中国东方红卫星股份有限公司（以下简称"公司"）已于 2025 年 4 月 12 日、2025 年 4 月 30 日发布公司 2024 年年度报告、2025 年第 一季度报告，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 21 日（星期三）15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说 明会，就投资者关心的问题进行交流。 会议召开时间：2025 年 05 月 21 日（星期三）15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 及 2025 年第一季度的经营成果及财务指标的具体情况与投资者进行 互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 二、说明会召开的时间、地点 证券代码：600118 证券简称：中国卫星 公告编号：临 2025-013 中国东方红卫星股份有限公司 关于召 ...

(一)股东大会召开的时间：2025 年 5 月 8 日 (二)股东大会召开的地点：北京市海淀区中关村南大街 31 号神舟大厦 12 层大会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,029 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 628,630,839 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 53.1616 | 证券代码：600118 证券简称：中国卫星 公告编号：2025-012 中国东方红卫星股份有限公司 2024年年度股东大会决议公告 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 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事吴江先生主持，会议采用现场记名投票表决与网络投 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。 票表决相结合的方式进行表决，会议召集、召开程序及表 ...

北京市天元律师事务所 关于中国东方红卫星股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 208 号 致：中国东方红卫星股份有限公司 中国东方红卫星股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场 会议于 2025 年 5 月 8 日 14 点 00 分在北京市海淀区中关村南大街 31 号神舟大厦 12 层大会议室召开。北京市天元律师事务所（以下简称"本所"）接受公司聘任， 指派本所律师参加本次股东大会现场会议，并根据《中华人民共和国公司法》、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）以及《中国东方红卫星股份有限公司公司章程》（以 下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、出席 现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意 见。 为出具本法律意见，本所律师审查了《中国东方红卫星股份有限公司第九届董 事会第二十七次会议决议公告》、《中国东方红卫星股份有限公司第九届监事会第 二十次会议决 ...

转自：前瞻产业研究院 行业主要上市公司：中国卫星(600118.SH);中国卫通(601698.SH);司南导航(688592.SH);北斗星通(002151.SZ); 三维通信(002115.SZ);烽火电子(000561.SZ)等 本文核心数据：卫星应用全产业链;区域热力图;代表性企业产业链布局 1、卫星应用产业链全景梳理：应用场景多，涵盖范围广 由于卫星应用涉及众多不同的领域，而各个领域在应用方面又有着较大的区别，如卫星通信、卫星导航等， 应用产业链相对较为复杂。因此，下图是简化的卫星应用产业链结构图，仅勾画出应用产业链的大致轮廓。 从下图可以看出，卫星应用产业上游主要涉及卫星的制造、卫星的发射、卫星地面设备的建设;中游的卫星 应用及运营涵盖面较广，按技术领域和服务方式分，包括卫星通信、卫星导航和卫星遥感等;下游应用领域 主要包括交通、国防、通信、海洋、气象等。 卫星应用上游卫星制造业务主要分为卫星平台、卫星荷载、其他元器件、卫星总装四个板块，相关企业有中 国卫星、银河航天、九天卫星、和德宇航等;卫星发射业务涉及火箭研制及相关航天器发射，主要企业有中 国航天科技集团、中国航天科工集团等国有企业;地面设备 ...

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

Core Viewpoint - The development of China's BeiDou Navigation System has reached a significant milestone with the successful launch of the last two satellites, marking the completion of the BeiDou-3 global satellite navigation system project. The focus will now shift towards the next generation of the BeiDou system and the establishment of a comprehensive spatiotemporal system by 2035 [1][4]. Group 1: BeiDou Satellite Development - The BeiDou Navigation System, developed by the China National Space Administration and China Aerospace Science and Technology Corporation, provides global navigation, positioning, and timing services [1]. - As of the end of 2024, China has conducted 47 launches, placing a total of 60 satellites into orbit, with 50 currently operational and 10 retired [4]. Group 2: BeiDou Industry Index Growth - The 2024 China BeiDou Industry Development Index Report indicates that the comprehensive index reached 1431 points in the first half of 2024, reflecting a growth of over 470% since 2013, over 19% since 2021, and over 9% since the first half of 2023 [5][8]. Group 3: Application Penetration in Various Fields - The demand for BeiDou applications has significantly increased due to the digital transformation across various sectors, with over 27 million BeiDou terminal devices (excluding consumer electronics) in use as of mid-2024, marking a year-on-year increase of 17.4% [9]. - Over 98% of the 139 million smartphones shipped in the first half of 2024 support BeiDou positioning, indicating its integration into consumer products [9]. Group 4: Regional Development Concentration - The development of the BeiDou industry is concentrated in five key regions: Beijing-Tianjin-Hebei, Guangdong, the Yangtze River Delta, the western region centered around Chengdu and Chongqing, and the Central China region including Zhengzhou, Wuhan, and Changsha, with Beijing-Tianjin-Hebei and Guangdong being the most prominent [10].

Core Viewpoint - The satellite application industry is a highly technological and strategically significant field that utilizes satellites to provide various services and support for activities on Earth, including communication, navigation, and remote sensing [1][21]. Industry Overview - The satellite application industry encompasses satellite manufacturing, launching, and ground equipment construction in the upstream, while the midstream includes satellite applications and operations across various technical fields and service methods [2][3]. - The downstream application areas include transportation, national defense, communication, marine, and meteorology [2]. Market Dynamics - The satellite application industry is divided into ground equipment manufacturing and satellite operation services, with the latter showing more active development. The market competition is intensifying as many private enterprises enter the field [3][11]. - The industry is attracting significant attention from local governments due to its potential to drive regional economic upgrades, promote digital transformation, enhance emergency communication capabilities, and create numerous job opportunities [3][21]. Key Players - Major companies in the satellite application industry include China Satcom, China Satellite, and Beidou Star, among others. China Satcom is the leading satellite communication service provider in China, with a market share exceeding 80% [7][11][13]. Market Size and Growth - The market size of China's satellite application industry is nearly 300 billion yuan in 2023, with a compound annual growth rate (CAGR) of 9.15% over five years [15][21]. - The demand for satellite applications is expected to grow, particularly in the civil sector, driven by increasing emphasis on environmental protection and sustainable development [21]. Profitability and Value Chain - The overall gross margin for satellite remote sensing is relatively high, ranging from 50% to 60%, while satellite communication has a lower gross margin of 25% to 30% [17][21]. - The satellite application industry is characterized by significant added value across various segments of the value chain [17]. Future Outlook - The satellite application industry is projected to grow at a rate of 9% over the next five years, potentially reaching a market size of 1.54 trillion yuan by 2030 [21].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 441,747,594.34, representing a 33.58% increase compared to CNY 330,692,031.09 in the same period last year[3] - The net profit attributable to shareholders was a loss of CNY 24,109,516.43, compared to a loss of CNY 21,336,209.99 in the previous year, indicating a worsening performance[3] - The net cash flow from operating activities was a negative CNY 226,166,599.44, an improvement from a negative CNY 296,315,736.44 in the same period last year[3] - Total operating revenue for Q1 2025 reached ¥441.75 million, a 33.7% increase from ¥330.69 million in Q1 2024[18] - Net loss for Q1 2025 was ¥28.20 million, compared to a net loss of ¥23.04 million in Q1 2024, representing a 22.4% increase in losses[18] - The company reported a total comprehensive loss of ¥28.20 million for Q1 2025, compared to a loss of ¥23.04 million in Q1 2024[18] - The company's basic and diluted earnings per share remained at -¥0.02 for both Q1 2025 and Q1 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,427,194,207.34, a 1.44% increase from CNY 13,236,759,689.68 at the end of the previous year[4] - Current assets totaled CNY 9,781,886,301.89, up from CNY 9,566,330,110.29 as of December 31, 2024, reflecting a growth of approximately 2.25%[15] - Total liabilities increased to CNY 5,369,907,850.53 from CNY 5,154,302,082.66, indicating a rise of about 4.17%[16] - The company's total equity decreased slightly to CNY 8,057,286,356.81 from CNY 8,082,457,607.02, a decline of approximately 0.31%[16] Cash Flow and Expenses - The company's cash and cash equivalents decreased to CNY 1,490,364,626.72 from CNY 1,758,118,223.20, a decline of approximately 15.25%[15] - Research and development expenses increased to ¥18.55 million in Q1 2025, up 58.2% from ¥11.74 million in Q1 2024[18] - The company incurred a financial expense of ¥3.69 million in Q1 2025, slightly down from ¥3.96 million in Q1 2024[18] - The company’s cash flow from financing activities showed a net outflow of ¥30.54 million in Q1 2025, an improvement from a net outflow of ¥38.92 million in Q1 2024[22] Equity and Shareholding Changes - The equity attributable to shareholders decreased by 0.34% to CNY 6,319,431,974.54 from CNY 6,340,935,472.84 at the end of the previous year[4] - The company has agreed to participate in a shareholding restructuring of its subsidiary Tianjin Aerospace Zhongwei Data System Technology Co., Ltd.[11] - The company is involved in a share transfer of equity in Titanium Technology, with a significant stake being acquired by China National Investment High-tech Industry Investment Co., Ltd.[11] - Aerospace Hengxing Technology transferred 10% equity in Aerospace Zhongwei and acquired 20% equity from Tianjin Zhongwei, completing the merger process by October 8, 2024[12] - Aerospace Hengxing Technology transferred 36.1286% equity in Aerospace Hengxing Space Technology Application Co., Ltd. to China Satellite, making it a wholly-owned subsidiary by March 28, 2025[12] - China Satellite transferred 40% equity in Dalian Aerospace Beidou Technology Co., Ltd. through Beijing Property Exchange, completing the transaction and receiving all transfer payments[13] Operational Insights - The increase in operating revenue was primarily driven by an increase in the delivery volume of aerospace components for commercial space projects[6] - The weighted average return on net assets was -0.38%, slightly down from -0.34% in the previous year[4] - The company is in the process of completing the merger of Aerospace Zhongwei, which is expected to enhance its operational capabilities and market position[12]

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]