证券代码：920885 证券简称：星辰科技 公告编号：2026-008 桂林星辰科技股份有限公司期货和衍生品套期保值业务管 理制度 2026 年 3 月 23 日，桂林星辰科技股份有限公司（以下简称"公司"） 第四 届董事会第十七次会议审议通过了《关于制定＜期货和衍生品套期保值业务管理 制度＞的议案》，为规范公司期货和衍生品套期保值业务及相关信息披露工作， 有效防范和控制风险，公司制定了《期货和衍生品套期保值业务管理制度》。 表 决情况：同意 9 票、反对 0 票、弃权 0 票。 二、 分章节列示制度主要内容： 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 期货和衍生品套期保值业务管理制度 第一章 总则 第一条 为加强桂林星辰科技股份有限公司（以下简称"公司"）套期保值业 务的管理，规范套期保值业务管理流程和交易行为，有效防范和化解经营风险， 根据《中华人民共和国公司法》《公司章程》等规定，制定本制度，公司及全资 子公司开展套期保值业务需严格按照本制度执行。 第二条 本制度所称商 ...

关于开展商品期货及衍生品套期保值业务的公告 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。 为有效管理大宗商品市场价格波动风险，对冲主要原材料价格变化对公司经 营带来的潜在影响，公司在审慎研究与规划基础上，计划开展与实际生产经营紧 密挂钩的大宗商品套期保值业务。具体安排如下： 一、套期保值的目的和必要性 公司生产所需的主要原材料铜（漆包线），其价格受宏观经济周期、国际供 需关系、地缘政治变动及环保政策调整等多重因素影响，近年来呈现高频、大幅 波动的特点。为积极主动应对原材料价格风险，提升成本可控性与经营稳健性， 公司计划审慎开展与实际生产经营紧密挂钩的商品期货及衍生品套期保值业务。 公司开展套期保值业务的核心宗旨是基于风险管理需求，聚焦于对冲实物经 营中的价格波动风险，不得从事以投机为目的的期货和衍生品交易。 二、套期保值业务基本情况 （一）交易品种：铜 证券代码：920885 证券简称：星辰科技 公告编号：2026-009 桂林星辰科技股份有限公司 （二）期货及衍生品业务品种及场所：公司拟开展的大宗原 ...

证券代码：920885 证券简称：星辰科技 公告编号：2026-010 公司开展套期保值业务的核心宗旨是基于风险管理需求，聚焦于对冲实物经 营中的价格波动风险，不得从事以投机为目的的期货和衍生品交易。 二、拟开展的套期保值业务概述 （一）交易品种：铜 （二）期货及衍生品业务品种及场所：公司拟开展的大宗原材料期货及衍生 品业务的品种为铜和铝，交易场所为境内经监管机构批准、具有相应经营资格的 金融机构。 （三）交易金额：公司拟动用的交易保证金和权利金上限（包括为交易而提 供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的保证金等， 下同）不超过人民币 200 万元，且任一交易日持有的最高合约价值不超过人民币 1500 万元。前述额度有效期内，可循环滚动使用，但任一时点动用的交易保证 金和权利金上限（含前述交易的收益进行再交易的相关金额）、任一交易日持有 桂林星辰科技股份有限公司 关于开展商品期货及衍生品套期保值业务的可行性分析报告 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、套期保值业务 ...

证券代码：920885 证券简称：星辰科技 公告编号：2026-007 桂林星辰科技股份有限公司 第四届董事会第十七次会议决议公告 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：2026 年 3 月 23 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯相结合 4.发出董事会会议通知的时间和方式：2026 年 3 月 12 日以书面方式发出 5.会议主持人：董事长吕虹先生 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合《中华人民共和国公司法》 及有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于制定＜期货和衍生品套期保值业务管理制度＞的议案》 1.议案内容： 为规范公司的套期保值业务，规避商品价格等波动风险，根据《北京证券交 易所上市公司持 ...

Financial Performance - The company achieved operating revenue of ¥197,580,624.71, a 34.26% increase compared to ¥147,159,277.43 in the same period last year[3] - Total profit reached ¥36,367,506.27, marking a significant increase of 150.92% from ¥14,493,465.87 year-over-year[3] - Net profit attributable to shareholders was ¥33,901,001.29, up 110.90% from ¥16,074,334.24 in the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥32,000,978.28, reflecting a 153.31% increase compared to ¥12,633,360.63 last year[3] - Basic earnings per share rose to ¥0.199, a 111.70% increase from ¥0.094 in the same period last year[3] Assets and Equity - Total assets at the end of the reporting period were ¥608,163,936.42, a 14.22% increase from ¥532,445,471.86 at the beginning of the period[4] - Shareholders' equity attributable to the company increased to ¥408,818,636.97, up 7.44% from ¥380,510,831.99 at the beginning of the period[4] Sector Performance - The company’s revenue from the renewable energy sector grew by 112%, significantly contributing to overall revenue and profit growth[6] Operational Efficiency - The company improved operational efficiency by enhancing budget and cost control, leading to increased profitability without a significant rise in expenses[6] Risk Disclosure - The financial data presented is preliminary and has not been audited, cautioning investors to be aware of potential risks[7]

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 33 to 35 million yuan in 2025, representing a growth of 105.30% to 117.74% compared to 16.07 million yuan in 2024 [1] - The core driver of this growth is the significant increase in revenue from the new energy sector, which is projected to grow by 112% year-on-year [1] - The aerospace and military sectors have several pre-research projects entering small-scale production, contributing to the overall improvement in profitability [1] - The company is expected to achieve net profits of 33 million yuan in 2025, 45 million yuan in 2026, and 51 million yuan in 2027, with corresponding EPS of 0.20, 0.26, and 0.30 yuan [1] Financial Summary - The company's revenue is projected to increase from 135 million yuan in 2023 to 185 million yuan in 2025, reflecting a year-on-year growth of 25.9% [5] - The gross profit margin is expected to remain stable around 42.4% in 2025, with a net profit margin of 18% [8] - The company's P/E ratio is projected to decrease from 318.9 in 2023 to 121.6 in 2025, indicating an improvement in valuation as earnings grow [5][8] - The return on equity (ROE) is expected to rise from 3.1% in 2023 to 8.2% in 2025, reflecting enhanced profitability [5][8] Business Development - The company has successfully delivered ground equipment products for commercial aerospace rockets and plans to initiate multiple production batches in 2026 to meet the increasing demand from private aerospace companies [2] - In the wind power sector, the company is expected to benefit from the addition of 119 GW of new wind power installations in 2025, with a focus on expanding its market share in pitch servo products [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 33 to 35 million yuan in 2025, representing a growth of 105.30% to 117.74% compared to 16.07 million yuan in 2024 [1] - The core driver of this growth is the significant increase in revenue from the new energy sector, which is projected to grow by 112% year-on-year [1] - The aerospace and military sectors have multiple pre-research projects entering small batch production, contributing to the overall improvement in profitability [1] - The company is expected to achieve net profits of 33 million yuan, 45 million yuan, and 51 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.20, 0.26, and 0.30 yuan [1] Summary by Sections Business Overview - The company has successfully delivered ground equipment products for commercial aerospace rockets and plans to initiate multiple production batches in 2026 to meet the increasing launch demands from private aerospace companies [2] Wind Power Sector - In 2025, the new installed capacity for wind power is expected to reach 119 GW, with the company expanding its market share in pitch servo products through new customer development [3] - The company is also focusing on developing a "second growth curve" outside of wind power, with a particular emphasis on power quality management [3] Financial Summary - The company’s revenue is projected to grow from 135 million yuan in 2023 to 241 million yuan in 2027, with a year-on-year growth rate of 25.9% in 2025 [5] - The net profit is expected to recover from 12 million yuan in 2023 to 51 million yuan in 2027, with a significant increase of 107.8% in 2025 [8] - The gross margin is expected to remain stable around 42.4% in 2025, while the net margin is projected to improve to 18.0% [8]

证券代码：920885 证券简称：星辰科技 公告编号：2026-005 桂林星辰科技股份有限公司 关于预计 2026 年度向金融机构申请授信额度的公告 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、基本情况 为满足生产经营及业务发展需求，桂林星辰科技股份有限公司（以下简称"公 司"）2026 年度公司拟向银行申请新增总额不超过人民币 15,000 万元（含本数）的 综合授信额度。实际融资金额、融资方式、融资期限将根据公司运营资金的实际需 求来确定，以授信额度内签署的合同为准，授信额度在有效期内可滚动使用。 二、审批决策程序 2026 年2 月 5日，公司召开第四届董事会第十六次会议审议通过《关于预计 2026 年度向金融机构申请授信额度的议案》。表决情况：同意 9 票；反对 0 票；弃权 0 票。本议案无需提交股东会审议。 公司董事会同意公司以自有资产对上述授信提供抵押或其他形式的担保，并接 受公司控股股东桂林星辰电力电子有限公司为上述授信提供的无偿担保。同时，授 权公司董事长或其指定的授权代理人 ...

证券代码：920885 证券简称：星辰科技 公告编号：2026-004 桂林星辰科技股份有限公司 第四届董事会第十六次会议决议公告 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 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合《中华人民共和国公司法》 及有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事吕虹、丘斌、刘卫兵、吕斌、夏梅兴、徐冬艳、王井双以通讯方式参与 表决。 1.会议召开时间：2026 年 2 月 5 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯相结合 4.发出董事会会议通知的时间和方式：2026 年 1 月 28 日以书面方式发出 5.会议主持人：董事长吕虹先生 6.会议列席人员：公司高级管理人员 二、议案审议情况 （一）审议通过《关于预计 2026 年度向金融机构申请授信额度的议案》 1.议案内容： 为满足 ...

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]