Core Viewpoint - The company announced a change in its auditing team for the 2025 financial statements, with a new signing accountant appointed due to internal adjustments at the auditing firm [2]. Group 1: Company Announcement - The company received a notice from Shenzhen Jiuan Accounting Firm regarding the replacement of the signing accountant [2]. - The original signing accountants, Xu Dawei and Li Cheng, will be replaced for the 2025 audit due to internal adjustments at the firm [2]. - Li Zhiyong has been appointed as the new signing accountant alongside Li Cheng for the 2025 audit [2].

Core Viewpoint - Aerospace Hongtu (688066.SH) is expected to report a net profit attributable to shareholders of approximately -1.03 billion yuan for the year 2025, with a net profit of -1.08 billion yuan after deducting non-recurring gains and losses [1] Group 1: Business Impact - The company's client base is primarily concentrated in government, large state-owned enterprises, special sectors, and overseas clients, with new contracts signed in the year declining by approximately 13% compared to the same period last year [1] - Due to pressures from the macroeconomic environment, the company adjusted its strategic planning to only undertake projects with fiscal guarantees, leading to a reduction in orders [1] - The company's revenue from military procurement has significantly decreased from 660 million yuan last year to approximately 50 million yuan, as the company has been unable to participate in related bidding due to a suspension of military procurement qualifications for the past year and a half [1] Group 2: Profit Impact - The company has recognized impairment losses on inventory due to the suspension of military procurement qualifications, which negatively impacted profits as it could not participate in bidding for special sector projects [2] - Credit impairment losses increased during the reporting period as some clients failed to make expected payments, leading to extended account aging [2] - The reduction in business scale has resulted in adjustments to the personnel structure, causing a significant rise in employee severance compensation costs compared to the same period last year [2]

一、可能被实施退市风险警示的原因 经公司财务部门初步测算并与年审会计师沟通，预计 2025 年年度实现归属 于母公司所有者的净利润为-103,000.00 万元左右；预计 2025 年年度实现归属于 母公司所有者扣除非经常性损益后的净利润-108,000.00 万元左右； | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2026-005 | | --- | --- | --- | | 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 关于公司股票可能被实施退市风险警示的第一次风险提示 性公告 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。 重要内容提示： 根据《上海证券交易所科创板股票上市规则》规定，航天宏图信息技术 股份有限公司（以下简称"公司"）股票可能被上海证券交易所实施退市风险警 示，请广大投资者注意投资风险。 三、其他事项 以上财务数据仅为初步测算并与年审会计师沟通后的数据，公司 2025 年年 度报告的预约披露日期为 2026 年 4 月 30 日，截至本公 ...

二、本次新任签字注册会计师的基本信息及诚信和独立性情况 1、基本信息 | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2026-006 | | --- | --- | --- | | 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 关于变更签字注册会计师的公告 重要内容提示： 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。 航天宏图信息技术股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日召开了第四届董事会第十七次会议，于 2025 年 12 月 25 日召开了 2025 年第六 次临时股东会，审议通过了《关于聘任 2025 年年度会计师事务所的议案》，同 意聘任深圳久安会计师事务所（特殊普通合伙）（以下简称"深圳久安会计师事 务所"）为公司 2025 年度财务报表及内部控制审计机构。具体内容详见公司于 2025 年 12 月 10 日在上海证券交易所网站（www.sse.com.cn）披露的《关于聘任 2025 年年度会计师事务所的公告》（公告编号： ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately -1,030 million yuan for the year 2025, and a net profit of -1,080 million yuan after deducting non-recurring gains and losses [3]. - In 2024, the company reported a net profit attributable to shareholders of -1,392.89 million yuan, with a basic earnings per share of -5.33 yuan [7]. - The estimated net assets at the end of 2025 are expected to be around -280 million yuan, indicating potential financial distress [3]. Revenue and Orders - The company experienced a 13% decline in new orders compared to the previous year, primarily due to adjustments in strategic planning and a suspension of military procurement qualifications [8]. - Revenue from military procurement dropped significantly from 660 million yuan last year to approximately 50 million yuan this year due to procurement qualification issues [8]. Impairment and Cash Flow - The company has increased its provision for inventory impairment and credit impairment losses due to prolonged collection periods from clients amid a challenging macroeconomic environment [8]. - The company is actively communicating with local government clients to facilitate payment collections and has implemented measures to address cash flow issues [8]. Audit and Listing Status - The financial data presented is preliminary and subject to change pending the completion of the audit, with potential implications for the company's listing status if net assets remain negative [10][11].

Core Viewpoint - The company, Aerospace Hongtu, anticipates a net loss of approximately 1.03 billion yuan for 2025, with a non-recurring net profit loss of around 1.08 billion yuan, indicating significant financial challenges ahead [1] Financial Projections - The estimated net asset at the end of 2025 is projected to be around -280 million yuan, suggesting potential insolvency issues [1] - Due to the ongoing audit, these figures carry a degree of uncertainty, and the final financial data will be confirmed in the official annual report [1] Risk of Delisting - If the net assets are confirmed to be negative, the company may face a delisting risk warning after the 2025 annual report is disclosed [1] - In the event of triggering a warning scenario, the company's stock will be suspended from trading starting from the date of the annual report disclosure, with the Shanghai Stock Exchange implementing measures within five trading days [1]

Group 1 - In the past five trading days, a total of 162 companies were investigated by institutions, with Jiangsu Bank, Aerospace Hongtu, and Nanjing Bank being the most frequently researched [1][8] - Among the 162 companies, 143 were surveyed by securities firms, accounting for 88.27% of the total investigations, followed by 118 by fund companies and 67 by private equity firms [1][8] - Jiangsu Bank received the highest attention with 133 institutions participating in its research, followed by Aerospace Hongtu with 101 institutions and Nanjing Bank with 76 institutions [1][8] Group 2 - In terms of research frequency, Hai'an Group was the most intensely surveyed, receiving four investigations, while Haixia Co. and Tianlu Technology were each surveyed three times [1][8] - Among the stocks investigated by more than 20 institutions, 12 experienced net capital inflows in the past five days, with Jiangsu Bank seeing a net inflow of 1.047 billion yuan, the highest among them [1][8] Group 3 - In market performance, 17 stocks among those investigated rose in the past five days, with the highest increase seen in Liancheng CNC at 61.55%, followed by Zhongwei New Materials at 11.49% and Huatong Cable at 11.42% [2][9] - Conversely, 17 stocks declined, with the largest drop in Haozhi Electromechanical at 16.74%, followed by Wolong Nuclear Materials at 16.19% and Kaitai Co. at 12.37% [2][9] Group 4 - Among the stocks investigated, Nanjing Bank reported a net profit increase of 8.08% in its 2025 performance forecast, while Shenghong Technology is expected to have a median net profit of 4.36 billion yuan, representing a year-on-year increase of 277.68% [2][9]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

2025年上半年公司营业收入为2.90亿元，营业收入增长率为-65.63%，归属母公司净利润为-2.48亿元， 归属母公司净利润增长率为-34.03%。 目前公司属于信息技术行业，主要产品类型为互联网服务、系统集成服务、行业专用软件，2024年报主 营构成为数据分析应用服务:59.36%;系统设计开发:40.06%;自有软件销售:0.58%。 同壁财经讯，企查查数据显示，根据《新乡市生态环境局新乡市黄河流域地表水环境监管能力建设项 目-中标公告》，航天宏图信息技术股份有限公司于2026年1月28日公告中标新乡市生态环境局采购项 目，中标金额为1180.00万元。 同壁财经讯，企查查数据显示，根据《新乡市生态环境局新乡市黄河流域地表水环境监管能力建设项 目-中标公告》，航天宏图信息技术股份有限公司于2026年1月28日公告中标新乡市生态环境局采购项 目，中标金额为1180.00万元。 相关上市公司：航天宏图(688066.SH) 同壁财经小贴士： 航天宏图（688066.SH）2024年营业收入为15.75亿元，营业收入增长率为-13.39%，归属母公司净利润 为-13.93亿元，归属母公司净利润增长率为-27 ...

具体而言，在技术方面，他提出，需要加快组建由多家头部企业和科研机构组成的"太空数据中心创新联合体"，进行协同技术攻关。"重点突破能源供应、 散热管理、星间通信以及硬件可靠性等关键技术。" 在产业链和商业闭环建构方面，他指出，应通过太空数据中心项目，牵引形成"可重复使用火箭+算力星座+数据应用场景"支撑的新型产业链。 他进一步解释称，如政府通过专项补贴、税收优惠等政策支持创新主体，并鼓励市场化融资参与建设。同时，着力培育全球实时遥感分析、应急通信等高价 值应用场景。 新京报贝壳财经讯（记者韦英姿）北京两会期间，市政协委员、航天宏图信息技术股份有限公司董事长王宇翔表示，太空算力兴起，是应对地面算力瓶颈、 释放数据价值与抢占战略制高点等多重因素共同推动的结果。"业界普遍认为，随着火箭可重复使用等技术进步，太空算力有望在'十五五'期间迎来成本拐 点，开启规模化发展。" 市政协委员、航天宏图信息技术股份有限公司董事长王宇翔。受访者供图 他认为，构建太空算力网络目前还存在技术实现面临太空环境与可靠性挑战、经济成本高昂且商业可行性待验证、产业化协同与生态构建复杂度高等问题。 "建议从技术突破、构建产业链和商业闭环两方面突破 ...