1. Company Profile
(1) Basic information
1. Date of establishment: January 20, 2006
2. Registered capital: 543 million yuan
3. Launch time: July 8, 2020
4. Stock code: 688568
5.Registered address: Linkong Economic Core Zone, Shunyi District, Beijing
6. Actual controller: The controlling shareholder is Zhongke Jiudu (Beijing) Space Information Technology Co., Ltd. (28.26%), and the actual controller is the Aerospace Information Innovation Institute of the Chinese Academy of Sciences (10.6%).
7. Core management: Chairman Xu Guangluan, General Manager Shao Zongyou, Financial Director Zhang Yaran, Secretary to the Board Yang Yu.
8. Number of employees: 3041.
(2) Main business
Software sales and data services, technology development and customized services, special equipment and system integration. The core products include the “Insighter Series”, an aerospace measurement and control management platform, covering the full life cycle management of spacecraft such as satellites and rockets.
(3) Shareholders (top 10 largest shareholders)
Shareholder name
Proportion
Zhongke Jiudu (Beijing) Space Information Technology Co., Ltd.
28.26%
Shuguang Information Industry Co., Ltd.
15.7%
Ningbo Xingtu Qunying Venture Capital Partnership (Limited Partnership)
13.03%
Shanghai Jueshuo Asset Management Center (Limited Partnership) – Jueshuo Jingfan Multi-Strategy No. 1 Private Securities Investment Fund
1.89%
Cao Yu
1.61%
Ningbo Xingtu Huicui Venture Capital Partnership (Limited Partnership)
1.34%
Hong Kong Securities Clearing Company Limited
0.95%
National Social Security Fund 503 Portfolio
0.92%
China Construction Bank Co., Ltd.-Boshi Military Industry Themed Stock Securities Investment Fund
0.65%
National Social Security Fund one by one combination
0.54%
(4) Main foreign investment situation (2024 data)
1. Zhongke Star Chart Digital Earth Hefei Co., Ltd.
With the research and development of GEOVIS online digital earth products as the core, we will build a star map cloud capability base and build an open platform for air and space information to provide developers with a variety of air and space information technologies and services. The relevant financial data in 2024 are as follows:
Registered capital
(10,000 yuan)
Shareholding ratio
total assets
(10,000 yuan)
net worth
(10,000 yuan)
operating income
(10,000 yuan)
net profit
(10,000 yuan)
150,000
100.00%
202,822.50
166,372.72
52,054.32
12,571.94
2. Zhongke Xingtu Measurement and Control Technology Co., Ltd.
It has developed and launched an independent and controllable Insight series product platform to provide product sales, technology development and services related to aerospace measurement and control management and aerospace digital simulation for special fields, civil fields, and commercial fields. The relevant financial data in 2024 are as follows:
Registered capital
(10,000 yuan)
shareholding
Proportion
total assets
(10,000 yuan)
net worth
(10,000 yuan)
operating income
(10,000 yuan)
net profit
(10,000 yuan)
8,250
34.77%
72,673.08
47,561.21
28,834.61
8,497.44
3. Zhongke Xingtu Weitianxin Technology Co., Ltd.
Provide meteorological equipment, as well as technology development and services in meteorology, oceanography, ecology and other industries for special fields, governments, enterprises and public users. The relevant financial data in 2024 are as follows:
Registered capital
(10,000 yuan)
shareholding
Proportion
total assets
(10,000 yuan)
net worth
(10,000 yuan)
operating income
(10,000 yuan)
net profit
(10,000 yuan)
11,100
45.95%
84,497.94
43,402.61
56,268.94
14,997.43
(5) Brief description of main business
1. Measurement and operation control series products
Zhongke Star Map has developed the “Insighter” series of intelligent measurement and operation control products. Based on core technologies such as spacecraft high-precision orbit, attitude, and control calculations, intelligent planning and dispatching of measurement and control resources, satellite full life cycle health management, integrated design of measurement and control equipment, and intelligent management and control, it supports The entire process management of aerospace missions can respond to various business needs including but not limited to orbit design, constellation network design, ground station network design, system simulation verification, spacecraft monitoring and control, collision warning and avoidance, deorbit plan design, simulation training, science education, etc.
2. Integrated electronic system products
Zhongke Xingtu has developed “Sky Arrow” and “Sky Star” commercial aerospace integrated electronic system products and ground supporting equipment. This series of products is based on generalized, modular, and standardized aerospace component product development technology. It is oriented to the fields of aerospace measurement, control, and communication, and provides full-dimensional, full-life cycle measurement, control, and communication system solutions for launch vehicles and commercial satellites.
(1) “Sky Arrow” series: Focusing on the “recyclable”, “reconfigurable” and “quick response” requirements of the new generation of commercial launch vehicles, it implements end-to-end comprehensive measurement and communication services from signal sensing, data collection, storage, transmission to processing.
(2) “Tianxing” series: For large-scale commercial constellations, it provides measurement, control and communication system solutions covering the entire life cycle of the constellation.
3. Space-based services
Zhongke Star Map has developed GEOVIS digital low-altitude brain products and Star Map low-altitude cloud V1.0 products to meet the needs of government flight management services, corporate flight hosting services, and public flight support services.
(1)GEOVIS Digital low-altitude brain: Integrating digital earth, Internet, artificial intelligence, cloud computing, air and space information and other technologies, it realizes core capabilities such as three-dimensional simulation of low-altitude activities, real-time perception of low-altitude situation, intelligent planning of low-altitude routes, coordinated management of low-altitude traffic, and intelligent collision detection of low-altitude, supporting low-altitude safety and services; it builds a unified expression of surface obstacles and low-altitude airspace, turning airspace that cannot be calculated by traditional methods into computable, providing a basis for route and airspace planning and aircraft activity management.
(2) Star map low-altitude cloud V1.0: Relying on the digital earth’s ten-circle data and space-based satellite data supply capabilities, it is built in conjunction with the digital earth supercomputer. With the dual engines of G-DGGS and GeoSOT airspace gridding as the core driving force, it provides low-altitude all-element data supply capabilities, low-altitude grid construction capabilities, low-altitude digital twin construction capabilities, and full-time and space data computing capabilities. It provides three low-altitude service delivery modes: localized flight service platform delivery, online model room and online flight service platform delivery.
4. Aerospace information cloud service
Based on Digital Earth, Zhongke Star Map has achieved a breakthrough in the transformation of the Digital Earth application model from traditional offline to online, and has developed and formed three major online service systems: cloud data, cloud computing and cloud applications.
(1) Cloud data: Cloud-based and service-oriented massive spatio-temporal big data, through automated and intelligent processing, through online preview, cloud calling, cloud subscription, etc., provide global basic geographical information data services to the public, enterprises and government users, greatly reducing users’ spatio-temporal data acquisition threshold and usage cost.
(2) Cloud computing: By gathering diversified computing resources such as supercomputing, intelligent computing, big data and cloud computing, Star Map’s self-built digital earth supercomputer is realized. With the support of its own high-performance computing power base and massive computing resources, it focuses on building products such as the Star Map Earth Intelligent Brain Engine. With the help of artificial intelligence technology, it provides users with intelligent processing of earth data, intelligent perception of earth information, and intelligent reconstruction of earth scenes. It also opens various computing power interfaces to Internet users to quickly build cloud applications and provide intelligent aerospace information computing services for earth scientific research, remote sensing industry applications, and daily life of the public.
(3) Cloud applications: Based on cloud computing infrastructure and highly time-sensitive data resources, it utilizes the spatial intelligent computing capabilities provided by the Intelligent Brain Engine, combined with the offline capability base, to integrate the core capabilities of Star Map Cloud into comprehensive services for applications in various industries. It provides industry solutions suitable for various fields such as emergency disaster reduction, land resources, and digital twins. It provides unified licensing, unified deployment, and unified operation and maintenance capabilities for industry applications to meet the diverse needs of different industries in technology development and application.
(6) Company highlights
1. The “data project” of Zhongke Star Chart has introduced and aggregated more than 350 satellite data resources, created more than 1,300 scientific data sets, presented more than 2,500 data items, and applied more than 120 data scenario application service capabilities. Among them, 50 data sets in 7 categories of new remote sensing common products have been formed, forming a comprehensive “upstream-midstream-downstream” interoperable data and service link.
2. Zhongke Star Map independently developed the GEOVIS Earth Brain engine on the basis of integrating high-performance computing base, massive computing resources, advanced algorithm models and other core elements. The engine uses a large remote sensing pre-trained model as the core of its capabilities. By combining the mechanism model and the statistical model, it forms comprehensive computing capabilities covering a variety of downstream tasks such as information processing, semantic perception, and three-dimensional reconstruction. Currently, the Intelligent Brain Engine platform has access to PB-level analysis-ready data, more than 20 general quantitative inversion algorithms, more than 30 general intelligent interpretation algorithms, more than 15 multi-layer thematic application algorithms, and more than 900 basic spatiotemporal operators. At the same time, it continues to cooperate with top domestic research institutions, universities, and enterprises such as the Academy of Aerospace and Astronautics of the Chinese Academy of Sciences, the University of Science and Technology of China, and other domestic top research institutions, universities, and enterprises to jointly create ecological cooperation algorithms.
(7) The most profitable business
The most profitable business is GEOVIS technology development and services, accounting for 77.71% of the profit.
2. R&D related data and analysis
(1) Overview
In 2024, Zhongke Xingtu’s R&D investment will total 655 million, accounting for 20.1% of operating income, and the capitalized R&D investment will account for 27.4%. In 2024, the company will apply for 876 new intellectual property rights around big data and visualization, artificial intelligence, cloud computing and high-performance computing, aerospace big data processing, aerospace big data applications, Beidou data connection and application, including 147 invention patent applications, 636 software copyrights, 62 utility model patents, and 6 design patents. 756 new intellectual property rights were obtained, including 78 invention patents, 634 software copyrights, 24 utility model patents, and 2 design patents.
(2) Relevant data
2020
2021
2022
2023
2024
R&D investment
95 million
158 million
342 million
572 million
654 million
Total R&D investment as a proportion of operating income
13.54%
15.26%
21.72%
22.74%
20.1%
Range of change
+1.72%
+6.46%
+1.02
-2.64%
Number of R&D personnel (people)
562
739
1012
1335
1802
The number of R&D personnel as a proportion of the total number of people in the company (%)
66.8%
67.1%
61%
61%
59%
Average salary of R&D personnel (10,000 yuan)
23.10
23.12
26.76%
22.61
25.15
Number of new patent applications
22
89
115
215
Number of newly granted patents
15
83
45
104
(3) Related analysis
From the perspective of R&D investment, R&D investment has increased for five consecutive years since the launch of Zhongke Star Map. After listing, the proportion of R&D investment in revenue increased from 13.54% to 20.1%. R&D investment has led to an increase in the number of patents. The number of new patent applications in a single year increased from 22 to 215, and the number of newly obtained patents in a single year increased from 15 to 104.
3. Financial data
(1) Relevant indicator data for the 2024 annual report
Price to Earnings Ratio (TTM)
76.69
price to book ratio
7.02
earnings per share
0.647 yuan
Net assets per share
7.067 yuan
total operating income
3.257 billion
Total revenue year-on-year
29.49%
Net profit attributable to parent company
351.7 million
Net profit attributable to parent company year-on-year
2.67%
Deduction of non-net profit
239.5 million
Excluding non-net profit year-on-year
4.03%
Gross profit margin
49.59%
net profit margin
16.14%
ROE
9.61%
Asset-liability ratio
44.55%
goodwill to net assets ratio
13.15%
dividend yield
0.26%
Dividend payout ratio (static)
20.08%
(2) Changes in major financial indicators for five consecutive years
1. Total operating income
Total operating income (yuan)
Year-on-year
2024
3.257 billion
29.49%
2023
2.516 billion
59.54%
2022
1.577 billion
51.62%
2021
1.004 billion
48.03%
2020
702.5 million
43.55%
2. Net profit attributable to parent company
Net profit attributable to parent company (yuan)
Year-on-year
2024
351.7 million
2.67%
2023
342.5 million
41.10%
2022
242.8 million
10.20%
2021
220.3 million
49.41%
2020
147.5 million
43.31%
3. Deduction of non-net profit
Deduction of non-net profit (yuan)
Year-on-year
2024
239.5 million
4.03%
2023
230.3 million
37.02%
2022
168 million
11.8%
2021
150.3 million
22.04%
2020
123.2 million
30.82%
4. Return on equity
Return on equity (ROE) (%)
Year-on-year
2024
9.61
-4.76%
2023
10.09
-4.09%
2022
10.52
-36.4%
2021
16.54
-21.91%
2020
21.18
-51.6%
5. Net sales profit margin
Net sales profit margin (%)
Year-on-year
2024
16.14
-15.73%
2023
19.16
-0.45%
2022
19.24
-17.4%
2021
23.3
7.96%
2020
21.58
6.07%
(3) Revenue composition
GEOVIS technology development and services
Special equipment and system integration
GEOVIS software sales and data services
70.76%
21.46%
7.78%
(4) Related analysis
1. In 2024, the total revenue will be 3.257 billion, including 36 million in notes receivable and 970 million in accounts receivable. The total of notes receivable and accounts receivable is 1.006 billion, accounting for 30.88% of the total revenue in 2024. About 1/3 of the revenue has not yet been converted into cash.
2. Zhongke Star Chart’s return on equity (ROE) data in the past five years shows that it has declined for five consecutive years from 2020 to 2024, indicating that the company’s profitability is weakening.
3. The average cash collection ratio of the main business is 71.52%, and the company’s cash flow is very weak.
4. Affected by factors such as customer structure and business characteristics, Zhongke Xingtu’s operating income has seasonal characteristics. Revenue is concentrated in the second half of the year, especially the fourth quarter. However, employee wages, research and development expenses, fixed asset depreciation and other expenses are relatively balanced during the year. The company’s operating performance is subject to seasonal fluctuation risks. The net profit in the single quarter of 20241231 was 206 million, and the net profit growth rate was 141.66%. If there are major adverse changes in the financial operating conditions of the company’s major customers, it will increase the company’s risk of bad debt losses, which will have an adverse impact on the company’s financial conditions.
