News & Activities

On April 26, 2025, Tongyu Communications (Stock Code: 002792) officially released its 2024 Annual Report and 2025 First Quarter Report! Amidst the telecommunications industry's landscape of both opportunities and challenges, the company delivered an impressive performance driven by technology and innovation. Non-GAAP net profit surged 157.91% year-over-year, overseas operations achieved sustained breakthroughs, and satellite communication initiatives accelerated toward implementation...

I. Financial Performance: Steady Operations and Structural Optimization in Parallel

Revenue structure demonstrates resilience, with overseas markets achieving counter-trend growth.

The company's annual revenue reached RMB 1.194 billion. Although affected by cyclical fluctuations in the domestic telecommunications equipment market, revenue saw a slight year-on-year decrease of 7.71%. However, overseas markets generated revenue of RMB 436 million, marking a 20.27% year-on-year increase and raising its share to 36.51%. Countries along the Belt and Road Initiative, Southeast Asia, and the Middle East contributed the primary growth, validating the effectiveness of the company's global expansion strategy. In the first quarter of 2025, operating revenue reached RMB 251 million, a 6.08% year-on-year increase, with net profit of RMB 11.182 million, surging 128.26% year-on-year.

During the reporting period, Tongyu Communications maintained steady operations amid complex market conditions, with core performance indicators showing sustained improvement: Traditional core businesses continued to consolidate their industry-leading position through technological iteration and optimization of the global customer structure; Emerging strategic businesses such as satellite communications accelerated technological transformation and market expansion, achieving key breakthroughs; R&D investment and global expansion were deepened simultaneously, laying a solid foundation for dual-engine technological and market-driven growth in the medium to long term.

Increased R&D investment, continuously strengthened technological reserves

As a key high-tech enterprise under the National Torch Program, the company's R&D expenditure reached 96.0361 million yuan in 2024, accounting for 8.04% of operating revenue. The R&D team expanded to 327 members, with 9.48% holding master's degrees or higher, demonstrating continuously enhanced technical capabilities. The company has accumulated 766 authorized patents, including 37 international patents. It maintains technological leadership in key areas such as 5G Massive MIMO antennas and integrated AFU design, establishing a robust patent barrier for next-generation communication product development.

II. Business Highlights: Consolidating Traditional Strengths, Making Breakthroughs in Emerging Sectors

Strategic Growth in Satellite Communication Services, Building Full Industry Chain Capabilities

As the company's key second growth curve, the satellite communications business achieved revenue of 42.8002 million yuan in 2024, with products covering three core scenarios:

Satellite Payloads: Ka/Ku dual-band phased array antennas completed technical validation and entered small-batch deployment on low-Earth orbit communication satellites, supporting China's satellite internet experimental constellation networking.

Ground Terminals: Train-mounted and ship-mounted on-the-move communication antennas, along with satellite portable stations, achieved breakthroughs in overseas markets, demonstrating high reliability in marine communication and emergency communication scenarios.

Ecosystem Development: Through a 30 million yuan equity investment in satellite manufacturer Hongqing Technology, the establishment of Hubei Zhonghong Tongyu Space Technology Co., Ltd. in partnership with Wuhan Hongshan State-owned Assets, and the creation of a 50 million yuan aerospace industry fund (with initial investment in Shanghai Jingji Communications), the company has built end-to-end capabilities spanning payload design to terminal manufacturing. This positions it to capture a significant share of the trillion-yuan low-Earth orbit satellite internet market.

Traditional businesses maintained steady growth, with an optimized global customer structure.

Core businesses including base station antennas, RF components, and microwave antennas generated revenue of RMB 1.163 billion, accounting for 97.4% of total revenue. Among these, base station antennas generated RMB 778 million in revenue, a 3.94% year-on-year increase. The company provides in-depth services to domestic leaders such as China Mobile, Huawei, and ZTE, and has obtained certifications from international giants like Ericsson and Nokia. Its overseas market gross profit margin reached 25.52%, significantly higher than the domestic market's 20.31%, demonstrating outstanding resilience against economic cycles. Microwave antennas maintained stable demand in 5G backhaul and private network communications, generating revenue of RMB 172 million with a gross margin of 26.28%. The company's technological advantages continue to translate into market share consolidation.

III. Technology Outlook: 5G-A/6G and Satellite Communications Collaboration to Secure Technological Leadership

Advancing 5G deployment while concurrently exploring 6G, driving technological evolution

Keeping pace with the evolution of communication technology, the company launched new base station antennas supporting 10 Gigabit speeds during the inaugural year of 5G-A commercialization. This enabled China Mobile to deploy 5G-A across 100 cities, driving improvements in network capacity and coverage efficiency. Proactively positioning for 6G technology, the Chengdu Juji team focuses on millimeter-wave phased array antennas and 6G terminal R&D. This work builds core patent reserves for China's 6G standard research and commercial trials, establishing technological capabilities in high-frequency communications, intelligent metasurfaces, and related fields.

Innovative business expansion pushes application boundaries, empowering diverse scenarios.

In the new energy sector, revenue from smart battery-swapping cabinets reached RMB 12.5852 million, marking a 58.34% year-on-year increase. Products have entered China Tower's supply chain, penetrating the new energy infrastructure market. Microwave antennas have achieved breakthroughs in E-Band high-frequency technology, meeting high-speed data transmission demands in remote areas and establishing a differentiated competitive advantage. These technical solutions have been deployed in international backbone network construction.

IV. Strategic Layout: Globalization and Ecosystem Development to Strengthen Long-Term Competitiveness

Regional Synergy and Capital Operations Strengthen Industrial Ecosystem: Tongyu Communications has established a nationwide layout comprising the “Zhongshan Manufacturing Base + Wuhan R&D Center + Chengdu Innovation Hub.” Concurrently, it advances localized operations of its overseas subsidiaries in Hong Kong, the United States, Australia, Europe, India, and Latin America to enhance global customer response efficiency.

V. Future Outlook: Anchoring Dual-Drive Strategy, Embarking on a New Journey in Communications

Tongyu Communications' performance in 2024 and the first quarter of 2025 demonstrates not only the solid foundation of its traditional communications equipment business but also marks a substantial breakthrough in the new satellite communications arena. Amidst the industry's window of opportunity—marked by deepening 5G adoption, emerging 6G preparations, and accelerated low-Earth orbit satellite internet development—Tongyu Communications has adopted a core strategy of “technology R&D + market expansion + ecosystem integration.” This approach has established a development framework where “traditional businesses provide a stable foundation while emerging ventures open new horizons.” Moving forward, Tongyu Communications will leverage dual drivers of technological innovation and industrial synergy to continuously empower global communications transformation. The company will chart its strategic blueprint for the new development cycle and write a new chapter in the evolution of communications.