证券代码：600118 股票简称：中国卫星 编号：临 2025-003 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 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 十七次会议于 2025 年 4 月 10 日以现场结合通讯表决方式召开，公司于 3 月 25 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，会议由董事长李大明主持，公司监事和高级管理人员列席了会议。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 2024 年年度报告 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二十七次会议审计委员会会议、独立董事 2025 年第一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。 年度报告全文及摘要详见 2025 年 4 月 12 日的《上海证券报 ...

证券代码：600118 股票简称：中国卫星 编号：临 2025-006 中国东方红卫星股份有限公司 1 2024 年年度利润分配方案公告 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。 重要内容提示： 一、利润分配方案内容 （一）利润分配方案的具体内容 经立信会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，中国东 方红卫星股份有限公司（简称：公司）母公司报表中期末未分配利润为人民币 36,342.43 万元。经董事会决议，公司 2024 年年度拟以实施权益分派股权登记日登 记的总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每股派发现金红利 0.01 元（含税）。截至 2024 年 12 月 31 日， 公司总股本1,182,489,135股，以此计算合计拟派发现金红利11,824,891.35元（含税）， 剩余利润结转至下一年度。本年度公司现金分红（包括中期已分配的现金红利）金 额占年度实现归属于上市公司股东的净利润的比例为 42.36%。 如在本公告披露之日起至实施权益分派股权登记日 ...

Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 27.914 million RMB, with a year-end distributable profit of 317.758 million RMB[6]. - The company's operating revenue for 2024 was CNY 5,156,492,934.44, a decrease of 25.06% compared to CNY 6,881,163,265.72 in 2023[25]. - The net profit attributable to shareholders for 2024 was CNY 27,913,994.95, down 82.28% from CNY 157,535,184.46 in 2023[25]. - Basic earnings per share for 2024 were CNY 0.02, a decline of 84.62% from CNY 0.13 in 2023[26]. - The total assets at the end of 2024 were CNY 13,236,759,689.68, a decrease of 2.00% from CNY 13,507,540,791.94 in 2023[25]. - The weighted average return on equity decreased to 0.44% in 2024, down 2.06 percentage points from 2.50% in 2023[26]. - The company reported a significant increase in investment income of 149.44%, amounting to CNY 16.99 million[52]. - The total revenue from the aerospace manufacturing and satellite application segment was CNY 509,933.67 million, a decrease of 25.23% compared to the previous year[58]. - The gross profit margin for the aerospace manufacturing and satellite application segment was 11.11%, down by 0.16 percentage points year-on-year[58]. Dividend Distribution - The company plans to distribute a cash dividend of 0.10 RMB per 10 shares, totaling approximately 11.825 million RMB based on the total share capital of 1,182,489,135 shares[6]. - The cash dividend payout ratio for the recent fiscal year was 42.36% of the net profit attributable to ordinary shareholders, which was CNY 27,913,994.95[138]. - Over the last three fiscal years, the cumulative cash dividend amounted to CNY 147,811,154.53, with an average cash dividend payout ratio of 94.10%[140]. Research and Development - The company maintains a high level of investment in R&D to ensure its core technologies remain competitive in the industry[10]. - The company's R&D investment totaled CNY 468,628,318.17, accounting for 9.09% of total revenue, with 75.73% of the R&D costs capitalized[65]. - The company’s R&D expenses decreased by 26.68% to CNY 113.76 million, primarily due to capitalized R&D investments[52]. - The number of R&D personnel was 1,217, accounting for 38.52% of the total workforce[66]. - The company’s major R&D projects include a new generation of comprehensive application systems and safety application research focused on energy security[68]. Market and Competition - The company faces risks from concentrated customer procurement policies and market competition, necessitating a focus on international development and new market opportunities[9]. - The company experienced a significant decline in new orders from traditional industry users, impacting revenue recognition due to delayed demand[27]. - The competitive landscape is intensifying, requiring the company to strengthen its innovation and self-control capabilities to maintain a competitive edge[91]. - Increased competition in the aerospace manufacturing and satellite application sectors is leading to greater uncertainty and pressure on profitability, prompting the company to enhance digital transformation and product design[96]. Strategic Initiatives - The company is committed to digital transformation and product design upgrades to enhance its competitive edge in the market[9]. - The company is actively expanding international cooperation and optimizing user structure to enhance market presence[36]. - The company aims to integrate satellite technology with AI and big data to improve commercial application capabilities and promote a comprehensive satellite application service model[93]. - The company is positioned to leverage opportunities in major projects like manned lunar exploration and satellite internet constellation construction[93]. Governance and Compliance - The company has established clear policies for related party transactions to protect the interests of minority shareholders[11]. - The company strictly adheres to information disclosure obligations as per relevant laws and regulations, ensuring fair access to information for all shareholders[104]. - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[104]. - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, and finance[105]. Employee and Management - The company has a strong management team with extensive experience in various sectors, including finance and development[112]. - The company emphasizes a performance-based compensation policy to enhance employee motivation and align salaries with performance[130]. - The company conducted 18,248 training sessions for employees, totaling 51,542.5 training hours during the reporting period[131]. - The total number of ordinary shareholders as of the end of the reporting period was 138,861, an increase from 132,991 at the end of the previous month[183]. Environmental and Social Responsibility - The company invested CNY 1,073,500 in environmental protection initiatives during the reporting period[147]. - The company has not faced any penalties for environmental violations during the reporting period, adhering to relevant environmental laws and regulations[148]. - The company invested a total of 707,500 CNY in poverty alleviation and rural revitalization projects during the reporting period[151]. - The investment included 707,500 CNY in funds, supporting local industry development through consumption assistance initiatives[151].

中国卫星（600118）公告，2024年营业收入51.56亿元，同比下降25.06%。归属于上市公司股东的净利 润2791.4万元，同比下降82.28%。向全体股东每10股派发现金红利0.1元(含税)。 ...

证券代码：600118 股票简称：中国卫星 编号：临 2025-002 中国东方红卫星股份有限公司 关于提高上市公司质量的自愿性公告 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。 中国东方红卫星股份有限公司（以下简称：中国卫星或公司）聚焦公司高质 量发展目标，切实履行央企控股上市公司使命责任，积极推动落实相关工作。 一、聚焦主营业务，提升经营质量 2025 年是深入谋划"十五五"发展的规划年，公司将积极应对产业政策调 整、竞争加剧等变化，坚持强基础、谋发展，坚定不移围绕宇航制造和卫星应用 主责主业，推进各项科研生产任务圆满完成，加大市场开发与新领域拓展，探索 模式创新与业务转型，持续加强产品创新和成本管控力度，以精细化管理应对行 业环境变化带来的挑战，为推动高质量发展夯实基础。 二、加快发展新质生产力，推动科技创新 公司将不断增强公司信息透明度与沟通坦诚度，以走出去、请进来等多种方 式，强化沟通交流。积极走出去参加各类行业研讨交流活动，同时邀请各类重点 投资者进公司进行沟通交流，增强投资者对公司的认识和理解。 另一方面，公司 ...

Core Viewpoint - The digital earth industry in China has shown significant growth, with the market size increasing from approximately 2.88 billion yuan in 2019 to around 5.82 billion yuan in 2023, driven by advancements in technology and increasing demand for applications in resource management, environmental protection, and smart city construction [1][10]. Group 1: Industry Definition and Characteristics - Digital earth is defined as a digital model of the Earth, integrating data on spatial and temporal changes of activities and environments, aimed at providing high-quality services for sustainable development and economic construction [2][4]. Group 2: Industry Chain Analysis - The upstream of the digital earth industry includes remote sensing technology, geographic information systems (GIS), and satellite navigation systems, which provide essential data and technical support [4]. - The midstream focuses on data processing and service, utilizing advanced technologies for data preprocessing, classification, and modeling [4]. - The downstream applications include smart cities, natural resource management, traffic navigation, and weather forecasting, benefiting from innovations in remote sensing satellites, drones, and cloud computing [4][8]. Group 3: Industry Development History - The digital earth industry in China has evolved through several stages since the early 2000s, starting with theoretical exploration and pilot projects, leading to widespread application and commercialization [6]. Group 4: Current Industry Status - The digital earth industry has achieved significant technological innovations, particularly in remote sensing, GIS, and GPS, with a market size of approximately 5.82 billion yuan in 2023 [10]. - The demand for digital earth applications is expected to grow, especially in areas like natural resource management and smart city development [10]. Group 5: Downstream Application Areas - Natural resource management accounts for 32% of the digital earth applications, followed by environmental protection at 22%, and urban planning at 16% [12]. Group 6: Key Companies in the Industry - Major companies in the digital earth industry include: - Zhongke Xingtou, which excels in data integration and application across various sectors [14]. - Aerospace Hongtu, focusing on satellite remote sensing and global application [14]. - SuperMap Software, leveraging GIS technology for data processing and visualization [14]. - Four-dimensional Map New Technology, extending navigation services into the digital earth domain [14]. - Beidou Star Communication, integrating satellite navigation with digital earth applications [14]. Group 7: Future Development Trends - The digital earth industry is expected to see technological integration and innovation, driven by advancements in 5G, IoT, and AI, enhancing performance and efficiency [20][21]. - The application areas of digital earth are diversifying, impacting sectors such as disaster management, agriculture, and transportation [21]. - Global cooperation in the digital earth industry is increasing, facilitating technology sharing and market expansion [22].

Investment Rating - The report highlights the investment value of the commercial satellite communication industry, particularly focusing on low Earth orbit (LEO) satellite constellations [3][9]. Core Insights - The satellite internet industry is expected to see significant growth, with the LEO satellite market projected to exceed 1 trillion yuan by 2030, driven by advancements in satellite manufacturing and ground equipment [8][54]. - The report emphasizes the importance of the satellite communication industry in achieving global connectivity and its military potential, which is expected to enhance industry prosperity [8][23]. Summary by Sections Satellite Internet: Application Growth - The satellite industry chain is divided into three segments: space segment (satellite manufacturing and rocket launch), ground segment (ground facilities), and user segment (user terminals and related services). Currently, the LEO satellite internet is in the space segment networking phase, while the high orbit satellite internet has entered the user segment growth phase [7][20]. - The user segment holds a higher value distribution compared to the space segment, indicating a greater potential for investment opportunities as LEO satellites continue to be deployed [20][29]. Market Potential and Growth - The LEO satellite market is estimated to reach approximately 400 billion USD in early 2023, accounting for 14% of the total satellite market. By 2030, the market size in China is expected to approach 1 trillion yuan [8][54]. - The report cites that the satellite manufacturing and ground equipment sectors are likely to experience the first wave of growth within the industry chain [8][54]. Investment Value of the National Commercial Satellite Communication Index - As of March 9, 2025, the satellite communication index shows that the communication industry accounts for 50.14%, followed by national defense and military at 28.67%, and electronics at 16.43% [9]. - The top ten constituent stocks of the index have a combined market capitalization of approximately 1,259.118 billion yuan, with a weighted average return on equity (ROE) of about 9.03% and a projected net profit growth rate of 42.34% over the next two years [9][10]. Policy Support and Industry Development - The report discusses the Chinese government's initiatives to promote the satellite internet industry, including the gradual implementation of business access systems and the encouragement of private sector participation [23][25]. - The "New Infrastructure Action Plan" emphasizes the construction of integrated satellite internet systems, which is expected to benefit related industries [25][29]. Military Applications and Strategic Importance - The military potential of LEO satellite constellations is highlighted, with the U.S. military actively exploring the use of Starlink for various applications, demonstrating the strategic importance of satellite communications in modern warfare [36][46]. - The report notes that the LEO satellite constellations can enhance navigation system accuracy and resilience against interference, making them valuable for military operations [36][42].

Investment Rating - The report indicates a positive outlook for the commercial aerospace industry, with expectations for increased investment and growth opportunities in the coming years [4][5]. Core Insights - Multiple new rocket models are expected to make their maiden flights in 2025, enhancing China's launch capabilities [4]. - The construction of low Earth orbit satellite internet constellations is accelerating, with significant projects like the "National Grid" and "Qianfan" constellations entering full-scale development [4]. - The ongoing construction of commercial launch sites, such as the second phase of the Hainan commercial launch site, is expected to boost related industrial clusters [4]. - International applications of consumer-grade satellite communications are expanding, driven by partnerships like that of Samsung Electronics and China Telecom [4][46]. - The capital market's focus on the commercial aerospace industry is expected to remain high, with increased financing activities anticipated in 2025 [4]. - New entrants in the commercial aerospace sector are emerging globally, injecting vitality into the international market [4]. Summary by Sections Recent Events and Outlook - The successful maiden flight of the Long March 8A rocket marks a significant milestone, with expectations for increased launch frequency in 2025 [24]. - The construction of multiple low Earth orbit satellite internet constellations is gaining momentum, with successful launches already completed [38][39]. - The Hainan commercial launch site is enhancing its capabilities, supporting the growth of the commercial aerospace industry [4]. Investment Recommendations - The report suggests focusing on companies involved in low Earth orbit satellite internet construction, ground terminal production, and satellite communication markets, including 6G development [8]. - For satellite navigation, companies in the upstream and midstream sectors, as well as those expanding into new fields like autonomous driving, are recommended [8]. - In satellite remote sensing, firms with diverse customer bases and unique data sources are highlighted as potential investment opportunities [8]. Notable Companies to Watch - Short-term focus on companies like Zhongke Xingtu and Haige Communication, with long-term potential in commercial aerospace firms such as Aerospace Zhizhuang and Guobang Electronics [9].

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 22.83 million and 34.13 million yuan, a decrease of 85.51% to 78.33% compared to the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 3.81 million and 5.71 million yuan, representing a decline of 97.35% to 96.03% year-on-year[5]. - The total profit for the previous year was 165.67 million yuan, with a net profit attributable to shareholders of 157.54 million yuan[4]. - The forecast data is preliminary and subject to change, with the final figures to be disclosed in the official 2024 annual report[8]. Performance Challenges - The decrease in performance is attributed to a reduction in new orders from traditional industry clients due to delayed user demand plans and late contract signings[6]. - The company has not identified any significant uncertainties affecting the accuracy of this performance forecast[7]. Strategic Focus - The company plans to focus on core responsibilities, ensure completion of research and production tasks, and enhance market development and innovation[6].

证券代码：600118 股票简称：中国卫星 编号：临 2024-028 中国东方红卫星股份有限公司 第九届董事会第二十六次会议决议公告 （一）中国卫星关于航天恒星空间技术应用有限公司 36.1286%股权协议转 让的议案 表决结果：10 票赞成、0 票弃权、0 票反对，议案获得通过。 为进一步促进子公司业务归核聚焦，提高管理效率，拟由公司控股子公司航 天恒星科技有限公司将所持航天恒星空间技术应用有限公司（简称：航天恒星空 间）36.1286%股权（对应注册资本 9280 万元）通过协议转让方式转让给中国卫 星，股权协议转让完成后，中国卫星持有航天恒星空间 100%股权，航天恒星空 间成为中国卫星全资子公司。 （二）中国卫星关于赵强先生辞任公司财务总监暨聘任于丽慧女士担任公 司财务总监的议案 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二十六次会议提名委员会会议、独立董事 2024 年第五次专门会议审议通过，董事会提名委员会、独立董事对该议案发表 了同意意见。 详细情况见刊登在 2024 年 12 月 10 日的《上海证券报》及上海证券交易所 网站 www.sse. ...