Core Viewpoint - Xingtum Control, established on December 14, 2016, is set to be listed on the Beijing Stock Exchange on January 2, 2025, and specializes in aerospace measurement and control management and digital simulation, showcasing a full industry chain service capability [1] Group 1: Business Performance - For Q3 2025, Xingtum Control reported revenue of 188 million, ranking 108 out of 131 in the industry, significantly lower than the top player, Digital China, with 102.365 billion, and the second, Unisplendour, with 77.322 billion; the industry average revenue is 2.833 billion, and the median is 473 million [2] - The company's net profit for the same period was 62.8998 million, ranking 31 out of 131, below the top player Unisplendour's 1.723 billion and the second, Baosight Software's 1.133 billion; the industry average net profit is 25.9607 million, and the median is 5.831 million [2] Group 2: Financial Ratios - As of Q3 2025, Xingtum Control's debt-to-asset ratio was 22.87%, down from 38.58% year-on-year and below the industry average of 38.93%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 56.04%, up from 51.98% year-on-year and significantly higher than the industry average of 29.96%, reflecting outstanding profitability [3] Group 3: Management and Shareholder Information - The chairman, Hu Yu, has been in position since 2020, with a 2024 salary of 810,400; he has extensive experience in the aerospace sector [4] - As of June 30, 2025, the number of A-share shareholders increased by 13.27% to 12,700, with an average holding of 2,878.33 shares, up 23.59% [5] Group 4: Growth Prospects - The company reported a 21.9% year-on-year revenue increase to 99 million for H1 2025, with a net profit of 32 million, up 24.26% [5][6] - Key business highlights include a significant increase in software business revenue by 397.58% year-on-year, and a focus on expanding into the civil sector and enhancing the space cloud product system [6]

Group 1 - The core viewpoint of the report is that Zhongyou Securities has given a "buy" rating to Xingtou Measurement and Control (920116.SH) based on its expected revenue growth and profitability improvements [1] - By the first half of 2025, special business revenue is projected to account for approximately two-thirds of total revenue, driven by software sales and ground system construction [1] - The rapid development of domestic commercial aviation is highlighted, with the company establishing a comprehensive industry chain and enhancing its space cloud product system [1]

Group 1 - The core viewpoint of the report is that Xingtu Measurement and Control is expanding its business in the commercial aerospace sector and enhancing its space cloud product system, leading to a positive outlook for the company's growth [1] - In the first half of 2025, the company achieved revenue of 99 million yuan, a year-on-year increase of 21.90%, and a net profit attributable to shareholders of 32 million yuan, up 24.26% [1] - The company maintains its profit forecast for 2025-2027, expecting net profits of 107 million yuan, 129 million yuan, and 167 million yuan for the respective years, with corresponding diluted EPS of 0.67, 0.81, and 1.05 yuan per share [1] Group 2 - The global low-orbit satellite constellation is rapidly expanding, with 2,090 spacecraft launched in the first half of 2025, a 58.5% increase year-on-year [2] - China launched 153 satellites in the first half of 2025, a 92.4% increase compared to the previous year, significantly outpacing the global average [2] - The company plans to complete the launch of experimental satellites for its space perception constellation by the first half of 2026, aiming to establish external service capabilities [3] Group 3 - The company is enhancing its space cloud product system by integrating intelligent computing platforms with various space information analysis and management platforms [3] - The company is focusing on building a comprehensive capability in space safety and efficient data transmission through the development of ground station networks and space-based measurement and control systems [3] - The commercial aerospace sector in China is experiencing rapid growth, with 35 successful rocket launches in the first half of 2025, a nearly 17% increase from the same period in 2024 [2]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [5] Core Views - The company achieved a revenue of 99 million yuan in H1 2025, representing a year-on-year increase of 22%, and a net profit attributable to shareholders of 32.26 million yuan, up 24% year-on-year [6] - The company is actively advancing the construction of an intelligent computing platform under the space cloud product system, with significant growth in both revenue and profit in the first half of 2025 [6] - The company is focusing on expanding its service scale and quality in specialized fields while also enhancing its market coverage in civil and commercial sectors [6][7] Financial Performance - In H1 2025, the company reported a revenue of 99 million yuan, with a net profit of 32.26 million yuan and a non-recurring net profit of 14.03 million yuan [6] - The revenue breakdown shows that specialized fields accounted for 69% and civil and commercial fields for 31% [6] - The company’s revenue from technology development and services, software sales, and system integration showed significant growth, with software sales increasing by 398% year-on-year [6] Future Outlook - The company plans to expand its ground station network and enhance its capabilities in space perception and data transmission [6] - The integration of AI capabilities with commercial aerospace is expected to accelerate the intelligent upgrade of the space cloud product system [6] - The demand for comprehensive space management services is anticipated to grow rapidly due to the acceleration of satellite launches in China and globally [7] Earnings Forecast and Valuation - The company is projected to achieve a net profit of 107 million yuan in 2025, with a corresponding PE ratio of 114.0 [9] - Revenue is expected to grow from 288 million yuan in 2024 to 573 million yuan by 2027, with a compound annual growth rate of approximately 25% [8] - The return on equity (ROE) is forecasted to increase from 17.87% in 2024 to 20.48% by 2027 [8]

Group 1: Investor Relations Activity - The investor relations activity was categorized as "Other" and specifically referred to as a closed-door meeting for space and sky information investors [3] - The event took place on July 9, 2025, at the Hefei Buckingham Hotel [3] - Attendees included representatives from various financial institutions and investment firms, such as Taiping Pension, CICC, and Galaxy Securities [3] Group 2: Company Overview and Assurance - The company and its board members guarantee the authenticity, accuracy, and completeness of the announcement, assuming legal responsibility for its content [2] - The company is identified as Zhongke Xingtou Measurement and Control Technology Co., Ltd., with the stock code 920116 [1] Group 3: Space Management Business Outlook - The company anticipates a significant increase in the risk of collisions between satellites and space debris due to the deployment of over 7,000 satellites by Starlink and ongoing domestic and international satellite constellation projects [4] - The importance of space management services is expected to grow, driven by the rapid development of commercial space activities and increasing demand for comprehensive space management capabilities [4] Group 4: Future Planning in Space Management - The company plans to enhance space situational awareness to support the growing number of satellites and space debris through integrated ground and space infrastructure [5] - It aims to provide high-coverage, high-timeliness, and high-rate measurement and control communication services for the increasing number of operational satellites [5] - The company is developing low-cost in-orbit maintenance technologies and business models for high-value spacecraft, aiming to establish a comprehensive space asset management platform [5] - The focus is on creating efficient and intelligent systems for space observation, traffic management, and in-orbit services, integrating AI and next-generation information technologies [5]