Guangdong Tongyu Communication Co., Ltd. (002792.SZ) ("Tongyu Communication") recently announced that it has signed the "Changzhou Tongyu Zhiyuan Venture Capital Fund Partnership (Limited Partnership) Partnership Agreement" with Shenzhen Chengdian Dawei Private Equity Fund Management Partnership (Limited Partnership) ("Chengdian Dawei") and other limited partners to jointly establish the "Changzhou Tongyu Zhiyuan Venture Capital Fund Partnership (Limited Partnership)" (tentative name).
This partnership is a special fund with a target capital of RMB 200 million. Tongyu Communication, as a limited partner, has subscribed RMB 100 million of its own capital, representing a 50% stake.
After the fund is registered and established, it plans to invest in a leading low-orbit satellite internet company. Chengdian Dawei, a private equity firm, will serve as the fund manager. The fund has a five-year life (three-year investment period + two-year exit period). It does not involve related-party transactions and does not constitute a major asset reorganization.
Tongyu Communications stated that this investment represents a significant step for the company, in partnership with professional investment institutions, to leverage capital to deepen its satellite communications industry presence and advance the company's long-term development strategy.
By participating in the establishment of a special fund to invest in a leading low-orbit satellite internet company, the company hopes to leverage the experience and resources of professional institutions to further expand technical and market collaboration in the satellite communications sector, enhance industry collaboration, integrate resources, and enhance competitiveness.
First-half revenue reached 533 million yuan.
Tongyu Communications primarily engages in the research and development, production, sales, and service of communication antennas and RF devices, providing domestic and international mobile communications operators and equipment integrators with communication antennas, RF devices, and comprehensive solutions.
The company's semi-annual report shows that in the first half of 2025, it achieved operating revenue of 533 million yuan and net profit attributable to parent company shareholders of 21.786 million yuan. Leveraging the steady growth of its traditional businesses and the strong expansion of its overseas operations, the company continues to achieve synergy across its business lines. In the second quarter alone, the company achieved operating revenue of 282 million yuan and net profit attributable to parent company shareholders of 10.6041 million yuan.
The base station antenna and RF device business maintained stable performance, generating revenue of 372 million yuan, accounting for 71.14% of total revenue. Leveraging its technological advantages, Tongyu Communications became the world's first company to commercialize AFU antennas in large-scale, commercial-grade form factors. It has also launched several "Guangdong Province High-Tech Products," including commercial-grade 5G base station communication large-scale array antennas and RF devices, and Massive MIMO base station antennas.
In the microwave antenna field, the company's products cover the 5GHz-80GHz frequency range, meeting point-to-point transmission requirements in complex electromagnetic environments. They are suitable for digital microwave relay communication trunk lines and terrestrial relay networks. Its customers include domestic and international communications system operators and equipment suppliers. In the first half of the year, product revenue reached 119 million yuan, a significant year-on-year increase of 84.36%.
Regarding overseas business, overseas revenue reached 266 million yuan in the first half of the year, a year-on-year increase of 47.77%, accounting for 49.93% of total revenue. The gross profit margin reached a staggering 28.56%, 8.95 percentage points higher than the domestic gross profit margin.
The company has successfully obtained certifications from equipment integrators such as Ericsson, Nokia, and Samsung, as well as system operators such as Vodafone, Etisalat, Telstra, Telecom Canada, Telenor, and MTN Group. Its products are sold in over 70 countries and regions worldwide. Core products such as base station antennas and microwave antennas have undergone technical certification and localized services, precisely adapting to overseas 4G/5G network upgrade needs, driving steady growth in its market share in the Middle East, Southeast Asia, and Europe.
Satellite communications business is steadily advancing.
Currently, my country's satellite internet industry is entering a period of rapid development. Low-orbit satellite programs such as the "GW Constellation" and "Qianfan Constellation" continue to advance, creating a vast market potential.
In the first half of 2025, Tongyu Communications achieved revenue of 26.08 million yuan from its satellite communications business, a 2.59% year-on-year increase. The company has established a more comprehensive satellite communications industry chain. In April of this year, it successfully became a candidate for the Yuanxin application terminal equipment procurement project. Combined with its presence in Landspeed, the company has achieved comprehensive cooperation with the top three satellite constellation programs in China, successfully completing its strategic deployment in key national satellite network projects.
Tongyu Communications is developing product R&D and developing industry solutions focused on satellite-to-ground-to-terminal links, including satellite ground stations, satellite communication payload antennas, and satellite application terminals. The company has launched a satellite-to-ground interconnected communications solution covering core areas such as ground station terminals, onboard payloads, and terminal applications.
This solution integrates low-Earth orbit (LEO) and high-Earth orbit (GEO) satellite technologies, coupled with independently developed high-performance ground terminals. It boasts full airspace coverage, rapid multi-satellite handoff, high efficiency, and low power consumption. It has been successfully deployed on my country's satellite internet test satellites and has entered the supply chain of major international operators, providing solid technical support for strategic implementation. The company's ground station products have reportedly achieved small-batch delivery, and newly awarded projects are progressing steadily.
In terms of industrial collaboration, Tongyu Communications has strengthened synergies by acquiring a stake in Hongqing Technology, a satellite manufacturing company; established a joint venture with Wuhan Hongshan State-owned Assets, Hubei Zhonghong Tongyu Space Technology Co., Ltd., to deepen regional industrial collaboration; and jointly established an aerospace industry fund with Huazhen Capital, with the initial investment already made in Shanghai Jingji Communications, a satellite communications company.
Achieving Market Breakthroughs in Multiple Sectors
In addition to satellite communications, Tongyu Communication has also demonstrated technological leadership in high-speed rail antennas. Its high-gain narrow-beam antennas precisely address common industry challenges such as frequent signal switching and multipath interference in high-speed rail environments. They effectively ensure stable and continuous signal coverage along the line under complex electromagnetic conditions, significantly improving passengers' communication experience.
Recently, the company successfully won a bid for China Mobile's 2025-2026 high-speed rail antenna centralized procurement project, with a bid value of 157 million yuan (including tax).
Macro WiFi, another core product of Tongyu Communication, addresses the pain points of outdoor communications in complex scenarios. Leveraging high-gain dual-beam antenna array technology, it achieves ultra-long transmission of up to 2 kilometers and concurrent access for over 200 users, while mitigating interference through intelligent bandwidth allocation. It innovatively integrates low-orbit satellite communications to create a ground-to-space integrated network consisting of a satellite backbone and ground access. Combined with a cloud management platform, it enables centralized control and precise billing.
Currently, this product has achieved large-scale commercial deployment in Southeast Asia and has entered the Russian, Middle Eastern, and African markets, gaining favor with local small network operators and fiber optic service providers, demonstrating strong potential for international expansion.
Tongyu Communications announced in September that it had signed a bulk purchase agreement for Macro WiFi products with an Australian customer, ordering 1,000 units for a total value exceeding 10 million RMB. This order not only represents a significant breakthrough for Tongyu Communications in the overseas market, but also marks a milestone in the large-scale commercialization of the company's proprietary Macro WiFi product.
