Financial Data and Key Metrics Changes - In Q3 2025, Telesat reported consolidated revenues of $101 million, a decrease of $37 million compared to the same quarter in 2024 [7] - Adjusted EBITDA decreased by $49 million to $47 million, with an adjusted EBITDA margin of 46% [7][8] - Operating expenses increased by $12 million to $58 million, primarily due to higher headcount growth in Telesat Lightspeed and increased legal and professional fees [9] - The company recorded a net loss of $121 million in Q3 2025, compared to a net income of $68 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - In the GEO segment, revenue decline was attributed to a lower rate on the renewal of a long-term agreement with DISH and the expiration of a separate agreement [3][4] - The LEO segment is progressing well with satellite development, ground infrastructure, and software, with strong interest in Telesat Lightspeed from AERO and government users [4] Market Data and Key Metrics Changes - Interest in Telesat Lightspeed is particularly strong among AERO and government users, with expectations of increased defense spending in Canada [21][22] - The company has a minimum revenue commitment of $60 million per year from the Canadian government for rural broadband connectivity, which is separate from defense commitments [24] Company Strategy and Development Direction - Telesat is focused on optimizing its capital structure and enhancing financing options, including the distribution of equity in Telesat Lightspeed to a subsidiary [5] - The company plans to launch its first satellites in late 2026, with expectations to enter global service by the end of 2027 [27][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in defense due to increased government spending commitments [22] - The company reiterated its guidance for 2025, expecting revenues between $405 million and $425 million and adjusted EBITDA between $170 million and $190 million [12][13] Other Important Information - Telesat's total leverage ratio was calculated at 8.676 times, with compliance in all covenants of its credit agreements [13] - The company has approximately $480 million in cash and short-term investments, along with $2 billion available under funding agreements with the Government of Canada and Quebec [13] Q&A Session Summary Question: Status of debt negotiations - Management indicated it is too early to determine the outcome of debt negotiations with holders [17] Question: Guidance on EBITDA and GEO revenue - Management explained that underspending in LEO was offset by increased professional fees related to refinancing, clarifying the guidance situation [19][20] Question: Demand from the defense sector - Management confirmed strong interest from the defense sector, particularly in relation to rural broadband and defense spending commitments [21][22] Question: Rationale behind LEO equity carve-out - The rationale was to optimize capital structure and enhance funding flexibility, with no current plans to raise more equity [29][30] Question: Spectrum transactions in the industry - Management noted that while they have the capability to launch a direct-to-device network, their focus remains on deploying Lightspeed [32] Question: Launch timeline and testing - Management confirmed a gap of two to four months between the first launch of Pathfinder satellites and subsequent launches [36] Question: Partnership with Farcast - Management highlighted the collaboration with Farcast to develop innovative user terminals for Lightspeed [40] Question: Interest in space-based data centers for AI - Management expressed that while they see AI's potential in network efficiency, they are not planning to leverage Lightspeed for space-based data centers [44] Question: Gateway ground network progress - Management reported good progress in building out the gateway ground network, with several teleports already announced [52]

Core Viewpoint - Dongzhu Ecology (603359.SH) is facing significant challenges in its main business due to macroeconomic factors, but aims to stabilize operations and improve its business structure through a potential acquisition that would create a dual business model of "ecological governance" and "satellite communication" [1] Group 1 - The company participated in the first investor reception day event in Wuxi, themed "Capital Attraction and Innovation High Ground" [1] - Dongzhu Ecology has been enhancing its accounts receivable management and focusing on core quality markets to stabilize its main business operations [1] - A successful acquisition is expected to improve the company's operational status and enhance its sustainable development potential [1]

Core Viewpoint - The satellite ETF (159206) is experiencing a positive market response, with a 0.93% increase and significant net subscriptions, indicating growing investor interest in the commercial space and satellite communication sectors [3][7]. Group 1: ETF Performance - As of 13:38, the satellite ETF (159206) rose by 0.93%, with a net subscription of 11 million yuan during the trading session [3]. - The ETF's current price is 1.193, with an average price of 1.179 and a trading volume of 808 [4]. - The ETF is the first and largest of its kind in the market, tracking the national commercial satellite communication industry index [8]. Group 2: Industry Developments - The successful launch of the Shenzhou 21 manned spacecraft on November 1 and the rapid progress of liquid rockets, including the Tianlong 3 large liquid carrier rocket, are significant milestones in China's space endeavors [5]. - The Long March 7 carrier rocket successfully launched the Remote Sensing Satellite 46, marking the 605th flight of the Long March series [6]. - The commercial space sector is expected to enter a rapid development phase, driven by new rocket models and the construction of large satellite internet constellations, with China planning to launch over 25,000 satellites [6]. Group 3: Investment Opportunities - The satellite ETF focuses on commercial space and satellite communication, particularly emphasizing satellite manufacturing, which is expected to thrive under the "strong aerospace nation" initiative [7]. - The satellite internet industry is characterized by high technology and significant capital requirements, with only China and the U.S. remaining competitive in this field [6].

Core Viewpoint - The commercial aerospace industry is entering a golden era of scaled development, driven by policy support, capital investment, and technological advancements, particularly following the elevation of the "Aerospace Power" strategy in China's 20th Central Committee [1][3][4] Policy and Strategic Importance - The "Aerospace Power" strategy has been recognized as a core national strategy, indicating a significant upgrade in policy support for the aerospace industry, which is expected to attract more resources and investment [3][4] - The 14th Five-Year Plan emphasizes the acceleration of strategic emerging industries, including aerospace, which is anticipated to lead to rapid growth in demand and commercialization [4][12] Investment Logic Transformation - The investment logic in the aerospace sector is shifting from theme-driven to a more fundamental-driven approach, focusing on long-term industry trends rather than short-term thematic investments [3][6] - The aerospace sector is expected to transition from being primarily military-focused to encompassing more commercial applications, with significant growth potential in areas like satellite communication and general aviation [7][11] Industry Fundamentals and Valuation - Current fundamentals in the aerospace industry are improving, with companies showing high gross margins and growth potential, making the sector attractive for value investment [6][7] - The valuation of aerospace companies is considered reasonable, with many firms not experiencing significant price increases recently, suggesting a favorable risk-reward profile [6][13] Commercialization and Growth Prospects - The commercialization of aerospace is expected to accelerate, particularly in satellite communication and low-altitude economy sectors, driven by technological advancements and decreasing costs [5][10] - The aerospace industry is projected to see a surge in demand over the next five years, supported by strong policy backing and market dynamics [4][12] Sector Performance and Timing - The aerospace sector is viewed as being in a developmental early stage, with significant long-term growth potential, but also facing high risks due to technological uncertainties and market competition [8][13] - Investors are advised to consider index-based investment strategies to mitigate risks associated with stock selection in this complex industry [12][13] Expected Order of Performance in the Value Chain - The aerospace industry's performance is expected to materialize in phases, starting with satellite infrastructure, followed by low-altitude vehicles and aerospace materials, and finally commercial applications [9][10]

| [Table_Author] 分析师: | 王红兵 | | --- | --- | | E-mail: | wanghongbing@shzq.co | | m | | | SAC 编号: | S0870523060002 | [Table_ReportInfo] 相关报告： [日期Table_Industry] : shzqdatemark 2025年10月31日 | 《汽车零部件 ETF 十月配置价值》 | | --- | | ——2025 年 10 月 22 日 | | 《半导体设备 ETF 九月配置策略》 | | ——2025 年 09 月 30 日 | | 《港股科技 50ETF 九月配置策略》 | | ——2025 年 09 月 20 日 | 卫星 ETF 十月配置价值 [◼Table_Summary] 主要观点 永赢基金管理的卫星ETF（159206.SZ）跟踪国证商用卫星通信 产业指数（980018.CNI，下称卫星通信指数），2025年10月24日单日 涨幅3.73%，在2025年1月1日至2025年10月24日期间，卫星ETF最佳 趋同股为航天电子(600879.SH)，趋同股的选择综 ...

Core Viewpoint - Tongyu Communication (002792.SH) has increased its partnership investment from RMB 50.1 million to RMB 200 million, adding RMB 150 million to further its satellite communication development strategy and optimize its investment structure [1] Investment Strategy - The company, as a limited partner, has committed an additional RMB 150 million to the partnership, which is focused on investments in commercial aerospace and satellite communication sectors [1] - This additional investment is aimed at deepening the company's satellite communication development strategy and enhancing investment value [1] Business Development - The new capital injection will allow the company to continue acquiring quality assets and strengthen its presence in the satellite communication industry [1] - The move is expected to promote the sustainable high-quality development of the company's satellite communication business [1]

Core Viewpoint - China Satcom (601698.SH) reported a total operating revenue of 1.852 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.35% while the net profit attributable to shareholders decreased by 40.58% to 286 million yuan, with basic earnings per share at 0.0676 yuan [1] Financial Performance - Total operating revenue for the first three quarters reached 1.852 billion yuan, marking a 5.35% increase year-on-year [1] - Net profit attributable to shareholders was 286 million yuan, showing a significant decline of 40.58% compared to the previous year [1] - Basic earnings per share stood at 0.0676 yuan [1]

Core Insights - China Satcom reported Q3 revenue of 632 million yuan, a year-on-year increase of 3.52% [1] - Net profit for Q3 was 105 million yuan, showing a significant year-on-year growth of 41.44% [1] - For the first three quarters, total revenue reached 1.852 billion yuan, reflecting a year-on-year growth of 5.35% [1] - However, net profit for the first three quarters was 286 million yuan, which represents a year-on-year decline of 40.58% [1] Financial Performance - Q3 revenue: 632 million yuan, up 3.52% year-on-year [1] - Q3 net profit: 105 million yuan, up 41.44% year-on-year [1] - Year-to-date revenue: 1.852 billion yuan, up 5.35% year-on-year [1] - Year-to-date net profit: 286 million yuan, down 40.58% year-on-year [1]

Group 1 - The Ministry of Industry and Information Technology has announced the seventh batch of national specialized and innovative "little giant" enterprises, with 808 new companies added, including 125 from Nanjing, ranking seventh nationwide [1] - Nanjing has a total of 459 national specialized and innovative "little giant" enterprises, ranking ninth in the country and improving by three positions [1] - These "little giant" enterprises focus on niche markets, possess strong innovation capabilities, high market share, core technologies, and excellent quality and efficiency [1] Group 2 - The newly added 125 "little giant" enterprises in Nanjing span various advantageous industries, including software and information services, smart grids, aerospace, artificial intelligence, biomedicine, and new materials [1] - The low-altitude economy has emerged as a key area for these "little giants," with notable companies such as Nanjing Aerospace Guoqi Intelligent Equipment Co., Ltd. and Nanjing Guorui Defense System Co., Ltd. [1] Group 3 - Nanjing Aerospace Guoqi is one of the leading companies in the unmanned helicopter sector, showcasing its GQ-580 model, which has a maximum payload of 300 kilograms and is applicable in various scenarios [2] - Nanjing Guorui Defense specializes in drone monitoring and countermeasures, with its SPWeb-X-1024 radar being the first of its kind in China for low-altitude drone countermeasures [2] - The commercial aerospace industry is a strategic emerging sector in Nanjing, with companies like Kairui Xingtong Information Technology holding significant technological advantages in satellite communication [2] Group 4 - In the artificial intelligence sector, Nanjing Xianwei Information Technology has developed the Wolong Mingli model, which has capabilities in language, vision, and prediction, applicable across various industries [3] - Innovation is the core driving force behind the growth of specialized and innovative "little giant" enterprises, with over 85% of these companies maintaining close technological cooperation with local universities [3] Group 5 - Nanjing has established the "Ning Dui Jie" platform to optimize the business environment, facilitating product promotion, supply chain connections, and market expansion for enterprises [4]

Core Insights - The article discusses the significant advancements in satellite communication technology, particularly through SpaceX's Starlink laser communication system, which aims to reduce data transmission delays from satellites to near real-time [2][6][12]. Group 1: Satellite Communication Challenges - Most satellites experience intermittent communication with ground stations, leading to delays in data transmission, similar to dial-up internet [3][5]. - The only exception is the International Space Station, which has a dedicated relay satellite system, but this is costly and primarily for government missions [5]. Group 2: Starlink's Laser Communication System - SpaceX's Starlink project has integrated laser communication terminals into its satellites, allowing them to form a global network that can transmit data at high speeds [6][7]. - A single laser terminal can achieve data transmission speeds of 25 Gbps over distances of 4,000 kilometers, significantly enhancing communication capabilities [7]. Group 3: Implications of Real-Time Data Transmission - The introduction of real-time data transmission will benefit applications requiring immediate information, such as wildfire monitoring, maritime search and rescue, and agricultural pest detection [12]. - The potential for new applications, such as live streaming from space and continuous weather monitoring, is now feasible due to the improved connectivity [12][14]. Group 4: Commercial Opportunities and Strategic Partnerships - Muon Space, a startup, is the first to adopt Starlink's laser terminals, enabling their satellites to maintain 70% to 80% online time, with the possibility of achieving 100% connectivity [9][15]. - The U.S. National Reconnaissance Office has shown interest in purchasing data from wildfire monitoring satellites, indicating a blurring of lines between commercial and intelligence applications [15][17]. Group 5: Future of Space Communication - The advancements in satellite communication technology are expected to reshape the operational logic of the space industry, making space more accessible and continuously connected [19][20].