Financial Performance - In 2024, the company achieved a revenue of CNY 3,251.01 million, a year-on-year increase of 21.38% [3] - The net profit attributable to shareholders reached CNY 583.40 million, up 29.89% from the previous year [3] - The net profit after deducting non-recurring gains and losses was CNY 503.79 million, reflecting a growth of 35.31% [3] - In Q1 2025, the company reported a revenue of CNY 789.12 million, a 27.91% increase year-on-year [4] - The net profit attributable to shareholders for Q1 2025 was CNY 142.74 million, up 38.50% from the same period last year [5] R&D Investment - In 2024, R&D investment totaled CNY 469.02 million, a 1.49% increase year-on-year, accounting for 14.43% of total revenue [3] - The company has focused on high-precision positioning chips and autonomous driving products, among other strategic projects [3] Product Performance - The company launched several key products, including the RS series measurement systems and the Navigator NX612 autonomous driving system [3] - RTK sales exceeded 100,000 units, while the agricultural autonomous driving system sold over 60,000 units in 2024 [3] - Cumulative deliveries of automotive-grade products surpassed 300,000 units by the end of 2024 [9] Market Segmentation - The resource and public utilities segment generated CNY 1,425.25 million in revenue, a 26.41% increase [3] - The construction and infrastructure segment achieved CNY 1,052.59 million, up 8.97% [3] - The geographic information segment reported CNY 588.50 million, a growth of 38.44% [3] - The robotics and autonomous driving segment earned CNY 184.67 million, increasing by 15.53% [3] Profitability Metrics - The overall gross margin for 2024 was 58.13%, an increase of 1.07% from the previous year [4] - The sales expense ratio was 18.45%, down 0.59%, while the management expense ratio rose to 7.92%, an increase of 0.56% [4] - Operating cash flow net amount reached CNY 659.06 million, a 47.99% increase year-on-year [4] Future Outlook - The company aims for a net profit of CNY 730 million in 2025, targeting a growth of approximately 25% [5] - The three-dimensional intelligent business is expected to continue growing, driven by advancements in technology and market demand [7] - The company plans to maintain high R&D investment to enhance its product offerings and market competitiveness [12]

2025 年 04 月 27 日 特朗普 2.0 的实质，和政治局会议后的市场应对 策略研究团队 ——投资策略专题 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 中美波动不一致的背后：两国的核心目的不相同 当前中国区域的市场波动性有所下降，然而美国市场的波动性仍然较高，造成这个 区别的核心原因是什么？我们认为在于中美两国的政策背后的核心目的不相同。本 文当中，我们将详细分析特朗普 2.0 的实质，并结合 4.25 政治局会议，展望未来中 国资产的配置思路。 理解特朗普 2.0 的实质：资本侵蚀下，经济产出外流 1、被忽视的美国金融账户风险。大家都认为贸易赤字和制造业回流是特朗普开启关 税的核心目的，但在我们的研究下，更深层次的原因是资本侵蚀、及其驱动的美国 经济产出的对外流失。鉴于市场对关税和特朗普行为的过度聚焦，市场可能低估了 该问题的严重性和美国可能采取的行动，以及美元资产潜在的折价和违约风险。 2、美国版资本侵蚀对美国的影响有多大？2024 年底，美国对外净负债约 26.2 万亿 美元，占名义 GDP 89.8%。以回报率 5%计，相当于美国经济总产出中 ...

RimeData 来觅数据 . 全面的一级市场数据平台 以下文章来源于RimeData 来觅数据 ，作者来觅研究院 ⌜ 投融概况 ⌟ 截至2025年4月25日18:00，本周融资事件共89起（不包括并购、定增），较上周增加了22起，融资金额总计约45.71亿元（谨慎估计），较上周减少了 12.28亿元。在所有融资事件中，本周融资金额在亿元及以上的融资事件有15起，较上周减少了2起。本周公开退出案例27个，较上周增加了2个。另外， 本周有110家机构参与了一级市场投资，较上周增加了13家。 请读者留意，本周有30起融资事件未公布准确的融资金额，出于谨慎考虑，笔者做了暂取较小值处理，涉及金额至少8.19亿元，约占融资总额的17.92%。 另外，因融资事件的延迟披露，本期周报仅收录了本周五18:00前公开披露的融资事件，可能导致统计分析与实际情况存在细微偏差，感兴趣的读者可以 登录Rime PEVC平台获取全量融资事件、被投项目及深度数据分析。 本周已披露金额的融资事件68起，较上周增加了18起，融资金额区间分布结构与上周有明显变化，本周500万以下的融资事件7起，较上周增加5起；500 万-1000万（含1000 ...

化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2.84万亿元， 其中化债资金1.4万亿元，包括1.3万亿元置换隐债专项债和1172亿元特殊新增专项 债。但从新增地方债的角度看，一季度发行新增一般债2791亿元，新增专项债9602亿 元，节奏同比有所加快，但相对其余年份而言仍有差距。展望二季度，当前已公布发 行地方债合计规模约2.23万亿元，在"自审自发"试点落地后，新增债发行有望加速， 也可期待土储专项债的增量发行和化债资金的继续落地。配置角度，当前地方债利差 相对较高，流动性虽有改善，但仍低于市场平均水平，适合负债端稳定的配置机构进 行参与。 风险因素：监管政策超预期收紧；央行货币政策超预期；个别信用事件冲击等。 敖翀｜中信证券 金属行业首席分析师 S1010515020001 裘翔｜中信证券首席A股策略师 S1010518080002 策略｜"国家队"未曾减持ETF 2023年10月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。 根据公募基金23Q4-25Q1季度披露的持有人数据，汇金持有的ETF份额未曾出现环比 净减少的情况，诸如"汇金通常在市场阶段性上涨后卖出"等传 ...

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]

Financial Data and Key Metrics Changes - Operational EBITDA increased by 6% to $122.1 million, driven by recurring commercial services and engineering support revenue [38] - Service revenue rose by 4% to $127.5 million, led by growth in IoT and Iridium PNT [38] - Voice and data revenue grew by 2% to $55.9 million, reflecting subscriber growth in telephony services [39] - Commercial IoT revenue increased by 11% to $43.8 million, attributed to a two-year contract with the largest IoT partner [39] - Revenue from commercial broadband decreased by 6% to $12.9 million, due to the conversion of primary customers to lower usage plans [42] - Hosting and other data services revenue rose by 7% to $14.9 million, with optimism for P&T services following the acquisition of Satellis [43] Business Line Data and Key Metrics Changes - Engineering and support revenue reached $37.5 million, up from $30.4 million in the prior year, driven by contracts with the U.S. government [45] - Subscriber equipment sales totaled $23.1 million, down from the previous year's high but tracking expected levels [44] - Government service revenue modestly increased to $26.8 million, reflecting a step-up in EMSS contracts with the U.S. government [43] Market Data and Key Metrics Changes - The company anticipates double-digit growth in commercial IoT for 2025, driven by ongoing demand for personal satellite communications [48] - The government business is expected to generate full-year revenue of $108 million in 2025 due to the EMSS contract [49] Company Strategy and Development Direction - The company is focusing on expanding its partner ecosystem and leveraging its unique satellite capabilities to address market needs, particularly in IoT and PNT [21][30] - Iridium plans to mitigate tariff impacts through strategic partnerships and logistics adjustments, maintaining its market position without passing costs to customers [16][110] - The company is optimistic about growth in P&T services, especially with increasing vulnerabilities in GPS systems [30][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience during economic shocks, citing past performance during the 2008 recession and the 2020 pandemic [17][92] - The geopolitical environment is expected to remain volatile, but the company believes it is insulated from significant impacts [34][82] - Future growth is anticipated in the IoT market, with new services like Iridium NTN Direct expected to drive revenue growth through the end of the decade [27][35] Other Important Information - The company plans to increase its quarterly dividend to 15 cents per share starting in Q3 2025, reflecting confidence in business prospects [53] - Capital expenditures are expected to rise in 2025 to support work with 5G standards [54] Q&A Session Summary Question: Impact of tariffs on subscriber growth and service revenue - Management indicated it is too early to determine the long-term effects of tariffs on subscriber growth and service revenue, noting that demand remains stable [58][60] Question: Changes in government subscriber numbers - The decrease in government subscribers was attributed to a government cleanup activity rather than specific funding cuts [62][64] Question: Future pricing actions - Management confirmed plans for smaller, more frequent price increases rather than large increases every few years, which will take effect in the second half of the year [66][68] Question: Revenue from directed device plans - Initial revenues from directed device services are expected to come from IoT roaming, with a ramp-up anticipated towards the latter part of the decade [70][72] Question: Update on aviation services - Aviation services are growing, with ongoing flight trials for certification, but significant revenue growth is not expected until early next year [85][87] Question: Government exposure in the business - Management estimated that government-related revenue constitutes about 20% of the business, with a relatively small portion coming from civil applications [98] Question: Pricing mechanics for P&T services - Management highlighted the unique value of Iridium's P&T services in providing reliable global coverage, especially in environments with GPS vulnerabilities [100][104]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0036 | -0.0449 | 108.02 | -0.0240 | | 每股净资产（元） | 2.26 | 2.51 | -9.96 | 1.82 | | 每股公积金(元) | 4 | 4 | 0 | 4 | | 每股未分配利润(元) | -2.86 | -2.60 | -10 | -3.23 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.34 | 2.67 | 25.09 | 3.93 | | 净利润(亿元) | 0.03 | -0.33 | 109.09 | -0.18 | | 净资产收益率(%) | 0.16 | -1.77 | 109.04 | -1.20 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | ...

Core Insights - Hunan Province has officially launched a specialized board for university student innovation and entrepreneurship, with 16 companies listed on the Hunan Equity Exchange [1][2] - The specialized board aims to serve as an incubator and accelerator for early-stage university student entrepreneurial ventures, focusing on innovation and entrepreneurship [1][2] Group 1 - The first batch of 16 listed companies is characterized by strong technological originality, high application feasibility, and significant development potential, covering fields such as artificial intelligence, domestic algorithms, robotics, satellite communication, and bioprinting technology [1] - Notably, four of the listed companies are key projects under Hunan Satellite TV's "Gold Medal 2025" initiative, indicating a strategic focus on emerging industries [1] - The launch of this board reflects a trend of industrialization of university research outcomes and the aggregation of local innovation resources, contributing to the acceleration of new productive forces [1] Group 2 - The Hunan Equity Exchange plans to leverage the financial full-license advantages of Caixin Financial Holdings to create a complete ecosystem for university student innovation and entrepreneurship, including competitions, investment funds, and specialized board cultivation [2] - The initiative is supported by the Hunan Golden Furong Fund Science and Technology Innovation Ecological Alliance, which aims to provide comprehensive services such as funding support, project incubation, technical guidance, and market expansion for the listed companies [2] - A "Professional Institution Service Team" has been established to offer one-stop services to the companies on the specialized board, enhancing their growth potential [2]

Investment Rating - The report does not explicitly provide an investment rating for the satellite navigation industry Core Insights - The satellite navigation and positioning services industry in China is experiencing steady growth, with a total output value reaching 536.2 billion yuan in 2023, representing a year-on-year increase of 7.09%. It is projected to reach 602.1 billion yuan by 2025 [11][12] - The industry structure is evolving, with core output value related to satellite navigation technology growing by 5.5% to 161.1 billion yuan, accounting for 30.04% of the total output value [12] - The application of the BeiDou system is expanding across various sectors, becoming a standard feature in consumer products like smartphones and electric vehicles [15] Industry Overview - The global satellite navigation systems include China's BeiDou, the US GPS, Russia's GLONASS, and the EU's Galileo, with BeiDou being China's self-constructed global navigation system [3][4] - The BeiDou system is in a critical phase of marketization, industrialization, and internationalization, with plans for the next generation of BeiDou to be completed by 2035 [4] Policy Support - The Chinese government has implemented numerous policies to support the development and application of the BeiDou system, emphasizing its importance as a national strategic emerging industry [7][50] Market Dynamics - The number of registered satellite navigation-related enterprises in China reached 69,700 by March 2025, with a peak registration of 12,400 in 2024 [19] - The competitive landscape features a four-tier structure, with leading companies like China Satellite and BeiDou Star dominating the market, while other companies focus on niche applications and technologies [22][23] Key Companies - BeiDou Star is a pioneer in the satellite navigation industry, with a focus on developing navigation chips and modules, although it reported a significant revenue decline in 2024 [26][28] - Huace Navigation has seen revenue growth, focusing on high-precision navigation solutions, with a reported revenue of 2.268 billion yuan in 2024 [31][32] - Haige Communication is advancing in the integration of BeiDou and 5G technologies, despite a revenue decline in 2024 [35][37] - Hezhong Sijuan focuses on high-precision satellite navigation and reported a revenue of 905 million yuan in 2024 [38][41] - Zhonghaida specializes in high-precision navigation technology and reported a slight revenue increase in 2024 [44][46] Future Outlook - The industry is expected to benefit from ongoing policy support and a complete domestic supply chain, with advancements in technology leading to high-precision positioning capabilities [51][52] - The integration of BeiDou with emerging technologies like AI and 5G is driving innovation and expanding application scenarios across various industries [52][53]

Group 1 - The Hainan Free Trade Port (FTP) is set to enhance its openness with the implementation of a zero tariff policy for most goods post-closure in 2025, which will significantly lower import costs [1][3] - The establishment of a comprehensive policy system characterized by "zero tariffs, low tax rates, simplified tax systems" is nearly complete, with key policies expected to be introduced within the year [1][3] - The upcoming policies will likely result in a much shorter list of restricted import/export goods compared to other regions in China, potentially reducing the number of taxable items by more than half [1][3] Group 2 - The Hainan FTP aims to become a global hub for cross-regional manufacturing and value-added processing, particularly benefiting ASEAN enterprises through relaxed origin rules [2] - Major investments are being made in sectors like marine wind power and commercial satellite systems, with companies expecting reduced production costs and increased competitiveness post-closure [3] - The tourism, modern services, high-tech industries, and tropical agriculture sectors are identified as key growth areas, with significant benefits anticipated from the integration of the FTP's system and industry advantages [3] Group 3 - The Hainan FTP is expected to strengthen connections with both domestic and international markets, facilitating foreign investment into China and enabling Chinese companies to expand globally [4] - Companies are positioning Hainan as a critical hub for regional economic influence, with plans for international operations and logistics to enhance global outreach [4] - The FTP is seen as a frontline for China's unilateral opening, particularly towards ASEAN and the Middle East, leveraging its geographical advantages [4]