Core Viewpoint - Zhejiang Chengchang Technology Co., Ltd. has approved the list of reserved incentive objects for the 2024 restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][3]. Disclosure and Verification - The company publicly disclosed the list of reserved incentive objects on April 23, 2025, and the public notice period lasted from April 23 to May 6, 2025, allowing employees to provide feedback [1][2]. - The supervisory board verified the identity and qualifications of the incentive objects, including their employment contracts and positions within the company [2][3]. Supervisory Board's Opinion - The supervisory board confirmed that all individuals included in the reserved incentive object list meet the qualifications stipulated by the Company Law and Securities Law of the People's Republic of China [3][6]. - There are no disqualifying circumstances for the reserved incentive objects as outlined in the management regulations, ensuring their eligibility for the incentive plan [4][5]. - The basic information of the reserved incentive objects is accurate, with no falsehoods or significant omissions, and they comply with the conditions set forth in the incentive plan [6].

证券代码：001270 证券简称：*ST铖昌 公告编号：2025-026 浙江铖昌科技股份有限公司 监事会关于2024年限制性股票激励计划预留部分激励对象名单的 核查意见及公示情况说明 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 2025年4月21日，浙江铖昌科技股份有限公司（以下简称"公司"）召开第二届 董事会第十一次会议和第二届监事会第十次会议，审议通过了《关于向激励对象 授予预留部分限制性股票的议案》，根据《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等法律法规及规范性文件的相关规定，公司对预留部分激励对 象的姓名及职务在公司内部进行了公示。公司监事会结合公示情况对预留部分激 励对象名单进行了核查，相关公示情况及核查意见如下： 一、公示情况及核查方式 （一）对激励对象的公示情况 公 司 于 2025 年 4 月 23 日 在 公 司 指 定 信 息 披 露 媒 体 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《2024 年限制性股票激励计划预留授予激励对 象名单（授予日）》，并于 2025 年 4 月 ...

Group 1: Company Overview and Market Position - The company has established itself as a core supplier in the low Earth orbit satellite communication sector, collaborating with several leading research institutions and enterprises [3][4][42]. - The market for satellite internet is expected to exceed 100 billion yuan in 2025, with the company anticipating significant market share growth in this area [4][25]. - The company has a strong reputation in the RF chip sector, having undertaken multiple national key projects, which has led to a substantial accumulation of project and customer resources [2]. Group 2: Financial Performance and Projections - In Q1 2025, the company reported a revenue of 92 million yuan, indicating a strong growth trajectory and a return to profitability [56][58]. - The company expects to maintain a stable gross margin, with improvements anticipated due to increased production efficiency and cost optimization measures [11][56]. - The company is actively working to improve cash flow and reduce the collection period for accounts receivable, which currently stands at over 500 million yuan [27][29]. Group 3: Product Development and Innovation - The company has completed the iteration of its satellite communication T/R chip solutions and is preparing for mass delivery in 2025 [4][47]. - The company is focusing on enhancing its product offerings in the fields of airborne communication, next-generation navigation, and low-altitude economy applications [6][13]. - R&D expenses have increased by 54.13% year-on-year, reflecting the company's commitment to innovation and product development [34]. Group 4: Strategic Initiatives and Market Expansion - The company is expanding its customer base and market presence by deepening strategic partnerships and exploring new application scenarios [52]. - The company is actively communicating with investors to stabilize market confidence following its stock being placed under risk warning [5][45]. - The company plans to accelerate project implementation and production capacity to meet the growing demand in the industry [39][40].

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

证券代码：001270 证券简称：*ST铖昌 公告编号：2025-025 浙江铖昌科技股份有限公司 关于召开2024年度暨2025年第一季度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 浙江铖昌科技股份有限公司（以下简称"公司"）《2024 年年度报告》及《2025 年第一季度报告》已于 2025 年 4 月 23 日在巨潮资讯网（www.cninfo.com.cn）上 披露。为方便广大投资者更深入、全面地了解公司发展战略、经营成果和财务状 况等情况，公司将于 2025 年 5 月 6 日通过全景网举办 2024 年度暨 2025 年第一季 度业绩说明会，现将具体情况公告如下： 一、召开时间及方式 2、召开方式：本次业绩说明会将采用网络远程的方式举行，投资者可在上述 时间登陆全景网"投资者关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 （问题征集专题页面二维码） 特此公告。 二、出席人员 公司董事长罗珊珊女士；董事兼总经理王立平先生；董事、副总经理兼财务 总监张宏伟先生；副总经理兼董事会秘书赵小婷女士；独立董事夏 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][6]. Core Views - The company experienced a significant increase in performance in Q1 2025, entering mass delivery stages across multiple fields [1]. - The company achieved a revenue of 0.92 billion yuan in Q1 2025, a year-on-year increase of 365.26%, and a net profit of 0.30 billion yuan, up 300.06% year-on-year [6][7]. - The company faced challenges in 2024 due to project bidding delays and increased R&D expenses, resulting in a revenue of 2.12 billion yuan, down 26.38% year-on-year, and a net loss of 0.31 billion yuan, a decrease of 139.04% year-on-year [6][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2.12 billion yuan, with a net profit of -0.31 billion yuan [6][7]. - For Q1 2025, the company reported total revenue of 0.92 billion yuan, with a net profit of 0.30 billion yuan [6][7]. - The company expects significant revenue growth in the coming years, with projected net profits of 1.20 billion yuan in 2025, 1.59 billion yuan in 2026, and 1.93 billion yuan in 2027 [6][7]. Market Position and Strategy - The company is entering mass delivery phases in satellite, airborne, and ground sectors, with expected revenue growth driven by new orders and project recoveries [6]. - The company has made advancements in R&D, completing over 200 chip developments in 2024 and enhancing its product competitiveness [6]. - The company is positioned to benefit from favorable policies in the satellite communication industry, particularly in low-orbit satellite applications [6].

国信证券股份有限公司 国信证券股份有限公司（以下简称"国信证券"、"保荐人"）作为铖昌科技 首次公开发行股票并上市的保荐人，于上市之日起对公司进行持续督导工作，持 续督导期为 2022 年 6 月 6 日至 2024 年 12 月 31 日。截至目前，持续督导期已届 满，国信证券根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上 市规则》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》 《深圳证券交易所上市公司自律监管指引第 13 号—保荐业务》《深圳证券交易所 上市公司自律监管指引第 1 号—主板上市公司规范运作》等法规、规范性文件相 关要求，出具本保荐总结报告书。 关于浙江铖昌科技股份有限公司 一、保荐人及保荐代表人承诺 首次公开发行股票并上市持续督导保荐工作总结报告书 1、保荐工作总结报告书和证明文件及其相关资料的内容不存在虚假记载、 误导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担 法律责任。 经中国证券监督管理委员会〔2022〕946 号文核准，浙江铖昌科技股份有限 公司（以下简称"铖昌科技"、"公司"）向社会公开发行人民币普通股 2,795.35 ...

Core Viewpoint - The investment activities of private equity mogul Ge Weidong have garnered significant market attention, particularly his recent adjustments in stock holdings as revealed in the 2024 annual report and the 2025 Q1 report of listed companies [1]. Group 1: Ge Weidong's Stock Holdings - In Q1 2025, Ge Weidong initiated a new position in Su Da Wei Ge, acquiring 1.62 million shares valued at approximately 33 million yuan, making him the seventh-largest circulating shareholder [4][6]. - He maintained his holdings in Zhaoyi Innovation, with a market value of 2 billion yuan, and did not sell any shares of *ST Chengchang despite a decline in stock price [13][16]. - Ge Weidong also increased his stake in Zhongsheng High-Tech, raising his holdings to 2.36 million shares, valued at 41 million yuan [18][19]. Group 2: Financial Performance of Su Da Wei Ge - Su Da Wei Ge reported a revenue of 1.841 billion yuan for 2024, a year-on-year increase of 6.85%, but faced a net loss of 58.05 million yuan, marking a 27.06% decline [6]. - In Q1 2025, the company generated 453 million yuan in revenue, a decrease of 3.93%, while net profit was 17.34 million yuan, reflecting a 5.99% increase year-on-year [6]. Group 3: Other Notable Investments - Ge Weidong's portfolio includes new investments in China Satellite Communications, where he acquired 8.396 million shares valued at 171 million yuan, making him the ninth-largest circulating shareholder [8][9]. - He also increased his holdings in Zhenlei Technology, maintaining 412.19 million shares, which saw a price increase of 9.63% in Q1 2025 [10][12].

Financial Performance - In 2024, the company achieved operating revenue of 211.54 million yuan, a decrease of 26.38% year-on-year [2] - The net profit attributable to shareholders was 31.12 million yuan, down 139.04% compared to the previous year [2] - In Q1 2025, the company reported operating revenue of 92.01 million yuan, a significant increase of 365.26% year-on-year, and net profit of 29.82 million yuan, successfully turning a profit [3] Factors Affecting Performance - Revenue and profit decline in 2024 were influenced by industry fluctuations, project bidding delays, and extended approval cycles [3] - The company increased R&D investment, with R&D expenses reaching 87.86 million yuan in 2024, a year-on-year growth of 29.15% [3] - Credit impairment losses amounted to 49.58 million yuan, impacting operating profit [3] Market Position and Strategy - The company maintains a leading advantage in the satellite field, with multiple remote sensing satellite projects entering small-batch verification in 2024 and scaling up deliveries in 2025 [5] - The airborne sector is expected to continue its rapid revenue growth due to new demand orders from clients [6] - The ground sector is gradually recovering, with multiple projects being initiated as client demand resumes [6] R&D and Innovation - In 2024, the company completed over 200 chip R&D projects, focusing on multi-channel multi-beam architecture design technology [8] - The company has developed a matrix of power amplifier products covering different voltage and power levels, enhancing its competitive edge [8] Risk Management and Future Outlook - The company is actively working to lift the delisting risk warning by meeting specific profit and revenue thresholds in 2025 [7] - With the recovery of industry demand and a significant increase in orders, the company is optimistic about expanding its operational scale and improving profitability [7]