1月4日晚，星网锐捷（002396）发布公告，拟通过公开挂牌方式转让其持有的德明通讯(上海)股份有限 公司(以下简称"德明通讯")65%股权，交易完成后公司将不再持有德明通讯股权，后者也将退出合并报 表范围。 回溯股权渊源，星网锐捷与德明通讯的合作始于2015年。当年公司通过发行股份及支付现金的方式，以 3.22亿元的总价收购德明通讯65%股权，完成过户后德明通讯成为其控股子公司。彼时收购的核心目 的，是借助德明通讯在4G LTE市场的技术优势与客户资源，快速切入移动互联网产业链，补强公司在 无线通信领域的布局。 公告披露的财务数据显示，德明通讯近年经营保持稳定态势。2024年全年实现营业收入13.81亿元，净 利润6332万元；2025年前7个月，其营收与净利润分别达到8.84亿元和4739万元。作为一家专注于无线 通信与物联网解决方案的企业，德明通讯自成立起便确立国际化战略，业务主要面向美国等海外市场， 客户群体集中于海外地区。企查查信息显示，德明通讯成立于2003年，曾用名德明通讯(上海)有限责任 公司，注册资本1亿元，经营范围涵盖通讯及电子产品开发设计、计算机软件销售等，同时涉及货物与 技术进出口业务 ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses **博飞电子 (Bofei Electronics)**, a subsidiary of **电科数字 (Electronics Science and Technology Digital)**, focusing on the **commercial aerospace** sector and its involvement in national-level space computing verification projects [2][3][5]. Core Products and Applications - 博飞电子 is engaged in providing **high-performance computing cards**, **AI chip cards**, and **RF cards** for space computing needs, with a project value of approximately **1 million yuan** [2][6]. - The company is developing an **AI training server** that connects these cards through a high-speed communication architecture to meet computational demands in space [2][18]. - The main products in the commercial aerospace sector include **high-performance computing**, **AI cloud computing**, and **RF equipment**, which are currently undergoing acceptance testing [3][5]. Competitive Advantages and Technology - 博飞电子's core competitive edge lies in its **high security and reliability** in design, leveraging experience from serving specialized industries [19]. - The AI chips used in their products are sourced from **domestic mainstream manufacturers**, ensuring stability and controllability in project execution [20]. Future Development and Strategic Focus - The company aims to achieve **productization** of its devices for satellites and is focusing on **low Earth orbit** applications, including testing equipment and ground computing devices [9][29]. - 博飞电子 is also exploring opportunities in the **commercial aerospace ecosystem** and is actively participating in projects related to the **cyber space forces** [30]. Collaborations and Partnerships - 博飞电子 collaborates with a research institute and 星网 (StarNet) for the national project, with the final operational application being managed by 星网 [7][28]. - The company has received **diamond distributor certification** from Huawei for its subsidiary 华信网络 (Huaxin Network), enabling it to sell and service a full range of products with **384 nodes**, which is expected to significantly enhance revenue [25][27]. Market Position and Financial Outlook - The partnership with Huawei is projected to generate approximately **3 billion yuan** annually, with initial gross margins expected to be higher than previous levels, indicating a favorable financial outlook [27]. - 博飞电子 is also developing its own brand products to improve profit margins beyond just server sales [27]. Additional Insights - The company is involved in the **development of various unmanned devices**, including large drones and small loitering munitions, although specific details are confidential [33]. - 博飞电子's engagement in the **network space forces** aligns with its existing technological capabilities, suggesting a strong future demand in this area [30][32]. This summary encapsulates the key points discussed in the conference call, highlighting 博飞电子's strategic initiatives, product offerings, competitive advantages, and future growth prospects in the commercial aerospace sector.