[CETC Potevio Science and Technology Co., Ltd. 2025 H1 Earnings Forecast Analysis](index=1&type=section&id=%E4%B8%AD%E7%94%B5%E7%A7%91%E6%99%AE%E5%A4%A9%E7%A7%91%E6%8A%80%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Core Earnings Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant shift from profit to loss in H1 2025 compared to the prior year H1 2025 Key Performance Indicators Forecast | Item | Current Period (2025 H1) | Prior Year Period (2024 H1) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: CNY 15 million - 30 million | Profit: CNY 39.32 million | Decline: 138.15% - 176.3% | | **Net Profit After Non-recurring Items** | Loss: CNY 20 million - 40 million | Profit: CNY 36.53 million | Decline: 154.75% - 209.5% | | **Basic Earnings Per Share (EPS)** | Loss: CNY 0.02/share - 0.04/share | Profit: CNY 0.06/share | - | [Audit Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The preliminary financial data in this earnings forecast has not yet been audited by a certified public accountant - The relevant financial data in this earnings forecast has **not been audited** by a certified public accountant[3](index=3&type=chunk) [Performance Fluctuation Analysis and Outlook](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance decline is attributed to broad challenges across all business segments, with countermeasures planned [Reasons for Performance Decline](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The loss stems from a combination of intensified competition, strategic business adjustments, and rising costs - Pressure across all business segments contributed to the overall loss[4](index=4&type=chunk): - **Public Network Communications**: Experienced declines in both revenue and gross margin due to intensified competition - **Private Network Communications and Smart Applications**: Revenue decreased due to a strategic scale-back of inefficient businesses with long collection cycles - **Intelligent Manufacturing**: Faced a slight revenue drop from cyclical demand and a lower gross margin due to increased costs from R&D, restructuring, and raw materials [Future Countermeasures](index=2&type=section&id=%E6%9C%AA%E6%9D%A5%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company will focus on technological innovation, market expansion, and cost control to improve profitability - The company plans to implement the following measures to enhance market competitiveness and profitability[5](index=5&type=chunk): - Dynamically adjust and optimize management and control measures - **Accelerate new technology breakthroughs** and new market development - **Strengthen cost and expense control** [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Investors are advised that these preliminary figures are subject to change pending the final audited H1 2025 report - This earnings forecast is a preliminary estimate; **final data will be disclosed in the official 2025 semi-annual report**[6](index=6&type=chunk)

Core Viewpoint - Puxian Technology (002544) announced an expected net profit loss of 15 million to 30 million yuan in the first half of 2025, representing a year-on-year decline of 138.15% to 176.3% [1] Financial Summary - The projected net profit loss for the first half of 2025 is between 15 million and 30 million yuan [1] - This loss indicates a significant decline compared to the previous year, with a decrease of 138.15% to 176.3% [1]

Company Overview - China Electronics PuTian Technology Co., Ltd. (PuTian Technology) is a high-tech enterprise specializing in public network communication, private network communication, smart applications, and intelligent manufacturing. It was listed on the Shenzhen Stock Exchange on January 28, 2011, with a registered capital of 680 million CNY [3]. Strategic Partnerships - In June 2025, PuTian Technology signed a strategic cooperation agreement with Helios Starlink (Shenzhen) and Beijing Yixin Technology at the Zhijiang Laboratory, establishing a joint R&D center to integrate technological advantages and participate in the national satellite internet strategy [3][4]. Data Governance Initiatives - The company is focused on developing a core capability platform in data governance, covering data integration, governance, development, sharing services, security, and operations. This aims to achieve precise alignment with intelligent-driven scenarios and promote innovation in the AI sector [3]. Satellite Internet Development - PuTian Technology is actively pursuing satellite internet as a strategic direction, having established a joint laboratory with Xidian ISN for research and talent development in integrated information networks. The company is accelerating the development of low-orbit satellite communication products and enhancing its capabilities in satellite-related equipment manufacturing [4]. Emergency Communication Solutions - The company offers three main emergency communication solutions: 1. **Narrowband Wireless Communication Network**: Utilizes 370 MHz emergency frequency for seamless coverage across command levels, enhancing disaster response capabilities [5]. 2. **Emergency Satellite Communication Network**: Provides flexible configurations for long-distance information transmission, especially when ground networks are compromised [5]. 3. **TianTong and Beidou Fusion Communication**: Supports dual communication modes for indoor and outdoor scenarios, improving emergency response efficiency [6]. Capital Operation Planning - PuTian Technology aims for high-quality development through both internal and external growth strategies, focusing on capital-driven initiatives to enhance industrial innovation and core capabilities [6].

Summary of Puhua Technology Conference Call Industry and Company Overview - **Company**: Puhua Technology - **Industry**: Satellite Internet and Space Computing Key Points and Arguments 1. **Strategic Partnerships**: Puhua Technology is actively collaborating with China Star Network and Yingxin to cover satellite construction, system integration, terminals, and ground testing services, aiming to seize opportunities in integrated air-space development and explore business upgrades from 5G to 6G [2][3] 2. **Research and Development**: The company has established a joint R&D center with Hanxuan Guanglian and Yixin to enhance laser and microwave composite technologies, focusing on high-speed transmission between satellites and ground, and exploring market-oriented allocation of space resources [2][5] 3. **Low Earth Orbit Satellite Applications**: Puhua Technology is concentrating on low Earth orbit satellite applications, providing emergency communication and dedicated narrowband solutions, and has launched 12 satellites with ongoing technological iterations [2][7] 4. **Terminal Technology Development**: The company has developed a prototype terminal that directly connects to satellites and is conducting validation tests to meet future customized business needs [2][8] 5. **PCB Board Demand Growth**: There is a significant increase in orders for special PCB boards driven by military and aerospace demand, with expectations for continued growth over the next five years [2][9] 6. **Public Network Communication Business**: The company is optimizing its public network communication business layout, collaborating with China Mobile to expand into 5G and vehicle networking sectors, benefiting from overseas 5G construction [4][11] 7. **Data Governance Initiatives**: Puhua Technology is developing a data governance platform and services, having successfully implemented solutions in market regulatory agencies and actively engaging with national data authorities [4][15] 8. **Emergency Communication Sector**: The company has made significant strides in the emergency sector, focusing on consulting, emergency communication products, and safety supervision platform construction [4][13] 9. **International Business Growth**: The rapid growth in international business revenue is attributed to expanded partnerships and the early stages of local digitalization and 5G network construction [4][12] 10. **Future Opportunities**: The company sees significant development opportunities in satellite internet and space computing, driven by emerging technologies that will enhance its market influence [4][18] Additional Important Content - **Technological Integration**: Puhua Technology is integrating laser and microwave communication technologies to improve transmission rates and stability while reducing equipment weight [6] - **Focus on National Trends**: The company is aligning its strategies with national trends in integrated air-space development and is exploring future operational models in the space sector [3][6] - **Investment and Capital Operations**: The company plans to expand in the information communication field and smart manufacturing, emphasizing the role of the listed company platform in capital operations [4][17]

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][40]. Core Viewpoints - The company is positioned as a leader in the satellite internet sector and is recognized as a "national team," focusing on advancing satellite internet communication technology and developing multiple solutions in the Beidou navigation application [3][40]. - The domestic satellite internet industry is expected to grow significantly, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate of 7% [2][14]. - The company has established a strong competitive position through deep research and development efforts, actively participating in industry standard-setting and enhancing its product offerings [2][24]. Summary by Sections Company Overview - The company is a state-controlled listed enterprise under the China Electronics Technology Group Corporation, focusing on information communication and involved in public network communication, private network communication, and smart applications [1][10]. Industry Development - The satellite internet industry is rapidly evolving, with significant advancements in technology and infrastructure, including successful satellite launches that enhance network capabilities [2][17]. - The company is actively involved in the development of standards for satellite communication and has made substantial progress in product innovation, including high-end PCB products and satellite communication terminals [2][24][25]. Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 143X, 107X, and 77X [3][40]. - The report emphasizes the company's potential for long-term growth through its strategic positioning in emerging industries such as AI computing and low-altitude economy [3][40]. Business Segments - The company operates in three main business segments: public network communication, private network communication and smart applications, and intelligent manufacturing, each with specific growth strategies and market opportunities [33][34][35].

Group 1 - The core viewpoint of the article is the strategic collaboration between Putian Technology, Helistar Lightlink (Shenzhen) Co., Ltd., and Beijing Yixin Technology Co., Ltd. to establish a joint enterprise R&D center aimed at advancing key technologies in the aerospace computing field and contributing to the national satellite internet strategy [1] Group 2 - The collaboration is focused on integrating the technological strengths of the three parties to achieve breakthroughs in critical technologies [1] - The initiative is part of a broader effort to promote the commercialization of aerospace computing technologies [1]

Group 1 - *ST San Sheng (002742.SZ): The controlling shareholder Pan Xianwen's judicial auction of 32.2 million shares has been completed, with 30 million shares transferred, accounting for 6.94% of the total share capital. After the reduction, Pan Xianwen's shareholding ratio decreased from 24.20% to 17.26%, which will not lead to a change in company control [1] - Aike Co., Ltd. (300889.SZ): Shareholder Zhang Fengbin, holding over 5%, reduced his stake by 1% (1.67818 million shares) from May 13 to June 27, 2025, bringing his holding to 7.9902% [1] - Anlu Technology (688107.SH): The shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. completed its reduction plan, selling 4.008493 million shares (1% of total share capital) from May 8 to June 30, 2025, with a total reduction amount of 109.36 million yuan, current holding ratio at 5.76% [1] Group 2 - Anshuo Information (300380.SZ): The controlling shareholder Shanghai Anshuo Technology Development Co., Ltd. and actual controllers reduced their stakes by 1.16% (1.599416 million shares), 0.94% (1.300187 million shares), and 0.65% (900,000 shares) respectively [1] - Baoming Technology (002992.SZ): Directors and management plan to reduce their holdings by a total of 0.0107%, 0.0714%, and 0.0107% over the next three months [2] - Beiyikang (870199.BJ): Employee shareholding platforms completed their reduction plans, selling 546,284 shares (0.8%) and 131,650 shares (0.19%) [2] Group 3 - Boyun New Materials (002297.SZ): Major shareholder Hunan Xiangtou High-tech Venture Capital Co., Ltd. reduced its stake by 406.74 million shares (0.71%) from June 5 to June 30, 2025, bringing its holding to 6.99% [2] - Dongwei Technology (688700.SH): Specific shareholder Xie Yulong completed a reduction plan, selling 574,857 shares (0.1927%) from June 4 to June 30, 2025, with a total reduction amount of 21.362156 million yuan, current holding ratio at 0% [2] - Fuzhi Environmental Protection (688335.SH): Major shareholder Deqing Junjie Enterprise Management Partnership plans to reduce up to 4.441035 million shares (3%) over the next three months [3] Group 4 - Gu Gao Technology (301510.SZ): Shareholder Beijing Equity Investment Development Management Center completed its reduction plan, selling 4.0001 million shares (1%) from June 5 to June 30, 2025, bringing its holding to 7.68% [3] - Guangbo Co., Ltd. (002103.SZ): Shareholder Ren Hangzhong reduced his stake by 156,440 shares (0.2928%), bringing his holding to 9.99999% [3] - Guoke Military Industry (688543.SH): Specific shareholders Yang Minghua and Chen Gonglin plan to reduce up to 2.08842 million shares (1%) and 3.789115 million shares (1.8143%) over the next three months [3] Group 5 - Guorui Technology (300600.SZ): Major shareholder Gong Ruiliang reduced his stake by 3.243209 million shares (1.1%) from June 27 to July 1, 2025, bringing his holding to 20.63% [4] - Hangzhou Thermal Power (605011.SH): Shareholder Huashi Investment plans to reduce up to 5.997 million shares (1.4989%) over the next three months [4] - Huaya Intelligent (003043.SZ): Executives plan to reduce their holdings by a total of 0.0132%, 0.0092%, and 0.0092% over the next three months [4]

证券代码：002544 证券简称：普天科技 公告编号：2025-030 中电科普天科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 中电科普天科技股份有限公司（简称"公司"、"本公司"）2024 年年度权 益分派方案已获 2025 年 5 月 16 日召开的公司 2024 年度股东大会审议通过， 体股东每 10 股派发现金红利 0.083 元（含税），预计派发现金红利共计 年度。 公司本次实施的权益分派方案与公司 2024 年度股东大会审议通过的分配方 案一致,分配比例不变，且本次利润分配实施时间距离 2024 年度股东大会审议通 过的时间未超过两个月。 现将权益分派事宜公告如下： 一、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后的 680,533,890 股为基数，向全体股东每 10 股派 0.083000 元人民币现金 （含税；扣税后，通过深股通持有股份的香港市场投资者、境外机构（含 QFII、 RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 0.074700 元； 持有 ...

二、权益变动触及 1%整数倍的情况说明 1 证券代码：002544 证券简称：普天科技 公告编号：2025-031 中电科普天科技股份有限公司 关于持股5%以上股东减持公司股份触及1%的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、权益变动触及 1%整数倍的情况说明 近日，中电科普天科技股份有限公司（以下简称"公司"或"普天科技"）收到 持股5%以上股东产业投资基金有限责任公司（以下简称"产业投资基金"）出具的 《关于减持股份触及1%的整数倍的告知函》，产业投资基金于2024年10月25日至2025 年6月30日通过证券交易所集中竞价的方式合计减持公司股份6,835,500股，占公司 当前总股本的1.0044%。本次权益变动后，产业投资基金持有公司股份54,420,242股， 占公司总股本的7.9967%，权益变动触及1%的整数倍。现将具体情况公告如下： | 1．基本情况 | | | | --- | --- | --- | | 信息披露义务人 | 产业投资基金有限责任公司 | | | 住所 | 北京市海淀区清河路 135 号 D 座 | 2 层（东 ...