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]

Group 1 - The company expects to achieve a net profit of approximately 180 million yuan for the first half of 2025, representing a decrease of about 226 million yuan or approximately 56% compared to the same period last year [2][2][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to remain roughly the same as the previous year [2][2][2] - The primary reason for the decrease in performance is the reduction in non-recurring income compared to the previous year [2][2][2] Group 2 - In the first half of 2024, the company reported a net profit of approximately 208.68 million yuan [2][2][2] - The basic earnings per share for the first half of 2024 were 0.0962 yuan, and the basic earnings per share after deducting non-recurring gains and losses were 0.0494 yuan [2][2][2] - The decrease in net profit for the first half of 2025 is attributed to the insurance compensation recognized for the Zhongxing 6C satellite in the first half of 2024 [2][2][2]

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。 证券代码：601698 证券简称：中国卫通 公告编号：2025-039 重要内容提示： 一、本期业绩预告情况 中国卫通集团股份有限公司 2025 年半年度业绩预告 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 公司 2024 年上半年确认中星 6C 卫星的保险理赔总额 229,607,123.11 元，相应增加 2024 年半年度归属于上市公司股东 的净利润。具体内容见公司于 2024 年 6 月 25 日在上海证券交易 所网站披露的《中国卫通关于中星 6C 卫星保险赔付进展的公告》 （公告编号：2024-022）。 2025 年上半年内公司业务运行和日常经营稳定，因上述保 险理赔事项导致 2025 年半年度归属于上市公司股东净利润较上 年同期下降。 （二）业绩预告情况 1 业绩预告的具体适用情形：实现盈利，且净利润与上年 同期相比下降 50%以上； 经财务部门初步测算，中国卫通集团股份有限公司（以 下简称"公司"）预计 2025 年半年度实 ...

中国卫通（601698）公告，预计2025年半年度实现归属于上市公司股东的净利润约1.8亿元，与上年同 期相比，将减少约2.26亿元，同比下降约56%。公司预计2025年半年度实现归属于上市公司股东的扣除 非经常性损益后的净利润与上年同期基本持平。业绩预减主要原因是2025年半年度非经常性收益同比减 少。 ...