"我国商业航天已完成技术验证与基础设施建设，行业正处于从技术验证、单点突破，迈向规模化、商业化、全链路闭环 的关键跨越阶段。"北京艾文智略投资管理有限公司首席投资官曹辙在接受《证券日报》记者采访时表示。 事实上，2025年以来我国商业航天发射频次已呈现密集态势。国家航天局数据显示，2025年全年完成发射50次，其中，商 业运载火箭发射25次；海南商业航天发射场投入使用并实施9次发射，建成以来累计完成10次发射；其他商业卫星发射16次。 全年入轨商业卫星311颗，占我国全年入轨卫星总数的84%。 政策层面持续为产业规模化发展保驾护航。今年1月份，北京市经济和信息化局发布的《北京市关于促进商业卫星遥感数 据资源开发利用的若干措施（2026-2030年）》，提出"加强遥感数据资源基础能力建设""加强遥感数据资源共性支撑能力建 设"等具体措施。据上海市人民政府官网近日发布的消息，上海正全力打造全国商业航天产业高地，力争到2027年产业规模达 到1000亿元左右。 2024年、2025年商业航天连续两年被写入《政府工作报告》。2025年11月份国家航天局印发的《国家航天局推进商业航天 高质量安全发展行动计划（2025— ...

Core Viewpoint - The company, ZTE Microelectronics (卓胜微), has established itself as a key supplier for satellite terminal products and solutions, positioning itself within the commercial aerospace network as a significant player [1] Group 1 - The company has developed capabilities to provide satellite terminal products, applications, and solutions [1] - ZTE Microelectronics has already produced RF front-end chips that meet NTN standards [1] - The company is leveraging its resource platform to accumulate and empower technology across multiple industries [1] Group 2 - The company plans to deepen its efficient resource platform business model to maximize its long-term sustainable resource value [1] - ZTE Microelectronics aims to seize and expand opportunities into other application areas and products [1]

1月9日，卓胜微在投资者互动平台表示，公司现已储备了可面向高端射频、卫星通讯等不同领域的基础 工艺技术底蕴积累。 公司的射频前端芯片和模组、WiFi连接模组、低功耗蓝牙微控制器芯片产品等多 个产品可应用于AI眼镜等智能穿戴、智能家居、蓝牙耳机、VR/AR设备、卫星通讯等领域。目前公司 已具备提供卫星终端产品、应用以及解决方案等能力，成为智能终端接入星网等商业航天网络的关键供 应商之一，并已有适用NTN标准的射频前端芯片等产品处于少量出货阶段。 ...

卓胜微1月9日在互动平台表示，目前公司已具备提供卫星终端产品、应用以及解决方案等能力，成为智 能终端接入星网等商业航天网络的关键供应商之一，并已有适用NTN标准的射频前端芯片等产品处于 少量出货阶段。 ...

格隆汇12月31日丨卓胜微(300782.SZ)在互动平台表示，公司射频前端和低功耗蓝牙微控制器芯片产品 可用于卫星通信等领域，目前公司已具备提供卫星终端产品、应用以及解决方案等能力，成为智能终端 接入星网等商业航天网络的关键供应商之一，并已有适用NTN标准的射频前端芯片等产品处于少量出 货阶段。未来，公司将积极储备并拓展相关航天卫星通讯及配套等延伸场景技术与终端产品。 ...

格隆汇12月31日丨卓胜微(300782.SZ)在互动平台表示，公司射频前端和低功耗蓝牙微控制器芯片产品 可用于卫星通信等领域，目前公司已具备提供卫星终端产品、应用以及解决方案等能力，成为智能终端 接入星网等商业航天网络的关键供应商之一，并已有适用NTN标准的射频前端芯片等产品处于少量出 货阶段。未来，公司将积极储备并拓展相关航天卫星通讯及配套等延伸场景技术与终端产品。 ...

Core Viewpoint - Dahua Intelligent (002512) is leveraging the Asia-Pacific 6D satellite to provide satellite communication services to end users, focusing on high-quality development in the "air, land, sea, and underwater" information industry [1] Group 1: Business Operations - The company’s satellite communication business primarily relies on the Asia-Pacific 6D satellite [1] - Dahua Intelligent is expanding its offerings in marine, land, and emergency sectors through self-developed satellite terminal products [1] - The company aims to provide "satellite+" industry solutions and satellite communication operation services [1]

Financial Performance - In Q3 2025, the company achieved a revenue of 815 million yuan, a year-on-year decrease of 3.34% [2] - The net profit attributable to shareholders was 25.27 million yuan, down 50.91% year-on-year [3] - Operating cash flow improved significantly, reaching 71.01 million yuan, indicating enhanced cash management and operational efficiency [3] Product Development and Market Expansion - The company successfully signed a bulk procurement agreement for MACRO WIFI products with an Australian client, totaling 1,000 units, marking a significant step in overseas market penetration [3] - In the 5G antenna sector, the company maintains deep collaborations with major equipment manufacturers like Huawei, ZTE, Ericsson, and Nokia, with ZTE being the largest domestic client and Ericsson the largest overseas client [4] - The company is expanding its satellite terminal products into new application areas, including cross-border high-speed rail, energy IoT, and civil aviation communication [4] Global Market Strategy - The company has established direct teams in emerging markets such as Mexico, Brazil, South Africa, and North America to enhance local service capabilities [5] - In traditional markets, the company continues to strengthen its presence along the "Belt and Road" initiative, particularly in India, where local factory investments have improved product delivery capabilities [5] - The overseas revenue has shown continuous growth, with major clients including Ericsson, Vodafone, Samsung, and Nokia, solidifying the company's competitive position in international markets [5] Future Technology and Product Layout - The company is preparing for the transition from 5G to 6G, focusing on low-orbit satellite internet technology and related applications [5] - Current technological reserves include multi-beam, ground-to-air and air-to-ground communication, and microwave technology, aligning with future 6G application scenarios [5] - The company’s product layout includes ground terminals and stations, which are integral to the Macro WiFi segment, awaiting formal agreements and standards from regulatory bodies [5]