Q4 2025 Earnings Call Stephen Oswald - Chairman, President and Chief Executive Officer Suman Mookerji – Senior Vice President, Chief Financial Officer February 26, 2026 Disclosures Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include the words "believe," "continue," "estimate," "expect," "may," "plan," "potential," "should," "result," ...

Group 1 - Starfighters Space Inc (NYSE:FJET) shares have experienced a significant increase of 87% over the past week, following a decline of over 50% at the beginning of 2026, indicating a potential recovery phase for the stock [1][4] - The recent rally in FJET stock is attributed to technical support, which may have triggered short-covering and dip-buying among traders [1][4] - The stock is currently trading 28.3% above its 20-day simple moving average (SMA), reflecting strong short-term momentum, with a 12-month increase of 10.82% [7] Group 2 - The overall market sentiment has shifted positively, as evidenced by the iShares Russell 2000 ETF rising approximately 1%, indicating renewed interest in small-cap and speculative growth stocks [2] - Reports regarding SpaceX potentially pursuing a $1.5 trillion IPO have negatively impacted other listed space stocks, leading investors to reassess valuations within the sector [3] - Starfighters Space operates from NASA's Kennedy Space Center and is involved in various aerospace activities, including air launch operations and hypersonic testing, positioning itself as a key player in the evolving space economy [5][6]

在产业发展方面，该区域将承接南中轴地区和亦庄新城核心地区功能外溢，规划重点保障生物医药和商 业航天两大特色产业发展，助力国际科技创新中心功能建设。其中，生物医药产业以国际医药创新公园 为空间载体，商业航天产业以"北京火箭大街"项目为引擎。 本报讯（记者 陈雪柠）昨天，记者从市规划自然资源委获悉，《亦庄新城综合配套服务区YZ00—0401 —0405、0801—0805、0901—0905街区控制性详细规划（街区层面）（2020年—2035年）》获得批复。 《街区控规》明确，综合配套服务区定位为未来产业新引擎、生态宜居后花园，重点保障生物医药和商 业航天两大特色产业发展，助力亦庄新城打造"新质生产力典范区、国际一流高端产业综合新城"。 综合配套服务区位于亦庄新城西北部，西接南中轴及其延长线，东临亦庄新城核心地区，行政区划涉及 亦庄镇、旧宫镇和瀛海镇，包括15个街区，总用地面积约5761.97公顷。在生态景观方面，该区域将坚 持疏解与整治并举，推动城乡建设用地减量，提升绿色开敞空间占比，其中要以南海子公园为核心，打 造公园集群，完善文化休闲、户外体验、教育研学等配套设施，打造全龄友好休闲"后花园"。 ...

Key Takeaways from the Satellite Expert Call on China's Commercial Aerospace Industry Industry Overview - The discussion focused on the development status of the **China commercial aerospace industry** and compared domestic players with **SpaceX** in terms of weight, satellite construction cost, and launch cost [1][2]. Current Development Status - Two major **Low-Earth Orbit (LEO)** broadband constellations are under development: - **Spacesail's "Qianfan" constellation**: 108 satellites launched - **Satellite Network's "Xingwang" constellation**: 154 satellites launched - Both projects are progressing slower than planned due to several constraints [2]. Constraints Identified 1. **Limited Launch Capacity**: High costs of Chinese rockets compared to SpaceX's reusable Falcon 9 [2]. 2. **Cost-Effectiveness**: Chinese players prioritize reliability over economics, leading to an immature supply chain that will take years to establish [2]. 3. **Lack of Launch Pads**: State-owned facilities prioritize national missions, limiting availability for commercial launches [2]. 4. **Regulatory Approval Process**: The complex and time-consuming process for launch approvals hinders progress [2]. Comparison with SpaceX - There is a significant gap in cost and technology between Chinese players and SpaceX: - **Spacesail's 1st-gen satellites**: ~240kg, costing **RMB 15-20 million** per unit - **Satellite Network's 1st-gen satellites**: 600-800kg, costing **RMB 35-50 million** per unit - **SpaceX's satellites**: Over 800kg, with a production cost under **RMB 20 million**, implying a cost/kg that is half of that of Chinese counterparts [3]. - Launch costs for Chinese rockets are around **RMB 55,000 per kg**, while SpaceX's costs are approximately **RMB 7,000-8,000 per kg**, with a target to reduce costs to near **RMB 1,000 per kg** [3]. Applications and Supply Chain - **Spacesail** aims to have 324 satellites in orbit by **1H26** and plans to begin product testing in markets like **Brazil** and **Malaysia** in **2H26**. The focus is on consumer applications such as maritime and vehicular [4]. - **Satellite Network** has a different supply chain for its 1st-gen and 2nd-gen satellites, with the latter involving multiple commercial entities [4]. Discussion on Space-Based Solar Power - The expert highlighted divergent technology paths between China and the U.S. in solar cell technology: - **SpaceX** uses low-cost, low-efficiency silicon-based cells, while China's industry relies on high-efficiency gallium arsenide (GaAs) cells, costing **RMB 100-200k per sqm** [5]. - Rising interest in **perovskite solar cells** is driven by future demands for in-space computing constellations, which require massive power at lower costs [5]. Implications for the Solar Sector - The accelerating development of commercial aerospace may lead to higher demand for solar power, potentially impacting companies in the solar sector [7].

Group 1 - The core viewpoint of the news is that the Chinese aerospace industry is advancing significant technological projects for space resource development, indicating a strategic shift towards space mining as a new frontier for mineral resource competition among nations [1][3]. - The "Fifteen Five" period will see the establishment of a comprehensive testing platform for space resource development, focusing on key technologies such as small celestial body resource exploration, intelligent autonomous mining, low-cost space transportation, and in-situ processing [1][3]. - The human-shaped robot sector has experienced a significant downturn, with the core company index dropping by 8.73%, underperforming compared to the broader market indices [2]. Group 2 - The report highlights that the recent downturn in the human-shaped robot sector is attributed to short-term catalysts such as factory audits and Tesla's earnings call, alongside a shift in funding styles as the Chinese New Year approaches [2]. - The Tesla earnings call emphasized the company's plans for mass production of robots, with a target of achieving a production capacity of 1 million robots at the Fremont factory, marking a pivotal moment for the industry [2]. - The integration of robotics and commercial aerospace is expected to benefit from the upcoming wave of space mining, with multi-functional robots anticipated to play a crucial role in various tasks within space exploration [3]. Group 3 - The report identifies key beneficiaries in the commercial aerospace and robotics sectors, including companies involved in rocket manufacturing, satellite systems, and core robotic components [4]. - Specific companies recommended for investment include Blueway Technology, Junsheng Electronics, and others across various categories such as bearings, structural components, and motors, indicating a diversified approach to capitalize on the emerging opportunities in space mining and robotics [4].

Market Overview - On January 23, A-shares saw all major indices rise, with the Shanghai Composite Index up 0.33% to 4136 points, the Shenzhen Component Index up 0.79%, and the ChiNext Index up 0.63% [1] - The total market turnover reached 3.12 trillion yuan, an increase of 401.7 billion yuan from the previous trading day, with over 3900 stocks rising and 122 stocks hitting the daily limit [1] Index Performance - The Shanghai Composite Index closed at 4136.16, up 13.59 points (+0.33%) - The Shenzhen Component Index closed at 14439.66, up 112.61 points (+0.79%) - The ChiNext Index closed at 3349.50, up 20.86 points (+0.63%) - The North Star 50 Index saw a significant increase of 3.82% [2] Sector Analysis - The A-share market showed a divergence in performance, with the Shanghai 50 Index dropping over 1% and sectors like insurance and banking leading the decline [3] - Notable declines included New Yi Sheng, which fell over 6%, while Guosheng Technology saw a rise of over 3% after a previous surge [3] Commodity Market - Domestic commodity futures experienced widespread gains, with lithium carbonate futures surpassing 180,000 yuan per ton, marking a rise of over 6% [4] - Gold and silver prices continued to rise, with spot gold stabilizing at 4950 USD per ounce and spot silver nearing 100 USD, showing an intraday increase of nearly 3% [4] Solar and Aerospace Sector - The solar energy sector, particularly in space photovoltaic technology, saw a significant surge, with companies like Longi Green Energy and others experiencing limit-up gains [6] - The commercial aerospace sector is also thriving, with stocks like Aerospace Electronics and China Satellite hitting their daily limits [8] - Elon Musk expressed strong support for space photovoltaic technology at the World Economic Forum, indicating plans for significant solar energy production capacity [10] Company Developments - JinkoSolar and Trina Solar are exploring market opportunities in space photovoltaic technology, with advancements in various solar cell technologies [12] - Dongfang Risen highlighted the need for solar wings in satellites to meet market demands, emphasizing the advantages of crystalline silicon photovoltaic cells [13] - Jun Da Co. announced a cash investment of 30 million yuan to acquire a 16.67% stake in Shanghai Xingyi Chip Energy, aiming to enter the low-orbit and space photovoltaic market [13]

Group 1 - The A-share market has shown a significant spring rally in early 2026, with sectors like commercial aerospace, brain-computer interfaces, AI applications, humanoid robots, and semiconductor equipment experiencing notable gains [1][18] - Recent regulatory cooling has led to warnings from major tech companies, and many prominent investors have faced account suspensions, indicating a crowded tech sector [1][18] - Institutions are increasingly favoring "old economy" sectors for their long-term investment value, viewing dividend-paying assets as one of the few reliable long-term options [1][18] Group 2 - A report indicates that sectors such as commercial aerospace, semiconductors, digital marketing, and quantum technology are currently crowded, while low-volatility dividends and white goods are less crowded [22] - The market is experiencing significant volatility, with financing leverage being reduced and major stocks facing pressure, leading to a need for diversified investment strategies [3][22] - The Hong Kong stock market is seen as having quality companies with relatively low valuations, but liquidity and sentiment issues are currently restraining its performance [23][25] Group 3 - The emergence of index funds focused on "free cash flow" has become a focal point for public funds, with over a hundred such funds established in just one year [26][29] - Performance data shows that all newly established free cash flow funds have positive returns, with the top fund achieving a return of 6.06% [10][29] - Dividend assets are highlighted as a strategic opportunity in the low-interest-rate environment, with a focus on sectors like insurance, banking, energy, and public utilities [25][31]

Group 1 - The article highlights the importance of timely announcements in the stock market, including suspensions, shareholding changes, investment wins, acquisitions, earnings reports, and unlocks, to help investors identify potential investment hotspots and mitigate risks [1] - A company involved in commercial aerospace and storage chips has seen its conductive paste products used in commercial aerospace satellite solar wings, with expectations for sustained growth in its storage business over the next three years [1] - Another company has secured a new generation humanoid robot project and is supplying PCB products related to autonomous driving to a T customer, indicating its involvement in multiple advanced technology sectors [1] - A company is accelerating its layout in semiconductor lithography and commercial aerospace satellite fields, with connections to AI glasses and Huawei, showcasing its strategic focus on high-tech industries [1]

Group 1 - The core viewpoint of the article emphasizes a structural market trend, indicating that the recent overheating in the market is not necessarily negative, as it allows for a cooling-off period [1] - The banking, financial insurance, and oil sectors have shown defensive characteristics during market panic, suggesting that risks remain manageable [1] - The commercial aerospace sector has faced significant declines, highlighting the importance of avoiding volatile movements, especially when multiple stocks in the same sector hit their lower limits, triggering quantitative sell-offs [1][2] Group 2 - AI medical applications have achieved unexpected performance in the morning session but faced a pullback in the afternoon due to the weakness in the commercial aerospace sector, indicating that AI applications have not yet fully transitioned to a leading position [1] - The AI medical sector has reached a global milestone, with Baichuan-M3 scoring 65.1 points in the HealthBench evaluation, surpassing GPT-5.2, marking a significant advancement in medical AI technology [3] - The Chinese AI medical market is projected to grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% [3] Group 3 - Current reports suggest that the AI medical sector is at a valuation bottom, with multiple catalysts such as national strategy guidance, surging hospital demand, and rapid product iterations creating a favorable investment window [4] - A list of companies involved in AI marketing and AI medical sectors includes notable names such as BlueFocus, Liou Co., and New Ganjing [5] - The AI transportation sector features companies like Desay SV and Zhongke Chuangda, while the AI office sector includes Kingsoft and Foxit Software [6]

Group 1 - The A-share market is experiencing mixed performance across sectors, with AI applications, gold, and CRO concept stocks active, while commercial aerospace concept stocks have significantly declined [1] - The A500ETF fund (512050) showed a notable afternoon surge, narrowing its decline to 0.24% by 13:58 [1] - Key holdings in the AI medical sector, such as Meinian Health and Weining Health, are leading gains, while stocks in the commercial aerospace sector, including Aerospace Development and Aerospace Electrical, hit the daily limit down [1] Group 2 - The A500ETF fund (512050) is designed to help investors capture growth opportunities in A-share core assets, tracking the CSI A500 Index with a dual strategy of "industry balanced allocation + leading selection" [2] - The fund emphasizes sectors like AI, biomedicine, and new energy, creating a natural barbell investment structure [2] - Key highlights of the fund include a low fee rate of 0.2%, high liquidity with daily trading volume exceeding 5 billion, and a leading scale of over 40 billion [2]