Core Viewpoint - The article discusses the evolution and current state of China's satellite application industry, highlighting the significant role of government policies in promoting the development of satellite communication, navigation, and remote sensing technologies as part of national strategic initiatives [1][5][11]. Policy Evolution - The rapid advancement of technology and intensifying geopolitical competition have transformed the application scenarios of satellites in communication, navigation, and remote sensing, making it a critical area for national security and economic growth [1]. - The "14th Five-Year Plan" emphasizes the construction of a global coverage, efficient operation communication, navigation, and remote sensing infrastructure, which is crucial for the development of the satellite industry [11]. National Policy Summary - Recent policies focus on enhancing the coordination efficiency of satellite networks, optimizing procedures, and promoting the efficient use of frequency and orbital resources [5]. - The government supports the entire satellite application industry chain, including manufacturing, launching, ground equipment construction, and operational applications, while encouraging innovation in satellite technology [5][11]. Local Government Initiatives - Various provinces and cities have introduced policies to align with national strategies, particularly in the context of the Beidou satellite navigation system and the "14th Five-Year Plan" [17]. - Local policies aim to foster the development of satellite applications in areas such as smart cities, logistics, agriculture, and emergency communication, leveraging satellite technology for digital transformation [18][19]. Industry Development Goals - The overall goal across provinces is to establish a secure and reliable global satellite internet system, enhancing the integration of satellite applications in various sectors [19]. - Specific initiatives include the promotion of satellite navigation, remote sensing, and communication applications, with a focus on building a robust satellite infrastructure and fostering innovation [19].

Core Insights - The satellite application industry has a complex value chain with diverse application scenarios, including satellite communication, navigation, and remote sensing [1][2] - The industry is characterized by a wide distribution of companies, with a significant concentration in Beijing, Guangdong, and Sichuan [5][7] - The industry shows a trend of diversification and specialization, providing ample growth opportunities for related companies [13] Industry Overview - The satellite application value chain consists of upstream manufacturing (satellite platforms, payloads, components), midstream applications (communication, navigation, remote sensing), and downstream sectors (transportation, defense, communication, marine, meteorology) [1][2] - Upstream players include companies like China Satellite, Galaxy Aerospace, and China Aerospace Science and Technology Corporation, while midstream service providers include China Satcom and 4D Map [2][13] Regional Distribution - As of March 18, 2025, there are 3,809 companies in China's satellite application sector, with Guangdong having approximately 457 companies, followed by Beijing with 435, and Jiangsu with 321 [5][7] - The majority of satellite application companies are located in the eastern and central regions of China, with Sichuan and Shaanxi also hosting over 150 companies [5] Company Landscape - Among the 40 listed companies in the satellite application sector, Beijing has the highest concentration with 13 companies, including China Satellite and China Satcom [7] - The industry is marked by a higher number of companies in the navigation and positioning sector, while the remote sensing sector has fewer players but higher technical barriers [13][14] Value Chain Layout - The satellite application industry encompasses various fields such as navigation & positioning, remote sensing & surveying, and communication & information transmission, with a strong presence of companies in upstream equipment production and system integration [13][14] - The midstream and downstream applications are diverse, covering multiple industries like transportation, logistics, and communication, indicating significant market potential [13]

Core Viewpoint - The telecom ETF fund (560690.SH) has seen a rise of 2.15%, reflecting strong performance in the AI computing power industry, which has positively impacted related stocks and the overall telecom sector [1] Group 1: Market Performance - The telecom ETF fund (560690.SH) increased by 2.15%, while the associated index, the CSI Telecom (931235.CSI), rose by 2.45% [1] - Key constituent stocks such as China Unicom, China Telecom, Silver Zhi Jie, China Satellite Communications, and Zhongji Xuchuang experienced notable gains, with increases of 2.63%, 1.30%, 2.99%, 3.12%, and 3.84% respectively [1] Group 2: Industry Insights - CITIC Securities highlighted that recent annual and quarterly reports from AI computing power-related companies have shown impressive performance, confirming the industry's high prosperity, which has led to a collective rise in computing power concept stocks [1] - Notable stocks like Dawi Technology and Huasheng Tiancai reached their daily limit, while Tianyuan Dike and Chaoxun Communication saw increases exceeding 5% [1] Group 3: Analyst Opinions - Guotai Haitong Securities noted that the telecom industry serves as a core infrastructure for the digital economy, benefiting from domestic substitution and intelligent upgrades, leading to a sustained recovery in industry prosperity [1] - Zhejiang Merchants Securities emphasized that with the acceleration of 5G construction and the growing demand for cloud computing, the performance elasticity of telecom operators and upstream enterprises in the industry chain is expected to gradually be released [1] - Both institutions believe that the telecom sector possesses medium to long-term investment value driven by policy support and technological iteration [1]

Core Viewpoint - The development of China's BeiDou Navigation System has reached a significant milestone with the successful launch of the last two satellites, marking the completion of the BeiDou-3 global satellite navigation system project. The focus will now shift towards the next generation of the BeiDou system and the establishment of a comprehensive spatiotemporal system by 2035 [1][4]. Group 1: BeiDou Satellite Development - The BeiDou Navigation System, developed by the China National Space Administration and China Aerospace Science and Technology Corporation, provides global navigation, positioning, and timing services [1]. - As of the end of 2024, China has conducted 47 launches, placing a total of 60 satellites into orbit, with 50 currently operational and 10 retired [4]. Group 2: BeiDou Industry Index Growth - The 2024 China BeiDou Industry Development Index Report indicates that the comprehensive index reached 1431 points in the first half of 2024, reflecting a growth of over 470% since 2013, over 19% since 2021, and over 9% since the first half of 2023 [5][8]. Group 3: Application Penetration in Various Fields - The demand for BeiDou applications has significantly increased due to the digital transformation across various sectors, with over 27 million BeiDou terminal devices (excluding consumer electronics) in use as of mid-2024, marking a year-on-year increase of 17.4% [9]. - Over 98% of the 139 million smartphones shipped in the first half of 2024 support BeiDou positioning, indicating its integration into consumer products [9]. Group 4: Regional Development Concentration - The development of the BeiDou industry is concentrated in five key regions: Beijing-Tianjin-Hebei, Guangdong, the Yangtze River Delta, the western region centered around Chengdu and Chongqing, and the Central China region including Zhengzhou, Wuhan, and Changsha, with Beijing-Tianjin-Hebei and Guangdong being the most prominent [10].

证券代码：601698 证券简称：中国卫通 公告编号：2025-021 中国卫通集团股份有限公司 第三届监事会第九次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 中国卫通集团股份有限公司（简称"公司"）第三届监 事会第九次会议于 2025 年 4 月 29 日以通讯方式召开，公司 于 2025 年 4 月 18 日以通讯方式发出了会议通知及文件。本 次会议应出席的监事五名，实际出席的监事五名，公司监事 会主席王文涛主持本次会议。会议的召开符合《中华人民共 和国公司法》等有关法律、法规和《中国卫通集团股份有限 公司章程》的规定，所做决议合法有效。 二、监事会会议审议情况 （一）审议通过《中国卫通 2025 年第一季度报告》 监事会认为，公司 2025 年第一季度报告的编制和审议 程序符合法律、法规及相关监管规定，2025 年第一季度报告 真实、准确、完整地反映了公司的财务状况和经营成果，符 合公司实际情况，不存在虚假记载、误导性陈述或重大遗漏。 详细情况见与本公告同时刊载于上海证券交易所网 ...

证券代码：601698 证券简称：中国卫通 公告编号：2025-020 中国卫通集团股份有限公司（简称"中国卫通"、"公司"） 第三届董事会第十八次会议于 2025 年 4 月 29 日以通讯方式 召开，公司于 2025 年 4 月 18 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八名，实际出席的董事八名， 公司董事长孙京主持本次会议。会议的召开符合《中华人民 共和国公司法》等有关法律和《中国卫通集团股份有限公司 章程》的规定，所做决议合法有效。 二、董事会会议审议情况 （一）审议通过《中国卫通 2025 年第一季度报告》 详细情况见与本公告同时刊载于上海证券交易所网站 （www.sse.com.cn）的《中国卫通 2025 年第一季度报告》。 表决结果：8 票赞成、0 票弃权、0 票反对，议案获得通 过。 本议案已经公司第三届董事会审计委员会第十次会议、 第三届董事会第九次独立董事专门会议审议通过，董事会审 计委员会、独立董事对该议案发表了同意意见。 （二）审议通过《中国卫通 2024 年度环境、社会和公 司治理（ESG）报告》 中国卫通集团股份有限公司 第三届董事会第十八次会议决议公告 本公 ...

证券代码：601698 证券简称：中国卫通 公告编号：2025-023 中国卫通集团股份有限公司 关于证券事务代表辞职的公告 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。 中国卫通集团股份有限公司（以下简称"公司"）董事 会近日收到公司证券事务代表关丽女士的书面辞职报告，关 丽女士因工作调整原因辞去公司证券事务代表职务。关丽女 士的辞职报告自送达公司董事会之日起生效。 关丽女士的辞职不会影响公司相关工作的正常开展。公 司董事会将根据《上海证券交易所股票上市规则》等相关规 定，尽快聘任符合任职资格的人员担任证券事务代表职务， 协助公司董事会秘书开展工作。 关丽女士在任职期间恪尽职守、勤勉尽责，公司董事会 对关丽女士为公司高质量发展做出的重要贡献表示衷心感 谢！ 特此公告。 中国卫通集团股份有限公司董事会 2025 年 4 月 30 日 1 ...

证券代码：601698 证券简称：中国卫通 公告编号：2025-024 中国卫通集团股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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： 会议召开时间：2025 年 5 月 9 日（星期五）上午 9:00-10:00 会议召开地点: 中证网中证路演中心平台（网址: https://www.cs.com.cn/roadshow/） 会议召开方式：中证路演中心网络互动 投资者可以在 2025 年 5 月 8 日（星期四）中午 12:00 前通过中证路演中心平台或本公告后附的公司邮箱进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国卫通集团股份有限公司（简称"公司"）2024 年年 度报告、2025 年第一季度报告已分别于 2025 年 4 月 2 日、4 月 30 日通过上海证券交易所网站 www.sse.com.cn 披露，为 便于广大投资者更全面深入地了解公司的经营情况，公司计 划于 2025 年 5 月 9 日上午 09: ...

Financial Performance - The company's operating revenue for the first quarter was CNY 538,607,018.43, a decrease of 1.06% compared to CNY 544,403,891.04 in the same period last year[4] - The net profit attributable to shareholders decreased by 34.90% to CNY 70,444,084.04 from CNY 108,215,323.57 year-on-year[4] - The basic earnings per share fell by 34.77% to CNY 0.0167 from CNY 0.0256 in the previous year[4] - The net profit for Q1 2025 was CNY 97,052,223.96, down 30.06% from CNY 138,877,459.59 in Q1 2024[21] - The net profit attributable to shareholders of the parent company was CNY 70,444,084.04, a decrease of 34.93% compared to CNY 108,215,323.57 in Q1 2024[22] - Operating revenue for Q1 2025 was RMB 333.80 million, a decrease of 11.3% compared to RMB 376.38 million in Q1 2024[31] - Net profit for Q1 2025 was RMB 48.99 million, down 30.9% from RMB 71.03 million in Q1 2024[31] - Operating profit for Q1 2025 was RMB 55.94 million, a decline of 30.9% from RMB 81.12 million in Q1 2024[31] Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 70.57% to CNY 23,643,495.44 compared to CNY 80,325,886.86 in the same period last year[4] - Cash received from sales of goods and services in Q1 2025 was CNY 231,792,203.33, a slight decrease from CNY 234,202,825.36 in Q1 2024[23] - The net cash flow from operating activities was CNY 23,643,495.44, a decrease of 70.6% compared to CNY 80,325,886.86 in the previous period[24] - The company reported a significant increase in cash outflow from investment activities, totaling CNY 1,354,963,075.20, compared to CNY 114,746,082.00 in the previous period, indicating a strategic investment approach[24] - Cash and cash equivalents at the end of the period were CNY 2,533,434,411.52, down from CNY 3,548,237,386.15, reflecting a decrease of 28.6%[25] - Total cash outflow from investing activities in Q1 2025 was RMB 515.27 million, compared to RMB 13.66 million in Q1 2024[34] - The company reported a net cash decrease of RMB 465.64 million in Q1 2025, compared to a decrease of RMB 29.87 million in Q1 2024[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,418,164,717.24, a slight increase of 0.02% from CNY 22,412,943,899.49 at the end of the previous year[5] - Total assets amounted to CNY 22,418,164,717.24, showing a slight increase from CNY 22,412,943,899.49 in the previous period[18] - Total liabilities decreased to CNY 2,269,180,225.36 from CNY 2,358,808,693.52[18] - The company's total liabilities decreased to CNY 3,698,923,260.09 from CNY 3,745,241,529.95, showing a reduction of 1.2%[29] - The total equity increased to CNY 20,148,984,491.88 from CNY 20,054,135,205.97[18] - The total equity increased to CNY 14,505,236,107.05 from CNY 14,456,236,228.33, reflecting a growth of 0.3%[30] Shareholder Information - The company reported a total of 148,511 preferred shareholders with restored voting rights at the end of the reporting period[10] - The largest shareholder, China Aerospace Science and Technology Corporation, holds 2,651,691,416 shares, accounting for 62.77% of total shares[11] - The second largest shareholder, Aerospace Science and Technology Group - CICC - 24 Aerospace EB Trust, holds 502,267,451 shares, representing 11.89%[11] Research and Development - Research and development expenses for Q1 2025 were CNY 11,093,044.64, down from CNY 12,861,537.13 in Q1 2024[21] - Research and development expenses for Q1 2025 were RMB 9.01 million, a decrease of 14.6% compared to RMB 10.55 million in Q1 2024[31] Management Insights - The decrease in net profit was primarily due to a reduction in interest income[4] - The company’s management indicated a focus on improving operational efficiency and exploring new market opportunities moving forward[31]

、社会和公司治理报告 地址：北京市海淀区知春里65号中国卫星通信大厦A座21层 Buil i d i n g A,C h i n a S atellite C o m m u n i catio n s To w e r , N o . 6 5 Z hichun Road,H a i d i a n District , B e i j ing,China 邮编：100190 传真：010-62586677 网址：w w w . c h i n a satcom.com EN 2024 VIR O N MEN TAL,SOCIA L AND GO V E R N ANC E REPOR T 环境 2024年 目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进中国卫通 | 05 | | 公司简介 | 05 | | 组织架构 | 05 | | 发展战略 | 06 | | 业务概览 | 06 | | 企业大事及荣誉 | 07 | | 报告期内重大变化 | 08 | | ESG 管理 | 09 | | ESG 治理 | 09 | | ESG 战略 ...