StarNeto(SZ:002829) Chang Jiang Shang Bao·2025-10-21 00:06Core Viewpoint - StarNet Yuda is transitioning to the civilian sector, focusing on low-altitude economy and low-orbit interconnectivity, resulting in significant improvements in performance [1][7]. Financial Performance - For the first three quarters of 2025, StarNet Yuda achieved revenue of 266 million yuan, a year-on-year increase of 14.97%, and a net profit of 38.37 million yuan, up 260% [2][3]. - In Q3 2025 alone, the company reported revenue of 118 million yuan, a 27.84% increase year-on-year, and a net profit of 54.28 million yuan, reflecting an 816.08% growth [1][3]. - The company's long-term equity investments reached 280 million yuan, a 64.93% increase from 170 million yuan in the same period last year [1][3]. Business Transformation - StarNet Yuda has shifted its focus from traditional military applications to civilian markets, emphasizing low-altitude economy, low-orbit interconnectivity, autonomous driving, AI, and robotics [7]. - The company has developed a complete product system from core component manufacturing to integrated system R&D, forming a comprehensive enterprise that includes R&D, production, and sales [2]. R&D and Innovation - R&D expenses for the first three quarters of 2025 amounted to 45.36 million yuan, a slight increase of 0.25% [9]. - The company has obtained over 20 authorized patents and developed new products, including a next-generation tactical-grade inertial measurement unit and emergency rescue drones, enhancing its product matrix [9].