Core Viewpoint - The A-share market is experiencing a rise in low-altitude economy concept stocks, indicating a growing interest and investment in this sector [1] Company Performance - Chuangyuan Xinke increased by over 10% - Guangyang Co. reached a 10% limit up - Fujida rose by over 8% - Weilan Lithium Cell increased by over 7% - Landai Technology rose by over 6% - Xingwang Yuda, Zhenyu Technology, Kangda New Materials, Kangxi Communication, Tianshan Electronics, Zhonglun New Materials, Suzhou High-tech, and Audiwei all increased by over 4% [1]

证券代码：835640 证券简称：富士达 公告编号：2025-089 中航富士达科技股份有限公司 持股 5%以上股东权益变动达到 1%的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 中航富士达科技股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日收到 北京银河鼎发创业投资有限公司（以下简称"银河鼎发创投"）及其一致行动人 吉林省国家汽车电子产业创业投资有限责任公司（以下简称"汽车电子创投"）出 具的《股份减持告知函》，上述股东于 2025 年 6 月 6 日至 2025 年 9 月 18 日期间 通过集中竞价方式合计累计减持股份 1,320,632 股，持有公司股份比例从 6.70% 减少至 6.00%，权益变动触及 1%的整数倍的情形。现将其有关权益变动情况公 告如下： 一、本次权益变动基本情况 备注：银河鼎发创投、汽车电子创投同为中国银河投资管理有限公司下属控股子公司， 为一致行动人。 （二）本次权益变动前后，信息披露义务人及其一致行动人拥有上市公司权益的 股份情况 | ...

中航富士达科技股份有限公司 章 程 二零二五年九月 | 第一章 | 总 | 则 | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 3 | | 第三章 | 股 | 份 | 3 | | 第一节 | | | 股份发行 3 | | 第二节 | | | 股份增减和回购 4 | | 第三节 | | | 股份转让 5 | | 第四章 | | 股东和股东会 | 7 | | 第一节 | | 股 | 东 7 | | 第二节 | | | 股东会的一般规定 11 | | 第三节 | | | 股东会的召集 13 | | 第四节 | | | 股东会的提案与通知 15 | | 第五节 | | | 股东会的召开 16 | | 第六节 | | | 股东会的表决和决议 19 | | 第五章 | | 董事和董事会 | 23 | | 第一节 | | | 董事的一般规定 23 | | 第二节 | | | 独立董事 28 | | 第三节 | | | 董事会 33 | | 第四节 | | | 董事会专门委员会 41 | | 第六章 | | | 总经理及其他高级管理人员 45 | | 第七章 党委 | ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况概述 近日，在中国质量（南京）大会上，第五届中国质量奖评选结果正式揭晓。 中航富士达科技股份有限公司（以下简称"公司"）以"基于'道术结合'的三 循环四路径质量管理模式"荣获"第五届中国质量奖提名奖"（证书号： 2025-ZGZLJ-05-T-Z50）。共有 78 家组织和 6 名个人被授予第五届中国质量奖提 名奖。 证券代码：835640 证券简称：富士达 公告编号：2025-090 中航富士达科技股份有限公司 关于公司获得第五届中国质量奖提名奖的公告 四、备查文件 国家市场监督管理总局颁发的《中国质量奖提名奖证书》 中航富士达科技股份有限公司 董事会 中国质量奖是中国质量领域的最高荣誉，奖项包括中国质量奖和提名奖两类， 旨在推广科学的质量管理制度、模式和方法，促进质量管理创新，传播先进质量 理念，推动建设质量强国。 2025 年 9 月 19 日 二、对公司的影响 本次获奖是对公司过往质量管理工作的认可。公司的产品质量和核心竞争 力最终仍需 ...

证券代码：835640 证券简称：富士达 公告编号：2025-087 中航富士达科技股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 9 月 17 日 6.召开情况合法合规的说明： 本次股东会的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的相关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 16 人，持有表决权的股份总数 114,412,807 股，占公司有表决权股份总数的 60.9461%。 其中通过网络投票参与本次股东会的股东共 1 人，持有表决权的股份总数 108 股，占公司有表决权股份总数的 0.0001%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公司在任董事 9 人，出席 9 人； 2.会议召开地点：公司四楼会议室 3.会议召开方式：现场投票、网络投票和其他投票方式相结合方式 4.会议召集人：董事会 5.会议 ...

上海市锦天城(西安) 律师事务所 关于中航富士达科技股份有限公司 2025年第二次临时股东会律师见证的 法律意见书 20 PT ALL BRIGH FOFFICES 地址: 西安市高新区丈八一路10号中铁西安中心32层 电话: 029-89840840 邮编: 710065 上海市锦天城(西安) 律师事务所 法律音见书 上海市锦天城(西安)律师事务所关于 中航富士达科技股份有限公司2025年第二次临时股东会 律师见证的法律意见书 致:中航富士达科技股份有限公司 2025 年 9 月 17 日 14:00,中航富士达科技股份有限公司(以下简称"公 司")召开 2025年第二次临时股东会(以下简称"本次股东会"),上海市锦天城 (西安)律师事务所(以下简称"本所")接受公司的委托,指派梁建明、陈浩然 律师(以下简称"本所律师")出席本次股东会,并根据《中华人民共和国公司法》 《中华人民共和国证券法》等相关法律、法规、规范性文件和《中航富士达科技 股份有限公司章程》(以下简称"《公司章程》")的有关规定,出具本法律意见 书。 为出具本法律意见书,本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务 ...

Investment Insights - The overall economic growth rate in Q3 2025 is expected to slow down, with a rising possibility of interest rate cuts and reserve requirement ratio reductions in the second half of the year [2][11] - August retail sales showed a year-on-year increase of 3.4%, with notable growth in furniture and home appliances [12][13] - The fixed asset investment has weakened for five consecutive months, with a year-on-year increase of only 0.5% from January to August 2025 [8][9] - The import and export growth rates have shown a temporary decline, with total trade value increasing by 3.5% year-on-year in the first eight months [9][10] Fixed Income Market - The bond market is expected to perform well in the second half of the year, with a projected yield for 10-year government bonds between 1.6% and 1.8% [11] - The current yield for 10-year government bonds is around 1.8%, presenting a favorable cost-benefit ratio [11] New Consumption Sector - The retail sales of essential goods have shown steady growth, while discretionary spending in categories like jewelry and communication devices has increased significantly [12][13] - Online retail sales have accelerated, with a year-on-year growth of 9.6% in the first eight months of 2025 [7][12] Company Analysis: Fujida (835640.BJ) - In H1 2025, Fujida reported a revenue of 408 million yuan, a year-on-year increase of 8%, and a net profit of 37.18 million yuan, up 11% year-on-year [22][23] - The company has seen a significant recovery in defense orders and is actively expanding into medical and low-altitude applications [22][24] - The sales of RF coaxial connectors have steadily increased, supported by a recovery in defense orders [23][24] - The company is focusing on strategic emerging industries and has made breakthroughs in medical and maritime sectors [24][25]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year increase of 11% in net profit attributable to shareholders in the first half of 2025, driven by a recovery in defense demand and active expansion into medical and low-altitude applications [5][8] - The company is expected to see a steady growth in revenue and profit, with a projected net profit of 1.00 billion, 1.45 billion, and 1.71 billion RMB for 2025-2027, corresponding to current price-to-earnings ratios of 53.4, 37.0, and 31.3 times respectively [8] Summary by Sections Market Performance - The closing price is 28.52 RMB, with a market capitalization of 5,354 million RMB and a circulating market value of 5,150.78 million RMB [3] Financial Data - In H1 2025, the company reported revenue of 408 million RMB (up 8% year-on-year) and a net profit of 37.18 million RMB (up 11% year-on-year) [8] - The company’s revenue for Q2 2025 was 219 million RMB (up 17% year-on-year and 15% quarter-on-quarter), with a net profit of 24.81 million RMB (up 22% year-on-year and 101% quarter-on-quarter) [8] Revenue and Profit Forecast - Revenue is projected to be 886 million RMB in 2025, with a year-on-year growth rate of 16.16% [7] - The net profit for 2025 is estimated at 100 million RMB, reflecting a significant recovery from a decline in 2024 [7] Business Expansion - The company is focusing on strategic emerging industries, with a notable increase in defense orders and expansion into medical, maritime, and low-altitude economic sectors [8] - The company’s revenue from overseas markets grew by 69.42% year-on-year, indicating progress in international expansion [8] R&D and Technological Development - The company maintains a high R&D expense ratio of 9%, focusing on key technologies such as high-frequency, high-speed, and lightweight solutions [8] - The company is actively developing quantum communication technologies and has made breakthroughs in the medical and maritime sectors [8]

Group 1 - The report highlights the emergence of ten key industries in the deep space economy, including deep space resource development, deep space internet, deep space energy, deep space biology, deep space transportation, deep space intelligence, deep space construction, deep space tourism, deep space security, and deep space culture [2][12][16] - The total market capitalization of aerospace and military-related companies listed on the Beijing Stock Exchange reached 75.882 billion yuan as of September 12, 2025, with 19 companies in this sector [19][21] - Companies such as Xingtum Control (920116.BJ), Fujida (835640.BJ), and Chuangyuan Xinke (831961.BJ) are identified as high-growth targets within the aerospace sector, showcasing significant revenue and profit growth [20][29][31] Group 2 - The report indicates that the average weekly decline for five major industries, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, was recorded at -4.59%, -3.82%, -3.15%, -3.25%, and -3.60% respectively [3][37] - The median price-to-earnings (PE) ratios for these industries have also decreased, with high-end equipment at 44.8X, information technology at 80.5X, chemical new materials at 45.7X, consumer services at 61.0X, and pharmaceutical biology at 42.2X [3][41][47] Group 3 - In the technology sector, the median PE ratio for 154 companies decreased from 54.9X to 53.5X, with an overall market capitalization decline from 538.565 billion yuan to 522.836 billion yuan [4][52] - Notable companies in the technology sector include Chicheng Co. (+23.44%), Shuguang Digital Creation (+18.81%), and Shunyu Precision Engineering (+8.07%), which experienced significant stock price increases [4][56] Group 4 - Fujida (835640.BJ) reported a total revenue of 408 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.86%, with a net profit increase of 10.50% [29][30] - Chuangyuan Xinke (831961.BJ) achieved a revenue of 111 million yuan in the first half of 2025, marking an 18.44% increase, and a remarkable net profit growth of 354.24% [31][35] - Xingtum Control (920116.BJ) reported a revenue of 99 million yuan in the first half of 2025, with a year-on-year growth of 21.90% and a net profit increase of 24.26% [24][26]

Core Viewpoint - Fujida has shown revenue and profit growth, with a strong recovery in defense orders and accelerated multi-field layout [1][2] Financial Performance - In the first half of 2025, Fujida achieved operating revenue of 408.35 million yuan, an increase of 7.9% year-on-year, and a net profit attributable to shareholders of 37.18 million yuan, up 10.5% [2] - In Q2 2025, the company reported operating revenue of 218.56 million yuan, a 17% increase quarter-on-quarter, and a net profit of 24.81 million yuan, reflecting a 21.7% year-on-year growth and a 100.6% quarter-on-quarter increase [2] - The gross margin for the first half of 2025 was 35.88%, up 1.79 percentage points, while the net margin was 10.48% with a period expense ratio of 20.56% [2] Operational Insights - The company is experiencing high capacity utilization due to rapid growth in defense orders, with production lines operating at near full capacity [2] - Inventory value increased by 33% compared to the beginning of the period, while net cash flow from operating activities decreased by 62.59 million yuan year-on-year, primarily due to longer delivery cycles for defense products and increased payments to suppliers [2] Market Expansion - Fujida achieved foreign market sales revenue of 4.34 million yuan, a significant increase of 69.42%, driven by sales of traditional advantage products to long-term partners like RFS and Samsung [2] - The company is actively involved in various sectors, including commercial aerospace, low-altitude economy, quantum communication, medical, and shipbuilding, optimizing its revenue structure [3] Investment Outlook - The recovery in defense demand and ongoing multi-field layout are expected to continuously optimize the company's revenue structure [3] - Earnings per share (EPS) projections for 2025-2027 are 0.58, 0.84, and 1.01 yuan, with corresponding price-to-earnings ratios of 47, 33, and 27 times [3]