Core Viewpoint - The company expects to report a net loss attributable to shareholders ranging from 550 million to 350 million yuan for the fiscal year 2025, indicating continued losses compared to the previous year [1] Financial Performance - The projected net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be a loss between 595 million and 395 million yuan for the fiscal year 2025 [1]

天津七一二通信广播股份有限公司 关于公司 2023 年股票期权激励计划第一个行权期 行权条件未成就及注销部分股票行权的公告 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。 天津七一二通信广播股份有限公司（以下简称"公司"）于 2026 年 1 月 16 日召开第四届董事会第五次会议，审议通过了《关于公司 2023 年股票期权激励 计划第一个行权期行权条件未成就及注销部分股票期权的议案》。根据《公司 2023 年股票期权激励计划》（以下简称"《激励计划》"或"本次激励计划"）、《公 司 2023 年股票期权激励计划实施考核管理办法》的相关规定，本次激励计划因 激励对象变动及第一个行权期行权条件未成就，共计 862.2147 万份股票期权由 公司注销。现将相关事项公告如下： 一、本次股票期权授予已履行的决策程序和信息披露情况 1、公司于 2023 年 12 月 20 日召开第三届董事会第九次会议，审议通过《关 于<天津七一二通信广播股份有限公司 2023 年股票期权激励计划（草案）>及其 摘要的议案》《关于<天津七一二通信广播股份 ...

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Group 1 - The core point of the article is that Tianjin 712 Mobile Communication Co., Ltd. has applied for a patent for a method of performance monitoring and heartbeat detection for intelligent operation and maintenance servers based on Java, which aims to enhance the efficiency and reliability of server management [1] Group 2 - Tianjin 712 Mobile Communication Co., Ltd. was established on August 18, 2000, and operates in the computer, communication, and other electronic equipment manufacturing industry [2] - The company has a registered capital of 15,200 million RMB and has participated in 879 bidding projects [2] - The company has 21 trademark information entries and 82 administrative licenses, but currently holds no patents [2]

Overview - The report summarizes the bidding results for urban rail transit communication systems in mainland China, excluding Hong Kong, Macau, and Taiwan, covering the period from January 1, 2025, to December 31, 2025 [3][4]. Market Summary - In 2025, 22 cities announced 71 bidding projects for communication systems, with a total bid amount of approximately 4.987 billion (49.87 hundred million) yuan, showing stability compared to 2024 [4][5]. - The communication systems are crucial for train operation, public communication, and information transmission, ensuring safe and efficient train operations [4]. City Distribution - Hangzhou led with 12 projects and a total bid amount of 1.0275450 billion (102.75450 million) yuan, indicating strong market activity [5]. - Chengdu followed with 3 projects totaling 62627.86 million yuan, while Shanghai contributed 53701.81 million yuan through 19 projects, showcasing diverse project types [5][6]. Project Types - The projects included 25 new line constructions, 17 extension lines, and 14 renovation projects, indicating a significant demand for upgrading existing communication systems [5][6]. Company Analysis - A total of 27 communication manufacturers participated in the bidding, with a competitive market landscape but notable advantages for leading companies [12]. - ZTE Corporation topped the list with 11 projects and a total bid amount of 1.0400836 billion (104.00836 million) yuan, accounting for 20.86% of the total bid amount [12]. - Zhejiang Zhongkong Information Industry Co., Ltd. ranked second with 6 projects totaling 74122.59 million yuan, while Hebei Far East Communication System Engineering Co., Ltd. secured third place with 7 projects amounting to 54128.02 million yuan [12].

Core Insights - The commercial aerospace sector in the A-share market is rapidly expanding, with several companies reporting progress in product delivery and profitability in satellite manufacturing and rocket components [1][2] - Companies are actively positioning themselves through technological advancements and strategic partnerships to capitalize on the growth opportunities in the commercial aerospace industry [1] Group 1: Order Delivery and Revenue Growth - Companies are beginning to achieve stable small-batch deliveries in their commercial aerospace businesses, with projections for significant revenue growth in the coming years [1] - Chaojie Co. expects its commercial aerospace-related revenue to grow rapidly by 2026, driven by the completion of key rocket models and increased market demand [1] - The manufacturing of rocket structural components is a critical segment of the commercial aerospace supply chain, with Chaojie Co. set to complete its riveting production line by mid-2024, capable of producing 10 rockets annually [1] Group 2: Product Development and Market Positioning - Jiuzhiyang has successfully sold products such as fiber amplifiers and tracking cameras for commercial aerospace applications, focusing on economic and reliable solutions [2] - Longsheng Technology's subsidiary has developed several core precision components for commercial aerospace, including satellite solar wing hinges and attitude control mechanisms [2] - Blues Technology has leveraged its expertise in consumer electronics to supply satellite ground receiver components and has developed ultra-thin photovoltaic glass modules for space applications [2] Group 3: Technological Ecosystem and Collaboration - The initial increase in orders signals robust growth in the commercial aerospace sector, supported by ongoing technological breakthroughs and collaborative ecosystem development [3] - ZTE is working on a star-ground integrated communication network for 6G, collaborating with domestic operators and satellite companies to validate NTN technology [3] - Companies like Qiji Precision and Chengdu Huami are focusing on developing satellite communication systems and high-performance chips to support commercial aerospace needs [4][5]

Group 1 - The core point of the article is that Tianjin Qiyi Er (603712) has initiated the filing process for guidance with the Tianjin Securities Regulatory Bureau on January 5, 2026, with China Galaxy Securities (601881) as the counseling institution [1]

Market Overview - The Shanghai Composite Index closed at 3968.84 points, above the annual line, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 24,617.43 billion yuan [1] Stocks Breaking Annual Line - A total of 92 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Wajingke (8.82%) - Zhangyue Technology (8.44%) - Suoling Co., Ltd. (7.81%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Wajingke: 20.00% increase, turnover rate of 14.94%, latest price at 37.80 yuan [1] - Zhangyue Technology: 10.00% increase, turnover rate of 12.20%, latest price at 22.12 yuan [1] - Suoling Co., Ltd.: 10.00% increase, turnover rate of 10.69%, latest price at 6.05 yuan [1] - Other stocks with significant increases include: - Desheng Technology: 10.03% increase - Nanxing Co., Ltd.: 10.00% increase [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Guifaxiang - Guangkang Biochemical - Shunwang Technology [1]

Group 1 - The company has steadily expanded its presence in the satellite communication and navigation sectors in recent years [2] - The company has developed multiple communication and navigation terminal devices, including Tiantong-1, high-throughput satellites, BeiDou-2, and BeiDou-3 [2] - The company possesses the capability to develop ground control stations, terminal stations, and operational management software for satellite communication networks [2] Group 2 - Fangzhou Technology currently has no business involvement in the commercial aerospace sector [2]

Core Insights - The core viewpoint of the article highlights that Qiyuan Technology's basic simulation platform software has passed domestic independent controllability certification, indicating a significant advancement in the military simulation industry as demand for military intelligence increases [2] Company Summary - Qiyuan Technology is expanding and deepening its application in the military simulation industry, driven by the rising demand for military intelligence [2] - The company possesses sustainable operational capabilities, which are essential for long-term growth in the sector [2] - Qiyuan Technology's multi-level integrated simulation technology architecture, which combines "system + signal + joint," enhances its competitive product offerings and comprehensive solutions in the communication field [2] Industry Summary - The military simulation industry is experiencing growth due to the increasing need for intelligent military solutions, leading to a continuous expansion of application areas [2] - The integration of Qiyuan Technology's strengths in communication with its simulation system capabilities is expected to create a strong competitive advantage in the market [2]