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 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-029 中科星图股份有限公司 第三届监事会第五次会议决议公告 本公司监事会及全体监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"）第三届监事会第五次会议于2025 年4月29日在星图大厦九层多功能会议室以现场结合通讯的方式召开，会议通知已 于2025年4月26日以邮件的形式送达全体监事。本次会议由监事会主席、职工代表 监事张克强先生召集并主持，应出席监事3人，实际出席监事3人。本次会议的召集、 召开程序均符合《中华人民共和国公司法》《中华人民共和国证券法》等相关法律 法规、规范性文件及《中科星图股份有限公司章程》（以下简称《公司章程》）的 规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 经审议，监事会认为：公司《2025 年第一季度报告》的编制和审议程序符合相 关法律法规及《公司章程》等内部规章制度的规定；公司《2025 年第一季度报告》 的内容与格式符合相关规定，公允地反映了公司 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-030 中科星图股份有限公司 关于 2025 年度向特定对象发行 A 股股票申请 获得上海证券交易所受理的公告 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、准确性和完整性依法承担法律责任。 中科星图股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日收到上海 证券交易所（以下简称"上交所"）出具的《关于受理中科星图股份有限公司科 创板上市公司发行证券申请的通知》（上证科审（再融资）〔2025〕45 号），上交 所依据相关规定对公司报送的科创板上市公司发行证券的募集说明书及相关申 请文件进行了核对，认为该项申请文件齐备，符合法定形式，决定予以受理并依 法进行审核。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。 公司将根据该事项的进展情况，严格按照上市公司向特定对象发行 A 股股 票相关法律法规的要求 ...