电科数字：前期未开展商业航天业务，国产智能推理终端产品未形成大规模销售

Core Viewpoint - The company has been included in the "commercial aerospace" and "artificial intelligence" sectors, but its main business remains unchanged, focusing on digital products, industry digitization, and new digital infrastructure [1] Business Segments - The company has not engaged in significant commercial aerospace activities, with only a small number of satellite communication products developed, generating approximately 3.9 million yuan in orders for 2025, which accounts for less than 0.1% of total business [1] - In the AI sector, the company is in the small-batch delivery phase for its domestically developed intelligent inference terminal, with 2025 orders estimated at around 10 million yuan [1] - The company's AI application services, including the Zhiyi intelligent system, are projected to generate about 30 million yuan in orders for 2025, currently in the market promotion stage and not yet achieving large-scale sales [1] - Overall, the total orders from the aforementioned AI-related businesses for 2025 are expected to be around 40 million yuan, representing less than 1% of the company's total business, indicating limited impact on overall performance and uncertainty in future development [1]