Company Overview - Xingtong New Science and Technology Co., Ltd. is a national high-tech enterprise established in 2004, recognized as the first Sci-Tech Innovation Board listed company in Hubei's defense sector and a leading enterprise in dual-use military and civilian applications in Hubei [1] - The company specializes in intelligent system products and comprehensive solutions centered around video and network technologies [1] Stock Performance - Xingtong New Science has experienced a continuous decline for six trading days, with a cumulative drop of -8.79% [1] - The performance of the company this year shows a return of -0.73%, ranking 846 out of 993 in its category [2] Fund Involvement - GF Fund's GF Electronic Information Media Stock A has entered the top ten shareholders of Xingtong New Science, marking a new investment in the first quarter of this year [1] - The fund manager, Feng Cheng, has been managing the fund since August 7, 2020, and has a tenure return of 16.59% [4] Fund Manager Profile - Feng Cheng holds a doctorate and has previously worked as an engineer at the China Academy of Information and Communications Technology and as an analyst at China Merchants Securities [3] - He currently serves as the assistant general manager of the research and development department at GF Fund Management Co., Ltd. [3]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company, indicating a positive outlook on its potential growth and market opportunities [8]. Core Insights - The company is a core supplier of video command systems, with a promising recovery in performance expected due to its dual focus on military and civilian markets. The demand for its products is gradually being released, and with orderly product delivery, revenue growth is anticipated to accelerate [7][8]. - The company has a strong technological foundation in low-latency encoding and video compression, which aligns well with the needs of military command systems. This positions the company favorably for future growth as military applications evolve towards greater automation and intelligence [11][44]. - The civilian market presents significant growth potential, particularly in areas such as judicial and oilfield applications, where the company's video transmission and warning products are increasingly in demand [7][8]. Summary by Sections 1. Core Supplier of Video Command Systems - The company specializes in video command control systems and has established a presence in both military and civilian sectors. Its main products include intelligent video command systems and video intelligence systems, which cater to various applications including military, judicial, and oilfield sectors [7][18]. - The company has experienced a stabilization in revenue since 2023, with video command products being the primary source of revenue and gross profit [34][36]. 2. Military Information Technology - The military command information system is a crucial component of national defense construction, evolving towards multi-platform information sharing. The company’s technology is well-suited to meet the specific demands of military applications, particularly in terms of information latency and transmission quality [44][45]. - The company has developed proprietary technologies that significantly reduce encoding latency, enhancing its competitive edge in military applications [11][44]. 3. Civilian Market Opportunities - The company’s video transmission and warning products are applicable in various civilian sectors, with significant growth expected in the video internet and judicial warning systems. The expansion into these markets is anticipated to contribute to new revenue growth [7][8]. - The company is actively expanding its application scenarios in civilian markets, which are expected to provide new growth drivers [7][8]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 0.34 billion, 0.56 billion, and 0.82 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 53, 32, and 22 times [6][8]. - The current stock price is below the average valuation of comparable companies, indicating potential for upward adjustment as the company capitalizes on its leading technology and market expansion [8].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The low-altitude economy is experiencing significant developments, with various companies actively pursuing logistics applications and collaborations in this sector. The establishment of the low-altitude economic work committee by the China Internet Association and the successful launch of Meituan's drone delivery service in Hong Kong highlight the growing momentum in this industry [3][20][23][24]. Summary by Sections 1. Market Overview - The average change in stock prices for low-altitude economy-related A-shares was +0.7% from June 2 to June 6, with notable performers including Xicai Testing (+37.1%) and Lihang Technology (+9.5%) [4][13]. 2. Industry Dynamics - Meituan's drone delivery service in Hong Kong has commenced, achieving a delivery efficiency improvement of nearly 7 times compared to traditional methods [23]. - The China Internet Association plans to establish a low-altitude economic work committee to promote collaboration in low-altitude applications and standards [24]. - The second low-altitude economic cooperation development conference was held by China Telecom, focusing on technological innovation and ecological collaboration [25]. - A low-altitude economic industry education integration community was established in Liaoning to enhance collaborative development [26]. - Guangdong achieved its first cross-water drone delivery of lychees, marking a significant milestone in low-altitude logistics [28]. 3. Company Developments - China Aviation Engine Corporation signed contracts for the AES100 engine with United Aircraft Group, set for delivery in 2026 [31]. - Sanyangma signed a strategic cooperation agreement with Tianyu Aviation Technology to explore "low-altitude + unmanned" logistics [29]. - Xingtuxin Technology established a subsidiary focusing on "low-altitude + emergency" services [30]. - Shenzhen Urban Transport has developed various low-altitude logistics-related software and hardware products [32]. - SF Express and Guangdong University of Technology are collaborating to establish a low-altitude logistics intelligent technology research institute [33].

Group 1 - The company will participate in the "2025 Investor Collective Reception Day" and the "2024 Annual Performance Briefing" on June 12, 2025, from 14:00 to 16:40 [1][2] - The event will be held online via the "Panorama Roadshow" platform [1][2] - Key company representatives, including the Chairman and General Manager Cheng Jiaming, will attend the event [2] Group 2 - Investors can participate by logging into the "Panorama Roadshow" website, following the WeChat public account, or downloading the Panorama Roadshow app [2] - The company encourages active participation from investors and will address commonly raised questions within the scope of information disclosure [1][2] - After the event, investors can view the meeting details and main content on the "Panorama Roadshow" platform [2]

证券代码：688081 证券简称：兴图新科 公告编号：2025-021 武汉兴图新科电子股份有限公司 关于参加湖北辖区上市公司2025年投资者集体接待日 活动暨2024年度业绩说明会的公告 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。 重要内容提示 为进一步加强与投资者的互动交流，武汉兴图新科电子股份有限公司（以下 简称"公司"）将参加由湖北证监局、湖北省上市公司协会与深圳市全景网络有 限公司联合举办的"湖北辖区上市公司 2025 年投资者集体接待日活动暨 2024 年 度业绩说明会"，现将相关事项公告如下： 一、召开方式 本次活动以线上形式召开，公司将针对经营情况、财务状况及未来发展规划 等问题与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、召开时间、地点 本次活动将于 2025 年 6 月 12 日（星期四）14:00-16:40 在全景路演 （https://rs.p5w.net/）以线上形式召开。 三、参会人员 会议时间：2025 年 6 月 12 日（星期四）下午 14: ...

Core Viewpoint - The company will hold a performance briefing on June 5, 2025, to discuss its Q1 2025 financial results and operational performance, inviting investor participation and questions [1][2][5] Group 1: Meeting Details - The performance briefing is scheduled for June 5, 2025, from 16:00 to 17:00 [1][3] - The meeting will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][4] - Participants will include the company's Chairman and General Manager, Mr. Cheng Jiaming, and other key executives [3] Group 2: Investor Participation - Investors can log in to the Shanghai Stock Exchange Roadshow Center to participate in the briefing [3][4] - A pre-collection of questions from investors will be accepted from May 28 to June 4, 2025, through the Roadshow Center or via the company's email [2][3] Group 3: Contact Information - The company’s securities department can be contacted at phone number 027-87179175 or via email at xingtu@xingtu.com for further inquiries [4]

证券代码：688081 证券简称：兴图新科 公告编号：2025-020 武汉兴图新科电子股份有限公司 关于召开2025年第一季度业绩说明会的公告 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。 重要内容提示 武汉兴图新科电子股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年第一季度报告。 为便于广大投资者全面深入了解公司 2025 年第一季度经营成果、财务状况，公 司将于 2025 年 6 月 5 日（星期四）16:00-17:00 举行 2025 年第一季度业绩说明 会，欢迎广大投资者积极参与。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第一季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 五、联系方式 联系部门：证券部 二、说明会召开的时间、地点 本次业绩说明会将于 2025 年 6 月 5 日（星期四）16:00-17:00 ...

Group 1 - The 10th China (Beijing) Military Intelligent Technology Equipment Expo showcased over 500 participating companies and more than 3,000 cutting-edge technological achievements, focusing on command control, intelligent equipment, data security, and military training [1] - The event attracted over 60,000 professional visitors from government, military, and military-industrial sectors, highlighting the latest breakthroughs in China's military intelligent technology and independent innovation [1] Group 2 - Xingtong New Science (stock code: 688081) launched the world's first "Quantum Trusted Video Command System," integrating quantum key distribution technology with battlefield command systems, ensuring 100% unbreakable command transmission even under strong electromagnetic interference or cyber attacks [2] - Zhongfu Information (stock code: 300659) introduced a "Domestic Office Confidential Protection System," addressing the digital office pain points of the military, featuring a domestic operating system and modules for data encryption and electromagnetic shielding [2] Group 3 - Beixin Source (stock code: 300352) presented its "National Defense Intelligence and Ecological Construction" strategy, showcasing a military intelligence platform that covers the entire process of combat command, equipment management, and material scheduling [3] Group 4 - Jingshan Top (stock code: 430064) attracted attention with its "Overall Solution for Smart Training Grounds," which includes AI training and assessment machines and micron-level visual target reporting devices, shifting military training assessments from experience-based to data-driven [4]

Market Performance - Huawei Ascend concept declined by 3.09%, ranking among the top decliners in the concept sector [1] - Within the sector, Wutong Technology hit the daily limit down, while Pingzhi Information, Tongdahai, and Kela Software also experienced significant declines [1] - Only four stocks within the sector saw price increases, with Xingtuxinke, *ST Zhisheng, and Qidi Design rising by 7.94%, 4.99%, and 4.19% respectively [1] Concept Sector Overview - The top gainers among concept sectors included NMN concept (+2.07%), synthetic biology (+2.05%), and pet economy (+1.98%) [2] - Conversely, Huawei Pangu and Huawei Ascend concepts saw declines of 3.76% and 3.09% respectively [2] Capital Flow Analysis - The Huawei Ascend concept sector experienced a net outflow of 3.493 billion yuan, with 59 stocks seeing net outflows [2] - The stock with the highest net outflow was Changshan Beiming, with a net outflow of 439 million yuan, followed by Tuo Wei Information and Runhe Software with outflows of 386 million yuan and 327 million yuan respectively [2] - Stocks with the highest net inflows included *ST Zhisheng, Qunxing Toys, and Kaipu Cloud, with inflows of 2.600 million yuan, 1.518 million yuan, and 1.398 million yuan respectively [2] Individual Stock Performance - Notable decliners in the Huawei Ascend concept included Changshan Beiming (-5.14%), Tuo Wei Information (-4.59%), and Runhe Software (-3.26%) [3] - Other significant decliners included Wutong Technology (-10.01%) and Pingzhi Information (-7.65%) [3][4] - Stocks with positive performance included Xingtuxinke (+7.94%) and *ST Zhisheng (+4.99%) [4]

Financial Performance - The company's revenue for Q1 2025 was CNY 18,075,417.57, representing a 2.05% increase compared to CNY 17,712,605.28 in the same period last year[2] - The net profit attributable to shareholders was a loss of CNY 20,062,120.32, compared to a loss of CNY 12,937,677.27 in the previous year, indicating a significant decline[2] - The basic earnings per share decreased to -CNY 0.20 from -CNY 0.13 year-on-year[3] - Net loss for Q1 2025 was ¥19,328,177.98, compared to a net loss of ¥13,318,320.01 in Q1 2024, reflecting a deterioration in performance[16] Research and Development - Research and development expenses totaled CNY 9,825,617.15, accounting for 54.36% of revenue, down from 56.30% in the previous year[3] - Research and development expenses increased to ¥9,825,617.15 in Q1 2025, up from ¥8,005,132.28 in Q1 2024, indicating a focus on innovation[15] Cash Flow and Liquidity - The net cash flow from operating activities was -CNY 25,152,772.56, slightly improved from -CNY 25,341,712.82 in the previous year[2] - The net cash flow from operating activities for Q1 2025 was -¥25,152,772.56, slightly improved from -¥25,341,712.82 in Q1 2024[18] - Cash and cash equivalents at the end of Q1 2025 stood at ¥68,602,616.03, compared to ¥51,270,199.85 at the end of Q1 2024[19] Assets and Liabilities - Total assets decreased by 7.06% to CNY 553,403,052.84 from CNY 595,417,705.75 at the end of the previous year[3] - The company's current assets decreased to RMB 383,381,670.11 from RMB 421,015,645.24, representing a decline of about 8.95%[11] - The total liabilities decreased to RMB 139,187,289.90 from RMB 161,873,764.83, indicating a reduction of approximately 14.06%[13] - The company's cash and cash equivalents dropped to RMB 71,698,904.52 from RMB 115,725,145.02, a decrease of around 38.06%[11] - The total equity attributable to the parent company decreased to RMB 415,877,700.17 from RMB 435,939,820.49, a decline of about 4.59%[13] - The company's short-term borrowings decreased to RMB 50,050,416.68 from RMB 70,061,638.90, a reduction of approximately 28.63%[12] - The total liabilities to equity ratio improved to approximately 33.57% from 37.29%, indicating a strengthening of the company's financial position[13] Operating Costs - Total operating costs rose to ¥37,862,054.72 in Q1 2025, up 9.88% from ¥34,622,413.48 in Q1 2024[15] - Selling expenses for Q1 2025 were ¥7,483,675.03, compared to ¥6,912,600.48 in Q1 2024, reflecting increased marketing efforts[15] Government Support - The company received government subsidies amounting to CNY 6,500.00, which are expected to have a continuous impact on profits[4] Non-Recurring Items - The total non-recurring gains and losses amounted to CNY 41,388.67 after tax adjustments[5] Future Plans - The company plans to continue focusing on R&D and improving operational efficiency to address the increased operating costs and declining gross margins[5]