注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 资金流向方面，该股今日全天主力资金净流入1.66亿元。（数据宝） 航天宏图8月29日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 沪股通专用 | 16940.20 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 5672.67 | | 中信证券股份有限公司上海分公司 | 4335.63 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 3920.47 | | 国泰海通证券股份有限公司总部 | 3823.51 | | 卖出营业部名称 | 卖出金额(万元) | | 机构专用 | 7250.03 | | 沪股通专用 | 5168.54 | | 中信证券股份有限公司上海分公司 | 4799.55 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 3310.21 | | 中信建投证券股份有限公司重庆汉渝路证券营业部 | 2440.61 | 8月29日航天宏图（688066）收盘价38.72元，收盘上涨17.94%，全天换手率23.57%，振幅21.23% ...

航天宏图信息技术股份有限公司 关于披露签订日常经营重大合同的公告 重要内容提示： 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: | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-063 | | --- | --- | --- | | 证券代码：118027 | 债券简称：宏图转债 | | 公司于 2025 年 8 月 29 日与客户 A 签署了卫星及地面系统采购合同（以下简 称"合同"），现将有关情况公告如下： 一、审议程序情况 截至本公告披露日，公司与客户 A 签订的合同订单金额约为 99,000 万元人民 币（不含税）。公司已履行了签署本合同的审批程序，现已完成合同签订。根据 1 合同类型：销售合同； 合同金额：约为 99,000 万元人民币（不含税）； 合同生效条件：经双方盖章及授权代表签字之日起生效； 合同履行期限：1200 天； 对上市公司当期业绩的影响：本次交易属于航天宏图信息技术股份有限 公司（以下简称"公司"）日常经营活动相关合同。若本销售合同顺利 履行，预计将会对 ...

New Stock Offerings - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - Broadcom Integrated (603068) announced abnormal fluctuations on August 29, 2025[1] Market Alerts - ST Guohua (000004) and ST Gohong (000851) both reported abnormal fluctuations on August 29, 2025[1] - ST Huayang (603825) and ST Zhongji (000972) also indicated abnormal fluctuations on August 29, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on August 26, 2025[1] Company Announcements - Zhaoxin Technology (603377) announced abnormal fluctuations on August 27, 2025[1] - Longyang Electronics (301396) reported significant fluctuations on August 28, 2025[1] - ST Dongshi (603377) indicated abnormal fluctuations on August 22, 2025[1]

Core Insights - The A-share military industry stocks have shown strong performance, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Aerospace Hongtu (航天宏图) increased by 17.97%, with a total market capitalization of 10.1 billion and a year-to-date increase of 89.85% [2] - Jiezhong Technology (捷众科技) rose by 15.01%, with a market cap of 2.307 billion and a year-to-date increase of 97.39% [2] - North Long Dragon (北方长龙) saw a 13.83% increase, with a market cap of 16.5 billion and a staggering year-to-date increase of 419.86% [2] - Tianwo Technology (天沃科技) increased by 10.06%, with a market cap of 7.893 billion and a year-to-date increase of 106.52% [2] - Jianghai Co., Ltd. (江海股份) rose by 10.01%, with a market cap of 28.3 billion and a year-to-date increase of 92.12% [2] - Other notable performers include Zhehai De Man (浙海德曼) and Xing Sen Technology (兴森科技), both showing increases of over 7% [1][2]

Core Viewpoint - The company announced the resignation of its Vice President, Li Jisheng, due to personal reasons, effective immediately after the board received his written resignation on August 28, 2025 [1] Summary by Relevant Sections - **Company Announcement** - The board of directors received a written resignation report from Li Jisheng, the Vice President of the company, on the evening of August 28, 2025 [1] - Li Jisheng will not hold any position in the company after his resignation [1]

Group 1 - The company reported a total operating revenue of 290 million yuan for the first half of 2025, representing a year-on-year decline of 65.63% [1] - The net profit attributable to shareholders of the parent company was -248 million yuan, an increase in loss of 62.84 million yuan compared to the same period last year [1] - The basic earnings per share were -0.95 yuan [1]

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-059 | | --- | --- | --- | | 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 第四届监事会第五次会议决议公告 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。 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"）第四届监事会第五次 会议于 2025 年 8 月 28 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。 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： 特此公告。 航天宏图信息技术股份有限公司 （一）审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-058 | | --- | --- | --- | | 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 第四届董事会第十次会议决议公告 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 航天宏图信息技术股份有限公司（以下简称"公司"）第四届董事会第十次 会议于 2025 年 8 月 28 日下午 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，公司监事、高级管理人员列席会议，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： （一）审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 经审核，董事 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management declare this semi-annual report content is true, accurate, and complete, free from false statements, misleading representations, or major omissions, and assume legal responsibility - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The report contains no false records, misleading statements, or major omissions, and individual and joint legal liabilities are assumed[3](index=3&type=chunk) [Major Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has disclosed potential risks in "Section III Management Discussion and Analysis," advising investors to pay attention - The company has detailed potential risks in "Section III Management Discussion and Analysis"[3](index=3&type=chunk) [Board Meeting Attendance](index=2&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%A8%E4%BD%93%E8%91%A3%E4%BA%8B%E5%87%BA%E5%B8%AD%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BC%9A%E8%AE%AE%E3%80%82) All company directors attended the Board of Directors meeting - All company directors attended the Board of Directors meeting[4](index=4&type=chunk) [Report Audit Status](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E3%80%82) This semi-annual report has not been audited - This semi-annual report has not been audited[4](index=4&type=chunk) [Financial Report Responsible Person Statement](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E7%8E%8B%E5%AE%87%E7%BF%94%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E7%8E%8B%E5%A5%95%E7%BF%94%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E7%8E%8B%E5%A5%95%E7%BF%94%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) Company head Wang Yuxiang, accounting supervisor Wang Yixiang, and accounting department head Wang Yixiang declare the financial report in the semi-annual report is true, accurate, and complete - Company head Wang Yuxiang, accounting supervisor Wang Yixiang, and accounting department head Wang Yixiang declare the financial report in the semi-annual report is true, accurate, and complete[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The Board of Directors did not approve any profit distribution or capital reserve capitalization plan for this reporting period - No profit distribution plan or capital reserve capitalization plan for this reporting period[5](index=5&type=chunk) [Special Corporate Governance Arrangements](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%89%B9%E6%AE%8A%E5%AE%89%E6%8E%92%E7%AD%89%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has no special corporate governance arrangements or other important matters - The company has no special corporate governance arrangements or other important matters[5](index=5&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AB%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to note investment risks - Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute a substantive commitment to investors[5](index=5&type=chunk) - Investors are advised to note investment risks[5](index=5&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=2&type=section&id=%E4%B9%9D%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company has no non-operating fund occupation by controlling shareholders or other related parties - The company has no non-operating fund occupation by controlling shareholders or other related parties[6](index=6&type=chunk) [External Guarantees in Violation of Procedures](index=2&type=section&id=%E5%8D%81%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%BF%9D%E5%8F%8D%E8%A7%84%E5%AE%9A%E5%86%B3%E7%AD%96%E7%A8%8B%E5%BA%8F%E5%AF%B9%E5%A4%96%E6%8F%90%E4%BE%9B%E6%8B%85%E4%BF%9D%E7%9A%84%E6%83%85%E5%86%B5) The company has not provided external guarantees in violation of prescribed decision-making procedures - The company has not provided external guarantees in violation of prescribed decision-making procedures[6](index=6&type=chunk) [Directors' Assurance on Report Truthfulness](index=2&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) The company does not have a situation where more than half of its directors cannot guarantee the truthfulness, accuracy, and completeness of the disclosed semi-annual report - The company does not have a situation where more than half of its directors cannot guarantee the truthfulness, accuracy, and completeness of the disclosed semi-annual report[7](index=7&type=chunk) [Other Important Notices](index=2&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%B6%E4%BB%96) This section contains no other important notices [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines and explains common terms used in the report, including company names, related entities, technical terms (e.g., PIE, remote sensing, GIS, SaaS, SAR satellite, VR/AR, IPD, CBB), and reporting period timeframes, ensuring accurate understanding of the report content - Defined entity names such as the Company, This Company, and Piesat Information Technology[11](index=11&type=chunk) - Explained core technology and business terms including PIE, PIE-Engine, Remote Sensing (RS), Geographic Information System (GIS), SaaS, and SAR satellite[11](index=11&type=chunk) - Clarified time concepts such as the reporting period, prior year period, and beginning of the period[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section introduces the basic information of Piesat Information Technology Co, Ltd, including its Chinese name, abbreviation, legal representative, registered address, office address, website, and email address - The company's Chinese name is Piesat Information Technology Co, Ltd, abbreviated as Piesat Information Technology[14](index=14&type=chunk) - The legal representative is Wang Yuxiang, and both the registered and office addresses are in Beijing[14](index=14&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the contact information for the company's Board Secretary Wang Yixiang and Securities Affairs Representative Cao Lu, including contact address, telephone, and email address - The Board Secretary is Wang Yixiang, and the Securities Affairs Representative is Cao Lu[15](index=15&type=chunk) - The contact telephone and email address are both 010-82556572 and ir@piesat.cn[15](index=15&type=chunk) [Information Disclosure and Document Storage Location](index=5&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company designates "China Securities Journal" and "Securities Daily" as information disclosure newspapers, the Shanghai Stock Exchange website as the semi-annual report publication website, and the company's securities department as the report storage location - Information disclosure newspapers are "China Securities Journal" and "Securities Daily"[16](index=16&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn[16](index=16&type=chunk) - The company's semi-annual report is stored at the company's securities department[16](index=16&type=chunk) [Company Stock/Depositary Receipt Summary](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Piesat Information Technology" and stock code 688066; the company has no depositary receipts - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is "Piesat Information Technology" and the stock code is 688066[18](index=18&type=chunk) - The company has no depositary receipts[19](index=19&type=chunk) [Other Relevant Information](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section contains no other relevant information disclosure [Company's Major Accounting Data and Financial Indicators](index=6&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue significantly decreased by **65.63%** year-on-year to **290 million yuan**, with a net loss attributable to parent company shareholders of **248 million yuan**, a **34.03%** year-on-year decrease, primarily due to macroeconomic pressures and a suspension of military procurement; net cash flow from operating activities saw a narrowed outflow Major Accounting Data (January-June 2025 vs January-June 2024) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 289,735,579.85 yuan | 842,950,746.95 yuan | -65.63 | | Total Profit | -270,174,288.28 yuan | -195,142,825.70 yuan | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -247,538,585.58 yuan | -184,692,821.42 yuan | Not applicable | | Net Cash Flow from Operating Activities | -89,787,814.78 yuan | -460,737,909.13 yuan | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 630,083,818.46 yuan | 876,256,784.54 yuan | -28.09 | | Total Assets (End of Period) | 4,570,778,804.13 yuan | 4,773,096,881.20 yuan | -4.24 | Major Financial Indicators (January-June 2025 vs January-June 2024) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.95 | -0.71 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.87 | -0.66 | Not applicable | | Weighted Average Return on Net Assets (%) | -27.59 | -8.42 | Decrease of 19.17 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 48.25 | 18.87 | Increase of 29.38 percentage points | - Operating revenue decreased by **65.63%** year-on-year, and net profit attributable to shareholders of the listed company decreased by **34.03%** year-on-year, primarily due to macroeconomic pressures and a suspension of military procurement[20](index=20&type=chunk) - Net cash flow from operating activities was **-89,787,814.78 yuan**, with a narrowed net outflow, mainly due to a reduction in company headcount and a year-on-year decrease in employee compensation and other expenses[21](index=21&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company has no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **4,700,942.30 yuan**, primarily including government subsidies, non-current asset disposal gains/losses, and fair value change gains/losses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -47,849.18 | | Government subsidies recognized in current profit or loss | 8,509,095.41 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | -602,228.77 | | Income from investment cost of acquiring subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets of the investee at the time of acquisition | -741,001.77 | | Gains or losses from debt restructuring | 216,830.00 | | Other non-operating income and expenses apart from the above items | -597,631.76 | | Less: Income tax impact | 1,067,860.72 | | Minority interest impact (after tax) | 968,410.91 | | **Total** | **4,700,942.30** | - Total non-recurring gains and losses for this period amounted to **4,700,942.30 yuan**[24](index=24&type=chunk) [Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=%E4%B9%9D%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) The company has not chosen to disclose net profit after deducting the impact of share-based payments - The company has not chosen to disclose net profit after deducting the impact of share-based payments[24](index=24&type=chunk) [Explanation of Non-GAAP Performance Indicators](index=8&type=section&id=%E5%8D%81%E3%80%81%E9%9D%9E%E4%BC%81%E4%B8%9A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%9A%E7%BB%A9%E6%8C%87%E6%A0%87%E8%AF%B4%E6%98%8E) The company has not disclosed non-GAAP performance indicators - The company has not disclosed non-GAAP performance indicators[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) As a leading domestic satellite operation and industry application enterprise, the company has established a business layout of "upstream independent data—midstream independent platform—downstream large-scale applications" and launched three product lines: space infrastructure planning and construction, PIE+ industry, and cloud services; the industry benefits from national policy drivers and the development of the data element market, with broad prospects for commercial aerospace; the company holds an important position in civil, special, and international fields, consolidating its industry leadership through technological and business model innovation - The company has successfully launched the "Nuwa Constellation" series of Hongtu-1 and Hongtu-2 satellites, establishing a business layout of "upstream independent data—midstream independent platform—downstream large-scale applications"[25](index=25&type=chunk) - The company's product lines include space infrastructure planning and construction, PIE+ industry, and cloud services[25](index=25&type=chunk) - The company demonstrates significant competitiveness in both civil (emergency management, water conservancy, rural agriculture, ocean, ecological environment) and special fields, and is actively expanding international business[38](index=38&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company is driven by "technology upgrading + model innovation," with the Tianquan large model improving weather forecast accuracy to over **92%** and the digital twin operating system achieving minute-level response for urban waterlogging prediction[44](index=44&type=chunk)[45](index=45&type=chunk) [Main Business Overview](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) As a leader in satellite operations and industry applications, the company has built a "upstream independent data—midstream independent platform—downstream large-scale applications" business closed-loop, with main product lines including space infrastructure planning and construction, PIE+ industry applications, and cloud services, covering multiple industry application scenarios, and has launched the PIE-Engine Tianquan large model remote sensing cloud service platform - The company has become the first listed company in China to cover integrated services across the entire remote sensing satellite industry chain[25](index=25&type=chunk) - The space infrastructure planning and construction product line covers space-based, ground-based, and associated systems, providing diverse services for disaster prevention and mitigation, environmental protection, and social governance[25](index=25&type=chunk) - The PIE+ industry product line, based on the PIE-Engine Smart Earth platform, covers over ten industries including natural resources, emergency management, and ecological environment[27](index=27&type=chunk) - The cloud service product line launched the PIE-Engine Tianquan large model remote sensing cloud service platform, offering intelligent interpretation, enhancement, and 3D reconstruction services for remote sensing imagery, and has listed data elements on the Shanghai and Beijing Data Exchanges[28](index=28&type=chunk)[29](index=29&type=chunk) [Industry Situation](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company's industry benefits from national data element market-oriented reforms and the booming commercial aerospace sector, leading to emerging market demand; with its core technology and platform advantages, the company has achieved internationally advanced levels in spatial information processing and analysis software, consolidating its leading position in civil, special, and international businesses - National policies drive the development of the data element market, with the digital economy becoming the core of socio-economic development, bringing immense market opportunities for the spatiotemporal information industry[30](index=30&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - The commercial aerospace industry is booming, with decreasing satellite manufacturing costs, ushering in a golden development period of "richer space-based data, cheaper prices, and wider applications"[33](index=33&type=chunk) - The company's core basic platform PIE has achieved internationally advanced overall performance, with some technologies leading globally, occupying a core position in water conservancy, meteorology, oceanography, and emergency management[37](index=37&type=chunk) - The company's participation in national-level major projects has increased to **70%**, significantly enhancing its technological barriers and market influence[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company's operating performance resulted in a loss, with operating revenue of **290 million yuan**, mainly affected by strategic adjustments and the suspension of military procurement; the company continued to improve its integrated space-air-ground data resource system, achieved significant results in cloud transformation and large model development, actively expanded overseas markets, and implemented refined management to enhance operational efficiency and per capita output - In the first half of 2025, the company's operating performance remained in a loss state, achieving operating revenue of **289.7356 million yuan**[46](index=46&type=chunk) 2025 First Half Operating Revenue Composition | Product Line | Revenue (10,000 yuan) | | :--- | :--- | | Space Infrastructure Planning and Construction | 5,543.03 | | PIE+ Industry | 23,331.47 | | Cloud Services Product Line | 99.06 | - The company continues to improve its integrated space-air-ground data resource system, enhancing satellite constellation operational efficiency and maturing its low-altitude drone remote sensing layout[47](index=47&type=chunk) - PIE-Engine's SaaS service capabilities have significantly improved, with SAR satellite application services achieving DSM accuracy of **2-4 meters**, deformation monitoring reaching millimeter-level, and disaster monitoring response time shortened to several hours[50](index=50&type=chunk) - The company's large model research and development is flourishing, with remote sensing AI scene classification accuracy increasing by **10%-20%**, and the independently developed "Tianquan" visual large model achieving a qualitative leap in multi-modal remote sensing data processing performance[51](index=51&type=chunk) - The company is actively expanding overseas markets, implementing projects in Thailand, Australia, Pakistan, and Bangladesh under the "Belt and Road" initiative[53](index=53&type=chunk) - The company is undergoing strategic planning adjustments, only undertaking projects with fiscal guarantees after evaluation, and implementing refined management to optimize R&D, operations, and talent systems, thereby improving operational efficiency and per capita output[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Core Competitiveness Analysis](index=17&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its independent data source layout, global marketing network, multidisciplinary talent structure, and independently controllable platform advantages; during the reporting period, the company achieved strategic breakthroughs in its "space-air-ground-water-engineering" integrated technology system, large model R&D, and data security, with R&D investment as a percentage of operating revenue significantly increasing, and possessing multiple patents and software copyrights - The company has successfully launched **12** high-resolution commercial radar satellites, with at least **8** more expected in 2025, positioning it as the enterprise with the largest number of commercial radar remote sensing satellites domestically and globally[58](index=58&type=chunk) - The company's marketing network covers the entire country and actively expands overseas markets, establishing a wholly-owned subsidiary in Dubai as a regional base and opening up sales in South America with the Bolivia project[59](index=59&type=chunk) - The company boasts a technical R&D and innovation team of **1,724** individuals, primarily master's and doctoral degree holders, accounting for **78.08%** of total employees and covering over **40** sub-disciplines[59](index=59&type=chunk) - The company's self-developed basic software platform PIE offers advantages such as independent control, strong domestic adaptability, and high scalability, integrating cutting-edge technologies like artificial intelligence and digital twins[60](index=60&type=chunk) - During the reporting period, the company completed the networking of **12** "Nuwa Constellation" satellites, built the first domestic "space-air-ground-water-engineering" full-element digital base map, and achieved breakthroughs in data security complete sets of technology[63](index=63&type=chunk) R&D Achievements (Newly Added in Current Period) | Indicator | Applications (units) | Grants (units) | | :--- | :--- | :--- | | Invention Patents | 16 | 22 | | Utility Model Patents | 3 | 4 | | Software Copyrights | 38 | 48 | | Total | 57 | 74 | R&D Investment (January-June 2025 vs January-June 2024) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 118,433,078.83 yuan | 136,683,752.81 yuan | -13.35 | | Capitalized R&D Investment | 21,352,125.13 yuan | 22,394,909.31 yuan | -4.66 | | Total R&D Investment | 139,785,203.96 yuan | 159,078,662.12 yuan | -12.13 | | Total R&D Investment as Percentage of Operating Revenue (%) | 48.25 | 18.87 | Increase of 29.38 percentage points | | Capitalization Ratio of R&D Investment (%) | 15.27 | 14.08 | Increase of 1.19 percentage points | - Total R&D investment as a percentage of operating revenue significantly increased by **29.38** percentage points to **48.25%**, primarily due to a substantial decrease in operating revenue[71](index=71&type=chunk) - The capitalization ratio of R&D investment increased by **1.19** percentage points, mainly due to the capitalization of expenditures from the development phase of the self-developed "Hongtu-1 SAR data" into R&D investment[72](index=72&type=chunk)[73](index=73&type=chunk) [Core Competitiveness Analysis](index=17&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Through its full industry chain layout, the company has built unique competitive advantages in independent data sources, a global marketing network, a multidisciplinary talent structure, and independently controllable platformization, particularly leading in the number of commercial radar remote sensing satellites and PIE platform technology - The company has successfully launched **12** high-resolution commercial radar satellites, with at least **8** more expected in 2025, positioning it as the enterprise with the largest number of commercial radar remote sensing satellites domestically and globally[58](index=58&type=chunk) - The company's marketing and technical service system covers the entire country and actively expands overseas markets, with a presence in Africa, the Middle East, and South America[59](index=59&type=chunk) - The company boasts a technical R&D and innovation team of **1,724** individuals, primarily master's and doctoral degree holders, accounting for **78.08%** of total employees and covering over **40** sub-disciplines[59](index=59&type=chunk) - The company's self-developed basic software platform PIE offers advantages such as independent control, strong domestic adaptability, and high scalability, integrating cutting-edge technologies like artificial intelligence and digital twins[60](index=60&type=chunk) [Events Affecting Core Competitiveness](index=18&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E5%AF%BC%E8%87%B4%E5%85%AC%E5%8F%B8%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%8F%97%E5%88%B0%E4%B8%A5%E9%87%8D%E5%BD%B1%E5%93%8D%E7%9A%84%E4%BA%8B%E4%BB%B6%E3%80%81%E5%BD%B1%E5%93%8D%E5%88%86%E6%9E%90%E5%8F%8A%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) No events occurred during the reporting period that severely impacted the company's core competitiveness - No events occurred during the reporting period that severely impacted the company's core competitiveness[61](index=61&type=chunk) [Core Technologies and R&D Progress](index=18&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) During the reporting period, the company achieved strategic breakthroughs in its "space-air-ground-water-engineering" integrated technology system, large model R&D, and data security, including the networking of **12** "Nuwa Constellation" satellites, the first domestic full-element digital base map, and national secret-certified encryption algorithms; R&D achievements were significant, with **26** new patents and **48** software copyrights, and R&D investment as a percentage of operating revenue substantially increased - The company's total number of in-orbit satellites reached **12**, forming a "space-based" monitoring network covering high-resolution radar and multispectral remote sensing capabilities[61](index=61&type=chunk) - The independently developed PIE-Engine spatiotemporal remote sensing cloud platform integrates SAR disaster monitoring, time-series InSAR analysis, and other technologies, improving disaster identification accuracy to over **92%**[61](index=61&type=chunk) - Significant breakthroughs were made in the "Tianquan" large model system, with the agricultural version achieving crop yield prediction accuracy exceeding **90%**, and the disaster monitoring and early warning system achieving over **85%** accuracy for 72-hour disaster scenario simulations[62](index=62&type=chunk) - During the reporting period, **26** new patents and **48** software copyrights were added, and **5** industry standards were led in formulation[63](index=63&type=chunk) R&D Investment (January-June 2025 vs January-June 2024) | Indicator | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 118,433,078.83 yuan | 136,683,752.81 yuan | -13.35 | | Capitalized R&D Investment | 21,352,125.13 yuan | 22,394,909.31 yuan | -4.66 | | Total R&D Investment | 139,785,203.96 yuan | 159,078,662.12 yuan | -12.13 | | Total R&D Investment as Percentage of Operating Revenue (%) | 48.25 | 18.87 | Increase of 29.38 percentage points | | Capitalization Ratio of R&D Investment (%) | 15.27 | 14.08 | Increase of 1.19 percentage points | - The number of R&D personnel increased from **509** in the prior year period to **643** in the current period, with their proportion of the company's total headcount rising from **19.09%** to **29.12%**[81](index=81&type=chunk) [Risk Factors](index=29&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces various risks, including significant performance decline or loss, impairment of core competitiveness, operational qualification risks, leakage risks, high accounts receivable and poor cash flow, gross margin fluctuations, intellectual property infringement, exchange rate fluctuations, high inventory, and industry open competition and policy changes - The company's performance significantly declined or incurred losses, primarily due to the suspension of military procurement qualifications and macroeconomic pressures[82](index=82&type=chunk) - Core competitiveness risks include technological upgrades and R&D failures, as well as the loss of key technical personnel[83](index=83&type=chunk)[84](index=84&type=chunk) - Operational risks include the expiration or cancellation of operational qualifications, severe leakage incidents, high accounts receivable and poor operating cash flow, short-term decline in main business gross margin, and intellectual property infringement[85](index=85&type=chunk)[86](index=86&type=chunk) - Financial risks include provisions for bad debts on accounts receivable, exchange rate fluctuations, and high inventory balances[88](index=88&type=chunk) - Industry risks include the potential impact of opening up the satellite application industry to external competition and policy changes in the satellite application industry affecting company operations[89](index=89&type=chunk) - Macroeconomic environment risks refer to the complex and volatile domestic and international economic situation potentially bringing operational pressure to the company[90](index=90&type=chunk) [Major Operating Conditions During the Reporting Period](index=31&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue decreased by **65.63%** year-on-year, with a net loss of **248 million yuan**; major operating cash outflows narrowed, investing cash outflows decreased, and financing cash inflows increased; the asset-liability structure changed, with decreases in monetary funds and short-term borrowings, and increases in notes payable and other payables; the company's external equity investment increased, and private equity fund investments continued - From January to June 2025, the company achieved operating revenue of **289,735,579.85 yuan**, a year-on-year decrease of **65.63%**; net profit attributable to shareholders of the listed company was **-247,538,585.58 yuan**, a year-on-year decrease of **34.03%**[91](index=91&type=chunk) Financial Statement Related Account Changes Analysis (January-June 2025 vs January-June 2024) | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 289,735,579.85 | 842,950,746.95 | -65.63 | | Operating Cost | 230,220,570.07 | 610,665,537.62 | -62.30 | | Selling Expenses | 47,335,646.41 | 88,330,706.17 | -46.41 | | Administrative Expenses | 91,802,903.78 | 151,362,025.27 | -39.35 | | Financial Expenses | 38,968,729.20 | 61,538,913.84 | -36.68 | | R&D Expenses | 118,433,078.83 | 138,025,607.67 | -14.19 | | Net Cash Flow from Operating Activities | -89,787,814.78 | -460,737,909.13 | Not applicable | | Net Cash Flow from Investing Activities | -25,693,956.88 | -42,471,831.13 | Not applicable | | Net Cash Flow from Financing Activities | 47,091,547.41 | -146,174,725.21 | Not applicable | - The decrease in operating revenue was mainly affected by macroeconomic pressures and the suspension of military procurement[92](index=92&type=chunk) - The net outflow of cash from operating activities narrowed, mainly due to a reduction in company headcount and a decrease in employee compensation and other expenses[93](index=93&type:chunk) Asset and Liability Status Changes (End of Period vs End of Prior Year) | Item Name | Current Period End Amount (yuan) | Prior Year End Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 97,129,090.31 | 179,665,005.30 | -45.94 | | Accounts Receivable | 1,515,938,622.98 | 1,769,869,172.03 | -14.35 | | Inventories | 1,073,358,199.22 | 885,507,020.53 | 21.21 | | Short-term Borrowings | 323,953,043.96 | 515,221,914.07 | -37.12 | | Notes Payable | 98,436,733.29 | 24,260,089.00 | 305.76 | | Other Payables | 340,911,896.54 | 59,703,737.84 | 471.01 | - The decrease in monetary funds was mainly due to continuous fixed cost investments and an increase in net cash outflow from operating activities[95](index=95&type=chunk)[96](index=96&type=chunk) - The decrease in short-term borrowings was mainly due to the repayment of maturing loans[96](index=96&type=chunk) - The increase in notes payable was mainly due to an increase in payments made by the company using bank acceptance bills[96](index=96&type=chunk) - The increase in other payables was mainly due to an increase in intercompany borrowings[96](index=96&type=chunk) - The external equity investment amount during the reporting period was **3,000,000.00 yuan**, a year-on-year increase of **100%**[101](index=101&type=chunk) - The company's private equity fund investments continued, with a total invested amount of **249,596,477.88 yuan** at the end of the period[105](index=105&type=chunk) [Other Disclosure Matters](index=38&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section contains no other disclosure matters [Section IV Corporate Governance, Environment, and Society](index=40&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=40&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel - During the reporting period, there were no changes in the company's directors, supervisors, senior management, or core technical personnel[112](index=112&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=40&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "No," meaning no distribution or capitalization - The company's proposed semi-annual profit distribution or capital reserve capitalization plan is "No"[112](index=112&type=chunk) [Equity Incentive and Employee Incentive Measures](index=40&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company's 2022 restricted stock incentive plan's third vesting period conditions were not met, and a portion of the granted but unvested restricted stock has been cancelled - The company's 2022 restricted stock incentive plan's third vesting period conditions were not met, and a portion of the granted but unvested restricted stock has been cancelled[113](index=113&type=chunk) [Environmental Information Disclosure](index=40&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has not been included in the list of enterprises required to disclose environmental information by law - The company has not been included in the list of enterprises required to disclose environmental information by law[114](index=114&type=chunk) [Rural Revitalization Work](index=41&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively supports rural revitalization by developing an integrated solution of "one network, one center, one cluster, one map, and one terminal" based on spatiotemporal data, and launched the "Cunqingtong" SaaS service platform to empower rural digital economy, smart green villages, and digital governance - The company has developed an integrated solution of "one network, one center, one cluster, one map, and one terminal" based on spatiotemporal data to assist in the development of digital rural construction[115](index=115&type=chunk) - The company's independently developed "Cunqingtong" SaaS service platform targets the national market for rural village management, "three affairs" management, agricultural remote sensing, and resource monitoring[115](index=115&type=chunk) [Section V Important Matters](index=42&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=42&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controllers, shareholders, directors, supervisors, senior management, and the company itself have strictly fulfilled all commitments made during initial public offerings and refinancing, including avoiding horizontal competition, reducing related-party transactions, share lock-ups, shareholding and reduction intentions, repurchase for fraudulent issuance, truthfulness of prospectus, and compensation measures - The company's actual controllers, Wang Yuxiang and Zhang Yan, committed to avoiding horizontal competition and strictly fulfilled their commitments[117](index=117&type=chunk) - Controlling shareholders and actual controllers Wang Yuxiang and Zhang Yan committed to reducing and regulating related-party transactions and strictly fulfilled their commitments[118](index=118&type=chunk) - The share lock-up commitments of directors, supervisors, senior management, and core technical personnel were all strictly fulfilled[119](index=119&type=chunk) - The company, its controlling shareholders, actual controllers, and directors, supervisors, and senior management strictly fulfilled commitments regarding the truthfulness of the prospectus, repurchase for fraudulent issuance, and compensation measures[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Related Parties](index=58&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties - During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties[134](index=134&type=chunk) [Illegal Guarantees](index=58&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no illegal guarantees - During the reporting period, the company had no illegal guarantees[134](index=134&type=chunk) [Semi-Annual Report Audit Status](index=59&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report has not been audited[135](index=135&type=chunk) [Changes and Handling of Matters Involving Non-Standard Audit Opinions in Prior Year's Annual Report](index=59&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) The company's prior year's annual report did not involve matters with non-standard audit opinions - The company's prior year's annual report did not involve matters with non-standard audit opinions[135](index=135&type:chunk) [Bankruptcy and Reorganization Matters](index=59&type=section&id=%E5%85%AD%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no bankruptcy and reorganization matters - During the reporting period, the company had no bankruptcy and reorganization matters[135](index=135&type:chunk) [Major Litigation and Arbitration Matters](index=59&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[135](index=135&type:chunk) [Illegal Activities and Penalties of Listed Company and its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=59&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers were not involved in any alleged illegal activities, penalties, or rectification situations - During the reporting period, the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers were not involved in any alleged illegal activities, penalties, or rectification situations[135](index=135&type:chunk) [Explanation of Integrity Status](index=59&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers did not fail to execute effective court judgments or have large outstanding debts, maintaining good integrity - During the reporting period, the company, its controlling shareholders, and actual controllers did not fail to execute effective court judgments or have large outstanding debts that were due and unpaid[135](index=135&type:chunk) [Major Related-Party Transactions](index=59&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no major related-party transactions concerning daily operations, asset acquisition/disposal, joint external investments, related-party creditor/debtor relationships, or financial business with finance companies - During the reporting period, the company had no related-party transactions related to daily operations[136](index=136&type:chunk) - During the reporting period, the company had no related-party transactions involving asset acquisition or equity acquisition/disposal[137](index=137&type:chunk) - During the reporting period, the company had no major related-party transactions involving joint external investments[138](index=138&type:chunk) - During the reporting period, the company had no related-party creditor or debtor relationships[138](index=138&type:chunk) - During the reporting period, the company had no financial business with related finance companies or finance companies controlled by the company and related parties[138](index=138&type:chunk) [Major Contracts and Their Fulfillment](index=60&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters; the company provided guarantees totaling **50 million yuan** for its subsidiaries, accounting for **5.26%** of the company's most recent net assets, with no overdue situations; there were no other major contracts - During the reporting period, the company had no entrustment, contracting, or leasing matters[139](index=139&type=chunk) - As of June 30, 2025, the company's outstanding guarantees for subsidiaries amounted to **50 million yuan**[142](index=142&type=chunk) - The total guarantee amount accounted for **5.26%** of the company's net assets, with no overdue situations[142](index=142&type=chunk) - During the reporting period, the company had no other major contracts[143](index=143&type:chunk) [Explanation of Proceeds Utilization Progress](index=64&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company issued convertible bonds with a total proceeds of **1.009 billion yuan** and a net amount of **991 million yuan**; as of the end of the reporting period, a cumulative **541 million yuan** had been invested, representing an investment progress of **54.52%**; the "Interactive Holographic Smart Earth Industrial Digital Transformation Project" slowed down due to changes in market demand, leading the company to appropriately slow down its implementation and adjust the expected completion date to May 2026 Overall Use of Proceeds | Source of Proceeds | Total Proceeds (10,000 yuan) | Net Proceeds (10,000 yuan) | Total Committed Investment in Prospectus or Offering Document (10,000 yuan) | Cumulative Proceeds Invested as of End of Reporting Period (10,000 yuan) | Cumulative Proceeds Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 100,880.00 | 99,137.42 | 99,137.42 | 54,053.35 | 54.52 | - The "Interactive Holographic Smart Earth Industrial Digital Transformation Project" has an investment progress of **34.67%**, slower than planned[150](index=150&type=chunk) - The slowdown is mainly due to the gradual implementation of low-altitude economic application scenarios, where the demand for related software ecosystems and public infrastructure construction is significantly higher than for hardware equipment manufacturing such as drones[150](index=150&type=chunk) - The company decided to adjust the expected completion date of this project to May 2026[150](index=150&type:chunk) [Explanation of Other Major Matters](index=68&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This section contains no other major matters [Section VI Share Changes and Shareholder Information](index=69&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=69&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of June 30, 2025, the company's total shares increased by **15** shares from **261,277,392** to **261,277,407**, primarily due to an increase of **15** shares converted from "Hongtu Convertible Bonds" Share Capital Change Table | Total Shares | Number Before This Change | Increase/Decrease in This Change (+,-) | Number After This Change | | :--- | :--- | :--- | :--- | | Unrestricted Shares | 261,277,392 | 15 | 261,277,407 | | Total Shares | 261,277,392 | 15 | 261,277,407 | - As of June 30, 2025, the cumulative number of shares converted from "Hongtu Convertible Bonds" was **614**, of which **15** shares were newly converted during this reporting period[155](index=155&type=chunk) [Shareholder Information](index=70&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **17,535** common shareholders; among the top ten shareholders, Zhang Yan held **18.62%**, Beijing Hangxing Yingchuang Technology Center (Limited Partnership) held **7.44%**, and Wang Yuxiang held **2.89%**; Wang Yuxiang, Zhang Yan, and Beijing Hangxing Yingchuang Technology Center (Limited Partnership) are parties acting in concert - As of the end of the reporting period, the total number of common shareholders was **17,535**[157](index=157&type:chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Percentage (%) | | :--- | :--- | :--- | | Zhang Yan | 48,649,024 | 18.62 | | Beijing Hangxing Yingchuang Technology Center (Limited Partnership) | 19,437,706 | 7.44 | | Wang Yuxiang | 7,552,881 | 2.89 | | Sanya Qifu Venture Capital Fund Partnership (Limited Partnership) | 7,099,387 | 2.72 | | China Pacific Life Insurance Co, Ltd - Dividend - Individual Dividend | 4,875,187 | 1.87 | | China Construction Bank Corporation - Changxin National Defense Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund | 4,584,320 | 1.75 | | Sun Qian | 2,898,000 | 1.11 | | China Pacific Life Insurance Co, Ltd - Traditional - Ordinary Insurance Products | 2,310,000 | 0.88 | | Hong Kong Securities Clearing Company Limited | 2,201,209 | 0.84 | | Guotou Securities Co, Ltd - Boshi SSE STAR Market Artificial Intelligence Traded Open-ended Index Securities Investment Fund | 2,053,886 | 0.79 | - Mr Wang Yuxiang, Ms Zhang Yan, and Beijing Hangxing Yingchuang Technology Center (Limited Partnership) are parties acting in concert[160](index=160&type:chunk) [Directors, Supervisors, Senior Management, and Core Technical Personnel Information](index=72&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, senior management, and core technical personnel, nor were they granted any equity incentives - During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, senior management, and core technical personnel[162](index=162&type:chunk) - During the reporting period, directors, supervisors, senior management, and core technical personnel were not granted any equity incentives[162](index=162&type:chunk) [Changes in Controlling Shareholder or Actual Controller](index=72&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[162](index=162&type:chunk) [Implementation and Changes of Depositary Receipt Arrangements During the Reporting Period](index=72&type=section&id=%E4%BA%94%E3%80%81%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%9B%B8%E5%85%B3%E5%AE%89%E6%8E%92%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%9A%84%E5%AE%9E%E6%96%BD%E5%92%8C%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) During the reporting period, the company had no depositary receipt arrangements - During the reporting period, the company had no depositary receipt arrangements[162](index=162&type:chunk) [Special Voting Rights Shares](index=73&type=section&id=%E5%85%AD%E3%80%81%E7%89%B9%E5%88%AB%E8%A1%A8%E5%86%B3%E6%9D%83%E8%82%A1%E4%BB%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no special voting rights shares - During the reporting period, the company had no special voting rights shares[163](index=163&type:chunk) [Preferred Shares](index=73&type=section&id=%E4%B8%83%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - During the reporting period, the company had no preferred shares[163](index=163&type:chunk) [Section VII Bond-Related Information](index=74&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Debt Financing Instruments](index=74&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company has no corporate bonds or non-financial enterprise debt financing instruments - The company has no corporate bonds or non-financial enterprise debt financing instruments[165](index=165&type:chunk) [Convertible Corporate Bonds](index=74&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued "Hongtu Convertible Bonds" in 2022 with a total issuance amount of **1.009 billion yuan** and a term of **6** years, listed for trading on December 22, 2022; as of June 30, 2025, a cumulative total of **614** shares had been converted; the conversion price has been adjusted multiple times, with the latest being **40.94 yuan/share**; the company's credit standing is good, with no redemption risks - The company issued "Hongtu Convertible Bonds" on November 24, 2022, with a total issuance amount of **1.009 billion yuan** and a term of **6** years, listed for trading on December 22, 2022[166](index=166&type:chunk) - As of June 30, 2025, the cumulative number of converted shares was **614**, accounting for **0.000236%** of the company's total shares issued before conversion[166](index=166&type:chunk) - The number of convertible bondholders at the end of the period was **10,071**[167](index=167&type:chunk) Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (yuan) | Increase/Decrease in This Change - Conversion (yuan) | Amount After This Change (yuan) | | :--- | :--- | :--- | :--- | | Hongtu Convertible Bonds | 1,008,762,000 | 1,000 | 1,008,761,000 | History of Conversion Price Adjustments | Conversion Price Adjustment Date | Adjusted Conversion Price (yuan) | | :--- | :--- | | January 13, 2023 | 88.62 | | May 30, 2023 | 63.20 | | August 30, 2023 | 62.98 | | February 17, 2025 | 40.94 | - As of June 30, 2025, the company's asset-liability ratio was **79.19%**[177](index=177&type:chunk) - China Chengxin International Credit Rating Co, Ltd downgraded the company's main credit rating from A- to BBB+ on February 18, 2025, with a negative outlook; on June 28, 2025, the BBB+ rating was maintained, and the negative outlook remained[177](index=177&type:chunk) - The company's operations are stable, its credit standing is good, with no overdue or defaulted payments, and it will timely pay bond principal and interest through its own funds, posing no redemption risks[177](index=177&type:chunk) [Section VIII Financial Report](index=78&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=78&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[180](index=180&type:chunk) [Financial Statements](index=78&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - The consolidated balance sheet shows that as of June 30, 2025, total assets were **4,570,778,804.13 yuan**, total liabilities were **3,619,775,738.81 yuan**, and owners' equity attributable to the parent company was **630,083,818.46 yuan**[181](index=181&type:chunk)[182](index=182&type:chunk) - The consolidated income statement shows that for the first half of 2025, operating revenue was **289,735,579.85 yuan**, net profit was **-248,528,607.74 yuan**, and net profit attributable to parent company shareholders was **-247,538,585.58 yuan**[187](index=187&type:chunk)[189](index=189&type:chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **-89,787,814.78 yuan**, net cash flow from investing activities was **-25,693,956.88 yuan**, and net cash flow from financing activities was **47,091,547.41 yuan**[194](index=194&type:chunk)[195](index=195&type:chunk) [Company Basic Information](index=102&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Piesat Information Technology Co, Ltd was established in March 2016, renamed in March 2020, and listed on the Shanghai Stock Exchange; the company's registered capital, after multiple capital increases and convertible bond conversions, was **261,277,392.00 yuan** as of December 31, 2024; the company primarily provides software product sales, system design and development, and data analysis application services to government, military, and enterprise clients based on its PIE series satellite application software platform - The company was established in March 2016, renamed in March 2020, and listed on the Shanghai Stock Exchange[215](index=215&type:chunk) - The company's registered capital, after multiple capital increases and convertible bond conversions, was **261,277,392.00 yuan** as of December 31, 2024[215](index=215&type:chunk)[216](index=216&type:chunk)[217](index=217&type:chunk)[218](index=218&type:chunk)[219](index=219&type:chunk)[220](index=220&type:chunk)[221](index=221&type:chunk)[222](index=222&type:chunk)[223](index=223&type:chunk) - The company primarily provides software product sales, system design and development, and data analysis application services to government, military, and enterprise clients based on its independently developed PIE series satellite application software platform[224](index=224&type:chunk) [Basis of Financial Statement Preparation](index=104&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, using the accrual basis of accounting and historical cost measurement, while considering asset impairment; there are no factors significantly affecting the company's ability to continue as a going concern within 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis, with accounting based on the accrual method, and, except for certain financial instruments, all items are measured at historical cost[225](index=225&type:chunk) - There are no factors significantly affecting the company's ability to continue as a going concern within 12 months from the end of the reporting period[226](index=226&type:chunk) [Significant Accounting Policies and Estimates](index=104&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial instruments, inventories, co

关于高级管理人员离任的公告 | 证券代码：688066 | 证券简称：航天宏图 公告编号：2025-061 | | --- | --- | | 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 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。 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"）董事会于 2025 年 8 月 28 日收到公司副总经理李济生先生的书面辞职报告，李济生先生因个人原因， 申请辞去公司副总经理职务，辞职后将不在公司任职。 根据《中华人民共和国公司法》、《航天宏图信息技术股份有限公司章程》等 有关规定，李济生先生的辞职报告自送达公司董事会之日起生效。李济生先生的 辞职不会影响公司相关工作的正常运作。 截至本公告披露日，李济生先生未持有公司股份，不存在应当履行而未履行 的承诺事项。 李济生先生在担任副总经理期间专业能力突出，工作勤勉尽责，为公司的规 范运营和业务拓展发挥了积极作用。在此，公司及董事会对李济生先生在任职期 间为公司作出的贡献表示忠心的感谢！ 特此公告 ...