Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company completed two national research projects, leading to a significant increase in net profit for Q1 2025, which grew by 245% year-on-year [3] - The company reported a revenue of 60.91 million yuan for Q1 2025, representing a year-on-year growth of 27.47%, while the net profit reached 5.66 million yuan, marking a 244.81% increase [3] - Despite a decline in revenue and net profit for the year 2024, the company is optimistic about future growth opportunities driven by its R&D capabilities and the commercialization of 5G-A technology [3] Financial Summary - In 2024, the company achieved a revenue of 233 million yuan, down 13.93% year-on-year, and a net profit of 12 million yuan, down 62.90% year-on-year [3] - The projected net profits for 2025, 2026, and 2027 are 19 million yuan, 33 million yuan, and 49 million yuan respectively, with corresponding EPS of 0.14, 0.23, and 0.35 yuan [3] - The current stock price corresponds to P/E ratios of 165.3, 96.4, and 64.6 for the years 2025, 2026, and 2027 respectively [3] R&D and Market Activities - In 2024, the company participated in 22 market activities, including major conferences like MWC and the Global 6G Development Conference [4] - The company invested 103.86 million yuan in R&D in 2024, accounting for 44.63% of its revenue, and has been actively pursuing overseas intellectual property strategies [5] - The company has applied for a total of 512 patents, with 68.75% being invention patents, and has successfully obtained 300 authorized patents [5]

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on June 18, 2025, in Shanghai, attended by CITIC Securities and invited investors [3] - The company representatives included the board secretary and CFO, Ms. Wang Xiaolei [3] Group 2: Participation in MWC Shanghai - The company participated in the 2025 World Mobile Communication Conference in Shanghai, showcasing key technologies such as 5G integrated testing systems and low-orbit satellite network performance monitoring [4] Group 3: Military Qualifications and Future Plans - The company specializes in RF communication testing instruments and is focusing on 5G/6G communication, vehicle networking, and satellite internet testing [5] - The demand for electronic measurement instruments is expected to grow due to advancements in defense and other sectors, with the company holding relevant qualifications for special fields [6] Group 4: 6G Development Initiatives - The company is actively involved in 6G testing technology research and has undertaken several national-level projects related to 5G/6G and millimeter-wave communication [7] - It has joined the IMT-2030 (6G) promotion group, becoming a key member in global 6G technology development [7] Group 5: Impact of Index Inclusion - The company has been selected as a sample stock for the North Exchange's specialized index and the North 50 index, enhancing its visibility and commitment to becoming a leading brand in wireless communication testing instruments [8]

| 专利类型 | 专利名称 | 专利号 | | --- | --- | --- | | 发明 | 基于历史大数据实现网格化信号覆盖率分 | ZL 202111361205.9 | | | 析处理的方法、系统、装置、处理器及其存 | | | | 储介质 | | | 实用新型 | 支持实现复杂地形干扰信号扫频监测的装 | ZL 202421662422.0 | | | 置 | | 证券代码：831961 证券简称：创远信科 公告编号：2025-043 创远信科（上海）技术股份有限公司 关于取得专利证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、基本情况 2025 年 6 月 13 日，创远信科（上海）技术股份有限公司（以下 简称"公司"或"创远信科"）收到了由国家知识产权下发的 2 项《专 利证书》。具体情况如下： 上述专利证书的取得，不构成对公司经营业绩的承诺，对公司的 具体影响以实际情况为准，敬请广大投资者谨慎决策，注意防范投资 风险。 四、备查文件 《发明专利证书》（证书号：第 799 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company, Chuangyuan Xinke, is recognized as a national-level specialized and innovative "little giant" in the field of radio frequency communication testing instruments, with a 27% year-on-year revenue increase in Q1 2025. It focuses on wireless communication testing, vehicle networking, and satellite internet testing, holding numerous patents and core technologies [5][6]. - The company is expected to benefit from emerging opportunities in vehicle networking and low-altitude economies, driven by advancements in 5G/6G technology and government initiatives [5][7]. - The company has a strong R&D focus, with 44.63% of its revenue allocated to R&D in 2024, and has made significant technological breakthroughs in key areas [6][12]. Summary by Sections Market Performance - The closing price as of June 13, 2025, is 22.39 yuan, with a market capitalization of 3,198.20 million yuan and a circulating market value of 2,360.77 million yuan [3]. Financial Forecast and Valuation - Revenue projections for 2025 are estimated at 269 million yuan, with a year-on-year growth rate of 15.51%. The net profit attributable to the parent company is forecasted to be 19 million yuan, reflecting a growth rate of 54.97% [11]. - The report anticipates a gradual improvement in profitability, with EPS expected to rise from 0.09 yuan in 2024 to 0.34 yuan by 2027 [11][12]. Industry Outlook - The global electronic measurement instrument market is projected to reach 20 billion USD by 2028, driven by advancements in automation, smart laboratories, and the rapid growth of vertical industries [12]. - In China, the electronic measurement instrument market has grown from 30.9 billion yuan in 2019 to 37.8 billion yuan in 2023, with a forecasted growth rate of 5% to 7% from 2024 to 2030 [12].

Core Viewpoint - The company, Chuangyuan Xinke, is gaining institutional interest and has made significant advancements in low-altitude economy and 6G testing technologies, showcasing its strategic developments and future plans through various institutional engagements and performance briefings [1]. Group 1: Institutional Interest and Engagement - Chuangyuan Xinke has received attention from multiple institutions, including Western Securities, Dongwu Securities, and Founder Securities, with several meetings held in May 2023 [1]. - The company hosted an annual performance briefing on May 15, 2023, to present its technological breakthroughs and market strategies in low-altitude economy and 6G testing [1]. Group 2: Project Wins and Product Development - The company has successfully won a procurement project for key equipment from Tonghao Low-altitude Intelligent Technology Co., with a contract value of RMB 1.15 million for the mmWave 5G integrated testing system [2]. - The mmWave 5G system is part of the company's "1+3" development strategy, focusing on satellite internet and low-altitude economy communication testing products [2]. Group 3: Strategic Focus and Product Expansion - Chuangyuan Xinke's "1+3" strategy emphasizes communication testing in satellite internet and low-altitude economy, with new product launches such as the Rainbow series for low-altitude signal monitoring [3]. - The company has seen significant year-on-year growth in customer expansion and sales in the satellite internet testing sector, including the launch of low-orbit satellite payload certification testing systems [3]. Group 4: Collaboration and R&D Investment - The company is actively collaborating with Huawei on 5G/6G communication testing products, with ongoing projects in 6G technology development and product layout [4]. - Recent projects include the development of a high-bandwidth high-frequency channel simulator for 6G, which aims to enhance China's capabilities in advanced communication testing equipment [4]. - Chuangyuan Xinke has invested a total of RMB 491 million in R&D over the past three years, representing nearly 60% of its cumulative revenue during that period [5].

证券代码：831961 证券简称：创远信科 公告编号：2025-041 创远信科（上海）技术股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、会议召开情况 创远信科（上海）技术股份有限公司（以下简称"公司"）2025 年员工持股计划（以下简称"本持股计划"）第一次持有人会议于 2025 年 5月27日以现场和通讯相结合的方式召开，会议由公司财务总监、 董事会秘书王小磊女士召集和主持，本次会议应出席持有人 58 人， 实际出席持有人 58 人，代表本持股计划份额 151.3803 万份，占本持 股计划份额的 100.00%。 参与本次员工持股计划的 7 名董事、监事、高级管理人员已承诺 自愿放弃在本次员工持股计划持有人会议的提案权、表决权，并且不 担任本次员工持股计划管理委员会任何职务。 出席本次会议有表决权的持有人所持份额总数为 121.2000 万份， 占本次员工持股计划有表决权份额总数的 100.00%。 本次会议的召集、召开和表决程 ...

Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 28, 2025, in Shanghai, attended by representatives from Founder Securities Co., Ltd. and CITIC Securities Co., Ltd. [3] - The meeting was hosted by the company's board secretary and CFO, Ms. Wang Xiaolei [3] Group 2: Key Issues Discussed - The company won a bid for key equipment procurement from Tonghao Low-altitude Intelligent Technology Co., Ltd., with a contract value of RMB 1.15 million [4] - The product involved is the mmWave 5G integrated testing system, part of the company's "1+3" development strategy focusing on satellite internet and low-altitude economy [4] Group 3: Employee Stock Ownership Plan - The 2025 Employee Stock Ownership Plan (ESOP) was announced, involving up to 59 participants and a total of 1.513803 million shares, representing approximately 1.06% of the company's total share capital of 142.840508 million shares [5] - The ESOP aims to enhance employee responsibility, attract and retain talent, and align interests among shareholders, the company, and core team members [5] Group 4: Revenue Growth Target - The company aims for a revenue growth rate of no less than 10% in 2025 as part of the ESOP assessment targets [6] - The company focuses on three main business areas: wireless communication testing, vehicle networking testing, and satellite internet and low-altitude economy testing [6][7] Group 5: R&D Projects - The company is developing a high-bandwidth frequency channel simulator for 6G communication, focusing on cutting-edge technologies such as terahertz and multi-channel MIMO [8] - The project aims to enhance the company's independent R&D capabilities and international competitiveness, with an expected completion date of November 2026 [8]

证券代码：831961 证券简称：创远信科 公告编号：2025-040 创远信科（上海）技术股份有限公司 关于取得专利证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、基本情况 2025 年 5 月 23 日，创远信科（上海）技术股份有限公司（以下 简称"公司"或"创远信科"）收到了由国家知识产权局下发的 2 项 《发明专利证书》。具体情况如下： | 专利类型 | 专利名称 | 专利号 | | --- | --- | --- | | 发明 | 实现针对 5GNR 扫频仪装置 CINR 进行自动 校准处理的方法、装置、处理器及存储介 | ZL 202211453276.6 | | | 质 | | | 发明 | 适应 ADC 线性特性情形下实现频谱仪功率 | ZL 202110887089.8 | | | 自动校准的系统及其方法 | | 三、风险提示 上述专利证书的取得，不构成对公司经营业绩的承诺，对公司的 具体影响以实际情况为准，敬请广大投资者谨慎决策，注意防范投资 风险。 四、备查文件 《 ...

证券代码：831961 证券简称：创远信科 公告编号：2025-039 创远信科（上海）技术股份有限公司 关于完成注销 2023 年股票期权激励计划 部分股票期权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 创远信科（上海）技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第七届董事会第十六次会议及第七届监事会第十五 次会议，会议审议通过了《关于 2023 年股票期权激励计划注销部分 股票期权的议案》，根据《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、《北京证券交易所上市公司持续监管指引第 3 号— —股权激励和员工持股计划》（以下简称"《监管指引》"）以及公 司《2023 年股票期权激励计划》（以下简称"《激励计划》"）等法 律法规及相关文件的规定，公司向中国证券登记结算有限责任公司北 京分公司（以下简称"中登公司"）提交注销 2023 年股票期权激励计 划部分股票期权的申请，经中登公司审核确认，上述事宜已办理完毕， 现就相关情况公告如下： 一、本次股票 ...

证券代码：831961 证券简称：创远信科 公告编号：2025-038 创远信科(上海)技术股份有限公司 2025 年员工持股计划 创远信科（上海）技术股份有限公司 二〇二五年五月 1 声 明 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2 风险提示 一、创远信科（上海）技术股份有限公司（以下简称"创远信科"、"公司" 或"本公司"）2025 年员工持股计划（以下简称"本员工持股计划"）设立后将 由公司自行管理，但能否达到计划规模、目标存在不确定性。 本部分内容中的词语简称与"释义"部分保持一致。 一、《创远信科（上海）技术股份有限公司 2025 年员工持股计划》（以下 简称"本员工持股计划"）系依据《中华人民共和国公司法》《中华人民共和国 证券法》《关于上市公司实施员工持股计划试点的指导意见》《北京证券交易所 上市公司持续监管指引第 3 号——股权激励和员工持股计划》《北京证券交易 所股票上市规则》等有关法律、行政法规、规章、规范性文件和《公司章程》 的规定编制。 二、本员工持股计划遵循依法合规、 ...