Core Viewpoint - Zhongke Xingtou announced on October 31 that it has established data centers overseas and plans to gradually set up international operation centers to enhance local service capabilities [1] Company Summary - The company is actively expanding its international presence by establishing data centers abroad [1] - Future plans include the development of international operation centers to improve localization of services [1]

Core Viewpoint - The company, Zhongke Xingtu, is positioning itself as an integrator within the commercial aerospace industry, focusing on a comprehensive layout across the entire commercial aerospace value chain [1] Group 1: Business Strategy - The company is planning the construction of a distinctive commercial satellite constellation [1] - It aims to develop capabilities in aerospace integrated electronic systems and advanced equipment manufacturing [1] - The company is working to build a space-ground integrated commercial aerospace measurement, operation, and control network [1] Group 2: Innovation and Services - The company is deepening its innovative space and sky information application services [1] - It is pushing to expand from the downstream segment of the industry chain to the upstream [1]

Core Viewpoint - The company has developed a comprehensive "five-in-one" low-altitude product system to support key operations in the low-altitude economy, including planning, safety assurance, collaborative regulation, flight services, and application scenarios [1]. Group 1 - The company is actively engaged in the low-altitude economy sector [1]. - The "five-in-one" product system encompasses various core business areas [1]. - The system aims to enhance low-altitude planning and safety measures [1].

Core Viewpoint - The company is positioning itself as an integrator within the commercial aerospace industry, focusing on comprehensive development across the entire commercial aerospace value chain [1] Group 1: Business Strategy - The company is planning the construction of a distinctive commercial satellite constellation [1] - It aims to develop capabilities in aerospace integrated electronic systems and advanced equipment manufacturing [1] - The company is working to build a space-ground integrated commercial aerospace measurement, operation, and control network [1] Group 2: Innovation and Services - The company is deepening its innovative space and sky information application services [1] - There is a strategic push for the company to expand from the mid and downstream segments of the industry chain to the upstream [1]

Core Viewpoint - The company, Zhongke Xingtu (688568.SH), is positioning itself as an integrator within the commercial aerospace industry, focusing on comprehensive development across the entire commercial aerospace value chain [1] Group 1: Business Strategy - The company is planning the construction of a distinctive commercial satellite constellation [1] - It aims to develop capabilities in aerospace integrated electronic systems and advanced equipment manufacturing [1] - The company is working to build a space-ground integrated commercial aerospace measurement and control network [1] Group 2: Innovation and Services - The company is deepening its innovative space and sky information application services [1] - It is pushing to expand from the mid and downstream of the industry chain to the upstream [1]

Core Viewpoint - Zhongke Xingtou Co., Ltd. reported a revenue of 2.008 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 10.02%, with a net profit of 146 million yuan, up 0.54% year-on-year. The company is focusing on technological investments in the low-altitude and commercial aerospace sectors, with R&D expenditures reaching 522 million yuan, a 33.20% increase year-on-year [1]. Financial Performance - For Q3 2025, Zhongke Xingtou achieved a revenue of 860 million yuan and a net profit of 68 million yuan [1]. - The company's gross margin remains stable despite expanding business scale, indicating strong competitiveness of its core products [6]. Industry Trends - The low-altitude economy is transitioning from a "policy-driven" to a "technology-driven" phase, necessitating a solid "digital security foundation" for safe and efficient operations [1]. - The low-altitude information infrastructure is critical for the industry's development, as highlighted by the recent planning document from Shandong Province, which identifies challenges such as limited network coverage and navigation capabilities [2]. Strategic Initiatives - Zhongke Xingtou is investing 670 million yuan in building a low-altitude digital infrastructure platform, which will enhance the accessibility and computability of low-altitude airspace [3]. - The company has developed a "1+2+N+M" strategy, focusing on low-altitude cloud technology and establishing demonstration projects across multiple cities to empower various industry scenarios [6]. Technological Advancements - The company has made significant progress in digital airspace construction and real-time safety calculations for large-scale low-altitude flights, which is expected to open new growth opportunities [4][5]. - Zhongke Xingtou is leveraging AI and integrated platforms to enhance low-altitude applications, as seen in various cities like Nanyang and Xining, where it has implemented innovative solutions for urban management and emergency response [7][8].

Core Insights - The collaboration between Xining City and Zhongke Xingtou's subsidiary, Xingtou Zhiyuan Technology, aims to advance the construction of a low-altitude flight application platform, transforming low-altitude applications from disorder to order and from projects to industries [1][2][3] Group 1: Low-altitude Economic Development - Xining's unique geographical position enhances the demand for low-altitude economic development, particularly with the increasing use of drones in various sectors [2] - The establishment of a unified low-altitude flight application platform will integrate approximately 300 low-altitude scenarios across 15 industries, promoting cross-industry collaboration [2][3] - The platform will utilize a low-altitude data center and intelligent computing center to break down data barriers among various departments, enhancing operational efficiency [2][3] Group 2: Technological Innovations - The platform incorporates an AI model with over 60 specialized algorithms, creating a closed-loop process for data collection, intelligent analysis, and application implementation [3] - Key technological advancements include automated production of surveying products, illegal mining detection, and violation identification through multi-scenario algorithm integration [3] - The establishment of a grid-based spatial data model allows for centimeter-level precision in flight planning across Xining's 7,606 square kilometers [3] Group 3: Capital Investment and Future Plans - Zhongke Xingtou's recent approval for a fundraising of up to 2.488 billion RMB will support the development of a digital infrastructure for the low-altitude economy [4] - The fundraising project will focus on creating a comprehensive digital service platform for low-altitude operations, enhancing safety and efficiency in high-density flight scenarios [4][5] - The company aims to strengthen its market competitiveness and industry leadership through this investment, emphasizing continuous technological and scenario innovation in the low-altitude sector [6]

Core Insights - The low-altitude economy is increasingly recognized as a new production factor driving high-quality regional economic development, with the company positioning itself as a leader in this strategic emerging industry [1][6] - The company has established a comprehensive strategic framework, "1+2+N+M," focusing on technology and practical applications to enhance low-altitude management and services across various regions [1][6] Company Developments - The company has successfully secured multiple low-altitude construction projects in over ten cities, including Qingdao, Huzhou, and Shenzhen, demonstrating its effective market expansion strategy [1][4] - A notable project in Xiamen involves the development of a comprehensive low-altitude management service platform, which will enhance the city's low-altitude flight service capabilities and support various applications such as traffic monitoring and emergency response [2][5] - The company has also made significant strides in Chongqing, where it is implementing a digital foundation for low-altitude flight management, aiming to create a replicable model for high-quality development in the low-altitude economy [2][3] Financial Performance - In the third quarter of 2025, the company reported a revenue of 2.208 billion yuan and a net profit of 146 million yuan, reflecting stable operational performance [4] - The company increased its R&D investment significantly, with R&D expenses reaching 522 million yuan, a year-on-year growth of 33.20%, indicating a strong commitment to innovation [4] - The cash flow from operating activities for the third quarter surged to 87.836 million yuan, a remarkable increase of 458.61%, showcasing the company's robust financial health [4] Industry Trends - The low-altitude economy is transitioning from a policy-driven phase to a technology-driven phase, with the company providing a systematic approach to low-altitude solutions and promoting industry standardization and scalability [6]

Core Viewpoint - Zhongke Xingtou's subsidiary, Zhongke Xingtou Zhiyuan Technology (Anhui) Co., Ltd., has successfully won the bid for the "Aerial Forest Protection Drone Intelligent Management and Scheduling Platform Leasing" project from the Forestry Bureau of Guangxi Zhuang Autonomous Region, indicating a shift in forest protection strategy from "passive response" to "active defense" in the region [1] Group 1 - The project aims to implement an intelligent management and scheduling platform for drones in Guangxi [1] - The successful bid reflects the company's capabilities in drone technology and management solutions [1] - The initiative is expected to enhance the efficiency of forest protection efforts in Guangxi [1]

□是 √否 一、 主要财务数据 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。 第三季度财务报表是否经审计 （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 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。依据上述变动，对 基本每股收益、稀释每股收益进行了追溯。 （二） 非经常性损益项目和金额 √适用 □不适用 单位:元 币 ...