证券代码：601698 证券简称：中国卫通 公告编号：2025-017 中国卫通集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 条第一款第（八）项规定的可能被实施其他风险警示 的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经立信会计师事务所（特殊普通合伙）审计，公司 2024 年度实现归属于上市公司股东的净利润（合并） 并）3,149,020,223.22 元，母公司可供股东分配的利润为 议 通 过 ， 公 司 2024 年 度 拟 以 公 司 2024 年 末 总 股 本 情况，统筹考虑公司后续发展需求，按照《中国卫通集团股 份有限公司章程》 （简称" 重要内容提示： ? 每股分配比例： 公司本次每股派发现金红利 0.0323 元 （含税） ，不进行资本公积金转增股本。 ）第 9.8.1 不进行资本公积金转增股本。 截至 2024 年 12 月 31 日， 公司总股本 4,224,385,412 股，以此计算合计拟派发现金红 利 136,447,648.81 元（含税），占当年实现的归属于上 ...

证券代码：601698 证券简称：中国卫通 公告编号：2025-011 集团股份有限公司章程》 （简称" 《公司章程》 第三届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 中国卫通集团股份有限公司（简称"公司" ）第三届监事 会第八次会议于 2025 年 3 月 31 日以现场方式召开，公司于 会议应出席的监事五名，实际出席的监事五名，其中监事姜 巍委托监事郭晓梅代为出席会议并表决。会议的召开符合 《中华人民共和国公司法》等有关法律、法规和《中国卫通 中国卫通集团股份有限公司 "）的规定，所 做决议合法有效。 二、监事会会议审议情况 （一）审议通过《中国卫通 2024 年年度报告》 监事会认为，公司 2024 年年度报告的编制和审议程序 符合法律、法规及相关监管规定；2024 年年度报告所包含的 信息真实、准确地反映出公司当期的主要经营情况和财务状 况；未发现年度报告所载资料存在虚假记载、误导性陈述或 者重大遗漏。 年度报告全文及摘要详见 2025 年 4 月 2 日上海证券 ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 366479.75万股，累计占流通股比： 86.74%，较上期变化： -1352.60万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 中国航天科技（000901）集团有限公司 | 265169.14 | 62.77 | 不变 | | 航天科技集团-中金公司（601995）-24航天EB担保及信 | | | | | 托财产专户 | 53740.85 | 12.72 | 不变 | | 中国运载火箭技术研究院 | 20163.13 | 4.77 | 不变 | | 中国空间技术研究院 | 20163.13 | 4.77 | 不变 | | 王萍 | 2379.30 | 0.56 | 新进 | | 香港中央结算有限公司 | 1323.29 | 0.31 | -600.89 | | 华泰柏瑞沪深300ETF | 1095.89 | 0.26 | -92.84 | | 中国国有企业结构调整基金股份有限公司 | 841.67 | 0.20 | - ...

3月31日，据报道，苹果与SpaceX正争夺供应有限的频谱使用权。据称，苹果的外太空投资激怒了马斯克， SpaceX已敦促监管机构叫停一项由苹果出资的卫星扩张项目。双方对于频谱资源的争夺，实际上是对未来太空通 信市场主导权的争夺。 为了获取更多的频谱资源，据消息人士称，苹果在研究投资总部位于科罗拉多的卫星运营商EchoStar事宜，以提 供更多卫星和频谱来支持iPhone连接。 马斯克旗下的SpaceX已发射了550多颗卫星，通过其"星链"（Starlink）服务提供手机连接。 加强偏远地区的网络连接，有望提振iPhone销量或SpaceX"星链"服务的普及。 近几个月来，双方的矛盾有所加剧，此前SpaceX及其合作伙伴T-Mobile与苹果公司就在iPhone上提供"星链"服务 进行过紧张的谈判，苹果公司一向对iPhone软件生态系统严格控制，但最终未达成交易。 去年11月，苹果公司向卫星通讯服务供货商合作伙伴Globalstar加码投资15亿美元，其中11亿美元为直接投资，分 阶段以现金预付款提供给Globalstar，以改善iPhone的卫星通信，另用4亿美元收购后者20%股权。 Globalstar是 ...

Core Viewpoint - Forever 21, a fast-fashion women's clothing brand, has filed for bankruptcy for the second time, highlighting the challenges faced by traditional retail in the face of e-commerce competition and changing consumer behavior [4][11][15]. Company Overview - Forever 21 was founded in 1984 by Korean-American couple Do Won Chang and Jin Sook Chang, initially opening a small store in San Francisco with a focus on affordable fashion for young women [7][9]. - At its peak, Forever 21 operated over 800 stores globally, including a prominent location on Nanjing East Road in Shanghai [4][9]. - The brand's revenue exceeded $4 billion by 2015, with ambitions to reach $8 billion by 2017 [10]. Decline Factors - The rise of e-commerce platforms like SHEIN and Temu, coupled with declining foot traffic in U.S. malls, contributed to Forever 21's struggles [5][11]. - The company's failure to adapt to the digital retail landscape and its aggressive physical expansion led to unsustainable costs and ultimately its first bankruptcy filing in 2019 [11][14]. - Despite a brief recovery after being acquired by a consortium in 2020, Forever 21 faced renewed challenges, leading to its second bankruptcy filing in 2023 [13][14]. Financial Situation - As of the latest filing, Forever 21's estimated liabilities range from $1 billion to $10 billion, while its assets are estimated between $100 million and $500 million [15]. - The brand's decline reflects broader trends in the retail sector, where many companies are struggling under the pressures of inflation and changing consumer spending habits [15][18]. Industry Context - The U.S. bankruptcy rate has reached its highest level since the global financial crisis, with significant impacts on sectors like retail, healthcare, and automotive [18]. - The economic environment, characterized by high inflation and rising interest rates, has led to increased financial strain on many businesses, including those in the fast-fashion sector [19][20].

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].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $26.9 million, a decrease of approximately 4.5% from Q4 2023, but effectively flat sequentially when excluding a $1.7 million revenue reduction from the U.S. Coast Guard [16][17] - Airtime gross margin for Q4 was 28.2%, down from 36.5% in the prior quarter, while excluding depreciation, it was 41.4%, compared to 48.6% in the prior quarter [21] - Adjusted EBITDA for the quarter was $0.5 million, with capital expenditures of $0.8 million, resulting in adjusted EBITDA less CapEx of negative $0.3 million [23][24] - Ending cash balance was $50.6 million, up approximately $0.8 million from the beginning of the quarter [25] Business Line Data and Key Metrics Changes - The company shipped over 1,000 Starlink units and approximately 200 VSAT terminals in Q4, marking the fourth consecutive quarterly record for terminal shipments [8][9] - Active maritime Starlink terminals reached over 2,300 by the end of Q4, with about 1,000 terminals awaiting activation [9][10] - Non-U.S. Coast Guard GEO Airtime revenue contracted by around $1 million, offset by increased Starlink revenues [16] Market Data and Key Metrics Changes - The company is experiencing strong demand for hybrid connectivity, with roughly 50% of Starlink terminals activated alongside new or existing VSAT terminals [11] - The CommBox Edge communication gateway saw Q4 activations double compared to Q3, indicating strong demand [12] Company Strategy and Development Direction - The company is transitioning from a focus solely on VSAT services to offering multi-orbit multichannel solutions, including LEO solutions like Starlink and high-speed cellular solutions [7] - Strategic initiatives such as the addition of OneWeb to the satellite communications service portfolio and partnerships with companies like Seaspan are expected to position the company well for future growth [15] Management's Comments on Operating Environment and Future Outlook - Management anticipates that Starlink and other new revenue sources will outpace the decrease in GEO airtime revenue, indicating a focus on growth despite current revenue contraction [17] - The company has implemented cost reduction initiatives, bringing recurring operating expenses down by almost 10% for the full year [17] - Management believes the company is in a stronger position now than a year ago and is on a path toward renewed growth and profitability [19] Other Important Information - The company is preparing to roll out new CommBox Edge capabilities, including cybersecurity features [13] - The Fusion eSIM technology is enhancing the company's cellular service offerings, allowing for seamless global connectivity [14] Q&A Session Summary Question: Expectations for Starlink terminal activations - The company shipped 1,000 terminals in Q4, with approximately 700 Starlink Maritime Terminals activated during the quarter, and there are about 1,000 terminals awaiting activation [28][29] Question: Reasons for activation delays - Delays in activation can be attributed to OEMs installing terminals on boats not yet taken over by owners, as well as higher inventory levels compared to VSAT [33] Question: Customer base for Starlink dishes - Activations include both new and existing customers, with new customers often transitioning from lower bandwidth systems [35] Question: Market response to emerging satellite constellations - Management anticipates a market response to new constellations but believes it is still early for significant impact [37] Question: Challenges with terminal pricing relative to competitors - While OneWeb terminals are more expensive than Starlink, customers are seeking network diversity, which may justify the cost [41][42] Question: Performance of CommBox in a competitive market - The company believes its feature set stands out, especially with the addition of cybersecurity features [46] Question: Cost management alongside VSAT terminal losses - The churn rate has stabilized, and the company is managing costs effectively, with reduced CapEx related to the Agile program [52][53]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased by 17% to $61.2 million compared to $52.4 million in the prior year [8] - Service revenue rose by 18%, primarily driven by wholesale capacity revenue, while commercial IoT increased by 8% due to higher average subscribers and ARPU [8] - Adjusted EBITDA for Q4 2024 increased by 21% to $30.4 million, with an adjusted EBITDA margin of 54%, up 190 basis points from 52% in 2023 [9][11] Business Line Data and Key Metrics Changes - The Commercial IoT business achieved record annual service revenue in 2024, reflecting growth from existing and new customers [10] - The company expects revenue for 2025 to be between $260 million and $285 million, representing a 9% year-over-year growth at the midpoint [15] Market Data and Key Metrics Changes - The company ended 2024 with $391.2 million in cash, with significant cash inflows from updated service agreements totaling $913 million [12][13] - The company anticipates that the extended MSS network will double total revenue in its first full year of service, reaching $500 million [16] Company Strategy and Development Direction - The company successfully completed its uplisting to the NASDAQ Global Select Market and implemented a 1 for 15 reverse stock split to enhance stock liquidity [5][6] - The focus is on expanding product offerings, including the launch of a QA device and further development of the XCOM RAN terrestrial solution [11][16] - The company aims to maintain 100% of terrestrial, MSS, and other revenue while allocating 85% of network capacity for satellite services to its wholesale customer [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within satellite and terrestrial connectivity markets, highlighting significant growth opportunities [22] - The company is focused on balancing growth investments while maintaining healthy margins, with expectations for adjusted EBITDA margins to improve over time [19][58] Other Important Information - The company has achieved a major milestone in partnership with Parsons Corporation, demonstrating a software-defined communication solution using its lower orbit constellation [38] - The company completed the first 5G data call on its Band n53 spectrum, achieving download speeds of 100 megabits per second [39] Q&A Session Summary Question: Can you explain the capabilities of the Aurora satellites? - The Aurora satellites have beam forming capabilities, allowing for controlled power and signal direction [45] Question: What is the timeline for the launch of the new satellites? - No specific update on the launch timing was provided [47] Question: Can you provide updates on the XCOM RAN and customer progress? - The company is focused on cost reduction and is awaiting customer decisions on rollout [54] Question: What are the expectations for EBITDA margins? - EBITDA margins are expected to face short-term pressures but should improve over the next 12 to 18 months [58] Question: When will the 2-way IoT become material to the numbers? - The company expects to start seeing material contributions from the 2-way IoT in 2025, with a ramp-up beginning this year [70][73] Question: Can you provide more details on the new satellite constellation? - The new constellation will work in conjunction with existing satellites, providing optionality for future expansions [115] Question: What are the use cases for the 2-way communication? - Use cases include remote asset control and monitoring, enabling commands to be sent back to devices [120][122]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601698 证券简称：中国卫通 公告编号：2025-004 中国卫通集团股份有限公司 关于成功发射中星 10R 卫星的公告 中国卫通集团股份有限公司董事会 2025 年 2 月 24 日 1 2025 年 2 月 22 日 20 时 11 分，中星 10R 卫星在西昌卫 星发射中心采用长征三号乙增强型运载火箭成功发射升空， 卫星按计划进入预定轨道。中星 10R 卫星将在通过在轨测试 后交付中国卫通集团股份有限公司运营管理。 中星 10R 卫星采用国内自主研发的东方红四号增强型卫 星平台，主要覆盖中国及西亚、南亚以及东南亚部分国家和 地区。中星 10R 卫星在实现中星 10 号卫星业务平稳接替的 基础上，卫星资源能力较中星 10 号卫星大幅提升，能够更 好地满足现有用户业务需求，并可为"一带一路"国家及地 区提供高效的卫星网络传输服务。 特此公告。 ...

一声唏嘘。 作者 I 王露 直至2 0 01年，有人向Fa l c one伸出橄榄枝，出资25 00万美元创办对冲基金Ha r bi n g e r Ca p it a l。此后数年，Fa l c one极其擅长做空，赚取了数十亿美元。 报道 I 投资界PEdaily 这一边，马斯克执掌的商业航天公司Spa c eX估值达到35 0 0亿美元（约合人民币250 00亿 元），一举成为全球估值最高独角兽企业。 另一边，近日美国卫星通信运营商Li g a d o正式申请破产，累计融资超1 00亿美元（约合人 民币7 3 3亿元）几乎打了水漂。 公司曾经的掌舵人正是电影《大空头》的原型之一，凭借做空次贷而一举成名的华尔街投 资人Phili p Fa l c o ne。201 0年，他一举投入4 0亿美元押注4G卫星网络，却遭遇人生最大 滑铁卢。 成立十多年，Li g a d o曾试图实现世界上第一个同时使用卫星和地面基站的商业移动卫星 服务。从4G折腾到5G，连业务许可都没拿到，总融资却超过100亿美元，最终一路烧钱 走向了深渊。 细细复盘下来，警钟长鸣。 一家卫星独角兽倒下 融资超100亿，大佬云集 Li g a ...