重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少√ | | --- | --- | --- | | 权益变动前合计比例 | 83.99% | | | 权益变动后合计比例 | 82.88% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否√ | | 是否触发强制要约收购义务 | 是□ | 否√ | 证券代码：601698 证券简称：中国卫通 公告编号：2025-042 中国卫通关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | √控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他__无__ | 2.信息披露义务人信息 3,548, ...

北京市金杜律师事务所 关于中国卫通集团股份有限公司 2025 年第二次临时股东大会 之法律意见书 致：中国卫通集团股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国卫通集团股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东会规则（2025 年修订）》（以下简称《股东会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、 规章和规范性文件和现行有效的公司章程有关规定，并指派律师出席了公司于 2025 年 7 月 24 日召开的 2025 年第二次临时股东大会（以下简称本次股东大会）， 并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第一次临时股东大会审议通过的《公司章程》（以下简称 《公司章程》）； 2. 2025 年 7 月 9 日，公司刊登于上海证券交易所网站（www.sse.co ...

证券代码：601698 证券简称：中国卫通 公告编号：2025-040 中国卫通集团股份有限公司 2025年第二次临时股东大会决议公告 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 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (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 | 1,573 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 3,066,618,835 | | 3.出席会议的股东所持有表决权股份数占公司有表 | 72.5932 | | 决权股份总数的比例（%） | | (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。 本次股东大会由董事长孙京主持，会议采用现场会议与 (一) 股东大会召开的时间：2025 年 7 月 24 日 (二) 股东大会召开的地点：北京市海淀区知春路 65 号中国 卫星通信大厦 A 座会议室 网络投票相结合的方式进行表决，会议召集、召开程序及 ...

中国卫通集团股份有限公司（简称"公司"）第三届董 事会第二十二次会议于 2025 年 7 月 24 日在中国卫星通信大 厦 A 座以现场和通讯结合的方式召开，公司于 2025 年 7 月 17 日以通讯方式发出了会议通知及文件。本次会议应出席的 董事九名，实际出席的董事九名。公司董事长孙京主持本次 会议，公司监事和高级管理人员列席了会议。会议的召开符 合《中华人民共和国公司法》等有关法律、行政法规和《中 国卫通集团股份有限公司章程》（简称"《公司章程》"）的规 定，所做决议合法有效。 证券代码：601698 证券简称：中国卫通 公告编号：2025-041 中国卫通集团股份有限公司 第三届董事会第二十二次会议决议公告 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 现补选马海全为第三届董事会战略与投资（ESG）委员 会和提名委员会委员，任期均为自本次董事会选举通过之日 起至第三届董事会换届时止。 表决结果：9 票赞成、0 票弃权、0 票反对，议案获得通 过。 二、董事会会议审议情况 审议通过《中国卫通关于 ...

Group 1 - The company China Satcom (601698.SH) has disclosed its performance forecast for the first half of 2025, expecting a net profit attributable to shareholders of approximately 180 million yuan, a decrease of about 226 million yuan or 56% compared to the same period last year [1] - The main reason for the expected decline in performance is a reduction in non-recurring income for the first half of 2025 [1] - For the first half of 2024, the net profit attributable to shareholders was approximately 406.46 million yuan, with a net profit of 208.68 million yuan after excluding non-recurring gains and losses [1] Group 2 - The company was listed on the Shanghai Stock Exchange on June 28, 2019, issuing up to 400 million shares at a price of 2.72 yuan per share, raising a total of 1.088 billion yuan [2] - The net amount raised from the initial public offering was approximately 1.057 billion yuan, intended for the Zhongxing 18 satellite project [2] - The total issuance costs for the company amounted to approximately 30.65 million yuan, with underwriting and sponsorship fees accounting for about 17.95 million yuan [3] Group 3 - The company has been authorized to issue up to 400 million ordinary shares, with an actual issuance of 224.39 million shares at a price of 9.60 yuan per share, raising a total of approximately 2.154 billion yuan [3] - After deducting underwriting fees and other issuance costs, the net amount raised from this issuance was approximately 2.139 billion yuan [3] - The total amount raised from both fundraising activities is approximately 3.242 billion yuan [3]

Core Viewpoint - The military industry has shown a downward trend since the second half of 2024, primarily driven by valuation factors. The defense and military index rose by 37.24% from September 24, 2024, to July 21, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 27.17% during the same period [1]. Group 1: Market Performance - The military sector has experienced heightened activity in themes such as low-altitude economy, large aircraft, and military intelligence, driven by ongoing geopolitical conflicts [1]. - The performance of military-related funds has also improved, with the Fangzheng Fubon Core Advantage Mixed Fund heavily investing in core enterprises within the military industry chain [1]. Group 2: Fund Holdings - The top ten holdings of the Fangzheng Fubon Core Advantage Mixed Fund include companies like Zhong无人机 (8.95%), 中航沈飞 (7.97%), and 中航成飞 (7.94%), all within the aerospace sector, reflecting a focus on the military supply chain [2]. - New additions to the fund's holdings include 中兵红箭 (7.34%) and 北方导航 (7.26%), with significant year-to-date price increases of 51.49% and 60.01%, respectively [2]. Group 3: Future Outlook - The fund manager believes that the military sector holds explosive growth opportunities, especially with the upcoming military parade on September 3 potentially boosting military stocks [3]. - The military industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear long-term development goal set for 2035 and 2050 [3].

Group 1 - The company is proposing the election of Ma Haiquan as a non-independent director for the third board of directors, effective from the date of approval by the shareholders' meeting until the end of the board's term [1] - Ma Haiquan, born in November 1973, holds a doctoral degree and is currently the general manager of China Satellite Communications Group Co., Ltd. [1] - The shareholders' meeting will be held on July 24, 2025, with both on-site and online voting options available for shareholders [2] Group 2 - The meeting will take place at the China Satellite Communications Building in Haidian District, Beijing, and will include shareholders, company directors, supervisors, senior management, and appointed lawyers [2] - The agenda includes introducing key participants, reading the proposals for discussion, addressing shareholder questions, and selecting vote counters [2]

二〇二五年七月 中国卫通集团股份有限公司 2025 年第二次临时股东大会议程 中国卫通集团股份有限公司 2025 年第二次临时股东大会资料 一、会议召集人：公司董事会 二、会议方式：现场记名投票表决与网络投票表决相结合 三、现场会议召开时间：2025 年 7 月 24 日 四、网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为股东大会召开当日的交 易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 五、现场会议地点：北京市海淀区知春路 65 号中国卫星通 信大厦 A 座 六、参加人员：股东及股东代表、公司董事、监事及高级管 理人员、公司聘请的律师 七、会议议程： （一）主持人介绍主要参会人员 | （二）宣读议案并提请大会审议 | | --- | | 序号 | 议案名称 | | --- | --- | | 1 | 中国卫通关于选举第三届董事会非独立董事的议案 | （三）董事、监事、高级管理人员回答股东的问题 1.公司监事宣读本次股东大会表决规则 1 2.出席现场会议的股东填写表决 ...

Core Viewpoint - The performance of low-altitude economy companies in the first half of 2025 shows mixed results, with 12 companies reporting profits and 12 companies experiencing losses [3][5]. Group 1: Performance Overview - As of July 14, 2025, 24 companies in the low-altitude economy index disclosed their performance forecasts, revealing a split between profitable and loss-making entities [3]. - Among the 24 companies, 12 reported profits while the other 12 faced losses [3]. - Four companies are expected to see profit increases of over 50%: Zongshen Power (001696.SZ), Longxin General (603766.SH), Huijia Times (603101.SH), and Changyuan Donggu (603950.SH) [6]. Group 2: Profit and Loss Analysis - Companies such as Aerospace Development (000547.SZ) and Aerospace Rainbow (002389.SZ) reported losses, with the latter citing delays in delivery due to user demand plans [8]. - Aerospace Power (600893.SH) and Aerospace Electric (002025.SZ) achieved profitability but saw a decline in net profit compared to the previous year [6]. - North Navigation (600435.SH) turned a profit, expecting a net profit of 105 million to 120 million yuan in the first half of 2025 [7]. Group 3: Industry Challenges - Many companies in the low-altitude economy sector, particularly those in the aviation industry and low-altitude mainframe manufacturers, reported losses [5][8]. - The losses were attributed to various factors, including market environment impacts, product transformation challenges, and increased operational costs [9]. - Despite ongoing losses, some companies like Chuan University Zhisheng (002253.SZ) are actively pursuing low-altitude economy projects, indicating a commitment to future growth [9].

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]