Core Viewpoint - Beidou Star Communication has shown a positive stock performance with a year-to-date increase of 13.53% and a recent net inflow of funds, indicating investor confidence in the company [1][2]. Financial Performance - For the first half of 2025, Beidou Star Communication achieved a revenue of 892 million yuan, representing a year-on-year growth of 29.67% [2]. - The net profit attributable to shareholders for the same period was 1.418 million yuan, marking a significant increase of 103.23% compared to the previous year [2]. Stock Market Activity - As of September 25, the stock price of Beidou Star Communication was 30.13 yuan per share, with a trading volume of 2.43 billion yuan and a market capitalization of 16.358 billion yuan [1]. - The stock has experienced a recent net inflow of 15.566 million yuan from major funds, with significant buying activity noted [1]. Shareholder Information - As of June 30, the number of shareholders increased to 110,700, with an average of 4,000 circulating shares per shareholder, a slight decrease of 0.81% [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the fourth largest, increasing its holdings by 4.4106 million shares [3]. Dividend Distribution - Beidou Star Communication has distributed a total of 414 million yuan in dividends since its A-share listing, with 80.7772 million yuan distributed over the past three years [3]. Business Overview - Beidou Star Communication, established in September 2000 and listed in August 2007, specializes in chip and data services, navigation products, ceramic components, and automotive electronics [1]. - The company's revenue composition is primarily from product sales (95.95%), with service income at 4.04% and system applications at 0.01% [1]. Industry Classification - Beidou Star Communication is classified under the defense and military industry, specifically in military electronics [1]. - The company is associated with various concept sectors, including vehicle concepts, aircraft carrier industry, military-civilian integration, geographic information, and Beidou navigation [1].

Investment Rating - The report does not explicitly provide an investment rating for the communication equipment industry or the specific company being analyzed [1]. Core Insights - The company focuses on three main business areas: chip and data services, navigation products, and ceramic components, aiming to build a "smart positioning digital foundation" through a "cloud + chip" model [18]. - The company has seen a decrease in employee numbers in 2023 due to the sale of 15% of its stake in Beidou Zhili, which was aimed at refocusing on its core business [18][19]. - The forecast for 2024 indicates a decline in performance compared to 2023, primarily due to the divestiture of the automotive electronics business and a decrease in investment income by approximately 390 million yuan [19]. Summary by Sections 1. Basic Research Information - The research was conducted on Beidou Xingtong, a company in the communication equipment sector, on February 28, 2025, with participation from institutions like Zhonghang Securities [13]. 2. Main Business Activities - The company's main business includes chips and data services, navigation products, and ceramic components, with a strategic focus on IoT chips, next-generation PNT chips, cloud services, and antennas [18]. 3. Data Services Offered - The data services provided by the company include cloud-enhanced services for improved positioning accuracy, cloud-assisted services for rapid positioning, and marine fishery location data services [18]. 4. Subsidiary Operations - The company's subsidiary, Zhen Dian Technology, specializes in GNSS data operations and services, aiming to provide high-quality positioning data services and experiences [18]. 5. Employee Count Changes - The reduction in employee numbers in 2023 was attributed to the sale of a stake in Beidou Zhili to concentrate on core business areas [18][19]. 6. Performance Forecast - The anticipated decline in 2024 performance is linked to the divestiture of the automotive electronics business and a significant drop in investment income [19]. 7. Fund Utilization Changes - The company has adjusted the use of raised funds to optimize internal resource allocation, redirecting funds towards the development of low-power GNSS SoC chips for IoT applications [20].