中科星图业绩预降股价波动，战略转型聚焦商业航天与低空经济

Core Viewpoint - The company, Zhongke Xingtou (688568.SH), is experiencing a significant decline in revenue and net profit while undergoing a strategic transformation focused on increasing R&D investment in commercial aerospace and low-altitude economy sectors [1][2]. Financial Performance - The company expects a 15.58% year-on-year decrease in revenue for 2025, projecting revenue to be between 2.325 billion and 3.0 billion yuan. The net profit attributable to shareholders is forecasted to be between 30 million and 45 million yuan, representing a decline of 87.20% to 91.47% year-on-year [2]. Stock Performance - The company's stock has seen substantial fluctuations, with a notable increase since late November 2025. However, a warning was issued on January 13, 2026, regarding potential market overheating and irrational speculation, as the stock price reached a peak of 99.95 yuan per share in January 2026 before adjusting to 69.89 yuan per share by February 4, 2026 [3]. Recent Developments - A company representative indicated that the annual report for 2025 is currently being prepared, with some details yet to be disclosed, and it is expected to be released soon [4]. Strategic Initiatives - The company is implementing a comprehensive strategy called "one body, two wings," focusing on full coverage of air and space. The commercial aerospace business accounted for 13.89% of revenue from January to September 2025, with plans to launch 156 "Xingyan" satellites starting in the first half of 2026. Additionally, multiple contracts for low-altitude economy projects have been signed with various cities [5]. Operational Status - In the first three quarters of 2025, the company's R&D expenses reached 522 million yuan, marking a significant increase of 33.20% year-on-year, with the R&D expense ratio rising to a historical high of 23.62% to support technological advancements in new business areas [6].