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 ...

证券代码：920116 证券简称：星图测控 公告编号：2025-099 中科星图测控技术股份有限公司 2025 年半年度报告业绩说明会预告公告 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。 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。 一、 说明会类型 中科星图测控技术股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 在北京证券交易所指定信息披露平台（www.bse.cn）发布了《2025 年半年度报 告》（公告编号：2025-094），为加强与投资者的交流，使投资者更加全面、深入 地了解公司情况，公司拟召开 2025 年半年度报告业绩说明会，与投资者进行沟 通和交流，广泛听取投资者的意见和建议。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 4 日（星期四）15:00-16:30。 （二）会议召开地点 本次业绩说明会将采用网络方式举行，投资者可通过价值在线平台 （https://eseb.cn/1r8kf ...

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [5] Core Views - The company achieved a revenue of 99 million yuan in H1 2025, representing a year-on-year increase of 22%, and a net profit attributable to shareholders of 32.26 million yuan, up 24% year-on-year [6] - The company is actively advancing the construction of an intelligent computing platform under the space cloud product system, with significant growth in both revenue and profit in the first half of 2025 [6] - The company is focusing on expanding its service scale and quality in specialized fields while also enhancing its market coverage in civil and commercial sectors [6][7] Financial Performance - In H1 2025, the company reported a revenue of 99 million yuan, with a net profit of 32.26 million yuan and a non-recurring net profit of 14.03 million yuan [6] - The revenue breakdown shows that specialized fields accounted for 69% and civil and commercial fields for 31% [6] - The company’s revenue from technology development and services, software sales, and system integration showed significant growth, with software sales increasing by 398% year-on-year [6] Future Outlook - The company plans to expand its ground station network and enhance its capabilities in space perception and data transmission [6] - The integration of AI capabilities with commercial aerospace is expected to accelerate the intelligent upgrade of the space cloud product system [6] - The demand for comprehensive space management services is anticipated to grow rapidly due to the acceleration of satellite launches in China and globally [7] Earnings Forecast and Valuation - The company is projected to achieve a net profit of 107 million yuan in 2025, with a corresponding PE ratio of 114.0 [9] - Revenue is expected to grow from 288 million yuan in 2024 to 573 million yuan by 2027, with a compound annual growth rate of approximately 25% [8] - The return on equity (ROE) is forecasted to increase from 17.87% in 2024 to 20.48% by 2027 [8]

Group 1 - The core viewpoint is that the demand for satellite lifecycle management is experiencing exponential growth as the global low Earth orbit (LEO) satellite internet enters a phase of deploying tens of thousands of satellites, with significant benefits expected for the measurement and control (M&C) sector [1][2] - The aerospace M&C industry is at a historical turning point due to the large-scale deployment of LEO satellite constellations, leading to a substantial increase in demand for satellite lifecycle management, which requires high-frequency M&C support at every stage [1] - The Chinese government has included commercial aerospace in its work reports for two consecutive years, and local governments are implementing supportive policies to upgrade M&C infrastructure towards global coverage [1] Group 2 - The aerospace M&C sector possesses dual scarcity in terms of technological barriers and resource endowments, requiring breakthroughs in long-distance data transmission, multi-satellite concurrent control, and AI scheduling [2] - Companies like Tianlian M&C have improved their capabilities significantly, achieving 22 downlink control arcs per satellite per day and reducing data latency to seconds [2] - The unique combination of technology and resource advantages allows leading companies to dilute costs through large-scale operations, creating a "Matthew effect" where the strong get stronger [2] Group 3 - The M&C sector is expected to benefit significantly from the advancement of reusable rockets, as the demand for M&C services will increase from the launch phase to the return phase, enhancing the value of M&C per rocket launch [2] - The scarcity of M&C stations and their geographical distribution can lead to supply-demand mismatches, which may drive price increases across the industry as demand grows [2] - Star Map M&C is the only publicly listed company in the three major aerospace sectors (rockets, satellites, and M&C), highlighting its unique position in the market [2]

证券代码：920116 证券简称：星图测控 公告编号：2025-062 中科星图测控技术股份有限公司 关于取消监事会并修订《公司章程》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、修订内容 根据《公司法》及《上市公司章程指引》《北京证券交易所股票上市规则》 等相关规定，公司拟修订《公司章程》的部分条款，修订对照如下： | 原规定 | 修订后 | | --- | --- | | 第一条 | 第一条 | | 为维护中科星图测控技术股份有限公 | 为维护中科星图测控技术股份有限公司 | | 司（以下简称"公司"或"本公司"）、 | （以下简称"公司"或"本公司"）、股 | | 股东和债权人的合法权益，规范公司的 | 东和债权人的合法权益，规范公司的组 | | 组织和行为，根据《中华人民共和国公 | 织和行为，根据《中华人民共和国公司 | | 司法》（以下简称《公司法》）、《中华人 | 法》（以下简称《公司法》）、《中华人民 | | 民共和国证券法》（以下简称《证券 | 共和国证券法》（以下简称《 ...

证券代码：920116 证券简称：星图测控 公告编号：2025-098 中科星图测控技术股份有限公司 关于设立募集资金专项账户并签署三方监管协议的公告 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、募集资金基本情况 2024 年 12 月 9 日，中国证券监督管理委员会做出《关于同意中科星图测控 技术股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可 〔2024〕1767 号），2024 年 12 月 27 日，北京证券交易所出具《关于同意中科 星图测控技术股份有限公司股票在北京证券交易所上市的函》（北证函〔2024〕 628 号），公司股票于 2025 年 1 月 2 日在北京证券交易所上市。 公司本次公开发行股票 2,750.00 万股（超额配售选择权行使前），每股发行 价格为人民币 6.92 元，募集资金总额为 190,300,000.00 元，实际募集资金净额为 164,581,721.64 元，到账时间为 2024 年 12 月 26 日。公司因行使超额配售选择权 取得的募 ...

证券代码：920116 证券简称：星图测控 公告编号：2025-096 中科星图测控技术股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的 专项报告 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、募集资金基本情况 2024 年 12 月 9 日，中国证券监督管理委员会做出《关于同意中科星图测控 技术股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可 〔2024〕1767 号），2024 年 12 月 27 日，北京证券交易所出具《关于同意中科星 图测控技术股份有限公司股票在北京证券交易所上市的函》（北证函〔2024〕628 号），公司股票于 2025 年 1 月 2 日在北京证券交易所上市。 公司本次公开发行股票 2,750.00 万股（超额配售选择权行使前），每股发行 价格为人民币 6.92 元，募集资金总额为 190,300,000.00 元，扣除不含税发行费用 人民币 25,718,278.36 元，实际募集资金净额为 164,581,721.64 元，到账时间 ...

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、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第三次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 证券代码：920116 证券简称：星图测控 公告编号：2025-097 中科星图测控技术股份有限公司 关于召开 2025 年第三次临时股东会通知公告（提供网络投票） （五）会议召开日期和时间 1、现场会议召开时间：2025 年 9 月 12 日 15:00。 2、网络投票起止时间：2025 年 9 月 11 日 15:00—2025 年 9 月 12 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟参加网络投票的投资者在上述时间内及早登录中国结算网上营业 厅（网址：inv.chinaclear.cn）或关注中国结算官方微信公众号（"中国结算营业 厅"）提交投票意见。 根据《公司法》和《公司章程》的有关规定，公 ...