证券研究报告 | 首次覆盖报告 gszqdatemark 2025 10 10 年 月 日 东珠生态（603359.SH） 跨界并购卫星通信龙头，擘画成长新蓝图 生态修复龙头跨界并购卫星通信领军企业，打造第二成长曲线。东珠生态系国 内生态修复与市政景观工程领域龙头企业，2022 年起受行业需求收缩、减值 计提等影响，业绩有所承压，后续随着存量 PPP 新政及政府化债资金落地， 减值压力有望逐步缓解，叠加公司积极布局林业碳汇、"一带一路"（中标老挝 35 亿元大单）等新兴市场，主业经营有望边际改善。近期公司公告重大资产 重组预案，拟通过发行股份及支付现金的方式收购凯睿星通 89.49%股份，切 入卫星通信领域，有望打造第二增长曲线。 凯睿星通系国产卫星通信系统龙头，技术及渠道优势显著，盈利能力优异。凯 睿星通主营卫星通信技术与系统设计、研发及生产，自主研制卫星通信关键技 术软硬件产品，先后参与神舟飞船、登月舱、低轨小卫星星座等多项国家级卫 星通信工程项目，其创始人毕业于解放军理工大学通信工程学院（我军通信事 业的开创者，由通信工程学院、空军气象学院等其他学院合并组建），系资深 卫星通信行业专家，核心团队具备从系 ...

围绕"星、芯、端、测"等关键环节，湖南省工业和信息化厅积极系统推进产业链建设，通过实 施"链主"企业引培计划，成功引进中国星网时空信息安全创新中心等重大项目和龙头企业，培育了一批 掌握核心技术、具有市场优势的骨干企业，终端制造支撑能力持续增强。截至今年8月，湖南省内企业 研制生产的北斗模组、终端等产品产量达13.6万台套。 此外，国家（长沙）北斗特色产业园、株洲北斗产业园等专业化园区的集聚效应进一步凸显。在 2025年中国产业转移发展对接活动（湖南）航空航天及北斗专场活动中，湖南集中推介创新成果201 项，现场签约项目16个，签约金额达55亿元。 科技日报讯 （记者俞慧友 实习生江静）记者日前从湖南北斗产业发展和规模应用专题宣传新闻通 气会上获悉，湖南正以建设北斗规模应用引领区标志性工程为引领，全力打造北斗全域全场景应用示范 区。 截至今年8月，湖南15个重点行业卫星导航应用保有量达103.6万台套。下一步，湖南将全力推动北 斗产业和规模应用高质量发展，力争到2027年产业规模突破千亿元，为打造国家重要先进制造业高地、 建设现代化新湖南提供有力支撑。 近年来，湖南省委、省政府高度重视北斗产业发展和规模应用，将 ...

Core Viewpoint - Zhenxin Technology (振芯科技) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by demand recovery in the semiconductor industry and growth in specific product lines [1][2]. Financial Performance Summary - Total revenue reached 483 million yuan, a year-on-year increase of 36.44% [1] - Net profit attributable to shareholders was 65.55 million yuan, up 36.71% year-on-year [1] - In Q2 alone, revenue was 314 million yuan, reflecting a 46.11% increase compared to the same quarter last year [1] - Q2 net profit was 57.01 million yuan, marking a 77.54% increase year-on-year [1] - Gross margin improved to 61.54%, up 8.38% year-on-year, while net margin increased to 13.31%, up 1.74% [1] Revenue Breakdown - Integrated circuit product sales grew by 29.55%, contributing 242.66 million yuan [2] - Revenue from Beidou navigation products surged by 73.21%, totaling 171.17 million yuan [2] - Revenue from smart city services slightly declined by 0.73% to 54.79 million yuan due to market fluctuations [2] - Revenue from machine perception and intelligent products increased by 3.26% to 11.77 million yuan [2] Cost and Expense Analysis - Operating costs rose by 21.41%, attributed to increased product sales [2] - Management expenses surged by 90.31%, primarily due to stock incentive plans [2] - Financial expenses increased by 12.63%, linked to reduced interest income [2] Tax and R&D Investment - Income tax expenses decreased by 141.07% due to tax incentives, applying a 10% tax rate [3] - R&D investment grew by 20.13%, driven by increased external costs for project development [3] Cash Flow and Investment Activities - Net cash flow from operating activities decreased by 275.78%, due to higher production and procurement expenses [4] - Net cash flow from investing activities fell by 76.41%, influenced by increased investments in the Chuangxin Smart Industrial Park [4] - Net cash flow from financing activities rose by 119.78%, reflecting new long-term borrowings for the industrial park [4] Fund Holdings - The largest fund holding Zhenxin Technology is the Quan Guo Xu Yuan Mixed Fund, which recently increased its position [6][7] - Other funds that have entered the top ten holdings include Huaxia Industry Prosperity Mixed Fund and Yongying National Certificate General Aviation Industry ETF [7]

人民财讯8月18日电，《河北省加快推动北斗规模应用三年行动方案(2025-2027年)》公平竞争审查征求 意见。其中提到，加强企业梯度培育，孵化一批专注于北斗导航芯片、模组、终端、软件开发、系统集 成及位置服务的创新型中小企业，推动其加快成长为高新技术企业、"专精特新"企业和瞪羚企业。通过 定向招商、场景开放等方式引育骨干企业，培育"链主"企业，形成"龙头引领-链条协同-集群发展"的产 业生态。发挥上市服务联盟和沪深北证券交易所河北基地作用，助推企业借力资本市场发展壮大。具备 条件的地区要结合当地实际，合理布局北斗产业，引导资源高效配置、产业集聚发展。 ...

Core Viewpoint - Tencent Technology (Shenzhen) Co., Ltd. has obtained a patent for a "navigation method, terminal, server, electronic device, and storage medium," indicating its ongoing innovation in technology [1] Company Overview - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000 and is located in Shenzhen, primarily engaged in software and information technology services [1] - The company has a registered capital of 2 million USD [1] Investment and Activities - Tencent Technology has invested in 15 companies and participated in 264 bidding projects [1] - The company holds 5,000 trademark records and 5,000 patent records, showcasing its extensive intellectual property portfolio [1] - Additionally, Tencent Technology possesses 527 administrative licenses [1]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a technology related to "terminal, heat dissipation method, and storage medium" [1] - The patent was granted with the announcement number CN113939141B, and the application date was July 2020 [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is primarily engaged in internet and related services, with a registered capital of 148.8 million RMB [1] Group 2 - The company has made investments in 4 enterprises and has participated in 138 bidding projects [1] - It holds a total of 5000 patent information records and has 123 administrative licenses [1]

Core Viewpoint - *ST Tianyu is facing significant challenges due to the investigation of its actual controller, Yan Chunyu, for suspected fund misappropriation, which has led to multiple resignations among its executives and increased risk of delisting [1][5]. Group 1: Investigation and Resignations - On May 30, *ST Tianyu announced that it received a notice from the Wuhan Public Security Bureau regarding the investigation of Yan Chunyu for suspected fund misappropriation, which meets the criteria for criminal case filing [1]. - Following the announcement, several executives, including the chairman, have resigned, indicating instability within the company's management [2][4]. - The company stated that Yan Chunyu does not hold any director, supervisor, or senior management positions, and the investigation is not expected to significantly impact normal operations [1]. Group 2: Shareholding and Judicial Auction - As of September 2024, Yan Chunyu and another actual controller, Ai Di, through Wuhan Tongyu Investment Partnership, held 12.13% of *ST Tianyu's shares, which are subject to judicial auction [4]. - The shares were auctioned due to a contract dispute with Deep Creation Intelligent, which led to a long-standing unresolved issue [4]. Group 3: Delisting Risk - On the same day as the investigation announcement, *ST Tianyu disclosed that its stock trading is subject to additional risk warnings due to a negative internal control audit report for the fiscal year 2024 [5]. - The company has applied to revoke previous risk warnings related to illegal guarantees, but this application has not yet been approved by the Shenzhen Stock Exchange [5]. - The company’s financial report for 2024 received an audit report with no opinion, leading to delisting risk warnings, and if certain conditions are met in the following year, the Shenzhen Stock Exchange may terminate the company's stock listing [5]. Group 4: Business Overview - *ST Tianyu's main business includes smart cards, terminals, and technology services, and it is recognized as a national high-tech enterprise and a leading technology enterprise in Wuhan [6]. Group 5: Financial Performance - In the first quarter of 2025, *ST Tianyu reported a revenue of 45.37 million yuan, a year-on-year decrease of 86.50%, and a net profit attributable to the parent company of -40.19 million yuan, a year-on-year decline of 947.89% [7].

Core Viewpoint - *ST Tianyu is facing significant challenges, including a criminal investigation into its actual controller for fund misappropriation, a series of executive resignations, and the risk of delisting due to negative audit opinions on internal controls and financial statements [1][2][10][11]. Group 1: Criminal Investigation - The company received a notice from the Wuhan Public Security Bureau regarding a criminal investigation into its actual controller, Yan Chunyu, for suspected fund misappropriation [2]. - The investigation meets the standards for criminal case filing as per Chinese law [2]. Group 2: Executive Resignations - Recent resignations include Chairman Yang Haitao, Director Eddie, and Vice General Manager and CFO Zhang Yanju, among others, citing personal reasons [5][6][7]. - The company has seen a significant drop in shareholding by its major shareholder, Wuhan Tongyu, from 24.58% to 12.45% [8]. Group 3: Delisting Risk - *ST Tianyu's stock is under additional risk warnings due to a negative audit report on its internal controls for the fiscal year 2024 [10]. - The company has been issued a delisting risk warning due to an audit report that could not express an opinion on its financial statements [11]. - The company is actively working to improve its internal control systems and audit supervision to mitigate these risks [10][11].

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent related to a dual SIM data link switching method, device, terminal, and electronic equipment, which aims to improve data transmission efficiency by reducing lag and delays during the switching process [1] Group 2 - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is located in Beijing, primarily engaged in software and information technology services [2] - The company has a registered capital of 148.8 million RMB and has made investments in three enterprises, participated in 129 bidding projects, and holds 5,000 patent records [2]

Core Viewpoint - ZTE Corporation aims to return to revenue growth by consolidating its domestic operator base, increasing market share among overseas operators, and enhancing its AI product offerings, particularly in personal and family applications [1] Group 1: Financial Performance - In 2024, ZTE's total revenue is projected to be 121.3 billion yuan, with a net profit of 8.425 billion yuan [1] - The company anticipates that the latest financial reports from the three major domestic operators indicate a growth of over 20% in computing power investments for 2025 [1] Group 2: Strategic Focus - ZTE positions "Connection + Computing Power" as its long-term strategic focus, with three key areas: building AI-native ICT infrastructure solutions, enabling AI application proliferation, and enhancing AI applications for mobile and home devices [2] - The company plans to strengthen its hardware and software collaboration to improve computing efficiency and optimize performance, power consumption, and costs [2] Group 3: Market Opportunities - ZTE aims to deepen its dual-track strategy of "leading internet + operators" to drive rapid growth in computing power product revenues, particularly in the domestic internet market [3] - The company expects international operator network investments to stabilize and grow, with a projected CAGR of nearly 5% from 2025 to 2028 [3] Group 4: Leadership Change - Li Zixue has resigned as chairman of ZTE due to age reasons, with the company's president Xu Ziyang expressing gratitude for his contributions [4]