Sanwang Communications 2025 Annual Performance Brief: Profitability Structure Continues to Improve, Emerging Tracks Ready to Launch

On the afternoon of February 27th, Sanwang Communications (Stock Code: 688618) disclosed its performance forecast for 2025. The announcement shows that in 2025, the company achieved a total operating revenue of 359 million yuan, a year-on-year increase of 0.59%; net profit attributable to shareholders was 36.57 million yuan, a year-on-year increase of 11.41%. The profit growth significantly outperformed revenue growth, demonstrating the company’s continuous improvement in profitability. Deducting non-recurring gains and losses, net profit was 17.99 million yuan, a decrease of 13.19% year-on-year.

Financial data shows that at the end of the reporting period, the company’s total assets were 1.061 billion yuan, an increase of 5.68% from the beginning of the period, indicating steady expansion of asset scale. Shareholders’ equity attributable to the parent company was 856 million yuan, a slight decrease of 0.66% from the start of the period, remaining basically stable, maintaining a healthy financial structure.

Significant results in quality improvement and efficiency enhancement

Although the company’s operating revenue was roughly the same as last year, net profit achieved double-digit growth. This prominent performance of “profit growth without revenue growth” essentially reflects the ongoing optimization of the company’s profit structure and steady improvement in operational quality. The profit increase outpacing revenue growth is mainly due to product structure upgrades, strategic deepening with core customers, and accelerated realization of high-value-added business expansion. Meanwhile, internal refined management and cost control capabilities have also provided strong support for profit growth. The company’s development results of “improving quality and efficiency to increase returns” are further highlighted.

Additionally, the company stated that during the reporting period, some government subsidy projects completed acceptance and met the transfer conditions, with corresponding deferred income recognized as other income, increasing net profit for this period. However, from an overall operational perspective, the core driving force behind performance improvement still stems from solid progress in cost control and high-value business expansion, with a clearer trend of profit structure optimization.

Meanwhile, the company continues to increase investment in technological R&D, focusing on cutting-edge fields such as Time-Sensitive Networking (TSN) and industrial control platforms, continuously improving TSN overall solutions, and accumulating technological momentum for future development. Although ongoing R&D and market investments may exert some short-term pressure on non-recurring net profit, they lay a solid foundation for long-term competitiveness.

Policy-driven demand activation, new momentum in vertical fields

On the policy front, in February 2026, Shenzhen issued the “Shenzhen ‘Artificial Intelligence+’ Advanced Manufacturing Action Plan (2026-2027),” which proposes to build an industrial intelligent entity innovation center, open 100 application scenarios, and create 100 vertical industry models and industrial intelligent entities by 2027. The policy explicitly supports R&D of industrial intelligent entities with environmental perception and autonomous decision-making capabilities, focusing on industrial scenarios such as design, manufacturing, and production, and establishing supply-demand matching platforms.

As a local enterprise in Shenzhen’s industrial internet field, Sanwang Communications aligns closely with these policy directions. The company’s HaaS solutions have been implemented in demonstration projects across smart mining, intelligent manufacturing, and smart transportation industries. In smart mining, TSN end-to-end product solutions have been deployed, supporting intelligent extraction and real-time control of mining robots; in intelligent manufacturing, the company continues to promote solution applications, engaging with large and medium-sized clients in semiconductor and 3C industries. In smart transportation, policies support “vehicle-road-cloud integration” pilot applications, and the company has achieved mass supply in vehicle-road collaboration and low-speed autonomous driving, potentially riding the wave of intelligent connected vehicle development.

As a technology innovation board enterprise focused on industrial communication and networking solutions, Sanwang Communications specializes in core technologies such as industrial switches, embedded communication, and TSN, focusing on key fields like intelligent manufacturing, energy, and transportation. Benefiting from the continuous release of downstream digital transformation and domestic substitution demands, the company is expected to benefit fully from policy dividends and downstream application expansion. Its accumulated technology in TSN and industrial control, combined with an increasing proportion of high-value-added businesses, presents a clear growth path, making its future profitability and market potential worth期待.