顺灏股份：公司现有业务未与轨道辰光业务产生协同效应

Core Viewpoint - The company, Shunhao Co., Ltd. (002565), has noted significant stock price fluctuations in "commercial aerospace concept stocks" due to recent policies and events related to commercial aerospace [1] Investment in Technology - In June 2025, the company plans to invest 110 million yuan in Beijing Orbit Chengguang Technology Co., Ltd. (referred to as "Orbit Chengguang"), acquiring a 19.3% stake [1] - Orbit Chengguang'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] Business Synergy and Risks - The company's existing business does not currently have synergies with Orbit Chengguang's operations [1] - Orbit Chengguang's business is subject to macroeconomic factors, industry policies, and market environment changes, which may lead to risks associated with long industrialization and commercialization cycles, as well as potential underperformance [1] Future Business Potential - The "Tianshu Tiansuan" business of Orbit Chengguang may have clear commercial value within the next five years, while the "Dishu Tiansuan" business could gradually develop competitive advantages against ground data centers over the next 5 to 10 years [1] Impact on Company Performance - The aforementioned matters are expected to have a minimal impact on the company's operating performance in 2025, as the relevant industry development is still in its early stages [1] - The company advises investors to be cautious of stock market trading risks and to make prudent investment decisions [1]