Core Viewpoint - The stock of Shunhao Co., Ltd. (002565) has seen a significant increase, rising over 130% in the last 12 trading days, but the company has issued a risk warning regarding its business collaboration with Beijing Rail Transit Technology Co., Ltd. [1] Group 1: Stock Performance - Shunhao Co., Ltd. hit a new high with a limit-up increase of approximately 8% on the 15th, before the limit was lifted [1] - The stock has accumulated a rise of over 130% in the past 12 trading days [1] Group 2: Business Risks - The company stated that its existing business does not have synergistic effects with the business of Beijing Rail Transit Technology Co., Ltd. [1] - The business of Beijing Rail Transit is subject to macroeconomic factors, industry policies, and market environment changes, which may lead to risks in industrialization and commercialization [1] - The "Tianshu Tiansuan" business may only have clear commercial value in the next five years, while the "Dishu Tiansuan" business may take five to ten years to compete with ground data centers [1] - The space data center faces significant challenges such as strong radiation, difficult orbital maintenance, debris hazards, and regulatory issues related to data governance and space traffic [1] Group 3: Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders of the listed company was 67.319 million yuan, a year-on-year increase of 20.29% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 22.1344 million yuan, a year-on-year decrease of 61.12% [2]

Core Viewpoint - The company, Shunhao Co., Ltd. (002565), has noted significant stock price fluctuations in "commercial aerospace concept stocks" due to recent policies and events related to commercial aerospace [1] Investment in Technology - In June 2025, the company plans to invest 110 million yuan in Beijing Orbit Chengguang Technology Co., Ltd. (referred to as "Orbit Chengguang"), acquiring a 19.3% stake [1] - Orbit Chengguang's primary business involves launching computing power satellites into dawn-dusk orbits to establish a space data center, providing computing power services to clients [1] Business Synergy and Risks - The company's existing business does not currently have synergies with Orbit Chengguang's operations [1] - Orbit Chengguang's business is subject to macroeconomic factors, industry policies, and market environment changes, which may lead to risks associated with long industrialization and commercialization cycles, as well as potential underperformance [1] Future Business Potential - The "Tianshu Tiansuan" business of Orbit Chengguang may have clear commercial value within the next five years, while the "Dishu Tiansuan" business could gradually develop competitive advantages against ground data centers over the next 5 to 10 years [1] Impact on Company Performance - The aforementioned matters are expected to have a minimal impact on the company's operating performance in 2025, as the relevant industry development is still in its early stages [1] - The company advises investors to be cautious of stock market trading risks and to make prudent investment decisions [1]

Core Viewpoint - Shunhao Co., Ltd. has invested 110 million yuan in the latest financing round of Tsinghua Tongfang, indicating potential commercial value in its "Tianshu Tiansuan" business over the next five years [1] Company Summary - Shunhao Co., Ltd. holds a 19.30% stake in Tsinghua Tongfang after the recent investment [1] - The investment amount does not meet the disclosure standards set by relevant rules and internal company policies [1] - Currently, Shunhao Co., Ltd. does not participate in the daily operations of Tsinghua Tongfang, and there is no synergy between its existing business and that of Tsinghua Tongfang [1] Industry Summary - Tsinghua Tongfang's business scope includes satellite technology integration, satellite navigation services, and manufacturing and sales of satellite mobile communication terminals [1] - The "Tianshu Tiansuan" business is expected to have clear commercial value within the next five years [1] - The "Dishu Tiansuan" business from the space data center may gradually gain competitive advantages against ground data centers within the next 5-10 years [1]

Group 1 - The company, Shunhao Co., Ltd. (002565), experienced a significant stock price fluctuation, with a cumulative increase of over 20% in three consecutive trading days [1] - The company has signed an agreement with Tuidao Chengguang, investing 110 million RMB in their current financing round, acquiring a 19.30% stake [1] - The investment amount did not meet the review and disclosure standards required by relevant regulations and the company's internal policies [1] Group 2 - The existing business of the company does not have any synergistic effects with Tuidao Chengguang's operations [1] - Tuidao Chengguang's "Tianshutian Calculation" business is expected to have clear commercial value within the next five years [1] - The "Dishu Tian Calculation" business of the space data center may gradually gain competitive advantages against ground data centers within the next 5-10 years [1]