Core Viewpoint - The investment activities of private equity mogul Ge Weidong have garnered significant market attention, particularly his recent adjustments in stock holdings as revealed in the 2024 annual report and the 2025 Q1 report of listed companies [1]. Group 1: Ge Weidong's Stock Holdings - In Q1 2025, Ge Weidong initiated a new position in Su Da Wei Ge, acquiring 1.62 million shares valued at approximately 33 million yuan, making him the seventh-largest circulating shareholder [4][6]. - He maintained his holdings in Zhaoyi Innovation, with a market value of 2 billion yuan, and did not sell any shares of *ST Chengchang despite a decline in stock price [13][16]. - Ge Weidong also increased his stake in Zhongsheng High-Tech, raising his holdings to 2.36 million shares, valued at 41 million yuan [18][19]. Group 2: Financial Performance of Su Da Wei Ge - Su Da Wei Ge reported a revenue of 1.841 billion yuan for 2024, a year-on-year increase of 6.85%, but faced a net loss of 58.05 million yuan, marking a 27.06% decline [6]. - In Q1 2025, the company generated 453 million yuan in revenue, a decrease of 3.93%, while net profit was 17.34 million yuan, reflecting a 5.99% increase year-on-year [6]. Group 3: Other Notable Investments - Ge Weidong's portfolio includes new investments in China Satellite Communications, where he acquired 8.396 million shares valued at 171 million yuan, making him the ninth-largest circulating shareholder [8][9]. - He also increased his holdings in Zhenlei Technology, maintaining 412.19 million shares, which saw a price increase of 9.63% in Q1 2025 [10][12].

Core Viewpoint - The company is seeking approval for its 2025 annual routine related party transactions, which are deemed necessary for its operational needs and are expected to support stable development without harming the interests of shareholders, especially minority shareholders [1][2]. Summary of Related Party Transactions Basic Situation of Routine Related Party Transactions - The board of directors approved the proposal for routine related party transactions for 2025, which was unanimously supported by independent directors, affirming that the transactions align with the company's operational needs and adhere to fair pricing principles [1][2]. - The audit committee also reviewed and approved the proposal, emphasizing that the transactions would not adversely affect the company's overall interests or those of other shareholders [2]. Previous Related Party Transactions - The total expected amount for related party transactions in 2024 was capped at 282 million yuan, with actual transactions amounting to approximately 86.99 million yuan, indicating a significant difference attributed to business development needs [4][5]. Expected Related Party Transactions for 2025 - The company plans to engage in related party transactions with a total expected amount of 120.4 million yuan, which includes a significant contract for satellite procurement valued at approximately 240 million yuan [5][6]. Related Parties and Relationships Basic Information of Related Parties - The main related parties include the Aerospace Science and Technology Corporation and its subsidiaries, which are involved in various aerospace and satellite services [8][9]. - The company has a 30% indirect stake in Asia-Pacific Satellite Broadband Communication (Shenzhen) Co., Ltd., which is also considered a related party [9]. Execution and Performance of Previous Transactions - Previous related party transactions have been executed according to agreed terms without any defaults, indicating good creditworthiness and performance capability of the related parties [9]. Main Content and Pricing Policy of Related Transactions Main Content of Related Transactions - The transactions primarily involve satellite space segment operations and procurement of satellite-related hardware and services, which are essential for the company's operational needs [10]. Pricing Policy - The pricing for these transactions is determined through market-based negotiations, ensuring fairness and transparency without interference from the controlling shareholder [10].