上海瀚讯信息技术股份有限公司 上海瀚讯信息技术股份有限公司 累积投票制实施细则 第一章 总则 第一条 为进一步完善上海瀚讯信息技术股份有限公司(以下简称"公司") 法人治理结构，保证所有股东充分行使选举董事的权利，维护中小股东利益，根 据 《中华人民共和国公司法》(以下简称"《公司法》")、《上市公司治理准 则》、《上市公司章程指引》、《上市公司独立董事管理办法》、《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规 和规范性文件以及公司章程的有关规定，特制定本细则。 第二条 本细则所称累积投票制，是指公司股东会在选举董事时，股东所持 的每一有效表决权股份拥有与该次股东会应选董事人数相同的表决权，股东拥有 的投票权等于该股东持有股份数与应选董事人数的乘积，并可以集中使用，即股 东可以用所有的投票权集中投票选举一位候选董事，也可以将投票权分散行使、 投票给数位候选董事，最后按得票的多少决定当选董事。 第三条 本细则适用于选举或变更董事的议案。 第四条 本细则所称"董事"包括独立董事和非独立董事，不包括职工代表 董事，职工代表董事由职工代表大会、职工大会或者其他形式民主选举产生 ...

上海瀚讯信息技术股份有限公司 （一）负责公司信息披露事务，协调公司信息披露工作，组织制订公司信息 披露事务管理制度，督促公司及相关信息披露义务人遵守信息披露相关规定； 第二条 公司董事会设董事会秘书 1 名。董事会秘书是公司高级管理人员， 对公司和董事会负责。 第三条 法律、行政法规和公司章程关于董事忠实义务和勤勉义务的规定， 同样适用于董事会秘书。 第二章 董事会秘书的职责范围 第四条 董事会秘书应当履行如下职责： 上海瀚讯信息技术股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为保障董事会秘书依法履行工作职责，提高上海瀚讯信息技术股份 有限公司（以下简称"公司"）股权管理、信息披露等方面工作的质量和效率， 保护股东的合法权益，根据《中华人民共和国公司法》、《深圳证券交易所创业 板股票上市规则》（以下简称"《创业板上市规则》"）、《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称"《规范 运作指引》"）等法律法规和其他规范性文件及《上海瀚讯信息技术股份有限公 司章程》（"公司章程"），制定本细则。 （二）负责公司投资者关系管理和股东资料管理工作，协调公司与证券监管 ...

Financial Performance - The company's operating revenue for 2024 was ¥353,325,866.08, representing a 12.97% increase compared to ¥312,749,975.57 in 2023[23]. - The net profit attributable to shareholders for 2024 was -¥123,887,203.29, an improvement of 34.71% from -¥189,758,983.20 in 2023[23]. - The net cash flow from operating activities improved by 64.65%, reaching -¥107,459,401.61 in 2024 compared to -¥303,964,531.95 in 2023[23]. - The total assets at the end of 2024 were ¥3,657,799,629.06, a 5.10% increase from ¥3,480,462,750.96 at the end of 2023[23]. - The company's basic and diluted earnings per share improved to -¥0.20 in 2024 from -¥0.30 in 2023, reflecting a 33.33% increase[23]. - The company achieved operating revenue of 353.33 million yuan, an increase of 12.97% compared to the previous year[49]. - The net profit attributable to shareholders was -123.89 million yuan, a reduction in losses with a growth of 34.71% year-on-year[49]. Business Strategy and Market Position - The company plans to enhance its core competitiveness by improving project cost control, R&D capabilities, project acquisition abilities, and overall management levels, while adjusting its strategy based on external environment and market changes[3]. - The company is positioned to benefit from the growth in the military communication market, particularly in satellite communication and 5G applications[33]. - The company has developed a full industry chain layout for 5G communication equipment, covering chips, modules, terminals, base stations, and application systems[45]. - The company is focusing on the development of integrated satellite communication systems to meet domestic and international application needs[64]. - The company aims to enhance satellite communication payloads and ground terminal technology, ensuring the commercial rollout of the G60 constellation[99]. Research and Development - The company’s R&D expenditure remains high, reflecting its commitment to innovation and enhancing competitive strength[49]. - The company has 59 core patents and 115 software copyrights, demonstrating strong independent intellectual property capabilities[49]. - The company achieved a total R&D investment of ¥238,575,413.24 in 2024, which represents 67.52% of its operating revenue[66]. - The number of R&D personnel increased by 26.09% from 299 in 2023 to 377 in 2024, with a notable rise in the proportion of personnel holding master's degrees[66]. - The company plans to increase investment in low-orbit satellite payload systems and terminals in 2024, having already won bids for related projects[51]. Market Trends and Opportunities - The defense budget for 2024 is projected to be ¥1.6655 trillion, a 7.2% increase year-on-year, indicating growth potential for the military communication market[32]. - The satellite internet market in China is projected to exceed 40 billion RMB in 2024, driven by policy, technology, and market factors[36]. - The G60 satellite constellation aims to deploy 1,296 satellites by the end of 2027, with a total of approximately 15,000 satellites planned by 2030, enhancing global service capabilities[41]. - The military 5G network is expected to support battlefield data transfer with a throughput of 10 Gbps and a latency of 15 milliseconds, addressing modern warfare needs[35]. - The company is actively participating in the construction of low-orbit satellite communication systems, focusing on key communication equipment such as satellite communication payloads and ground stations[48]. Governance and Compliance - The company maintains a governance structure that complies with regulatory requirements, ensuring independence from its controlling shareholders[108]. - The company has established a governance structure with a clear division of responsibilities among the board of directors and committees, ensuring the protection of shareholder rights[158]. - The board of directors consists of 7 members, including 4 non-independent directors and 3 independent directors, complying with relevant laws and regulations[110]. - The company has engaged in various investor relations activities, including discussions on performance and investment strategies[103]. - The company has established performance evaluation and incentive mechanisms linking senior management compensation to company performance, enhancing management efficiency[115]. Shareholder and Capital Management - The company does not plan to distribute cash dividends, issue bonus shares, or increase share capital from reserves[7]. - The total distributable profit for the company is 370,629,976.25 yuan, with the cash dividend amount accounting for 0.00% of the total profit distribution[149]. - The company plans to issue shares to specific investors as part of its capital strategy, pending approval at the upcoming shareholder meeting[104]. - The company has a structured decision-making process for determining the remuneration of directors and senior management, which is approved by the board[134]. - The company has not reported any significant changes in the shareholding structure of its directors and senior management during the reporting period[120]. Operational Efficiency and Cost Management - The company reported a significant increase in investment activity cash inflow, rising by 50,505.91% to ¥150,493,107.62 in 2024[68]. - The overall operational efficiency improved by 12%, resulting in a reduction of costs by $20 million annually[128]. - The company plans to enhance market competitiveness through software upgrades and system efficiency improvements for broadband communication systems[64]. - The company is focused on addressing challenges related to accounts receivable and short-term borrowing growth[104]. - The company has implemented a training evaluation system to assess the effectiveness of training programs regularly[146]. Risks and Challenges - The company faces risks from increased market competition as more research institutions and private enterprises enter the broadband mobile communication sector[100]. - The company is at risk of revenue uncertainty due to fluctuations in customer procurement orders, which typically involve long project cycles[101]. - The company is vulnerable to the loss of technical personnel, which is critical for its success in the technology-intensive broadband mobile communication industry[102]. - The company reported a transition from profit to loss in 2023, with a continuous decline in revenue expected in Q1 2024[104]. - The company has not reported any significant changes in the feasibility of the adjusted projects[94].

Revenue and Profitability - The company's revenue for Q1 2025 was ¥125,534,241.14, representing an increase of 84.41% compared to ¥68,072,712.97 in the same period last year[5] - Net profit attributable to shareholders was ¥13,232,019.73, a significant turnaround from a loss of ¥10,036,550.06 in the previous year, marking a growth of 231.84%[5] - Basic earnings per share increased to ¥0.0211, compared to a loss of ¥0.0160 per share in the same quarter last year, reflecting a growth of 231.88%[5] - Total operating revenue for the current period reached ¥125,534,241.14, a significant increase from ¥68,072,712.97 in the previous period, representing an increase of approximately 84.5%[21] - The net profit for the current period was ¥6,203,291.68, a recovery from a net loss of ¥10,036,550.06 in the previous period[23] - Earnings per share (EPS) for the current period was ¥0.0211, compared to a loss per share of ¥0.0160 in the previous period[23] Cash Flow and Operating Activities - The net cash flow from operating activities improved to -¥50,811,205.62, a 36.30% reduction in losses compared to -¥79,767,389.27 in Q1 2024[5] - Cash inflow from operating activities totaled 90,858,369.42, significantly higher than 34,554,562.08 in the prior period, reflecting increased sales and service revenue[24] - Cash outflow from operating activities increased to 141,669,575.04 from 114,321,951.35, primarily due to higher payments for goods and services[24] - The company's cash flow from operating activities showed improvement, contributing positively to the overall financial health[23] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,730,999,271.97, up 2.00% from ¥3,657,799,629.06 at the end of the previous year[5] - Total liabilities rose to ¥1,305,686,238.33 from ¥1,249,489,843.08, marking an increase of about 4.5%[19] - The total current assets increased to ¥2,882,292,185.23 from ¥2,814,522,430.12[17] - The accounts receivable rose to ¥992,920,577.32 from ¥917,271,778.49[17] - The inventory increased to ¥407,757,920.23 from ¥368,892,918.50[17] - The long-term equity investments decreased to ¥26,018,115.97 from ¥31,624,055.01[17] - The fixed assets slightly decreased to ¥374,752,378.39 from ¥377,141,205.81[17] Investment Activities - Investment activities generated a net cash outflow of -¥202,878,819.11, a 711.10% increase in cash outflow compared to -¥25,012,946.61 in Q1 2024, attributed to purchases of structured deposits[10] - Cash inflow from investing activities was 20,018,986.30, with cash outflow reaching 222,897,805.41, highlighting significant capital investments[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 55,098[13] - The largest shareholder, Shanghai Shuangyou Information Technology Co., Ltd., holds 17.76% of the shares, totaling 111,523,893 shares[13] Financial Management - Operating costs surged by 229.97% to ¥78,377,926.60, driven by increased revenue from low-orbit satellite communication services[9] - The company’s financial expenses decreased by 30.57% to -¥18,757,052.39, mainly due to reduced interest income from deposits[9] - Research and development expenses amounted to ¥49,030,128.05, slightly decreased from ¥55,944,376.46 in the previous period, indicating a focus on cost management[21] Accounting and Reporting - The company has not yet adopted the new accounting standards as of the first quarter report[26] - The first quarter report was not audited, which may affect the reliability of the financial data presented[26]

上海瀚讯（300762）公告，2024年营业收入3.53亿元，同比增长12.97%。归属于上市公司股东的净亏损 1.24亿元，去年同期净亏损1.9亿元。基本每股收益-0.2元/股。公司计划不派发现金红利，不送红股，不 以公积金转增股本。 ...

Market News - US stock indices rose for the third consecutive trading day, with the Dow Jones up 1.23%, S&P 500 up 2.03%, and Nasdaq up 2.74%. Tech stocks saw significant gains, with Tesla, Amazon, and Microsoft rising over 3%, while Google and Meta increased by more than 2% [1] - International oil prices strengthened, with WTI crude oil closing at $62.77 per barrel (up 0.80%) and Brent crude at $66.51 per barrel (up 0.59%). Gold prices rebounded significantly, with spot gold rising 1.83% to $3347.95 per ounce and COMEX gold futures up 2.04% to $3361.30 per ounce [1] Industry Insights - The first Embodied Intelligence Robot Games will be held in Wuxi from April 24 to 26, featuring various competitions and a focus on the development of the embodied intelligence robot industry. The goal is to exceed a market scale of 30 billion yuan within three years, with an increase in industry cluster enterprises to 200 [2] - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, emphasizing the integration of artificial intelligence. This initiative aims to shorten drug approval times by approximately 40% to 8 years, with significant growth expected in the AI pharmaceutical sector [3] - China's low-orbit satellite constellation "Qianfan" has completed five batches of satellite launches and is entering a phase of regular deployment. The satellite internet industry in China is projected to grow from 31.4 billion yuan in 2022 to 44.7 billion yuan by 2025, with a compound annual growth rate of 11% [4][5] - Alipay announced a new "100 Billion Merchant Support Plan" to boost business growth for merchants, which includes free upgrades of cash register equipment and special consumption subsidies. The "Tap" feature has already covered over 400 cities and connected with more than 5,000 brands [6] Risk Alerts - Weiming Pharmaceutical announced that its subsidiary Tianjin Weiming has been suspended from production and sales, which could significantly impact the company's operations. If production does not resume within three months, further risks may arise [7] - ST Tianyu reported potential issues with its 2024 financial statements, which may lead to a risk warning for its stock trading due to unresolved disputes and internal control deficiencies [7] - Jiangyan Group announced a plan for a major shareholder to reduce its stake in the company by up to 12.85 million shares, representing 2% of the total share capital [7] - Huilun Crystal received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure laws [8]

Investment Rating - Industry rating is maintained at "Outperform the Market" [7] Core Viewpoints - The military industry chain is relatively closed and driven by the trend of self-control, with a high degree of domestic production in the midstream communication equipment sector, which is less affected by international market fluctuations [2] - The industry is showing signs of recovery after adjustments, with demand expected to be under pressure in 2024 due to the mid-term adjustments of the 14th Five-Year Plan for equipment procurement [3] - The construction of unmanned combat systems is being empowered by AI, which is becoming a key factor in modern warfare, enhancing operational efficiency and battlefield advantages [4] - 2025 is expected to be a pivotal year for satellites, with commercial space accelerating and satellite internet constellations entering a phase of rapid deployment [5] Summary by Sections Military Industry - The military industry is characterized by a high degree of self-sufficiency, particularly in communication equipment, which has largely achieved domestic production [2] - The demand side is expected to face challenges in 2024, but recovery is anticipated in 2025 as strategic tasks and major engineering projects reach their final stages [3] AI and Unmanned Systems - AI technology is increasingly being integrated into military applications, with smart unmanned systems becoming a significant part of the defense equipment system [4] Satellite Internet - The satellite internet sector is entering a rapid deployment phase, with significant advancements in technology supporting mobile direct satellite connections [5] Investment Opportunities - Suggested focus on military semiconductor companies, military communication sectors, unmanned systems combined with AI, and satellite technology firms [6]

Group 1 - The core point of the news is that Hongtu Innovation Technology Innovation Stock (LOF) has experienced a decline of 0.45% on April 17, with a cumulative drop of 4.37% over three consecutive trading days [1] - The fund was established in July 2020, with a total size of 0.88 billion yuan and a cumulative return of -5.64% since inception [1] - As of the end of 2024, institutional investors hold 0.15 billion shares, accounting for 15.84% of the total shares, while individual investors hold 0.80 billion shares, making up 84.16% of the total [1] Group 2 - The current fund manager, Mr. Gai Junlong, is a Chinese national with a master's degree and has held various positions in different fund management companies [1] - As of December 31, 2024, the top ten holdings of the fund account for a total of 42.89%, with significant positions in companies such as China Satellite (4.70%) and Guoke Military Industry (4.59%) [2]

Investment Rating - The report indicates a positive outlook for the commercial aerospace industry, suggesting that the sector will continue to experience growth and investment opportunities in the near future [8][10]. Core Insights - The commercial aerospace industry is expected to benefit from the ongoing development of satellite internet constellations and the increasing demand for satellite launches, which will drive the industry's growth [7][8]. - The report emphasizes that the demand for satellite launches is unprecedented, and the application of reusable rocket technology will be a key factor in accelerating industry development [11][55]. - The report highlights the importance of government policies and support for the commercial aerospace sector, which are expected to provide a favorable environment for growth [25][28]. Summary by Sections Recent Events and Outlook - The report discusses the limited direct impact of recent U.S. tariff policies on China's commercial aerospace industry due to the country's advancements in domestic production capabilities and technology [25][26]. - It notes that several policies aimed at regulating and promoting the commercial aerospace industry have been implemented, which will help establish a foundation for accelerated development [27][28]. Investment Opportunities for 2025 - The report identifies several key areas for investment in the commercial aerospace sector, including satellite manufacturing, satellite communication, and satellite navigation, all of which are expected to see significant growth [10][11][12]. - Specific companies to watch include those involved in satellite manufacturing and internet constellations, as well as those intersecting with emerging industries like smart driving and artificial intelligence [9][13]. Market Performance - The report provides an overview of the market performance of the commercial aerospace index, noting a slight increase compared to other indices, indicating a resilient sector amidst broader market fluctuations [19][20]. - It highlights the performance of specific companies within the sector, showcasing significant gains for some while others faced declines [20][52]. Future Developments - The report anticipates that the commercial aerospace industry will continue to grow rapidly, supported by government initiatives and increasing private sector investment [26][39]. - It also mentions the ongoing development of new satellite constellations and the expansion of satellite internet services, which are expected to drive future growth [33][36][37].

Investment Rating - The report highlights the investment value of the commercial satellite communication industry, particularly focusing on low Earth orbit (LEO) satellite constellations [3][9]. Core Insights - The satellite internet industry is expected to see significant growth, with the LEO satellite market projected to exceed 1 trillion yuan by 2030, driven by advancements in satellite manufacturing and ground equipment [8][54]. - The report emphasizes the importance of the satellite communication industry in achieving global connectivity and its military potential, which is expected to enhance industry prosperity [8][23]. Summary by Sections Satellite Internet: Application Growth - The satellite industry chain is divided into three segments: space segment (satellite manufacturing and rocket launch), ground segment (ground facilities), and user segment (user terminals and related services). Currently, the LEO satellite internet is in the space segment networking phase, while the high orbit satellite internet has entered the user segment growth phase [7][20]. - The user segment holds a higher value distribution compared to the space segment, indicating a greater potential for investment opportunities as LEO satellites continue to be deployed [20][29]. Market Potential and Growth - The LEO satellite market is estimated to reach approximately 400 billion USD in early 2023, accounting for 14% of the total satellite market. By 2030, the market size in China is expected to approach 1 trillion yuan [8][54]. - The report cites that the satellite manufacturing and ground equipment sectors are likely to experience the first wave of growth within the industry chain [8][54]. Investment Value of the National Commercial Satellite Communication Index - As of March 9, 2025, the satellite communication index shows that the communication industry accounts for 50.14%, followed by national defense and military at 28.67%, and electronics at 16.43% [9]. - The top ten constituent stocks of the index have a combined market capitalization of approximately 1,259.118 billion yuan, with a weighted average return on equity (ROE) of about 9.03% and a projected net profit growth rate of 42.34% over the next two years [9][10]. Policy Support and Industry Development - The report discusses the Chinese government's initiatives to promote the satellite internet industry, including the gradual implementation of business access systems and the encouragement of private sector participation [23][25]. - The "New Infrastructure Action Plan" emphasizes the construction of integrated satellite internet systems, which is expected to benefit related industries [25][29]. Military Applications and Strategic Importance - The military potential of LEO satellite constellations is highlighted, with the U.S. military actively exploring the use of Starlink for various applications, demonstrating the strategic importance of satellite communications in modern warfare [36][46]. - The report notes that the LEO satellite constellations can enhance navigation system accuracy and resilience against interference, making them valuable for military operations [36][42].