北京星网宇达科技股份有限公司 2025 年半年度报告全文 北京星网宇达科技股份有限公司 2025 年半年度报告 2025-063 2025 年 8 月 29 日 1 北京星网宇达科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人迟家升、主管会计工作负责人刘正武及会计机构负责人(会计 主管人员)王茉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的主要风 险和应对措施"部分描述了公司可能面对的主要风险，敬请投资者注意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | P | S | | --- | --- | | 1 . | A | | 第一节 | 重要提示、目录和释义 | | 2 | | --- | -- ...

Core Viewpoint - The A-share market saw a significant rise in satellite communication concept stocks following the release of the Ministry of Industry and Information Technology's guidelines to promote the development of the satellite communication industry, aiming for over 10 million users by 2030 [1][2]. Group 1: Market Performance - Notable stocks include Chuangyi Information, which rose over 13%, and Zhenlei Technology and Huali Chuantong, both increasing over 10% [1]. - Other companies such as Xingwang Yuda and Fudan Microelectronics also experienced substantial gains, with increases nearing 10% and 8% respectively [1]. - The overall trend indicates a strong market response to the new policies, with various companies in the satellite communication sector showing positive performance [1]. Group 2: Policy Implications - The guidelines propose 19 measures to expand market access, enhance application scenarios, and foster a robust industry ecosystem [2]. - Key areas of focus include supporting low-orbit satellite internet development, enabling telecom operators to connect terminal devices directly to satellites, and conducting commercial trials for satellite IoT [2]. - The industry is expected to evolve into a new trillion-level market, with a clear policy direction and strategic importance highlighted by the government [2]. Group 3: Investment Opportunities - Analysts suggest monitoring investment opportunities in satellite communication service providers, satellite operation and services, satellite manufacturing, and ground equipment manufacturing [2]. - The report from CITIC Securities emphasizes the ongoing optimization of business access in the satellite communication sector, indicating a potential acceleration in license issuance [2].

Market Performance - The aerospace equipment sector rose by 4.95% on August 28, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Aerospace Hanyu (688523) closed at 27.31, up 10.43% with a trading volume of 200,300 shares and a transaction value of 532 million [1] - Xingwang Yuda (002829) closed at 23.78, up 9.99% with a trading volume of 344,300 shares and a transaction value of 816 million [1] - China Satellite (600118) closed at 38.90, up 6.72% with a trading volume of 1,511,500 shares and a transaction value of 5.922 billion [1] - Other notable stocks include China (601698) up 5.68%, Ligong Navigation (688282) up 3.17%, and Aerospace Electronics (600879) up 2.37% [1] Fund Flow Analysis - The aerospace equipment sector experienced a net outflow of 223 million from institutional funds and 208 million from speculative funds, while retail investors saw a net inflow of 430 million [1] - Specific stock fund flows indicate that Xingwang Yuda had a net inflow of 2.08 billion from institutional funds but a net outflow of 1.35 billion from speculative funds [2] - Aerospace Hanyu had a net inflow of 23.45 million from institutional funds, while it faced a net outflow of 12.44 million from speculative funds [2]

Core Insights - Satellite communication is becoming one of the most reliable revenue segments in the commercial space industry [1] - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry, aiming for a more open market and expanded application scenarios by 2030 [1][8] Industry Developments - Satellite communication is transitioning from a niche technology to a more accessible service for the public, with potential applications in remote education, telemedicine, and digital living [2] - The market is expected to see increased competition and cost reduction through the activation of a market-oriented supply system [2] - The integration of satellite communication with sectors like automotive, maritime, and aviation is anticipated to enhance communication capabilities in emergency rescue and disaster warning scenarios [6] Financial Performance - Among the 50 A-share companies involved in satellite communication, 41 have reported their semi-annual results, with a mixed performance: 11 companies reported profit growth, while some faced declines [7] - China Satellite (600118.SH) reported a 28.0% increase in revenue but a significant drop in net profit by 458.67% due to lower-margin commercial space products [7] - Three-dimensional Communication (002115.SZ) reported stable growth in satellite communication services, but overall revenue declined by 24.91% in the first half of 2025 [7] Market Projections - SpaceX's Starlink is projected to generate $11.8 billion in revenue in 2024, with a user base expected to grow from 4.6 million in 2024 to over 8 million by the end of 2025 [6] - The average revenue per user (ARPU) for Starlink is estimated at $2,000 [6] Technological Advancements - The guidelines emphasize the need for independent development of key technologies, particularly in low Earth orbit satellite internet and direct terminal connections, to enhance data transmission capabilities [8]

Core Viewpoint - A-shares experienced a volatile trading session with the Shanghai Composite Index initially dropping over 1% before recovering to close up 1.14% [1] Market Performance - The Shanghai Composite Index rose by 1.14%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.82% [1] - Over 2,800 stocks in the market saw gains, with total trading volume reaching 3 trillion yuan [1] Sector Highlights - Semiconductor and CPO concepts showed strong performance, with Tianfu Communication hitting a 20% limit up, and several other stocks like Broadcom Integration, Star Semiconductor, Changfei Optical Fiber, and Woge Optoelectronics also reaching their daily limit [1] - The satellite internet sector was active, with stocks such as Sanwei Communication, Wantong Development, and Xingwang Yuda hitting their daily limit [1] - Other sectors with notable gains included glass fiber, consumer electronics, securities, photovoltaic equipment, copper cable high-speed connections, F5G, millimeter wave, and laser radar concepts [1] Underperforming Sectors - Sectors that experienced declines included automotive services, real estate services, liquor, pharmaceuticals, education, electricity, and textile and apparel [1]

Market Overview - On August 28, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.07%, the Shenzhen Component Index up 0.56%, and the ChiNext Index up 1.26% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.8082 trillion CNY, an increase of 619 billion CNY compared to the previous day [1] Semiconductor Sector - The photolithography machine concept stocks experienced a collective rise, with companies like Kaimete Gas, Haili Shares, Maolai Optics, and New Lai Materials showing active trading [3] - The semiconductor sector saw a significant boost, with SMIC's stock price increasing by over 10% [3] - Individual stocks such as Xingwang Yuda and Zhangjiang Hi-Tech hit the daily limit within just 2 minutes of trading [3][12] Company Highlights - Cambrian (688256) reached a new historical high, with its stock price exceeding Kweichow Moutai, trading at 1,484.02 CNY, marking a month-to-date increase of over 100% [7] - Cambrian's total market capitalization reached 615 billion CNY, while Kweichow Moutai's market cap stood at 1.82 trillion CNY [7] - Cambrian reported a revenue of 2.881 billion CNY for the first half of 2025, a year-on-year increase of 4,347.82%, and a net profit of 1.038 billion CNY, indicating a turnaround from losses [12] Financial Performance - Zhangjiang Hi-Tech reported a revenue of 1.704 billion CNY for the first half of 2025, a year-on-year growth of 39.05%, with a net profit of 369 million CNY, up 38.64% [12] - The company announced a dividend plan, proposing to distribute 0.72 CNY per share to shareholders [12] Satellite Communication Sector - Satellite communication concept stocks saw a strong performance, with companies like Chuangyi Information and Zhenlei Technology rising over 10%, and Xingwang Yuda hitting the daily limit within 2 minutes [12] - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry, aiming for significant advancements by 2030 [13]

Core Viewpoint - The A-share market for satellite communication concept stocks has seen a collective surge, driven by the Ministry of Industry and Information Technology's new guidelines aimed at promoting the development of the satellite communication industry, targeting over 10 million users by 2030 [1][2]. Group 1: Market Performance - Notable stocks include Chuangyi Information, which rose over 13%, and Zhenlei Technology and Huali Chuantong, both increasing over 10%. Other significant gainers include Xingwang Yuda, Fudan Microelectronics, and Zhenyou Technology, with increases ranging from 6% to nearly 10% [1][3]. - The total market capitalization of leading stocks varies, with Chuangyi Information at 6.064 billion, Zhenlei Technology at 16.8 billion, and Huali Chuantong at 16.5 billion [3]. Group 2: Policy Implications - The new guidelines focus on three main areas: accelerating the development of low-orbit satellite internet, enabling telecom operators to connect terminal devices directly to satellites, and conducting commercial trials for satellite IoT [2]. - The guidelines aim to expand application scenarios for satellite communication, including emergency communication, digital benefits, and integrated innovation, with the potential to create a new trillion-level market [2]. Group 3: Industry Outlook - The satellite communication industry is expected to see a strategic rise, with clear policy direction and ongoing optimization of business access. The issuance of licenses may accelerate, indicating an imminent industry turning point [2]. - Investment opportunities are suggested in areas such as satellite communication service providers, satellite operation and services, satellite manufacturing, and ground equipment manufacturing [2].

Market Overview - The aerospace equipment sector experienced a decline of 3.31% on August 27, with Zhongtian Rocket leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - China Satellite (600118) closed at 36.45, down 0.49% with a trading volume of 1.4895 million shares and a turnover of 547.5 million yuan [1] - Aerospace Electronics (600879) closed at 11.41, down 2.65% with a trading volume of 1.5415 million shares and a turnover of 1.799 billion yuan [1] - Ligong Navigation (688282) closed at 47.57, down 3.21% with a trading volume of 5591.11 shares and a turnover of 27.0631 million yuan [1] - Aerospace Huayu (688523) closed at 24.73, down 4.22% with a trading volume of 83,000 shares and a turnover of 211 million yuan [1] - StarNet Yuda (002829) closed at 21.62, down 4.29% with a trading volume of 130,100 shares and a turnover of 289 million yuan [1] - China Satellite Communications (601698) closed at 22.00, down 4.35% with a trading volume of 1.2103 million shares and a turnover of 2.720 billion yuan [1] - Xinyu Guoke (300722) closed at 37.09, down 4.70% with a trading volume of 136,500 shares and a turnover of 515 million yuan [1] - Zhongtian Rocket (003009) closed at 59.08, down 6.03% with a trading volume of 98,700 shares and a turnover of 593 million yuan [1] Fund Flow Analysis - The aerospace equipment sector saw a net outflow of 1.284 billion yuan from institutional investors, while retail investors had a net inflow of 1.047 billion yuan [1] - The detailed fund flow for individual stocks shows significant net outflows for several companies, including: - Ligong Navigation: -146.74 thousand yuan from institutional investors [2] - StarNet Yuda: -1546.59 thousand yuan from institutional investors [2] - Aerospace Electronics: -8998.77 thousand yuan from institutional investors [2] - Zhongtian Rocket: -9027.29 thousand yuan from institutional investors [2] - Xinyu Guoke: -9814.42 thousand yuan from institutional investors [2]

Group 1 - The announcement involves a review decision regarding military procurement related to Junpeng Special Equipment Co., Ltd. and Beijing Star Net Yuda Technology Co., Ltd. [1] - The applicants contested a previous decision made by the procurement authority, seeking to overturn a ruling that deemed them in violation of procurement regulations [1][3] - The review found that the applicants' claims were partially valid but ultimately upheld the original decision, maintaining the sanctions against both companies [1][3] Group 2 - Both companies have been prohibited from participating in military material engineering service procurement activities for one year, effective from October 14, 2024 [3][6][8] - The violations were related to their participation in a specific procurement project (Project Code: 2023-JL01-W1025), where both companies were found to have engaged in improper conduct [5][6][8] - The sanctions also extend to other enterprises controlled or managed by the legal representatives of the sanctioned companies, preventing them from participating in similar procurement activities during the prohibition period [6][8]

Core Insights - The aerospace equipment sector experienced a significant increase of 3.01% on August 22, with Zhongtian Rocket leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Sector Performance - Zhongtian Rocket (003009) closed at 62.54, with a rise of 5.00% and a trading volume of 171,200 shares, amounting to a transaction value of 1.027 billion [1] - China Satellite Communications (601698) closed at 21.93, increasing by 3.79% with a trading volume of 1.115 million shares, totaling 2.409 billion [1] - Aerospace Huanyu (688523) closed at 25.43, up 3.12%, with a trading volume of 74,800 shares and a transaction value of 0.187 billion [1] - Aerospace Electronics (600879) closed at 11.28, rising by 2.45% with a trading volume of 1.194 million shares, totaling 1.323 billion [1] - China Satellite (600118) closed at 30.27, increasing by 2.13% with a trading volume of 364,100 shares, amounting to 1.088 billion [1] - Xinyu Guoke (300722) closed at 39.22, up 0.69%, with a trading volume of 126,300 shares and a transaction value of 0.488 billion [1] - StarNet Yuda (002829) closed at 22.15, increasing by 0.64% with a trading volume of 87,900 shares, totaling 0.193 billion [1] - Ligong Navigation (688282) closed at 48.41, up 0.33% with a trading volume of 7,695 shares and a transaction value of 3.6968 million [1] Capital Flow - The aerospace equipment sector saw a net inflow of 330 million from institutional investors, while retail investors experienced a net outflow of 228 million [1] - The detailed capital flow for key stocks shows that China Satellite Communications had a net inflow of 221 million from institutional investors, while it faced a net outflow of 61.74 million from retail investors [2] - Zhongtian Rocket had a net inflow of 63.12 million from institutional investors, with a net outflow of 30.43 million from retail investors [2] - Aerospace Electronics recorded a net inflow of 41.19 million from institutional investors, while retail investors saw a net outflow of 16.06 million [2]