一、董事会会议召开情况 证券代码：600118 股票简称：中国卫星 编号：临 2025-027 中国东方红卫星股份有限公司 第九届董事会第三十一次会议决议公告 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。 中国东方红卫星股份有限公司（简称：中国卫星或公司）第九届董事会第三 十一次会议于 2025 年 10 月 27 日以通讯表决方式召开，公司于 10 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 年第三季度报告 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三十一次会议审计委员会会议、独立董事 2025 年第四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。 2025 年第三季度报告全文详见 2025 年 10 月 29 日的《上海证券报》及上海 证券交易所网站 www.sse.co ...

每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ 2024年1至12月份，中国卫星的营业收入构成为：小卫星制造及其应用占比98.89%，其他业务占比 1.11%。 截至发稿，中国卫星市值为476亿元。 每经AI快讯，中国卫星（SH 600118，收盘价：40.23元）10月28日晚间发布公告称，公司第九届第三十 一次董事会会议于2025年10月27日以通讯表决方式召开。 （记者 贾运可） ...

Core Viewpoint - China Satellite has reported a significant turnaround in its financial performance, achieving profitability in the third quarter and the first three quarters of the year, driven by increased revenue from its aerospace manufacturing and satellite application businesses [1] Financial Performance - In the third quarter, the company recorded revenue of 1.782 billion yuan, representing a year-on-year increase of 177.31% [1] - The net profit for the third quarter was 45.3029 million yuan, marking a return to profitability compared to the previous year [1] - For the first three quarters, the total revenue reached 3.102 billion yuan, up 85.28% year-on-year [1] - The net profit for the first three quarters was 14.8114 million yuan, also indicating a turnaround from losses in the previous year [1] Business Drivers - The performance improvement is attributed to the completion of project milestones in the aerospace manufacturing and satellite application sectors, which allowed for revenue recognition [1] - There was a notable increase in orders for aerospace components and ground system integration services, contributing to the substantial revenue growth and enhanced profitability [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,781,505,472.39, representing a year-on-year increase of 177.31%[4] - The total profit for the period was ¥17,086,590.88, while the net profit attributable to shareholders was ¥45,302,861.97, marking a significant recovery from previous losses[4] - The company reported a year-to-date net profit attributable to shareholders of ¥14,811,404.20, a turnaround from previous losses[4] - Total operating revenue for the first three quarters of 2025 reached CNY 3,102,458,195.60, a significant increase from CNY 1,674,453,122.67 in the same period of 2024, representing an increase of approximately 85.0%[21] - Net profit for the first three quarters of 2025 was CNY 106,935.26, compared to a net loss of CNY 7,572,519.53 in the same period of 2024, indicating a turnaround in profitability[21] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was -¥328,039,615.63, indicating challenges in cash generation despite revenue growth[5] - Operating cash flow for the first three quarters of 2025 showed a net outflow of CNY -328,039,615.63, an improvement from CNY -871,023,077.77 in the same period of 2024[22] - The company reported a decrease in cash and cash equivalents to RMB 1.56 billion from RMB 1.76 billion, a decline of approximately 11.16%[19] - Cash and cash equivalents at the end of the third quarter of 2025 were CNY 1,545,337,638.98, a decrease from CNY 1,513,072,176.87 in 2024[22] Assets and Liabilities - Total assets increased to ¥14,306,391,104.46, reflecting an 8.08% growth compared to the end of the previous year[5] - As of September 30, 2025, total assets reached approximately RMB 14.31 billion, an increase from RMB 13.24 billion as of December 31, 2024, reflecting a growth of about 8.06%[19] - Total liabilities increased to CNY 6,227,559,786.20 in 2025 from CNY 5,154,302,082.66 in 2024, reflecting a growth of approximately 20.8%[20] - The company's total assets reached CNY 14,306,391,104.46 in 2025, up from CNY 13,236,759,689.68 in 2024, marking an increase of about 8.1%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 160,526, with the largest shareholder being China Academy of Space Technology, holding 51.46% of shares[12] - The equity attributable to shareholders rose slightly to ¥6,350,955,878.07, a 0.16% increase from the previous year-end[5] - The company’s total equity amounted to CNY 8,078,831,318.26 in 2025, slightly down from CNY 8,082,457,607.02 in 2024[20] Operational Highlights - The increase in operating revenue is attributed to the progress of satellite manufacturing and application projects, which are recognized based on project milestones[10] - The company completed a 10% equity transfer of its subsidiary Tianjin Aerospace Zhongwei Data System Technology Co., Ltd. to Aerospace Hengxing Technology Co., Ltd.[15] - The company also transferred a 40% stake in Dalian Aerospace Beidou Technology Co., Ltd., with the transaction completed and all funds received[16] - The company is in the process of completing the business deregistration of Tianjin Aerospace Zhongwei, which has become a wholly-owned subsidiary of Aerospace Hengxing Technology[15] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 62,011,075.36, compared to CNY 44,803,721.93 in 2024, representing a growth of approximately 38.4%[21] Earnings Per Share - Basic and diluted earnings per share for the quarter were both ¥0.04, compared to ¥0.01 for the same period last year[5] - The company achieved a basic earnings per share of CNY 0.01 in 2025, compared to a loss per share of CNY -0.01 in 2024[21] Non-Recurring Items - Non-recurring gains and losses for the period totaled ¥3,991,383.25, with government subsidies contributing significantly to this figure[7] Accounting Changes - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[23]

Core Insights - The aerospace equipment sector experienced a slight increase of 0.21% on October 28, with LIGONG Navigation leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - LIGONG Navigation (688282) closed at 58.95, up 4.15% with a trading volume of 19,700 lots and a transaction value of 114 million [1] - Aerospace Huayu (688523) closed at 25.64, up 3.64% with a trading volume of 162,900 lots and a transaction value of 421 million [1] - Xinyu Guoke (300722) closed at 32.52, up 2.81% with a trading volume of 128,800 lots and a transaction value of 420 million [1] - StarNet Yuda (002829) closed at 27.06, up 1.16% with a trading volume of 222,400 lots and a transaction value of 605 million [1] - China Satellite (600118) closed at 40.23, down 0.42% with a trading volume of 767,100 lots and a transaction value of 3.112 billion [1] Capital Flow - The aerospace equipment sector saw a net outflow of 232 million from institutional investors and 49.48 million from retail investors, while retail investors had a net inflow of 282 million [1] - New Yuguoke (300722) had a net inflow of 29.54 million from institutional investors, while retail investors experienced a net outflow of 49.00 million [2] - LIGONG Navigation (688282) had a net inflow of 15.49 million from institutional investors, with a net outflow of 17.36 million from retail investors [2] - China Satellite (600118) had a significant net inflow of 211 million from retail investors despite a net outflow of 18.30 million from institutional investors [2]

Core Viewpoint - The aerospace and defense sector is experiencing significant momentum, highlighted by the strong performance of the Tianhong Aerospace ETF, which has seen substantial capital inflows and notable stock price increases among its constituent companies [1][2]. Group 1: Market Performance - The Shanghai Composite Index reached a ten-year high by surpassing the 4000-point mark, with the aerospace sector remaining robust despite market fluctuations [1]. - The Tianhong Aerospace ETF (159241) has gained nearly 2% during the trading session, with a trading volume exceeding 60 million yuan and a turnover rate above 14% [1]. Group 2: Fund Flows - The Tianhong Aerospace ETF has recorded net capital inflows for three consecutive trading days, accumulating over 10 million yuan [1]. - The ETF tracks the Guozheng Aerospace Index, which has a high concentration in defense and aerospace, with a weight of 98.2% in the defense industry [1]. Group 3: Industry Trends - The Guozheng Aerospace Index has shown strong performance during previous bull markets when the Shanghai Composite Index surpassed 4000 points, with increases of 38.08% and 66.26% in 2007 and 2015, respectively [2]. - Recent developments in commercial space launches, including successful satellite deployments and increased IPO activity for commercial aerospace companies, indicate a new phase in China's commercial space sector [2]. - The current landscape features collaboration between traditional state-owned enterprises and emerging private companies in advancing low-orbit satellite constellation construction [2].

Core Insights - The rapid growth of China's commercial aerospace industry has led to a surge in interest from fund companies in satellite-themed funds, with 10 products reported this year alone [1][2] - The satellite industry is projected to reach a scale of 2.5 trillion yuan by 2025, driven by the large-scale deployment of low-orbit satellites [1][4] Fund Activity - Since the beginning of 2025, there has been a significant increase in the number of satellite-themed funds, with 9 fund companies reporting a total of 10 funds, contrasting sharply with the absence of similar products in the previous three years [2] - As of October 27, 2023, 6 out of the 10 reported satellite-themed funds have been approved, with 4 successfully launched and showing impressive growth in scale [3] Market Performance - The two major indices related to the satellite industry have seen substantial gains this year, with increases of 27.83% and 24.06%, respectively, attracting more investor attention [3] - The scale of the newly launched funds has also been notable, with the Yongying National Commercial Satellite Communication ETF growing from 239 million yuan to 1.289 billion yuan since its inception [3] Industry Catalysts - The satellite industry is experiencing a pivotal moment, with favorable policies and active trading in the sector. The Ministry of Industry and Information Technology has set ambitious goals for satellite communication user growth by 2030 [4][5] - Significant advancements in satellite launch and rocket technology have been reported, including breakthroughs in the Long March 10 rocket and accelerated progress in liquid rocket development [4][5] Future Outlook - The satellite industry is expected to continue its upward trajectory, with predictions of a market size exceeding 100 billion yuan in the next five years and a compound annual growth rate of 26.8% from 2023 to 2028 [5]

Group 1 - Tianlong-3 large liquid launch vehicle successfully completed the "one arrow 36 stars" separation test, marking the first domestic achievement of 36 satellites separating simultaneously, setting a record for the highest number of satellites in a single application scenario [1] - The breakthrough in the star-arrow separation system will support Tianlong-3 in achieving international standards in reliability and cost, providing reliable, efficient, and low-cost launch services for low-orbit satellite constellation networking tasks [1] - Huatai Securities indicates that the commercial aerospace sector is experiencing a triple inflection point in policy, performance, and technology, with the 14th Five-Year Plan emphasizing the goal of building a strong aerospace nation [1] Group 2 - Shaanxi Huada's three major product categories are applied in the commercial aerospace field, maintaining an industry-leading position and supporting key national aerospace projects such as Xingwang and Qianfan Constellation [2] - China Satellite actively participates in the development of the commercial aerospace industry, focusing on satellite internet and contributing to the development and supply of satellite payloads, solar cells, ground control station baseband processing equipment, and various communication and navigation terminal products [2]

Core Insights - The aerospace equipment sector experienced a 1.44% increase on October 27, with Zhongtian Rocket leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Zhongtian Rocket (003009) closed at 54.92, up 4.23% with a trading volume of 148,300 shares and a transaction value of 800 million [1] - China Satellite (600118) closed at 40.40, up 3.27% with a trading volume of 1,251,600 shares and a transaction value of 503.5 million [1] - Aerospace Electronics (600879) closed at 11.72, up 1.82% with a trading volume of 1,030,800 shares and a transaction value of 1.201 billion [1] - Other notable performances include China (601698) at 21.83, up 0.55%, and XWUD (002829) at 26.75, down 0.34% [1] Capital Flow - The aerospace equipment sector saw a net outflow of 546 million from institutional investors, while retail investors contributed a net inflow of 440 million [1] - The detailed capital flow for individual stocks shows that Zhongtian Rocket had a net outflow of 4.5231 million from institutional investors but a net inflow of 48.4148 million from retail investors [2] - Other stocks like Newyu Guoke (300722) and Aerospace Electronics (600879) also experienced varying levels of net inflow and outflow from different investor categories [2]

Core Viewpoint - The A-share market indices collectively rose, with the Shanghai Composite Index approaching 4000 points, driven by the aerospace and defense sector's performance, particularly the aerospace ETF which saw significant inflows and growth in its constituent stocks [1] Group 1: Market Performance - The Shanghai Composite Index experienced a notable afternoon rally, nearing the 4000-point mark [1] - The aerospace ETF (159227) recorded a 0.26% increase, with a trading volume of 210 million yuan, leading its category [1] - The ETF has attracted a total of 200 million yuan in net inflows over the past six trading days, reaching a new high of over 1.51 billion yuan in total assets [1] Group 2: Sector Insights - The aerospace ETF focuses on national defense and has a high concentration of military-related stocks, with 98.2% of its holdings in the aerospace and defense sector [1] - Key stocks within the ETF, such as China Satellite, saw gains exceeding 5%, along with other companies like Tianao Electronics and Huaneng Technology [1] - The recent announcement from the Fourth Plenary Session included "building a strong aerospace nation" as a goal for the 14th Five-Year Plan, indicating a clear development path for the satellite internet industry [1] Group 3: Technological Developments - The use of commercial space launch sites and advancements in reusable rocket technology are expected to significantly reduce launch costs and enhance capacity [1] - Breakthroughs in direct satellite connectivity for mobile phones present a vast and enduring demand potential [1] - The ETF tracks the National Aerospace Index, covering critical industry segments such as aerospace equipment, satellite navigation, and new materials [1]