Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance is under pressure due to industry cyclical impacts, but new product expansions are expected to yield positive results [1][3] - The company is a leader in wireless communication and BeiDou navigation, benefiting from the long-term trend of defense informationization and actively expanding into satellite internet and low-altitude economy [3][9] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.229 billion yuan, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 2.5138 million yuan, down 98.72% year-on-year [1][9] - Revenue breakdown shows wireless communication revenue at 690 million yuan (down 5.73%), BeiDou navigation revenue at 280 million yuan (down 32.25%), aerospace revenue at 140 million yuan (down 11.04%), and smart ecology revenue at 1.082 billion yuan (down 13.15%) [9] - The company's R&D expense ratio reached a historical high of 20.05%, indicating a strong commitment to transformation [9] Earnings Forecast and Valuation - The revised net profit forecasts for 2025 and 2026 are 334 million yuan and 567 million yuan, respectively, with a new forecast for 2027 at 1.027 billion yuan [3][10] - Corresponding P/E ratios are projected at 104, 61, and 34 times for 2025, 2026, and 2027, respectively [3][10] Market Data - The closing price of the stock is 14.13 yuan, with a market capitalization of approximately 35.068 billion yuan [6][10] - The company has a price-to-book ratio of 2.81 [6] Competitive Advantages - The company is enhancing its core competitive advantages through continuous R&D in "BeiDou + 5G" integrated chips and has secured contracts in satellite internet and low-altitude economy sectors [9][10]

Overview of Business Performance - The company reported total revenue of 2.229 billion yuan for the first half of 2025, a year-on-year decrease of 13.97% [1] - The net profit attributable to shareholders was 2.5138 million yuan, down 98.72% year-on-year [1] - The non-recurring net profit was -36.3363 million yuan, a decline of 133.77% year-on-year [1] - In Q2, total revenue was 1.19 billion yuan, down 17.78% year-on-year [1] - Q2 net profit attributable to shareholders was -43.075 million yuan, a decrease of 128.09% year-on-year [1] - Q2 non-recurring net profit was -60.3048 million yuan, down 171.72% year-on-year [1] Key Financial Indicators Analysis - Total sales, management, and financial expenses amounted to 212 million yuan, accounting for 9.52% of revenue, an increase of 7.76% year-on-year [2] Cash Flow and Financial Position - The company experienced a significant decline in cash and cash equivalents, with a net decrease of 95.93% due to increased investments in financial products and debt repayments [5] - The company’s monetary funds decreased by 25.73% year-on-year to 2.541 billion yuan [5] - Accounts receivable increased by 1.76% year-on-year to 5.711 billion yuan, representing 10,747.5% of the latest annual net profit [5] Financial Condition Review - The gross profit margin was 27.36%, down 14.81% year-on-year [5] - The net profit margin was 0.3%, a decrease of 96.55% year-on-year [5] - Earnings per share were 0 yuan, down 98.73% year-on-year [5] - Interest-bearing liabilities increased by 57.49% year-on-year to 3.595 billion yuan [5] Development Review and Outlook - The company operates in four main business areas: wireless communication, Beidou navigation, aerospace, and digital ecology, with R&D investment accounting for 20.05% of revenue, totaling 447 million yuan [6] - The company has made significant progress in military applications of AI technology, satellite internet, and low-altitude economy, and has deepened collaboration with China Mobile to promote technology upgrades and application scenarios [6] Summary - The company’s mid-2025 report indicates a significant decline in performance, particularly in net profit and non-recurring net profit, necessitating a focus on cash flow management and accounts receivable to ensure future financial health [7]

Group 1 - The core viewpoint of the article highlights Haige Communication's innovative approach in the low-altitude business sector, focusing on the integration of manufacturing and service through a "R&D + manufacturing + service" model [1] - The company has developed the "Tian Teng" low-altitude flight management service platform, which combines generalization capabilities of large models with specialized techniques of small models to create a digital and intelligent low-altitude management and service system [1] - The "Tian Shu" drone intelligent operation platform integrates multi-model collaboration and full-process intelligent control capabilities, supporting various mainstream drone models and featuring AI task analysis and automatic report generation [1] Group 2 - The company aims to continuously innovate and promote the implementation of low-altitude economic application scenarios, as well as the construction of an integrated service guarantee system for air and ground [1] - The focus is on achieving "dense flying, flexible flying, safe flying, and open flying" in low-altitude operations [1] - The overall goal is to accelerate the generation of new productive forces through the integration of intelligent equipment, digital platforms, and scenario services [1]

证券日报网讯海格通信（002465）8月11日在互动平台回答投资者提问时表示，公司以开放的姿态开展 多层次合作，选择适合企业的发展路径，发挥各自领域的业务能力和资源优势共同发展，实现互利共 赢。公司紧跟智能化、无人化产业革命浪潮，瞄准智能感知、智能决策、信息共享、态势呈现等智能化 场景，构建人工智能技术底座，前瞻性战略布局无人系统与人形机器人等领域，主要产品包括空中无人 平台(无人机)、地面无人平台(无人车、机器人)、仿生平台、智能交互终端、有无人协同通信设备以及 核心部件等。公司聚焦用户的人工智能应用场景和核心需求，密切关注行业相关技术的发展，持续为用 户提供专业解决方案。敬请广大投资者谨慎决策，注意投资风险。 ...

Core Viewpoint - The company is focusing on innovative technologies and industry applications, particularly through the deployment of AI systems to enhance operational efficiency and drive sustainable development [1] Group 1: AI System Deployment - The company has privately deployed DeepSeek to build an efficient AI system for offline inference and service calls [1] - The AI system aims to facilitate diverse applications such as document data processing, text organization, and logical reasoning [1] Group 2: Business Innovation and Development - The company is exploring the integration of AI in operational management to promote continuous innovation and improve business efficiency [1] - The company is adopting an open approach to multi-level cooperation, selecting suitable development paths to leverage business capabilities and resource advantages for mutual benefit [1]

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (August 4-10, 2025) saw the Shanghai Composite Index rise by 2.11%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 0.74%. The telecommunications sector index increased by 1.30% during the same period [2][11]. - Among the sub-sectors, the highest increase was seen in telecommunications cables and supporting equipment, which rose by 4.43%, while telecommunications network equipment and devices had the lowest increase at 0.11% [2][14]. - Notable individual stock performances included a 49.15% increase for Rihai Intelligent, 33.62% for Beiwai Technology, and 31.01% for Chengtian Weiye, marking them as the top gainers in the telecommunications sector [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a positive trend with a 1.30% increase in the index for the week [11]. - The sub-sector of telecommunications cables and supporting equipment led the gains with a 4.43% increase, while telecommunications network equipment and devices lagged with only a 0.11% increase [14]. Key Developments - The release of GPT-5 is expected to enhance AI applications, with ChatGPT's monthly active users projected to reach 700 million, a fourfold increase from the previous year [3][21]. - The successful launch of the low-orbit satellite internet GW constellation's 07 group of satellites marks a significant advancement in satellite internet infrastructure [3][18][19]. - North American hyperscalers reported a quarterly capital expenditure exceeding 680 billion, indicating strong growth in AI and cloud services [18]. Company Announcements - Key announcements from the telecommunications sector for the week included the completion of a share acquisition by Zhuhai Guangku Technology and the release of mid-year reports by several companies, including China Mobile, which reported a revenue of 543.769 billion, a slight decrease of 0.54% year-on-year [25][27].

Core Viewpoint - The company is leveraging its strong technical foundation in wireless communication, Beidou navigation, unmanned systems, and spectrum management to provide advanced low-altitude economic solutions, integrating AI technology into its platforms and services [1] Group 1: Technology and Solutions - The company offers a range of low-altitude economic technologies and solutions, including the "TianTeng" low-altitude flight management service platform and the "TianShu" drone intelligent operation platform [1] - The "TianTeng" platform integrates large model generalization capabilities with specialized small model technologies to create a digital and intelligent low-altitude management service system [1] - The "TianShu" platform features multi-drone collaboration and full-process intelligent control capabilities, incorporating AI task analysis and automatic report generation functions [1] Group 2: Innovation and Development - The company emphasizes continuous independent innovation to promote the implementation of low-altitude economic application scenarios and the construction of an integrated service guarantee system for air, space, and ground [1] - The integration of AI technology aims to facilitate a new production capacity generation, enhancing the efficiency and safety of low-altitude operations [1]

Industry Overview - The satellite internet industry is entering a phase of large-scale network construction, with a noticeable acceleration in satellite launches and successful deployments into orbit [1][2] - The development of satellite internet is supported by technological innovations in manufacturing, the use of commercial launch sites, and advancements in reusable rocket technology, which lower launch costs and increase capacity [2] Company Involvement - Companies such as ZTE Corporation, Guangzhou Haige Communication Group, and Guangdong Tongyu Communication are actively participating in the satellite internet ecosystem [2] - Tongyu Communication expects its satellite communication business revenue to exceed 40 million yuan in 2024, driven by the national push for satellite internet network construction [2] - ZTE Corporation is focusing on satellite direct connection technology and has capabilities in planning and designing satellite communication systems, aiming to create a high-speed communication ecosystem [2] - Haige Communication is involved in the Tian Tong satellite communication system and has developed low-altitude communication network products for various applications, including drones and eVTOLs [2] Application and Impact - The acceleration of satellite internet construction is expected to enhance network coverage, increase data transmission speed and stability, and support various applications such as smart cities, autonomous vehicles, and telemedicine [3] - The development of satellite internet will significantly benefit education and healthcare services in remote areas [3]

Core Insights - Company reported a total operating revenue of 2.229 billion yuan, a decrease of 362 million yuan compared to the same period last year, representing a year-on-year decline of 13.97% [1] - The net profit attributable to shareholders was 2.5138 million yuan, down by 193 million yuan from the same period last year, reflecting a year-on-year decrease of 98.72% [1] - The net cash inflow from operating activities was -532 million yuan, an increase of 207 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 35.46%, an increase of 1.31 percentage points from the previous quarter and an increase of 4.32 percentage points from the same period last year [3] - The latest gross profit margin is 27.36%, unchanged from the previous quarter but down by 4.76 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is 0.02%, a decrease of 1.52 percentage points from the same period last year [3] Earnings Per Share and Turnover - The diluted earnings per share is 0.00 yuan, a decrease of 0.08 yuan compared to the same period last year, representing a year-on-year decline of 98.73% [3] - The latest total asset turnover ratio is 0.11 times, a decrease of 0.02 times compared to the same period last year, reflecting a year-on-year decline of 17.83% [3] - The latest inventory turnover ratio is 1.16 times, unchanged from the same period last year, achieving a four-year consecutive increase, with a year-on-year increase of 0.01% [3] Shareholder Structure - The number of shareholders is 184,400, with the top ten shareholders holding 880 million shares, accounting for 35.47% of the total share capital [3] - The largest shareholder is Guangzhou Digital Technology Group Co., Ltd., holding 25.31% of the shares [3]

Fundraising Overview - The actual net amount raised by the company through the issuance of A-shares is approximately RMB 1.84 billion [1] - As of October 13, 2023, the remaining funds after deducting underwriting and other issuance costs amount to approximately RMB 1.84 billion [2] Fund Management - The company has established a dedicated account storage system for the raised funds to ensure proper supervision and management [2] - The management procedures for the raised funds have been revised multiple times, with the latest revision occurring on May 8, 2023 [2] Fund Usage - As of June 30, 2025, the company has invested approximately RMB 404.22 million into fundraising projects [2] - The total amount of funds that have been used for investment projects in 2025 is approximately RMB 184.16 million [6] Project Adjustments - The company has approved changes to the implementation subjects of certain fundraising projects, including the addition of the company itself as a subject for the "Beidou + 5G" project [5] - Adjustments to the investment amounts and internal investment structure of fundraising projects have been approved, with a reduction of RMB 120 million for the "Beidou + 5G" project and an increase of the same amount for the "Tianshu R&D Center Construction" project [5][7] Cash Management - The company has approved the use of up to RMB 1.2 billion of temporarily idle raised funds for cash management, which can be used within 12 months from the date of approval [6] - As of June 30, 2025, the balance of temporarily idle funds used for cash management is approximately RMB 1.12 billion [6] Remaining Funds - As of June 30, 2025, the company has approximately RMB 1.29 billion of unutilized raised funds, which are stored in dedicated accounts and wealth management accounts [7]