厦门亿联网络技术股份有限公司2025年度报告详解

一、报告要点及投资者须知

• 利润分配方案：本年度公司拟以1,266,789,032股为基数，向全体股东每10股派发现金红利13元（含税），不送红股，也不以资本公积金转增股本。这一分红方案明确了公司持续稳定的现金回馈政策，对投资者具有吸引力。
• 财务审计：公司本年度财务报告由容诚会计师事务所出具标准无保留意见，显示财务状况透明、稳健。
• 业务结构与战略升级：公司深耕企业通信领域，已由单一终端厂商发展为具备综合解决方案能力的产品与服务提供商，与微软等国际头部厂商建立稳定战略合作。
• 三大核心业务驱动增长：桌面通信终端、会议产品、云办公终端三大业务线协同发展，会议产品与云办公终端收入占比持续提升，成为重要增长引擎。

二、公司主营业务及产品详情

公司现有三条核心产品线：

• 桌面通信终端：包括SIP话机（T3/T4/T5/T7/T8系列）、DECT话机、Wi-Fi无线话机、Teams话机等，满足不同办公场景需求。2025年上市的高端T7/T8系列和无线话机标志着产品智能化、高端化升级。
• 会议产品：以“云+端”理念，形成全场景一站式会议解决方案。涵盖MeetingBar、MeetingBoard、MeetingEye等系列，支持标准化、智能化、易管理（AI驱动、空间管理平台、IoT硬件融合）。2025年发布Meeting Board Pro、MeetingBar A25/A50、RoomCast-AI等新品，深度融合AI技术，提升会议体验。
• 云办公终端：业务自2019年布局，产品覆盖商务耳机、免提会议电话、桌面摄像头。2025年UH4x USB有线耳机、WH6x DECT系列表现强劲，云办公终端产品矩阵完善，抓住混合办公趋势。

三、经营模式及市场战略

• 研发模式：公司坚持自主研发，拥有厦门、杭州两大研发中心及多个国家级声学实验室，覆盖云计算、AI、音视频编解码、通讯协议等多学科领域。
• 销售模式：全球化自主品牌经营，以经销渠道为主，同时强化大客户项目拓展，积极布局新兴市场及线上直销渠道（如亚马逊、品牌独立站），提升品牌影响力和市场份额。
• 运营模式：轻资产运营，生产环节委托外协加工厂，聚焦研发、品牌、供应链管理。国内外产能联动调配，增强供应链抗风险能力。

四、业绩驱动因素及未来展望

• 市场驱动：企业通信向云端公有化转移，混合办公成为常态，公司产品和市场布局顺应数字化转型，创新Wi-Fi话机、深化新兴市场渠道。
• 技术驱动：AI技术快速发展，公司推出大模型应用一体机及AI办公解决方案，支持多语种翻译、智能纪要、私有化部署，保障企业数据安全。
• 产品驱动：完善企业通信产品体系，孵化助听器新业务线（RIC700/800），创新AI智能验配技术，拓展消费类医疗市场。

五、财务表现与股东结构

• 业绩表现：
  • 2025年营业收入60.33亿元，同比增长7.33%。
  • 归属于上市公司股东的净利润26.01亿元，同比下降1.78%。
  • 经营活动现金流净额18.32亿元，同比下降26.97%。
  • 加权平均净资产收益率28.38%，较去年下降2.30%。
  • 季度收入和利润稳定增长，第四季度收入达到17.35亿元。
• 股东结构：前十大股东持股比例稳定，主要股东为陈智松、吴仲毅、卢荣富、周继伟等，持股比例分别为17.37%、16.61%、10.44%、7.85%。一致行动人关系明确，股权结构稳定。

六、潜在影响及投资者关注事项

• 分红政策：高额现金分红方案对市场有刺激作用，显示公司盈利能力和现金流充裕，或提升股东回报预期。
• 净利润略有下降：归属于上市公司股东的净利润同比下降1.78%，经营现金流下降26.97%，需关注未来盈利增长和现金流改善。
• 新业务线拓展：助听器业务线商业化落地，打开消费类医疗市场新增长空间，若市场认可度提升，有望对公司估值产生积极影响。
• AI技术融合：公司持续投入AI能力，推动音视频协作产品升级，若AI应用落地效果显著，或带来产品溢价和市场份额提升。
• 全球化布局及供应链韧性：国内外产能联动、供应链抗风险能力增强，有助于稳定交付和业绩增长，降低运营风险。

七、结论

本报告显示亿联网络持续推进产品创新与市场扩展，核心业务稳步增长，分红政策优厚，AI技术与新业务线亮点突出。需关注净利润及现金流下降、全球市场扩展进展。整体来看，公司基本面稳健，具备长期成长潜力，若新产品及AI业务落地成效显著，或将推动公司估值提升。

免责声明：本文基于公开年度报告信息整理，仅供参考，不构成投资建议。投资者应结合自身情况及市场变化，谨慎决策。

English Version

Xiamen Yealink Network Technology Co., Ltd. 2025 Annual Report Detailed Review

1. Key Points & Investor Takeaways

• Dividend Plan: The company plans to distribute a cash dividend of RMB 13 per 10 shares (tax included) to all shareholders, based on a total of 1,266,789,032 shares. No bonus shares or capital reserve conversion. This stable cash payout policy is attractive for investors.
• Financial Audit: The annual financial report received a standard unqualified opinion from Rongcheng CPA, indicating transparency and soundness.
• Business Structure & Strategic Upgrade: The company has evolved from a single terminal provider into a comprehensive solutions provider, establishing stable strategic partnerships with global leaders such as Microsoft.
• Three Core Businesses Drive Growth: Desktop communication terminals, meeting products, and cloud office terminals; meeting products and cloud office terminals are fast-growing and now major contributors to revenue.

2. Main Business Lines & Products

Three core product lines:

• Desktop Communication Terminals: SIP phones (T3/T4/T5/T7/T8), DECT phones, Wi-Fi wireless phones, Teams phones, targeting various office scenarios. 2025 launches of high-end T7/T8 and wireless models mark intelligent, high-end upgrades.
• Meeting Products: “Cloud + terminal” solutions, covering MeetingBar, MeetingBoard, MeetingEye, and more. Features standardized, intelligent, easy-to-manage systems (AI-driven, space management platform, IoT integration). 2025 launches: Meeting Board Pro, MeetingBar A25/A50, RoomCast-AI—deep AI integration enhances meeting experience.
• Cloud Office Terminals: Since 2019, products include business headsets, speakerphones, desktop cameras. UH4x USB wired headset, WH6x DECT series perform strongly in 2025, comprehensive product matrix targets hybrid office trends.

3. Operation & Market Strategy

• R&D Model: Company maintains high R&D investment, with centers in Xiamen and Hangzhou and multiple national labs, covering cloud computing, AI, audio-video codecs, communication protocols.
• Sales Model: Global brand operation, mainly via distributors, strengthened by direct outreach to major enterprise clients, new markets, and direct online channels (Amazon, independent sites).
• Operation Model: Asset-light, outsourcing labor-intensive production, focus on R&D, branding, supply chain management. Domestic and overseas production capacity coordination enhances supply chain resilience.

4. Performance Drivers & Outlook

• Market Drivers: Migration of enterprise communication to cloud, hybrid office as new norm, company’s products and market layout adapt to digital transformation, innovative Wi-Fi phone launches, expansion in emerging regions.
• Technology Drivers: Rapid AI development; company launches integrated AI meeting machines and solutions, supporting multilingual translation, smart minutes, private deployment for data security.
• Product Drivers: Strengthen enterprise communication portfolio, incubate new hearing aid business (RIC700/800), AI-powered fitting technology, expanding into consumer medical markets.

5. Financial Performance & Shareholder Structure

• Financial Performance:
  • 2025 revenue: RMB 6.03 billion, up 7.33% YoY.
  • Net profit attributable to shareholders: RMB 2.6 billion, down 1.78% YoY.
  • Operating cash flow: RMB 1.83 billion, down 26.97% YoY.
  • Weighted ROE: 28.38%, down 2.30% YoY.
  • Quarterly revenue and profit stable, Q4 revenue RMB 1.73 billion.
• Shareholder Structure: Top ten shareholders stable, major holders: Chen Zhisong, Wu Zhongyi, Lu Rongfu, Zhou Jiwei (17.37%, 16.61%, 10.44%, 7.85%). Clear concerted action relationships, stable equity structure.

6. Potential Impacts & Investor Focus

• Dividend Policy: Generous cash payout could stimulate market, highlights strong profitability and cash flow, may boost shareholder returns.
• Slight Net Profit Decline: Net profit down 1.78%, operating cash flow down 26.97%, investors should monitor future profit and cash flow improvement.
• New Business Expansion: Hearing aid commercialization opens new consumer medical market, if market acceptance grows, may positively impact valuation.
• AI Integration: Continued AI investment upgrades collaboration products, if AI adoption is effective, may drive premium and market share growth.
• Global Layout & Supply Chain Resilience: Domestic and international capacity coordination, improved supply chain risk resistance, supports stable delivery and growth.

7. Conclusion

Yealink’s report shows ongoing innovation, business expansion, steady growth, generous dividends, AI and new business highlights. Investors should monitor net profit and cash flow trends, global expansion progress. Overall, company fundamentals remain strong with long-term growth potential. If new products and AI initiatives succeed, valuation may rise.

Disclaimer: This article is based on public annual report information and is for reference only, not investment advice. Investors are advised to make decisions cautiously considering their circumstances and market changes.

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