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]

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]