The Zhitong Finance App learned that on August 7, 2026, Zhenyou Technology (688418.SH) disclosed the “Prospectus for Issuing A-Shares to Specific Targets (Application Draft)” and plans to issue A-shares to no more than 35 specific targets, raising no more than 1,069 billion yuan in total capital. At present, the fixed increase application has received a notice of acceptance of the refinancing application issued by the Shanghai Stock Exchange.
According to the prospectus (application draft), all of the funds raised will be invested in the two core industrialization projects after deducting the costs associated with the issuance. Of this, 709 million yuan was invested in satellite Internet communication product development and industrialization projects, with a construction cycle of 3 years, focusing on technical research and large-scale mass production of satellite terrestrial core networks, space-borne core networks, and satellite smart terminal equipment; the remaining 360 million yuan was used for all-optical network system R&D and industrialization projects, focusing on the iterative implementation of 50G PON systems and 400G/800G OTN optical transmission systems equipped with AI intelligent operation and maintenance capabilities.
This fixed addition carries the company's clear medium- to long-term strategic plan: improving the integrated business layout of the world through satellite internet projects, building a solid foundation of core technology and localization, and strengthening competitive advantage in the satellite core network field; using all-optical network projects to drive network efficiency upgrades with AI intelligent operation and maintenance to meet operators' needs to reduce costs and increase efficiency and intelligent computing network construction; and further optimize the capital structure, enhance operational resilience to risks, and consolidate its position in the industry.
The current fundraising layout is highly in line with the national industrial policy orientation. In July of this year, the Ministry of Industry and Information Technology, the Central Network Information Office, the National Development and Reform Commission, and the National Data Administration jointly issued the “Guiding Opinions on Promoting High-Quality Development of Internet Infrastructure Resources”. For the first time, satellite Internet was included in the national top-level plan and positioned as a basic Internet resource; the “15th Five-Year Plan” plan outline also listed satellite Internet, 6G, and emergency communication as key major engineering projects. With policy support, domestic low-orbit satellite networking has accelerated, and the China Starnet GW constellation and the Shanghai Yuanxin Qianfan constellation have all accelerated the pace of deployment. On a global level, according to data from the Satellite Industry Association (SIA), the global satellite communication service market will reach 34 billion US dollars in 2025, and demand for industry equipment upgrades and infrastructure construction will continue to be released.
Judging from the competitive landscape of the industry, the satellite core network is one of the segments with the highest barriers in the communications field. The relevant equipment is related to national communications security. It is necessary to obtain permission from the Ministry of Industry and Information Technology to access the network for telecommunication equipment, and enterprises also need to have the ability to deliver complete sets for large-scale space projects. During the reporting period, only three domestic manufacturers were Huawei, ZTE, and Zhenyou Technology that could fully deliver a complete set of solutions for terrestrial core networks, customs stations, and satellite core networks. Zhenyou Technology is the exclusive supplier of the terrestrial core network of the Tiantong-1 satellite communication system. The space-borne core network technology has completed in-orbit verification and is deeply involved in the construction of domestic national low-orbit satellite Internet projects. In the field of all-optical networks, domestic operator networks are being upgraded from dual gigabit to 10 gigabit. By the end of 2024, the total number of domestic 10G PON ports will reach 28.2 million, and the replacement of 50G PON and 400G/800G OTN will continue to open up the incremental market.
As the main body of this fixed increase, Zhenyou Technology has significant advantages in technology research and development and reserves. In recent years, R&D expenses account for an average of about 20% of revenue. As of December 31, 2025, the company had 665 R&D personnel, accounting for 53.54% of the total number of employees; it has a total of 368 authorized patents, including 335 invention patents and 519 software copyrights. Sufficient R&D accumulation supports the company to simultaneously follow up technological iterations in the fields of satellite communications and high-end optical transmission.
Industry analysts said that in 2026, the satellite internet was upgraded to the top level of national resource planning. Zhenyou Technology's application for fixed increase has been accepted by the Shanghai Stock Exchange, and it still needs to be reviewed and approved by the Shanghai Stock Exchange and a registration decision approved by the China Securities Regulatory Commission before it can be implemented. If the follow-up review and registration process progresses smoothly, after the fund-raising is implemented, it will help the company increase R&D and manufacturing of satellite carriers, terrestrial core networks and satellite terminals, and promote its transformation from a traditional terrestrial communication equipment supplier to a comprehensive solution service provider for integrated satellite and ground integration. Relying on this capital plan, the company is expected to continue to seize the two major industrial upgrading opportunities of space-based integrated communications and high-speed all-optical networks, and steadily advance business structure optimization and medium- to long-term strategic layout.