Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The year 2025 may witness a profit turning point for the industry, driven by cost reduction and efficiency improvement [4] - The AI sector is leading in performance, with revenue and profit growth rates for AI applications and terminals being notably high [42] Summary by Sections 1. Profitability and Cash Flow - In 2024, the computer industry achieved a revenue of 1,156.34 billion yuan, a year-on-year growth of 3.50%, while the net profit attributable to shareholders dropped by 48.97% to 14.44 billion yuan [11][9] - In Q1 2025, the industry reported a revenue of 261.59 billion yuan, a year-on-year increase of 15.13%, and a net profit of 2.63 billion yuan, up 230.22% [15][12] - The gross profit margin and net profit margin for 2024 were 25.12% and 1.25%, respectively, both showing a decline compared to the previous year [23][24] - In Q1 2025, the gross profit margin and net profit margin improved to 21.86% and 1.01%, respectively [24][28] - Operating cash flow for 2024 was 71.25 billion yuan, a 7.09% increase year-on-year, while Q1 2025 showed a cash flow of -30.48 billion yuan, improving by 39.61% year-on-year [33][33] 2. AI Sector Performance - In 2024, the revenue growth rates for AI terminals and applications were 25.72% and 12.40%, respectively, with net profit growth rates of 19.23% and 24.84% [42] - In Q1 2025, the revenue growth rates for AI terminals and applications were 27.74% and 13.77%, with net profit growth rates of 37.86% and 15.91% [42] 3. Institutional Holdings and Valuation - As of Q1 2025, the proportion of computer funds held by institutions was 3.11%, an increase of 0.35 percentage points [77] - The computer index (Shenwan) had a PE ratio of 81.54 and a PS ratio of 3.18 as of April 30, 2025, indicating potential for valuation improvement [80][80] - The market performance of the computer industry ranked sixth among 31 sectors from January 1 to April 30, 2025, with a cumulative increase of 2.35% [77]

Core Insights - The data ETF (516000) has shown a decline of 0.52% as of 11:05, with mixed performance among constituent stocks, highlighting a notable increase in certain stocks like Zhongke Xingtong, which rose by 5.34% [1] - The ETF has experienced a significant growth in shares, with an increase of 23.5 million shares over the past year, ranking it in the top third among comparable funds [1] - The overall performance of the data ETF has been strong, with a net value increase of 38.01% over the past three years, placing it first among comparable funds [1] Performance Metrics - As of April 30, 2025, the data ETF has a Sharpe ratio of 1.05, ranking it in the top third among comparable funds, indicating the highest return for the same level of risk [2] - The data ETF has achieved a maximum monthly return of 31.45% since its inception, with an average monthly return of 8.34% and an annual profit percentage of 66.67% [1] - The ETF's performance over the past year has surpassed its benchmark with an annualized excess return of 2.71%, also ranking in the top third among comparable funds [1] Industry Outlook - According to CITIC Securities, the computer industry is expected to see steady revenue growth in 2024, with a notable improvement in profitability in Q1 2025, indicating a potential turning point [2] - The report emphasizes the importance of capitalizing on "AI mainline" opportunities, particularly in sectors such as management software, educational IT, servers, and cloud vendors [2] - The data ETF and its associated funds closely track the China Securities Big Data Industry Index, focusing on popular sectors like data elements, data security, and the East Data West Computing initiative [2]

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point decrease in policy interest rates [1] - The AI sector is experiencing a significant transformation, moving from quantitative to qualitative changes, with advancements in general large models demonstrating near-human capabilities in various cognitive tasks [1] - The AI technology is reshaping social production methods and human existence, indicating a profound impact on various industries [1] Group 2 - The release of multiple AI models by Alibaba and the financial results from major US tech companies highlight the competitive landscape in the AI sector [2] - The upcoming 2025 Lenovo Tech World and other significant industry events indicate a growing focus on AI and related technologies [2] - The emergence of new job roles, such as prompt engineers, reflects the changing employment landscape driven by AI advancements [4] Group 3 - The diversification of AI applications is evident, with digital human technology marking a shift towards multi-dimensional penetration in various fields, including education and healthcare [5] - The market for digital humans is projected to grow significantly, with estimates indicating a market size exceeding 640 billion yuan by 2025 [5] - The integration of AI into public services and commercial sectors demonstrates the expanding boundaries of technology applications [5] Group 4 - The competition in the AI industry is shifting towards breakthroughs in underlying technologies and cost control, with advancements in embodied intelligence and multi-modal models [7] - The technology sector is expected to regain momentum as concerns over previous performance and tariff disruptions dissipate, with a focus on long-term industry trends [8] - The upcoming months are critical for the tech sector, with numerous industry conferences and events expected to catalyze new growth opportunities [8] Group 5 - The TMT sector is showing signs of recovery, with a notable increase in net profit growth rates, particularly in the AI industry [9] - Institutional investors have significant room for increasing allocations in the TMT sector, particularly in computer and media segments [9] - The AI ETF, which tracks the innovation board's AI index, includes major companies across the AI value chain, indicating a strategic investment opportunity [9][10]

Core Viewpoint - Zhongke Xingtou Co., Ltd. reported significant growth in Q1 2025, with revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit attributable to shareholders of 20.77 million yuan, up 971% [1] Financial Performance - The substantial growth in revenue and net profit is attributed to strategic asset adjustments that realized asset value [1] - R&D expenditure in Q1 reached 140 million yuan, reflecting a year-on-year increase of 31.84% [1] Low-altitude Strategy - Zhongke Xingtou is advancing its low-altitude strategy with a "1+2+N+M" framework, focusing on building a low-altitude cloud platform and establishing various regional demonstrations [2] - The company launched the Star Map Low-altitude Cloud V1.0 and two new low-altitude products in March, completing a full chain coverage from data platform to industry applications [2] Product Development - The GEOVIS iFlight platform integrates drone hardware and management software, providing services like aerial photography and logistics [3] - The DevMate.LAC platform offers a low-code application development environment, enabling rapid deployment of low-altitude applications [3] Market Opportunities - The low-altitude economy is projected to reach a total output value of 1.5 trillion yuan by 2025, with significant government interest in developing low-altitude projects [4] - Zhongke Xingtou has secured multiple contracts in the low-altitude sector, indicating strong market demand and the company's capability to meet it [4] Business Model Innovation - The company is exploring a new business model termed "Airspace as a Service," focusing on making airspace calculable, tradable, and value-added [5] - A new subsidiary in Qingdao aims to drive technological breakthroughs and innovative business models in the low-altitude sector [5] - The "Qingdao model" is expected to transition low-altitude economic development from government-subsidized trials to a market-driven cycle, potentially creating several trillion-yuan industry clusters [5]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing rapid commercialization, with significant government support and investment in infrastructure and projects [21][26][28] - By 2030, the drone industry in China is expected to exceed 1 trillion yuan, with eVTOLs likely becoming a mainstream choice for urban air mobility [32] Summary by Sections Industry Overview - The low-altitude economy is gaining momentum with various local governments implementing supportive measures and funding initiatives [21][28][31] - Recent projects include a 500 million yuan investment by Dongfang Hope Group in Chongqing for urban air traffic operations [29] Company Dynamics - Zhongke Xingtou has secured low-altitude projects in four cities and plans to raise 650 million yuan for platform construction [33] - Wan Feng Aowei has acquired core assets from global eVTOL pioneer Volocopter to enhance urban air transport solutions [36] - Shencheng Jiao is actively involved in over 20 cities for low-altitude economic planning and consulting projects [38] Market Performance - The average stock price change for low-altitude economy-related A-shares was +0.5% from April 28 to April 30, with notable gains from companies like Blue Ocean Huateng (+13.7%) and Guanglian Aviation (+9.6%) [12][24] - In the US market, Yihang Intelligent saw a significant increase of +11.1% [19][24]

Group 1 - The core viewpoint of the article highlights the strong performance of Zhongke Xingtou in Q1 2025, with significant growth in both revenue and profit, driven by technological innovation and strategic project acquisitions in the low-altitude economy sector [1][2][4] - In Q1 2025, Zhongke Xingtou achieved operating revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit attributable to shareholders of 20.78 million yuan, a substantial increase of 971% compared to the previous year [1] - The company has increased its R&D investment to 140 million yuan in Q1 2025, representing a year-on-year growth of 31.84%, with an R&D expense ratio of 27.77%, up by 2.39 percentage points from the same period last year [1] Group 2 - Zhongke Xingtou has been actively developing the low-altitude economy, recently securing projects in four cities: Qingdao, Huzhou, Fuzhou, and Nanning, which cater to the specific low-altitude economic development needs of these regions [2][4] - The "Xingtou Low-altitude Cloud" platform, which integrates data from digital earth and satellite sources, serves as a comprehensive service platform for low-altitude scenarios, providing essential data supply and management capabilities [3][5] - The company’s service model aligns with national low-altitude economic strategies, aiming to create a standardized system that can quickly adapt to different city needs, thereby facilitating local government policy implementation [4][6] Group 3 - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025 and potentially 3.5 trillion yuan by 2035, indicating significant growth potential in this sector [4] - Zhongke Xingtou plans to enhance its R&D investments in the low-altitude field, aiming to create a new business model of "airspace as a service" that allows for calculable, tradable, and value-added airspace attributes [4][6] - The company seeks to collaborate with local governments, low-altitude industry chain enterprises, and research institutions to build an "innovation community" for the low-altitude economy, promoting shared technology and co-created scenarios [6]

注：1.公司股份全部为无限售条件流通股份，因此，公司前十大股东亦为前十大无限售 条件股东。 2."持股比例"按公司截至 2025 年 4 月 25 日的总股本 543,325,930 股计算。 证券代码：688568 证券简称：中科星图 公告编号：2025-031 中科星图股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 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，审议通过《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）。本次回购股份方案 尚待公司 2025 年第一次临时股东大会审议。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回 ...

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 504 million yuan, a year-on-year increase of 20.48% [1] - The net profit attributable to shareholders reached 20.77 million yuan, a significant year-on-year increase of 971% [1] - Excluding non-recurring gains and losses, the company reported a net loss of 23.96 million yuan, compared to a net loss of 12.76 million yuan in the same period last year [1] Group 2: Research and Development - The company's R&D investment grew significantly, reaching 140 million yuan, an increase of 31.84% year-on-year, focusing on products like Star Map Low Altitude Cloud and Star Map Cloud [1] - The company is actively developing its capabilities in commercial aerospace and low-altitude economy [1] Group 3: Low Altitude Economy Strategy - The company has established a "1+2+N+M" strategy for the low-altitude economy, which includes building a "Star Map Low Altitude Cloud," two low-altitude test sites, and developing multiple regional demonstrations [2] - The company launched "Star Map Low Altitude Cloud V1.0" in January, aiming to establish it as a new infrastructure for the low-altitude economy [2] Group 4: Market Opportunities and Collaborations - The company has formed partnerships with cities like Hefei and Qingdao to co-build low-altitude test sites [3] - In 2024, low-altitude economy was included in the government work report, with 30 provinces incorporating it into their local government reports or policies [3] - The company has secured low-altitude related projects in four cities: Qingdao, Huzhou, Fuzhou, and Nanning [4] Group 5: Industry Growth Potential - The low-altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a year-on-year growth of 33.8% [4] - It is projected that the low-altitude economy will exceed 1 trillion yuan by 2026, becoming a new growth point for the Chinese economy [4] - The company is well-positioned to be a significant driver of the low-altitude economy due to its accumulated experience in the aerospace information field [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688568 证券简称：中科星图 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 注："本报告期"指本季度初至本季度末3个月期间，下同。 追溯调整或重述的原因说明 （1）2025年3月，公司股东大会审议通过了2024年度利润分配及资本公积转增股本方案，同意公司以资 本公积向全体股东每10股转增4.9股，公司总股本由543,325,930股增加至809,555,636股； （2）2024年5月，公司股东大会审议通过了2023年度利润分配及资本公积转增股本方案，同意公司以资 本公积向全体股 ...