证券代码：600118 股票简称：中国卫星 编号：临 2025-011 中国东方红卫星股份有限公司 第九届董事会第二十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、董事会会议召开情况 中国东方红卫星股份有限公司（简称：中国卫星或公司）第九届董事会第二 十八次会议于 2025 年 4 月 28 日以通讯表决方式召开，公司于 4 月 17 日以通讯 方式发出了会议通知。本次会议应出席的董事十位，实际出席的董事十位。会议 的召开符合《公司法》等有关法律法规和《公司章程》的有关规定，所做决议合 法有效。 二、董事会会议审议情况 （一）中国卫星 2025 年第一季度报告 表决结果：10 票赞成、0 票弃权、0 票反对，议案获得通过。 议案已经公司第九届董事会第二十八次会议审计委员会会议、独立董事 2025 年第二次专门会议审议通过，董事会审计委员会、独立董事对该议案发表 了同意意见。 董 事 会 2025 年 4 月 30 日 1 2025 年第一季度报告全文详见 2025 年 4 月 30 日的《上海证券报》及 ...

Group 1 - The core point of the article is that China Satellite (600118) reported a revenue of 442 million yuan in the first quarter of 2025, representing a year-on-year increase of 33.58% [1] - The company experienced a net loss of 24.11 million yuan in the first quarter of 2025, compared to a net loss of 21.34 million yuan in the same period last year [1]

Core Viewpoint - The "New Infrastructure" initiative in China emphasizes the development of the satellite internet industry, which is seen as a strategic engineering project that integrates space and ground communication systems, providing broad coverage and low-cost internet access globally [1][2]. Group 1: Concept and Characteristics - Satellite internet is defined as an internet service based on satellite communication, utilizing a network of satellites to provide broadband access to ground and aerial terminals, characterized by wide coverage, low latency, broadband capabilities, and cost-effectiveness [1][6]. - The industry is transitioning into a broadband internet era, complementing terrestrial communication systems through cooperative development [6][9]. Group 2: Industry Development Status - The global satellite industry generated a total revenue of $286 billion in 2019, with a year-on-year growth of 3.20%. The satellite service and ground equipment manufacturing sectors accounted for 90.70% of this revenue [21][28]. - Major international players like OneWeb and SpaceX have launched satellite internet plans, with SpaceX's Starlink deploying nearly 360 satellites [21][24]. Group 3: Industry Chain Analysis - The satellite internet industry chain consists of four main segments: satellite manufacturing, launching, ground equipment, and operational services. Current focus is on infrastructure construction in both space and ground segments [32][39]. - The manufacturing segment is evolving towards high-throughput satellites, with advancements in multi-beam phased array antennas and other technologies [39][40]. Group 4: Strategic Significance and Application Prospects - The construction of satellite internet has become a national strategic project in China, addressing communication challenges in remote areas, maritime operations, and emergency response [2][6]. - Key application scenarios include communication in remote regions, broadband for marine and scientific research, aviation broadband, and disaster emergency communication [2][6]. Group 5: Development Trends and Recommendations - Future trends indicate a shift towards high-frequency communication satellites to meet increasing bandwidth demands, alongside the establishment of a secure integrated network [2][6]. - Recommendations for government support in top-level design and for enterprises to accelerate deployment and technology transformation are emphasized, with investment institutions encouraged to focus on core segments of the entire industry chain [6][39].

Summary of Key Points Core Viewpoint - The satellite application industry in China is characterized by a diverse and specialized development trend, with significant growth potential across various sectors including navigation, remote sensing, and communication [1][2]. Group 1: Overview of Listed Companies - China's satellite application listed companies cover a wide range of sectors, including navigation & positioning, remote sensing & surveying, and communication & information transmission [1]. - The industry features a strong presence of upstream equipment manufacturers and system integrators, while downstream applications are rich and varied, involving sectors like transportation, logistics, and communication [1][2]. - The navigation & positioning sector has the highest number of companies, indicating intense competition, while the remote sensing & surveying sector has fewer players but higher technical barriers [1][2]. Group 2: Company Performance Comparison - In the first half of 2024, notable performance differences were observed among listed companies in the satellite application navigation sector, with 华力创通 showing a revenue increase of 172.78% year-on-year, while 北斗星通 experienced a revenue decline of 66.42% [9][10]. - The overall performance of upstream companies was more volatile compared to downstream companies, which showed relatively stable performance [9][10]. Group 3: Business Planning and Development - Companies are actively expanding their business and innovating technologies, with 北斗星通 focusing on high-precision positioning services and 合众思壮 pursuing a global strategy [14]. - 中国卫通 is transitioning towards integrated information services, while 中海达 is enhancing its focus on high-precision applications of the BeiDou system [14]. - The diverse business strategies and planning of these companies are driving the continuous development of the satellite application industry in China [14].

中国东方红卫星股份有限公司 2024 年年度股东大会资料 二○二五年五月 0 目 录 | 中国东方红卫星股份有限公司 | 2024 | 年年度股东大会议程 | | 2 | | | | --- | --- | --- | --- | --- | --- | --- | | 中国东方红卫星股份有限公司 | 2024 年年度股东大会表决规则 | | | 4 | | | | 议案 | 1：中国东方红卫星股份有限公司 | 2024 | 年年度报告 | | | 5 | | 议案 | 2：中国东方红卫星股份有限公司 | 2024 | 年度董事会工作报告 | | | 6 | | 议案 | 3：中国东方红卫星股份有限公司 | 2024 | 年度监事会工作报告 | | | 26 | | 议案 | 4：中国东方红卫星股份有限公司 | 2024 | 年度财务决算报告 | | | 29 | | 议案 | 5：中国东方红卫星股份有限公司 | 2024 | 年度利润分配方案 | | | 34 | | 议案 | 6.01：中国东方红卫星股份有限公司独立董事穆月英 | | 2024 | 年度述职报告 | | 35 | | 议案 | 6.02： ...

Group 1 - The U.S. State Department is urging allies not to use Chinese satellite services, claiming these services may assist the Chinese government in obtaining military information and sensitive intelligence [1][2] - The internal memo emphasizes the need to exclude untrusted satellite suppliers like China to protect national security and user privacy [1][4] - The memo warns that collaboration with Chinese companies operating low Earth orbit (LEO) satellites could help advance China's diplomatic goals and potentially lead to sensitive information being handed over to the Chinese government [1][4] Group 2 - The memo highlights concerns regarding the reliability of U.S. suppliers, acknowledging that companies like SpaceX have the authority to limit or cut off their satellite services at will [2][5] - There are worries among U.S. military officials about the inability to compel SpaceX to continue providing services to allies, as demonstrated by Elon Musk's refusal to extend Starlink services to Ukraine in areas controlled by Russia [2][5] - The document reflects the escalating tensions between the U.S. and China, extending into the space economy, which is projected to generate hundreds of billions in growth and become a new battleground for cybersecurity and military confrontation [4][5]

Core Viewpoint - China Satellite is facing significant financial challenges, with a revenue decline of 25.06% and a net profit drop of 82.28% in 2024, attributed to reduced new orders and increased competition in the aerospace market [2][3]. Financial Performance - In 2024, China Satellite reported revenue of 5.156 billion yuan, down from the previous year, and a net profit of 27.91 million yuan, reflecting an 82.28% decrease [2]. - The net profit after excluding non-recurring gains fell dramatically by 96.67% to 4.78 million yuan [2]. Market Dynamics - The aerospace market is becoming increasingly competitive, with more companies entering the satellite manufacturing and application sectors, leading to a more diversified market landscape [3]. - The rise of private enterprises has intensified competition, particularly in cost and delivery timelines [3][7]. Business Operations - China Satellite's main business includes aerospace manufacturing and satellite applications, with successful launches of 24 small/micro satellites in 2024 [4]. - The company has made strides in satellite internet constellation products and low-altitude logistics applications, positioning itself for future growth in these areas [5]. Technological Capabilities - As a state-owned enterprise, China Satellite possesses strong technological foundations, with a significant portion of its workforce (80.69%) engaged in R&D [6]. - The company has established multiple national and provincial-level innovation platforms to enhance its technological capabilities [6]. Strategic Direction - To adapt to rapid market changes, China Satellite is focusing on digital transformation and product design upgrades to enhance its competitiveness [7]. - The company aims to increase production efficiency and shift towards service-oriented satellite manufacturing to meet diverse market demands [7][8].

Group 1 - China Satellite (600118.SH) released its 2024 annual report on April 12, 2025, with 195 institutional investors disclosing holdings of 681 million shares, accounting for 57.57% of the total share capital [1] - The top ten institutional investors include notable entities such as China Academy of Space Technology and various funds from China Bank and Agricultural Bank, collectively holding 55.52% of shares, which is a decrease of 0.36 percentage points from the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings compared to the previous period, with an increase rate of 0.10% [2] - Four public funds reported a decrease in holdings, with a reduction rate of 0.23% [2] - A total of 186 new public funds were disclosed this period, including several notable funds such as China Merchants Advantage Enterprise Mixed A and Huaan SSE 180 ETF [2]

中国东方红卫星股份有限公司 审计报告及财务报表 二〇二四年度 信会师报字[2025]第 ZG10933 号 中国东方红卫星股份有限公司全体股东 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-105 | 审计报告 信会师报字[2025]第 ZG10933 号 中国东方红卫星股份有限公司全体股东： 一、 审计意见 我们审计了中国东方红卫星股份有限公司（以下简称中国卫星） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为 ...

2024 年度 信会师报字[2025]第 ZG10934 号 中国东方红卫星股份有限公司 内部控制审计报告 内部控制审计报告 信会师报字[2025]第 ZG10934 号 中国东方红卫星股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了中国东方红卫星股份有限公司（以下简称中国卫 星）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是中国卫星董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 中国注册会计师： 中国•上海 2025 年 4 月 ...