2016
ODM (IOT) 27%3G 4G 40% 122G (ASP)4G 1
(O2O) SMT 4G 2
B2B B (POS) 3
30% 2G 3G GNSS 3G 4G 3G4GSIM7100A 4GSIM7500AAT&T 4G ABI(ABI Research 2015) SIMCOM20082014 2015 (O2O) 4
6 20 63 20162025 1,616 1,248 310 228 5
112,500,000 66,400,000 000 12.9%18.5% 2G 3G GNSS+GSM combognss 4G4G 4G CAT4 CAT1 NB-IOT CAT-M 2015 6
(O2O) 4.0 7
1,325,700,000 1,124,800,000 14.6% 1,213,200,000 1,058,400,000 112,500,000 66,400,000 13.0% 186,800,000 165,400,00015.4%15.6% 15.2%15.8% 31,000,000 16,500,000 1.2 0.6 % % 687 87 12.7 625 92 14.8 331 50 15.0 286 44 15.3 122 21 17.4 121 17 14.5 73 29 39.0 26 12 43.9 1,213 187 15.4 1,058 165 15.6 8
10.0% 687,000,000 624,700,000 12.7%14.8%ODM 79%83% 27% 15.6%2G(ASP) 4G15.0%15.3% 121,600,000 120,900,000 17.4%14.5% 73,500,000 26,500,000 39.0%43.9% 9
245,700,000 298,400,00076.4%23.4% 50,600,000 102,900,000 205,300,000 333,500,000 114 71 45 33 101 64 2.0 1.8 10
1117,300,000 2,557,896,300 0.10 11
170.3 32.3 (41.8) (7.3) 13.5 (97.3) (79.6) (127.0) 2.3 1.3 3.5 54.6 (4.6) (5.0) (8.1) 5.6 (105.0) 17.7 3,253,300,000 3,396,100,000 205,300,000 333,500,000 6.3%9.8% 12
2,410 2,600 13
14
3 1,325,658 1,124,772 (1,124,405) (947,133) 201,253 177,639 5 32,926 48,009 5 (3,391) (3,702) (41,280) (71,465) (64,828) (55,107) (67,027) (58,859) (747) (473) (4,639) (4,972) 52,267 31,070 6 (19,518) (13,910) 7 32,749 17,160 31,012 16,465 1,737 695 32,749 17,160 9 1.2 0.6 1.2 0.6 15
32,749 17,160 (5,026) 2,609 27,723 19,769 26,846 19,004 877 765 27,723 19,769 16
10 358,187 355,981 10 408,292 405,976 89,188 91,605 10 138,725 117,017 12 45,049 45,487 2,778 3,184 4,586 5,333 16,875 16,875 13 47,360 19 1,687 1,806 1,065,367 1,090,624 613,131 668,271 8,535 9,954 272,546 227,010 293,125 340,681 14 305,273 292,356 249,836 254,709 16 1,400 16 2,694 8,504 19 704 754 13 117,300 74,592 50,580 102,864 245,687 298,386 2,160,811 2,278,081 11 27,119 27,384 2,187,930 2,305,465 17
15 488,112 628,401 325,631 236,260 16 37,067 46,911 16 3,501 17 205,275 333,520 19,438 8,229 1,075,523 1,256,822 11 24,574 24,805 1,100,097 1,281,627 1,087,833 1,023,838 2,153,200 2,114,462 18 255,790 255,790 1,668,287 1,639,989 1,924,077 1,895,779 102,644 102,605 2,026,721 1,998,384 12 68,252 63,528 58,227 52,550 126,479 116,078 2,153,200 2,114,462 18
a b 255,750 831,188 27,599 97,091 32,374 102,827 2,282 261,495 301,405 1,912,011 86,443 1,998,454 16,465 16,465 695 17,160 2,539 2,539 70 2,609 2,539 16,465 19,004 765 19,769 40 101 141 141 74 (74) 5,627 5,627 (3,400) 3,400 1,452 1,452 1,452 255,790 831,363 27,599 97,091 30,352 102,827 2,282 264,034 321,270 1,932,608 92,835 2,025,443 255,790 831,363 40,623 97,091 30,888 102,827 2,282 177,573 357,342 1,895,779 102,605 1,998,384 31,012 31,012 1,737 32,749 (4,166) (4,166) (860) (5,026) (4,166) 31,012 26,846 877 27,723 (4,125) 4,125 1,452 1,452 1,452 1,382 1,382 (2,220) (2,220) 3,955 (3,955) 255,790 831,363 44,578 97,091 28,215 102,827 2,282 173,407 388,524 1,924,077 102,644 2,026,721 19
(a) (b) 10% 50% 20
159,483 125,826 2,020 (6,576) 2,048 (87,293) 163,551 31,957 8,736 8,666 (2,012) (8,318) 170,275 32,305 (41,828) (7,339) 13,497 (97,256) (79,602) 1,256 (465) 5,629 4,972 (35,190) (50,240) 38,709 50,240 22,642 (50,968) (58,702) 102,690 74,358 (78,871) (28,726) 21
159,570 323,776 (286,566) (321,477) (4,639) (4,972) 54,600 (9,397) 141 (141,032) 52,068 (49,628) 55,647 298,386 291,762 (3,071) 232 245,687 347,641 22
1. 34 2. 23
3. 4. 24
687,030 331,019 121,613 73,463 112,533 1,325,658 1,325,658 8,404 25,255 181 5,687 4,922 44,449 44,449 26,189 (747) (12,985) (4,639) 52,267 25
624,693 286,359 120,887 26,460 66,373 1,124,772 1,124,772 8,121 29,124 (5,509) (8,883) (5,288) 3,887 21,452 21,452 24,059 (473) (8,996) (4,972) 31,070 26
839,599 1,057,811 444,241 348,219 214,471 211,472 226,214 135,349 611,901 602,675 2,336,426 2,355,526 14,168 12,673 210,956 132,627 79,591 49,914 561,973 736,504 866,688 931,718 27
28
5. i 4,289 2,274 ii 7,761 16,970 1,781 2,768 3,746 5,898 200,000 201,000 15,187 15,468 162 4,631 32,926 48,009 (713) (2,216) (4,506) (3,489) 539 5,555 290 19 2,191 (4,744) (3,391) (3,702) 29
(i) (ii) 14,681,000 14,681,000 3,775,000 329,000 9,363,000 8,022,000 3,986,0001,960,000 63,477,00058,687,000 30
6. (12,778) (10,254) (2,251) (1,325) 985 1,096 12 (5,474) (3,427) (19,518) (13,910) 15% 10% 15% 25%10% 25% 30% 60% 30% 60% 31
7. 74,286 47,041 (177) (586) 74,109 46,455 1,578 1,477 34,534 37,060 (1,516) (1,519) 33,018 35,541 147,114 136,132 1,452 1,452 (62,612) (48,577) 85,954 89,007 4,795 4,294 (1,434) (756) 3,361 3,538 1,000,287 870,295 98,068 54,102 32
8. 9. 31,012 16,465 2,557,897 2,557,596 2,469 62,613 2,560,366 2,620,209 33
10. 358,187,000 355,981,0005,555,000 290,000 34
41,828,000 7,339,000 713,000 15,713,000 13,497,000 713,0002,216,000 4,506,000 97,256,000 79,602,000 97,246,00078,699,000 35
11. 30%27,119,000 27,384,000 30% 26,160,000 20,950,000 20,950,000 5,120,0000 5,210,000 27,119,000 27,384,000 24,574,00024,805,000 36
12. (9,830) 28,333 17,154 (53,698) (18,041) 240 (279) (159) 510 312 6 (4,085) (1,389) (5,474) (13,675) 28,054 16,995 (54,577) (23,203) 45,049 45,487 (68,252) (63,528) (23,203) (18,041) 37
13. 117,300 74,592 47,360 117,300 121,952 1030,000,000 35,190,000 0.1% 9.25 40,000,000 46,920,000 47,360,0001.2% 0.05% 38
8.6 30,000,000 35,190,00035,520,000 0.1% 10 33,000,00039,072,000 0.05% 39
14. 90 30 173,300 169,379 31 60 74,006 75,372 61 90 42,872 26,913 91 180 10,341 3,688 180 36,267 30,964 336,786 306,316 (35,966) (31,551) 300,820 274,765 30 3,490 17,591 91 180 963 4,453 17,591 305,273 292,356 40
15. 30 90 30 347,843 569,902 31 60 116,360 35,444 61 90 8,112 4,112 90 15,797 18,943 488,112 628,401 16. 41
17. 159,570,000 323,776,0001.63.8 1.03.6 18. 0.1 3,000,000 300,000 2,557,897 255,790 42
19. 60% 4,000,000 (i) 1,200,000(ii) 600,000 90 (iii) 2,200,000 2,200,000 7.345 2,038,000 2,391,0002,560,000 2,191,000 43
20. 1,659 3,553 781 1,597 2,440 5,150 29,746 26,500 58,555 39,410 3,623 1,692 91,924 67,602 44
21. 4,692 4,736 87,366 158,672 22. 520,000 2,694,000 14,681,000 4,800,000 45
23. 775,000 2,928 3,221 164 177 3,092 3,398 46
XV 571352 10 3 1 1,209,084,000 1,209,084,000 47.27% 3,098,000 3,098,000 0.12% 1,212,182,000 47.39% 2 734,857,000 734,857,000 28.73% 3,418,000 3,418,000 0.13% 738,275,000 28.86% 4,446,000 4,446,000 0.17% 5,382,000 5,382,000 0.21% 1,446,120 1,446,120 0.06% 1,000,000 936,000 1,936,000 0.08% 47
1. Info Dynasty Group LimitedInfo Dynasty XVInfo Dynasty734,857,000 Intellipower Investments LimitedIntellipowerSimcom LimitedSimcom (BVI) XV Intellipower Simcom (BVI) 454,227,00020,000,000 2. Info Dynasty XVInfo Dynasty734,857,000 3. 2,557,896,300 352 48
336 1 Info Dynasty2 734,857,000 28.73% Intellipower3 454,227,000 17.76% 1. 2,557,896,300 2. Info DynastyInfo Dynasty 3. Intellipower 336 49
28.3.2008 936,000 936,000 3.9.2009 3,510,000 3,510,000 28.3.2008 1,872,000 1,872,000 3.9.2009 3,510,000 3,510,000 13.11.2007 117,000 117,000 28.3.2008 393,120 393,120 3.9.2009 936,000 936,000 3.9.2009 936,000 936,000 12,210,120 12,210,120 50
12.5.2006 2,363,400 (2,363,400) 13.11.2007 3,635,775 (93,600) 3,542,175 28.3.2008 12,667,005 (210,600) 12,456,405 3.9.2009 40,377,015 (1,678,950) 38,698,065 19.7.2013 17,213,000-17,213,000 19.7.2013 45,400,000-45,400,000 121,656,195 (4,346,550) 117,309,645 133,866,315 (4,346,550) 129,519,765 1. 25% 3.14 2. 25% 1.40 3. 25% 0.69 4. 25% 0.68 5. 51
18 14 A.2.7 A.5.1 A.5.4 52
E.1.2 10 53
Clarendon House 2 Church Street Hamilton HM 11 Bermuda 248 29 2908 Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda 183 17 1712-1716 http://www.sim.com 2000 54