Financial Performance - The net profit for 2024 is -1.673 billion CNY, a reduction in loss by 0.251 billion CNY compared to the previous year [3] - Total revenue for 2024 is 1.869 billion CNY, a year-on-year increase of 0.34% [5] - Revenue from blue army equipment and related products is 0.785 billion CNY, up 0.91% year-on-year [3] - Revenue from communication and control products is 0.478 billion CNY, showing a significant increase of 66.28% [3] - Revenue from space information application products is 5.82 million CNY, down 38.30% year-on-year [4] - Revenue from data security application products is 0.186 billion CNY, up 12.95% year-on-year [4] - Revenue from marine equipment and power equipment is 0.414 billion CNY, down 33.57% year-on-year [4] Cost and Expense Management - Sales expenses for 2024 are 0.140 billion CNY, a decrease of 14.59% year-on-year [4] - Management expenses are 0.419 billion CNY, an increase of 2.37% year-on-year [4] - Financial expenses are 13.19 million CNY, a significant increase of 224.44% year-on-year [4] - R&D expenses are 0.471 billion CNY, down 10.88% year-on-year [4] Cash Flow and Financial Ratios - Net cash flow from investment activities is 0.392 billion CNY, an increase of 615.85% year-on-year [4] - Net cash flow from financing activities is -0.334 billion CNY, a decrease of 293.57% year-on-year [4] - The asset-liability ratio at the end of 2024 is 46.81%, an increase of 8.04 percentage points from the previous year [4] - Accounts receivable at the end of 2024 amount to 2.196 billion CNY, and inventory is 2.159 billion CNY [5] R&D and Strategic Focus - R&D investment for 2024 is 26.40% of revenue, focusing on integrated environment verification systems and next-generation communication systems [2] - The company aims to enhance its core competitiveness and achieve high-quality rapid development by optimizing key industry structures [2] Future Outlook - The company is actively pursuing new business layouts to boost future performance, particularly in the commercial space sector [5] - The company plans to maintain its focus on core industries and leverage its strengths to expand both domestic and international markets [4]

Core Insights - The Sichuan Provincial Government has released the "Sichuan Commercial Aerospace High-Quality Development Action Plan (2025-2030)", aiming to establish a spatial layout led by the Chengdu metropolitan area and Liangshan Prefecture, targeting a commercial aerospace industry scale of over 50 billion yuan by 2025 and 100 billion yuan by 2030 [1][2] Group 1: Strategic Objectives - The plan emphasizes the construction of a collaborative industrial ecosystem to efficiently connect technology, capital, and market demand, featuring a "dual-core leadership and multi-regional collaboration" approach [2] - Liangshan Prefecture will leverage its launch resource advantages to develop a rapid manufacturing and launch capability, while Chengdu will focus on high-standard industrial zones to attract leading enterprises [2][3] Group 2: Development Initiatives - The action plan outlines measures to attract aerospace manufacturing and related enterprises, support in-situ manufacturing, and accelerate the development of industrial support zones to create a symbiotic industrial ecosystem [3] - It encourages both internal cultivation and external attraction of enterprises, promoting investment from large domestic companies and supporting small and medium-sized enterprises in the aerospace sector [3] Group 3: Regional Focus Areas - Different regions will focus on specific areas within the commercial aerospace industry: Chengdu will concentrate on rockets, satellites, and ground systems; Liangshan will focus on rocket satellites and commercial launches; Mianyang will target rocket and engine manufacturing; and other cities will specialize in various aerospace-related sectors [4]

Core Insights - The commercial space industry in China is experiencing significant technological breakthroughs and is entering a critical phase of validation and commercialization [1][2] - The market value of China's commercial space industry is projected to grow from 1 trillion yuan in 2020 to 2.3 trillion yuan by 2024, with a compound annual growth rate of 22.9% [2] - The industry is seeing a surge in financing activities, with 138 funding events in 2024, totaling 20.239 billion yuan, marking a historical high [3] Technological Development - The commercial satellite sector in China is advancing towards network formation, with the first batch of commercial satellite constellations entering the deployment phase [1] - Satellite manufacturing is shifting from traditional manual processes to modular design and automated testing, significantly enhancing production efficiency [1] - Companies like Deep Blue Aerospace are planning to achieve "recoverable + orbital" capabilities in the near future, with ongoing testing and launch plans [1] Financing Trends - The commercial space sector is witnessing a hot financing environment, with satellite applications, rocket manufacturing, and satellite manufacturing being the most popular areas for investment [3] - Notable funding events include Huanyu Aerospace's completion of a strategic financing round exceeding 100 million yuan and Deep Blue Aerospace's nearly 500 million yuan funding for the development of reusable rockets [4] Policy Support - The commercial space industry is characterized by high technology, high investment, high risk, and long cycles, necessitating patient capital support [5] - Local governments and state-owned funds are increasingly investing in commercial space enterprises, with initiatives like the Wuhan Industrial Development Fund focusing on high-end equipment and emerging industries [5][6] - Beijing aims to become a hub for commercial space innovation, with plans to cultivate over 500 high-tech companies and achieve breakthroughs in reusable rocket technology by 2028 [6] Regional Development - Various regions in China are tailoring their commercial space development strategies based on local advantages, such as Shanghai's focus on commercial rocket and satellite parks [6] - Hainan Province is promoting innovation in the space sector through the implementation of a technology innovation voucher system to facilitate cross-regional resource flow [7]

证券代码：000547 证券简称：航天发展 公告编号：2025-023 航天工业发展股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要提示：本次股东大会召开期间没有增加、否决或变更提案。 一、会议召开和出席情况 1、航天工业发展股份有限公司（以下简称"公司"）2024 年度股东大会采 用现场投票与网络投票(含深圳证券交易所交易系统、互联网投票系统两种方式) 相结合的方式召开。通过深圳证券交易所交易系统进行网络投票的时间：2025 年 5 月 9 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统进行网络 投票的时间：2025 年 5 月 9 日 9:15-15:00 期间的任意时间。本次大会现场会议于 2025 年 5 月 9 日 14:30 召开，公司董事长胡庆荣先生主持，现场会议地点为北京 市丰台区南四环西路 188 号十七区 5 号楼。会议的召集和召开符合《公司法》《深 圳证券交易所股票上市规则》及《公司章程》的有关规定。 2、参与本次股东大会的股东及股东授权委托代 ...

北京市中伦律师事务所 关于航天工业发展股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年五月 北京市中伦律师事务所 关于航天工业发展股份有限公司 2024 年度股东大会的 法律意见书 致：航天工业发展股份有限公司（以下简称"公司"） 北京市中伦律师事务所（以下简称"本所"）接受公司的委托，指派律师出 席并见证公司2024年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《航天工业发展股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人 员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程 ...

一、活动类型 公司已于 2025 年 4 月 19 日披露了《2024 年年度报告》、2025 年 4 月 30 日披露了《2025 年第一季度报告》。为进一步加强与投资者的互动交流，使广 大投资者能更深入全面地了解公司经营情况、公司治理、财务状况、可持续发 展等相关情况，公司将召开 2024 年度及 2025 年第一季度业绩说明会，并将同 时参加由福建证监局指导，福建省上市公司协会与深圳市全景网络有限公司联 合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"，与投资者 积极互动，回应关切问题。 证券代码：000547 证券简称：航天发展 公告编号：2025-022 航天工业发展股份有限公司 关于举办 2024 年度及 2025 年第一季度业绩说明会 暨参加投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 航天工业发展股份有限公司（以下简称"公司"）将举办 2024 年度及 2025 年第一季度业绩说明会暨参加投资者网上集体接待日活动，具体情况如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （ ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥289,733,260.96, a decrease of 33.09% compared to ¥433,050,400.17 in the same period last year[5] - The net profit attributable to shareholders was -¥181,054,865.30, reflecting a decline of 3.34% from -¥175,204,535.79 year-on-year[5] - The company reported a total comprehensive loss of ¥216,522,842.19, compared to a loss of ¥190,595,462.21 in the previous period[18] - Net loss attributable to the parent company was ¥181,054,865.30, compared to a loss of ¥175,204,535.79 in the previous period, indicating a slight increase in losses[18] Cash Flow - The net cash flow from operating activities improved by 50.41%, amounting to -¥164,291,035.02, compared to -¥331,330,575.78 in the previous year[5] - Operating cash flow net amount was -¥164,291,035.02, an improvement from -¥331,330,575.78 in the previous period[20] - Cash and cash equivalents at the end of the period were ¥977,491,481.91, down from ¥1,042,780,533.37 at the end of the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,134,721,769.72, down 1.80% from ¥11,338,738,911.98 at the end of the previous year[5] - The company's current assets totaled CNY 6,757,628,499.80, down from CNY 6,840,098,552.43[14] - Total liabilities were reported at CNY 5,319,874,589.18, a slight increase from CNY 5,307,295,048.45[15] - The company's short-term borrowings rose to CNY 860,107,387.80 from CNY 680,508,374.75, reflecting an increase of approximately 26.5%[15] - The total equity of the company remained stable at CNY 5,814,847,180.54, unchanged from the previous period[15] Expenses - The company reported a significant increase in financial expenses by 623.48%, reaching ¥7,118,894.85, primarily due to rising interest costs and declining interest income[8] - The company's financial expenses included interest expenses of ¥15,275,985.77, an increase from ¥10,531,741.80 in the previous period[17] - Research and development expenses were ¥54,209,438.22, down from ¥76,935,815.17, reflecting a decrease of approximately 29.5% year-over-year[17] - The company experienced a 384.90% increase in other expenses, totaling ¥1,316,900.69, mainly due to increased penalties[8] Investments - The company's investment income improved by 31.68%, with a loss of -¥18,289,698.56 compared to -¥26,771,210.95 in the previous year[8] - The net cash flow from investing activities was -¥270,693,981.93, a decrease of 585.06% from -¥39,513,905.34 in the previous year[8] - The company reported a decrease in long-term equity investments to CNY 789,605,932.02 from CNY 808,012,670.58[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 153,288[10] - The company’s total equity attributable to shareholders decreased to ¥5,007,825,570.83 from ¥5,188,954,276.93[16] Accounting and Reporting - The first quarter report is unaudited[21] - The new accounting standards will be implemented starting in 2025[21] - The financial statement adjustments related to the first year of implementation will be disclosed at the beginning of that year[21] - The board of directors of Aerospace Industrial Development Corporation issued the report on April 30, 2025[21]

太原卫星发射中心，搭载试验二十七号卫星01星—06星的 长征六号改运载火箭即将发射升空。 王增何摄（新华社发） 山东省青岛莱西市田间，运用北斗导航的植保无人机、长 臂喷雾机在对小麦进行管护。 张进刚摄（人民视觉） 长征系列运载火箭发射570次 今年4月19日，我国在太原卫星发射中心使用长征六号改运载火箭，成功将试验二十七号卫星01星—06 星发射升空。此次任务是长征系列运载火箭的第570次飞行。长征系列运载火箭实现第一个100次发射用 时37年，第五个100次发射仅用时2年，刷新中国航天新纪录。 神舟十九号乘组航天员蔡旭哲在空间站组合体舱外工作的 画面。 新华社记者 李明刚摄 嫦娥六号着陆器全景相机拍摄的月球背面影像图。 国家航天局供图（新华社发） 安徽省黄山市祁门县，从太空遨游返回的祁门红茶茶籽萌 芽出土。 程启群摄（影像中国） 嫦娥六号带回月球背面样品1935.3克 2024年6月25日，嫦娥六号返回器回到地面，实现世界首次月球背面采样返回，成功带回1935.3克月球 背面样品。我国科学家通过对这些月球样品的分析研究，填补了人类多项认知空白。 中国航天员出舱活动时长新纪录9小时 神舟二十号是载人航天工程第 ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即创金合信先进装备股票A，持股增加占 比小幅上涨。本期较上一季度持股减少的公募基金共计1个，即国泰中证军工ETF，持股减少占比小幅 下跌。本期较上一季度新披露的公募基金共计48个，主要包括富国中证军工指数A、长信国防军工量化 混合A、广发中证军工ETF、嘉实中证高端装备细分50ETF、国泰中证A500ETF等。 2025年4月19日，航天发展(000547.SZ)发布2024年年度报告。截至2025年4月19日，共有57个机构投资 者披露持有航天发展A股股份，合计持股量达4.64亿股，占航天发展总股本的29.02%。其中，前十大机 构投资者包括中国航天系统工程有限公司、中国航天科工防御技术研究院(中国长峰机电技术研究设计 院)、南京江北新区产业投资集团有限公司、航天科工资产管理有限公司、香港中央结算有限公司、国 泰君安证券股份有限公司、南京晨光高科创业投资有限公司、中国建设银行股份有限公司-国泰中证军 工交易型开放式指数证券投资基金、富国中证军工指数A、长信国防军工量化混合A，前十大机构投资 者合计持股比例达27.62%。相较于上一季度，前十大机构持股比例 ...

证券代码：000547 证券简称：航天发展 公告编号：2025-012 航天工业发展股份有限公司 关于公司董事、总经理工作调整变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 航天工业发展股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 17 日收到公司董事、总经理梁东宇先生提交的因工作调整变动申请辞去公司董事、 董事会战略委员会委员、董事会提名委员会委员及总经理职务的书面报告。此后 梁东宇先生不再担任公司任何职务。 根据《公司法》《公司章程》等有关规定，梁东宇先生的本次工作调整变动 不会导致公司董事会成员低于法定最低人数，自书面报告送达公司董事会之日起 生效。截至本公告披露日，梁东宇先生未持有公司股份。 航天工业发展股份有限公司 董 事 会 2025 年 4 月 19 日 1 梁东宇先生在任职公司董事、董事会战略委员会委员、董事会提名委员会委 员及总经理期间勤勉尽责。公司董事会对梁东宇先生为公司发展所做出的贡献表 示衷心的感谢！ 特此公告。 ...