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 ...

证券代码：002465 证券简称：海格通信 公告编号：2025-021 号 广州海格通信集团股份有限公司 关于回购股份事项股东大会股权登记日登记在册的前十大 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 1 | 广州数字科技集团有限公司 | 628,149,283 | 25.31% | | 2 | 中移资本控股有限责任公司 | 49,009,359 | 1.97% | | 3 | 香港中央结算有限公司 | 35,163,090 | 1.42% | | 4 | 杨海洲 | 31,425,075 | 1.27% | | 5 | 中国农业银行股份有限公司－中证 500 交易型开 放式指数证券投资基金 | 30,968,598 | 1.25% | | 6 | 杜水萍 | 29,795,000 | 1.20% | | 7 | 中国建设银行股份有限公司－富国中证军工龙头 交易型开放式指数证券投资基金 | 28,086,566 | 1.13% | 广州海格通信集团股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开第六届董事会第二 ...

广州海格通信集团股份有限公司 投资者关系活动记录表 编号：2025-001 号 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与 | 于全景网公开举办的业绩说明会 | | 人员 | | | 时间 | 年 月 日 2025 4 11 15:00-17:00 | | 地点 | 广州 | | 形式 | 线上交流 | | 上市公司 | 董事长余青松先生，总经理喻斌先生，独立董事胡鹏翔先生， | | 接待人员 | 财务负责人袁万福先生，董事会秘书舒剑刚先生。 | | | 1. 请问公司在自主可控芯片方面有哪些相关产品吗？ | | | 答：公司芯片业务呈现集群化发展良好态势。在卫星通信领域， | | | 公司是国内拥有全系列天通卫星终端及芯片的主流厂家。2024 年， | | | 基于射频芯片在卫星应用领域的技术先发优势，从专用市场拓展至 | | 投资者关系 | 行业和大众消费市场，从国内客户拓展至国际客户，支持"手机直 | | 活动主要内 | 连卫星"功能的 ...

1.是否建立了防止控股股东、实际控制人及其关联人直接 或者间接占用上市公司资金或者其他资源的制度 是 中信证券股份有限公司 关于广州海格通信集团股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：海格通信 | | --- | | （以下简称"中信证券"或"保荐人"） | | 保荐代表人姓名：王国威 联系电话：020-32258106 | | 保荐代表人姓名：耿世哲 联系电话：020-32258106 | | 现场检查人员姓名：王国威、曾文 | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | 年 月 日至 年 月 年 月 日 现场检查时间：2025 3 17 2025 3 21 日、2025 3 28 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段： | | 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 | | 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 | | 1.公司章程和公司治理制度是否完备、合规 ...

中信证券股份有限公司关于 广州海格通信集团股份有限公司 2023 年度向特定对象发行 A 股 股票持续督导 保荐总结报告书 | 申报时间：2025 年 4 月 | | --- | | 保荐人编号：Z20374000 | | 中文名称 | 广州海格通信集团股份有限公司 | | --- | --- | | 英文名称 | Guangzhou Haige Communications Group Incorporated Company | | 证券代码 | 002465.SZ | | 上市地点 | 深圳证券交易所 | | 成立日期 | 2000 年 7 月 20 日 | | 注册资本 | 元 2,481,833,948 | | 注册地址 | 广州市高新技术产业开发区科学城海云路 号 88 | | 法定代表人 | 余青松 通信设备制造；通信设备销售；技术服务、技术开发、技术咨询、技 | | | 术交流、技术转让、技术推广；工程和技术研究和试验发展；软件开 发；软件销售；电子元器件制造；电子元器件零售；电子产品销售； 安全技术防范系统设计施工服务；信息安全设备制造；信息系统集成 | | | 服务；卫星技术综合应用系统集 ...

中信证券股份有限公司 关于广州海格通信集团股份有限公司 2024年度保荐工作报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：海格通信 | | --- | --- | | 保荐代表人姓名：王国威 | 联系电话：020-32258106 | | 保荐代表人姓名：耿世哲 | 联系电话：020-32258106 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | | 根据2024年度海格通信内部控制自我评价报 | | （2）公司是否有效执行相关规章制度 | 告、内部控制审计报告，发行人有效执行了相 | | | 关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次 ...