Group 1 - The company, Aerospace Power (SH 600343), announced the convening of its seventh meeting of the eighth board of directors on August 11, 2025, via communication voting [2] - The meeting reviewed the proposal regarding the appointment of the company's financial director [2] - For the year 2024, the company's revenue composition is as follows: manufacturing industry accounts for 96.19%, other businesses account for 4.4%, construction and installation account for 0.45%, and internal offsets account for -1.04% [2]

证券代码：600343 股票简称：航天动力 编号：临 2025-024 二、离任对公司的影响 截至本公告披露日，尹从军女士不存在应当履行而未履行的承诺事项。根据《公 司法》《公司章程》的规定，尹从军女士的辞职自辞职报告送达董事会时生效。尹 从军女士确认与公司董事会之间无任何意见分歧，亦无任何与辞职有关的事项须提 请公司股东注意。尹从军女士已按照公司相关制度做好交接工作。 公司董事会对尹从军女士在任职期间为公司发展所做出的贡献表示衷心感谢。 特此公告。 陕西航天动力高科技股份有限公司董事会 2025 年 8 月 12 日 1 陕西航天动力高科技股份有限公司 关于财务总监辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 陕西航天动力高科技股份有限公司（以下简称"公司"）董事会于近日收到财 务总监尹从军女士的辞职报告，由于工作变动，尹从军女士申请辞去公司财务总监 职务，辞职后，尹从军女士不在公司及控股子公司担任任何职务。 姓名 离任职务 离任时间 原定任期到 期日 离任原因 是否继续在 上市公司及 其控股子公 司任职 具 ...

证券代码：600343 股票简称：航天动力 编号：临 2025-025 陕西航天动力高科技股份有限公司 第八届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》《公司章程》的规定； （二）本次董事会会议通知于 2025 年 8 月 1 日以电话、短信形式发出；会议 资料于 2025 年 8 月 1 日以电子邮件形式发出； （三）本次董事会会议于 2025 年 8 月 11 日以通讯表决的方式召开； 二、董事会会议审议情况 会议审议了列入会议议程的全部议案，经审议表决形成如下决议： （一）审议通过《关于聘任公司财务总监的议案》； 经公司总经理提名，公司提名委员会审核，审计委员会审议通过，同意聘任刘 伟先生为公司财务总监，任期自董事会通过之日起至第八届董事会届满之日止。 表决结果：同意 9 票 弃权 0 票 反对 0 票 （二）审议通过《关于调整及聘任公司部分高级管理人员的议案》。 李峰先生、金忠升先生、苏周鹏先生不再担任公司副总经理职务，公司 ...

Investment Rating - The report does not explicitly provide an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace index increased by 0.75% in the week of July 28 to August 1, 2025, with a trading volume increase of 11.40% [2][23] - Significant advancements in satellite internet and rocket technology were highlighted, including the successful launch of the Long March 8A rocket and the successful flight of the Dual Curve No. 10 rocket [7][12] - The report emphasizes the growing importance of commercial aerospace in China, showcasing innovations that enhance launch capabilities and reduce costs [8][19] Summary by Sections 1. Industry Development Dynamics - The Long March 8A rocket successfully launched a group of low-orbit satellites on July 30, 2025, marking a significant achievement in China's commercial aerospace capabilities [7] - The Dual Curve No. 10 rocket successfully completed its mission on July 29, 2025, validating the performance of new products and the safety of the launch vehicle [12] - The YH-1000 unmanned transport aircraft completed a successful cargo verification flight in complex terrain in Chongqing, demonstrating its operational capabilities [14] - The Falcon 9 rocket successfully launched multiple Starlink satellites, showcasing the ongoing advancements in commercial satellite deployment [17] 2. Industry Financing Progress - Taihu Xingyun completed over 50 million RMB in Series A financing, which will accelerate its development in satellite technology and applications [19] - Tianyu Hangtong secured several hundred million RMB in financing to support the production and delivery of its unmanned aircraft systems [20] 3. Capital Market Performance - The commercial aerospace index reached a high of 14672.2 and a low of 14383.3 during the week, with 43.94% of companies in the industry seeing stock price increases [23][26] - Notable stock performers included Guanshang Technology, Aerospace Power, and Aileda, with weekly increases of 18.80%, 13.95%, and 13.22% respectively [23][26] 4. Industry Conference Preview - Upcoming conferences include the 21st Academic Annual Meeting on Deep Space Exploration Technology in July and the 42nd Academic Annual Meeting on Solid Rocket Propulsion in August [31]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, suggesting that the industry is expected to outperform the overall market [3][28]. Core Insights - The military industry is experiencing a positive cycle driven by domestic demand, particularly due to the ongoing modernization of the military, which is expected to enhance domestic demand and support growth in the military sector [5][6]. - The report highlights a significant increase in global military trade demand, driven by geopolitical changes, which is anticipated to create a strong resonance between supply and demand in China's military trade [5][6]. - The military sector is expected to see an increase in overall valuation as the global military trade landscape evolves and domestic construction cycles expand, leading to greater recognition and higher valuations for military technology [5][6]. - The report recommends increasing attention to military stocks, particularly those related to next-generation equipment and precision-guided weapons, which are expected to enter a growth phase by 2025 [5][6]. Market Review - Last week, the Shenwan Defense and Military Index rose by 0.08%, outperforming the ChiNext Index, the CSI 300, and the Shanghai Composite Index, which fell by 0.74%, 1.75%, and 0.94% respectively [3][6]. - The report notes that the military sector's performance ranked 6th among 31 Shenwan primary industry sectors, with the average increase of the civil-military integration index at 0.65% [3][6]. - The top five performing stocks in the defense sector last week included Shanhe Intelligent (28.88%), Great Wall Military (22.91%), Aerospace Power (13.95%), Aileda (13.22%), and Zhongguang Lightning Protection (11.08%) [3][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 84.97, placing it in the upper range historically, with a valuation percentile of 71.81% since January 2014 and 99.75% since January 2019 [13][18]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment currently positioned at a relatively high valuation level since 2020 [13][18]. Key Valuation Targets - The report lists several key targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential and market positioning [5][20].

Core Viewpoint - Aerospace Power (600343) reported a slight increase in stock price, with a focus on its financial performance and investment activities [1][2]. Financial Performance - As of July 31, 2025, Aerospace Power's stock closed at 14.92 yuan, up 0.95%, with a turnover rate of 6.0% and a trading volume of 383,200 hands, amounting to 572 million yuan in transaction value [1]. - The latest quarterly report shows total revenue of 158 million yuan, a year-on-year decrease of 1.05%, and a net profit attributable to shareholders of 26.17 million yuan, down 14.42% year-on-year [1]. - The company's non-recurring net profit was 26.64 million yuan, a decrease of 12.36% year-on-year, with a current ratio of 1.367, quick ratio of 0.901, and a debt-to-asset ratio of 49.46% [1]. Capital Flow - On the day of reporting, the net inflow of main funds was 16.46 million yuan, accounting for 2.88% of the transaction value. Large orders saw a net inflow of 16.88 million yuan, while medium and small orders experienced net outflows [1]. Company Background - Aerospace Power, established in 1999 and located in Xi'an, primarily engages in general equipment manufacturing. The company has a registered capital of 6.38 billion yuan [1][2]. - The company has made investments in 8 enterprises and participated in 2,942 bidding projects, holding 8 trademark registrations and 272 patents, along with 35 administrative licenses [2].

Core Viewpoint - The successful launch of the Long March 6A rocket marks a significant achievement in China's space capabilities, particularly in satellite internet deployment [1] Group 1: Rocket Specifications - The Long March 6A rocket is a new generation medium-sized launch vehicle that utilizes a "liquid core stage + solid boosters" design, with a payload capacity exceeding 4.5 tons [1] - The rocket is equipped with four solid rocket boosters, each with a diameter of 2 meters and a thrust of 120 tons, developed by the Fourth Academy of China Aerospace Science and Technology Corporation [1] - The rocket's solid boosters are noted for their ease of maintenance, strong reliability, and lower overall costs [1] Group 2: Engine Contributions - The Fourth Academy provided the solid engines, while the Sixth Academy supplied two types of liquid main engines for the Long March 6A rocket [1] - The collaboration between these two academies highlights the integrated efforts in China's aerospace industry to ensure successful launch missions [1]

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an increase in focus on military investments [4][5]. Core Insights - The military trade supply and demand are strongly resonating, creating a new industry landscape, with expectations for continuous progress [5]. - The military industry is entering an upward cycle, driven by domestic demand from military construction, particularly in the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" equipment [5]. - The global geopolitical changes are expanding military trade demand, with China's military products gaining recognition, leading to a strong resonance between supply and demand in military trade [5]. - The growth cycle in the military sector is expected to enhance industry valuations, with a recognition of "technological equity" in military advancements [5]. - Recommendations include increasing attention to military investments, focusing on next-generation equipment and precision-guided weapons, which are expected to see initial growth by 2025 [5]. Market Review - Last week, the Shenwan Defense and Military Index rose by 2.26%, while the CSI Military Leaders Index increased by 3.68%, outperforming the Shanghai Composite Index, which rose by 0.69% [6][4]. - The top five performing stocks in the defense and military sector were Beihua Co. (23.37%), Yingliu Co. (20.37%), Feilihua (15.98%), AVIC Shenyang Aircraft (12.78%), and Aerospace Power (11.37%) [6][13]. - The bottom five performing stocks included Changchun Yidong (-9.36%), Rongfa Nuclear Power (-6.6%), Rainbow Co. (-6.14%), Guorui Technology (-5.02%), and Galaxy Electronics (-4.66%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan Military Sector is 83.84, placing it in the upper range historically, with a valuation percentile of 71.57% since January 2014 [14]. - Valuations are slightly differentiated among sub-sectors, with aerospace and aviation equipment at a relatively high valuation since 2020 [14][19]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like AVIC Shenyang Aircraft, AVIC Chengfei, and others, with projected net profits and PE ratios for the coming years [21].

Core Viewpoint - The performance of low-altitude economy companies in the first half of 2025 shows mixed results, with 12 companies reporting profits and 12 companies experiencing losses [3][5]. Group 1: Performance Overview - As of July 14, 2025, 24 companies in the low-altitude economy index disclosed their performance forecasts, revealing a split between profitable and loss-making entities [3]. - Among the 24 companies, 12 reported profits while the other 12 faced losses [3]. - Four companies are expected to see profit increases of over 50%: Zongshen Power (001696.SZ), Longxin General (603766.SH), Huijia Times (603101.SH), and Changyuan Donggu (603950.SH) [6]. Group 2: Profit and Loss Analysis - Companies such as Aerospace Development (000547.SZ) and Aerospace Rainbow (002389.SZ) reported losses, with the latter citing delays in delivery due to user demand plans [8]. - Aerospace Power (600893.SH) and Aerospace Electric (002025.SZ) achieved profitability but saw a decline in net profit compared to the previous year [6]. - North Navigation (600435.SH) turned a profit, expecting a net profit of 105 million to 120 million yuan in the first half of 2025 [7]. Group 3: Industry Challenges - Many companies in the low-altitude economy sector, particularly those in the aviation industry and low-altitude mainframe manufacturers, reported losses [5][8]. - The losses were attributed to various factors, including market environment impacts, product transformation challenges, and increased operational costs [9]. - Despite ongoing losses, some companies like Chuan University Zhisheng (002253.SZ) are actively pursuing low-altitude economy projects, indicating a commitment to future growth [9].

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a net loss for the first half of 2025, with estimated net profit attributable to parent company shareholders ranging from -83.5 million to -70 million RMB 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (RMB Million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -83.5 to -70 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -77.9 to -65.4 | - The performance forecast period is from **January 1, 2025, to June 30, 2025**[4](index=4&type=chunk) - The performance forecast has not been audited by a certified public accountant[6](index=6&type=chunk) [Operating Performance and Financial Status in the Same Period Last Year](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Status%20in%20the%20Same%20Period%20Last%20Year) The company's estimated loss for the current period is an expansion of the loss incurred in the same period of 2024, which included a net loss of 56.926 million RMB Prior Period (2024 H1) Financial Data | Indicator | Amount (RMB Million) | | :--- | :--- | | Total Profit | -59.5639 | | Net Profit Attributable to Parent Company Shareholders | -56.9260 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -55.2444 | | Earnings Per Share | -0.09 (RMB) | [Main Reasons for Current Period Performance Pre-Loss](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Pre-Loss) The pre-loss is primarily attributed to reduced main business revenue from pump and pump systems, inventory impairment for motor products, and provisions for estimated liabilities from investor lawsuits - Main business impact: **Revenue from pump and pump system businesses decreased** due to market conditions; **inventory impairment provisions** were made for motor products due to product transformation and customer order changes[8](index=8&type=chunk) - Non-operating gains and losses impact: **Estimated liabilities were accrued** during the reporting period due to investor lawsuits, **negatively affecting profit**[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company's performance forecast is a preliminary, unaudited result, with no significant uncertainties identified that would impact its accuracy - The aforementioned performance forecast is a **preliminary accounting result** from the company's financial department and has **not been audited** by a certified public accountant[9](index=9&type=chunk) - The company assesses that there are **no significant uncertainties** affecting the accuracy of this performance forecast[9](index=9&type=chunk) [Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) Investors are advised to refer to the officially disclosed 2025 semi-annual report for final financial data, published via designated media - The **final accurate financial data** will be subject to the company's **officially disclosed 2025 semi-annual report**[10](index=10&type=chunk) - The company's designated information disclosure media are **'Shanghai Securities News'** and the **Shanghai Stock Exchange website** (www.sse.com.cn)[10](index=10&type=chunk)