商业航天收入翻倍背后，中科星图低空经济业务实现从0到1突破

Core Viewpoint - Zhongke Xingtou has significantly expanded its low-altitude and commercial aerospace sectors in the first half of 2025, resulting in notable revenue growth, but increased costs have negatively impacted its net profit margins [1][2]. Financial Performance - In the first half of 2025, Zhongke Xingtou reported revenue of 1.35 billion yuan, a year-on-year increase of 22.0% [1]. - The net profit attributable to shareholders was 78.1 million yuan, up 22.8% year-on-year [1]. - However, the non-recurring net profit showed a loss of 22.62 million yuan, a significant decline of 582.2% year-on-year, attributed to increased costs from R&D and market expansion in low-altitude and commercial aerospace sectors [1]. Low-altitude Economy Development - The low-altitude economy has been recognized as a strategic emerging industry, with over 60 provinces and cities in China releasing action plans for its development [2]. - Zhongke Xingtou has implemented a strategy involving "1 low-altitude cloud + 2 low-altitude experimental fields + N regional demonstrations + M industry application scenarios," achieving a breakthrough in low-altitude economic business [2]. Low-altitude Economic Revenue - The low-altitude economy segment generated revenue of 64 million yuan, accounting for 4.73% of total revenue [3]. - The company is building digital infrastructure for low-altitude management, enhancing flight management services, and developing a comprehensive product system covering planning, safety, supervision, and application [3]. Commercial Aerospace Growth - The commercial aerospace segment achieved revenue of 193 million yuan, representing a year-on-year growth of 137.51%, and accounted for 14.34% of total revenue [4]. - The business encompasses satellite constellation construction, aerospace equipment manufacturing, and satellite application services [4]. Strategic Initiatives - Zhongke Xingtou plans to collaborate with Zhongke Shuguang to develop an inclusive space computing network, integrating various computing resources for real-time data processing [5]. - The company aims to enhance its aerospace measurement and control business, establishing a comprehensive ground station network for effective space traffic management [5]. - The strategic plan emphasizes strengthening core capabilities in geographic information and expanding into commercial aerospace and low-altitude economy sectors, aiming for a comprehensive service capability across the entire value chain [5].