Core Viewpoint - The article highlights the successful deployment of the Yuhang Low-altitude Anti-UAV Platform by Zhongke Xingtou during the 80th anniversary of the victory in the Anti-Japanese War, ensuring low-altitude security for the event through advanced technology and strategic implementation [1][3]. Group 1: Technology and Implementation - The Yuhang Low-altitude Anti-UAV Platform utilizes a high-precision digital twin base and low-altitude holographic grid technology for comprehensive detection and countermeasure analysis, integrating various data sources to generate optimal defense strategies [2][3]. - The platform features a layered decoupled design, creating a four-layer architecture that connects device perception, countermeasure execution, data integration, and intelligent decision-making, providing a systematic approach to low-altitude security management [2][3]. Group 2: Achievements and Future Plans - During the September 3 military parade, the platform successfully established an intelligent low-altitude defense system, achieving precise integration of urban spatial information and unified airspace management, which are critical for effective low-altitude security [3]. - Looking ahead, Zhongke Xingtou aims to further integrate "digital earth + AI + low-code" technologies, expanding the application of the Yuhang platform to various sectors such as airports and urban management, while fostering an open collaborative industrial ecosystem [3].

Group 1 - The core viewpoint of the news highlights the strong performance of the domestic AI industry, particularly the rise of the Science and Technology Innovation Artificial Intelligence ETF (589520), which saw an intraday increase of over 2.5% [1] - The AI industry is experiencing a series of catalytic events, including the development of an advanced AI model by DeepSeek, which aims to compete with global players like OpenAI, with expectations for a commercial explosion in AI agents by 2025 [3] - Huawei's recent launch of the Mate XTs foldable smartphone, featuring the Kirin 9020 chip, marks a significant return of the Kirin brand after four years, indicating a boost in the domestic supply chain [4] Group 2 - Apple's upcoming product launch on September 9 is anticipated to further stimulate the supply chain, with analysts suggesting that the combination of tariff resolutions and increased AI investments will lead to a valuation recovery for Apple suppliers [5] - The current market trend in the semiconductor sector is seen as a rebound in domestic capabilities, with expectations for significant growth in domestic computing power, particularly in AI applications [5] - The Science and Technology Innovation Artificial Intelligence ETF (589520) is positioned to benefit from policy support and the trend of domestic substitution, focusing on companies that are well-placed in the AI industry chain [6] Group 3 - The ETF's top holdings reflect a high concentration in the semiconductor sector, which accounts for nearly half of the fund's assets, indicating a strong offensive strategy [6][7] - As of July 31, 2025, the top ten holdings of the ETF represent over 67% of the fund's net asset value, showcasing a focused investment approach [9]

Market Overview - On September 4, the IT services sector declined by 3.13%, with Kaipu Cloud leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] IT Services Sector Performance - Notable gainers in the IT services sector included: - Guoyuan Technology (Code: 835184) with a closing price of 27.98, up 5.58% on a trading volume of 129,600 shares and a turnover of 354 million [1] - Luqiao Information (Code: 837748) with a closing price of 59.85, up 4.45% on a trading volume of 24,600 shares and a turnover of 146 million [1] - Major decliners included: - Kaipu Cloud (Code: 688228) with a closing price of 114.00, down 12.58% on a trading volume of 60,200 shares [2] - Huasheng Tiancai (Code: 600410) with a closing price of 19.53, down 10.00% on a trading volume of 3,275,400 shares [2] Capital Flow Analysis - The IT services sector experienced a net outflow of 8.552 billion in main funds, while retail investors saw a net inflow of 6.323 billion [2] - Notable capital flows included: - Zhongke Information (Code: 300678) with a main fund net inflow of 65.0542 million and a retail net outflow of 40.2524 million [3] - Zhongyi Technology (Code: 301208) with a main fund net inflow of 14.2096 million and a retail net outflow of 8.0135 million [3]

Group 1 - The company, Zhongke Xingtou, announced its participation in the 2025 semi-annual performance briefing for the software industry organized by the Shanghai Stock Exchange [2] - The event is scheduled for September 11, 2025, from 15:00 to 17:00 [2]

证券代码：688568 证券简称：中科星图 公告编号：2025-063 重要内容提示： 投资者可于2025年9月4日（星期四）至9月10日（星期三）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investor@geovis.com.cn 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。 中科星图股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日在上海 证券交易所网站（网址：www.sse.com.cn）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、财务状况，公司 计划于 2025 年 9 月 11 日（星期四）15:00-17:00 参加由上海证券交易所主办的 2025 年半年度科创板软件行业集体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2025 年半年度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点、方式 中科星图股份有限公司 关于参加 202 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 中科星图 (China Star Map) - **Industry**: Geographic Information, Commercial Aerospace, Low-altitude Economy Core Financial Performance - In the first half of 2025, China Star Map's net profit attributable to shareholders increased by 22.82% year-on-year, but the non-recurring net profit was negative due to high GT from Indian government units and increased R&D investment [2][1] - Revenue reached 1.34 billion yuan, representing a year-on-year growth of approximately 22% [2][1] - R&D investment grew by 38% year-on-year, indicating the company's confidence in future operations [2][1] Strategic Business Segmentation - The company implemented a "one body, two wings" strategy, with geographic information accounting for 80% of revenue, commercial aerospace at 14.34%, and low-altitude economy at 4.73% [1][5] - Low-altitude economy was included in the financial report for the first time, with strategic products launched on January 18 [5][6] R&D and Technological Advancements - R&D investment accounted for approximately 23% of revenue in the first half of 2025, leading to significant advancements in new products and technologies [3][4] - The company plans to release an upgraded version of its low-altitude product matrix in October 2025 [3][15] Future Development Strategy - Future strategic planning includes a focus on geographic information, commercial aerospace, and low-altitude economy, with an emphasis on higher growth rates and profit margins in emerging fields [5][30] - The company aims to achieve a balanced business distribution of one-third each in geographic information, low-altitude economy, and commercial aerospace by the end of the 14th Five-Year Plan [32][31] Industry Positioning and Competitive Edge - The company has restructured its revenue segmentation to better observe the development speed and contributions of each business segment [6][5] - China Star Map's low-altitude product matrix includes comprehensive solutions covering planning, safety assurance, and collaborative regulation, already cooperating with 140 cities [11][12] Challenges and Responses - The company faced a significant decline in gross margin due to large project impacts, with the gross margin dropping to just over 40% [27][28] - To address challenges post the 14th Five-Year Plan, the management is focused on aligning with national development strategies, particularly in commercial aerospace and low-altitude economy [28][29] Investment and Market Expansion - The company has made substantial investments in R&D, with a total of 310 million yuan in the first half of 2025, aimed at developing new products and enhancing existing technologies [7][9] - China Star Map is also expanding its market influence through strategic partnerships and product offerings in the low-altitude economy [12][11] Conclusion - China Star Map is positioned for growth in the geographic information, commercial aerospace, and low-altitude economy sectors, with a strong focus on R&D and strategic partnerships to enhance its competitive edge and market presence [30][31]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [64]. Core Insights - The low-altitude sector is currently in a position to rebound, supported by ongoing catalysts since the second half of the year and new directions in the Sino-US competition [4][33]. - The low-altitude economy index increased by 1.03% this week, outperforming the Shanghai Composite Index, which rose by 0.84% [3][16]. - The sector is awaiting significant catalysts, as it has been relatively stagnant since the beginning of the year, with the broader market reaching new highs [4][32]. - The establishment of a leadership group by the Civil Aviation Administration of China for general aviation and low-altitude economy indicates promising future policies [4][33]. - Infrastructure development and the application of drones in various sectors are key focuses for the low-altitude economy this year [5][33]. Summary by Sections Market Review and Weekly Insights - The low-altitude economy index rose by 1.03%, ranking 138 out of 330 sectors, indicating a better performance than the overall market [3][16]. - The top five gainers in the A-share and Hong Kong stock markets included Aerospace Hongtu (up 45.29%) and Changyuan Donggu (up 19.30%) [3][19]. - The sector is currently lacking major catalysts, with some companies experiencing significant stock price corrections due to average mid-term report performances [4][32]. Industry Dynamics - Recent developments include the opening of low-altitude flight demonstration projects in Guangzhou and the publication of an agricultural drone industry white paper [39][40]. - The government is actively promoting low-altitude economic projects, including the establishment of testing bases and the issuance of special bonds for infrastructure [40][41]. Investment Recommendations - Suggested focus areas include infrastructure companies such as Suzhou Planning and Lais Information, as well as drone-related companies like Henghe Precision and Tengya Precision [6][35]. - The report emphasizes the importance of infrastructure as a prerequisite for the low-altitude economy's emergence as a new industry [5][33].

Core Insights - The 2025 China International Big Data Industry Expo highlighted the low-altitude economy as a focal point, showcasing advancements in drone applications and smart collaboration between air and ground, emphasizing industry innovation centered around practical scenarios [1][2] - Data from the National Data Bureau indicates that the rapid expansion of drone applications and the acceleration of robotics industrialization have led to a growth rate exceeding 30% in low-altitude economy and robotics data production [1] - The low-altitude economy is becoming a crucial component of the digital economy, driven by the exponential growth of data as a new production factor, which facilitates digital upgrades across various sectors [1][2] Industry Analysis - The low-altitude economy presents significant market opportunities across various applications, including urban governance, logistics, and emergency response, with drones evolving from mere "flying cameras" to essential tools [2] - The implementation of a low-altitude "one map" management system by Zhongke Xingtai in Nanyang has improved drone inspection efficiency by 30% [2] - The increase in data volume is propelling the iteration and upgrade of core products such as low-altitude cloud platforms and intelligent scheduling algorithms, providing a solid foundation for market expansion [2] Future Outlook - The low-altitude economy is expected to undergo three phases: infrastructure construction and standard establishment, scenario piloting and ecosystem cultivation, and full commercialization and integrated development [3] - The integration of low-altitude economy with smart cities and the digital economy is anticipated to create a robust industrial ecosystem that spans multiple industries and regions [3] - The convergence of policy, technology, and market dynamics is encouraging more participants to enter the low-altitude economy, which is seen as a powerful new engine for growth and urban governance enhancement [3]

Core Viewpoint - The report provides a reasonable assurance conclusion regarding the non-recurring profit and loss statement of Zhongke Xingtou Co., Ltd. for the years 2022, 2023, 2024, and the first half of 2025, confirming that it has been prepared in accordance with the relevant regulations set by the China Securities Regulatory Commission [1][3]. Group 1: Management and Auditor Responsibilities - The management of Zhongke Xingtou is responsible for preparing the non-recurring profit and loss statement in accordance with the guidelines issued by the China Securities Regulatory Commission, ensuring its truthfulness, accuracy, and completeness [1][2]. - The auditor's responsibility is to provide a reasonable assurance conclusion based on the verification work performed on the non-recurring profit and loss statement [2]. Group 2: Verification Process - The verification was conducted following the standards for other assurance services, requiring adherence to professional ethics and the implementation of necessary procedures such as verification, inquiry, and sampling of accounting records [2]. Group 3: Conclusion and Usage - The conclusion states that the non-recurring profit and loss statement accurately reflects the financial situation of Zhongke Xingtou for the specified periods, in all material respects [3]. - The report is intended solely for the purpose of refinancing by Zhongke Xingtou and should not be used for any other purposes [3].

Meeting Overview - The third meeting of the Board of Directors of Zhongke Xingtou Co., Ltd. was held on August 17, 2025, via email, with all 11 directors present, ensuring compliance with relevant laws and regulations [1][2]. Financial Reporting - The Board approved the 2025 semi-annual report, confirming that it accurately reflects the company's financial status and operational results, with no false statements or omissions [1][2]. - The Board also approved the special report on the storage and actual use of raised funds for the first half of 2025, stating that it objectively reflects the situation without any misuse of funds [2][3]. Performance Evaluation - The Board reviewed and approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan for 2025, highlighting the company's commitment to good performance and investor returns [2][3]. Asset Impairment - The Board approved the proposal for asset impairment provisions, stating that the provisions comply with accounting standards and accurately reflect the company's financial condition [3][4]. Previous Fund Usage - The Board approved the report on the usage of previously raised funds, which was verified by an accounting firm, ensuring compliance with regulatory requirements [4][5].