第九届董事会第三十次会议决议公告 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）第九届董事会第三 十次会议于 2025 年 9 月 29 日以通讯表决方式召开，公司于 9 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。 证券代码：600118 股票简称：中国卫星 编号：临 2025-023 中国东方红卫星股份有限公司 二、董事会会议审议情况 （一）中国卫星关于公司董事会换届及提名董事候选人的议案 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三十次会议提名委员会会议审议通过，董事会 提名委员会对该议案发表了同意意见。 中国卫星第九届董事会任期已届满，根据《公司法》、《证券法》及《公司章 程》的有关规定，经公司股东推荐、公司第九届董事会提名李大明先生、路明辉 先生、姚钧先生、孔延辉女士、 ...

Core Insights - The Chinese aerospace industry is undergoing a significant transformation with the introduction of a new manufacturing model called "assembly pull," inspired by lean production principles from the automotive industry [1][3][4] - This new model aims to achieve rapid mass production of aerospace systems while ensuring stable quality, lower costs, and greater flexibility [1][3] - The shift to this model is crucial as global space activities are expected to grow exponentially, with projected orbital launches reaching 170,000 tons of payload annually by 2045 [1] Manufacturing Model Transformation - The traditional manufacturing approach in China's aerospace sector involved a dual focus on research and production, which is now evolving into a phase of high-density, large-scale customized production [3][6] - The "assembly pull" model changes the previous logic where components were pushed to the production line; now, they are only sourced from upstream suppliers when needed during the final assembly [3][6] - This model creates a responsive and flexible supply chain, synchronizing the production of each rocket engine and solar panel with launch schedules [6][8] Comparison with Global Practices - The "pull" production model was pioneered by Toyota in the mid-20th century, which minimized waste and improved efficiency through just-in-time inventory management [4] - China's approach to aerospace manufacturing is more networked and ecosystem-driven compared to the single-company dominance seen in the U.S. with SpaceX's Starlink project [7][8] - The Chinese low Earth orbit satellite internet constellations are entering a phase of intensive network construction, necessitating the production of thousands of devices in the coming years [7] Technological Innovations - The new manufacturing model emphasizes modular, flexible, networked, and intelligent manufacturing capabilities, with a focus on high efficiency, quality, and elasticity [8] - A collaborative manufacturing platform connects factories, laboratories, and suppliers nationwide, utilizing cloud computing, IoT, AI, and digital twins for real-time tracking and supply chain management [8][10] - The introduction of a "digital pull board" system allows managers to monitor the entire supply chain in real-time, enhancing operational efficiency [8][10] Industry Outlook - The reform in China's aerospace manufacturing coincides with an increase in launch frequency, with projections for 2024 indicating a significant rise in orbital launches [10] - Despite challenges faced by emerging commercial aerospace companies, there is a consensus on the need to support and develop these entities to leverage technological resources effectively [10]

Core Points - The Long March 2D rocket successfully launched the experimental satellites 30-01 and 30-02 on September 29, marking its 100th launch, making it the second Chinese rocket model to achieve this milestone [1][3] - The satellites are primarily used for Earth observation technology verification [1] - The Long March 2D rocket has a successful track record of 100% success since its first flight in 1992, and it has launched over 300 satellites into designated orbits, covering various types including remote sensing and space science [3] Group 1 - The Long March 2D rocket is a two-stage liquid propellant rocket capable of launching single and multiple satellites into different orbits [3] - This launch is part of the Long March series, which has completed a total of 598 flights [3] - The satellites and rocket were developed by the China Aerospace Science and Technology Corporation's Eighth Academy [3]

截至6月30日，中国卫星股东户数12.63万，较上期减少5.05%；人均流通股9364股，较上期增加5.31%。 2025年1月-6月，中国卫星实现营业收入13.21亿元，同比增长28.00%；归母净利润-3049.15万元，同比 减少458.67%。 今年以来中国卫星已经2次登上龙虎榜，最近一次登上龙虎榜为9月1日，当日龙虎榜净买入-1.07亿元； 买入总计3.01亿元 ，占总成交额比7.78%；卖出总计4.08亿元 ，占总成交额比10.55%。 资料显示，中国东方红卫星股份有限公司位于北京市海淀区中关村南大街31号神舟科技大厦12层，成立 日期1997年8月21日，上市日期1997年9月8日，公司主营业务涉及宇航制造和卫星应用。主营业务收入 构成为：宇航制造及卫星应用97.01%，其他1.71%，租赁收入1.28%。 中国卫星所属申万行业为：国防军工-航天装备Ⅱ-航天装备Ⅲ。所属概念板块包括：MSCI中国、融资 融券、6G概念、新基建、卫星互联网等。 9月29日，中国卫星盘中上涨2.08%，截至14:22，报35.28元/股，成交6.84亿元，换手率1.68%，总市值 417.18亿元。 资金流向方面，主 ...

长征六号改运载火箭目前已迈入高密度发射阶段，本次任务是其第17次发射，也是长征系列运载火箭第 597次飞行。 中国成功发射卫星互联网低轨11组卫星 值得一提的是，本次任务是中国航天科技集团八院当日实施的第二次发射。当天凌晨，长征四号丙运载 火箭搭载着风云三号08星，在酒泉卫星发射中心成功发射，卫星、火箭均由该院抓总研制。风云三号08 星是中国成功发射的第22颗风云气象卫星，主要用于天气预报、大气化学和气候变化监测。它将在国际 上首次实现百公里幅宽的高精度全球温室气体精细探测。(完) 中新社北京9月27日电 (记者 马帅莎)据中国航天科技集团消息，北京时间9月27日20时40分，中国在太 原卫星发射中心使用长征六号改运载火箭，成功将卫星互联网低轨11组卫星发射升空，卫星顺利进入预 定轨道。 来源：中国新闻网 长征六号改运载火箭是由中国航天科技集团八院抓总研制的新一代固液捆绑中型运载火箭，可满足单星 和多星串联、并联、堆叠、壁挂、搭载等多样化密集发射需求，500公里太阳同步轨道运载能力不低于 6.5吨。 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面 ...

数据更新时效由6小时缩短至4小时、气象预报时效延长24小时、气象预报精度提升3%、灾害监测时效提高近1倍……这是最新到太空"上岗"的风 云三号08星，即将提交的"业绩单"。 "在众多先进设备'加持'下，风云三号08星定量精度高，光谱定标精度达到皮米量级。综合能力强，可实现全谱段、定量化同平台观测。探测要素 全，在实现温、湿、风、雨、云等全要素大气遥感探测的基础上，可同时获取全球温室气体、极光、电离层等遥感信息。"邵益凯说。 27日3时28分，风云三号08星在酒泉卫星发射中心发射升空。新华社发（刘家益摄） 27日3时28分，我国在酒泉卫星发射中心使用长征四号丙运载火箭，成功将风云三号08星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成 功。星箭均由中国航天科技集团有限公司八院抓总研制。 据八院风云三号08星设计师邵益凯介绍，风云三号08星是我国第二代低轨气象卫星系列风云三号的第8颗卫星，也是风云气象卫星连续成功发射的 第22颗卫星，发射重量约2780Kg，运行于高度830km、倾角98.7°的太阳同步轨道，主要任务是实现天气预报、开展大气化学和气候变化监测。 卫星装载了中分辨率光谱成像仪、红外高光谱大气探测 ...

Core Viewpoint - The recent successful launch of the sixth orbital plane of the Geely Constellation marks a significant milestone in China's satellite industry, reflecting a broader trend of rapid advancements and increased demand in the satellite communication sector [1]. Industry Developments - The satellite communication industry in China is transitioning from a phase characterized by "low volume, high cost" to one of "high demand, reduced costs," driven by multiple favorable factors [1]. - The market size for China's satellite communication is projected to exceed 80 billion yuan in 2023, with an expected annual compound growth rate of approximately 15% from 2024 to 2029, potentially reaching around 200 billion yuan by 2029 [1]. - The satellite internet market in China is anticipated to approach 100 billion yuan over the next five years, while global satellite internet market size is predicted to reach trillions by 2040 [1]. Policy and Regulatory Support - The Ministry of Industry and Information Technology (MIIT) has issued guidelines to optimize business access and promote the development of the satellite communication industry, setting a target of over 10 million satellite communication users by 2030 [3]. - The issuance of satellite mobile communication licenses to major telecom operators like China Unicom signifies a shift towards practical applications of satellite communication services [3][2]. Market Dynamics - The rapid deployment of satellite communication consumer terminals is exceeding expectations, with over 16 million units of domestic smartphones supporting direct satellite connections projected for 2024 [2][3]. - Major manufacturers such as Huawei and Xiaomi are actively developing satellite communication capabilities in their devices, indicating a growing consumer market [4]. Infrastructure Development - Significant infrastructure projects are underway, including the largest low-orbit satellite constellation plan in China, which aims to launch approximately 13,000 satellites by 2030 [5]. - The pace of satellite internet infrastructure development has accelerated, with six groups of low-orbit satellites successfully launched within a month, indicating a shift from anticipated demand to tangible growth [6]. Financial Performance and Opportunities - Companies in the upstream manufacturing sector are expected to be the first to report positive financial results as demand for satellite components increases [7]. - China Satellite (600118.SH) has shown signs of recovery, with a reduction in losses and increased delivery of satellite products, positioning it well for future growth [7][8]. - Shanghai Hanhua (300762.SZ) is projected to achieve significant revenue from low-orbit satellite-related businesses, with a high degree of revenue certainty from existing contracts [8][9]. Component Manufacturing - Tianyin Electromechanical, a leading manufacturer of satellite core components, is experiencing strong demand for its star sensors, which are critical for upcoming satellite launches [9][10]. - The profitability of Tianyin's star sensor business is notably high, with a gross margin of 31.23%, contributing to overall revenue growth for the company [9][10].

Core Viewpoint - The Beidou Satellite Navigation System has achieved significant development in China, transitioning from non-existence to a robust presence in various sectors, with a projected application scale of 3,743 billion yuan in 2024 and 4,417.5 billion yuan in 2025 [1][4]. Industry Definition and Application - Beidou Navigation refers to the Beidou Satellite Navigation System, China's self-developed global satellite navigation system, which has been widely applied in transportation, agriculture, forestry, fisheries, disaster prevention, electricity, and finance [2][3]. Current Development Status - The demand for Beidou navigation has been steadily increasing, with applications in various fields, including high-precision positioning and automated navigation in agriculture [3][4]. Application Scale and Structure - In 2024, the Beidou navigation application scale is expected to reach 3,743 billion yuan, with related industries at 2,638.6 billion yuan and core industries at 1,104.4 billion yuan. By 2025, these figures are projected to grow to 4,417.5 billion yuan, 3,121.4 billion yuan, and 1,296.1 billion yuan, respectively [4][6]. Industry Chain - The Beidou navigation industry chain includes satellite design, manufacturing, launching, and operation, with upstream components being critical for self-control. Key suppliers include Beidou Xingtong, Guokewai, and Haige Communication [7][8]. Competitive Landscape - The Beidou navigation industry is characterized by low concentration, with many small and medium-sized enterprises participating. Major players include Beidou Xingtong, China Satellite, and Haige Communication, with market shares of 0.87%, 0.36%, and 0.33% respectively in 2024 [10][12]. Development Trends - The international competitiveness of Beidou products is improving, transitioning from trade in surveying products to providing comprehensive solutions. New applications in smart transportation and urban management are emerging, driven by the digital economy [16][17][18].

Core Viewpoint - China Satellite's stock has shown a significant increase of 30.30% year-to-date, despite a slight decline in recent trading days, indicating potential volatility in the stock performance [1][2]. Financial Performance - For the first half of 2025, China Satellite reported revenue of 1.32 billion yuan, reflecting a year-on-year growth of 28.00%. However, the net profit attributable to shareholders was a loss of 30.49 million yuan, a decrease of 458.67% compared to the previous period [2]. Stock Market Activity - As of September 25, China Satellite's stock price was 35.56 yuan per share, with a market capitalization of 42.049 billion yuan. The stock experienced a trading volume of 4.12 billion yuan and a turnover rate of 1.00% [1]. - The stock has been on the龙虎榜 (a list of stocks with significant trading activity) twice this year, with the most recent appearance on September 1, where it recorded a net buy of -107 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for China Satellite was 126,300, a decrease of 5.05% from the previous period. The average number of circulating shares per shareholder increased by 5.31% to 9,364 shares [2]. - The top shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating strong institutional interest in the stock [3]. Dividend History - Since its A-share listing, China Satellite has distributed a total of 1.383 billion yuan in dividends, with 148 million yuan distributed over the past three years [3]. Industry Classification - China Satellite operates within the defense and aerospace sector, specifically categorized under aerospace equipment [2]. The company is also associated with several concept sectors, including MSCI China and 6G concepts [2].

Core Viewpoint - The low Earth orbit (LEO) satellite industry in China is experiencing rapid growth driven by government policies, technological advancements, and market demand, with expectations for the market size to exceed 100 billion yuan by 2030, becoming a key infrastructure for digital economy and global communication [1][11]. Group 1: Industry Overview - Low Earth orbit satellites operate at altitudes between 160 kilometers and 2000 kilometers, characterized by short operational cycles and the ability to frequently revisit specific areas [2][5]. - The Chinese satellite internet industry is projected to grow from 265.59 billion yuan in 2020 to 376 billion yuan by 2025, with a compound annual growth rate of 7.4% [10][11]. Group 2: Policy Analysis - Since the 14th Five-Year Plan, the Chinese government has increased support for the commercial aerospace industry, designating it as a strategic emerging industry and a representative of "new quality productivity" [5][6]. - The 2024 government work report emphasizes the need to accelerate the development of commercial aerospace and its integration with low-altitude economy and biomanufacturing [6]. Group 3: Industry Chain - The LEO satellite industry chain in China consists of upstream technology development, midstream ecosystem integration, and downstream application expansion, with key players including state-owned enterprises and private companies [6][7]. - The industry is moving from "technology validation" to "scale commercialization," driven by policy support and the integration of 6G technology [7][10]. Group 4: Global and Domestic Development - The global LEO satellite market is highly competitive, with the U.S. leading through companies like SpaceX and OneWeb, while China is rapidly advancing its own projects such as "National Network Constellation" and "Thousand Sails Constellation" [8][9]. - As of August 2025, SpaceX's Starlink project has launched 8,926 satellites, with plans to expand to 42,000 by 2027, highlighting the intense competition for frequency and orbital resources [9]. Group 5: Future Trends - The Chinese LEO satellite industry is expected to accelerate, with significant policy support and ongoing projects aimed at large-scale deployment by 2030 [12][13]. - The market is anticipated to expand significantly, with the goal of achieving over 10 million satellite communication users by 2030, driven by the introduction of mobile direct satellite services [11][14]. - Technological innovations, such as inter-satellite laser communication and advanced antenna systems, will play a crucial role in enhancing communication capabilities and expanding market applications [13][15].