中航富士达科技股份有限公司 2025 年度独立董事述职报告（张功富） 证券代码： 920640 证券简称：富士达 公告编号：2026-022 作为中航富士达科技股份有限公司（以下简称"公司"）的独立董事，本人按 照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》《北京证券交易所上市公司持续监管指引第1号——独立董事》等法律 法规和《公司章程》《独立董事工作制度》的要求，在2025年度勤勉地履行了职 责，独立、谨慎、认真地行使了公司赋予的权利，及时了解公司的经营状况，积 极出席公司召开的相关会议及独立董事专门会议并认真审议各项议案，充分发挥 了独立董事及各专门委员会的作用，切实维护了公司和全体股东尤其是社会公众 股股东的合法权益。现将本人2025年履职情况报告如下： 一、独立董事的基本情况 （一）基本情况 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。 张功富，男，1969年生，中国国籍，无境外永久居留权，博士研究生学历。 1993年7月至2008年3月，任郑州航空工业管理学 ...

证券代码：920640 证券简称：富士达 公告编号：2026-032 中航富士达科技股份有限公司 董事、高级管理人员薪酬管理制度 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、 审议及表决情况 中航富士达科技股份有限公司于 2026 年 3 月 26 日召开第八届董事会第 十七次会议，审议通过《关于制定及修订公司内部管理制度的议案》之《董事、 高级管理人员薪酬管理制度》，表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案尚需提交股东会审议。 二、 分章节列示制度主要内容： 中航富士达科技股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第二条 本制度适用对象为公司章程规定的董事及高级管理人员，具体包 括以下人员： （一）独立董事：指公司按照《上市公司独立董事管理办法》等相关法律 法规的规定聘任的、不在公司担任除董事外的其他职务，并与公司及主要股东、 实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独立客观判 断关系的董事； （二）非独立董事：包括外部董事和内部董事。外 ...

Financial Performance - The company's operating revenue for 2025 reached ¥881,136,430.37, representing a 15.51% increase compared to ¥762,797,542.26 in 2024[24] - The net profit attributable to shareholders for 2025 was ¥77,725,628.74, a significant increase of 52.03% from ¥51,126,712.39 in 2024[24] - The gross profit margin improved to 33.43% in 2025, up from 32.70% in 2024[24] - Basic earnings per share for 2025 were ¥0.4140, reflecting a 52.03% increase compared to ¥0.2723 in 2024[24] - The weighted average return on equity based on net profit attributable to shareholders was 8.59% in 2025, compared to 5.96% in 2024[24] - Total assets increased by 11.75% to ¥1,594,401,256.47 compared to the end of 2024[25] - Total liabilities rose by 20.69% to ¥628,102,076.06 compared to the end of 2024[25] - Net profit attributable to shareholders increased by 6.13% to ¥925,966,751.77 compared to the end of 2024[25] - Operating income grew by 15.51% to ¥881,136,430.37, with no variance from the preliminary report[27] - Net profit margin increased by 49.12% compared to the previous year[26] Operational Insights - The company operates in the electronic components manufacturing industry, with a focus on RF communication systems[18] - The company plans to continue expanding its product offerings, including RF coaxial connectors and advanced ceramics, to enhance market competitiveness[19] - The company is focused on maintaining strong relationships with clients and suppliers while protecting commercial secrets[10] - There are no significant changes in major risk factors for the current period, indicating stable operational conditions[11] - The company is committed to transparency and has ensured that all financial reports are accurate and complete, as confirmed by the auditing firm[9] Market Trends and Projections - The global connector market is projected to reach $95.2 billion by 2025, with a year-on-year growth of 7.1%[54] - By the end of 2025, China is expected to have a total of 5 million 5G base stations, significantly increasing the demand for high-frequency RF connectors[56] - The defense connector market in China is forecasted to grow from ¥9.125 billion in 2017 to ¥23.648 billion by 2026, with a CAGR of 11.16%[57] - The global communication connector market is anticipated to reach $21.5 billion by 2025, driven by the acceleration of 5G-A network construction[56] - The low Earth orbit satellite communication constellation is expected to see 152 launch missions globally in 2025, increasing the demand for high-reliability RF interconnect products[56] Research and Development - The company has achieved full autonomy in core technologies in the RF connector field, enhancing its market competitiveness[38] - The company holds a total of 190 effective patents, including 32 invention patents[41] - The company is actively expanding into emerging markets such as defense equipment, satellite internet, and quantum computing[42] - The company achieved a research and development expenditure of ¥81,025,928.16, which represents 9.20% of its operating revenue, down from 11.33% in the previous period[103] Risk Management - The company is actively addressing risks related to changes in downstream industry demand and technological updates, ensuring adaptability in its marketing strategies and product offerings[142] - The company has implemented a comprehensive risk control system for accounts receivable and credit management to mitigate potential bad debt risks[145] - The company has identified new risks related to increased cost pressures from competitive procurement and rising raw material prices, necessitating enhanced cost management strategies[148] Corporate Governance - The company has established a profit distribution policy that maintains continuity and stability, adhering to legal regulations[178] - The company is committed to transparency in its financial reporting and governance practices[192] - The company has a board of 9 members and 6 senior management personnel[191] - The company is led by personnel recommended by the controlling shareholder, including the chairman and general manager[192] - The company has independent directors and a diverse management team[190] Social Responsibility - The company invested approximately 120,000 yuan in rural revitalization efforts in Xi'an High-tech Zone, supporting local communities and providing aid to vulnerable groups[113] - In 2025, the company donated 50,000 yuan to assist earthquake relief efforts in Shigatse, Tibet, following a 6.8 magnitude earthquake[116] - The company spent a total of 356,800 yuan on environmental protection measures, ensuring 100% compliance in waste disposal and zero leakage in hazardous waste storage[119]

Market Overview - The global space economy is projected to reach nearly 3 trillion RMB by 2024, with downstream applications accounting for over 80% of this value[3] - China has applied for three major satellite constellations, totaling nearly 40,000 satellites, to secure scarce near-Earth orbital resources[3] Industry Growth Potential - China's commercial space industry is expected to grow significantly, with a need to launch nearly 8,000 satellites by 2032 due to stringent timelines set by the ITU[3] - The current launch capacity in China is insufficient, necessitating rapid expansion to meet future demands[3] Competitive Landscape - The U.S. leads in space technology, with launch costs and satellite manufacturing costs being less than half of China's[3] - As of 2025, the U.S. has over 11,693 satellites in orbit, while China ranks second with 1,415 satellites[3] Policy and Technological Support - The Chinese government has elevated the "space power" initiative to a national strategic level, providing robust policy support for the commercial space sector[3] - Technological advancements, such as the successful testing of the reusable "Zhuque-3" rocket, are expected to alleviate capacity constraints in the near future[3] Investment Opportunities - Companies listed on the Beijing Stock Exchange, such as Xingtong Measurement and Control (920116.BJ) and Fujida (920640.BJ), are positioned to benefit from the growth of the commercial space industry due to their technological and production capabilities[4] - The focus on "specialized, refined, distinctive, and innovative" enterprises aligns with the dual demand for cost reduction and capacity expansion in the commercial space sector[4] Risks and Challenges - Risks include potential delays in the development of reusable rocket technology, which could impact the timing of industry growth and company performance[5] - Changes in ITU policies regarding satellite network approvals could affect China's satellite launch scale and future industry potential[5]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected net profit of 77.73 million yuan in 2025, representing a growth of 52.03% [2][7]. Core Insights - The company is experiencing a recovery in its defense sector, with a steady increase in order volume and revenue from related products. The commercial aerospace segment is also progressing well, solidifying the company's position in the aerospace market [3]. - The company has made significant advancements in quantum technology, particularly in low-temperature superconducting RF cables, and has begun small-scale supply for superconducting quantum computer projects [4]. - The financial forecast indicates a projected revenue of 881 million yuan in 2025, a year-on-year increase of 15.51%, with net profit expected to reach 77.73 million yuan [2][6]. Financial Summary - Revenue is projected to grow from 763 million yuan in 2024 to 881 million yuan in 2025, with a compound annual growth rate (CAGR) of 15.5% [6]. - The net profit is expected to increase from 51 million yuan in 2024 to 78 million yuan in 2025, reflecting a growth rate of 53% [6][11]. - The company's gross margin is forecasted to be 32.4% in 2025, with a net margin of 8.9% [6][11].

Financial Performance - The company's operating revenue for 2025 reached ¥881,136,430.37, representing a year-on-year increase of 15.51% compared to ¥762,797,542.26 in the previous year[3] - The total profit for the period was ¥90,339,988.75, marking a significant growth of 64.48% from ¥54,925,827.37 in the prior year[3] - Net profit attributable to shareholders was ¥77,725,628.74, up 52.03% from ¥51,126,712.39 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥75,116,693.97, reflecting a 52.89% increase compared to ¥49,131,783.46 in the previous year[3] - Basic earnings per share increased to ¥0.4140, a rise of 52.03% from ¥0.2723[3] Assets and Equity - Total assets at the end of the reporting period amounted to ¥1,593,679,344.83, an increase of 11.70% from ¥1,426,750,193.01[4] - Shareholders' equity attributable to the company reached ¥925,966,751.77, up 6.13% from ¥872,519,020.64[4] Market and Operational Insights - The defense sector experienced a recovery in market demand, contributing significantly to the company's performance growth[8] - The company has optimized operational management and improved cost efficiency, which has positively impacted profit growth[8] Cautionary Notes - The financial data presented are preliminary and unaudited, with final figures to be disclosed in the 2025 annual report, highlighting the need for cautious investment decisions[9]

Investment Rating - The investment rating for the industry is "Overweight" indicating an expectation for the industry to outperform the overall market performance [74]. Core Insights - The report highlights significant breakthroughs in quantum key distribution networks, with the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips, supporting 20 chip users and a networking capability of up to 3700 kilometers [13][18]. - Fujida (920640.BJ) is identified as a representative company in the quantum industry chain, having made early investments in quantum technologies and achieving key technical breakthroughs in low-temperature superconducting RF cables, which are essential for stable signal transmission in quantum computing applications [3][25]. - The report notes that Fujida's revenue for the first three quarters of 2025 reached 652 million yuan, a year-on-year increase of 16.62%, with a net profit of 55.93 million yuan, reflecting a growth of 55.38% [30][28]. Summary by Sections Quantum Key Distribution Breakthroughs - The report discusses the advancements in quantum key distribution, emphasizing the development of a scalable quantum relay module that enables long-distance quantum networks and the successful transmission of device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers [18][21]. Industry Performance - The information technology sector experienced an average weekly increase of 1.68%, with the median price-to-earnings (P/E) ratio dropping to 74.1X [4][31]. - The smart manufacturing sector saw its median P/E ratio rise to 42.5X, indicating positive market sentiment [47][54]. Company Announcements - Fujida's core products are being utilized in superconducting quantum computer projects across domestic research institutions, with current operations focused on small-batch supply, contributing to a growing revenue stream [3][25]. - The report also includes performance forecasts for various companies, with notable expected revenue growth for companies like JinHao Medical and North Mining Testing [68][69].

Group 1 - The report highlights a breakthrough in quantum key distribution networks, with Chinese scientists constructing the world's first large-scale quantum key distribution network based on integrated optical quantum chips, supporting 20 chip users and a networking capability of 3700 kilometers, achieving international leadership in both user scale and networking capability [3][13][25] - Fujida (920640.BJ) is identified as a representative company in the quantum industry chain, having invested over ten years in quantum-related technology and successfully developing low-temperature superconducting RF cables for use in superconducting quantum computer projects, currently supplying in small batches and generating significant revenue [2][27][28] Group 2 - The average weekly performance of the information technology sector increased by 1.68%, with the median price-to-earnings (P/E) ratio dropping to 74.1X, while the high-end equipment sector's median P/E ratio decreased to 34.8X [4][31][34] - In the technology new industry, 75 out of 159 companies saw an increase in stock prices, with the median P/E ratio rising from 40.6X to 42.3X, and total market capitalization increasing from 5273.55 billion to 5374.97 billion [5][48][49] Group 3 - Fujida's revenue for the first three quarters of 2025 reached 652 million, a year-on-year increase of 16.62%, with a net profit attributable to shareholders of 55.93 million, up 55.38% year-on-year [30][28] - The report indicates that Fujida is expected to achieve a net profit of between 76.90 million and 84.80 million for the full year of 2025, representing a growth of 50.41% to 65.86% compared to 2024 [28]

Group 1 - The "Space+" industry is becoming a key focus for investment, with plans to develop space digital infrastructure, resource development, traffic management, and tourism [4][17][21] - There are currently 15 companies related to commercial space and space photovoltaics on the Beijing Stock Exchange, with a total market capitalization of 105.715 billion yuan as of January 30, 2026 [4][21] - Notable companies include Fujida (920640.BJ), which specializes in RF coaxial connectors and cables for communication and defense markets, and Starry Technology (920885.BJ), which provides ground equipment for rocket launches [4][21] Group 2 - The average weekly change for the consumption services sector was -2.02%, with the median P/E ratio dropping to 47.8X [5][40] - The high-end equipment sector saw a median P/E ratio decrease to 36.6X, while the information technology sector's median P/E ratio fell to 79.3X [5][43] - The chemical new materials sector's median P/E ratio decreased to 41.3X, and the pharmaceutical and biological sector's median P/E ratio dropped to 29.5X [5][52] Group 3 - In the technology new industries, the median P/E ratio for 159 companies decreased from 44.7X to 41.5X, with a total market capitalization decline from 560.692 billion to 531.795 billion yuan [6][59][60] - The average weekly change for the technology new industries was -6.53%, with only 14 out of 159 companies experiencing an increase [6][58] - Leading companies in terms of growth included Liancheng CNC (920368.BJ), which saw a 21.73% increase, and Hengtong Light (920045.BJ), which increased by 14.83% [6][63] Group 4 - Companies with high growth expectations for 2025 include Hengtong Light, with a projected net profit increase of 82.95% to 110.05%, and Fujida, expecting a net profit increase of 50.41% to 65.86% [7][27] - Starry Technology anticipates a net profit increase of 105.30% to 117.74%, while Tian Gong Co. (920068.BJ) is expected to deliver its first aerospace-grade titanium alloy wire order by March 2025 [7][29][30] - Liancheng CNC is projected to have a significant decline in net profit, with estimates ranging from a decrease of 72.39% to 81.50% [7][36]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by more than 20% [3][8]. Core Insights - The company forecasts a significant increase in net profit attributable to shareholders for 2025, projecting a growth of 50.41% to 65.86%, with expected net profit ranging from 76.90 million to 84.80 million yuan compared to 51.13 million yuan in 2024 [3]. - The company has successfully developed low-temperature superconducting RF cables for quantum computing applications, marking it as one of the early adopters in this field within China [5]. - The company has established itself in the defense sector, with orders gradually recovering, and is also benefiting from the accelerated deployment of domestic satellite internet constellations [3][5]. Financial Summary - The company’s revenue is projected to grow from 763 million yuan in 2024 to 849 million yuan in 2025, reflecting a year-over-year increase of 11.4% [6]. - The net profit is expected to rise from 51 million yuan in 2024 to 83 million yuan in 2025, representing a year-over-year growth of 61.7% [6]. - The earnings per share (EPS) is forecasted to increase from 0.27 yuan in 2024 to 0.44 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 101.1x for 2025 [6][9].