0.50%, and DAX 30 up 0.18% [1] Industry Insights Robotics Sector - ZTE Corporation is entering the companion robot market, planning to launch home robot products that provide emotional value and safety [2] - The "Tina" humanoid robot, developed in collaboration with Sichuan Tianlian, was showcased and is aimed at B-end applications, featuring language understanding and motion decision capabilities [2] AI Large Models - Alibaba Cloud has open-sourced the Qwen3 series models, which have gained significant attention on GitHub, with the flagship model outperforming well-known industry models in various benchmarks [4] - The introduction of mixed thinking modes and enhanced reasoning capabilities in the Qwen3 series is expected to drive rapid development in the AI industry [4] Brain-Computer Interface - The Chinese Academy of Sciences has developed a flexible microelectrode implantation robot, CyberSense, which has passed preliminary acceptance tests, aiding brain-computer interface research [5] - The National Healthcare Security Administration has initiated guidelines for pricing new neurotechnology, paving the way for clinical applications of brain-computer interfaces [6] Autonomous Driving - The Ministry of Industry and Information Technology has released key points for automotive standardization by 2025, focusing on enhancing standards for intelligent connected vehicles [7] - The penetration rate of new energy passenger vehicles has exceeded 50% for five consecutive months, indicating a significant market shift towards intelligent driving technologies [8]

Core Insights - The core viewpoint of the article highlights ZTE Corporation's significant investment in research and development (R&D) over the past 20 years, showcasing its commitment to innovation and intellectual property management [2][3] Group 1: R&D Investment and Strategy - ZTE has increased its R&D investment by over 10 times in the past 20 years, with R&D expenses projected to account for approximately 20% of revenue in 2024 [2] - By the end of 2024, ZTE will have applied for a total of 93,000 global patents, with 48.5% of its employees dedicated to R&D [2] - The company has established 11 R&D bases across the country, with over 40% of its employees holding a master's degree or higher [2] Group 2: Intellectual Property Achievements - ZTE has achieved patent coverage in 55 countries and regions globally, with 48,000 authorized patents and over 90% being invention patents [3] - The company has applied for approximately 5,500 chip-related patents and over 5,000 AI patents, with nearly 50% of the AI patents already authorized [3] - ZTE ranks among the top five global patent holders in terms of effective global patent families, having disclosed nearly 7,000 families of essential 5G standard patents [3] Group 3: Recognition and Awards - ZTE has received numerous accolades for its patent achievements, including 11 gold awards, 3 silver awards, and 39 excellence awards in the China Patent Awards, as well as 30 National Science and Technology Progress Awards [3] - The recognition reflects ZTE's systematic advantages in technology R&D, patent layout, and industrial application [3]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company's revenue has returned to a growth trajectory, achieving an operating income of 32.97 billion yuan in Q1 2025, a year-on-year increase of 7.8%. However, the net profit attributable to the parent company decreased by 10.5% to 2.45 billion yuan, and the non-recurring net profit fell by 26.14% to 1.96 billion yuan [1] - The strategic upgrade focusing on connectivity and computing power is showing initial results, with over 35% of revenue coming from the second curve business, and the government and enterprise business revenue doubling year-on-year, accounting for over 20% [1][2] - The company has solidified its market position in the connectivity sector through continuous technological innovation, maintaining a leading position in both wireless and wired products while increasing its market share among overseas operators [1] Revenue and Profit Forecast - The company is expected to see continued growth in AI computing power business, with projected net profits for 2025, 2026, and 2027 being 8.895 billion yuan, 10.117 billion yuan, and 12.858 billion yuan respectively [3] - Revenue forecasts for 2025, 2026, and 2027 are 129.833 billion yuan, 144.313 billion yuan, and 161.029 billion yuan, reflecting growth rates of 7.0%, 11.2%, and 11.6% respectively [5]

证券代码（A/H）：000063/00763 证券简称（A/H）：中兴通讯 公告编号：202542 中兴通讯股份有限公司 二〇二五年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 中兴通讯股份有限公司（以下简称"公司"或"本公司"）已于 2025 年 4 月 24 日 以现场投票及网络投票相结合的方式召开公司二〇二五年第一次临时股东大会（以下 简称"本次会议"或"本次股东大会"）。有关本次会议的决议及表决情况如下： 一、重要提示 1、本次会议未出现否决提案的情况； 2、本次会议不涉及变更以往股东大会已通过的决议。 二、会议召开情况 （一）召开时间 1、现场会议开始时间为：2025年4月24日（星期四）下午3:30。 2、A股股东网络投票时间为：2025年4月24日的如下时间： 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年4月24日 9:15—9:25，9:30—11:30和13:00－15:00；通过互联网投票系统（http://wltp.cninfo.com.cn） 投票的具体时间为：2025年4月24日上 ...

北京市君合（深圳）律师事务所 关于中兴通讯股份有限公司 二〇二五年第一次临时股东大会的法律意见书 致：中兴通讯股份有限公司 北京市君合（深圳）律师事务所（以下简称"本所"）受中兴通讯股份有限公司 （以下简称"贵公司"或"公司"）的委托，就贵公司二〇二五年第一次临时股东大 会（以下简称"本次股东大会"）召开的有关事宜，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等中国现行法律、法规和规范性文件（以下简称"中国 法律、法规"；"中国"包括香港特别行政区、澳门特别行政区及台湾地区，但为本法 律意见书之目的，特指中国大陆地区）以及现行《中兴通讯股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员的 资格、召集人资格、会议表决程序是否符合中国法律、法规及《公司章程》的规定以 及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案内容以及该 等议案所表述的相关事实或数据的真实性、准确性或合法性发表意见。 在本法律意见书中，本 ...