Core Viewpoint - Zhongke Xingtou Co., Ltd. reported significant growth in Q1 2025, with revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit attributable to shareholders of 20.77 million yuan, up 971% [1] Financial Performance - The substantial growth in revenue and net profit is attributed to strategic asset adjustments that realized asset value [1] - R&D expenditure in Q1 reached 140 million yuan, reflecting a year-on-year increase of 31.84% [1] Low-altitude Strategy - Zhongke Xingtou is advancing its low-altitude strategy with a "1+2+N+M" framework, focusing on building a low-altitude cloud platform and establishing various regional demonstrations [2] - The company launched the Star Map Low-altitude Cloud V1.0 and two new low-altitude products in March, completing a full chain coverage from data platform to industry applications [2] Product Development - The GEOVIS iFlight platform integrates drone hardware and management software, providing services like aerial photography and logistics [3] - The DevMate.LAC platform offers a low-code application development environment, enabling rapid deployment of low-altitude applications [3] Market Opportunities - The low-altitude economy is projected to reach a total output value of 1.5 trillion yuan by 2025, with significant government interest in developing low-altitude projects [4] - Zhongke Xingtou has secured multiple contracts in the low-altitude sector, indicating strong market demand and the company's capability to meet it [4] Business Model Innovation - The company is exploring a new business model termed "Airspace as a Service," focusing on making airspace calculable, tradable, and value-added [5] - A new subsidiary in Qingdao aims to drive technological breakthroughs and innovative business models in the low-altitude sector [5] - The "Qingdao model" is expected to transition low-altitude economic development from government-subsidized trials to a market-driven cycle, potentially creating several trillion-yuan industry clusters [5]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing rapid commercialization, with significant government support and investment in infrastructure and projects [21][26][28] - By 2030, the drone industry in China is expected to exceed 1 trillion yuan, with eVTOLs likely becoming a mainstream choice for urban air mobility [32] Summary by Sections Industry Overview - The low-altitude economy is gaining momentum with various local governments implementing supportive measures and funding initiatives [21][28][31] - Recent projects include a 500 million yuan investment by Dongfang Hope Group in Chongqing for urban air traffic operations [29] Company Dynamics - Zhongke Xingtou has secured low-altitude projects in four cities and plans to raise 650 million yuan for platform construction [33] - Wan Feng Aowei has acquired core assets from global eVTOL pioneer Volocopter to enhance urban air transport solutions [36] - Shencheng Jiao is actively involved in over 20 cities for low-altitude economic planning and consulting projects [38] Market Performance - The average stock price change for low-altitude economy-related A-shares was +0.5% from April 28 to April 30, with notable gains from companies like Blue Ocean Huateng (+13.7%) and Guanglian Aviation (+9.6%) [12][24] - In the US market, Yihang Intelligent saw a significant increase of +11.1% [19][24]

Group 1 - The core viewpoint of the article highlights the strong performance of Zhongke Xingtou in Q1 2025, with significant growth in both revenue and profit, driven by technological innovation and strategic project acquisitions in the low-altitude economy sector [1][2][4] - In Q1 2025, Zhongke Xingtou achieved operating revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit attributable to shareholders of 20.78 million yuan, a substantial increase of 971% compared to the previous year [1] - The company has increased its R&D investment to 140 million yuan in Q1 2025, representing a year-on-year growth of 31.84%, with an R&D expense ratio of 27.77%, up by 2.39 percentage points from the same period last year [1] Group 2 - Zhongke Xingtou has been actively developing the low-altitude economy, recently securing projects in four cities: Qingdao, Huzhou, Fuzhou, and Nanning, which cater to the specific low-altitude economic development needs of these regions [2][4] - The "Xingtou Low-altitude Cloud" platform, which integrates data from digital earth and satellite sources, serves as a comprehensive service platform for low-altitude scenarios, providing essential data supply and management capabilities [3][5] - The company’s service model aligns with national low-altitude economic strategies, aiming to create a standardized system that can quickly adapt to different city needs, thereby facilitating local government policy implementation [4][6] Group 3 - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025 and potentially 3.5 trillion yuan by 2035, indicating significant growth potential in this sector [4] - Zhongke Xingtou plans to enhance its R&D investments in the low-altitude field, aiming to create a new business model of "airspace as a service" that allows for calculable, tradable, and value-added airspace attributes [4][6] - The company seeks to collaborate with local governments, low-altitude industry chain enterprises, and research institutions to build an "innovation community" for the low-altitude economy, promoting shared technology and co-created scenarios [6]

注：1.公司股份全部为无限售条件流通股份，因此，公司前十大股东亦为前十大无限售 条件股东。 2."持股比例"按公司截至 2025 年 4 月 25 日的总股本 543,325,930 股计算。 证券代码：688568 证券简称：中科星图 公告编号：2025-031 中科星图股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中科星图股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召开第三 届董事会第四次会议、第三届监事会第四次会议，审议通过《关于以集中竞价交 易方式回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 15 日在上 海证券交易所网站（www.sse.com.cn）披露的《中科星图股份有限公司关于以集 中竞价交易方式回购股份的预案》（公告编号：2025-021）。本次回购股份方案 尚待公司 2025 年第一次临时股东大会审议。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回 ...

Group 1 - The software sector is experiencing significant growth, with the CSI Software Index rising by 2.55% as of April 30, 2025, and notable increases in individual stocks such as Zhongke Xingtong (up 6.37%) and Tuorisi (up 6.17%) [1] - The Software 50 ETF (159590) has shown a 2.49% increase, with a recent price of 1.03 yuan, and has accumulated a 0.60% rise over the past two weeks, ranking in the top third among comparable funds [1] - The trading activity for the Software 50 ETF is robust, with a turnover rate of 11.16% and a transaction volume of 28.6459 million yuan, indicating active market participation [1] Group 2 - The foundation software sector in China, including operating systems and databases, is in a phase of catching up with international standards, particularly in ecological construction, with a focus on the middleware and software layers for future development [3] - Chinese computer software and hardware companies are expanding into overseas markets, particularly in Southeast Asia, the Middle East, and Africa, where payment habits and willingness to pay are stronger, leading to better overall profit margins compared to the domestic market [3] - The AIAgent industry is progressing, with support from major companies like Alibaba, Tencent, and Baidu for the MCP protocol, indicating a potential for standardized development in the industry [3] Group 3 - The Software 50 ETF closely follows the CSI Software Index and includes a significant representation of AI software, with DeepSeek comprising 40% of the ETF [4] - The index consists of 50 selected stocks, with approximately 67% weight in application software, over 15% in AI-related fields, and 10% in information security, showcasing a comprehensive coverage of the software sector [4] - The ETF is positioned as a medium-risk product, suitable for investors with a balanced risk profile, reflecting the growing interest in the software sector [4]

Core Insights - The Big Data ETF (159739) has increased by 2.67%, with notable gains in constituent stocks such as Zhongke Xingtou (688568) up 6.61%, Yonyou Network (600588) up 6.51%, and Tuolisi (300229) up 6.46% [1] - The 8th Digital China Construction Summit highlighted the acceleration of China's digital economy, with the core industries' added value expected to account for approximately 10% of GDP in 2024 [1] - The National Data Bureau reported that the total data production reached 41.06 ZB, reflecting a year-on-year growth of 25% [1] - Guotai Junan Securities indicated that the most certain segment in the AI field by 2025 will be AI cloud services and high-quality data, shifting focus from upstream computing power supply to application-based reasoning and computing power demand [1] Industry Overview - The Big Data ETF (159739) closely tracks the CSI Cloud Computing and Big Data Theme Index, which includes 50 listed companies involved in cloud computing services, big data services, and related hardware [1] - As of March 31, 2025, the top ten weighted stocks in the CSI Cloud Computing and Big Data Theme Index (930851) include Keda Xunfei (002230), Kingsoft Office (688111), and Unisplendour (000938), collectively accounting for 47.55% of the index [2]

Industry Overview - The digital earth market in China has reached a scale of 61.65 billion yuan in 2023, with a compound annual growth rate (CAGR) exceeding 40% [1] - The industry is experiencing unprecedented growth opportunities due to advancements in remote sensing, GIS, GPS, big data, cloud computing, and AI technologies [1] Market Landscape - The Chinese digital earth industry exhibits a diversified competitive landscape, with companies like Zhongke Xingtou, Aerospace Hongtu, and Century Space holding significant positions due to their technological advantages and market strategies [2] - These companies have achieved notable results in data acquisition, processing, and analysis, with applications in government decision-making, urban planning, environmental protection, and disaster warning [2] Policy Support - The Chinese government has prioritized the development of the digital earth industry, implementing various supportive policies, such as the "National Civil Space Infrastructure Medium and Long-term Development Plan (2015-2025)" [3] - These policies have facilitated technological research and application, as well as the optimization of the industry chain, highlighting the strategic importance of digital earth in the "Digital China" initiative [3] Technological Innovation - Technological innovation is identified as the core driver of the digital earth industry's development, with significant breakthroughs in satellite remote sensing, GIS, and AI technologies [4] - The launch and application of high-resolution satellites have enriched data sources, while machine learning algorithms enhance data processing efficiency and accuracy [4] - The proliferation of 5G and IoT technologies presents new opportunities for real-time data transmission and management of geographic data collection devices [4] Market Demand - Digital earth technology applications span various fields, including government decision-making, urban planning, environmental protection, disaster warning, agricultural monitoring, and smart tourism [5] - The technology provides comprehensive earth information resources to support scientific decision-making for governments, especially in addressing global challenges like climate change [5] - In urban planning, digital earth technology aids in creating 3D models and simulating planning scenarios, enhancing the scientific basis for urban design [5] Market Size Forecast - CICC predicts that the Chinese digital earth industry will surpass one trillion yuan in market size within the next five years, with an average annual growth rate of 26.4% [6][8] - By 2030, the market size is expected to reach approximately 426.99 billion yuan, positioning the industry as a new engine for high-quality economic and social development [8]

Group 1 - The Zhongzheng Cloud Computing and Big Data Theme Index (930851) has seen a strong increase of 2.34% as of April 30, 2025, with notable gains in constituent stocks such as Tax Friend Co., Ltd. (603171) up 7.31%, Wanxing Technology (300624) up 6.85%, and Zhongke Xingtou (688568) up 5.67% [1] - The Cloud Computing 50 ETF (159527) has risen by 2.16%, and over the past year, it has accumulated a total increase of 19.33% as of April 29, 2025 [1] - According to Zheshang Securities, the proportion of heavy positions in the computer industry for Q1 2025 is 3.1%, reflecting a quarter-on-quarter increase of 0.35%, indicating an upward trend in industry allocation [1] Group 2 - The report from CITIC Construction Investment Securities indicates that recent disclosures of 2024 annual reports and Q1 2025 reports from listed companies show that companies related to AI computing power have performed well, confirming the high prosperity of the industry [1] - The increase in holdings during Q1 2025 is primarily concentrated in areas such as AI Agents, cloud services, and integrated machines, with DeepSeek driving the AI sector's market performance [1] - The Cloud Computing 50 ETF closely tracks the Zhongzheng Cloud Computing and Big Data Theme Index, which selects 50 listed companies involved in providing cloud computing services, big data services, and related hardware to reflect the overall performance of these companies [2]

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 504 million yuan, a year-on-year increase of 20.48% [1] - The net profit attributable to shareholders reached 20.77 million yuan, a significant year-on-year increase of 971% [1] - Excluding non-recurring gains and losses, the company reported a net loss of 23.96 million yuan, compared to a net loss of 12.76 million yuan in the same period last year [1] Group 2: Research and Development - The company's R&D investment grew significantly, reaching 140 million yuan, an increase of 31.84% year-on-year, focusing on products like Star Map Low Altitude Cloud and Star Map Cloud [1] - The company is actively developing its capabilities in commercial aerospace and low-altitude economy [1] Group 3: Low Altitude Economy Strategy - The company has established a "1+2+N+M" strategy for the low-altitude economy, which includes building a "Star Map Low Altitude Cloud," two low-altitude test sites, and developing multiple regional demonstrations [2] - The company launched "Star Map Low Altitude Cloud V1.0" in January, aiming to establish it as a new infrastructure for the low-altitude economy [2] Group 4: Market Opportunities and Collaborations - The company has formed partnerships with cities like Hefei and Qingdao to co-build low-altitude test sites [3] - In 2024, low-altitude economy was included in the government work report, with 30 provinces incorporating it into their local government reports or policies [3] - The company has secured low-altitude related projects in four cities: Qingdao, Huzhou, Fuzhou, and Nanning [4] Group 5: Industry Growth Potential - The low-altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a year-on-year growth of 33.8% [4] - It is projected that the low-altitude economy will exceed 1 trillion yuan by 2026, becoming a new growth point for the Chinese economy [4] - The company is well-positioned to be a significant driver of the low-altitude economy due to its accumulated experience in the aerospace information field [4]