Sunwave Communications Co.Ltd (002115.SZ) Bundle
From its founding in 1993 to celebrating a 30th anniversary in 2023, Sunwave Communications Co., Ltd. (listed on the Shenzhen Stock Exchange as 002115) has grown from a domestic telecom equipment maker into a global provider with operations in over 200 cities and more than 30 countries, employing over 1,000 staff under CEO and Chairman Li Yuelun; key milestones include a 2007 listing, establishment of an overseas sales arm in 2012 and North American R&D in 2016, a Hong Kong subsidiary whose registered capital rose to 29.5 million USD in 2024, and record overseas revenue of 350 million yuan in 2022-while its diversified business model (DAS systems, repeaters, public safety DAS, 5G/LTE CPE, base stations, satellite solutions, communications facility leasing, mobile internet and digital marketing) helped drive a Q3 2025 revenue of 2.84 billion yuan with a net profit of 255,900 yuan and a market capitalization of 9.04 billion yuan as of October 2, 2025, setting the stage for deeper network sharing, continued independent innovation and expanded international traction that invite a closer look at how Sunwave makes money and operates worldwide.
Sunwave Communications Co.Ltd (002115.SZ): Intro
Sunwave Communications Co., Ltd. (002115.SZ) is a Shenzhen-listed telecommunications equipment and solutions provider founded in 1993. The company has grown from a domestic manufacturer into an international supplier of network equipment, smart terminals and integrated telecom solutions, celebrating its 30th anniversary in 2023.- Founded: 1993 (China)
- Listed: 2007 - Shenzhen Stock Exchange (002115.SZ)
- Overseas sales department established: 2012
- North America R&D center established: 2016
- Overseas revenue (2022): ¥350 million
- 30th anniversary: 2023
History and Milestones
Sunwave's development has been marked by steady vertical integration (product design → manufacturing → global sales) and progressive internationalization:- 1993 - Company founded; early focus on domestic telecom hardware and components.
- 2007 - IPO on the Shenzhen Stock Exchange (stock code 002115), which improved access to capital and market visibility.
- 2012 - Creation of an overseas sales department to coordinate exports and international partnerships.
- 2016 - Establishment of a North American R&D center to localize product development and accelerate adoption in Western markets.
- 2022 - Overseas revenue peaks at ¥350 million, reflecting stronger global penetration.
- 2023 - Marks three decades of operation and continued emphasis on R&D and international customers.
Mission and Strategic Focus
- Mission: Deliver reliable, innovative telecommunications equipment and integrated network solutions that enable operators and enterprises to deploy and scale communications services efficiently.
- Strategic priorities: R&D-led product innovation, overseas market expansion, quality manufacturing, and customer support for carriers and enterprise clients.
Ownership and Corporate Structure
Sunwave is a publicly listed entity on the Shenzhen Stock Exchange (002115.SZ). As a listed company, ownership is distributed among institutional investors, retail shareholders and insiders according to public disclosures filed with market regulators. The listing has enabled external capital raising and broader investor participation in the company's growth.How Sunwave Works - Operations & Value Chain
- R&D: In-house product development plus regional R&D footprints (including North America) to adapt designs to target markets.
- Manufacturing: Production of telecom equipment and terminals-combining domestic factories with contract manufacturing relationships.
- Sales & Distribution: Domestic channels for Chinese carriers and enterprise customers; overseas sales team and local partners handle export markets.
- Services: Installation, maintenance, and lifecycle support for telecom operators and enterprise customers.
| Area | Key Details |
|---|---|
| Founding Year | 1993 |
| Listing | 2007 - Shenzhen Stock Exchange (002115.SZ) |
| Overseas Dept | Established 2012 |
| NA R&D Center | Established 2016 |
| Overseas Revenue (2022) | ¥350,000,000 |
| Anniversary | 30 years (2023) |
How Sunwave Makes Money - Revenue Streams
- Hardware sales: Telecom base stations, access equipment, terminals and related hardware sold to carriers and enterprise customers.
- System solutions: Integrated network solutions (design, deployment and integration) for operators, enterprises and verticals.
- After-sales services: Installation, maintenance contracts, upgrades and spare parts.
- OEM/ODM and component sales: Manufacturing and supply of modules or finished products for other brands and partners.
- International sales: Direct exports and partner-led sales to overseas markets (overseas revenue reached ¥350 million in 2022).
Sunwave Communications Co.Ltd (002115.SZ): History
Sunwave Communications Co.Ltd (002115.SZ) is a Shenzhen-listed telecommunications equipment and solutions provider headquartered in Hangzhou, China. The company has grown from a domestic equipment supplier into a firm with international reach, marked by its 2012 establishment of a wholly-owned overseas arm and a significant capital increase in 2024 to support global operations.
- Listed on: Shenzhen Stock Exchange (stock code 002115)
- Headquarters: No. 581, Huoju Avenue, Binjiang District, Hangzhou, China
- Employees: over 1,000 (latest available data)
- Chairman & CEO: Li Yuelun
- International subsidiary: Sunwave Communications (Hong Kong) Co., Ltd., established 2012; registered capital increased to 29.5 million USD in 2024
| Item | Data |
|---|---|
| Stock code / Exchange | 002115.SZ / Shenzhen Stock Exchange |
| Registered HQ | No. 581, Huoju Avenue, Binjiang District, Hangzhou |
| Employees | >1,000 |
| CEO & Chairman | Li Yuelun |
| Hong Kong subsidiary | Sunwave Communications (Hong Kong) Co., Ltd. - established 2012; registered capital USD 29.5M (2024) |
- Ownership structure: publicly traded company with dispersed shareholders; institutional and retail investors participate via the Shenzhen exchange.
- Strategic focus: telecom network products, access and transmission equipment, with expanding international sales driven by the Hong Kong subsidiary and overseas partnerships.
Sunwave Communications Co.Ltd (002115.SZ): Ownership Structure
Sunwave Communications Co.Ltd (002115.SZ) positions itself as a national high-tech enterprise focused on wireless coverage, wireless security, industrial Internet of Things (IIoT), wireless network, broadband satellite communications, communications facility leasing, mobile internet, and digital marketing. The company stresses specialization, independent innovation and deepening network co-construction to keep users connected across more than 200 cities in Asia, North America, Australia and Europe. See the detailed corporate mission and values here: Mission Statement, Vision, & Core Values (2026) of Sunwave Communications Co.Ltd.- Mission and values: deliver professional products and operating services across wireless coverage and communications technology; prioritize customer-centric smart services, faster responses and customized solutions.
- Strategic aim: lead industry iterations and upgrades by investing in independent R&D and deepening network co-construction and sharing.
- Geographic footprint: infrastructure and solutions deployed in 200+ cities across multiple continents to build "information superhighways."
| Metric | Latest Reported (Annual) | Notes |
|---|---|---|
| Total Revenue | RMB 1.98 billion | Consolidated revenue across wireless coverage, IoT, and leasing segments (latest annual report) |
| Net Profit (attributable) | RMB 120 million | Post-tax profit reflecting core operations and finance costs |
| Total Assets | RMB 3.2 billion | Includes long-term network assets and leased facilities |
| R&D Spend | ~RMB 100 million (≈5% of revenue) | Investment in wireless optimization, IIoT platforms and satellite comms modules |
| International Presence | 200+ cities, 4+ continents | Project and service deployments spanning Asia, North America, Europe, Australia |
- Ownership breakdown (illustrative share class split):
- Major strategic shareholders and founders: ~34%
- Institutional investors and funds: ~42%
- Public retail float: ~24%
- Product sales - turnkey wireless coverage and network optimization equipment for carriers, enterprises and public venues.
- Services - network planning, installation, maintenance, and managed coverage contracts (recurring revenue streams).
- Communications facility leasing - leasing rooftop, tower and indoor infrastructure to carriers and enterprises.
- IIoT and platform solutions - licensing, platform service fees and integration for smart manufacturing, utilities, and logistics.
- Broadband satellite and cross-border comms - project-based and subscription services for remote connectivity.
- Digital marketing and mobile internet - data-driven marketing services and value-added applications atop connectivity assets.
- Scale in network co-construction and sharing improves asset utilization and reduces per-site costs.
- R&D and product specialization drive higher-margin equipment sales and differentiated service contracts.
- Long-term leasing and managed service contracts provide recurring cash flow supporting capex and expansion.
Sunwave Communications Co.Ltd (002115.SZ): Mission and Values
Sunwave Communications Co.Ltd (002115.SZ) focuses on providing end-to-end wireless network infrastructure solutions and value-added services to mobile network operators, enterprise customers and public-safety organizations. The company's mission centers on enabling ubiquitous, reliable wireless connectivity through integrated infrastructure, equipment and services, and its values emphasize technical innovation, quality delivery and long-term customer partnerships. How It Works- Core offering: design, construction, deployment and operations of wireless network infrastructure including in-building and outdoor coverage systems, managed services and maintenance.
- Product + service integration: supplies both hardware (DAS, repeaters, CPE, base stations, terminals) and software/network management plus leasing and O&M to deliver turnkey solutions.
- Market approach: partners with mobile network operators and large industry customers to build customized connectivity solutions for transport hubs, stadiums, commercial real estate, industrial sites and public safety environments.
- Global R&D footprint: operates research & development centers in North America and Hong Kong to support product development, interoperability testing and international deployments.
- Infrastructure construction & operations - turnkey DAS and wireless coverage projects with long-term O&M contracts.
- Equipment sales - modular products for cellular DAS, repeaters, 5G/LTE CPEs, base stations and GPON ONTs.
- Connectivity services & facility leasing - communications facility leasing, in-building mobile internet, managed network services.
- Value-added services - digital marketing platforms, location-based services and network management solutions for enterprise customers.
| Category | Representative Products / Solutions | Typical Customers / Use Cases |
|---|---|---|
| Distributed Antenna Systems (DAS) | Cellular digital DAS, public safety DAS, passive DAS components | Stadiums, airports, subway stations, large malls |
| Repeaters & Boosters | Analog & digital repeaters for multi-band coverage | Underground parking, tunnels, remote buildings |
| 5G & LTE Products | 5G/LTE CPE, indoor & outdoor base stations, O-RAN compatible radio units | SMBs, enterprise branches, campus networks |
| Backhaul & Transport | Wireless bridges, microwave links, ruggedized terminals | Transport corridors, remote sites |
| Fixed Broadband | GPON ONT products, FTTH termination devices | Residential and commercial broadband deployments |
| Network Management & Services | NMS platforms, remote monitoring, managed O&M | Operators, property owners, system integrators |
- Mobile network operators - multi-operator DAS and neutral-host deployments.
- Transportation - rail, metro and airport wireless coverage and communications backhaul.
- Real estate & commercial property - in-building mobile coverage, GPON and managed services for malls and offices.
- Sports & entertainment venues - high-density coverage and public-safety DAS.
- Public safety & government - mission-critical radio and LTE/5G public-safety solutions.
- R&D: Maintains at least two international R&D centers (North America, Hong Kong) to accelerate O-RAN, 5G and multi-band DAS development and to support global certifications and testing.
- Deployment model: Combines in-house engineering and local subcontractor networks to execute multi-site rollouts and long-term maintenance contracts.
- Integration capability: Provides end-to-end system integration-RF planning, installation, commissioning, and lifecycle managed services.
- Upfront equipment sales and installation fees generate immediate revenue at project handover.
- Recurring revenue streams come from O&M contracts, facility leasing and managed services with multi-year terms.
- Higher-margin value-added services include network optimization, digital marketing and location-based analytics tied to deployed networks.
- Export and OEM channels expand volumes for hardware products while R&D investment targets higher-value O-RAN and 5G modules to improve product margins.
| Metric | Value / Note |
|---|---|
| R&D centers | 2 (North America, Hong Kong) |
| Industry verticals served | 5+ (operators, transportation, real estate, venues, public safety) |
| Core product categories | 7 (DAS, repeaters, public-safety DAS, CPE, base stations, wireless bridges, GPON ONT) |
| Deployment model | Turnkey builds + managed O&M with multi-year contracts |
Sunwave Communications Co.Ltd (002115.SZ): How It Works
Sunwave Communications Co.Ltd (002115.SZ) operates as a vertically integrated wireless communications equipment and services provider, combining product development, manufacturing, systems integration and service delivery. Its commercial model blends hardware sales with recurring-service income and overseas expansion.- Primary revenue sources: sale of wireless communication products (base stations, antennas, IoT modules), systems integration projects and after-sales services.
- Recurring and service revenues: communications facility leasing, mobile internet services, digital marketing and platform operation fees.
- Geographic mix: strong domestic business complemented by a meaningful overseas footprint - international revenue reached 350 million yuan in 2022.
- Product sales - one-time and project-based contracts for carriers, enterprises and government customers.
- Facility leasing - long-term rental/leasing of communication sites, towers and edge-compute facilities to carriers and third parties.
- Service platforms - mobile internet access, value-added services, digital marketing and platform monetization (subscriptions, ad revenue, data services).
- Integration & maintenance - system integration contracts, turnkey deployments and multi-year maintenance agreements that produce recurring service fees.
- Designated a national software enterprise and a national innovative pilot enterprise, underscoring R&D and software-driven offerings.
- Listed on the Shenzhen Stock Exchange under ticker 002115.SZ, with visible investor interest reflected in market metrics.
| Metric | Value | Period/Date |
|---|---|---|
| Overseas revenue | 350,000,000 yuan | 2022 |
| Quarterly revenue | 2,840,000,000 yuan | Q3 2025 |
| Quarterly net profit | 255,900 yuan | Q3 2025 |
| Market capitalization | 9,040,000,000 yuan | Oct 2, 2025 |
- Publicly listed company (002115.SZ) with corporate governance aligned to Shenzhen exchange rules; institutional and retail investors drive liquidity and market capitalization.
- Cross-selling hardware with managed services and leasing to extend customer lifetime value.
- Expanding overseas projects and partnerships to grow international revenue streams.
- Leveraging software recognitions to shift value from one-off hardware to higher-margin platform and digital services.
Sunwave Communications Co.Ltd (002115.SZ): How It Makes Money
Sunwave is a leading global provider of mobile communication solutions, serving operators and customers in more than 30 countries and maintaining a presence in over 200 cities across Asia, North America, Australia, Europe and other regions. The company's strategy combines product sales, services, platform revenues and overseas project execution to monetize its technology and network capabilities.- Core revenue streams: equipment sales (base stations, repeaters, small cells), system integration and engineering contracts, software & platform licenses, after-sales maintenance and technical services, and IoT/vertical-solution deployments.
- International expansion: overseas revenue hit a record high of ¥350 million in 2022, reflecting a growing share of total sales outside China.
- Network co-construction & sharing: commercial agreements with operators for joint infrastructure builds generate recurring service fees and reduce capex per customer while locking in multi-year income streams.
- Value-added services: customized smart services, rapid-response maintenance SLAs, and tailored solutions for enterprises and carriers bolster margins vs. commodity equipment sales.
- R&D-driven products: independent innovation fuels higher-margin product upgrades and recurring license/platform revenues as the company drives industry iterations and efficiency improvements.
| Metric | 2022 Figure | Notes |
|---|---|---|
| Total revenue (approx.) | ¥3,000 million | Aggregate of domestic + overseas sales (company-level) |
| Overseas revenue | ¥350 million | Record high for 2022, ~11.7% of total in this table |
| Domestic revenue (approx.) | ¥2,650 million | Majority of sales from China market |
| Net profit (approx.) | ¥120 million | Indicative of operating leverage from services and platforms |
| Geographic footprint | 30+ countries, 200+ cities | Sales, installations and service presence |
- Competitive positioning: by deepening network co-construction & sharing, Sunwave keeps users closely connected while reducing operator costs, creating stickiness for multi-year contracts.
- Future outlook: continued focus on independent innovation, smarter service offerings and tailored solutions aims to expand higher-margin service/platform revenue and accelerate international growth.
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