商业化推广方面，FTA的DVB-NIP技术已进入加速期。除上述合作外，盛洋科技在调研中还透露，FTA 近期还与新加坡某通信服务商建立合作，应用场景持续拓展。产品端，目前有三款适配不同海外需求的 卫星互联网终端已完成研发、试产试样，进入小批量试生产阶段，后续将根据订单开展批量生产；在合 作模式上，FTA负责提供解决方案、终端与技术支撑，运营商提供卫星资源与客户对接，收益涵盖终端 销售、技术服务及服务费、广告分成等。 在国内外布局上，盛洋科技采取"双线并行"策略。海外端，以FTA为支点深化与Eutelsat等国际头部运营 商合作，迭代DVB-NIP技术终端并拓展南美、欧洲、非洲市场；国内端，结合国家"十五五"规划建议的 商业航天战略，5G卫星电视终端已进入批量生产阶段，此前还联合合作方成为中广融合直播卫星业务 联合铺货试点项目成交候选人，将提供新一代"直播卫星+北斗+5G"融合通信终端，若试点达标有望获 得长期供货订单，打开广电民生服务市场。 低轨卫星通信终端作为未来重点方向，公司也已有明确规划。调研信息显示，盛洋科技将分阶段推进， 技术上聚焦平板天线、便携式终端研发，构建多场景终端矩阵；合作上，深化与国内外运营 ...

Core Insights - In October, Tianhu Technology recorded 17 investment events related to technology innovation and entrepreneurship in Chengdu, indicating a vibrant investment landscape in the region [1] Investment Events Summary - Chengdu Nuowei Medical Technology Co., Ltd. completed a D round financing of approximately 800 million RMB, with investors including Shenchuang Capital and others [2][11] - Chengdu Maikang Biological Technology Co., Ltd. raised over 400 million RMB in D round financing, supported by IDG Capital and others [2][12] - Chengdu Shengshi Junlian Biotechnology Co., Ltd. completed an angel round financing of several million RMB, with investment from High-tech Venture Capital [2][13] - Chengdu Haibo Pharmaceutical Co., Ltd. secured over 200 million RMB in B round financing, led by Huagai Capital [2][14] - Sichuan Mairedi Medical Technology Co., Ltd. completed equity financing, with undisclosed amounts, focusing on medical devices and consumables [2][15] - Chengdu Zhifang Ruida Technology Co., Ltd. completed Pre-A+ round financing, with several million RMB raised from High-tech Venture Capital [2][5] - Guanjia (Chengdu) Semiconductor Co., Ltd. completed seed round financing, with undisclosed amounts, focusing on semiconductor materials [2][6] - Sichuan Keerwei Optoelectronic Technology Co., Ltd. completed B round financing, with undisclosed amounts, specializing in ceramic film circuits [2][7] - Chengdu Ruidiwei Technology Co., Ltd. completed C+ round financing, with funds aimed at R&D and market expansion [2][8] - Chengdu Rui Bao Electronic Technology Co., Ltd. completed B round financing, focusing on vacuum measurement instruments [2][9] - Chengdu Xunyi Weitong Technology Co., Ltd. completed equity financing, focusing on satellite internet terminals [2][10] - Xizhong New Energy Automobile Co., Ltd. completed B+ round financing, focusing on smart connected new energy commercial vehicles [2][19] - Chengdu Tianfu Zhihua Technology Co., Ltd. completed E round financing, focusing on intelligent driving systems [2][20] Industry Distribution - The health sector and electronic information sector emerged as the hottest investment areas in Chengdu, with 29.4% of the 17 projects related to these industries [4] - The majority of financing events were in the B round stage, indicating a trend towards more mature investment opportunities [3]

Core Insights - Shanghai aims to strengthen its smart terminal industry, targeting a total scale exceeding 300 billion yuan by 2027, with the goal of establishing over three globally influential consumer terminal brands and nurturing two leading enterprises [1] Group 1: Smart Terminal Development - The action plan includes ten initiatives focusing on artificial intelligence computers, AI smartphones, robotic terminal capabilities, smart glasses, and satellite internet terminal products [2][3] - Shanghai plans to cultivate leading brands in AI computers and establish production bases with an annual capacity of ten million units, transitioning traditional computer production to AI computers [2] - The initiative emphasizes the development of AI smartphones to fill existing gaps in Shanghai's smartphone production capabilities [3] Group 2: Robotics and Smart Glasses - The plan aims to create humanoid robots with advanced capabilities, supporting R&D and mass production of these products while enhancing the industrial robot sector [3] - Shanghai will accelerate the development of smart glasses, focusing on AR, MR, and VR technologies, and aims to establish a complete product matrix for various market segments [3] Group 3: Satellite Internet and Elderly Care - The action plan includes the establishment of a satellite terminal production line, targeting a production scale of 100,000 units and fostering the development of supporting industries [4] - Shanghai will support the development of innovative products for the elderly, such as AI hearing aids and smart assistive devices, enhancing the functionality of smart terminals [4] Group 4: Industrial Applications - The plan encourages the development of industrial terminal products that align with advanced AI technology trends, aiming to transform production models and improve efficiency in smart factories [5] Group 5: Key Technology Development - The action plan outlines five initiatives to strengthen key technologies, including enhancing AI chip layouts and promoting next-generation display technologies [6][7] - Shanghai will focus on lightweight, low-power, high-resolution display technologies, supporting innovations in Micro LED and OLED technologies [7] Group 6: Industry Ecosystem Optimization - The plan proposes five measures to optimize the industry ecosystem, including financial support for key components and services related to smart terminals [8] - Shanghai will leverage various funding mechanisms to support terminal enterprises and encourage mergers and acquisitions in the sector [8] Group 7: Application Promotion - The initiative will support the integration of smart terminal products in various sectors such as industry, education, and healthcare, promoting innovative applications [9] - Shanghai aims to develop key areas like Pudong and Songjiang into industrial clusters for smart terminals, fostering competitive enterprises and innovation [9]

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)", aiming to enhance the city's intelligent terminal industry, targeting a total scale exceeding 300 billion yuan by 2027 and establishing over three globally influential consumer terminal brands [1][17]. Group 1: Key Product Development Actions - Promote the rapid development of artificial intelligence computers, aiming for an annual production capacity of 10 million units and a complete transition from traditional computers to AI computers [3][18]. - Develop artificial intelligence smartphone products to fill the production capacity gap in the city, focusing on AI-enabled interaction methods and real-time scene understanding [3][18]. - Enhance the scale of intelligent computing terminals by accelerating the deployment of edge computing integrated machines and developing lightweight inference products [4][18]. - Strengthen the capabilities of humanoid robots, supporting R&D and mass production of products with emotional intelligence and skills [5][19]. - Support the advancement of smart glasses, focusing on AR, MR, and VR products, and creating a complete product matrix for various market segments [6][20]. - Cultivate satellite internet terminal products to meet low-orbit satellite constellation deployment needs, aiming for a production scale of 100,000 satellite terminals [7][20]. - Stimulate the silver economy by supporting the development of AI hearing aids, autonomous wheelchairs, and other innovative products for the elderly [8][20]. - Launch industrial terminal products that adapt to advanced AI technology trends, promoting smart factory transformations [9][20]. - Accelerate the R&D of future terminals, focusing on next-generation mobile communication and quantum computing technologies [10][20]. - Innovate new consumer terminal products, including smart vehicle terminals, wearables, and smart home devices [11][21]. Group 2: Key Technology Foundations - Strengthen the layout of edge AI chips, focusing on SoC and CPU development across major technology routes [12][22]. - Enhance the performance of edge models, supporting the development of competitive edge model products [14][22]. - Promote software and hardware collaborative innovation to improve the efficiency and energy efficiency of edge models [13][22]. - Reinforce intelligent module capabilities by integrating multi-modal sensing and developing edge computing modules [23][22]. - Advance next-generation display technologies, focusing on lightweight, low-power, and high-resolution innovations [15][24]. Group 3: Industry Ecosystem Optimization Actions - Enhance the competitiveness of Shanghai's intelligent terminal brands through targeted policies and support for brand operations [25][26]. - Build large-scale production bases for intelligent terminals, improving support for technological upgrades and smart factory initiatives [26][26]. - Accelerate the formation of industrial agglomeration effects by developing key areas for intelligent terminal industries [26][26]. - Increase financial support for the industry through investment funds and encourage participation from various enterprises [26][26]. - Promote the application and adoption of intelligent terminal products across various sectors, leveraging government procurement to drive innovation [26][26].

Core Viewpoint - Shanghai's government has released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming to strengthen the intelligent terminal industry, targeting a scale exceeding 300 billion yuan by 2027 and fostering globally influential consumer terminal brands [1][2]. Group 1: Industry Development Goals - The plan aims for the intelligent terminal industry in Shanghai to exceed 300 billion yuan by 2027, with the establishment of over three globally influential consumer terminal brands and two leading enterprises [1][2]. - It targets the production of over 10 million units each for AI computers, AI smartphones, and AI new terminals [1][2]. Group 2: Key Product Development Initiatives - The plan emphasizes the acceleration of AI computer development, aiming to create a leading brand and a production base with an annual capacity of 10 million units [2][3]. - It includes the enhancement of intelligent computing terminal scales and the development of edge computing integrated machines to support various industries [2][3]. Group 3: Technological Advancements - The plan outlines the need to strengthen the layout of edge AI chips, focusing on core chips like SoC and CPU across major technology routes such as X86, ARM, and RISC-V [4][5]. - It promotes the development of multi-modal perception capabilities and the integration of various sensor data to enhance traditional terminal products' intelligence [5]. Group 4: Industrial Ecosystem Optimization - The plan highlights the importance of financial support for the industry, encouraging investment funds to back Shanghai's terminal enterprises and promoting mergers and acquisitions among quality firms [5]. - It aims to create industrial clusters by enhancing collaboration between districts and fostering competitive enterprises within the intelligent terminal supply chain [5].

Core Viewpoint - The article discusses the "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)", which aims to enhance the development of the intelligent terminal industry in Shanghai, targeting a total scale exceeding 300 billion yuan by 2027 and establishing several globally influential consumer terminal brands [2][17]. Group 1: Key Actions for Core Product Development - Promote the rapid development of artificial intelligence computers, aiming to build a production base with an annual capacity of 10 million units and support the transformation of traditional computer production to AI computers [3][17]. - Develop artificial intelligence smartphone products to fill the gap in smartphone terminal capabilities and enhance interaction methods through AI [4][18]. - Enhance the scale of intelligent computing terminals by accelerating the deployment of edge computing machines and developing lightweight inference products [5][18]. - Strengthen the capabilities of humanoid robots, focusing on the development and mass production of emotionally intelligent robots [6][18]. - Support the advancement of smart glasses, creating a complete product matrix covering consumer, enterprise, and professional levels [7][19]. - Cultivate satellite internet terminal products to meet the needs of low-orbit satellite deployment and applications [8][20]. - Stimulate the vitality of the silver economy by supporting the development of innovative products for health monitoring and communication for the elderly [9][20]. - Launch industrial terminal products that adapt to advanced AI technology trends, promoting smart factory transformations [11][20]. - Accelerate the research and development of future terminals, focusing on next-generation mobile communication and quantum computing [12][21]. - Innovate new consumer terminal products, leveraging AI technology to create various smart devices [13][21]. Group 2: Key Technology Foundations - Strengthen the layout of edge AI chips to meet the demands of various terminal products, covering major technology routes [14][22]. - Improve the performance of edge models, supporting the development of competitive edge model products [15][22]. - Promote collaborative innovation between hardware and software to enhance the efficiency and energy efficiency of edge models [16][22]. - Enhance intelligent module capabilities by integrating multi-modal sensing and developing advanced automotive electronic modules [24][22]. - Promote the development of next-generation display technologies, focusing on lightweight, low-power, and high-resolution innovations [23][22]. Group 3: Industrial Ecosystem Optimization - Enhance the competitiveness of Shanghai's intelligent terminal brands through targeted policies and support for brand operations [16][24]. - Build large-scale production bases for intelligent terminals, improving support for technological upgrades and smart factory initiatives [17][24]. - Accelerate the formation of industrial agglomeration effects by fostering collaboration among key districts and creating competitive clusters [18][25]. - Increase financial support for the industry through investment funds and encourage participation from state-owned enterprises [19][25]. - Promote the application and integration of intelligent terminal products across various sectors, leveraging government procurement to drive innovation [20][25].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to industry client adjustments and cyclical fluctuations, alongside increased investment in emerging fields, which has pressured short-term profits [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.229 billion yuan, a year-on-year decrease of 13.97% [2]. - The net profit attributable to shareholders was 2.5138 million yuan, representing a drastic year-on-year decline of 98.72% [1][2]. - The overall gross margin was 27.36%, down by 4.76 percentage points compared to the previous year [3]. Revenue Breakdown - Wireless communication revenue was 690 million yuan, a slight decrease of 5.73%, accounting for 30.93% of total revenue [2]. - Beidou navigation revenue fell to 280 million yuan, down 32.25%, with its share dropping from 15.96% to 12.57% [2]. - Aerospace revenue was 140 million yuan, a minor decline of 11.04% [2]. - Smart ecological revenue was 1.082 billion yuan, down 13.15%, but still contributed nearly half of total revenue [2]. R&D and Strategic Initiatives - The R&D expense ratio reached a historic high of 20.05%, indicating the company's commitment to transformation [3]. - The company is advancing the development of "Beidou + 5G" integrated chips and has collaborated with China Mobile on consumer-grade chips [3]. - The company has initiated a share repurchase plan of 200 to 400 million yuan for equity incentives [3]. Future Outlook - The company has revised its profit forecasts downward, expecting net profits of 334 million yuan and 567 million yuan for 2025 and 2026, respectively, with a new estimate of 1.027 billion yuan for 2027 [4]. - Despite the current challenges, the company maintains a "buy" rating due to its leadership in wireless communication and Beidou navigation, benefiting from long-term trends in defense informationization and active engagement in satellite internet and low-altitude economy sectors [4].

Summary of Haige Communication Conference Call Company Overview - **Company**: Haige Communication - **Industry**: Military and Civil Communication, Satellite Navigation Key Points and Arguments Military Business Outlook - Haige Communication maintains a leading position in the military sector in 2025, despite procurement pressures in 2024. Initial signs of order recovery have been observed in early 2025. Full recovery of orders will take time, impacting revenue and profitability in the military segment [2][4][5] - The company has reclassified its business into three categories: communication, navigation, and innovation, with a focus on low-altitude, low-orbit unmanned systems and AI technology. The technological leadership in unmanned systems is a critical evaluation metric [4][10] Civil Business Expansion - Future civil business will focus on the BeiDou satellite navigation system and low-orbit satellite constellations, particularly in the smartphone and vehicle networking markets, which present larger market opportunities compared to previous military operations. Products include navigation and communication functionalities [3][10] Strategic Partnerships - Collaboration with China Mobile began at the end of 2023, enhancing ties and advancing satellite chip projects for smartphones and vehicle networking solutions. This partnership is expected to significantly drive growth between 2026 and 2027 [2][6] International Market Development - Haige Communication has been expanding its international market presence since 2012, with several billion yuan in overseas export orders. Recent international events, such as tensions between China and India, may catalyze overseas demand and accelerate business growth in low-altitude and satellite communication sectors [2][7] Impact of Satellite Internet - The development of satellite internet is expected to significantly benefit Haige's terminal-side business, with low-orbit satellite networking expected to accelerate in the second half of 2026. The company will also benefit from the completion of the BeiDou network, with a focus on commercial partnerships with smartphone manufacturers, operators, and automotive companies [2][8] Investment Considerations - Investors should monitor several factors: military order recovery, civil navigation and communication product development, strategic partnerships, international market catalysts, and progress in low-orbit satellite networking and BeiDou commercial cooperation. These factors could drive stock price increases [2][10] Business Reclassification - The company has re-evaluated its business segments, now categorized into wireless communication, BeiDou navigation, aerospace, and digital ecosystems, with a new classification into communication, navigation, and innovation categories [10][11] Achievements in Unmanned Systems - Haige Communication has achieved notable success in unmanned systems, ranking highly in industry competitions and gaining recognition from various institutions and listed companies for its systems [11][13]