Core Viewpoint - The forum highlighted the importance of data value realization in enterprises, focusing on the integration of space and ground data for various applications in different industries [1]. Group 1: Company Overview - Aerospace Hongtu is the first listed company in China's satellite remote sensing sector, developing the "Nuwa Constellation," a large hybrid remote sensing satellite constellation with radar capabilities, aiming to launch 114 satellites, of which 12 have been successfully deployed [3]. - The "Nuwa Constellation" provides all-weather, all-time Earth observation and has begun offering comprehensive imaging services for urban governance in Shanghai [3]. Group 2: Technological Developments - The company is building a drone remote sensing service system, developing various types of drones, including fixed-wing, compound-wing, and multi-rotor drones, along with a comprehensive regulatory platform and low-altitude grid big data platform [3]. - The integration of "space-ground" technology allows for the processing and analysis of satellite remote sensing data, drone data, and various ground IoT data, supporting digital China initiatives and urban management [3]. Group 3: Industry Applications - In the natural resources sector, remote sensing and drone technologies provide real-time, dynamic monitoring for land planning, urban governance, and ecological protection, covering the entire process of resource management [4]. - For marine and ecological monitoring, remote sensing data can accurately track coastline changes, wetland distribution, and island characteristics, aiding in pollution control and island protection [4]. - In emergency management, a comprehensive monitoring network is being developed to integrate multi-source spatiotemporal data, enabling intelligent analysis and disaster prediction, thus enhancing cross-departmental coordination [4]. Group 4: Future Aspirations - The company aims to accelerate the transformation of spatiotemporal data assets into value, promoting deep integration of industries and expanding the boundaries of remote sensing and AI, ultimately creating a low-threshold, high-value, and sustainable data ecosystem [5].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in its long-term development and intrinsic value [5]. Convertible Bond Issuance and Trading - The company issued 10.088 million convertible bonds on November 28, 2022, with a total fundraising amount of RMB 1,008.80 million, and a net amount of RMB 991.37 million after expenses [1]. - The bonds began trading on the Shanghai Stock Exchange on December 22, 2022, with an initial conversion price set at RMB 88.91 per share [2]. Conversion Price Adjustment - The conversion price was adjusted downward from RMB 62.98 to RMB 40.94 per share on February 13, 2025, due to the stock price falling below the stipulated threshold [3]. - The company has a mechanism in place for adjusting the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4]. Decision on Price Adjustment - As of June 19, 2025, the stock price had indeed triggered the conditions for a downward adjustment of the conversion price [4]. - However, the board of directors, after considering various factors, voted unanimously to not proceed with the downward adjustment, maintaining the current conversion price for at least one month [5].

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于不向下修正"宏图转债"转股价格的公告 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、可转换公司债券发行上市情况 经中国证券监督管理委员会（证监许可[2022]2755 号）核准，航天宏图信息 技术股份有限公司于 2022 年 11 月 28 日向不特定对象发行了 1,008.80 万张可转 换公司债券，每张面值为人民币 100 元，募集资金总额为人民币 100,880.00 万元。 扣除各项发行费用后（不含增值税）的实际募集资金净额为 99,137.42 万元。可 转债期限为自发行之日起六年。 经上海证券交易所同意，公司可转换公司债券于 2022 年 12 月 22 日起在上 海证券交易所挂牌交易，债券简称"宏图转债"，债券代码"118027"。 根据有关规定和《航天宏图信息技术股份有限公司向不特定 ...

Core Viewpoint - Aerospace Hongtu has reported its worst performance since its listing, leading to inquiries from the stock exchange regarding its 2024 annual report and various operational challenges [1][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net profit attributable to shareholders of -1.393 billion yuan, a decline of 277.94% [3]. - The company's main business gross margin for 2024 was 22.48%, down 13.44 percentage points from 2023 [4]. - The end of 2024 saw a total inventory balance of 1.811 billion yuan, with a significant impairment provision of 925 million yuan due to the suspension of military procurement qualifications [4]. Group 2: Impact of Military Procurement Suspension - The suspension of military procurement qualifications, effective from July 6, 2024, has significantly impacted the company's operations, preventing it from signing contracts and leading to inventory impairment [2][3]. - The company reported that its revenue from specialized and civilian sectors decreased by 14.24% and 12.75% respectively in 2024, primarily due to the inability to participate in military tenders [3]. Group 3: Strategic Shifts and Future Opportunities - In response to the challenges, the company is focusing on the data element market, leveraging opportunities in commercial aerospace and low-altitude economy sectors [5]. - The company reported that its revenue from space infrastructure planning and construction was 293 million yuan, while its proprietary software PIE+ generated 1.270 billion yuan in revenue [6]. - The company is exploring synergies between low-altitude data acquisition and its existing business to enhance its data service system and drive future growth [6]. Group 4: Data Resource Management - The company’s data resource business model involves providing satellite remote sensing data services, with a specific project generating revenue of 50.175 million yuan [7]. - The satellite data is classified as "intangible assets," with a useful life of five years, and is amortized using the straight-line method [7].

Core Viewpoint - The company, Aerospace Hongtu Information Technology Co., Ltd., has faced significant financial challenges in 2024, primarily due to the suspension of its military procurement qualifications, leading to a substantial decline in revenue and net profit [2][5]. Financial Performance - In 2024, the company achieved operating revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%. The net profit attributable to shareholders was -1.393 billion yuan, a decline of 277.94% [2][5]. - The second quarter saw a revenue decline of 16.99% and a net profit drop of 134.09%, while the fourth quarter's revenue remained stable, but net profit fell by 248.99% [2][6]. Business Segmentation - Revenue from the special field was 668.3032 million yuan, down 14.24%, while revenue from the civilian sector was 906.9681 million yuan, down 12.75% [4][5]. - The overall gross margin for the company decreased by 13.44 percentage points to 22.48% in 2024, with significant declines in both special field and civilian sector margins [8][10]. Impact of Military Procurement Suspension - The company was suspended from military procurement on July 6, 2024, which has severely impacted its ability to participate in bidding for specialized projects, leading to a significant drop in orders and revenue [2][5]. - As of the date of the report, the company has not yet regained its military procurement qualifications, and it submitted a defense document in August 2024, awaiting a decision from military authorities [5][6]. Cost and Profitability Analysis - The increase in operating costs and significant asset impairment losses were major contributors to the net profit decline. The company faced a 92.217 million yuan increase in asset impairment losses due to uncontracted projects and a 6.794 million yuan increase in credit impairment losses [6][8]. - The gross margin for the system design and development business dropped to 9.22%, a decrease of 25.63%, while the data analysis application service margin fell to 30.76%, down 4.90% [10][11]. Client and Revenue Concentration - The company's revenue is heavily concentrated in system design and data analysis services, which together account for over 98% of total revenue. The top five clients contributed to a 17.01% increase in sales compared to the previous year [8][10]. - The company has been facing increased pressure from clients to reduce project budgets, leading to a decrease in order amounts and project margins [10][11].

Core Viewpoint - The company, Aerospace Hongtu Information Technology Co., Ltd., has faced significant operational challenges due to the suspension of its military procurement qualifications, leading to a substantial decline in revenue and net profit for the fiscal year 2024 [1][2][5]. Financial Performance - In 2024, the company reported a total revenue of 1.575 billion yuan, a year-on-year decrease of 13.39% [1][2]. - The net profit attributable to the parent company was -1.393 billion yuan, representing a year-on-year decline of 277.94% [1][2]. - The second quarter saw a revenue drop of 16.99%, while the fourth quarter experienced a slight decrease of 0.81% [3]. Revenue Breakdown - Revenue from the special field was 668.30 million yuan, accounting for 42.42% of total revenue, with a year-on-year decrease of 14.24% [1][2]. - Revenue from the civilian sector was 906.97 million yuan, making up 57.58% of total revenue, with a year-on-year decrease of 12.75% [1][2]. - The overall gross margin decreased by 13.44 percentage points to 22.48% [1][2]. Impact of Military Procurement Suspension - The suspension of military procurement qualifications since July 6, 2024, has severely impacted the company's ability to participate in tenders for special projects, leading to a decline in orders and revenue recognition [1][2][5]. - The company submitted a defense document to relevant authorities in August 2024, but as of the date of the report, the qualification had not been restored [2][5]. Cost and Profitability Analysis - The increase in operating costs was noted, with the second quarter's operating costs rising by 25.30% year-on-year [3]. - Significant asset impairment losses of 922.18 million yuan were recorded, primarily due to the inability to recover costs from projects that were budgeted but later canceled or reduced [4][6]. - Credit impairment losses also increased by 67.95 million yuan due to delayed payments from clients [4][6]. Client and Project Dynamics - The company’s major clients include government departments, special units, state-owned enterprises, and educational institutions, which account for over 90% of its revenue [8][9]. - The company has been focusing on high-margin data asset businesses, signing contracts worth 300 million yuan with eight ministries for satellite data asset sales [8]. Market Comparison - The company's gross margin of 22.48% is significantly lower than that of comparable companies in the industry, which averaged around 37.33% [7][8]. - The gross margin for system design and development dropped to 9.22%, a decrease of 25.63% year-on-year, while data analysis application services saw a gross margin of 30.76%, down 4.90% [6][7].

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 年年报问询函回复的核查意见 航天宏图信息技术股份有限公司（以下简称"公司"、"航天宏图"）于 2025 年 5 月 20 日收到上海证券交易所下发的《关于航天宏图信息技术股份有限 公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0137 号） （以下简称"《年报问询函》"）。国信证券股份有限公司（以下简称"国信证 券"或"保荐机构"）作为航天宏图的持续督导机构，现对《年报问询函》提及 的相关问题出具专项意见如下： | 业务分类 | | 2024 | | 年度 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 收入 | 收入占比 | 收入变动 | 成本 | 毛利率 | | 毛利率变动 | | 特种领域 | 66,830.32 | 42.42% | -14.24% | 62,909.33 | 5.87% | 减少 31.44 | 个百分点 | | 民用领域 | 90,696.81 | 57.58% | -12.75% | 59,211.80 | 34 ...

关于航天宏图信息技术股份有限公司 2024 年年度报告的信息披露监管问询函的回复 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于航天宏图信息技术股份有限公司 2024 年年度报告的信息披露监管问询函的回复 致同专字（2025）第 110A015462 号 上海证券交易所： 致同会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，对航天 宏图信息技术股份有限公司（以下简称"公司"或"航天宏图"）2024 年财务报表， 包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注进行 审计，并于 2025 年 4 月 28 日出具了致同审字致同审字(2025)第 110A020263 号的 无保留意见审计报告。 我们于 2025 年 5 月 20 日收到了航天宏图公司转来的上海证券交易所 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-037 | | --- | --- | --- | | 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 2024 年年度报告的信息披露监管 问询函的回复公告 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。 航天宏图信息技术股份有限公司（以下简称"公司"或"航天宏图"）于 2025 年 5 月 20 日收到上海证券交易所科创板公司管理部向公司发送的《关于对 航天宏图信息技术股份有限公司 2024 年年度报告的信息披露监管问询函》（上 证科创公函【2025】0137 号）（以下简称"《问询函》"），公司及相关中介 机构就《问询函》关注的问题逐项进行认真核查，现就《问询函》相关问题回复 如下： 1、关于军采资格与营业收入。年报及前期公告显示，公司自 2024 年 7 月 6 日被军队采购网暂停采购资格，至今资格尚未恢复，公司暂无法参加特种领域 储备项目的投标。2024 年度，公司实现营业收入 15.75 亿元，同 ...

Core Viewpoint - The commercial space industry in China is experiencing rapid growth, supported by national policies, with a market size projected to reach approximately 7,133.2 billion yuan in 2024, driven by increased launch activities and advancements in satellite applications [2][8]. Group 1: Definition and Main Business of Commercial Space Industry - The commercial space industry refers to the sector that provides space products and services through market-oriented approaches, including rocket launches, satellite applications, and space tourism [3][4]. - Unlike traditional government-led space projects, commercial space emphasizes private sector participation, cost-effectiveness, and sustainable business ecosystems, marking a shift from planned to market economies in space activities [4]. Group 2: Current Development Status of the Commercial Space Industry - The commercial space sector in China is becoming increasingly active, with 68 rocket launches and 66 successful orbital insertions in 2024, achieving a success rate of 97% [6][8]. - The market size of the commercial space industry in China has been growing rapidly, with a reported size of 6,582.2 billion yuan in 2023 and an expected increase to 7,810.4 billion yuan by 2025 [8]. - The commercial remote sensing satellite sector is identified as a strategic emerging industry that contributes significantly to economic growth and daily applications, positioning itself as a key area in global space competition [8]. Group 3: Future Prospects and Opportunities - The commercial space industry is anticipated to reach a mature phase by the end of the 14th Five-Year Plan or during the 15th Five-Year Plan, indicating a historic development opportunity for the industry chain [2]. - The launch of new rocket models, such as the Long March 8 and others, is expected to further enhance China's launch capabilities and increase the number of launches in 2025 [6].