证券代码：002465 证券简称：海格通信 公告编号： 2025-022 号 广州海格通信集团股份有限公司 2024 年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的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开情况 广州海格通信集团股份有限公司（以下简称"公司"或"上市公司"）于 2025 年 3 月 29 日在《中国证券报》《证券时报》《证券日报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）披露了《关于召开 2024 年年度股东大会的通知》（公告编 号：2025-018 号）。 （一）会议召开时间 1、现场会议时间：2025 年 4 月 25 日（星期五）下午 14:30 2、网络投票时间：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 4 月 25 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为：2025 年 4 月 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-024 号 广州海格通信集团股份有限公司 第六届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广州海格通信集团股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日以 书面通知、电话、电子邮件等方式向公司全体监事发出召开第六届监事会第十六 次会议的通知，会议于 2025 年 4 月 25 日在广州市高新技术产业开发区科学城海 云路 88 号海格通信产业园模拟器三楼会议中心以现场与通讯结合方式召开。公司 3 名监事均出席会议并参与表决，会议由监事会主席张晓莉女士主持。本次会议的 召开符合《公司法》《公司章程》以及有关法律、法规的规定。 与会监事经认真审议，对以下事项进行了表决，形成监事会决议如下： 详见公司于 2025 年 4 月 26 日披露在《中国证券报》《证券时报》《证券日报》 《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《2025 年第一季度报告》。 一、审议通过了《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-023 号 广州海格通信集团股份有限公司 第六届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广州海格通信集团股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日 以书面通知、电话、电子邮件等方式向公司全体董事及其他列席人员发出召开第 六届董事会第二十七次会议的通知，会议于 2025 年 4 月 25 日在广州市高新技术 产业开发区科学城海云路 88 号海格通信产业园模拟器三楼会议中心以现场与通 讯结合方式召开。公司 9 名董事均出席会议并参与表决，公司监事和高级管理人 员列席了会议，会议由余青松董事长主持。本次会议的召开符合《公司法》《公 司章程》以及有关法律、法规的规定。 与会董事经认真审议，对以下事项进行了表决，形成董事会决议如下： 一、 审议通过了《2025 年第一季度报告》 表决结果：赞成票 9 票，弃权票 0 票，反对票 0 票。 详见公司于 2025 年 4 月 26 日披露在《中国证券报》《证券时报》《证券日报》 《上海证券报》和巨潮资 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-026 号 广州海格通信集团股份有限公司 回购报告书 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、误导性陈述或重大遗漏。 重要内容提示： 1. 回购方案基本情况： （1）回购股份的种类：广州海格通信集团股份有限公司（以下简称"公司"） 已发行的人民币普通股（A 股）股票。 （2）回购股份的用途：员工持股计划或者股权激励。公司如未能在股份回 购完成之后 36 个月内实施上述用途，未使用部分股份将履行相关程序予以注销。 （3）用于回购的资金总额：不低于人民币 20,000 万元（含），不超过人 民币 40,000 万元（含）。 （4）回购股份的价格：不超过 17.60 元/股（含），未超过董事会审议通过 本次回购股份决议前三十个交易日公司股票交易均价的 150%。如公司在回购股 份期间发生派发现金红利、送红股、资本公积转增股本、配股等除权除息事项的， 自股价除权除息之日起，按照中国证监会和深圳证券交易所的相关规定相应调整 回购股份价格上限。 （5）回购股份的数量：按照本次回购金额上限不超过人民币 40,000 万元， 回 ...

北京市天元（广州）律师事务所 关于广州海格通信集团股份有限公司 2024 年年度股东大会之 法律意见 二零二五年四月 地址：广东省广州市天河区珠江新城珠江东路 6 号周大福金融中心 33 层 邮编（P.C）：510623 电话（Tel）：020-88835385 传真（Fax）：020-88835385 北京市天元（广州）律师事务所 关于广州海格通信集团股份有限公司 （一）本次股东大会的召集 2024 年年度股东大会之法律意见 穗天股字（2025）第003号 致：广州海格通信集团股份有限公司 广州海格通信集团股份有限公司（以下简称"公司"或"海格通信"）2024 年年度股东大会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的 方式，现场会议于 2025 年 4 月 25 日 14 时 30 分在广东省广州市高新技术产业开 发区科学城海云路 88 号海格通信产业园模拟器三楼会议中心召开。北京市天元 （广州）律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次 股东大会现场会议，并根据《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》" ）、 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,039,604,901.17, a decrease of 9.15% compared to ¥1,144,316,623.42 in the same period last year[5] - Net profit attributable to shareholders was ¥45,588,807.49, representing an increase of 7.25% from ¥42,507,168.71 year-on-year[5] - The company reported a 79.47% decrease in investment income, with a loss of -¥4,702,145.30, mainly due to differences in the maturity of wealth management products[10] - Net profit for the current period is ¥45,996,217.70, a decrease of 13.45% compared to ¥52,872,849.10 in the previous period[20] - The company reported a profit before tax of ¥36,999,381.48, down 44.38% from ¥66,468,036.25 in the previous period[20] Cash Flow and Liquidity - The net cash flow from operating activities improved by 24.91%, amounting to -¥392,446,746.70 compared to -¥522,653,140.41 in the previous year[5] - Operating cash inflow for the period was CNY 1,133,317,142.69, a decrease of 8.7% from CNY 1,241,405,290.50 in the previous period[21] - Net cash outflow from operating activities was CNY -392,446,746.70, improving from CNY -522,653,140.41 in the previous period[21] - Financing cash inflow was CNY 1,020,462,860.72, compared to CNY 1,249,315,656.47 in the previous period, a decrease of 18.3%[22] - Net cash outflow from financing activities was CNY -221,624,577.25, a significant decline from a net inflow of CNY 488,285,064.64 in the previous period[22] Assets and Liabilities - Total assets decreased by 2.50% to ¥20,017,258,884.62 from ¥20,529,820,331.22 at the end of the previous year[5] - Total current assets at the end of the reporting period amount to RMB 13,201,175,145.13, a decrease from RMB 13,838,690,812.44 at the beginning of the period[17] - Total liabilities decreased to ¥6,835,323,191.12 from ¥7,393,851,981.29, reflecting a reduction of 7.56%[18] - Total equity increased slightly to ¥13,181,935,693.50 from ¥13,135,968,349.93, representing a growth of 0.35%[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 102,351[13] - The largest shareholder, Guangzhou Digital Technology Group Co., Ltd., holds 25.31% of shares, totaling 628,149,283 shares[13] Strategic Initiatives - The company plans to repurchase shares with a total fund of no less than RMB 200 million and no more than RMB 400 million for employee stock ownership plans[14] - The company approved the use of up to RMB 2.5 billion of idle funds for cash management[15] - The company intends to apply for a credit limit of up to RMB 5.5 billion from banks for the year 2025[15] Cost Management - The company is focusing on cost control and efficiency improvements in response to the decline in revenue and profit margins[19] - Total operating costs for the current period are ¥1,032,214,402.83, down 6.96% from ¥1,109,607,412.55 in the previous period[19] - Research and development expenses for the current period are ¥185,927,440.73, a decrease of 18.43% from ¥228,206,840.17 in the previous period[19]

海格通信：一季度净利润4558.88万元 同比增长7.25% 智通财经4月25日电，海格通信(002465.SZ)发布2025年第一季度报告，实现营业收入10.4亿元，同比下 降9.15%；归属于上市公司股东的净利润4558.88万元，同比增长7.25%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Views - The company is expected to experience a bottom reversal in its main business by 2025, with significant recovery compared to 2024. The focus on product upgrades in Beidou equipment and radio products is anticipated to drive growth. Additionally, deepening cooperation with China Mobile is expected to enhance the company's product offerings in the fields of Beidou and satellite internet, leading to an increase in the proportion of civilian products, which will become a key growth driver [3][10]. Summary by Sections Stock Price Review - The company, listed as the first "military industry overall IPO" in 2010, has seen its stock price fluctuate upwards, particularly after the release of Beidou II equipment and various acquisitions. However, from 2016 to 2022, the stock price was closely tied to military procurement demand due to a low proportion of civilian products. In 2023, the correlation with military demand decreased as market expectations for an increase in civilian product proportion rose. By 2025, the civilian business is expected to enter a performance release phase, marking a shift from a cyclical to a growth-oriented company [6][10]. Beidou & Satellite Internet - The integration of Beidou and low-orbit satellites is projected to become a primary means of satellite communication in the consumer market. The company has established a full industry chain layout in this area and formed strategic cooperation with China Mobile, which is expected to lead to complementary advantages in technology, market channels, and customer resources. The company is focusing on four major industrial parks to enhance its capabilities in basic components, terminals, and system software [7][40]. Military AI - The report highlights the importance of unmanned equipment in future warfare, emphasizing the company's strategic expansion into this area. The company is leveraging its strengths in communication, navigation, and perception algorithms to develop a comprehensive range of unmanned application platforms. The "Jiutian" drone, recently showcased, has garnered significant attention and potential orders from various enterprises [8][81]. Performance Recovery - The company is expected to face pressure in 2024, but demand is projected to recover in 2025. The Beidou business is anticipated to see high growth starting in 2023, with 2025 expected to be a peak year for growth. The civilian product direction is being constructed around satellite applications, with significant market share in the TianTong RF chip market, which is expected to penetrate mainstream domestic smartphone brands [9][84]. Profit Forecast and Investment Suggestions - The company is projected to achieve a net profit of 600 million, 1.053 billion, and 1.302 billion yuan from 2025 to 2027, representing year-on-year growth of 1030%, 75%, and 24%, respectively. The corresponding price-to-earnings ratios are expected to be 44x, 25x, and 20x, leading to a strong recommendation to buy [10].

股价复盘：军民共进 ，从周期走向成长公司2010 年作为首支"军工整体IPO"股票上市，后伴随北二装备 放量，兼并收购等催化，股价整体呈波动上升状态，2015 年牛市终结后股价大幅回落。因民品占比较 低，公司股价在2016-2022 年间与军方采购需求关联度较高，整体呈现出较强的周期属性。2023 年后， 受中移动入股、布局卫星互联网等多重因素影响，公司股价变化与军方需求波动的关联度有所降低，主 要系市场对其未来业务结构中民品占比预期上升。展望2025 年，公司民品业务有望迈入业绩释放阶 段，为公司开辟全新增长极，实现军民共进，公司属性或于2025 年由周期迈向成长。 北斗&卫星互联网：全链条布局，绑定运营商 展望未来，北斗、低轨卫星相结合有望成为消费市场的主要卫星通信手段。公司在上述领域全产业链布 局，并通过股权与董事席位与中国移动形成战略协同，二者未来或将在技术能力、市场渠道、客户资源 等方面实现协同互补，以5G+北斗技术赋能各行业智能化升级。海格通信当前已布局四大产业园区，在 基础器件、终端、系统软件等方面重点布局，打造技术护城河。 军工AI：重塑国防智能化，未来战争决胜密码 基于俄乌战争及近年冲突的实 ...

Industry Overview - The Beidou receiver is a crucial component of the Beidou satellite navigation system, serving as a bridge between satellites and users, directly impacting service quality and user experience [1][17] - The global service capability of the Beidou system has been continuously enhanced, providing broader application space and higher performance requirements for Beidou receivers [1][17] - The Chinese Beidou receiver industry is experiencing rapid development opportunities, with market potential gradually being released, projected to reach approximately 30.06 billion yuan in 2024 [1][17] Market Size and Segmentation - The market size for Beidou receivers in China is estimated to be around 30.06 billion yuan in 2024, with high-precision receivers accounting for about 10 billion yuan and low-precision receivers for approximately 20.06 billion yuan [1][17] - The industry is driven by both policy support and market demand, focusing on high performance, low power consumption, and multi-scenario integration [1][17] Industry Development History - The development of the Beidou receiver industry is closely linked to the construction of the Beidou satellite navigation system, which began in the 1990s [5] - The industry has evolved from initial military applications to a broader range of civil applications, including transportation, surveying, and public safety [5] - Recent years have seen significant achievements in technological innovation, market expansion, and the improvement of the industrial chain, enhancing international competitiveness [5] Key Companies in the Industry - Major companies in the Beidou receiver industry include: - **Haige Communication**: Holds over 30% market share in military high-precision receivers [18][20] - **Zhenxin Technology**: Maintains a leading position in the satellite-based augmentation system (SBAS) receiver market [18][20] - **Beidou Xingtong**: Focuses on a comprehensive product range and is accelerating the development of integrated cloud-core business models [18][20] - **HuaCe Navigation**: Specializes in high-precision surveying and geographic information solutions [18][20] Technological Advancements - The Beidou receiver industry is moving towards higher positioning accuracy, with potential breakthroughs expected through the integration of satellite and ground-based augmentation systems [26] - Future receivers will evolve from single-function devices to integrated smart terminals, incorporating 5G communication and environmental sensing capabilities [27] - The application of third-generation semiconductor materials is anticipated to significantly reduce the size and power consumption of receivers, facilitating their use in consumer-grade wearable devices and IoT terminals [28]