Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company plans to acquire Weiyu Tiandao to transform into a comprehensive testing service platform and deepen collaboration with the China Academy of Information and Communications Technology in the "6G + Satellite" direction [5][7] - The company is positioned as a leading domestic high-end wireless communication testing instrument provider, focusing on 5G/6G communication, Beidou navigation, and semiconductor RF sectors, while expanding into automotive networking and satellite internet applications [8] Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated to be CNY 0.19 billion, CNY 0.34 billion, and CNY 0.49 billion, corresponding to a price-to-earnings ratio of 226.5, 130.4, and 89.3 times respectively [6] - Revenue for 2025 is expected to be CNY 269 million, with a year-on-year growth rate of 15.51% [9] - The company anticipates a net profit of CNY 19 million in 2025, reflecting a year-on-year increase of 54.91% [9] Strategic Initiatives - The company aims to integrate communication testing systems with navigation testing systems through the acquisition of Weiyu Tiandao, which specializes in satellite navigation testing technology [7][8] - Recent strategic agreements include collaboration with the East China branch of the China Academy of Information and Communications Technology to establish a testing and verification center for next-generation 6G communication and satellite internet [8]

Trading Volume and Market Activity - On December 12, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.134 billion shares, with a total transaction value of 26.973 billion yuan, a decrease of 1.332 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 143 stocks closed higher, accounting for 50% of the total, while 139 stocks closed lower [1] - The stocks with the highest closing gains included Chuangyuan Xinke, Changfu Co., and Caneng Electric Power, which rose by 14.80%, 11.38%, and 11.29% respectively [1] Stock Performance Highlights - The stocks with the highest transaction values included Jinbo Biological, Xingtou Measurement Control, and Tianli Composite, with transaction values of 1.045 billion yuan, 869 million yuan, and 862 million yuan respectively [1] - A total of 76 stocks had transaction values exceeding 10 million yuan, indicating significant trading activity [1] - The highest turnover rates were observed in stocks such as Dapeng Industrial, Jingchuang Electric, and Guangdao Tui, with turnover rates of 70.76%, 45.80%, and 41.72% respectively [1] Price Movements - The stock Guangdao Tui experienced the largest decline, dropping by 21.09%, followed by Longzhu Technology and Henghe Co., which fell by 6.56% and 6.53% respectively [1] - The closing prices of notable stocks included Jinbo Biological at 275.50 yuan, Tianli Composite at 60.84 yuan, and Chuangyuan Xinke at 31.80 yuan [1][2]

Core Viewpoint - The commercial aerospace sector in the A-share market has experienced a significant surge, driven by the establishment of new companies and the introduction of a three-year development plan, indicating strong governmental support for the industry [1] Group 1: Stock Performance - Tianli Composite saw a 30% increase, reaching a market capitalization of 6.629 billion [2] - Chaojie Co. experienced a 20% rise, with a total market value of 13 billion [2] - Chuangyuan Xinke rose by 18.56%, with a market cap of 4.691 billion [2] - Guoci Materials increased by 15.73%, totaling a market value of 26.9 billion [2] - Aerospace Huanyu grew by 14.74%, with a market capitalization of 18.2 billion [2] - Xice Testing and Tianyi New Materials both saw increases of over 10% [1][2] Group 2: Industry Outlook - The recent establishment of commercial aerospace companies and the development plan highlights the government's commitment to the sector [1] - The commercial aerospace ecosystem in China is developing a comprehensive chain that includes upstream manufacturing, midstream launch and operation, and downstream application services [1] - There is a strong positive outlook for investment opportunities within the commercial aerospace sector [1]

Group 1 - The core point of the news is that Chuangyuan Xinke (920961) has announced a major asset restructuring plan to acquire 100% equity of Shanghai Weiyu Tiandao Technology Co., Ltd. through a combination of issuing shares and cash payment [1] - The transaction price for the acquisition is set at 886.3 million yuan, based on an evaluation report from a qualified asset appraisal agency [2] - Chuangyuan Xinke plans to issue shares at a price of 18.88 yuan per share, with the issued shares accounting for 21.88% of the total share capital after the transaction [2] Group 2 - Weiyu Tiandao focuses on satellite navigation testing technology and has a subsidiary, Hunan Weidao, recognized as a specialized and innovative small and medium-sized enterprise in Hunan Province [2] - The acquisition will enable Chuangyuan Xinke to integrate communication testing and navigation positioning testing, creating a comprehensive testing solution covering "ground-low altitude-satellite" [3] - The merger is expected to enhance the synergy between both companies, meeting diverse customer needs and improving the company's sustainable operational capabilities and core competitiveness [3] Group 3 - The electronic information industry is entering an active period of mergers and acquisitions, driven by policies aimed at strengthening the industrial chain [3] - Chuangyuan Xinke aims to leverage policy benefits and capital market tools to continuously improve its industrial layout and consolidate its leading position in the RF communication testing field [3]

国泰海通证券股份有限公司 关于创远信科（上海）技术股份有限公司本次交易 构成重大资产重组、不构成重组上市的核查意见 创远信科（上海）技术股份有限公司（以下简称"公司"、"上市公司"） 拟通过发行股份及支付现金方式购买上海微宇天导技术有限责任公司（以下简称 "标的公司"）100%股权并募集配套资金（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"独立财务顾问"）接受上市公司委 托，担任上市公司本次交易的独立财务顾问。根据《上市公司重大资产重组管理 办法》（以下简称"《重组管理办法》"）《监管规则适用指引——上市类第 1 号》《北京证券交易所上市公司持续监管办法（试行）》等规范性文件的规定， 独立财务顾问就本次交易是否构成《重组管理办法》第十三条规定的重组上市进 行核查，核查情况如下： 一、本次交易构成重大资产重组 根据《重组管理办法》第十四条有关规定，上市公司在十二个月内连续对同 一或者相关资产进行购买、出售的，以其累计数分别计算相应数额。交易标的资 产属于同一交易方所有或者控制，或者属于相同或者相近的业务范围，或者中国 证监会认定的其他情形下，可以认定为同一或者相关资产。除本次交易外，上市 公司 ...

国泰海通证券股份有限公司 关于创远信科（上海）技术股份有限公司本次交易 符合《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》第四条规定的核查意见 创远信科（上海）技术股份有限公司（以下简称"上市公司"）拟通过发行 股份及支付现金方式购买上海微宇天导技术有限责任公司（以下简称"标的公司"） 100%股权并募集配套资金（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"独立财务顾问"）接受上市公司委 托，担任上市公司本次交易的独立财务顾问，对本次交易是否符合《上市公司监 管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》第四条规定进 行了核查并发表如下意见： 1、本次交易的标的资产为股权资产，不涉及立项、环保、行业准入、用地、 规划、建设施工等有关报批事项。本次交易已经履行的程序、尚需履行的程序已 在《创远信科（上海）技术股份有限公司发行股份及支付现金购买资产并募集配 套资金暨关联交易报告书（草案）》中详细披露，并对可能无法获得批准的风险 作出了特别提示。 经核查，独立财务顾问认为：本次交易符合《上市公司监管指引第 9 号—— 上市公司筹划和实施重大资产重组的监 ...

本次交易信息公布前公司股价波动情况的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"、"独立财务顾问"） 接受创远信科（上海）技术股份有限公司（以下简称"创远信科"、"上市公司"） 的委托，担任创远信科发行股份及支付现金购买资产并募集配套资金暨关联交易 （以下简称"本次交易"）的独立财务顾问。 国泰海通证券作为本次交易的独立财务顾问，对上市公司股价在停牌前 20 个交易日的波动情况进行核查，并出具如下核查意见： 一、上市公司股票波动情况 上市公司于 2025 年 9 月 16 日起停牌，上市公司停牌前 20 个交易日内，公 司股票(代码：920961.BJ)、北证 50 指数（899050.BJ）以及申万仪器仪表行业 指数（850731.SI）的累计涨跌幅情况如下表所示： 国泰海通证券股份有限公司 关于创远信科（上海）技术股份有限公司 2 有限公司本次交易信息公布前公司股价波动情况的核查意见》之签盖页） | 项目 | | 停牌前第 | | 21 | 个交易日 | 停牌前第 | | 1 | 个交易日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | ...

国泰海通证券股份有限公司（以下简称"独立财务顾问"）作为创远信科（上 海）技术股份有限公司（以下简称"上市公司"）拟以发行股份及支付现金方式 购买上海微宇天导技术有限责任公司 100%的股权并募集配套资金（以下简称"本 次交易"）的独立财务顾问，按照中国证券监督管理委员会《关于加强证券公司 在投资银行类业务中聘请第三方等廉洁从业风险防控的意见》（证监会公告［2018］ 22 号）的规定，就独立财务顾问及上市公司在本次交易中聘请第三方机构或个 人（以下简称"第三方"）的行为进行核查，具体情况如下： 一、独立财务顾问不存在各类直接或间接有偿聘请第三方的行为 本次交易中，独立财务顾问在本次交易中不存在各类直接或间接有偿聘请第 三方行为，亦不存在未披露的聘请第三方行为，符合《关于加强证券公司在投资 银行类业务中聘请第三方等廉洁从业风险防控的意见》相关规定的要求。 二、本次交易中上市公司有偿聘请第三方的核查 独立财务顾问对本次交易中上市公司有偿聘请第三方机构或个人的行为进 行了充分必要的核查，核查情况如下： 国泰海通证券股份有限公司关于创远信科（上海）技术股份有限公司 本次交易符合《关于加强证券公司在投资银行类业务中聘 ...

北京大成律师事务所 关于创远信科（上海）技术股份有限公司 重大资产重组前发生业绩"变脸"或 重组存在置出资产情形相关事项 之 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, Zhaotai International Center, No.10, Chaoyangmen Nandajie, Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 专项核查意见 大成证字[2025]第 261 号 致：创远信科（上海）技术股份有限公司 北京大成律师事务所（以下称"本所"）接受创远信科（上海）技术股份有限公 司（以下称"创远信科"、"创远仪器"、"上市公司"或"公司"，股票代码：920961）的 委托，担任创远信科通过发行股份及支付现金的方式购买上海创远电子设备有限公 司（以下称"创远电子"）等 14 名交易对方持有的上海微宇天导技术有限责任公司 100%股权并向符合 ...

北京大成律师事务所 关于创远信科（上海）技术股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易 之 法 律 意 见 书 北京大成律师事务所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, Zhaotai International Center, No.10, Chaoyangmen Nandajie, Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 根据《公司法》《证券法》《重组管理办法》《上市公司证券发行注册管理办 法》《发行注册管理办法》《上市公司监管指引第 9 号——上市公司筹划和实施重 大资产重组的监管要求》《公开发行证券的公司信息披露内容与格式准则第 26 号 ——上市公司重大资产重组》《格式准则 56 号》等现行法律、行政法规及中国证 监会相关文件的规定，本所接受创远信科的委托，担任创远信科本次交易的专项法 律顾问，出具本法律意见书。 本所及经办律师依据《证券 ...