Summary of Zhongke Xingtou Conference Call Company Overview - Zhongke Xingtou's product architecture is highly similar to Palantir, including comprehensive situational awareness, big data analysis, one-stop support, and AI platforms, which correspond to Palantir's Gotham, Foundry, Apollo, and AIP, providing a competitive advantage in AI and data analysis [2][3][5] Industry Insights - IDC predicts that China's big data IT spending will reach $30 billion by 2025 and $50 billion by 2028, with a compound annual growth rate (CAGR) of approximately 20%, indicating significant growth potential in sectors like finance and healthcare [2][6] Financial Performance - Zhongke Xingtou's special business revenue is expected to double from less than 500 million yuan to 1 billion yuan from 2020 to 2024, with a CAGR of 20% [2][9] - The company's civilian business revenue is projected to grow tenfold from over 200 million yuan to 2.2 billion yuan from 2020 to 2024, with a CAGR close to 80%, demonstrating its application capabilities in the civilian sector [2][10] - In Q1 2025, the company's gross margin improved by over one percentage point, and operating cash flow accelerated significantly, with cash inflow exceeding revenue [4][14] Product and Service Development - Zhongke Xingtou's products include the Star Map Cloud and Low Altitude Cloud, which help reduce cash flow pressure from single government projects by providing subscription-based services [4][13] - The company aims to transition towards AI applications, focusing on SaaS and data analysis, thereby reducing reliance on individual government projects [11][12] Competitive Positioning - Zhongke Xingtou is positioned as a domestic counterpart to Palantir, benefiting from deep industry experience and high customization, which enhances customer stickiness and conversion costs [5][9] - The company has a significant advantage in the defense sector due to its 20 years of experience in defense data analysis, which forms a strong competitive moat [9] Future Outlook - The company plans to leverage its extensive real-world scenarios to advance in AI applications, with a focus on both AI SaaS and AI plus data analysis [11] - Concerns regarding the sustainability of growth due to reliance on government contracts are being addressed through strategic shifts towards SaaS and diversified revenue sources [12][14] - Data analysis is identified as a critical investment area, with expectations for significant growth in the low-altitude sector and broader project implementation [15] Conclusion - Zhongke Xingtou is well-positioned to capitalize on the growing big data market in China, with a robust product offering and strategic focus on AI applications, while addressing market concerns regarding revenue sustainability and cash flow management [2][6][14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The future battlefield's "intelligence supremacy" is key to victory, driven by advancements in foundational technology and the military's ability to process big data and utilize AI systems for data analysis and weapon control [5][18] - The company is positioned as a leader in AI and data analysis, directly comparable to Palantir (PLTR), with significant growth potential in the defense and public safety sectors [6][30] Summary by Sections Investment Five Elements - The company is fundamentally an AI SaaS and data analysis application company, focusing on real-world scenarios and needs to enhance upstream capabilities [10] - The strategic product "Star Map Luoshu" is expected to replicate the success of PLTR's AIP platform [10] - The company has accumulated 20 years of experience in defense remote sensing data analysis, providing a deep understanding of specialized industry know-how [47] Profit Forecast and Valuation - Projected total revenue for 2025-2027 is 43.11 billion, 61.74 billion, and 88.72 billion yuan, with year-on-year growth rates of 32.3%, 43.2%, and 43.7% respectively [11][9] - Expected net profit for the same period is 4.90 billion, 8.09 billion, and 12.20 billion yuan, with growth rates of 39.4%, 65.0%, and 50.7% respectively [11][9] Differentiation from Market Views - The market views the company as a traditional remote sensing satellite application company; however, it is redefined as a generative AI SaaS and data analysis company with extensive real-world scenarios [12] - The company is leading the industry in commercial model upgrades, moving from specialized to government and commercial sectors [12] - Concerns about future growth rates are addressed by the company's proactive structural adjustments and focus on high-quality growth [13] Catalysts for Stock Performance - Progress in product development and implementation in the AI and data analysis fields [13] - Orders from specialized, government, and commercial clients [13] - The valuation situation of PLTR and supportive policies for low-altitude new infrastructure [13]

Core Insights - The article discusses the advancements in military technology driven by AI and big data, emphasizing the importance of "intelligent authority" in modern warfare [1] - It highlights the significant growth potential in the AI and data analysis sector, particularly in defense and public safety applications, with projections for China's big data IT spending to exceed $30 billion by 2025 [1] - The article compares two key players in the AI and data analysis space: Zhongke Xingtou and Palantir, detailing their respective strengths and market positions [1][2] Group 1: Industry Trends - The evolution of military operations is increasingly reliant on AI systems for data analysis and weapon control, with the U.S. leading this transformation since 2011 [1] - The Pentagon's AI flagship project, "Maven," has demonstrated significant efficiency, completing data analysis tasks in minutes that would take humans months [1] - IDC forecasts that China's big data IT spending will grow at a compound annual growth rate (CAGR) of approximately 21.9% from 2023 to 2028, reaching $50.23 billion by 2028 [1] Group 2: Company Analysis - Zhongke Xingtou - Zhongke Xingtou plans to raise up to $2.5 billion, with $349 million allocated to the development of its AI data analysis platform, which directly competes with Palantir's offerings [1] - The company has a strong track record in defense remote sensing data analysis, with revenues from specialized business expected to grow from 484 million to 1 billion yuan from 2020 to 2024, reflecting a CAGR of 20% [1] - Zhongke Xingtou's strategy includes mergers and acquisitions, creating a diverse ecosystem of specialized subsidiaries, enhancing its data analysis capabilities [1] Group 3: Company Analysis - Palantir - Palantir, founded in 2003, has evolved from defense intelligence analysis to serving large commercial clients, with a market capitalization exceeding $260 billion since the onset of the Russia-Ukraine conflict [2] - The company is a key player in the Pentagon's "Maven" project and has expanded its influence across the U.S. military and NATO [2] - Palantir's valuation has surged, with forward price-to-sales ratios increasing from 6 to over 70, driven by its unique position as a beneficiary of U.S. defense budget reallocations and its strong data analysis capabilities [2]

Core Viewpoint - Zhongke Xingtou (688568.SH), a leading company in the aerospace information sector, plans to repurchase its shares using funds from its initial public offering and its own funds, with a total repurchase amount between 40 million and 60 million yuan [1] Group 1: Share Repurchase Plan - The company announced a share repurchase plan with a minimum amount of 40 million yuan and a maximum of 60 million yuan [1] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [1] - The repurchase price will not exceed 84.39 yuan per share, which is 150% of the average trading price over the previous 30 trading days [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of 3.257 billion yuan, a year-on-year increase of 29.49%, and a net profit of 352 million yuan, a year-on-year increase of 2.67% [1] - Over the past five years, the company's revenue has shown a compound annual growth rate of 46.74%, growing from 703 million yuan in 2020 to 3.257 billion yuan in 2024 [2] - In the first quarter of 2025, the company reported a revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit of 20.78 million yuan, a year-on-year increase of 971% [2] Group 3: Research and Development - From 2022 to 2024, the company's R&D expenses were 223 million yuan, 373 million yuan, and 488 million yuan, with year-on-year growth rates of 57.07%, 67.05%, and 31.07% respectively, totaling 1.084 billion yuan [3] - The company maintains a R&D expenditure ratio of around 20% of total revenue since 2022 [2] - In 2024, the company applied for 876 new intellectual property rights, including 147 invention patent applications and 636 software copyrights [3]

Group 1 - The State Council Information Office will hold a press conference regarding the "Promotion Law of Private Economy of the People's Republic of China" on May 8, with officials from various government departments providing insights and answering questions [2] - The Ministry of Commerce will hold its first regular press conference of May on the same day, focusing on recent key work in the business sector [3] Group 2 - Starting from May 8, 2025, the People's Bank of China announced a reduction of 0.25 percentage points in the personal housing provident fund loan interest rates, with the new rates set at 2.1% for loans of 5 years or less and 2.6% for loans over 5 years for the first home [4] - A total of 10 companies will have their restricted shares unlocked today, with a combined unlock volume of 246 million shares, amounting to a market value of 1.071 billion yuan based on the latest closing prices [4] - Among the companies with significant unlock volumes, Kangmei Pharmaceutical, Guotai Haitong, and Changyang Technology lead with unlock volumes of 209 million shares, 27.8 million shares, and 3.66 million shares respectively [4] Group 3 - A total of 86 companies disclosed stock repurchase progress on May 8, with 89 related announcements made [5] - Notably, Guomai Culture proposed a repurchase of up to 100 million yuan, while Zhiyuan New Energy plans to repurchase up to 66 million yuan [6] - Two companies had repurchase plans exceeding 10 million yuan approved by their shareholders' meetings, with the highest repurchase amounts proposed by Zhongke Xingtou, Shudao Equipment, and Nanjing Public Utilities [6]

证券代码：688568 证券简称：中科星图 公告编号：2025-032 中科星图股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 （一）股东大会召开的时间：2025 年 5 月 7 日 （二）股东大会召开的地点：北京市海淀区永丰产业园中关村壹号 F1 座五层集 团会议室 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 289 | | --- | --- | | 普通股股东人数 | 289 | | 2、出席会议的股东所持有的表决权数量 | 334,373,518 | | 普通股股东所持有表决权数量 | 334,373,518 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 61.5419 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 61.5419 | （四）表决方式是否符合《公司法 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-034 中科星图股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 4,000 万元（含）且不超过人民币 6,000 万元 （含）。 ● 回购股份资金来源：公司首次公开发行股票取得的超募资金、公司自有资 金。 ● 回购股份用途：拟全部用于注销并减少公司注册资本。 ● 回购股份价格：不超过人民币 84.39 元/股（含），该价格不高于公司董事 会通过回购决议前 30 个交易日公司股票交易均价的 150%。具体回购股份价格由 公司股东大会授权董事会及董事会授权人士（总经理及总经理指定的相关工作人 员）在回购实施期间结合公司股票价格、财务状况和经营状况确定。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式回购公 司股份。 ● 回购股份期限：自公司股东大会审议通过本次回购方案之日起不超过 12 个 月。 本次回购股份的相关议案已经公司 2025 年 5 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-033 中科星图股份有限公司 关于回购股份并减少注册资本暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原由 中科星图股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召开第三 届董事会第四次会议、第三届监事会第四次会议，于 2025 年 5 月 7 日召开 2025 年第一次临时股东大会审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》。具体内容详见公司于 2025 年 4 月 15 日、2025 年 5 月 8 日在上海证 券交易所网站（www.sse.com.cn）披露的《中科星图股份有限公司关于以集中竞 价交易方式回购股份的预案》（公告编号：2025-021）、《中科星图股份有限公 司 2025 年第一次临时股东大会决议公告》（公告编号：2025-032）。 根据本次回购股份方案，公司拟以集中竞价交易方式进行股份回购，本次回 购的股份拟用于注销并减少公司注册资本。本次回购的资金总额不低于人民币 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中科星图股份有限公司 2025 年第一次临时股东大会之 法律意见书 二零二五年五月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 | 西安分所 | 电话: (86-29) 8550-9666 | 青岛 ...

Summary of Key Points - The company plans to repurchase shares with a budget of 40 million to 60 million RMB, with a maximum repurchase price of 84.39 RMB per share [1] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [1] - The funding sources for the repurchase will be from the excess funds raised during the company's initial public offering and its own funds [1] - The repurchase period will last no more than 12 months from the date the shareholders' meeting approves the repurchase plan [1] - The company will make repurchase decisions based on market conditions during the repurchase period and will fulfill information disclosure obligations in a timely manner [1]