Core Insights - The company has established three main business segments: autonomous software products, information technology services, and information system integration, primarily targeting aerospace and government sectors [1] Group 1: Business Segments - The company’s autonomous software products include basic software and industrial software [1] - Information technology services offered by the company encompass audit information services, commercial secret network cloud services, and information operation and maintenance services [1] - The information system integration services are mainly focused on the aerospace and government sectors [1] Group 2: Current Focus - The company currently does not have involvement in the fields of space computing and quantum computing [1]

Core Viewpoint - The company has established three main business segments based on its Shentong database and product collaborative research platform, focusing on software products, IT services, and information system integration, primarily targeting the aerospace and government sectors [1] Group 1: Business Segments - The company offers autonomous software products, including basic software and industrial software [1] - IT services provided by the company include audit information services, commercial secret network cloud services, and IT operation and maintenance services [1] - The information system integration services are mainly directed towards the aerospace and government sectors [1] Group 2: Current Focus - Currently, the company does not have involvement in the fields of space computing and quantum computing [1]

Group 1 - The stock of Aerospace Software fell by 5.08% on January 20, closing at 22.97 yuan per share, with a trading volume of 170 million yuan and a turnover rate of 4.19%, resulting in a total market capitalization of 9.188 billion yuan [1] - Beijing Shenzhou Aerospace Software Technology Co., Ltd. was established on December 12, 2000, and went public on May 24, 2023. The company focuses on three main business areas: autonomous software products (basic software, industrial software), information technology services (financial information technology services, commercial secret cloud services, information operation and maintenance services), and information system integration, primarily targeting the aerospace and government sectors [1] - The revenue composition of the company's main business includes: information system integration at 58.91%, autonomous software products at 27.56%, information technology services at 13.53%, and other (supplementary) at 0.00% [1] Group 2 - From the perspective of major holdings, one fund under China Merchants Fund has a significant position in Aerospace Software. The China Merchants National Index 2000 Enhanced A (018786) increased its holdings by 8,000 shares in the third quarter, totaling 55,100 shares, which represents 0.9% of the fund's net value, ranking as the tenth largest holding [2] - The China Merchants National Index 2000 Enhanced A (018786) was established on August 1, 2023, with a latest scale of 37.5255 million. Year-to-date returns are 8.07%, ranking 1798 out of 5542 in its category; the one-year return is 53.65%, ranking 1104 out of 4235; and since inception, the return is 63.34% [2] Group 3 - The fund manager of China Merchants National Index 2000 Enhanced A (018786) is Deng Tong, who has been in the position for 4 years and 60 days. The total asset size of the fund is 8.712 billion yuan, with the best fund return during his tenure being 122.59% and the worst being 1.78% [3]

Core Insights - The company has been continuously optimizing and upgrading its core product, the Shentong Database, which has improved in performance and functionality over the years [2] - In 2023, the company initiated a major upgrade for the Shentong Database, leading to the official release of version 8.0 in 2024 after extensive technical challenges and testing [2] - The Shentong Database has successfully passed security and reliability assessments by June 2025, indicating its robustness [2] - The product is widely utilized across critical sectors such as national defense, aerospace, military industry, e-government, auditing, transportation, healthcare, telecommunications, and finance, providing essential data support for core business systems [2]

Core Viewpoint - The company emphasizes the critical role of its self-developed industrial software in the entire process of satellite and rocket development, covering both research and design as well as production and manufacturing stages [1] Group 1: Software Application in Development - The software integrates management of core data such as 3D models, electronic design models, technical reports, process routes, and procedures during the research and design phase, enabling multi-disciplinary collaborative design and precise control of technical status [1] - In the production and manufacturing phase, the software manages production planning, quality control, supply chain collaboration, and logistics, providing robust support for efficient development and quality assurance of satellite and rocket equipment [1] Group 2: Core Product - Shentong Database - The Shentong database serves as the foundational data platform in aerospace research, production, and management, ensuring secure storage, efficient analysis, and application of core data [1] - It provides a solid foundation for autonomous and controllable data management throughout the entire lifecycle [1]

Core Viewpoint - The company has developed industrial software that is primarily used in the entire process of satellite and rocket development, integrating both research and design as well as production and manufacturing stages [1] Group 1: Research and Design Phase - The software enables integrated management of core data such as 3D models, electronic design models, research technical reports, process routes, and procedures, facilitating multi-disciplinary collaborative design and precise control of technical status [1] Group 2: Production and Manufacturing Phase - The software manages production planning, quality control processes, supply chain collaboration, and logistics warehousing, providing robust support for the efficient development and quality assurance of satellite and rocket equipment [1] Group 3: Core Product - The company's core product, the Shentong database, serves as the foundational data platform for aerospace research, production, and management, ensuring secure storage, efficient analysis, and application of core data, thus supporting autonomous and controllable data management throughout the entire lifecycle [1]

Group 1 - The company has developed targeted functionalities and technologies for its Shentong database products across different application fields, resulting in products with distinct functional and technical differences [1] - In the aerospace and military sector, the Shentong database is primarily used for critical information systems related to national major aerospace model projects, including testing, launching, and control [1] - In the government affairs sector, the database is suitable for precise querying and real-time analysis of structured big data, with applications in internet regulation and data analysis, and has seen widespread adoption [1] Group 2 - In administrative and governmental affairs, the Shentong database is applicable to office automation (OA) and websites, primarily in systems that are read-oriented, and has been implemented in internal OA, information management systems, and government websites [1] - In other sectors such as finance, telecommunications, and energy, the database is utilized for online transaction processing and has begun practical applications in the information systems of these industries [1]

Core Viewpoint - Aerospace Software's stock price has shown a significant increase of 29.04% year-to-date, despite a recent decline of 2.19% over the last five trading days, indicating volatility in the market [1]. Group 1: Stock Performance - As of December 24, Aerospace Software's stock price rose by 2.09% to 20.53 CNY per share, with a trading volume of 137 million CNY and a turnover rate of 3.91%, resulting in a total market capitalization of 8.212 billion CNY [1]. - The stock has experienced a 7.37% increase over the past 20 days and an 18.81% increase over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Aerospace Software reported a revenue of 414 million CNY, reflecting a year-on-year decrease of 19.07%, while the net profit attributable to shareholders was -103 million CNY, a decline of 26.11% year-on-year [2]. - The company's main business revenue composition includes 58.91% from information system integration, 27.56% from proprietary software products, and 13.53% from information technology services [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Aerospace Software was 12,900, an increase of 1.59% from the previous period, with an average of 13,439 circulating shares per person, a decrease of 1.56% [2]. - The company has distributed a total of 18 million CNY in dividends since its A-share listing [3].

Group 1 - Aerospace Software experienced a 5.05% increase in stock price, reaching 22.05 CNY per share, with a trading volume of 2.32 billion CNY and a turnover rate of 6.27%, resulting in a total market capitalization of 8.82 billion CNY [1] - Beijing Shenzhou Aerospace Software Technology Co., Ltd. was established on December 12, 2000, and went public on May 24, 2023. The company focuses on three main business areas: autonomous software products, information technology services, and information system integration, primarily serving the aerospace and government sectors [1] - The revenue composition of the main business includes: information system integration at 58.91%, autonomous software products at 27.56%, information technology services at 13.53%, and other contributions at 0.00% [1] Group 2 - The招商国证2000指数增强A (018786) fund holds Aerospace Software as its tenth largest position, having increased its holdings by 8,000 shares to a total of 55,100 shares, representing 0.9% of the fund's net value, with an estimated floating profit of approximately 58,400 CNY [2] - The招商国证2000指数增强A fund was established on August 1, 2023, with a current size of 37.5255 million CNY. It has achieved a year-to-date return of 36.25%, ranking 1067 out of 4197 in its category, and a one-year return of 34.18%, ranking 1145 out of 4143 [2] - The fund manager, 邓童, has been in position for 4 years and 27 days, managing assets totaling 8.712 billion CNY, with the best fund return during the tenure being 74.06% and the worst being 0.5% [3]

Core Viewpoint - Aerospace Software's stock price has shown significant growth this year, with a 29.60% increase, indicating strong market performance despite recent financial challenges [1][2]. Company Overview - Aerospace Software, established on December 12, 2000, and listed on May 24, 2023, is based in Haidian District, Beijing. The company specializes in autonomous software products, IT services, and information system integration, primarily targeting the aerospace and government sectors [1]. - The company's revenue composition includes 58.91% from information system integration, 27.56% from autonomous software products, and 13.53% from IT services [1]. Financial Performance - As of September 30, 2025, Aerospace Software reported a revenue of 414 million yuan, a year-on-year decrease of 19.07%, and a net profit of -103 million yuan, reflecting a 26.11% decline [2]. - The company has distributed a total of 18 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 1.59% to 12,900, with an average of 13,439 circulating shares per person, a decrease of 1.56% [2]. - Hong Kong Central Clearing Limited is noted as a new major shareholder, holding 1.2493 million shares [3]. Market Activity - On December 2, the stock price rose by 2.08% to 20.62 yuan per share, with a trading volume of 154 million yuan and a turnover rate of 4.39%, leading to a total market capitalization of 8.248 billion yuan [1]. - The net outflow of main funds was 3.2498 million yuan, with significant buying and selling activity from large orders [1].