截至6月30日，震有科技股东户数1.22万，较上期增加22.24%；人均流通股15749股，较上期减少 18.64%。2025年1月-6月，震有科技实现营业收入3.50亿元，同比减少6.82%；归母净利润-4759.41万 元，同比减少715.80%。 分红方面，震有科技A股上市后累计派现1355.27万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，震有科技十大流通股东中，永赢高端装备智选混合发起A （015789）位居第九大流通股东，持股101.52万股，为新进股东。 资料显示，深圳震有科技股份有限公司位于广东省深圳市光明区凤凰街道东坑社区光明凤凰广场2栋 2801，成立日期2005年4月4日，上市日期2020年7月22日，公司主营业务涉及通信系统设备相关产品的 研发、生产、销售与服务。主营业务收入构成为：数智网络及智慧应急系统41.27%，技术与维保服务 26.07%，光网络及接入系统19.13%，核心网系统10.86%，其他2.66%。 震有科技所属申万行业为：通信-通信设备-其他通信设备。所属概念板块包括：卫星导航、北斗导航、 航天军工、卫星互联网、小盘等。 责任编辑：小浪 ...

9月8日，震有科技涨5.29%，截至发稿，报31.24元/股，成交2.21亿元，换手率3.77%，总市值60.15亿 元。 资料显示，深圳震有科技股份有限公司位于广东省深圳市光明区凤凰街道东坑社区光明凤凰广场2栋 2801，成立日期2005年4月4日，上市日期2020年7月22日，公司主营业务涉及通信系统设备相关产品的 研发、生产、销售与服务。主营业务收入构成为：数智网络及智慧应急系统41.27%，技术与维保服务 26.07%，光网络及接入系统19.13%，核心网系统10.86%，其他2.66%。 从震有科技十大流通股东角度 数据显示，永赢基金旗下1只基金位居震有科技十大流通股东。永赢高端装备智选混合发起A （015789）二季度新进十大流通股东，持有股数101.52万股，占流通股的比例为0.53%。根据测算，今 日浮盈赚取约159.39万元。 永赢高端装备智选混合发起A（015789）成立日期2022年7月15日，最新规模1.13亿。今年以来收益 18.66%，同类排名4019/8248；近一年收益62.76%，同类排名1537/8051；成立以来亏损12.01%。 永赢高端装备智选混合发起A（015789 ...

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： ? 会议召开时间：2025 年 9 月 11 日（星期四）下午 15:00-17:00 ? 会 议召 开地点 ：上 海证 券 交易所上 证 路演中 心（ 网 址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动 证券代码：688418 证券简称：震有科技 公告编号：2025-053 深圳震有科技股份有限公司 关于参加 2025 年半年度科创板软件行业 集体业绩说明会的公告 ? 投资者可于 2025 年 9 月 4 日（星期四）至 9 月 10 日（星期三）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@genew.com 进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 深圳震有科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 20 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营 成果、财务状 ...

证券代码：688418 证券简称：震有科技 公告编号：2025-053 深圳震有科技股份有限公司 关于参加2025 年半年度科创板软件行业 集体业绩说明会的公告 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： 会议召开时间：2025 年 9 月 11 日（星期四）下午 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 9 月 4 日（星期四）至 9 月 10 日（星期三）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@genew.com 进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 深圳震有科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 20 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营 成果、 ...

Core Viewpoint - The A-share market saw a significant rise in satellite communication concept stocks following the release of the Ministry of Industry and Information Technology's guidelines to promote the development of the satellite communication industry, aiming for over 10 million users by 2030 [1][2]. Group 1: Market Performance - Notable stocks include Chuangyi Information, which rose over 13%, and Zhenlei Technology and Huali Chuantong, both increasing over 10% [1]. - Other companies such as Xingwang Yuda and Fudan Microelectronics also experienced substantial gains, with increases nearing 10% and 8% respectively [1]. - The overall trend indicates a strong market response to the new policies, with various companies in the satellite communication sector showing positive performance [1]. Group 2: Policy Implications - The guidelines propose 19 measures to expand market access, enhance application scenarios, and foster a robust industry ecosystem [2]. - Key areas of focus include supporting low-orbit satellite internet development, enabling telecom operators to connect terminal devices directly to satellites, and conducting commercial trials for satellite IoT [2]. - The industry is expected to evolve into a new trillion-level market, with a clear policy direction and strategic importance highlighted by the government [2]. Group 3: Investment Opportunities - Analysts suggest monitoring investment opportunities in satellite communication service providers, satellite operation and services, satellite manufacturing, and ground equipment manufacturing [2]. - The report from CITIC Securities emphasizes the ongoing optimization of business access in the satellite communication sector, indicating a potential acceleration in license issuance [2].

Core Viewpoint - The A-share market for satellite communication concept stocks has seen a collective surge, driven by the Ministry of Industry and Information Technology's new guidelines aimed at promoting the development of the satellite communication industry, targeting over 10 million users by 2030 [1][2]. Group 1: Market Performance - Notable stocks include Chuangyi Information, which rose over 13%, and Zhenlei Technology and Huali Chuantong, both increasing over 10%. Other significant gainers include Xingwang Yuda, Fudan Microelectronics, and Zhenyou Technology, with increases ranging from 6% to nearly 10% [1][3]. - The total market capitalization of leading stocks varies, with Chuangyi Information at 6.064 billion, Zhenlei Technology at 16.8 billion, and Huali Chuantong at 16.5 billion [3]. Group 2: Policy Implications - The new guidelines focus on three main areas: accelerating the development of low-orbit satellite internet, enabling telecom operators to connect terminal devices directly to satellites, and conducting commercial trials for satellite IoT [2]. - The guidelines aim to expand application scenarios for satellite communication, including emergency communication, digital benefits, and integrated innovation, with the potential to create a new trillion-level market [2]. Group 3: Industry Outlook - The satellite communication industry is expected to see a strategic rise, with clear policy direction and ongoing optimization of business access. The issuance of licenses may accelerate, indicating an imminent industry turning point [2]. - Investment opportunities are suggested in areas such as satellite communication service providers, satellite operation and services, satellite manufacturing, and ground equipment manufacturing [2].

Group 1 - The stock price of Zhenyou Technology reached 31.14 yuan as of the close on August 21, 2025, reflecting a 3.87% increase from the previous trading day [1] - The trading volume on that day was 529 million yuan, with a turnover rate of 8.82% [1] - Zhenyou Technology operates in the communication equipment industry, focusing on the research and manufacturing of optical communication modules and satellite internet [1] Group 2 - Research reports indicate that the commercial aerospace industry is accelerating due to policy support, leading to increased demand for satellite constellation construction and downstream applications, presenting growth opportunities for the communication equipment sector [1] - Zhenyou Technology is identified as one of the companies in this sector that is under observation [1] - On August 21, the net inflow of main funds into Zhenyou Technology was 80.56 million yuan, with a cumulative net inflow of 15.25 million yuan over the past five days [1]

Investment Rating - The report maintains a "Recommended" rating for the commercial aerospace industry, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5]. Core Insights - The commercial aerospace industry in China is entering a peak satellite launch period, with significant advancements in satellite internet low-orbit satellite constellation launches, achieving a remarkable increase in launch efficiency [1]. - 2025 is projected to be a critical year for the commercialization of reusable rockets in China, with a potential 30%-50% reduction in launch costs if successful [2]. - The introduction of satellite services for mobile phones, such as SpaceX's direct satellite connection service, marks a significant advancement in satellite applications for consumers [3]. - The report emphasizes that the carrying capacity of rockets is analogous to the computing power of AI, suggesting that improvements in launch capabilities will accelerate satellite networking and commercial applications [4]. Summary by Sections Satellite Launch Developments - The report highlights the successful execution of multiple satellite launches by Xingwang, indicating a shift to a high-frequency, normalized launch phase, with 38 satellites launched in just 21 days [1]. Reusable Rocket Commercialization - Several private companies are set to debut reusable rockets in 2025, which could significantly lower launch costs and enhance the competitive landscape for satellite launches [2]. Consumer Satellite Applications - The launch of SpaceX's mobile satellite service and Huawei's low-orbit satellite testing indicates a growing market for consumer satellite applications, enhancing connectivity options for users [3]. Investment Recommendations - The report recommends focusing on companies within the satellite and rocket supply chains, including specific firms in satellite manufacturing, rocket production, and ground infrastructure [4].

Group 1 - The Guangdong Provincial Government has issued policies to promote high-quality development in the commercial aerospace sector from 2025 to 2028, focusing on satellite constellation construction and application industry expansion [1] - The policies aim to accelerate the implementation of satellite internet services in various innovative application scenarios, including low-altitude economy, mobile communication, logistics, smart cities, space mining, space tourism, and emergency rescue [1] - The government will enhance procurement support for innovative products through measures like government first purchases and priority procurement, encouraging industries to purchase domestic satellite-related data and products [1] Group 2 - The central economic meeting in 2023 classified the low-altitude economy as a strategic emerging industry, further emphasizing the importance of commercial aerospace and low-altitude economy in the 2024 government work report [2] - Various provinces and cities, including Sichuan, Beijing, Shanghai, and Wuhan, have introduced related documents or action plans, reflecting local governments' high regard and long-term planning for satellite internet, commercial aerospace, and low-altitude economy [2] - The urgency for low-orbit space resource deployment is increasing, driven by the rising number of SpaceX's Starlink satellites, with China's large satellite constellations primarily focusing on StarNet and Qianfan [2] Group 3 - Key technologies such as reusable rockets, low-cost satellites, and inter-satellite links are gradually achieving breakthroughs, leading to a clustering effect in regions like Guangdong, Shanghai, and Beijing [3] - The commercial aerospace sector in China is expected to experience significant growth in the next three years, with transportation costs for reusable rockets dropping below 30,000 yuan per kilogram, approaching the capabilities of overseas competitors [3] - The demand for low-altitude economy applications in urban air traffic, industrial applications, and agricultural production is growing, alongside the anticipated increase in space tourism demand, indicating a further expansion of the industry [3]

Core Insights - The company Zhenyou Technology (688418) reported a decline in total revenue and net profit for the first half of 2025, with total revenue at 350 million yuan, down 6.82% year-on-year, and a net loss of 47.59 million yuan, a significant drop of 715.8% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 182 million yuan, a decrease of 7.23% year-on-year [1] - The gross profit margin decreased to 45.13%, down 14.52% year-on-year, while the net profit margin fell to -13.69%, a drop of 869.96% [1] - The company’s accounts receivable reached 522 million yuan, an increase of 6.73% year-on-year, with accounts receivable accounting for 1902.15% of the net profit [1][15] - The total of selling, administrative, and financial expenses was 94.49 million yuan, representing 26.99% of revenue, a decrease of 4.17% year-on-year [1] Cash Flow and Assets - Cash flow from operating activities showed a net increase of 42.29%, attributed to reduced cash payments for goods and services [13] - The company’s cash and cash equivalents increased by 117.79% year-on-year, reaching 294 million yuan [1] - Other current assets saw a significant increase of 113.84%, due to an increase in deductible input tax [6] Business Model and Strategy - The company relies heavily on research and marketing for its business performance, indicating a need for careful analysis of these driving factors [14] - The core network system revenue showed a notable increase of 40.36% year-on-year, while other segments like optical network and access systems also experienced growth [16] Investment and Market Position - The company has a weak historical return on invested capital (ROIC), with a median ROIC of 6.83% since its listing, and a particularly poor performance in 2022 with a ROIC of -16.06% [13] - The largest fund holding Zhenyou Technology is Yongying High-end Equipment Select Mixed Fund, which has increased its holdings [15]