Group 1: Company Overview and Business Focus - The company focuses on spatial information business, aiming to create a "three-dimensional transportation" main scene with autonomous industrial software as the core foundation [3] - It provides key equipment, materials, smart data operation services, and overall system solutions for underground (rail transit), ground (vehicle-road-cloud collaborative network), low-altitude (airspace management network), and low-orbit satellites [3] Group 2: Future Development Directions - The company targets low-altitude and low-orbit satellite fields for future growth, establishing a research institute dedicated to key technologies such as drone flight control and airspace management [3] - Core products include UniTFCC three-dimensional flight control computer, UniPort smart takeoff and landing field, and UniSpace low-altitude comprehensive service platform [3] - Key application scenarios focus on low-altitude government inspections, emergency services, and medical transportation [3] Group 3: Progress in Low-altitude Business - The three-dimensional flight control safety computer is undergoing ground and flight testing with partners [3] - The company and its subsidiary have initiated low-altitude comprehensive management services and governance system projects in various locations, with some projects in trial operation [3] Group 4: Investor Q&A Insights - The company sees significant market potential in low-altitude and low-orbit sectors, which are aligned with national strategies and are entering a rapid development phase [3] - There are four key similarities between rail transit, low-altitude, and low-orbit sectors: management methods, technical principles, safety guarantees, and complementary application scenarios [3] - The company leverages its long-term experience in rail transit to extend its technological capabilities into low-altitude and low-orbit fields through a "platform generalization + scenario customization" approach [3]

Group 1: Company Overview and Strategic Focus - Zhejiang Zhonghe Technology Co., Ltd. focuses on spatial information strategy, aiming to create a "three-dimensional transportation" scenario with autonomous industrial software as the core foundation [3] - The company has established a comprehensive transportation network integrating underground (rail transit), ground (vehicle-road-cloud collaboration), low-altitude (airspace management), and low-orbit satellite systems [3] - The company has over 10 years of experience in the rail transit sector, covering 28 cities including Hangzhou, Zhengzhou, Xi'an, and Shenzhen [3] Group 2: Achievements in Rail Transit - The company has implemented 65 domestic rail and urban rail (CBTC+FAO) projects, totaling 1,950 kilometers [3] - It has completed 58 automatic ticketing systems (AFC) projects, serving over 1,000 stations [3] Group 3: Future Development Directions - The low-altitude and low-orbit satellite sectors are identified as future growth areas, with the establishment of the Spatial-Temporal Transportation Industry Research Institute focusing on key technologies such as drone flight control and airspace management [3] - The company has launched three core products: UniTFCC flight control computer, UniPort smart takeoff and landing field, and UniSpace low-altitude comprehensive service platform [3] Group 4: Market Potential and Business Synergy - The low-altitude and low-orbit sectors present significant market opportunities and are aligned with national strategies, entering a rapid development phase [3] - The company leverages its long-term experience in rail transit to extend its capabilities into low-altitude and low-orbit sectors through a "platform generalization + scenario customization" approach [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

Group 1: Company Overview and Financial Performance - The company achieved operating revenue of CNY 2.024 billion and a net profit of CNY 243.6 million in 2024 [3] - Cash dividends of CNY 10,042,522.66 were distributed in the mid-2024 period [3] - Completed a share buyback of 12,165,000 shares, with 3,605,400 shares canceled, equivalent to a dividend of CNY 19,985,166.60 [3] - Successfully raised approximately CNY 684 million through a private placement [3] Group 2: Business Segment Performance - Smart rail transit business generated revenue of CNY 1.53 billion, with new orders amounting to CNY 3.15 billion, marking a historical high [3] - The company holds a 23.46% market share in the signal system business, ranking second [3] - Semiconductor materials segment, through subsidiary Haina Co., achieved revenue of CNY 403 million, a year-on-year increase of 21.06% [3] Group 3: Future Development Plans - In 2025, the company aims to deepen its strategic focus on spatial information, enhancing R&D, business, organizational structure, and governance [3] - Plans to establish a platform-based technology foundation to drive innovative solutions [3] - Emphasis on optimizing industrial layout and enhancing global market presence [3] Group 4: Investor Q&A Highlights - The company is expanding into low-altitude fields with core products including UniTFCC flight control computer and UniSpace service platform [4] - The low-altitude and low-orbit sectors are seen as critical components of integrated transportation, with significant market potential [4] - The company reported a net profit of CNY 49,970,718.40 for Q1 2025 [5] - The decline in revenue and profit in Q1 2025 was attributed to reduced project delivery scale and increased management and financial costs [5] Group 5: Market and Shareholder Insights - As of December 2024, the circulating share capital accounted for 80.36% of the total capital [6] - The company is committed to enhancing market value and investor returns through active market management [7] - The company has not triggered any conditions that would lead to special treatment (ST) of its stock [5]