顺灏股份：股票交易异常波动，投资项目存不确定性

Core Viewpoint - The stock of Shunhao Co., Ltd. (002565.SZ) experienced significant volatility, with a cumulative closing price deviation exceeding 20% over two consecutive trading days, attributed to the rising interest in "commercial aerospace concept stocks" influenced by relevant policies and events [1] Company Summary - Shunhao Co., Ltd. invested 110 million RMB in Tiangong Chuangxin in June 2025, acquiring a 19.30% stake [1] - Tiangong Chuangxin's primary business involves launching computing power satellites into dawn-dusk orbits to establish a space data center, providing computing power services to clients [1] - The business scope of Tiangong Chuangxin includes satellite technology integration, satellite navigation services, and manufacturing and sales of satellite mobile communication terminals [1] Industry Summary - The existing business of Shunhao Co., Ltd. does not currently create synergies with Tiangong Chuangxin's operations [1] - Tiangong Chuangxin's business is subject to risks from macroeconomic factors, industry policies, and market environment changes, with potential challenges in commercialization and longer industrialization cycles [1] - The "Tianshu Tiansuan" business of Tiangong Chuangxin may have clear commercial value within the next five years, while the "Dizhu Tiansuan" business could gradually gain competitive advantages against ground data centers over the next 5-10 years [1]