Core Insights - The comprehensive output value of the BeiDou satellite navigation and location services industry in the Beijing-Tianjin-Hebei region is projected to exceed 90 billion yuan by 2024, accounting for approximately 20.6% of the national total [1][3]. Industry Overview - The BeiDou satellite navigation and location services industry in the Beijing-Tianjin-Hebei region has shown an upward trend from 2019 to 2024, with a significant increase in output value [1][3]. - The region's output value surpassed that of the Pearl River Delta in 2020, making it the highest in the country [3]. Key Companies - The Beijing-Tianjin-Hebei region has nurtured several representative companies in the BeiDou navigation industry, including BeiDou Star, Four-Dimensional Map, Aerospace Hongtu, and Hezhong Shizhuang, with revenues exceeding 1.5 billion yuan [7]. - Notable companies and their projected revenue for 2024 include: - Four-Dimensional Map: 3.52 billion yuan - Aerospace Hongtu: 1.82 billion yuan - BeiDou Star: 1.5 billion yuan - Aerospace Zhizhuang: 1.33 billion yuan - Leike Defense: 1.24 billion yuan - Hezhong Shizhuang: 1.2 billion yuan [8]. Industry Cluster Development - The BeiDou industry in Beijing is centered around Zhongguancun, creating a multi-tiered functional area that includes business incubation, accelerated development, and corporate headquarters [9]. - Hebei and Tianjin have established industrial parks and bases, such as the BeiDou Satellite Big Data Industrial Park and Tianjin Binhai High-tech Zone BeiDou Industrial Base, contributing to the formation of an industrial cluster [9]. Policy Initiatives - The region has implemented various policies to promote the development of the BeiDou industry, including the "Beijing-Tianjin-Hebei Collaborative Promotion of BeiDou Navigation and Location Services Industry Development Action Plan (2017-2020)" and subsequent initiatives aimed at enhancing cross-regional applications in emerging fields [10][12]. - Specific policies from Beijing, Tianjin, and Hebei focus on integrating BeiDou with technologies like 5G, IoT, and geographic information systems to foster innovation and application [12].

Company Overview - Beijing Huzhong Technology Co., Ltd. is located in Daxing District, Beijing, and Zhengzhou Airport District, Henan Province, established on September 30, 1998, and listed on April 2, 2010 [1][2] - The company specializes in the research, production, and sales of satellite navigation products, providing space information services, with 100% of its main business revenue derived from satellite navigation system technology and equipment [1][2] Stock Performance - As of November 3, the stock price increased by 2.07%, reaching 9.39 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 1.65%, resulting in a total market capitalization of 6.952 billion CNY [1] - Year-to-date, the stock price has risen by 19.16%, with a 1.84% increase over the last five trading days, a 7.31% increase over the last 20 days, and a 2.19% decrease over the last 60 days [1] Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 971 million CNY, representing a year-on-year growth of 7.22%, and a net profit attributable to shareholders of 7.839 million CNY, reflecting a year-on-year increase of 112.30% [2] - The company has distributed a total of 138 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 19.70% to 65,200, while the average circulating shares per person increased by 24.53% to 11,356 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 16.152 million shares, an increase of 5.075 million shares compared to the previous period [2]

Core Insights - The company reported a total revenue of 971 million yuan for Q3 2025, an increase of 65.4 million yuan or 7.22% compared to the same period last year [1] - The net profit attributable to shareholders reached 7.84 million yuan, up by 71.57 million yuan year-on-year [1] - The net cash inflow from operating activities was 27.40 million yuan, an increase of 107 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio stands at 42.40% [3] - The gross profit margin is 42.27%, which is an increase of 0.75 percentage points from the previous quarter and 2.59 percentage points from the same period last year, marking two consecutive years of growth [3] - The return on equity (ROE) is 0.46%, an increase of 3.95 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.01 yuan, an increase of 0.10 yuan compared to the same period last year [3] - The total asset turnover ratio is 0.32 times, up by 0.06 times or 22.42% year-on-year [3] - The inventory turnover ratio is 1.44 times, an increase of 0.13 times or 9.52% compared to the same period last year [3] Shareholder Information - The number of shareholders is 65,200, with the top ten shareholders holding a total of 354 million shares, accounting for 47.85% of the total share capital [3] - The largest shareholder is Guo Xinping with a holding of 22.2 million shares [3] - Other notable shareholders include Zhengzhou Airport District Xinghui Electronic Technology Co., Ltd. with 20.1 million shares and Hong Kong Central Clearing Limited with 2.18 million shares [3]

证券代码：002383 证券简称：合众思壮 公告编号：2025-046 北京合众思壮科技股份有限公司 第六届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 本次会议到会董事经过审议，以记名投票表决方式进行表决，最终通过了如 下决议： （一）《公司 2025 年第三季度报告》 表决结果：同意 7 票、反对 0 票、弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 具体内容详见同日刊登在《证券时报》《中国证券报》和巨潮资讯网的《2025 年第三季度报告》。 三、备查文件 1.第六届董事会第十四次会议决议； 2.第六届董事会审计委员会第九次会议决议。 北京合众思壮科技股份有限公司（以下简称"公司"）第六届董事会第十四 次会议于 2025 年 10 月 24 日在郑州市航空港区兴港大厦公司会议室以现场方式 召开。会议通知于 2025 年 10 月 21 日以电话、电子邮件的方式发出，会议应出 席董事 7 人，实际出席董事 7 人。会议由董事长王刚先生召集并主持，会议召开 符合有关法律、行政法规、部门规章及《 ...

第六届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、监事会会议的召开情况 北京合众思壮科技股份有限公司（以下简称"公司"）第六届监事会第十次 会议于 2025 年 10 月 24 日以现场方式召开。会议通知已于 2025 年 10 月 21 日以 电话、电子邮件的方式发出，会议应出席监事 3 名，实际出席监事 3 名。会议由 监事会主席陈文静女士主持，会议的召集、召开及表决程序符合法律、法规和《公 司章程》的有关规定。 二、监事会会议表决情况 会议以记名投票表决的方式通过了以下议案： （一）《公司2025年第三季度报告》 证券代码：002383 证券简称：合众思壮 公告编号：2025-047 北京合众思壮科技股份有限公司 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见同日刊登在《证券时报》《中国证券报》和巨潮资讯网的《2025 年第三季度报告》。 三、备查文件 1、第六届监事会第十次会议决议。 特此公告。 北京合众思壮科技股份有限公司 监事会 二〇二五年十月二十八日 监事会认为：董事会编制和审核的北京合众思 ...

Financial Performance - The company's revenue for Q3 2025 was ¥311,675,717.37, representing a decrease of 11.29% compared to the same period last year[5] - Net profit attributable to shareholders was ¥16,911,078.08, an increase of 382.87% year-on-year[5] - Basic and diluted earnings per share were both ¥0.0228, up 381.48% compared to the previous year[5] - Total revenue for the period reached ¥970,781,403.49, an increase of 7.2% compared to ¥905,383,145.36 in the previous period[17] - The net profit for the current period is CNY 2,141,642.03, a significant recovery from a net loss of CNY 70,452,269.78 in the previous period[18] - Operating profit increased to CNY 21,477,776.72 compared to a loss of CNY 58,410,477.91 in the prior year[18] - The company reported a total comprehensive income of CNY 24,542,812.93, compared to a loss of CNY 68,583,999.56 in the previous period[19] - Basic and diluted earnings per share improved to CNY 0.0106 from a loss of CNY 0.0861 in the prior year[19] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥27,396,312.42, reflecting a significant increase of 134.36%[5] - Cash and cash equivalents at the end of the period were ¥509,330,823.34, compared to ¥499,046,144.96 at the beginning of the period, showing a growth of 2.6%[13] - The cash flow from operating activities showed a net inflow of CNY 27,396,312.42, a recovery from a net outflow of CNY 79,743,126.04 last year[21] - Cash and cash equivalents at the end of the period increased to CNY 449,698,757.27 from CNY 300,582,053.84[21] - The financing activities resulted in a net cash outflow of CNY 37,660,417.38, an improvement from a net outflow of CNY 598,679,521.52 last year[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,013,080,892.70, a slight increase of 0.03% from the end of the previous year[5] - Total assets amounted to ¥3,013,080,892.70, slightly up from ¥3,012,244,190.94, indicating a marginal increase[15] - Total liabilities decreased to ¥1,277,606,498.77 from ¥1,317,784,744.62, a reduction of 3.0%[15] - Shareholders' equity totaled ¥1,735,474,393.93, compared to ¥1,694,459,446.32, reflecting an increase of 2.4%[15] - Long-term borrowings increased to ¥177,000,000.00 from ¥152,500,000.00, an increase of 16.0%[15] Operational Metrics - Total operating costs decreased to ¥981,068,649.47 from ¥990,233,469.92, reflecting a reduction of 0.1%[17] - Operating costs specifically amounted to ¥560,445,417.46, up from ¥546,133,315.20, indicating an increase of 2.6%[17] - Accounts receivable decreased to ¥924,812,747.84 from ¥964,284,048.60, a decline of 4.1%[14] - Inventory increased to ¥414,769,297.42 from ¥362,489,124.65, representing a rise of 14.4%[14] Investment and Development - The company reported a significant increase in development expenditures, rising by ¥45,544,900, or 85.50%, due to increased R&D investments[9] - Research and development expenses decreased to CNY 58,266,459.42 from CNY 80,773,309.68, indicating a focus on cost management[18] - The company recorded a substantial increase in asset disposal gains of ¥14,745,400, or 75121.06%, primarily from the disposal of a non-patented technology[9] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 65,195[11] - The largest shareholder, Guo Xinping, holds 22.21% of the shares, with a total of 164,448,258 shares, which are currently frozen[11]

Core Viewpoint - The space-time big data sector is leading the market with a rise of 2.92% [1] Company Performance - China Satellite has increased by 9.08% [1] - Aerospace Micro has risen by 4.19% [1] - Aerospace Hongtu has grown by 3.57% [1] - Dahua Technology and Hezhong Shizhuang have both seen increases of over 2% [1]

Market Overview - The shared economy sector increased by 0.46% on October 21, with Haikong Group leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers in Shared Economy Sector - Haikong Group (603069) closed at 28.66, up 7.22% with a trading volume of 471,000 shares and a turnover of 1.337 billion yuan [1] - Shilianhang (002285) closed at 2.38, up 3.93% with a trading volume of 593,800 shares and a turnover of 139 million yuan [1] - Xinlong Health (002105) closed at 6.93, up 2.97% with a trading volume of 81,000 shares and a turnover of 55.435 million yuan [1] Fund Flow Analysis - The shared economy sector experienced a net outflow of 427 million yuan from institutional investors, while retail investors saw a net inflow of 316 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2][3] Individual Stock Fund Flow - SAIC Group (600104) had a net inflow of 17.3522 million yuan from institutional investors, while it faced a net outflow of 18.0513 million yuan from speculative funds [3] - Zhongbei Communication (603220) saw a net inflow of 17.2214 million yuan from institutional investors, with a net outflow of 5.2555 million yuan from speculative funds [3] - Jieshun Technology (002609) recorded a net inflow of 11.84 million yuan from institutional investors, while speculative funds had a net outflow of 5.9588 million yuan [3]

Core Viewpoint - The company, Hezhong Shizhuang, experienced a decline in stock price and trading volume on October 16, with a net financing outflow, indicating potential investor caution and low trading activity [1]. Financing Summary - On October 16, Hezhong Shizhuang had a financing buy-in amount of 5.77 million yuan and a financing repayment of 8.48 million yuan, resulting in a net financing outflow of 2.70 million yuan [1]. - The total financing and securities balance as of October 16 was 181 million yuan, which represents 2.77% of the circulating market value, indicating a low financing balance compared to the past year [1]. Securities Lending Summary - On October 16, there were no shares repaid or sold in the securities lending market, with a total lending balance of 0.00 yuan, suggesting a high level of inactivity in this area [1]. - The securities lending balance is at a high level, exceeding the 90th percentile of the past year, indicating a potential lack of short-selling activity [1]. Company Overview - Hezhong Shizhuang Technology Co., Ltd. was established on September 30, 1998, and listed on April 2, 2010. The company specializes in the research, production, and sales of satellite navigation products, as well as providing space information services [1]. - The company's main business revenue is entirely derived from satellite navigation system technology and equipment [1]. Financial Performance - As of June 30, the number of shareholders increased to 81,200, a rise of 31.77%, while the average circulating shares per person decreased by 24.11% to 9,119 shares [2]. - For the first half of 2025, Hezhong Shizhuang reported a revenue of 659 million yuan, reflecting a year-on-year growth of 18.97%, but recorded a net profit loss of 9.07 million yuan, although this was an improvement of 84.29% compared to the previous year [2]. - The company has cumulatively distributed 138 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 11.08 million shares, an increase of 5.26 million shares from the previous period [2].

Core Viewpoint - The Beidou Satellite Navigation System has achieved significant development in China, transitioning from non-existence to a robust presence in various sectors, with a projected application scale of 3,743 billion yuan in 2024 and 4,417.5 billion yuan in 2025 [1][4]. Industry Definition and Application - Beidou Navigation refers to the Beidou Satellite Navigation System, China's self-developed global satellite navigation system, which has been widely applied in transportation, agriculture, forestry, fisheries, disaster prevention, electricity, and finance [2][3]. Current Development Status - The demand for Beidou navigation has been steadily increasing, with applications in various fields, including high-precision positioning and automated navigation in agriculture [3][4]. Application Scale and Structure - In 2024, the Beidou navigation application scale is expected to reach 3,743 billion yuan, with related industries at 2,638.6 billion yuan and core industries at 1,104.4 billion yuan. By 2025, these figures are projected to grow to 4,417.5 billion yuan, 3,121.4 billion yuan, and 1,296.1 billion yuan, respectively [4][6]. Industry Chain - The Beidou navigation industry chain includes satellite design, manufacturing, launching, and operation, with upstream components being critical for self-control. Key suppliers include Beidou Xingtong, Guokewai, and Haige Communication [7][8]. Competitive Landscape - The Beidou navigation industry is characterized by low concentration, with many small and medium-sized enterprises participating. Major players include Beidou Xingtong, China Satellite, and Haige Communication, with market shares of 0.87%, 0.36%, and 0.33% respectively in 2024 [10][12]. Development Trends - The international competitiveness of Beidou products is improving, transitioning from trade in surveying products to providing comprehensive solutions. New applications in smart transportation and urban management are emerging, driven by the digital economy [16][17][18].