*ST铖昌（001270.SZ）9月23日在投资者互动平台表示，不存在上述影响，公司产业链上游主要为砷化 镓、氮化镓及硅基晶圆厂。公司通过提升研发效率、降低研发成本、提高预研成功率与产品转化率，并 加大研发测试设备投入、推进自动化测试及优化工艺流程，实现降本增效。2025年上半年，产品产销高 增，叠加自动化升级与产能扩大形成的规模效应，公司产品成本竞争力进一步增强。 每经AI快讯，有投资者在投资者互动平台提问：请问刚果（金）钴矿出口禁令，对公司产品原材料供 应和成本是否有影响？如有影响，公司有采取哪些应对措施？公司是否向下游客户传导成本的能力？ （文章来源：每日经济新闻） ...

Core Viewpoint - The progress of satellite internet networking in China has significantly accelerated, particularly in low Earth orbit satellite deployment, which is expected to create new revenue growth opportunities for companies in the sector [1] Company Summary - *ST Chengchang (001270) is actively iterating its satellite communication T/R chip solutions in response to increasing customer demand, indicating a faster development pace [1] - The company is positioned to benefit from the mass launch and application of satellites, which will contribute to its revenue growth [1] Industry Summary - The satellite manufacturing industry is anticipated to transition from traditional small-batch, customized production to large-scale manufacturing due to rising satellite demand [1] - This shift is expected to lead to an increase in both revenue and net profit growth rates within the industry [1]

Core Viewpoint - The company, *ST Chengchang (001270)*, is one of the few domestic enterprises capable of providing a complete solution for T/R chips, covering the entire solid-state microwave product chain from L-band to W-band [1] Group 1 - The company's products are currently in mass application across various fields, including spaceborne, ground, airborne phased array radar, and satellite communication [1]

Core Viewpoint - The company reported a significant revenue increase and a return to profitability in the first half of 2025, driven by strong demand recovery and effective operational strategies [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 201 million, representing a year-on-year growth of 180.16% [4]. - The net profit attributable to shareholders reached 56.63 million, marking a turnaround from previous losses [4]. - The gross margin and net margin for H1 2025 were 68.04% and 28.15%, respectively, reflecting increases of 13.35 percentage points and 61.96 percentage points year-on-year [5]. Group 2: Project Orders and Delivery - The company has seen a significant increase in project orders across various sectors, with a strong focus on satellite applications and ground-based projects [6]. - In the satellite sector, the company maintains a leading position and is expanding the number of satellite models for product applications, with several large-scale remote sensing constellation projects entering the mass delivery phase [6]. - The airborne sector has also experienced rapid revenue growth due to the large-scale delivery of previously awarded projects [6]. - The ground sector is expected to become a key growth driver, with ample projects in hand and steady implementation based on customer needs [6]. Group 3: Research and Development - The company increased its R&D expenditure to 52.81 million in H1 2025, a year-on-year increase of 45.01% [8]. - Continuous product iteration and innovation are being prioritized, with successful bids for new projects across multiple fields [8]. - As a representative private enterprise in T/R chip R&D and production, the company possesses dual advantages in technology and cost, positioning it to benefit from the substantial growth in downstream demand and product application penetration [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][14]. Core Insights - The company reported a significant revenue increase of 180.16% year-on-year, achieving 201 million yuan in revenue for the first half of 2025, and successfully turning a profit with a net profit of 56.63 million yuan [1][2]. - Strong demand recovery and effective project execution across multiple fields are expected to drive future growth, with notable improvements in gross and net profit margins [2][3]. - The company is focusing on R&D investments, with R&D expenses rising by 45.01% year-on-year to 52.81 million yuan in the first half of 2025, enhancing its competitive edge in technology and cost [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 68.04% and a net margin of 28.15%, reflecting increases of 13.35 percentage points and 61.96 percentage points, respectively [2]. - The company’s revenue projections for 2025 are set at 425 million yuan, with a forecasted net profit of 125 million yuan, leading to an EPS of 0.61 yuan [5][10]. Project Development - The company has seen a significant increase in project orders, particularly in satellite applications, with several projects entering mass delivery phases [2]. - In the low Earth orbit communication satellite sector, new products are being developed and prepared for mass delivery in 2025, aligning with customer demand [2][3]. R&D and Innovation - The company is actively participating in large project bids, which has led to the acquisition of new R&D tasks across various fields [3]. - The focus on product innovation and diversification is expected to enhance the company's market position and profitability [3]. Valuation Metrics - The current stock price of 43.16 yuan corresponds to a PE ratio of 71x for 2025, with projected PE ratios of 45x and 34x for 2026 and 2027, respectively [5][10].

Core Viewpoint - *ST Chengchang has gained significant investor attention following its impressive performance in the first half of 2025, with multiple well-known funds, brokerages, and private equity firms conducting research on the company [1] Financial Performance - In the first half of 2025, *ST Chengchang achieved an operating income of 201 million yuan, representing a substantial year-on-year increase of 180.16% [1] - The net profit attributable to shareholders reached 56.63 million yuan, marking a successful turnaround from losses and a significant growth [1] Business Growth Drivers - The company's performance growth is primarily attributed to the recovery in downstream market demand and the accelerated delivery of key projects across multiple core business segments [1] - There has been a continuous release of orders in satellite, airborne, and ground applications, with both the number of orders on hand and major projects showing year-on-year double growth [1] Product and Market Position - *ST Chengchang specializes in the research, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips, covering a wide range of high-performance products applicable in various fields [2] - The company has established a strong reputation and recognition in the industry, being one of the few that can provide complete and advanced T/R chip solutions and aerospace-grade chip development [2] Project and Order Status - In the satellite phased array sector, the company's T/R chip products have been widely applied in multiple satellite series, with ongoing projects entering continuous bulk delivery phases [3] - The company maintains a close collaborative relationship with downstream users in the low Earth orbit satellite field, continuously iterating satellite communication T/R chip solutions based on customer needs [3] - The company emphasizes its commitment to expanding operational scale and achieving high profitability levels throughout the year, driven by the significant growth in downstream demand and product application penetration [3]

Core Viewpoint - *ST Chengchang has gained significant investor attention following its impressive performance in the first half of 2025, with major funds and institutions conducting research on the company due to its strong financial results and positive operational changes [1] Financial Performance - In the first half of 2025, *ST Chengchang achieved operating revenue of 201 million yuan, a substantial increase of 180.16% year-on-year [1] - The company reported a net profit attributable to shareholders of 56.63 million yuan, marking a successful turnaround and significant growth [1] Business Operations - The growth in performance is primarily attributed to the recovery in downstream market demand and the accelerated delivery of key projects across multiple core business segments [1] - The company has seen a continuous release of orders in satellite, airborne, and ground applications, with both the number of orders on hand and major projects experiencing year-on-year growth [1] Product and Market Position - *ST Chengchang specializes in the research, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips, covering a wide range of high-performance products applicable in various fields [2] - The company has established a strong reputation and recognition in the industry, focusing on the independent control of T/R chip solutions and promoting their low-cost, large-scale application [2] Project Development - In the satellite phased array sector, the company's T/R chip products have been widely applied in multiple satellite series, with ongoing projects entering continuous batch delivery phases [3] - The company maintains close cooperation with downstream users in the low Earth orbit satellite field, continuously iterating on satellite communication T/R chip solutions based on customer needs [3] - *ST Chengchang emphasizes its commitment to expanding operational scale and achieving high profitability levels, driven by the significant growth in downstream demand and product application penetration [3]

证券代码：001270 证券简称：*ST铖昌 公告编号：2025-042 浙江铖昌科技股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会决议。 一、会议召开情况 （2）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年9月1 日上午9:15-9:25和9:30-11:30，下午13:00-15:00。通过深圳证券交易所互联网投票的 具体时间为：2025年9月1日9:15-15:00期间的任意时间。 2、现场会议召开地点：杭州市西湖区智强路428号云创镓谷研发中心3号楼会议 室。 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4、会议召集人：浙江铖昌科技股份有限公司董事会 5、会议主持人：董事长罗珊珊女士 6、会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》及《公司章程》等的有关规定。 二、会议出席情况 参加本次股东大会的股东及股东代理人共计 267 人，代表股份 ...

浙江省杭州市西湖区学院路 77 号 黄龙万科中心 A 座 16 楼 邮编：310012 电话：(86-571) 2689-8188 传真：(86-571) 2689-8199 北京君合（杭州）律师事务所 关于浙江铖昌科技股份有限公司 2025 年第一次临时股东大会之法律意见书 致: 浙江铖昌科技股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受浙江铖昌科技股份 有限公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监 督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）、《律师事务 所从事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》等中华人 民共和国（以下简称"中国"）现行有效的法律、行政法规、规章和规范性文件 （为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区和台湾地 区现行有效的法律、行政法规、规章和规范性文件）和现行有效的《浙江铖昌 科技股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师列席了 公司于 2025 年 9 月 1 日召开的 2025 年第一次临时股 ...

Summary of Key Points from Conference Call Records Company: Horizon Robotics - **Revenue Performance**: In H1 2025, Horizon Robotics reported revenue of 1.57 billion yuan, a year-on-year increase of 68%, exceeding the expected 1.43 billion yuan. Gross profit was 1.02 billion yuan, a 39% increase year-on-year, but slightly below the expected 1.04 billion yuan [1] - **Business Segmentation**: Revenue from automotive products and solutions reached 780 million yuan, up 250% year-on-year, with shipments of 1.98 million units, a 115% increase. Revenue from automotive licensing and services was 740 million yuan, a 6.9% increase year-on-year [1] - **Market Position**: Horizon Robotics is the first domestic company to achieve a shipment volume of over 10 million units in intelligent driving technology, holding market shares of 32.4% in autonomous driving computing solutions and 45.8% in ADAS front-view integrated machines, both ranking first in the market [1] - **Core Partner**: Zhongke Chuangda, which has a joint venture with Horizon Robotics, reported a non-net profit of 49 million yuan in Q2 2025, a 16-fold increase year-on-year, driven by a 136% increase in revenue from AloT business [1] Industry: Satellite Communication - **Government Initiatives**: On August 27, 2025, the Ministry of Industry and Information Technology released guidelines to promote the development of the satellite communication industry, aiming for over 10 million users of direct satellite connections by 2030 [2] - **Market Developments**: Domestic progress includes China Telecom's plan to promote over 30 direct connection models by May 2025, with annual sales expected to exceed 16 million units [2] - **Key Technologies**: Phased array and beamforming technologies are critical for the implementation of direct satellite communication [3] Industry: Medical and Pharmaceutical - **Policy Framework**: The Ministry of Commerce and Jiangsu Provincial Government issued a development plan for the biopharmaceutical industry on August 27, 2025, focusing on innovation in drugs and high-end medical devices [5] - **Market Size**: In 2024, Jiangsu is expected to approve 352 new drugs, including 13 innovative drugs, leading the nation. The biopharmaceutical cluster in Jiangsu is projected to generate revenue of 454.39 billion yuan in 2024, accounting for 15.3% of the national total [5] - **Core Companies**: Weisi Medical, specializing in non-invasive brain-machine interfaces, and Zhaoyan New Drug, which provides non-clinical research services, are highlighted as key players in the sector [5] Company: Dongtian Microelectronics - **Financial Performance**: In H1 2025, Dongtian Microelectronics reported revenue of 376 million yuan, a 42.29% increase year-on-year, with a non-net profit of approximately 49.78 million yuan, up 109.47% [6] - **Product Expansion**: The company is expanding its product offerings in optical communication and consumer electronics, including camera optical components supplied to Huawei [6] Company: Haosi Automotive Electronics - **Strategic Partnership**: Haosi Automotive Electronics has become a key partner of NVIDIA Jetson Thor, focusing on developing control systems for robotics [7] - **Market Trends**: The value of single-vehicle perception systems is increasing, with prices rising from below 1,000 yuan to 3,000-4,000 yuan per unit due to the proliferation of intelligent driving technologies [7] Company: Yunnan Energy Investment - **Renewable Energy Development**: Yunnan Rongyao New Energy is undergoing compliance checks for its integration into Yunnan Energy Investment, which will increase its renewable energy capacity by nearly 50% [8] - **Financial Projections**: Assuming an annual power generation of 1.2 billion kWh and an electricity price of 0.35 yuan per kWh, the projected annual revenue could reach approximately 420 million yuan, with net profits estimated between 150 million to 200 million yuan [8] Company: Zhongxin Group - **Revenue Growth**: In Q2 2025, Zhongxin Group reported revenue of 1.246 billion yuan, a 161% increase year-on-year, driven by land development and industrial investment [9] - **Operational Metrics**: The company has developed a total area of 3 million square meters in industrial parks, with an occupancy rate of 81% [9] Company: Broadcom Integration - **AI Chip Demand**: Broadcom Integration is benefiting from the growing demand for AI chips in smart terminals, with a focus on Wi-Fi MCU and various AI-integrated chips for applications in AI glasses and toys [10]