A-Share Subscription | Tongtong Kangwei (301718.SZ) Opens for Subscription, Ranked Among the Top Ten Broadband Connection Terminal Equipment Manufacturers Globally by Competitiveness

On October 9, Tongtong Kangwei (301718.SZ) opened for subscription at an issue price of RMB 26.88 per share, with a subscription cap of 10,000 shares and a price-to-earnings ratio of 44.72 times. It is listed on the Shenzhen Stock Exchange, with China Securities Co., Ltd. serving as its sponsor. According to the prospectus, the company is primarily engaged in the design, research and development, production, and sales of proprietary-model series of broadband connection terminal equipment. It mainly provides products and services directly to global telecom operators and actively expands into vertical industry customer applications. With a full series of multi-platform broadband access products, it meets the global broadband connection needs of inclusiveness, convenience, integration, and intelligence in the AI era. According to the global 5G FWA CPE vendor competitiveness ranking released by ABI Research (a globally renowned technology intelligence firm) in January 2025, Tongtong Kangwei ranks seventh globally and is the only broadband connection terminal equipment manufacturer in mainland China, apart from ZTE Corporation and Huawei, to enter the global top ten in competitiveness (the rest are European and American companies or companies from China's Taiwan province). Drawing on past experience with communications technology iterations, the development of "6G," one of the six future industries in China's "15th Five-Year Plan," will inevitably be rooted in the foundation of the 5G industry. Among this, productization and scenario applications are both the driving force behind the development of new 6G technologies and the ultimate landing point for their application. The company focuses on communications terminal equipment, successfully achieving breakthroughs in the industrialization and application of domestically produced 5G chips in the 5G era, accumulating rich customer scenarios, and will deeply participate in the productization and industrialization of 6G technology in the future. The company is a national-level key "little giant" enterprise specializing in niche sectors, a national-level high-tech enterprise, and a Guangdong Province manufacturing single champion enterprise. It possesses the Guangdong Province 5G CPE/Wireless Router Engineering Technology Research Center, a Guangdong Province Doctoral Workstation, and a Guangdong Province Provincial Enterprise Technology Center. It has developed multiple core technologies in communications modules and complete device design, multi-layered software development, network optimization and data processing, network platform management, network security and redundancy processing, and has established product technology platforms based on mainstream domestic and international communications chips such as UNISOC, ZTE Microelectronics, Company S, MediaTek, and Qualcomm, forming a broadband connection terminal product matrix characterized by "prominent core, complete series, and continuous enrichment." The foundational hardware of the AI era includes three major segments: "computing power" (data computation) + "storage power" (data storage) + "connectivity power" (data transmission), covering the three major scenarios of "cloud, edge, and device." As AI applications deepen, they give rise to an increasing number of edge-side intelligent agents requiring "real-time networking" (such as consumer electronics, smart homes, industrial equipment, Siasun Robot & Automation, etc.), creating long-term growth demand for edge-side connectivity power. The key to supporting the data transmission (connectivity power) needs of edge-side intelligent agents"mobility, large traffic, low latency, and massive connectivity"is precisely broadband connection. In AI application scenarios, AI agents need to conduct real-time data collection and intelligent analysis through broadband connections to form an intelligent ecosystem. During the reporting period, the company's main products included CPE products, portable products, industrial electronic products, optical communications products, etc., using a full series of multi-platform broadband access products to meet the global broadband connection needs of inclusiveness, convenience, integration, and intelligence in the AI era. In terms of financials, for the fiscal years 2023, 2024, and 2025, the company achieved operating revenue of approximately RMB 1.025 billion, RMB 1.152 billion, and RMB 1.646 billion, respectively; during the same periods, net profit was approximately RMB 107 million, RMB 80.3544 million, and RMB 95.3689 million, respectively.