Issuer Declaration
The company and all directors, supervisors, and senior management personnel commit that the prospectus and other information disclosure materials do not contain any false records, misleading statements, or major omissions, and bear corresponding legal responsibilities for their authenticity, accuracy, and completeness. This prospectus is prepared in accordance with the "Regulations on the Registration Management of Securities Issuance by Listed Companies" and "Guidelines No. 61 for the Content and Format of Information Disclosure by Companies Issuing Securities to the Public—Prospectus for Issuing Shares to Specific Investors and Issuance Report." After the issuance of shares to specific investors is completed, the changes in the company's operations and earnings will be the company's own responsibility; the investment risks arising from this issuance will be borne by the investors themselves. This prospectus is the board of directors' explanation regarding the issuance of shares to specific investors, and any contrary statements are false representations. Investors with any questions should consult their stock brokers, lawyers, professional accountants, or other professional advisors. The matters described in this prospectus do not represent the substantive judgment, confirmation, or approval of the approval authority regarding the relevant matters of the issuance of shares to specific investors; the effectiveness and completion of the matters described in this prospectus are still subject to the approval, authorization, or registration of the relevant approval authority.
Major Risk Alerts
The company particularly reminds investors to pay full attention to the following major matters and to read the main content of this prospectus carefully, especially the following important matters:
1. Major Risk Alerts
(1) Risk of Continued Losses
During the reporting period, the issuer's operating revenues were 312.75 million RMB, 353.33 million RMB, and 502.55 million RMB, while the net profits attributable to the parent company were -189.76 million RMB, -123.89 million RMB, and -121.93 million RMB, indicating certain fluctuations in operating performance and continued losses. Affected by industry policies and changes in downstream demand, the issuer's overall gross profit margin has declined, and with significant R&D investments, the issuer has been in a state of continuous losses since 2023. Although the issuer's operating revenue scale is expected to rebound in 2024, it has not reversed the loss situation, and it is still expected to incur losses throughout 2025. In the special industry line, since 2023, the issuer has faced a decline in product sales prices and has been continuously promoting the localization of key components to meet increasingly stringent quality requirements from customers, which has led to a continuous decline in gross profit margins. If revenue levels decline further, combined with the risk of declining gross profit margins, it will adversely affect the company's operational performance in the special industry business. In the civilian product line, the issuer's revenues for 2023, 2024, and 2025 were 2.5642 million RMB, 156.88 million RMB, and 127.44 million RMB, respectively, with a decline in 2025. The company's civilian product business is concentrated among two major clients, Shanghai Yuanxin and Ge Si Aerospace, which accounted for 96.64% and 85.86% of civilian product revenue in 2024 and 2025, respectively, posing a customer concentration risk. On one hand, if the launch capacity relied upon by Qianfan Constellation becomes tight and the launch schedule does not meet expectations, it will lead to a decline in civilian product revenues; on the other hand, the ground station and information system equipment sold by the issuer are not entirely linked to the launch schedule but are affected by the overall construction rhythm of the constellation, ground deployment, and phased testing verification arrangements, leading to certain volatility in delivery schedules. Both factors may collectively result in a decline in civilian product business revenue and performance contribution.