长江商报消息 ●长江商报记者 张璐 七成募资额投向三大平台建设 根据最新公告，中科星图拟向特定对象发行A股股票，募集资金总额不超过24.88亿元，扣除发行费用后，募集资 金将用于三个项目建设以及补充流动资金。其中，三个项目投入募集资金合计为17.5亿元，占到了总募集资金的 70.33%。 具体来看，"星图云空天信息云平台建设项目"计划投入募集资金7.51亿元，占到了总募集资金的三成，该项目建 设期为36个月，建设内容包括星图云-超算云网、星图云-数据云、星图云-计算云、星图云-应用云、星图云-开发 者平台和星图云-开放平台等六部分。 近年来，我国商业航天产业加速发展。行业规模方面，据中国航天工业质量协会统计，商业航天市场规模逐年增 长，从2018—2023年，市场规模由0.6万亿元突破至 1.9万亿元，年均增长率达23%，2024年市场规模超2.3万亿 元。 为此，加快构建规模化的下游应用体系、实现数据价值的最大化转化成为商业航天产业链成熟与完善的关键。中 科星图认为，建设上述平台后，能够为政府、企业和科研机构等各类用户提供更加高效、精准的空天信息服务。 中国低空经济加速起飞，科创板公司中科星图（688568 ...

Core Viewpoint - Zhongke Xingtou (688568.SH), a leading company in the aerospace information sector, plans to repurchase its shares using funds from its initial public offering and its own funds, with a total repurchase amount between 40 million and 60 million yuan [1] Group 1: Share Repurchase Plan - The company announced a share repurchase plan with a minimum amount of 40 million yuan and a maximum of 60 million yuan [1] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [1] - The repurchase price will not exceed 84.39 yuan per share, which is 150% of the average trading price over the previous 30 trading days [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of 3.257 billion yuan, a year-on-year increase of 29.49%, and a net profit of 352 million yuan, a year-on-year increase of 2.67% [1] - Over the past five years, the company's revenue has shown a compound annual growth rate of 46.74%, growing from 703 million yuan in 2020 to 3.257 billion yuan in 2024 [2] - In the first quarter of 2025, the company reported a revenue of 504 million yuan, a year-on-year increase of 20.48%, and a net profit of 20.78 million yuan, a year-on-year increase of 971% [2] Group 3: Research and Development - From 2022 to 2024, the company's R&D expenses were 223 million yuan, 373 million yuan, and 488 million yuan, with year-on-year growth rates of 57.07%, 67.05%, and 31.07% respectively, totaling 1.084 billion yuan [3] - The company maintains a R&D expenditure ratio of around 20% of total revenue since 2022 [2] - In 2024, the company applied for 876 new intellectual property rights, including 147 invention patent applications and 636 software copyrights [3]

Investment Rating - The report suggests a positive investment outlook for the low-altitude economy, highlighting significant government support and infrastructure development opportunities [3][5][6]. Core Insights - The low-altitude economy is experiencing rapid growth driven by continuous policy support and substantial project investments, with over 120 billion yuan in public bidding projects reported since 2024 [3][27]. - The establishment of the Low Altitude Economy Administration indicates a more structured approach to managing and promoting the low-altitude economy [6][11]. - The report emphasizes the necessity of building foundational infrastructure, including takeoff and landing sites, low-altitude intelligent networks, and communication/navigation facilities to ensure safe low-altitude operations [3][30]. Summary by Sections 1. Policy and Industry Dynamics - Since early 2024, low-altitude economy policies have been increasingly emphasized at the national level, with over 50 provinces and cities releasing action plans targeting a trillion-yuan industry scale [3][21][27]. - The report notes that the establishment of the Low Altitude Economy Administration is a significant step towards enhancing the organizational framework for low-altitude economic development [6][11]. 2. Infrastructure Planning - The report categorizes low-altitude infrastructure into three main types: takeoff and landing sites, low-altitude communication/navigation facilities, and air traffic management systems [30]. - It predicts that by 2035, investments in general airports and various takeoff platforms will reach approximately 1.8 trillion yuan [3]. 3. Intelligent Network Development - The report highlights the importance of developing a low-altitude intelligent network to ensure the safe operation of low-altitude activities, requiring advanced technology and system capabilities [3][30]. 4. Communication and Monitoring Facilities - The report stresses the urgent need for low-altitude communication and monitoring facilities, particularly focusing on 5G-A, radar, and Beidou systems as critical areas for investment [3][30]. 5. Investment Recommendations - The report recommends focusing on companies involved in low-altitude air traffic management, data services, and infrastructure development, suggesting specific companies for investment consideration [3][27].