Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "buy" rating to Xingtou Measurement and Control (920116.SH) based on its expected revenue growth and profitability improvements [1] - By the first half of 2025, special business revenue is projected to account for approximately two-thirds of total revenue, driven by software sales and ground system construction [1] - The rapid development of domestic commercial aviation is highlighted, with the company establishing a comprehensive industry chain and enhancing its space cloud product system [1]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [2][8] Core Insights - The company reported a revenue of 0.99 billion yuan for the first half of 2025, reflecting a year-on-year growth of 21.9%. The gross margin was 54.57%, an increase of 1.39 percentage points, and the net profit attributable to shareholders was 0.32 billion yuan, up 24.26% year-on-year [5][6] - The company is strategically positioning itself in the commercial aerospace sector, aiming to build a comprehensive industry chain and enhance its space cloud product system [7] - Revenue from specialized services accounted for approximately two-thirds of total revenue, with significant contributions from software sales and ground system construction [6] Financial Performance - The company forecasts revenues of 3.63 billion yuan, 4.57 billion yuan, and 5.79 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 25.80%, 25.98%, and 26.65% [8][10] - The projected net profit attributable to shareholders for the same period is 1.09 billion yuan, 1.41 billion yuan, and 1.80 billion yuan, with growth rates of 28.28%, 29.12%, and 28.06% [8][10] - The company’s earnings per share (EPS) is expected to increase from 0.53 yuan in 2024 to 1.13 yuan in 2027 [10][11] Market Context - The domestic commercial aerospace sector is rapidly developing, with 35 rocket launches and 153 payloads sent into orbit in the first half of 2025, marking a nearly 17% increase year-on-year [7] - The company is expanding its ground station network and exploring the development of a space perception constellation to meet the growing demand for space traffic management and data transmission [7]

中信建投证券股份有限公司 关于中科星图测控技术股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 （以下简称《上市规则》）等有关法律法规、规范性文件等的规定，中信建投证 券股份有限公司（以下简称"中信建投""保荐机构"）作为中科星图测控技术股 份有限公司（以下简称"星图测控""公司"）的保荐机构，负责星图测控的持续 督导工作，并出具 2025 年半年度持续督导跟踪报告。 一、持续督导工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文件。 | | 2、督导公司建立健全并有效执行 | 保荐机构督导公司建立健全规则制度（包括但不限于根 | | 规则制度的情况 | 据新《公司法》及《上市规则》的规定，修改完善公司 | | | 治理制度，本督导期内，星图测控有效执行了规则制度。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账户对账单，核查公司 | | | 募集资金使用情况；前往公司现场核查募集资金使用情 | | | 况。本督导期内，星图测控募集资金存放 ...

证券代码：920116 证券简称：星图测控 公告编号：2025-101 中科星图测控技术股份有限公司 2025 年第三次临时股东会决议公告 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。 1.会议召开时间：2025 年 9 月 12 日 2.会议召开地点：北京市海淀区永旭北路中关村壹号 F1 座会议室 3.会议召开方式：现场投票、网络投票 4.会议召集人：董事会 5.会议主持人：张子航 6.召开情况合法合规的说明： 本次股东会的召集及召开时间、方式、召集人及主持人符合《中华人民共 和国公司法》《公司章程》及《股东会议事规则》等相关规定。 （二）会议出席情况 一、会议召开和出席情况 （一）会议召开情况 出席和授权出席本次股东会的股东共 8 人，持有表决权的股份总数 115,517,000 股，占公司有表决权股份总数的 72.2998%。 其中通过网络投票参与本次股东会的股东共 6 人，持有表决权的股份总数 107,411,000 股，占公司有表决权股份总数的 67.2264%。 （三）公司董事、监事、高级 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中科星图测控技术股份有限公司 2025 年第三次临时股东会之 法律意见书 法律意见书 中科星图测控技术股份有限公司： 二零二五年九月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 ...

中科星图测控技术股份有限公司 章程 2025 年 9 月 | 目 录 | | --- | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 党组织 7 | | 第五章 | 股东和股东会 8 | | 第一节 | 股东 8 | | 第二节 | 股东会的一般规定 13 | | 第三节 | 股东会的召集 20 | | 第四节 | 股东会的提案与通知 21 | | 第五节 | 股东会的召开 23 | | 第六节 | 股东会的表决和决议 26 | | 第六章 | 董事和董事会 32 | | 第一节 | 董事 32 | | 第二节 | 董事会 37 | | 第三节 | 独立董事 42 | | 第四节 | 董事会专门委员会 45 | | 第七章 | 高级管理人员 48 | | 第八章 | 财务会计制度、利润分配和审计 52 | | 第一节 | 财务会计制度 52 | | 第二节 | 利润分配 53 | | 第三节 | 内部审计 ...

Group 1 - The report highlights the emergence of ten key industries in the deep space economy, including deep space resource development, deep space internet, deep space energy, deep space biology, deep space transportation, deep space intelligence, deep space construction, deep space tourism, deep space security, and deep space culture [2][12][16] - The total market capitalization of aerospace and military-related companies listed on the Beijing Stock Exchange reached 75.882 billion yuan as of September 12, 2025, with 19 companies in this sector [19][21] - Companies such as Xingtum Control (920116.BJ), Fujida (835640.BJ), and Chuangyuan Xinke (831961.BJ) are identified as high-growth targets within the aerospace sector, showcasing significant revenue and profit growth [20][29][31] Group 2 - The report indicates that the average weekly decline for five major industries, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, was recorded at -4.59%, -3.82%, -3.15%, -3.25%, and -3.60% respectively [3][37] - The median price-to-earnings (PE) ratios for these industries have also decreased, with high-end equipment at 44.8X, information technology at 80.5X, chemical new materials at 45.7X, consumer services at 61.0X, and pharmaceutical biology at 42.2X [3][41][47] Group 3 - In the technology sector, the median PE ratio for 154 companies decreased from 54.9X to 53.5X, with an overall market capitalization decline from 538.565 billion yuan to 522.836 billion yuan [4][52] - Notable companies in the technology sector include Chicheng Co. (+23.44%), Shuguang Digital Creation (+18.81%), and Shunyu Precision Engineering (+8.07%), which experienced significant stock price increases [4][56] Group 4 - Fujida (835640.BJ) reported a total revenue of 408 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.86%, with a net profit increase of 10.50% [29][30] - Chuangyuan Xinke (831961.BJ) achieved a revenue of 111 million yuan in the first half of 2025, marking an 18.44% increase, and a remarkable net profit growth of 354.24% [31][35] - Xingtum Control (920116.BJ) reported a revenue of 99 million yuan in the first half of 2025, with a year-on-year growth of 21.90% and a net profit increase of 24.26% [24][26]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 72.13 CNY [6] Core Views - The company reported a revenue of 0.99 billion CNY for the first half of 2025, representing a year-on-year growth of 21.90%. The net profit attributable to shareholders was 0.32 billion CNY, up 24.26% year-on-year [6][9] - The company is actively expanding its customer base in the civilian sector and enhancing its capabilities in artificial intelligence [7][10] - The company has shown a significant increase in the proportion of revenue from the civilian and commercial sectors, rising from 26.82% in 2024 to 31.41% in 2025 [8] Summary by Sections Revenue Performance - In the first half of 2025, the company's revenue from specialized fields was 0.68 billion CNY, accounting for 68.59% of total revenue, while revenue from civilian and commercial fields was 0.31 billion CNY, accounting for 31.41% [8] - The revenue from technology and development services was 0.77 billion CNY, with a year-on-year growth rate of 6.60%. Software business revenue surged by 397.58%, significantly exceeding expectations [8] Profitability - The company achieved a gross margin of 54.57% in the first half of 2025, an increase of 1.39 percentage points compared to the same period in 2024. The net margin was 32.52%, up 0.61 percentage points year-on-year [9] Business Development - The company is focusing on expanding its space management business, which includes deepening cooperation with specialized field clients, actively targeting civilian and commercial clients, and enhancing its AI capabilities [10] - Future business plans involve developing a full industry chain for space management and promoting international business development [10] Financial Forecast - The company’s projected revenues for 2025 and 2026 are 3.77 billion CNY and 4.76 billion CNY, respectively, with year-on-year growth rates of 30.63% and 26.31% [10] - The expected net profits for 2025 and 2026 are 1.10 billion CNY and 1.42 billion CNY, with growth rates of 28.95% and 29.57% [10]

Group 1 - The core viewpoint of the report is that Xingtu Measurement and Control is expanding its business in the commercial aerospace sector and enhancing its space cloud product system, leading to a positive outlook for the company's growth [1] - In the first half of 2025, the company achieved revenue of 99 million yuan, a year-on-year increase of 21.90%, and a net profit attributable to shareholders of 32 million yuan, up 24.26% [1] - The company maintains its profit forecast for 2025-2027, expecting net profits of 107 million yuan, 129 million yuan, and 167 million yuan for the respective years, with corresponding diluted EPS of 0.67, 0.81, and 1.05 yuan per share [1] Group 2 - The global low-orbit satellite constellation is rapidly expanding, with 2,090 spacecraft launched in the first half of 2025, a 58.5% increase year-on-year [2] - China launched 153 satellites in the first half of 2025, a 92.4% increase compared to the previous year, significantly outpacing the global average [2] - The company plans to complete the launch of experimental satellites for its space perception constellation by the first half of 2026, aiming to establish external service capabilities [3] Group 3 - The company is enhancing its space cloud product system by integrating intelligent computing platforms with various space information analysis and management platforms [3] - The company is focusing on building a comprehensive capability in space safety and efficient data transmission through the development of ground station networks and space-based measurement and control systems [3] - The commercial aerospace sector in China is experiencing rapid growth, with 35 successful rocket launches in the first half of 2025, a nearly 17% increase from the same period in 2024 [2]

证券代码：920116 证券简称：星图测控 公告编号：2025-100 中科星图测控技术股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √业绩说明会 二、 投资者关系活动情况 活动时间：2025 年 9 月 4 日 活动地点：价值在线平台（https://eseb.cn/1r8kfmvbtRu） 参会单位及人员：通过网络方式参加公司 2025 年半年度业绩说明会的投资 者 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 上市公司接待人员：公司董事长胡煜；公司董事、总经理牛威；公司董事、 副总经理、财务总监、董事会秘书张子航；公司财务部总经理李娜 三、 投资者关系活动主要内容 公司领导就公司基本情况、上半年主要经营数据、产品与技术、未来发展战 略等进行了介绍。针对发展战略，公司分别就感知星座、全球站网及业务拓展、 太空云等重点发展方向进行了具体说明。 本次投资者关系活动的主要问题及公司对问题的回复概要如下 ...