中科星图(688568) - 2025 Q2 - 季度财报

Section I Definitions This chapter defines key terms used in the report, including company names, stock types, related parties, and core business concepts such as "Digital Earth" and "remote sensing imagery," ensuring accurate understanding of the report content Definitions of Common Terms This section provides precise definitions for key terms, ensuring consistent interpretation throughout the report - "Company," "the Company," "Joint Stock Company," or "Geovis Technology" in the report all refer to Geovis Technology Co., Ltd[11] - "Digital Earth" is defined as an information system that utilizes high-precision Earth observation data obtained through remote sensing satellites, aerial photography, etc., to reconstruct a three-dimensional virtual Earth framework model based on a unified spatiotemporal datum, and integrates spatial information from various industries to solve specific applications[11] - All numerical values in the report are retained to two decimal places; discrepancies between totals and sum of sub-items are due to rounding[11] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, information disclosure, stock summary, and key financial performance indicators for the reporting period I. Company Basic Information Geovis Technology Co., Ltd. is registered in Shunyi District, Beijing, with Xu Guangluan as its legal representative, and its stock is listed on the STAR Market of the Shanghai Stock Exchange under the abbreviation "Geovis Technology" and stock code 688568 - The company's Chinese name is 中科星图股份有限公司, and its English name is Geovis Technology Co., Ltd[13] - The company's legal representative is Xu Guangluan, and its registered and office address are both located at No. 2 Airport East Road, Air Harbor Economic Core Zone, Shunyi District, Beijing[13] - The company's stock abbreviation is "Geovis Technology," stock code is 688568, and it is listed on the STAR Market of the Shanghai Stock Exchange[16] II. Contact Person and Information Yang Yu serves as the Board Secretary (domestic representative for information disclosure), and Sun Shujin is the Securities Affairs Representative, with disclosed contact information for investor communication - The Board Secretary (domestic representative for information disclosure) is Yang Yu, and the Securities Affairs Representative is Sun Shujin[14] - The contact address is 8th Floor, 1A-4, Industrial Park, No. 2 Airport East Road, Air Harbor Economic Core Zone, Shunyi District, Beijing, and the email address is investor@geovis.com.cn[14] III. Information Disclosure and Document Custody Location Changes The company designates specific newspapers for information disclosure, publishes its semi-annual report on the Shanghai Stock Exchange website, and keeps it at the Group Securities Department - The information disclosure newspapers selected by the company include "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily"[15] - The website for the semi-annual report is the Shanghai Stock Exchange website (www.sse.com.cn), and the company's semi-annual report is kept at the Group Securities Department[15] IV. Company Stock/Depositary Receipt Overview The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange under the abbreviation Geovis Technology and code 688568, with no depositary receipts during the reporting period - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[16] - The stock abbreviation is Geovis Technology, stock code is 688568, and the previous stock abbreviation is not applicable[16] - The company has no depositary receipts overview[17] VI. Company Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue increased by 22.03% to 1.348 billion yuan, and net profit attributable to shareholders increased by 22.82% to 78.10 million yuan, while net profit excluding non-recurring gains and losses significantly decreased due to increased R&D and market expansion investments Main Accounting Data (Jan-Jun 2025 vs. Prior Year) | Main Accounting Data | Current Period (Jan-Jun) | Prior Year (Adjusted) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,348,017,449.04 yuan | 1,104,632,665.67 yuan | 22.03 | | Total Profit | 125,559,201.99 yuan | 107,834,641.49 yuan | 16.44 | | Net Profit Attributable to Listed Company Shareholders | 78,101,751.52 yuan | 63,591,639.72 yuan | 22.82 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | -22,622,800.48 yuan | 4,691,948.61 yuan | -582.16 | | Net Cash Flow from Operating Activities | -386,888,912.16 yuan | -516,724,078.93 yuan | Not applicable | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 3,798,450,454.21 yuan | 3,839,633,606.42 yuan | -1.07 | | Total Assets (Period-End) | 8,222,640,518.21 yuan | 8,289,330,224.61 yuan | -0.80 | Main Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Main Financial Indicators | Current Period (Jan-Jun) | Prior Year (Adjusted) | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0965 | 0.0786 | 22.77 | | Diluted Earnings Per Share (yuan/share) | 0.0965 | 0.0786 | 22.77 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | -0.0280 | 0.0058 | -582.76 | | Weighted Average Return on Net Assets (%) | 2.04 | 1.80 | Increase 0.24 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | -0.59 | 0.13 | Decrease 0.72 percentage points | | R&D Investment as % of Operating Revenue (%) | 23.52 | 20.80 | Increase 2.72 percentage points | - In March 2025, the company's general meeting of shareholders approved the 2024 profit distribution and capital reserve to share capital increase plan, increasing the total share capital from 543,325,930 shares to 809,555,636 shares, and retrospectively adjusted earnings per share indicators[20] - Net profit attributable to shareholders excluding non-recurring gains and losses decreased by 582.16% year-on-year, primarily due to the company's increased investment in product R&D and market expansion in low-altitude and commercial aerospace sectors, leading to higher costs and expenses[20] VIII. Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 100.72 million yuan, mainly from disposal gains/losses of non-current assets, government subsidies, and gains/losses from entrusted investments or asset management Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Items | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | 36,128,415.70 | | Government subsidies recognized in current profit or loss (excluding those related to normal business operations) | 85,129,541.35 | | Gains and losses from entrusted investments or asset management | 781,121.12 | | Other non-operating income and expenses apart from the above | -704,162.81 | | Other items meeting the definition of non-recurring gains and losses | 316,889.86 | | Less: Income tax impact | 4,797,155.38 | | Minority interest impact (after tax) | 16,130,097.84 | | Total | 100,724,552.00 | - Disposal gains and losses of non-current assets amounted to 36,128,415.70 yuan, and government subsidies recognized in current profit and loss (non-recurring) amounted to 85,129,541.35 yuan[22] - Gains and losses from entrusted investments or asset management amounted to 781,121.12 yuan[22] Section III Management Discussion and Analysis This section provides an in-depth discussion and analysis of the company's industry, main business operations, core competencies, and risk factors during the reporting period I. Industry and Main Business Overview During the Reporting Period The company is deeply rooted in the aerospace information industry, a strategic emerging sector centered on space technology, encompassing low-altitude economy, commercial aerospace, and geographic information, projected to exceed 2.8 trillion yuan by 2025, with its main business focusing on these three areas - The aerospace information industry is characterized by high technology content, high added value, and high strategic importance, with China's aerospace information industry scale expected to exceed 2.8 trillion yuan by 2025 and approach 10 trillion yuan by 2030[26] - The company's main business focuses on three directions: low-altitude economy, commercial aerospace, and geographic information, providing software sales and data services, technology development and services, specialized equipment, and system integration[31] (I) Industry Overview The aerospace information industry, as a strategic emerging industry, is experiencing rapid growth driven by the synergistic development of low-altitude economy, commercial aerospace, and geographic information, with each segment showing significant advancements - The low-altitude economy, as a national strategic emerging industry, is transitioning from blueprint to reality, becoming a new economic growth engine for China, and entering a high-level coordinated promotion stage of "top-level design + policy implementation"[27] - Commercial aerospace, as an important force in building a strong aerospace nation and a typical representative of new quality productive forces, is ushering in a critical turning point of "technological breakthroughs" and "scale explosion," driving the overall development of the aerospace industry[28] - The pace of technological integration in the geographic information industry is accelerating, with remote sensing AI large models rapidly landing and leading innovation, as China's digital economy develops, geographic information industry application scenarios are continuously enriched, fully empowering the digital transformation of various industries[29][30] (II) Main Business Overview The company has built a comprehensive aerospace information service system around the three main directions of low-altitude economy, commercial aerospace, and geographic information, with tailored product systems and strategic layouts for each sector - The company has formulated the guiding principle of "strengthening the air with space, controlling the air with computing" in the low-altitude economy sector, focusing on deploying "1 low-altitude cloud + 2 low-altitude test fields + N regional demonstrations + M industry application scenarios" to provide one-stop solutions[32] - The company is deeply committed to the full industry chain of commercial aerospace, covering constellation construction and operation, aerospace electronic equipment manufacturing, aerospace measurement, control, and operation, and satellite application services, building a product system from "accessing space" to "serving space"[36] - In its geographic information business, the company leverages its independent digital Earth capabilities to build Geovis Cloud 2025, covering a full-link capability system of "computing power-data-perception-twin-application," creating a leading "aerospace information cloud" in China[38] 1. Low-Altitude Economy Direction The company has established a "five-in-one" product system in the low-altitude economy sector, encompassing planning, safety, regulation, flight services, and scenario applications, aiming to deliver comprehensive solutions and accelerate diverse scenario implementations - The company has developed the Qihang Low-Altitude Planning Platform, providing comprehensive planning, evaluation, and operational simulation for low-altitude airspace, take-off/landing fields, and intelligent connectivity facilities[33] - In terms of safety assurance, it has developed the Huhang Low-Altitude Intelligent Network Platform, Tianxin Low-Altitude Meteorological Service Platform, Tianyu Low-Altitude Intelligent Countermeasure System, etc., forming a full-chain new infrastructure solution covering low-altitude flight safety and air defense security[33][35] - The collaborative regulation platform aims to solve complex multi-department management and approval issues and insufficient digital collaboration, achieving functions such as airspace auxiliary planning, approval, dynamic management, and air situation monitoring[35] - The Linghang Low-Altitude Flight Management Service Platform provides air traffic services, safety supervision linkage, government joint supervision, and user information services[35] - In terms of scenario applications, it has developed a series of platforms such as the Zhihang One-Network Unified Flight Platform, Low-Altitude Logistics Application Platform, and Low-Altitude Urban Governance Platform, meeting diversified needs such as government patrols, logistics, water conservancy monitoring, energy inspections, and education and training[35] 2. Commercial Aerospace Direction The company actively lays out the entire commercial aerospace industry chain, enhancing aerospace electronic equipment manufacturing capabilities through "Tianjian" and "Tianxing" series systems, and providing aerospace measurement, control, and space environment services via "Geovis Space Cloud" - In aerospace electronic equipment manufacturing, the company has developed "Tianjian" series rocket electronic systems and "Tianxing" series satellite electronic systems, among which the "Tianjian Commercial Rocket Space-Based Communication System" is built on independent data relay satellites, achieving all-weather and full-coverage communication[36] - In aerospace measurement, control, and operation, the company has developed "Geovis Space Cloud" based on the "Insight" measurement, control, and operation service platform, providing a one-stop space management solution that supports high-precision orbit, attitude, and control calculations for spacecraft[37] - In terms of space environment, the company has developed the "Tianxin Commercial Aerospace Space Weather Service Platform," integrating global meteorological and ocean data resources to provide full-chain information assurance and decision-making recommendations for commercial aerospace missions[37] 3. Geographic Information Direction In the geographic information sector, the company, with Geovis Cloud 2025 as its core, has built a full-link capability system from computing power to applications, achieving intelligent perception of Earth information through the Geovis Eye large model and empowering various industries through an open and shared model - The company, with the Geovis Eye large model as its core, builds the capability foundation of Geovis Cloud 2025, integrating AI interpretation technology, remote sensing large model technology, natural language large model technology, etc., to achieve intelligent perception of Earth information, intelligent scene reconstruction, and intelligent data analysis[38] - Geovis Cloud Developer Platform and Geovis Cloud Open Platform, as capability outlets, have opened over 340 capabilities and scenario solutions, with cumulative certified developers exceeding 120,000 and API calls exceeding 200 billion[40] - In industry applications, the company has developed Geovis War Engine Training Platform (specialized fields), eTAPES2.0 (meteorology), GEOVIS iWater Smart Water Platform (water conservancy), GEOVIS iNature Spatiotemporal Mid-Platform (natural resources), and GEOVIS Enterprise Digital Twin Platform (energy, finance, etc.), providing comprehensive business application services[40] II. Discussion and Analysis of Operations In the first half of 2025, the company seized the "one body, two wings" strategic opportunities, achieving operating revenue of 1.348 billion yuan, a year-on-year increase of 22.03%, and net profit attributable to shareholders of 78.10 million yuan, a year-on-year increase of 22.82%, with commercial aerospace revenue growing rapidly and low-altitude economy business achieving a breakthrough - The company proposed the "one body, two wings" development plan, which means consolidating the core advantages of geographic information and focusing on the two emerging fields of commercial aerospace and low-altitude economy to expand into new aerospace information tracks[41] H1 2025 Operating Performance Overview | Indicator | Amount (yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1,348,017,449.04 | 22.03 | | Operating Profit | 124,176,314.02 | 42.67 | | Net Profit Attributable to Parent Company Owners | 78,101,751.52 | 22.82 | Revenue Contribution and Growth by Business Segment | Segment | Operating Revenue (yuan) | % of Total Operating Revenue | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Low-Altitude Economy | 63,813,936.89 | 4.73 | Breakthrough from 0 to 1 | | Commercial Aerospace | 193,238,327.29 | 14.34 | 137.51 | | Geographic Information | 1,090,815,184.87 | 80.93 | 6.60 | (I) Leveraging Low-Altitude New Infrastructure Construction to Layout the Low-Altitude Economy Industry Chain The company seized low-altitude economy opportunities, implementing a "1+2+N+M" strategy to boost R&D and market investment, achieving rapid business development, forming a "five-in-one" product system, and expanding its sales network to over 40 cities - The company seized the opportunities in low-altitude economy development, formulated a "1+2+N+M" low-altitude strategy, comprehensively increased investment in R&D innovation, market marketing, industrial implementation, and brand promotion, forming a significant competitive advantage in China[44] - During the reporting period, the low-altitude economy business achieved a breakthrough from zero to one, showing rapid development[44] - The company has formed a "five-in-one" low-altitude product system covering low-altitude planning, safety assurance, collaborative regulation, flight services, and scenario applications, and through a "direct sales + ecosystem" sales network, it has been promoted and applied in over 40 cities[44][45] (II) Expanding the Commercial Aerospace Full Industry Chain to Enhance Company's Competitive Advantage The company firmly advanced its full industry chain development strategy in commercial aerospace, increasing R&D investment to gain a leading edge in electronic equipment manufacturing and satellite measurement/control, resulting in rapid business growth and the listing of its subsidiary Geovis Measurement and Control - The company deeply deliberated and planned characteristic commercial satellite constellations such as space computing power constellations, space perception constellations, commercial meteorological constellations, and commercial electromagnetic constellations, and collaborated with Sugon Information Industry Co., Ltd. to build an open and inclusive space computing network[46] - Subsidiary Geovis Measurement and Control Technology Co., Ltd. was listed on the Beijing Stock Exchange in January 2025, becoming the "first commercial aerospace stock," enhancing the company's competitive advantage in aerospace measurement, control, and operation[47][48] - The company strengthened its aerospace electronic equipment manufacturing capabilities, focusing on R&D of "Tianjian" and "Tianxing" series products, and joined the Commercial Aerospace Innovation Consortium initiated by the National Space Administration as a core member[48] (III) From Perception to Cognition, From Products to Ecosystems, Driving Breakthroughs in the Geographic Information Industry The company seized the trend of artificial intelligence technology development, with large models as its core, strengthened the construction of its digital Earth core capability platform, built Geovis Cloud 2025, continuously optimized its cloud-based data, computing, and application service system, and consolidated its industry position in geographic information - The company, with large models as its core, large computing power as its foundation, and big data as its fuel, strengthened the construction of its digital Earth core capability platform, promoting the evolution of the platform from a data processing tool to an intelligent decision-making platform[49] - The company built Geovis Cloud 2025 around the upgrade of spatial intelligence technology, continuously optimizing cloud-based data, cloud-based computing, and cloud-based application service systems, supporting its data product matrix with the ten-layer theory system and using the Geovis Eye large model as its computing kernel[50] - Based on domestic software and hardware technology architecture, the company carried out R&D for specialized digital Earth, Geovis Luoshu Defense and Public Security Big Data Intelligent Analysis Platform, etc., forming full-link autonomous and controllable capabilities, driving business growth in specialized fields[51] III. Analysis of Core Competencies During the Reporting Period During the reporting period, the company continuously strengthened its five core capabilities in aerospace information data, computing, services, operations, and innovation, effectively supporting the implementation of the "one body, two wings" strategy, mastering multiple core technologies, and increasing R&D investment by 38.00% year-on-year - The company continuously strengthened its aerospace information data, computing, services, operations, and innovation capabilities, achieving commercialization of aerospace information and ecological closed-loop, enhancing core competitiveness[53] - During the reporting period, the company newly applied for 316 intellectual property rights (82 invention patents, 193 software copyrights), and newly obtained 299 intellectual property rights (30 invention patents, 234 software copyrights)[70][72] - Total R&D investment increased by 38.00% year-on-year, mainly due to continuous increased investment in product R&D in low-altitude and commercial aerospace sectors[75] (I) Core Competency Analysis The company built a global three-dimensional Earth observation network and a ten-layer data system, forming a one-stop data service capability; integrated diverse heterogeneous computing resources to create a customized high-performance computing platform with the Geovis Eye large model; achieved three major online service systems through online digital Earth construction; focused on product capability, market demand, and platform ecosystem to enhance operational capabilities; and continuously built an innovation capability system in the aerospace information field based on three major scientific research platforms - Data Capability: Built a "data engineering" covering five global three-dimensional Earth observation networks and five physical Earth spheres, forming a one-stop data "ingestion-management-governance-processing" service capability, having ingested and aggregated over 350 satellite data resources[54] - Computing Capability: Integrated diverse heterogeneous computing resources such as supercomputing, intelligent computing, big data computing, and cloud computing, built its own digital Earth supercomputer, with the tens-of-billions-parameter aerospace-integrated multimodal large model—Geovis Eye large model—as its core, forming 150+ types of plug-and-play low-altitude application algorithm sets[55] - Service Capability: Achieved online transformation of core technologies and business transformation and upgrading through online digital Earth construction, forming three major online service systems: cloud-based data, cloud-based computing, and cloud-based applications[57] - Operational Capability: Focused on three dimensions: product capability supply, market demand, and platform ecosystem, built the "aerospace information cloud" platform, comprehensively deployed an integrated online and offline marketing and customer acquisition system, leveraging Geovis Cloud, Geovis Low-Altitude Cloud, and Geovis Space Cloud to drive ecosystem upgrades[58] - Innovation Capability: Relied on three major scientific research platforms, including the National Engineering Research Center for Remote Sensing Application, Earth Intelligent Computing Research Center, and Beijing Key Laboratory of Satellite Interconnection and Control Technology, to continuously build an innovation capability system in the aerospace information field, promoting breakthroughs in key technologies under the "one body, two wings" strategy[59][60] (III) Core Technologies and R&D Progress The company continuously strengthened core technology research, achieving multiple breakthroughs in low-altitude airspace digital construction, UAV integrated management and control, large constellation space-ground integrated measurement and control, new-generation rocket-borne measurement, large-scale automated twin reconstruction, space-ground integrated intelligent agent construction, and low-altitude 3D refined meteorological forecasting, with significant R&D results and increased investment - The company mastered low-altitude airspace digital construction technology based on 3D spatial partitioning grids, proposing the G-DGGS airspace grid to achieve three-dimensional grid construction of airspace, significantly improving the efficiency of large-scale airspace computing[61] - The company developed low-altitude airspace holographic grid refinement and integration management technology, building a low-altitude holographic data management framework to achieve unified organization and information fusion of multi-source heterogeneous, spatiotemporally differentiated low-altitude holographic data[62] - UAV integrated management and control technology based on intelligent flight control and data intelligent interconnection solves problems such as multi-modal adaptation of various aircraft types, rational planning of UAV resources, and high-precision attitude control, achieving "one city unified management, one network unified flight, one machine multi-function, one map multi-purpose"[63] - Large constellation space-ground integrated intelligent measurement and control technology aims to promote the intelligent, service-oriented, and inclusive development of aerospace measurement and control business, achieving high-dynamic adaptive digital multi-beam formation and scheduling of measurement and control terminals[64] - New-generation rocket-borne measurement technology based on a ring network adopts the POWERLINK network protocol as the rocket measurement system bus, possessing outstanding advantages such as low cost, high reliability, high bandwidth, and high flexibility[65] - Large-scale automated twin reconstruction technology based on supercomputing cloud network relies on a distributed parallel computing architecture to achieve efficient production and real-time processing of massive 3D models, supporting centimeter-level precision reconstruction of low-altitude elements[66][67] - Space-ground integrated intelligent agent construction technology based on adaptive transfer learning, based on a space-ground multi-source collaborative perception architecture, achieves autonomous evolution from space-based remote sensing applications to space-ground integrated intelligent perception and decision-making[68] - Low-altitude 3D refined meteorological real-time simulation and short-term forecasting technology, by integrating multi-source observation data, numerical models, and large eddy simulation systems, and introducing a generative AI large model architecture, achieves minute-level rolling forecasts and meter-level street-scale rendering customized output[69] New Intellectual Property Applications During the Reporting Period | Type | New Applications in Current Period (items) | New Grants in Current Period (items) | | :--- | :--- | :--- | | Invention Patents | 82 | 30 | | Utility Model Patents | 5 | 11 | | Design Patents | 4 | 5 | | Software Copyrights | 193 | 234 | | Other | 31 | 19 | | Total | 315 | 299 | - The company was recognized by the Ministry of Industry and Information Technology as a single champion enterprise for the GEOVIS Digital Earth series platform for 2024-2026[71] R&D Investment Overview | Indicator | Current Period Amount (yuan) | Prior Year Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 235,940,807.10 | 169,927,731.35 | 38.85 | | Capitalized R&D Investment | 81,124,119.39 | 59,831,421.19 | 35.59 | | Total R&D Investment | 317,064,926.49 | 229,759,152.54 | 38.00 | | Total R&D Investment as % of Operating Revenue (%) | 23.52 | 20.80 | Increase 2.72 percentage points | | Capitalization Ratio of R&D Investment (%) | 25.59 | 26.04 | Decrease 0.45 percentage points | - The company's R&D projects include Smart Mid-Platform R&D Project, Low-Altitude Cloud Digital Basic Service Platform, Low-Altitude Industry Scenario Application Platform, Commercial Aerospace Measurement and Control Communication System Development Project, Insight Platform R&D, GEOVIS Online Digital Earth Construction, Earth Sphere High-Quality Data Product Construction, Space-Ground Integrated Intelligent Agent Service Platform, Supercomputing Cloud Network Integrated Service Platform, GEOVIS iFactory Aerospace Big Data Intelligent Processing Platform, Geovis Luoshu Defense and Public Security Big Data Intelligent Analysis Platform, Specialized Digital Earth, Integrated Fusion ZK Platform Development Project, Water Conservancy Digital Twin Integrated Application Platform, Meteorological Smart Earth Integrated Application Platform, Complex Electromagnetic Space Intelligent Construction Platform, etc., with a total estimated investment scale of 4.879 billion yuan[77][78][79][80][81][82][83][84] R&D Personnel Information | Indicator | Current Period Number | Prior Year Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 1,731 | 1,641 | | R&D Personnel as % of Total Company Personnel (%) | 58.38 | 61.14 | | Total R&D Personnel Compensation (million yuan) | 23,515.88 | 19,281.12 | | Average R&D Personnel Compensation (million yuan) | 13.31 | 12.96 | | R&D personnel education structure: PhD and above 2.14%, Master 26.29%, Bachelor 64.53%, Junior College and below 7.05% | | | | R&D personnel age structure: Under 30 years old 37.44%, 30-40 years old 49.91%, 40-50 years old 10.69%, 50-60 years old 1.85%, 60 years old and above 0.12% | | | IV. Risk Factors The company faces multiple risks in operations, finance, and the macro environment, including challenges in management capabilities, seasonal revenue fluctuations, potential bad debt losses, and impacts from macroeconomic and industrial policy changes - Operational Risk: The expansion of the company's operating scale places higher demands on strategic planning, organizational structure, internal control, operational management, and financial management; if management capabilities cannot be effectively improved, it may adversely affect operations and sustained profitability[87] - Financial Risk: The company's operating revenue has seasonal characteristics, with revenue concentrated in the second half of the year, which may lead to seasonal fluctuations in operating performance; unfavorable changes in the financial condition of major customers may increase the risk of bad debt losses[87] - Macro-environmental Risk: The industry in which the company operates is closely related to national macroeconomic and industrial policies; fluctuations in the national economy and policy changes may affect the company's production and operations[88] V. Main Operating Conditions During the Reporting Period During the reporting period, the company's operating revenue increased by 22.03% to 1.348 billion yuan, operating profit increased by 42.67% to 124 million yuan, and net profit attributable to shareholders increased by 22.82% to 78.10 million yuan, with significant changes in key financial items and asset-liability structure due to business expansion and investment activities Main Operating Performance During the Reporting Period | Indicator | Amount (yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1,348,017,449.04 | 22.03 | | Operating Profit | 124,176,314.02 | 42.67 | | Net Profit Attributable to Parent Company Owners | 78,101,751.52 | 22.82 | - Revenue growth was primarily driven by the implementation of low-altitude economy and commercial aerospace businesses, as well as the synergistic growth of traditional GEOVIS businesses[91] - Changes in financial expenses were mainly due to decreased interest income and increased interest on borrowings[91] - Net cash flow from operating activities improved year-on-year, mainly due to strengthened accounts receivable management and improved sales collection efficiency[91] (I) Main Business Analysis During the reporting period, the company's main business revenue increased by 22.03%, and operating costs increased by 26.59%, while selling expenses remained stable, administrative and R&D expenses grew significantly, and financial expenses turned positive due to changes in interest income and borrowings Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,348,017,449.04 | 1,104,632,665.67 | 22.03 | | Operating Cost | 726,935,149.05 | 574,246,025.49 | 26.59 | | Selling Expenses | 106,312,829.01 | 106,122,224.24 | 0.18 | | Administrative Expenses | 160,331,498.73 | 125,069,766.58 | 28.19 | | Financial Expenses | 11,782,639.29 | -6,036,093.52 | Not applicable | | R&D Expenses | 242,513,587.99 | 176,500,512.24 | 37.40 | | Net Cash Flow from Operating Activities | -386,888,912.16 | -516,724,078.93 | Not applicable | | Net Cash Flow from Investing Activities | -22,939,359.55 | -472,551,643.29 | Not applicable | | Net Cash Flow from Financing Activities | 83,477,518.24 | 392,335,756.81 | -78.72 | - Operating revenue growth was primarily due to the implementation of low-altitude economy and commercial aerospace businesses, as well as the synergistic growth of traditional GEOVIS businesses[91] - The increase in R&D expenses was mainly due to the company's continuous increased investment in product R&D in low-altitude and commercial aerospace sectors[91] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased, while prepayments and construction in progress significantly increased due to business expansion, and long-term borrowings saw a substantial rise Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | % of Total Assets at Current Period-End | Prior Year-End Amount (yuan) | % of Total Assets at Prior Year-End | % Change in Current Period-End Amount vs. Prior Year-End | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 2,161,346.00 | 0.03 | 3,638,775.78 | 0.04 | -40.60 | | Prepayments | 429,179,650.84 | 5.22 | 263,426,764.51 | 3.18 | 62.92 | | Contract Assets | 509,064,278.79 | 6.19 | 388,214,399.97 | 4.68 | 31.13 | | Construction in Progress | 201,926,463.92 | 2.46 | 127,048,834.78 | 1.53 | 58.94 | | Other Non-Current Assets | 129,332,225.46 | 1.57 | 301,825,853.20 | 3.64 | -57.15 | | Employee Compensation Payable | 44,931,683.35 | 0.55 | 122,677,172.95 | 1.48 | -63.37 | | Taxes Payable | 48,900,225.58 | 0.59 | 113,170,472.03 | 1.37 | -56.79 | | Non-Current Liabilities Due Within One Year | 66,210,422.30 | 0.81 | 43,719,740.85 | 0.53 | 51.44 | | Long-Term Borrowings | 118,640,000.00 | 1.44 | 9,010,083.33 | 0.11 | 1,216.75 | - The increase in prepayments was mainly due to increased payments for orders in hand during the reporting period[94] - Long-term borrowings increased significantly by 1,216.75%, mainly due to increased borrowings during the reporting period[94] Restricted Assets at the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 36,472,616.73 | Guarantees and interest, etc. | | Notes Receivable | 6,326,241.62 | Commercial acceptance bills not derecognized | | Total | 42,798,858.35 | | (IV) Investment Status Analysis During the reporting period, the company made an external equity investment of 500,000 yuan, with financial assets measured at fair value totaling 22.66 million yuan at period-end, and private equity fund investments of 160 million yuan generating a profit impact of 5.18 million yuan - During the reporting period, the company's external equity investment amounted to 500,000 yuan, compared to 0 yuan in the same period last year[99] Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | 24,138,777.08 | 455,647,708.00 | 457,125,139.08 | 22,661,346.00 | | Total | 24,138,777.08 | 455,647,708.00 | 457,125,139.08 | 22,661,346.00 | Private Equity Fund Investment Status | Fund Name | Planned Total Investment (yuan) | Amount Invested as of Period-End (yuan) | Profit Impact in Current Period (yuan) | Cumulative Profit Impact (yuan) | | :--- | :--- | :--- | :--- | :--- | | Anhui Hesheng Geovis Aerospace Intelligent Venture Capital Partnership (Limited Partnership) | 160,000,000.00 | 160,000,000.00 | 5,182,437.12 | 4,029,253.78 | | Total | 160,000,000.00 | 160,000,000.00 | 5,182,437.12 | 4,029,253.78 | (VI) Analysis of Major Holding and Participating Companies The company's main holding subsidiaries include Geovis Technology Weitianxin Technology, Geovis Starlight Information Technology, Geovis Measurement and Control Technology, Geovis Huian Technology, and Beijing Tianchen Hechuang Technology, with some showing strong profitability and others incurring losses, while the company also optimized its business layout through new establishments, deregistration, and equity transfers Financial Performance of Major Holding and Participating Companies | Company Name | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Geovis Technology Weitianxin Technology Co., Ltd. | 218,340,441.02 | 42,634,544.42 | 38,952,609.58 | | Geovis Starlight Information Technology Co., Ltd. | 26,542,283.72 | -24,264,972.38 | -23,262,351.09 | | Geovis Measurement and Control Technology Co., Ltd. | 99,176,720.78 | 34,772,146.11 | 32,255,886.74 | | Geovis Huian Technology Co., Ltd. | 24,521,965.97 | -16,444,017.89 | -15,975,063.48 | | Beijing Tianchen Hechuang Technology Co., Ltd. | 82,549,530.21 | 38,378,091.98 | 34,741,009.54 | - During the reporting period, the company established 5 new subsidiaries: Hubei Lirui Technology Co., Ltd., Geovis Digital Intelligence Technology (Shandong) Co., Ltd., Zhongke Tiantong (Jiamusi) Technology Co., Ltd., Geovis Yishui (Kashgar) Technology Co., Ltd., and Geovis Low-Altitude Cloud Technology (Qingdao) Co., Ltd[107] - The company deregistered 3 subsidiaries: Geovis Smart Technology (Tangshan) Co., Ltd., Beijing Tianchen Gongchuang Microwave Technology Co., Ltd., and Beijing Guyuan Network Technology Co., Ltd[107] - The company transferred part of its equity in Geovis Deep Sea Technology Co., Ltd., realizing a disposal gain of 36.2498 million yuan[107] Section IV Corporate Governance, Environment, and Society This section outlines the company's corporate governance practices, environmental initiatives, and social responsibilities, including details on profit distribution plans II. Profit Distribution or Capital Reserve to Share Capital Increase Plan The company does not plan for profit distribution or capital reserve to share capital increase for the semi-annual period - The company's proposed profit distribution or capital reserve to share capital increase plan for the semi-annual period is "None"[6] - Whether to distribute or transfer: No[111] Section V Significant Matters This section details significant matters during the reporting period, including the fulfillment of commitments, integrity status, related-party transactions, and the progress of raised funds utilization I. Fulfillment of Commitments The company's actual controller, controlling shareholder, directors, senior management, and core technical personnel, as well as other committed parties, strictly fulfilled all commitments during the reporting period, including share lock-up, avoidance of horizontal competition, standardization of related-party transactions, non-occupation of funds, and measures to mitigate dilution of immediate returns, with no instances of failure to timely fulfill - Controlling shareholder Zhongke Jiudu committed not to transfer shares within 36 months from the listing date and to bear liability for compensation in case of breach of commitment[115][121] - Actual controller Aerospace Information Research Institute, Chinese Academy of Sciences, and its concerted parties committed to avoid horizontal competition and ensure that controlled enterprises do not engage in businesses that compete with the company[115][150] - The company's directors and senior management committed to faithfully and diligently perform their duties, not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and to actively link their compensation system with the company's return-filling measures[115][142][143] - The company committed to implement measures to fill immediate returns, including strengthening management of raised funds, accelerating investment progress of fundraising projects, improving profitability, and strengthening investor return mechanisms[116][139][140] - All committed parties strictly fulfilled all commitments during the reporting period, with no instances of failure to timely fulfill[115] IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no adverse situations such as failure to fulfill obligations determined by effective legal documents of the court or large amounts of overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity[190] - There were no adverse integrity situations such as failure to fulfill obligations determined by effective legal documents of the court or large amounts of overdue debts[190] X. Significant Related-Party Transactions The company has disclosed and approved the proposed resolution for estimated daily related-party transactions for 2025 in its interim announcement, with no other undisclosed significant related-party transactions during the reporting period - The company convened a board meeting on March 3, 2025, and approved the "Proposal on the Company's Estimated Daily Related-Party Transactions for 2025"[191] - For details, please refer to the "Announcement on Geovis Technology Co., Ltd.'s Estimated Daily Related-Party Transactions for 2025" (Announcement No.: 2025-006) disclosed on the Shanghai Stock Exchange website[191] - There were no significant related-party transactions not disclosed in interim announcements during the reporting period[193] XII. Explanation of Progress in Use of Raised Funds The company's overall use of raised funds was good, with funds from the initial public offering largely invested and private placement funds at 80.99% investment progress; idle raised funds of 800 million yuan were used for cash management, with an ending balance of 50 million yuan within authorized limits Overall Use of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (yuan) | Total Committed Investment (yuan) | Cumulative Amount of Raised Funds Invested as of Period-End (yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 891,550,000.00 | 800,684,014.83 | 803,498,611.15 | 100.35 | | Private Placement of Shares | 1,549,999,988.16 | 1,550,000,000.00 | 1,287,716,675.29 | 84.01 | | Total | 2,441,549,988.16 | 2,333,448,851.35 | 2,091,215,286.44 | / | - Funds raised from the initial public offering have been largely invested, with an investment progress of 100.35%[195] - Funds raised from the private placement of shares have an investment progress of 84.01%[195] Detailed Use of Raised Fund Projects | Project Name | Planned Total Investment of Raised Funds (yuan) | Cumulative Amount of Raised Funds Invested as of Period-End (yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | GEOVIS 6 Digital Earth Project | 250,000,000.00 | 250,452,942.56 | 100.18 | | Aerospace Remote Sensing Data AI Real-time Processing and Analysis System Project | 150,000,000.00 | 149,603,445.33 | 99.74 | | PIM Application Project Based on GEOVIS Digital Earth | 100,000,000.00 | 100,252,443.86 | 100.25 | | Marketing Service Network Construction Project | 50,000,000.00 | 46,624,827.09 | 93.25 | | Supplementary Working Capital Project (Initial Public Offering) | 150,000,000.00 | 150,000,000.00 | 100.00 | | Over-raised Funds | 100,684,014.83 | 106,564,952.31 | 105.84 | | GEOVIS Online Digital Earth Construction Project | 1,300,000,000.00 | 1,052,932,144.56 | 80.99 | | Supplementary Working Capital Project (Private Placement) | 232,764,836.52 | 234,784,530.73 | 100.87 | - During the reporting period, the company used 800 million yuan of idle raised funds for cash management, with an ending cash management balance of 50 million yuan, not exceeding the authorized limit[203] Section VI Share Changes and Shareholder Information This section details the company's share capital changes and shareholder structure during the reporting period, including the impact of capital reserve to share capital increase and the top shareholders I. Share Capital Change During the reporting period, the company's total share capital increased by 266,229,706 shares due to capital reserve to share capital increase, changing from 543,325,930 shares to 809,555,636 shares, with the newly added unrestricted tradable shares listed on May 21, 2025 Share Change Information | Share Category | Quantity Before This Change | Increase/Decrease in This Change (Capital Reserve to Shares) | Quantity After This Change | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 543,325,930 | 266,229,706 | 809,555,636 | | Total Shares | 543,325,930 | 266,229,706 | 809,555,636 | - Based on the total share capital registered on the equity registration date of May 20, 2025, the company increased its share capital by 4.9 shares for every 10 shares from capital reserve, totaling 266,229,706 shares[207] - After the increase, the company's total share capital changed from 543,325,930 shares to 809,555,636 shares; the listing date for the newly added unrestricted tradable shares was May 21, 2025[207][208] II. Shareholder Information As of the end of the reporting period, the company had 24,363 common stock shareholders, with Zhongke Jiudu (Beijing) Space Information Technology Co., Ltd., Sugon Information Industry Co., Ltd., and Ningbo Xingtu Qunying Venture Capital Partnership (Limited Partnership) as the top three shareholders - As of the end of the reporting period, the company had a total of 24,363 common stock shareholders[209] Top Ten Shareholders' Shareholding at the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhongke Jiudu (Beijing) Space Information Technology Co., Ltd. | 228,754,868 | 28.26 | State-owned Legal Person | | Sugon Information Industry Co., Ltd. | 127,106,809 | 15.70 | State-owned Legal Person | | Ningbo Xingtu Qunying Venture Capital Partnership (Limited Partnership) | 105,457,554 | 13.03 | Other | | Shanghai Jueshuo Asset Management Center (Limited Partnership) - Jueshuo Jingfan Multi-Strategy No. 1 Private Securities Investment Fund | 14,699,918 | 1.82 | Other | | Ningbo Xingtu Huicui Venture Capital Partnership (Limited Partnership) | 10,857,703 | 1.34 | Other | | National Social Security Fund 503 Portfolio | 8,500,000 | 1.05 | Other | | China Construction Bank Co., Ltd. - Fullgoal CSI Military Industry Leaders ETF | 7,770,213 | 0.96 | Other | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 5,960,590 | 0.74 | Other | | National Social Security Fund 111 Portfolio | 5,289,790 | 0.65 | Other | | China Construction Bank Co., Ltd. - Boshi Military Industry Theme Stock Fund | 5,250,550 | 0.65 | Other | - Shanghai Jueshuo Asset Management Center (Limited Partnership) - Jueshuo Jingfan Multi-Strategy No. 1 Private Securities Investment Fund held a total of 14,699,918 shares of the company through its ordinary securities account and securities company client credit trading guarantee securities account[210] Section VII Bond-Related Information This section provides an overview of the company's bond-related activities, including corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[220] II. Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[220] Section VIII Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and specific financial items II. Financial Statements This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow, with total assets slightly decreasing but operating revenue and net profit increasing, and share capital growing due to capital reserve to share capital increase - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 8,222,640,518.21 yuan, a slight decrease from the beginning of the period[222] - The consolidated income statement shows that for the first half of 2025, total operating revenue was 1,348,017,449.04 yuan, and net profit was 126,678,221.25 yuan[229] - The consolidated cash flow statement shows that net cash flow from operating activities was -386,888,912.16 yuan, net cash flow from investing activities was -22,939,359.55 yuan, and net cash flow from financing activities was 83,477,518.24 yuan[235][236] - The consolidated statement of changes in owners' equity shows that paid-in capital (or share capital) increased by 266,229,706.00 yuan due to capital reserve to share capital increase, with an ending balance of 809,555,636.00 yuan[241] III. Company Basic Information Geovis Technology Co., Ltd. was wholly restructured on November 19, 2018, and listed on the STAR Market on July 8, 2020, with its total share capital increasing due to capital reserve to share capital increase and some repurchased shares being canceled, operating in the information transmission, software, and information technology services industry, and ultimately controlled by the Aerospace Information Research Institute, Chinese Academy of Sciences - Geovis Technology Co., Ltd. was listed on the STAR Market of the Shanghai Stock Exchange on July 8, 2020, with stock code "688568," belonging to the information transmission, software, and information technology services industry[251] - In March 2025, the company's total share capital increased from 543,325,930 shares to 809,555,636 shares; on August 22, 2025, the company's share repurchase plan was completed and 1,476,724 shares were canceled, reducing the total share capital to 808,078,912 shares[252] - The company's ultimate controlling party is the Aerospace Information Research Institute, Chinese Academy of Sciences[253] V. Significant Accounting Policies and Estimates This chapter details the company's enterprise accounting standards, accounting period, operating cycle, functional currency, and materiality criteria, specifically disclosing significant accounting policies and estimates for financial instrument classification, recognition and measurement, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, intangible assets, impairment of long-term assets, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company financial assets classification includes those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, with detailed initial and subsequent measurement methods for each category[277][278][279] - The company accrues impairment provisions for notes receivable, accounts receivable, contract assets, etc., based on expected credit losses, and classifies them into aging portfolios and specific item portfolios based on credit risk characteristics[302][307] - For revenue recognition, the company recognizes revenue when performance obligations in the contract are satisfied, i.e., when the customer obtains control of the related goods or services, and adopts different recognition methods based on business types (technology development and services, software sales and data services, specialized equipment and system integration)[367][374] - R&D expenditures are divided into research phase and development phase; research phase expenditures are expensed in the current period, while development phase expenditures are recognized as intangible assets when specific conditions are met[346][347] - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and low-value asset leases, and depreciates them using the straight-line method and calculates interest expenses[394][396] VI. Taxation The company's main taxes include value-added tax and corporate income tax, benefiting from multiple tax incentives such as VAT exemptions for technology transfer and development, immediate VAT refunds for self-developed software, and preferential corporate income tax rates for high-tech enterprises and small/micro-profit subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 0.00%, 6.00%, 9.00%, 13.00% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 5.00%, 7.00% | | Corporate Income Tax | Taxable income | 0.00%, 12.50%, 15.00%, 20.00%, 25.00% | - The company and some subsidiaries enjoy VAT exemption policies for technology transfer, technology development, and related technical consulting and services[411] - The company and some subsidiaries selling self-developed software products are subject to an immediate refund of VAT exceeding 3.00% of the actual tax burden[411] - Some subsidiaries enjoy corporate income tax preferential policies for integrated circuit design enterprises and software enterprises, such as "five-year exemption, five-year half reduction" or "two-year exemption, three-year half reduction"[413][414][415][416][417] - The company and some subsidiaries, as high-tech enterprises, enjoy a 15.00% corporate income tax preferential rate[419] - Some small and micro-profit enterprise subsidiaries enjoy a policy of calculating taxable income at 25% and paying corporate income tax at a 20% rate[420] VII. Notes to Consolidated Financial Statement Items This chapter details the ending balances, beginning balances, and changes of major items in the consolidated financial statements, including monetary funds, various receivables, inventories, fixed assets, intangible assets, goodwill, various liabilities, as well as revenue, costs, expenses, and profits, with significant changes in prepayments, construction in progress, and long-term borrowings reflecting business expansion and investment activities - Monetary funds ending balance was 952 million yuan, a decrease from the beginning of the period, with 36.47 million yuan being restricted funds[423][527] - Accounts receivable ending book value was 2.655 billion yuan, a slight decrease from the beginning of the period, with bad debt provisions of 82.04 million yuan[435][439] - Prepayments ending balance was 429 million yuan, a 62.92% increase from the beginning of the period, mainly due to increased payments for orders in hand[94][456] - Construction in progress ending balance was 202 million yuan, a 58.94% increase from the beginning of the period, mainly due to increased investment in construction projects[94][496] - Long-term borrowings ending balance was 119 million yuan, a 1216.75% increase from the beginning of the period, mainly due to increased borrowings[94](index=9