Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 19.89 [1][4]. Core Views - The company's revenue continues to face pressure year-on-year, with a reported revenue of RMB 843 million for H1 2024, down 17.66% year-on-year. The net profit attributable to the parent company was a loss of RMB 185 million, a significant decline of 1798.65% year-on-year [4]. - The report anticipates a gradual recovery in revenue growth driven by projects in constellation construction, low-altitude economy, and overseas expansion. The earnings per share (EPS) estimates for 2024-2026 are adjusted to RMB 0.39, RMB 0.82, and RMB 1.62 respectively [4][8]. - The company has seen a significant decline in its space infrastructure planning and construction revenue, which fell by 88.44% year-on-year, while the PIE+ industry business revenue increased by 21.06% year-on-year, indicating a faster commercialization pace in sectors like meteorology and emergency response [5]. - The overseas business is expected to open up new revenue growth opportunities, with recent contracts signed in Bolivia and Pakistan, and the establishment of branches in multiple countries [6]. - The integration of AI with remote sensing technology is anticipated to create competitive advantages for the company's products, enhancing its capabilities in data analysis and knowledge extraction [7]. Summary by Sections Financial Performance - H1 2024 revenue was RMB 843 million, down 17.66% year-on-year, with a net loss of RMB 185 million [4]. - Q2 2024 revenue was RMB 622 million, down 16.99% year-on-year but up 180.72% quarter-on-quarter [4]. - The company’s revenue projections for 2024-2026 have been revised downwards due to changes in the external environment [4][8]. Business Segments - The space infrastructure segment saw a revenue decline of 88.44% year-on-year, while the PIE+ industry segment grew by 21.06% [5]. - Cloud service revenue decreased by 74.17% year-on-year [5]. Market Expansion - The company is expanding its overseas operations, with contracts in Bolivia and Pakistan, and has established branches in various countries [6]. - The report suggests that these international projects could significantly contribute to revenue growth from 2024 to 2026 [6]. Technological Advancements - The integration of AI with remote sensing is expected to enhance product competitiveness, with over 20 new aerospace AI models developed [7].

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2024-039 | | --- | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | | 航天宏图信息技术股份有限公司 2024 年半年度募集资金存放与实际使用情况 的专项报告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》和《上海证券交易所科创板股票 上市规则》等相关规定，航天宏图信息技术股份有限公司（以下简称"公司"或 "本公司"）董事会编制了 2024 年半年度（以下简称"报告期"或"本报告期"） 募集资金存放与实际使用情况专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、2019 年首次公开发行股票募集资金 经中国证监会（证监发行字〔2019〕1220 号）文《关于同意北京航天宏图信 息技术股份有限公 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period in 2023[10]. - The company expects a revenue guidance of RMB 1.2 billion for the full year 2024, which would represent a 15% growth year-over-year[10]. - The company reported operating revenue of ¥842,950,746.95 for the first half of 2024, a decrease of 17.66% compared to the same period last year[15]. - The net profit attributable to shareholders was -¥184,692,821.42, representing a significant decline of 1,798.65% year-on-year[15]. - The company achieved a revenue of 842.95 million yuan in the first half of 2024, with space infrastructure planning and construction revenue at 37.22 million yuan, PIE+ industry revenue at 793.84 million yuan, and cloud service product line revenue at 11.89 million yuan[54]. - The company reported a total guarantee amount of 8,000,000 RMB for a general guarantee to Nanjing Aerospace Hongtu Information Technology Co., Ltd., a wholly-owned subsidiary, with a start date of June 7, 2023, and an end date of June 7, 2024[116]. - The company reported a significant increase in revenue, achieving a total of $500 million for the first half of 2024, representing a 25% year-over-year growth[96]. User Growth - User data indicates a growth in active users to 1.2 million, up from 1 million in the previous year, marking a 20% increase[10]. - User data showed a 15% increase in active users, reaching 2 million by the end of June 2024[97]. Research and Development - Research and development expenses increased by 25% to RMB 100 million, reflecting the company's commitment to innovation[10]. - Research and development expenses accounted for 18.87% of operating revenue, an increase of 1.85 percentage points year-on-year[16]. - The company applied for 167 new patents during the reporting period, including 81 invention patents and 77 software copyrights, bringing the total number of patents to 1,755[35]. - Total R&D investment amounted to approximately ¥159.08 million, a decrease of 8.72% compared to the previous year, with R&D expenses accounting for 18.87% of operating revenue, an increase of 1.85 percentage points[36]. - The company is advancing core technologies in digital twins, AI, and visual large models, with a focus on intelligent remote sensing applications[28]. Product Development - New product launches include the PIE-Engine and PIE-STK platforms, aimed at enhancing remote sensing capabilities[10]. - The PIE-Engine platform has evolved from a multi-source remote sensing data processing tool to a next-generation smart earth platform, covering over ten industries including natural resources and emergency management[25]. - The company successfully launched the "Nuwa Constellation" satellite, marking a significant advancement in its satellite operations and industry applications[21]. - The company introduced the PIE-Engine Tianquan large model remote sensing cloud service platform in 2024, enhancing its capabilities in intelligent interpretation of remote sensing data[26]. - The company has developed a subscription-based SAR radar data SaaS service for ground subsidence and large infrastructure deformation monitoring, targeting key national areas[27]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[10]. - The company is actively expanding its cloud service applications in urban services, ecological restoration, and urban governance[26]. - The company has established partnerships with three new technology firms to enhance its service offerings in the cloud computing space[10]. Financial Health - The net cash flow from operating activities was -¥460,737,909.13, indicating a narrowing of cash flow despite a reduction in employee compensation and other expenses[17]. - The company’s total assets decreased by 6.35% to ¥6,065,831,827.92 compared to the end of the previous year[15]. - The company’s long-term borrowings increased by 59.33% to ¥212,713,668.93, indicating a rise in financial leverage[75]. - The company reported a 61.25% decrease in cash and cash equivalents, primarily due to expenditures exceeding receipts during the reporting period[74]. - The company has a high proportion of accounts receivable and poor operating cash flow, which may impact its financial performance if clients delay payments due to macroeconomic fluctuations[66]. Strategic Initiatives - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[10]. - The management highlighted potential risks related to regulatory changes in the technology sector, which could impact future performance[3]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $200 million allocated for potential deals[96]. Corporate Governance - The board of directors confirmed that there are no non-operational fund usages by controlling shareholders[4]. - The company has implemented three phases of equity incentive plans to align employee interests with those of the company and shareholders, reducing the risk of core employee turnover[52]. - The company’s actual controllers have committed to avoiding any competitive activities that may harm the interests of the company and its shareholders since April 2, 2019[95]. Environmental Commitment - The company is actively contributing to carbon neutrality goals by providing services related to carbon sink capacity and clean energy resource assessment using multi-source remote sensing data[89]. - The core product, the remote sensing cloud service platform, supports urban management by monitoring air pollution, black and odorous water bodies, and solid waste management[90]. - The company adheres to environmental protection laws and conducts regular training on energy conservation and environmental protection for employees[91].

航天宏图信息技术股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开第三届董事会第二十九次会议，审议通过了《关于聘任证券事务代表的议 案》，公司董事会同意聘任曹璐女士担任公司证券事务代表，协助董事会秘书履 行职责，任期自本次董事会审议通过之日起至公司第三届董事会届满之日止。 曹璐女士已经取得上海证券交易所科创板董事会秘书资格证书，具备履行职 责所需的专业知识、工作经验以及相关素质，能够胜任相关岗位职责的要求，其 任职资历符合担任上市公司证券事务代表的要求，符合《中华人民共和国公司法》 《上海证券交易所科创板股票上市规则》等相关法律法规要求的任职资格。曹璐 女士简历详见附件。 | 证券代码：688066 | 证券简称：航天宏图 公告编号：2024-045 | | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | 航天宏图信息技术股份有限公司 关于聘任证券事务代表的公告 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、准确性和完整性依法承担法律责任。 附件： 公司证券事务代表联系方式如下： 曹璐女士简历 曹璐女士 ...

航天宏图信息技术股份有限公司（以下简称"公司"）第三届董事会第二十 九次会议于 2024 年 8 月 30 日 14:30 在北京市海淀区杏石口路益园文化创意产业 基地 A 区 1 号楼 5 层会议室以现场与通讯表决相结合的方式召开，会议通知于 2024 年 8 月 20 日以邮件方式送达。公司董事 9 人，实际参会董事 9 人。会议由 公司董事长王宇翔先生主持，会议的召集和召开程序符合《中华人民共和国公司 法》和《公司章程》等相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 经与会董事投票表决，审议通过了如下议案： | 证券代码：688066 | 证券简称：航天宏图 公告编号：2024-040 | | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | 航天宏图信息技术股份有限公司 第三届董事会第二十九次会议决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 （二）审议通过《关于公司 20 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2024-043 | | --- | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | | 航天宏图信息技术股份有限公司 关于变更非独立董事的公告 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、准确性和完整性依法承担法律责任。 一、关于非独立董事辞职的情况 航天宏图信息技术股份有限公司（以下简称"公司"）董事会于近日收到公 司董事王咏梅女士的辞职申请，王咏梅女士因个人原因，申请辞去公司第三届董 事会非独立董事职务。辞职后，王咏梅女士将不再担任公司任何职务。王咏梅女 士辞去董事职务不会导致公司董事会人数低于法定最低人数，不会影响公司董事 会正常运行。根据《公司法》《公司章程》等有关规定，辞职申请自送达公司董 事会之日起生效。 二、关于补选非独立董事的情况 根据《公司章程》等相关规定，经公司控股股东王宇翔先生提名，董事会提 名委员会审查，公司于 2024 年 8 月 30 日召开第三届董事会第二十九次会议，审 议通过了《关于变更非独立董事的议案》，同意选举黄泳波先 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | | 公司于 2024 年 8 月 30 日召开第三届董事会第二十九次会议，审议通过了 《关于聘任公司财务总监的议案》，经公司总经理廖通逵先生提名，并经第三届 董事会提名委员会和审计委员会审核通过，同意公司董事兼董事会秘书王奕翔先 生同时担任公司副总经理兼财务总监（简历详见附件），任期自本次董事会审议 通过之日起至第三届董事会任期届满止。 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、准确性和完整性依法承担法律责任。 2024 年 8 月 31 日 航天宏图信息技术股份有限公司（以下简称"公司"）近日收到公司财务总 监张姝雅女士的书面辞职报告，张姝雅女士因工作调整，申请辞去公司财务总监 的职务，辞职后继续在公司担任其他职务。根据《中华人民共和国公司法》（以 下简称"《公司法》"）《公司章程》等有关规定，张姝雅女士的辞职申请自送 达公司董事会之日起生效。张姝雅女士的辞职不会影响 ...

国信证券股份有限公司 关于航天宏图信息技术股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，国信证券股份有限公司（以下简称"国信证券" 或"保荐机构"）作为航天宏图信息技术股份有限公司（以下简称"航天宏图" 或"公司"）持续督导工作的保荐机构，负责航天宏图向不特定对象发行可转换 公司债券后的持续督导工作，并出具2024年半年度持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行了持 | | | 针对具体的持续督导工作制定相应的工作 | | | | 计划 | 续督导制度，并制定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与航天宏图签订《保荐协 | | | 开始前，与上市公司或相关当事人签署持续 | 议》，该协议明确了双方在持续督导期 | | 2 | 督导协议，明确双方在持续督导期间的权利 | 间的权利和义务，并报上海证券交易所 | | | ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2024-046 | | --- | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | | 航天宏图信息技术股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第一次临时股东大会 召开日期时间：2024 年 10 月 28 日 14 点 30 分 召开地点：北京市海淀区杏石口路益园文化创意产业基地 A 区 1 号楼 5 层 公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 至 2024 年 10 月 28 日 股东大会召开日期：2024年10月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四 ...

| | | 一、监事会会议召开情况 航天宏图信息技术股份有限公司（以下简称"公司"）第三届监事会第二十 三次会议于 2024 年 8 月 30 日 15:00 在北京市海淀区杏石口路益园文化创意产业 基地 A 区 1 号楼 5 层会议室以现场与通讯表决相结合的方式召开，会议通知于 2024 年 8 月 20 日以邮件方式送达。公司监事 3 人，实际参与表决监事 3 人。会 议由公司监事会主席苗文杰先生主持，会议的召集和召开程序符合《中华人民共 和国公司法》和《公司章程》等相关规定，会议形成的决议合法、有效。 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、准确性和完整性依法承担法律责任。 二、监事会会议审议情况 经与会监事投票表决，审议通过了如下议案： （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 监事会认为：公司 2024 年半年度报告及其摘要的编制和审议程序符合相关 法律法规及《公司章程》等内部规章制度的规定；公司 2024 年半年度报告及其 摘要的内容和格式符合中国证监会和上海证券交易所的各项规定，公允地反映了 公司 2024 年 ...