Financial Data and Key Metrics Changes - The company generated $66.3 million in revenue for Q1 FY2026, representing approximately 10% year-over-year growth, exceeding expectations [7][21] - Non-GAAP gross margin improved to 59%, up from 55% a year ago [7][24] - Adjusted EBITDA profit was $1.2 million, marking the second consecutive quarter of profitability [7][21] - Positive cash flow from operating activities was $17.3 million, with the first-ever quarter of positive free cash flow at $8 million [8][26] - Remaining performance obligations (RPOs) were approximately $451.9 million, up 262% year-over-year [27] - Backlog increased to approximately $527 million, up 140% year-over-year [27] Business Line Data and Key Metrics Changes - Revenue from the defense and intelligence sector grew over 20% year-over-year, driven by strong performance in core data and solutions [10][21] - Civil government sector revenue was down year-over-year, primarily due to the expiration of the NICFI contract [11][21] - Commercial sector revenue was flat year-over-year, showing signs of stabilization [13][21] Market Data and Key Metrics Changes - Revenue grew more than 30% year-over-year in both EMEA and Asia Pacific regions, while North America and Latin America saw declines [22][21] - The end of period customer count was 919, reflecting a focus on large customers in core verticals [23] Company Strategy and Development Direction - The company aims to deliver integrated global insights via AI-enabled solutions and rapidly expand its satellite services offering [19][31] - A strategic shift towards downstream solutions is being validated with significant customer wins and demand signals [30][31] - The company is positioning itself as a reliable partner amid changing geopolitical landscapes, particularly in defense and intelligence [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the opportunities outweighing risks in the current dynamic environment [8][48] - The company anticipates revenue for Q2 FY2026 to be between $65 million and $67 million, with a full-year revenue expectation of $265 million to $280 million [28][29] - Management highlighted the importance of maintaining a path to sustainable cash flow generation [26][41] Other Important Information - The company is in a growth capital expenditure investment cycle, planning for approximately $50 million to $65 million in capital expenditures for the year [30] - The company is focusing on capital-efficient growth while ensuring high-margin business sustainability [41] Q&A Session Summary Question: Inquiry about AI partnership with Anthropic - Management discussed the partnership with Anthropic, focusing on fine-tuning models on satellite data to improve accuracy [35][36] Question: Free cash flow building blocks and working capital - Management highlighted the variability of working capital due to large contracts and emphasized a path to sustainable free cash flow generation [39][40] Question: Drivers of sequential growth in Q1 - Revenue outperformance was attributed to strong sales team performance, high customer engagement, and progress on the JSAT contract [44][45] Question: Demand in the defense and intelligence sector - Management noted strong demand driven by changing political landscapes and urgency for security solutions [46][48] Question: European Maritime deals and pipeline outlook - Management indicated a strategic shift in Europe driving urgency for maritime domain awareness solutions, with a strong pipeline expected [51][53] Question: NASA budget cuts and potential risks - Management acknowledged uncertainty due to budget cuts but emphasized opportunities for efficiency in government missions [67][68] Question: Gross margin dynamics and future outlook - Management discussed short-term impacts on gross margins due to partnerships and contracts but expects stabilization over the long term [60][62] Question: Government services budget dynamics - Management explained the implications of continuing resolutions (CRs) on contract growth and the need for efficiency in government services [85][86]

Group 1: Space Exploration and Technology - An international research team led by Gu Shenghong from the Yunnan Observatory of the Chinese Academy of Sciences has discovered a "super-Earth" named Kepler-725c in the habitable zone of a sun-like star, which may support carbon-based life [2][4] - SpaceX is projected to generate approximately $15.5 billion in revenue for the fiscal year 2025, with expectations to surpass NASA's budget in 2026 [8][10] - Voyager Technologies has initiated its IPO with a target valuation of $1.6 billion, aiming to raise $367 million for research and strategic acquisitions [21] Group 2: Meteorological and Satellite Communication Developments - China's new P-band meteorological sounding system has significantly improved weather forecasting capabilities, with applications in 131 operational stations and 353 data relay stations nationwide [5] - Airbus is developing a satellite communication ecosystem through the HBCplus project, enhancing connectivity options for aircraft and allowing airlines to choose service providers [15][17] - South Korea has approved SpaceX and OneWeb to provide satellite internet services, with operations expected to commence as early as June [18][19] Group 3: Commercial Space Initiatives - Aerospace company Hangtian Hongtu reported a loss of 1.393 billion yuan in 2024 due to the suspension of military procurement qualifications, prompting a shift towards commercial space initiatives [6] - The establishment of the largest satellite ground station in Sichuan Province is underway, which will enhance satellite data transmission efficiency and attract related businesses [7]

Core Viewpoint - Tianfeng Securities remains optimistic about the AI industry as a key investment theme for the year, predicting that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [1] Group 1: AI Industry Outlook - Continuous progress is observed in both China and the US regarding AI, with advancements in inference capabilities [1] - The recommendation is to keep an eye on AI industry dynamics and investment opportunities in AI applications [1] Group 2: Investment Recommendations - Mid to long-term focus on "AI + overseas expansion + satellites" as core investment opportunities [1] - Key areas of interest include overseas AI sectors such as optical modules & devices and liquid cooling, which are recommended for continued attention [1] - Domestic computing power lines, including domestic servers, switches, AIDC, and liquid cooling, are also highlighted as important investment targets [1] Group 3: Industry Recovery and Opportunities - The offshore wind industry is experiencing a domestic recovery, with promising opportunities for overseas expansion, emphasizing the need to adapt to industry changes [1] - Core recommendations include leading companies in submarine cable manufacturing [1] - The satellite internet industry is showing positive domestic developments, with expectations for future catalytic growth [1]

"整体来看，今年华为发布Pura 80系列手机新品，苹果则发布iOS、macOS等多款新一代操作系统，二 者发布内容有所不同，又都将操作系统、AI作为升级重点。"周爰咨询合伙人杨思亮对《证券日报》记 者表示。 当下，各大主流手机厂商围绕AI、影像、卫星通信等新技术的应用展开技术比拼，新品层出不穷，国 内中高端手机市场竞争激烈。其中，华为更是以多款全球首发的创新产品抢占市场份额，对原本固守中 高端市场的品牌造成压力。 据市场调研机构IDC发布的第一季度智能手机中国市场报告显示，第一季度，华为出货量达1290万台， 同比增长10%，以18%的市场份额位居第二位；苹果出货量达980万台，同比下滑9%，以13.7%的市场 份额排名第五。 而近日苹果也在官网宣布，苹果WWDC开发者大会将于北京时间6月10日至6月14日召开，届时有望发 布下一代操作系统的重要升级以及部分品类。在外界看来，华为、苹果两大科技巨头的发布会时间再 度"撞期"，颇有"隔空较量"的意味。 华为Pura系列手机由P系列升级而来。去年4月15日，华为宣布将P系列升级为Pura，这一动作标志着华 为在高端手机市场的一次重要战略调整。 华为此番官宣预热海 ...

近期A股市场呈现明显的结构性特征。虽然5月三大股指整体收涨，但市场波动加剧，行业轮动加快。 银河证券指出，6月市场或延续震荡走势，过程可能较为曲折，市场主线有望逐步聚焦于核心资产。在 这种市场环境下，投资者既需规避短期波动风险，也要把握中长期结构性机会，核心-卫星策略具备"稳 中求进"特性，或是投资当前市场的一个较优解。 业内人士建议，策略上可以关注"两个龙头"——以中证A500ETF龙头（563800）为"核心"，科创50ETF 龙头（588060）为"卫星"，兼顾核心资产的稳定性和成长性。组合优势在于通过宽基ETF分散风险，同 时借力科创板的高弹性，在分散风险的前提下提升收益潜力。这一策略较为适合三类投资者：一是希望 借助宽基分享核心资产机会的中长期投资者；二是希望降低单一风格暴露风险的配置型投资者；三是想 要省心高效分享市场beta行情的普通投资者。 中证A500ETF龙头跟踪中证A500指数，指数涵盖A股各行业龙头企业，兼具成长与价值属性，截至5月 底，指数近1年年化收益率7.53%，相对沪深300指数超额为0.45%，是获取市场平均收益的高效工具。 科创50ETF龙头跟踪的是科创50，指数聚焦"硬科 ...

Core Insights - The company, HaiNengDa, has evolved from a traditional hardware manufacturer to a provider of integrated communication solutions, reflecting a shift in focus from hardware to a combination of hardware and software solutions [2] - The company is involved in various sectors including quantum technology, satellite internet, and 6G concepts, indicating a strategy to enhance its valuation through association with trending technologies [3] - Despite holding a dominant position in the domestic market with approximately 60% market share, the company faces challenges in the international market, highlighted by a recent court ruling in the U.S. that exposed its vulnerabilities in the global supply chain [3] Business Structure - As of the first three quarters of 2024, the company's business structure is divided into terminal business (46.34%), system business (30.35%), and OEM and others (23.31%), showcasing a balanced approach to its operations [2] - The company’s reliance on narrowband business is diminishing, prompting a need for growth in emerging sectors to sustain overall performance [4] Financial Performance - The company's net profit saw a dramatic increase of 70.49% year-on-year in the first three quarters of 2024, but a significant drop of 75.83% in the first quarter of 2025, indicating volatility in its financial performance [4] - The absence of dividends over the past three years reflects a cautious approach to cash flow management, which may not be well-received in the capital markets [4] Strategic Challenges - The company must navigate external policy risks while addressing internal growth challenges, which is a common scenario for many traditional manufacturers undergoing transformation [4] - Balancing technological investment with short-term profitability will be crucial for the company's future success, especially in light of emerging concepts like AI private networks and domestic chip production [4]

1.【英国飞行出租车完成首飞】据英国《每日电讯报》网站5月27日报道，英国近日进行了有史以来 首次空中出租车飞行。这架VX4原型电动飞机能像直升机一样垂直起降，能够搭载1名飞行员和4名乘 客，航程可达160公里，时速可达240公里。英国政府设定的目标是在2028年前让飞行出租车成为现 实。（科创板日报） 2.【郑州航空港区启动首次常态化低空物流试飞】5月30日上午10点整，郑州航空港经济综合实验区 首次常态化低空物流试飞活动正式启动，标志着航空港区在探索低空经济领域迈出重要一步。此次试 飞活动由顺丰速运河南分公司和江西丰羽顺途科技有限公司合作完成，采用丰翼方舟20无人机执飞。 本次试飞活动开设了两条航线，分别为郑州国际陆港顺丰仓至比亚迪（百汇新天地起降点）和郑州国 际陆港顺丰仓至岗李乡镇区（顺丰速运网点起降点），旨在满足比亚迪周边及岗李乡镇区群众的寄递 需求。按照规划航线，无人机避开人口密集区域、交通要道及可能的禁飞区域，以最高15m/s的速度 平稳飞行。满载包裹的无人机仅需10分钟即可直达乡镇，相较于传统陆运时效提升了4倍，实现了物 流与低空配送的无缝衔接。（大河财立方） 更多智能制造产业资讯 …… 扫码订 ...

Core Insights - Shanghai's three leading industries mother fund has announced the selection results for the second batch of sub-funds, with a total of 17 sub-funds selected, including 2 in integrated circuits, 10 in biomedicine, and 5 in artificial intelligence, with a proposed investment amount of 4.15 billion yuan and a total fund size of 24.15 billion yuan, achieving a leverage ratio of 5.82 times [1] Integrated Circuits - The second batch of integrated circuit sub-funds focuses on the local integrated circuit industry chain in Shanghai, establishing an "industrial capital + state-owned capital collaboration" ecosystem [2] - The funds include CVC funds targeting specific industry scenarios, leveraging industry leaders' technological research and market channels to support precise investments in key links of the industry chain [2] - Different capital forces work together to enhance the integrated circuit mother fund's "strong chain and supplement chain" strategy, reinforcing Shanghai's competitive advantage in the global integrated circuit industry [2] Biomedicine - The second batch of biomedicine sub-funds aims to construct a comprehensive ecosystem through collaborative efforts, with different funds focusing on various aspects such as regional health industry upgrades and original innovation in cutting-edge fields [3] - The funds aim to efficiently link top research institutions with clinical resources, facilitating the transition from laboratory discoveries to clinical trials [3] - The strategy includes providing focused merger and acquisition support for innovative pharmaceutical companies and high-end equipment manufacturers, as well as building a cross-border cooperation network to promote the localization of overseas technologies and the globalization of Chinese innovations [3] Artificial Intelligence - The selected artificial intelligence sub-funds aim to collaboratively build a global leading AI strategic hub through a full-stack ecological layout [4] - The funds include regional development enablers that precisely serve local industry clusters and technology explorers focusing on cutting-edge fields such as AI, brain science, and quantum perception [4] - Different strategies complement each other to create an AI mother fund ecosystem that nurtures leading enterprises, strengthens supply chains, and promotes breakthroughs in key technologies [4] Future Outlook - The completion of the second batch of sub-fund selections marks a significant milestone for Shanghai's three leading industries mother fund [5] - The fund will continue to attract excellent fund management institutions and social capital to support innovation and optimize the industrial ecosystem, aiming to accelerate Shanghai's development into a globally influential technology innovation hub [5]

Core Viewpoint - The company, Chuangyuan Xinke, is gaining institutional interest and has made significant advancements in low-altitude economy and 6G testing technologies, showcasing its strategic developments and future plans through various institutional engagements and performance briefings [1]. Group 1: Institutional Interest and Engagement - Chuangyuan Xinke has received attention from multiple institutions, including Western Securities, Dongwu Securities, and Founder Securities, with several meetings held in May 2023 [1]. - The company hosted an annual performance briefing on May 15, 2023, to present its technological breakthroughs and market strategies in low-altitude economy and 6G testing [1]. Group 2: Project Wins and Product Development - The company has successfully won a procurement project for key equipment from Tonghao Low-altitude Intelligent Technology Co., with a contract value of RMB 1.15 million for the mmWave 5G integrated testing system [2]. - The mmWave 5G system is part of the company's "1+3" development strategy, focusing on satellite internet and low-altitude economy communication testing products [2]. Group 3: Strategic Focus and Product Expansion - Chuangyuan Xinke's "1+3" strategy emphasizes communication testing in satellite internet and low-altitude economy, with new product launches such as the Rainbow series for low-altitude signal monitoring [3]. - The company has seen significant year-on-year growth in customer expansion and sales in the satellite internet testing sector, including the launch of low-orbit satellite payload certification testing systems [3]. Group 4: Collaboration and R&D Investment - The company is actively collaborating with Huawei on 5G/6G communication testing products, with ongoing projects in 6G technology development and product layout [4]. - Recent projects include the development of a high-bandwidth high-frequency channel simulator for 6G, which aims to enhance China's capabilities in advanced communication testing equipment [4]. - Chuangyuan Xinke has invested a total of RMB 491 million in R&D over the past three years, representing nearly 60% of its cumulative revenue during that period [5].

Core Viewpoint - Abel Avellan aims to provide fast and reliable internet services via satellite networks to billions in developing countries, emphasizing that access to knowledge and information is a human right [1][2]. Company Overview - AST SpaceMobile, founded by Abel Avellan, is competing with SpaceX's Starlink and Jeff Bezos's Project Kuiper to enable direct smartphone connectivity to satellite internet [2][3]. - AST's satellite antennas are significantly larger than those of competitors, allowing for global coverage with only 90 satellites, compared to the thousands required by others [4][9]. Market Opportunity - The primary market opportunity for AST lies in serving over 2.6 billion people in developing countries who currently lack internet access, with a pricing model aimed at being more affordable than Starlink [8][12]. - AST's revenue projections suggest potential earnings of over $370 million by 2026 and exceeding $5 billion by 2030, with lower capital expenditures compared to Starlink [8]. Technical Challenges - Both AST and its competitors face challenges related to satellite communication physics, particularly maintaining line-of-sight for effective communication [9]. - AST's larger antennas facilitate broadband direct connections to mobile devices, which is a significant advantage over Starlink's original design focused on fixed terminals [10]. Competitive Landscape - AST has established partnerships with major telecom operators, allowing it to reach approximately 3 billion users without competing directly in the home satellite internet market [11][12]. - SpaceX views AST as a threat, having criticized it in regulatory filings and highlighting its stock performance, which has seen significant increases since its SPAC listing [14]. Financial Performance - AST's market valuation has surged, with a current market cap of around $8.7 billion, despite limited revenue generation [14]. - The company has attracted substantial investment, including $1.1 billion from major telecom firms and venture capital, positioning it for future growth [12][13].