Core Points - The legal opinion letter is issued by Beijing Dentons (Guangzhou) Law Firm regarding the 2025 First Extraordinary General Meeting of Shareholders of Guangzhou Zhonghaid Satellite Navigation Technology Co., Ltd. [1][2] - The meeting is scheduled for June 13, 2025, and the law firm has been appointed to witness the meeting and provide legal opinions based on relevant laws and regulations [1][2][3] Group 1: Meeting Procedures - The meeting was convened by the sixth board of directors, with a resolution passed on May 28, 2025, to hold the meeting [3][5] - The notice for the meeting was published on May 29, 2025, in accordance with legal requirements [3][5] - The meeting will be conducted through a combination of on-site voting and online voting [5][6] Group 2: Attendance and Qualifications - A total of 464 shareholders and their proxies attended the meeting, representing 188,550,116 shares, approximately 25.3370% of the total shares [6][7] - The qualifications of the meeting attendees and the convenor were verified and found to be valid [6][8] Group 3: Agenda and Voting Results - The agenda included a proposal regarding unremedied losses reaching one-third of the paid-in capital, which was approved by the board prior to the meeting [7][8] - The voting results showed that 186,705,688 shares (approximately 99.0218%) voted in favor of the proposal, while 1,613,528 shares (approximately 0.8558%) opposed it, and 230,900 shares abstained [7][8] - The voting process was conducted in compliance with relevant laws and regulations, ensuring the legitimacy of the results [7][8]

证券代码：300177 证券简称：中海达 公告编号：2025－036 广州中海达卫星导航技术股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示: 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更前次股东大会决议的情况。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： a）现场会议召开时间：2025年06月13日下午15：30开始 b）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时间为2025年 06月13日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开始时间为2025 年06月13日9:15—15:00。 （2）现场会议召开地点：广州市番禺区南村镇鸿创二街6号公司 总部大楼。 （3）会议召开方式：现场表决与网络投票相结合。 （4）会议召集人：董事会。 （5）会议主持人：董事长廖定海先生。 1 （6）会议召开的合法、合规性：广州中海达卫星导航技术股份 有限公司（以下简称"公司"）于2025年05月 ...

北京大成（广州）律师事务所 关于 广州中海达卫星导航技术股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 www.dentons.cn 广州市珠江新城珠江东路 6 号广州周大福金融中心 14 层、15 层 邮编:510623 Tel:8620 85277000/01 Fax:8620 85277002 北京大成（广州）律师事务所 关于广州中海达卫星导航技术股份有限公司 2025 年第一次临时股东大会的法律意见书 本法律意见书中，本所律师根据《公司章程》的要求，仅就本次股东大会的召集与 召开程序是否符合法律法规及《公司章程》、出席会议人员资格和会议召集人资格的合 法有效性、会议表决程序和表决结果的合法有效性发表意见，而不对本次股东大会所审 议的议案内容及该等议案中所表述的事实或数据的真实性和准确性发表意见。 本法律意见书仅供本次股东大会之目的使用，不得用于其他任何目的或用途。 本所同意将本法律意见书作为公司本次股东大会公告材料，随其他需公告的信息一 起向公众披露，并依法对本所在其中发表的法律意见承担法律责任。 1 本所及经办律师依据《公司法》《证券法》《律师事务所从事证券法律业务管理办 法》《 ...

Investment Rating - The report highlights the deep-sea technology sector as a strategic emerging industry, with a projected global market size exceeding $500 billion by 2025, growing at an annual rate of over 15% [1][4]. Core Insights - The report emphasizes the rapid development of the global deep-sea technology market, with significant investment opportunities in sub-sectors such as deep-sea equipment manufacturing, resource exploration, and deep-sea biomedicine [1][4]. - The Chinese deep-sea economy is expected to reach approximately $3.25 trillion by 2025, accounting for 25% of the total marine economy, with a growth rate exceeding 20% [43][44]. Summary by Sections Industry Overview - The deep-sea technology sector has been recognized as a key area for strategic development, with the Chinese government prioritizing its growth in the 2025 Government Work Report [1][4]. - The global deep-sea technology market is projected to surpass $500 billion by 2025, with a compound annual growth rate (CAGR) of over 15% [1][4]. Industry Status - The report indicates that the global deep-sea technology market is experiencing rapid growth, with the deep-sea oil and gas sector remaining a cornerstone, while emerging fields like underwater mining and underwater vehicles are also expanding significantly [37][39]. - The underwater mining market is expected to grow from approximately $3.7 billion in 2024 to $15.9 billion by 2029, with a CAGR of 33.7% [37][39]. Investment Strategy - The report suggests focusing on investment opportunities in extreme environment equipment that relies on high-strength titanium alloys, nanocomposite materials, and intelligent control systems [4][37]. - Short-term strategies include capitalizing on domestic replacements driven by policy support, while long-term strategies should focus on breakthroughs in materials and core components [4][37]. Industry Chain and Key Enterprises - The report categorizes the industry chain into upstream (materials and technology), midstream (precision components and complete equipment), and downstream (applications and commercialization scenarios) [52][53]. - Key players in the upstream segment include companies like Western Materials and BaoTi Co., while midstream players include China Shipbuilding and China Heavy Industry [52][53].

Group 1: Company Overview and Financial Performance - The company focuses on high-precision navigation and positioning technology, developing a comprehensive product line that includes hardware and software solutions [2][3] - In 2024, the company achieved a revenue of ¥1,219,549,535.51, a year-on-year increase of approximately 2.80%, while the net profit attributable to shareholders was -¥12,449,794.70, reflecting a 97.08% increase compared to the previous year [3] - For Q1 2025, the company reported a revenue of ¥151,988,324.18, marking a growth of about 30.60% year-on-year [3] Group 2: Overseas Business Development - The company has been expanding its overseas market presence, primarily in Asia, South America, and Europe, benefiting from the "Belt and Road" initiative and the competitive pricing of domestic products [4][5] - In 2024, the company established a subsidiary in Hungary to serve as a technical and warehousing center for its European operations [4] - The company successfully won a government project in Uganda for geological disaster monitoring, marking its entry into the African market [4] Group 3: Competitive Advantages in Overseas Markets - The company has established a strong presence in 12 countries, localizing procurement, logistics, sales, and global technical services [5] - The demand for high-cost performance domestic equipment has significantly increased in overseas markets, particularly in regions along the "Belt and Road" [5] Group 4: Smart Driving and Navigation Control Applications - The company provides high-precision positioning products and solutions for various vehicles, including passenger cars and agricultural machinery [6][7] - In 2024, the smart driving business experienced a growth of approximately 40%, with over 60 vehicle models successfully integrating the company's products [8] - The company collaborates with major automotive manufacturers and technology partners to develop advanced positioning solutions for smart driving applications [8] Group 5: Marine Business and Product Offerings - The company offers a range of marine detection equipment, including single and multi-beam echo sounders and acoustic Doppler current profilers [8] - It has developed an integrated hydrological monitoring system that combines various technologies to provide comprehensive solutions for marine engineering and surveying [8]

Macro Insights - The Caixin China Manufacturing PMI fell to 48.3 in May, marking the first contraction since October of the previous year, with production and new orders both dropping to their lowest levels since December 2022 and October 2022 respectively [3] - The OECD has revised down its global GDP growth forecast for 2025 to 2.9%, previously at 3.1%, and also lowered the 2026 forecast from 3.0% to 2.9% [4] Bond Market Insights - In May, the issuance of ETFs experienced a decline for the fourth consecutive month, with only 11.068 billion units issued, the lowest in five months, while bond funds dominated the market with a 55.07% share [6] Corporate Alerts - Longshan City Investment announced that its chairman is under investigation for serious violations of discipline and law [7] - The Shaanxi Xixian New Area Development Group has 70.399 billion yuan in restricted assets, accounting for 88.87% of its net assets, with overdue financing amounts reaching 443 million yuan [8] - Shenzhen Longguang Holdings announced that its restructuring and grace period proposals were not approved, with total debts of 27.8532 billion yuan as of April 30, 2025 [9] - The Qinhan New City project has generated only 8.1 million yuan in revenue against an expected 260.2 million yuan due to macroeconomic slowdown [10] - Wenzhou Public Utilities Group reported an increase in borrowings of 3.824 billion yuan, representing 29.52% of its net assets as of the end of the previous year [11] Stock Market Insights - The Shenzhen Component Index and ChiNext Index will undergo sample adjustments, effective June 16, with multiple stocks being added [13] - NIO reported a Q1 2025 adjusted net loss of 6.279 billion yuan, compared to a net loss of 4.903 billion yuan in the same period last year [15] Industry Alerts - The Ministry of Commerce responded to the EU's proposed restrictions on Chinese companies participating in public procurement for medical devices, condemning it as a discriminatory measure [36] - The National Federation of Industry and Commerce's automotive dealers' association called for a resistance against "involutionary" competition, particularly price wars [37] - The domestic refined oil prices have increased for the fourth time this year, with gasoline and diesel prices rising by 65 yuan and 60 yuan per ton respectively [39] - The China Coal Transportation and Marketing Association reported weak coal consumption since April, with high inventory levels and declining prices [40]

证券代码：300177 证券简称：中海达 公告编号：2025-035 广州中海达卫星导航技术股份有限公司 关于控股子公司被法院裁定受理破产清算的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、 裁定受理破产清算概述 广州中海达卫星导航技术股份有限公司（以下简称"公司"）控 股子公司西安灵境科技有限公司（以下简称"灵境科技"）于 2025 年 06 月 03 日收到陕西省西安市中级人民法院下发的《民事裁定书》 【（2024）陕 01 破申 216 号】，裁定受理债权人陕西金士豪建筑装 饰工程有限公司（以下简称"金士豪公司"）对灵境科技的破产清算 申请，具体情况如下： 1、破产申请人：陕西金士豪建筑装饰工程有限公司 统一社会信用代码：91610131742832922U 成立日期：2003 年 03 月 25 日 注册地址：陕西省西安市高新区唐延路 25 号银河科技大厦 7 层 7Y178 法定代表人：卫永华 注册资本：1,402.1079 万元人民币 2、申请事由：申请人金士豪公司以灵境科技不能清偿到期债务， 且明显缺乏清偿能力为由，申请法院受理其对灵 ...

中海达（300177）公告，控股子公司西安灵境科技有限公司收到陕西省西安市中级人民法院的《民事裁 定书》，裁定受理债权人陕西金士豪建筑装饰工程有限公司对灵境科技的破产清算申请。灵境科技欠付 金士豪公司到期债务无法清偿，且经人民法院强制执行程序仍然无法清偿，可以认定其不能清偿到期债 务且明显缺乏清偿能力。灵境科技主要从事科技文旅业务，受公共卫生事件影响，业务已明显萎缩， 2024年度营业收入仅4.74万元，净利润569.65万元。灵境科技破产清算对公司及其他下属子公司的生产 经营不会产生较大影响。 ...

Core Viewpoint - The commercial space industry in China is experiencing rapid growth, supported by national policies, with a market size projected to reach approximately 7,133.2 billion yuan in 2024, driven by increased launch activities and advancements in satellite applications [2][8]. Group 1: Definition and Main Business of Commercial Space Industry - The commercial space industry refers to the sector that provides space products and services through market-oriented approaches, including rocket launches, satellite applications, and space tourism [3][4]. - Unlike traditional government-led space projects, commercial space emphasizes private sector participation, cost-effectiveness, and sustainable business ecosystems, marking a shift from planned to market economies in space activities [4]. Group 2: Current Development Status of the Commercial Space Industry - The commercial space sector in China is becoming increasingly active, with 68 rocket launches and 66 successful orbital insertions in 2024, achieving a success rate of 97% [6][8]. - The market size of the commercial space industry in China has been growing rapidly, with a reported size of 6,582.2 billion yuan in 2023 and an expected increase to 7,810.4 billion yuan by 2025 [8]. - The commercial remote sensing satellite sector is identified as a strategic emerging industry that contributes significantly to economic growth and daily applications, positioning itself as a key area in global space competition [8]. Group 3: Future Prospects and Opportunities - The commercial space industry is anticipated to reach a mature phase by the end of the 14th Five-Year Plan or during the 15th Five-Year Plan, indicating a historic development opportunity for the industry chain [2]. - The launch of new rocket models, such as the Long March 8 and others, is expected to further enhance China's launch capabilities and increase the number of launches in 2025 [6].

Core Viewpoint - The satellite ETF (159206) is experiencing significant activity, driven by the recent announcement from the FCC to expand satellite communication frequency spectrum, which is expected to enhance the satellite communication industry and stimulate competition [1][2][3]. Group 1: Market Activity - As of May 29, the satellite ETF (159206) rose by 1.52% in early trading, with key component stocks such as Xinyisheng increasing by over 5% [1]. - The top-performing stocks within the ETF include: - Xinyisheng: +5.85%, trading volume of 30.34 million, market cap of 26.72 billion - Hangyuwei: +4.44%, trading volume of 15.80 million, market cap of 1.96 billion - Zhongji Xuchuang: +4.20%, trading volume of 21.36 million, market cap of 20.35 billion - Xinyu Communication: +3.94%, trading volume of 12.19 million, market cap of 2.68 billion - Shanghai Huanxun: +3.54%, trading volume of 9.87 million, market cap of 2.09 billion [2]. Group 2: Industry Developments - The FCC plans to release over 20,000 MHz of frequency resources to support the development of low Earth orbit (LEO) satellites and next-generation satellite broadband services, addressing the spectrum shortage faced by the commercial space and satellite internet sectors [3]. - Recent advancements in ground communication technology have achieved a record communication speed of 2100 Mbps in the X-band, marking a 75% increase in microwave communication code rate [3]. - The satellite internet sector is rapidly evolving, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like direct satellite connections for mobile broadband and intelligent driving systems [3]. Group 3: Future Outlook - The satellite communication industry is positioned as a foundational technology for the development of 6G, vehicle networking, and the Internet of Things (IoT) [3]. - The Chinese satellite industry is expected to enter a phase of mass satellite deployment by 2025, with both state-owned and private enterprises collaborating on low-cost satellite manufacturing [3].