Core Viewpoint - The commercial aerospace sector in China is experiencing a surge in stock prices due to favorable policies and market growth potential, with several companies seeing significant gains in their stock values [1][3][4]. Policy Developments - The National Space Administration released an action plan for the high-quality and safe development of commercial aerospace from 2025 to 2027, encouraging the strengthening of satellite and rocket manufacturing and expanding application services [3]. - The Ministry of Industry and Information Technology initiated a two-year commercial trial for satellite IoT services, aiming to transition satellite communication from technical validation to large-scale application [3]. - Beijing's announcement of a space data center plan aims to expand the application boundaries of commercial aerospace into new fields such as space computing [3]. - The establishment of a dedicated "Commercial Aerospace Department" within the National Defense Science and Technology Industry Bureau indicates a significant institutional commitment to the sector [3]. Market Growth Potential - The commercial aerospace market in China is projected to grow from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of about 22% [4]. - By 2030, the market size could approach 10 trillion yuan if growth continues at 25% [4]. - The Ministry of Industry and Information Technology's forecast suggests that the market could exceed 2.5 trillion yuan by 2025, marking a "golden development period" for the entire industry chain [4]. Company Strategies - Several listed companies are actively positioning themselves within the commercial aerospace industry, with notable strategies including: - Chuangyuan Technology's subsidiary providing needle roller bearings for the commercial aerospace sector [6]. - Guojiji Precision Engineering holding a 90% market share in domestic aerospace bearings, supplying components for rockets and satellites [6]. - Zhenhua Wind Power expanding into commercial aerospace and drone sectors with new radiation-resistant products [6]. - Guanglian Aviation pursuing a dual strategy of acquisitions and partnerships to engage in key components for rockets and satellites [6]. - Zhimin Technology supplying embedded computer modules for commercial satellites and rockets [6]. Investment Opportunities - The commercial aerospace sector is at a pivotal moment with policy, performance, and technology converging to create significant investment opportunities [6][7]. - The "strong aerospace nation" goal has elevated the aerospace industry to a core national strategy, emphasizing the importance of commercial aerospace development [7]. - The ongoing construction of large-scale satellite networks and increased rocket launch demands during the 14th Five-Year Plan period are expected to drive growth in satellite manufacturing and related sectors [7].

证券代码：920564 证券简称：天润科技 公告编号：2025-115 陕西天润科技股份有限公司 股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 张尔严 | 副总经理 | 990,720 | 1.1119% | 北交所上市前取得和 | | | | | | 参与公司股权激励计 | | | | | | 划取得（含权益分派 | | | | | | 转增股） | | 李俊 | 董事、副总 | 749,039 | 0.8406% | 北交所上市前取得和 | | | 经理 | | | 参与公司股权激励计 | | | | | | 划取得（含权益分派 | | | | | | 转增股） | | 胡俊勇 | 董事、副总 | 749,039 | 0.8406% | 北交所上市前取得和 | | | 经理 | | | 参与公司股权激励计 | ...

Group 1 - The Shanghai Composite Index closed at 3875.99 points, above the annual line, with a gain of 1.02% [1] - The total trading volume of A-shares reached 1,496.507 billion yuan [1] - A total of 221 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Group 2 - The stocks with the highest deviation rates include Tianrun Technology at 14.36%, Haitan Ruisheng at 10.10%, and Fujian Expressway at 9.68% [1] - Other stocks that have just crossed the annual line with smaller deviation rates include Suqian Liansheng, Huadian Liaoneng, and Ningbo Energy [1] - The top stocks by today's trading performance include Tianrun Technology with a 19.16% increase and a turnover rate of 15.07% [1]

Core Points - The Shanghai Composite Index is at 3876.57 points, below the five-day moving average, with a change of 1.04% [1] - The total trading volume of A-shares is 853.41 billion yuan, with 2184 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include HeXin Instrument (14.01%), TianRun Technology (11.57%), and ChangGuang Huaxin (9.61%) [1] - Stocks with smaller deviations that have just crossed the five-day moving average include ZhuCheng Technology, SaiTeng Co., and RuiSheng Intelligent [1] Individual Stock Data - HeXin Instrument (688622) shows a daily increase of 20.00% with a turnover rate of 5.15% [1] - TianRun Technology (920564) has a daily increase of 17.23% and a turnover rate of 9.73% [1] - ChangGuang Huaxin (688048) also increased by 20.00% with a turnover rate of 7.94% [1] - Other notable stocks include JuGuang Technology (688167) with a 13.47% increase and TianXiaXiu (600556) with a 9.95% increase [1] Additional Stock Data - Other stocks with significant increases include BoKe New Materials (300811) at 10.89%, and QunXing Toys (002575) at 10.02% [1] - The table includes various stocks with their respective daily changes, turnover rates, five-day moving averages, latest prices, and deviation percentages [1][2]

□媒体采访 证券代码：920564 证券简称：天润科技 公告编号：2025-114 陕西天润科技股份有限公司 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 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （中信建投证券走进上市公司系列活动——走进天润科技） 二、 投资者关系活动情况 活动时间：2025 年 11 月 20 日 活动地点：公司会议室 参会单位及人员：中信建投证券、陕西金资基金、长安期货、博成基金（排 名不分先后） 上市公司接待人员：公司董事长贾友先生；公司董事会秘书王敏先生。 三、 投资者关系活动主要内容 （1）时空信息数字基础设施建设：通过整合卫星遥感、航空遥感、无人机、 激光扫描等多种技术手段，系统性采集天空地多源遥感数据，专业化处理制作 DLG、DEM、DOM、DSM、数字孪生三维模型、专题图和时空信息数据库等时空信息 数字基础设施，为智慧城市建设、自然资源管理、能源开发、低空经济发展等千 行 ...

陕西天润科技股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日收 到由国家知识产权局颁发的一项《发明专利证书》。具体情况如下： 发明名称：亚米级高分遥感影像的城市部件自动化三维重建方法 专利号：ZL 2025 1 1262880.4 授权公告日：2025 年 11 月 14 日 授权公告号：CN 120747387 B 证券代码：920564 证券简称：天润科技 公告编号：2025-113 陕西天润科技股份有限公司 关于取得发明专利证书的公告 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 11 月 17 日 二、对公司的影响 该发明专利可通过局部几何修正与纹理融合迭代优化，输出高精度三维模型 数据，实现城市部件等目标的高精度、自动化三维重建，并应用于城市更新监测、 灾害评估、地表变化监测等领域。上述发明专利证书的取得体现了公司的科技创 新及自主研发能力，有利于保护公司知识产权，有助于提升公司综合竞争力，对 公司未来的经营发展具有积极意义。 陕西天润科技股份 ...

证券代码：920564 证券简称：天润科技 公告编号：2025-112 一、基本情况 陕西天润科技股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日收 到由国家知识产权局颁发的一项《发明专利证书》。具体情况如下： 发明名称：面向极端场景的遥感图像特征增强方法 陕西天润科技股份有限公司 关于取得发明专利证书的公告 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。 该发明专利可有效实现图像特征增强，兼顾处理效率与图像质量，适用于极 端场景下的灾害评估、环境监测、城市规划等领域。上述发明专利证书的取得体 现了公司的科技创新及自主研发能力，有利于保护公司知识产权，有助于提升公 司综合竞争力，对公司未来的经营发展具有积极意义。 三、备查文件 《发明专利证书》（证书号第 8461549 号） 陕西天润科技股份有限公司 董事会 专利号：ZL 2025 1 1148852.X 授权公告日：2025 年 11 月 11 日 授权公告号：CN 120634884 B 二、对公司的影响 2025 年 11 月 ...

Core Insights - Tianrun Technology has been recognized as one of the "Top 100 Geographic Information Enterprises by 2025" and has received multiple awards, showcasing its strong capabilities in technology development and engineering practice [1][2] - The second China Surveying and Geographic Information Conference focused on the integration of surveying technology with AI and big data, providing new ideas for digital transformation across various industries [1][2] Group 1 - Tianrun Technology showcased a comprehensive ecosystem solution covering the entire industry chain from data collection to smart city applications during the second China Surveying and Geographic Information Technology and Beidou Application Expo [2] - The company is a leader in the spatiotemporal information field, continuously promoting the integration of surveying technology with new-generation information technologies, which aids in digital transformation across industries [2] - The ongoing policy support for the construction of a realistic three-dimensional China and the large-scale application of Beidou presents new development opportunities for the geographic information industry [2] Group 2 - Tianrun Technology aims to enhance its brand influence and demonstrate its forward-looking layout in technology innovation and market expansion through the conference [2] - The company plans to deepen technological integration, strengthen industry collaboration, and actively expand into international markets through its Hong Kong subsidiary [2] - With the rapid development of emerging industries like digital twins and low-altitude economy, Tianrun Technology is expected to benefit from the industry's high prosperity cycle, creating long-term value for investors [3]

Core Viewpoint - Tianrun Technology has shown significant business expansion and improvement in cash flow, indicating a robust operational recovery despite still being in a loss position [1][2] Financial Performance - For the first nine months of 2025, Tianrun Technology achieved operating revenue of 106 million yuan, a year-on-year increase of 64.73% [1] - In the third quarter alone, the revenue reached 36.09 million yuan, reflecting a substantial year-on-year growth of 101.43% [1] - The net cash flow from operating activities improved significantly, with a net cash flow of 6.43 million yuan compared to a negative 27.74 million yuan in the same period last year, marking a 123.16% increase [1] Profitability - The company is still in a loss position, but the loss has narrowed significantly, with the net profit attributable to shareholders decreasing by 35.51% year-on-year [1] - The net profit after excluding non-recurring gains and losses decreased by 30.48% compared to the previous year [1] Research and Development - Research and development expenses increased to 22.29 million yuan, representing an 88.58% year-on-year growth, highlighting the company's emphasis on technological innovation [1] - The contract liabilities reached 35.45 million yuan, a 159.65% increase from the beginning of the period, indicating a strong order backlog that supports future performance [1] Business Strategy - As a high-tech enterprise focused on geographic information system development and application, Tianrun Technology is enhancing its traditional business advantages while increasing its R&D efforts [2] - The improvement in operating cash flow and the expansion of business scale are laying a solid foundation for the company's future performance enhancement [2]

Core Viewpoint - Tianrun Technology (920564.BJ) reported strong financial performance in its Q3 2025 report, with multiple key indicators showing significant improvement, including net profit [1] Financial Performance - The company's revenue for the first three quarters reached 106 million yuan, a year-on-year increase of 64.73%, marking the highest growth rate for the same period since 2022 [2] - Operating cash flow turned positive, with a net cash flow of 6.4258 million yuan, up 123.16% year-on-year, achieving the best level in the past five years [2] - In Q3 alone, cash flow net exceeded 38 million yuan, a dramatic increase of 1135.23% compared to nearly -3.7 million yuan in the same period last year [2] - The gross profit margin for the first three quarters was 43.76%, the highest level in the past five years [2] Research and Development - Tianrun Technology has significantly increased its R&D investment, with R&D expenses for the first three quarters reaching 22.286 million yuan, surpassing the total for the entire previous year, and representing an 88.58% increase year-on-year [5] - The R&D expense ratio approached 21%, the highest level in the past five years [5] - The company has focused on enhancing its capabilities in spatial information data processing and developing intelligent application service scenarios based on big data [6] Future R&D Directions - Key R&D goals include breakthroughs in multi-source heterogeneous remote sensing data fusion technology and the development of spatial big data analysis models [6] - The company aims to deepen the application of artificial intelligence in remote sensing image interpretation and monitoring, improving accuracy and efficiency through deep learning algorithms [6] - Further development of digital twin technology is planned to create high-precision 3D modeling platforms for urban and regional applications [6]