中国卫星，紧急提示

Core Viewpoint - China Satellite (600118) has issued a warning regarding stock trading risks, highlighting a significant increase in stock price that may not align with the company's fundamentals [1][2]. Group 1: Stock Performance - As of January 12, 2026, China Satellite's stock closed at a limit-up price, with a cumulative increase of 179.16% since December 3, 2025, significantly outperforming the 40.68% increase in the Shenwan Military Industry Index and the 7.42% increase in the Shanghai Composite Index during the same period [1]. - The stock's trading volume reached 79.85 billion CNY, with a turnover rate of 5.89% on January 12, 2026 [2]. Group 2: Company Fundamentals - The company reported a projected 25.06% decrease in operating revenue for the year 2024, and a 96.67% decrease in net profit attributable to shareholders after excluding non-recurring gains and losses [3]. - For the first three quarters of 2025, the net profit attributable to shareholders, excluding non-recurring gains and losses, was only 5.4712 million CNY, with a gross margin of 9.62% and a net profit margin of 0.48%, indicating limited profitability [3]. Group 3: Market Sentiment and Risks - China Satellite cautioned that the current stock price is at a historical high and detached from its fundamentals, warning investors about the risks of market sentiment overheating and irrational speculation [2]. - The recent surge in the aerospace sector, including stocks like China Satcom and Aerospace Electronics, has led to a wave of limit-up trading, indicating a potential speculative bubble [3].