中科星图：三季度单季现金流同比激增458.61%，研发加码赋能，领航低空经济发展

Core Insights - The low-altitude economy is increasingly recognized as a new production factor driving high-quality regional economic development, with the company positioning itself as a leader in this strategic emerging industry [1][6] - The company has established a comprehensive strategic framework, "1+2+N+M," focusing on technology and practical applications to enhance low-altitude management and services across various regions [1][6] Company Developments - The company has successfully secured multiple low-altitude construction projects in over ten cities, including Qingdao, Huzhou, and Shenzhen, demonstrating its effective market expansion strategy [1][4] - A notable project in Xiamen involves the development of a comprehensive low-altitude management service platform, which will enhance the city's low-altitude flight service capabilities and support various applications such as traffic monitoring and emergency response [2][5] - The company has also made significant strides in Chongqing, where it is implementing a digital foundation for low-altitude flight management, aiming to create a replicable model for high-quality development in the low-altitude economy [2][3] Financial Performance - In the third quarter of 2025, the company reported a revenue of 2.208 billion yuan and a net profit of 146 million yuan, reflecting stable operational performance [4] - The company increased its R&D investment significantly, with R&D expenses reaching 522 million yuan, a year-on-year growth of 33.20%, indicating a strong commitment to innovation [4] - The cash flow from operating activities for the third quarter surged to 87.836 million yuan, a remarkable increase of 458.61%, showcasing the company's robust financial health [4] Industry Trends - The low-altitude economy is transitioning from a policy-driven phase to a technology-driven phase, with the company providing a systematic approach to low-altitude solutions and promoting industry standardization and scalability [6]