| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-041 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 1 公司债券募集说明书》的约定，公司向不特定对象发行可转换公司债券"宏图转 债"自 2023 年 6 月 2 日起可转换为公司股份，转股期间为 2023 年 6 月 2 日至 2028 年 11 月 27 日。 "宏图转债"的初始转股价格为 88.91 元/股，因 2019 年限制性股票激励计 划第三个归属期归属登记完成使公司股本由 184,881,281 股变更为 185,636,281 股，2023 年 1 月 13 日起转股价格从 88.91 元/股调整为 88.62 元/股。因 2020 年 限制性股票激励计划预留授予部分第一个归属期归属登记完成和实施 2022 年年 度权益分派方案调整"宏图转债"转股价格， ...

Core Viewpoint - The credit rating of Aerospace Hongtu Information Technology Co., Ltd. is maintained at BBB+ with a negative outlook due to concerns over its military procurement qualifications and financial performance [4][6][8]. Company Overview - Aerospace Hongtu is a leading company in the domestic remote sensing application software sector, possessing core technologies and a complete industrial chain [4][12]. - The company has faced challenges, including a suspension of military procurement qualifications since 2024, which has negatively impacted new orders and revenue [8][17]. Financial Performance - In 2024, the company reported total revenue of 15.75 billion yuan, a decline of 13.39% year-on-year, primarily due to the suspension of military procurement qualifications and increased project budget constraints from local governments [22][28]. - The company's net profit for 2024 was significantly negative, with a loss of 13.94 billion yuan, reflecting a substantial erosion of profitability [9][22]. - The total assets of the company increased from 59.91 billion yuan in 2022 to 64.77 billion yuan in 2023, but the owner's equity decreased from 27.10 billion yuan to 23.07 billion yuan during the same period [9][24]. Debt and Liquidity - The company has a high leverage level, with a debt-to-equity ratio reaching historical highs due to continuous losses and a significant increase in liabilities [9][24]. - As of March 2025, the company had a total debt of 28.79 billion yuan, with a substantial portion being short-term debt [9][26]. - The company faces considerable short-term liquidity pressure, relying heavily on external financing for debt repayment [25][30]. Market Position and Industry Trends - The remote sensing satellite industry in China is expected to grow, with the market size projected to exceed 260 billion yuan in 2024 [11][12]. - The company is positioned well within the industry, but competition is increasing, particularly in the remote sensing data processing and application sectors [10][12]. - The company has been actively expanding its satellite data sources and enhancing its service offerings, but the suspension of military procurement has hindered its growth potential [12][18]. Research and Development - The company maintains a high level of R&D investment, with 2024 R&D expenditures amounting to 3.16 billion yuan, representing 21.03% of total revenue [15][24]. - Despite the high R&D investment, the company faces challenges in converting R&D efforts into profitable outcomes, particularly in light of its recent financial struggles [14][15]. Future Outlook - The company is expected to continue facing revenue declines in 2025 due to ongoing issues with military procurement qualifications, although the loss magnitude may narrow [28][30]. - The company plans to reduce capital expenditures in 2025, focusing on improving cash flow and operational efficiency [28][30].

表 1： 航天宏图信息技术股份有限公司 2025 年度跟踪评级报告 声 明 航天宏图信息技术股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 1516 号 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 中诚信国际信用评级有限责任公司 2025 年 6 月 26 日 2 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金 ...

Core Viewpoint - The announcement details the share pledge situation of the controlling shareholders of Aerospace Hongtu Information Technology Co., Ltd., indicating a pledge of 10 million shares by the actual controller Zhang Yan to secure a financing of 50 million RMB for repaying bank loans [1][2]. Share Pledge Situation - Zhang Yan, the controlling shareholder, holds 48,649,024 shares, accounting for 18.62% of the total share capital. The pledged shares represent 20.56% of her holdings and 3.83% of the company's total share capital [1]. - The total shares held by Zhang Yan, Wang Yuxiang, and their concerted action party Beijing Hangxing Yingchuang Technology Center (Limited Partnership) amount to 75,639,611 shares, which is 28.95% of the total share capital. After this pledge, the cumulative pledged shares are 10 million, representing 13.22% of their total holdings and 3.83% of the company's total share capital [1][2]. Financing Purpose - The financing of 50 million RMB is intended for repaying bank loans, with the pledge of 10 million shares serving as collateral for the loan from Tianjin Zhongcai Commercial Factoring Co., Ltd. [1][2]. Other Information - The company confirms that the controlling shareholder's credit status is good, and there is no risk of forced liquidation of the pledged shares. The company will take effective measures to repay the loan and assist in lifting the share pledge as soon as possible [2][3].

关于控股股东、实际控制人部分股份质押的公告 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。 重要内容提示： 航天宏图信息技术股份有限公司（以下简称"公司"）控股股东、实际 控制人张燕女士持有公司股份 48,649,024 股，占公司总股本的 18.62%；张燕女 士本次质押股份 10,000,000 股，占其持股总数的 20.56%，占公司总股本的 3.83%； 公司控股股东、实际控制人王宇翔先生、张燕女士及其一致行动人北京 航星盈创科技中心（有限合伙）共计持有公司股份 75,639,611 股，占公司总股本 的 28.95%；本次质押后，累计质押股份为 10,000,000 股，占其持股总数的 13.22%， 占公司总股本的 3.83%。 一、本次股份质押情况 公司近日接到控股股东、实际控制人张燕女士的通知，获悉其所持有的本公 司部分股份被质押，具体事项如下： 1、本次股份质押情况 | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码 ...

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].

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 ...