陕西航天动力高科技股份有限公司 关联交易决策管理办法 （2025 年 9 月修订） 第一章 总则 （十六）存贷款业务； （十七）与关联人共同投资； （十八）其他通过约定可能引致资源或者义务转移的事项。 第三条 本办法所称关联人，包括关联法人（或者其他组织）和关联自然人。 第四条 具有以下情形之一的法人（或者其他组织），为公司的关联法人（或 者其他组织）： （一）直接或者间接控制公司的法人（或者其他组织）； 第一条 为保证陕西航天动力高科技股份有限公司（以下简称为公司）与关 联方之间的关联交易符合公平、公正、公开的原则，确保公司的关联交易行为不 损害公司和非关联股东的合法权益，依据《中华人民共和国公司法》《中华人民 共和国证券法》《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 《上海证券交易所上市公司自律监管指引第 5 号—交易与关联交易》等相关法 律、行政法规、证券监管机构的规则以及《陕西航天动力高科技股份有限公司章 程》（以下简称《公司章程》）之规定，制定本办法。 第二章 关联交易和关联人 第二条 公司的关联交易，是指公司、公司的控股子公司及公司控制的其他 主体与公司关联人之间发生的转移资源或者 ...

陕西航天动力高科技股份有限公司 关联方资金往来和对外担保管理办法 （2025 年 9 月修订） 第一章 总则 第一条 为了进一步规范陕西航天动力高科技股份有限公司（以下简称公 司）与控股股东、实际控制人及其他关联方的资金往来，控制公司对外担保风 险，保护投资者的合法权益，依据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司监管指 引第 8 号—上市公司资金往来、对外担保的监管要求》及《陕西航天动力高科 技股份有限公司章程》（以下简称《公司章程》）等规定，制定本办法。 第二条 本办法适用于公司的全资子公司、控股子公司和公司实际控制的 公司。 第三条 公司董事、高级管理人员应当审慎履行职责，防范控股股东、实 际控制人及其关联方的资金占用，严格控制对外担保产生的债务风险，依法履 行关联交易和对外担保的审议程序和信息披露义务。 公司审计委员会应当切实履行监督职责，密切关注公司的关联交易、资金往 来和对外担保情况，防范经营风险。 第四条 公司各相关部门应当尽职尽责，落实各项风险控制制度，防范资 金占用和公司债务风险。 第二章 关联方资金往来 第一节 一般规定 ...

陕西航天动力高科技股份有限公司 董事会议事规则 (2025 年 9 月修订) 第一章 总则 第一条 为了保证陕西航天动力高科技股份有限公司（以下简称公司）董事会及 董事忠实履行职责，维护公司和股东利益，根据《中华人民共和国公司法》（以下简 称《公司法》）、中国证券监督管理委员会（以下简称中国证监会）发布的一系列规 范性文件及《公司章程》等规定，制定本规则。 第二条 公司董事会由九名董事组成，其中独立董事三名，职工董事一名，独立 董事中至少包含一名会计专业人士。 第五条 董事应当以公司和股东的最大利益为行为准则，认真阅读会议文件，以 正常合理的谨慎态度勤勉行事并对所议事项表达明确意见。 第六条 董事连续两次未能亲自出席，也不委托其他董事出席董事会会议，视为 不能履行职责，董事会应当建议股东会予以撤换。 第七条 董事会秘书负责董事会会议会前的准备工作、会中的记录工作、会后的 材料整理、归档、信息披露工作。 1 公司在董事会中设置审计委员会。审计委员会成员为不在公司担任高级管理人员 的董事，其中独立董事过半数，并由独立董事中会计专业人士担任召集人。公司董事 会设置提名委员会、薪酬与考核委员会、战略委员会。提名委员会 ...

Core Insights - The establishment of the China Aerospace Science and Technology Corporation's liquid propulsion system testing center marks the first globally open commercial space propulsion testing platform in China [1] - The center showcases advanced testing capabilities and cutting-edge technologies, including the Li Jian No. 2, Li Jian No. 2 heavy-lift, and Li Jian No. 3 launch vehicles, as well as the Li Hong series reusable spacecraft and Li Qing series liquid oxygen-kerosene engines [1][3] Summary by Categories Testing Center Overview - The testing center is located in Conghua District, Guangzhou, covering an area of 1,016 acres, featuring 200-ton and 30-ton liquid oxygen-kerosene engine test stands, and a leading 400-ton liquid oxygen-kerosene propulsion system test platform [1][3] - The center is designed with safety, professionalism, versatility, and economy as key principles, serving as a critical ground verification platform for the development of medium and large liquid rocket engines and reusable technology [1][3] Safety Measures - The center incorporates extensive safety redundancies and monitoring measures, including the highest fire protection standards and equipment designed with a safety factor of three or more [3] - Testing procedures are standardized, with pre-test cold debugging and multiple rounds of system testing to ensure reliability before formal tests [3] Launch Vehicles and Engines - The Li Jian No. 2 rocket is progressing towards its maiden flight, with assembly completed and testing underway, aiming for a mission in Q4 of this year to support China's manned space station program [3] - The Li Jian No. 2 heavy-lift rocket features a generic core stage design and aims to significantly reduce launch costs while supporting high-frequency satellite launches, with a capacity of 22 tons to low Earth orbit [4][6] Future Applications - The Li Hong series reusable spacecraft is designed for over 30 flights, targeting space tourism and scientific research, and supporting major strategic projects like manned lunar missions and deep space exploration [6] - The center aims to integrate aerospace technology with public education and modern agriculture, creating a comprehensive aerospace technology ecosystem [6]

中科宇航液体动力系统试验中心在广州落成。中科宇航 供图 当日，中科宇航液体动力系统试验中心落成暨试验能力发布会在广州举行。此次发布会系统展示试验中 心先进的试验能力与前沿技术水平，介绍力箭二号运载火箭、力箭二号重型运载火箭、力箭三号运载火 箭，以及力鸿系列可重复使用飞行器和力擎系列液氧煤油发动机等核心成果。 中新网广州9月9日电 (记者 王坚)中国首个面向全球开放的商业航天动力系统测试平台——中科宇航液 体动力系统试验中心9日在广州正式落成。 9月9日， 据介绍，该试验中心位于广州从化区，占地面积1016亩，核心设施包括200吨级与30吨级液氧煤油发动 机试车工位，以及能力领先的400吨级液氧煤油动力系统试车台。 航拍试验中心(资料图)。中科宇航 供图 此外，作为粤港澳大湾区唯一的综合性航天产业基地，试验中心开创性地将航天科技与科普教育、现代 农业及生态文旅深度融合，构建起集航天工程试验、太空科普体验、太空农业展示与生态观光于一体 的"航天科技生态综合体"，配套建设包括航天科普展厅、太空农业示范区、太空荷花观赏区及太空果树 种植示范区等，不仅服务于航天科研与智能制造，更成为向公众传播航天文化、展示航天科技与太 ...

Core Viewpoint - Zhang Sufen, a prominent investor, focuses on undervalued stocks with state-owned enterprise (SOE) backgrounds, demonstrating a unique investment philosophy that contrasts with current market trends favoring high-profile sectors like chips and innovative drugs [1][2]. Group 1: Investment Strategy - Zhang Sufen's investment logic is characterized by a combination of "low price + SOE background," which serves as a safety net for her investments [2]. - Among the 22 stocks in her portfolio, 14 are controlled by SOEs or local governments, accounting for 63.64% of her holdings, which she views as a "policy lightning rod" to mitigate risks and capture policy benefits [2]. - The stocks in her portfolio are predominantly low-priced, with most trading below 10 yuan per share, indicating a preference for undervalued assets [1][2]. Group 2: Notable Holdings - In the second quarter, Zhang Sufen became a major shareholder in six companies, including Xinneng Wind Power, Fida Environmental Protection, and Jinjia Co., all of which have low stock prices [1]. - Fida Environmental Protection, one of her key holdings, saw its stock price rise from 4.8 yuan to a peak of 5.83 yuan, reflecting a more than 20% increase since the second quarter [7]. - Aerospace Power, another significant investment, experienced a price increase from around 10 yuan to a peak of 16.9 yuan, marking a recovery after a period of decline [5][7]. Group 3: Market Context - The recent policy initiatives from the central government aimed at promoting green and low-carbon transitions have positively impacted stocks like Fida Environmental Protection, highlighting the importance of aligning investments with government policies [7]. - Zhang Sufen's approach emphasizes patience and strategic trading, as evidenced by her handling of Aerospace Power, where she employed a flexible strategy to lower her cost basis during market fluctuations [5].

Group 1 - The Aerospace Science and Technology Corporation's Sixth Academy has supplied 576 products including air heaters, material heaters, steam ejectors, high-speed pumps, reactors, special valves, plunger valves, breathing valves, flame arresters, and safety valves to support the commissioning of the world's largest integrated olefin production base located in Fujian Province by Zhongjing Petrochemical [1][3] - Zhongjing Petrochemical's integrated olefin production base consists of three propane dehydrogenation units and four polypropylene units, achieving an annual production capacity of 2.8 million tons of propylene and 3.8 million tons of polypropylene, with a domestic production rate of 99.5%, significantly contributing to the independent innovation of China's high-end petrochemical industry [3] - The products provided by the Aerospace Science and Technology Corporation play a crucial role in ensuring the safe, stable, and efficient operation of the entire facility by serving as key equipment for heating materials and regenerating air, providing high vacuum environments, transporting and controlling process media, balancing tank pressure, preventing flame propagation in case of accidents, and avoiding equipment overpressure [3]

Group 1 - The core viewpoint of the news is that Aerospace Power (600343) has experienced a stock price increase of 3.95% as of August 25, 2025, closing at 15.53 yuan, with a trading volume of 482,800 hands and a transaction amount of 739 million yuan [1] - The company reported a total operating revenue of 328 million yuan for the first half of 2025, a year-on-year decrease of 12.88%, and a net profit attributable to shareholders of 73.12 million yuan, down 28.46% year-on-year [1] - The company has a current ratio of 1.314, a quick ratio of 0.860, and a debt-to-asset ratio of 50.85% [1] Group 2 - Aerospace Power has made investments in 8 companies and participated in 2,946 bidding projects [2] - The company holds 8 trademark registrations and 272 patents, along with 35 administrative licenses [2]

Core Viewpoint - Aerospace Power (600343) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 328 million yuan, a decrease of 12.88% year-on-year [1] - The net profit attributable to shareholders was -73.12 million yuan, down 28.46% year-on-year [1] - In Q2 2025, total revenue was 169 million yuan, a decline of 21.64% year-on-year, with a net profit of -46.95 million yuan, down 37.88% year-on-year [1] - Gross margin fell to 6.5%, a decrease of 46.09% year-on-year, while net margin was -26.31%, down 65.9% year-on-year [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 76.54 million yuan, accounting for 23.36% of revenue, an increase of 13.64% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 11.37% to 132 million yuan [1] - Accounts receivable stood at 610 million yuan, down 8.37% [1] - Interest-bearing debt increased by 15.04% to 465 million yuan [1] - Net asset value per share was 2.18 yuan, a decrease of 12.53% year-on-year [1] Cash Flow Analysis - Operating cash flow per share was -0.19 yuan, an increase of 15.14% year-on-year [1] - The net cash flow from operating activities improved by 15.14%, attributed to increased bill settlements and reduced cash payments for goods and services [10] - The net cash flow from investing activities saw a significant decline of 721.05%, due to increased payments for fixed asset investments [10] - The net cash flow from financing activities increased by 127.63%, driven by higher bank borrowings [11] Cost Structure and Expense Analysis - Sales expenses increased by 1.82%, while management expenses decreased by 3.38% due to reduced labor costs [8][9] - Financial expenses rose by 10.79%, primarily due to decreased interest income [10] - Research and development expenses decreased by 5.3% as some projects were capitalized [10] Historical Performance Context - The company's historical financial performance has been poor, with a median Return on Invested Capital (ROIC) of -0.78% over the past decade, and a worst year ROIC of -10.01% in 2021 [12] - The company has reported losses in five of the 21 annual reports since its listing, indicating a generally unfavorable investment profile [12]

Group 1: China Petroleum & Chemical Corporation (Sinopec) - The company plans to repurchase shares worth between 500 million to 1 billion yuan using its own funds and special loans, with a maximum repurchase price of 8.72 yuan per share [1] - The estimated number of shares to be repurchased is between approximately 57.34 million to 114.68 million shares, representing 0.05% to 0.09% of the total share capital [1] - The repurchased shares will be fully canceled, reducing the registered capital, and the repurchase period will not exceed three months from the board's approval [1] Group 2: Zhenzhitong (True Vision) - The controlling shareholder plans to reduce its stake by 3%, selling 6.2928 million shares from September 15, 2025, to December 14, 2025 [3] - The company specializes in multimedia video system construction and data center system services [3] Group 3: Junya Technology - The company reported a net profit of 38.13 million yuan for the first half of 2025, recovering from a loss of 16.34 million yuan in the same period last year [4] - Revenue for the first half of 2025 reached 1.264 billion yuan, a year-on-year increase of 13.54% [4] - The basic earnings per share were 0.12 yuan [4] Group 4: Highling Information - The company reported a net loss of 33.07 million yuan for the first half of 2025, compared to a loss of 22.50 million yuan in the same period last year [5] - Revenue for the first half of 2025 was 95.20 million yuan, a year-on-year increase of 15.55% [5] - The basic loss per share was 0.26 yuan [5] Group 5: Laisentongling - The company achieved a net profit of 60.61 million yuan in the first half of 2025, turning around from a loss in the previous year [6] - Revenue increased by 37.00% year-on-year, reaching 870 million yuan [6] - The basic earnings per share were 0.18 yuan [6] Group 6: Kanglong Huacheng - The company reported a net profit of 701 million yuan for the first half of 2025, a decrease of 37% year-on-year [9] - Revenue was 6.441 billion yuan, reflecting a year-on-year growth of 14.93% [9] - The basic earnings per share were 0.3984 yuan [9] Group 7: Ganeng Co., Ltd. - The company reported a net profit of 438 million yuan for the first half of 2025, a year-on-year increase of 29.39% [10] - Revenue decreased by 1.53% to 3.031 billion yuan [10] - The basic earnings per share were 0.45 yuan [10] Group 8: Jidian Co., Ltd. - The company reported a net profit of 726 million yuan for the first half of 2025, a decrease of 33.72% year-on-year [11] - Revenue was 6.569 billion yuan, down 4.63% from the previous year [11] - The company plans to distribute a cash dividend of 0.20 yuan per 10 shares [11] Group 9: Yunmei Energy - The company reported a net loss of 163 million yuan for the first half of 2025, compared to a loss of 233 million yuan in the same period last year [13] - Revenue was 2.568 billion yuan, a year-on-year decrease of 28.14% [13] - The basic loss per share was 0.15 yuan [13] Group 10: Yiwang Co., Ltd. - The company reported a net profit of 104 million yuan for the first half of 2025, a decrease of 8.33% year-on-year [15] - Revenue was 2.972 billion yuan, down 0.87% from the previous year [15] - The company plans to distribute a cash dividend of 0.15 yuan per 10 shares [15] Group 11: Aerospace Power - The company reported a net loss of 731 million yuan for the first half of 2025, compared to a loss of 569 million yuan in the same period last year [17] - Revenue was 328 million yuan, a year-on-year decrease of 12.88% [17] - The basic loss per share was 0.12 yuan [17] Group 12: Dongbei Group - The company reported a net profit of 682 million yuan for the first half of 2025, a decrease of 31.60% year-on-year [18] - Revenue was 3.187 billion yuan, reflecting a year-on-year increase of 4.05% [18] - The basic earnings per share were 0.1102 yuan [18] Group 13: Artis - The company reported a net profit of 731 million yuan for the first half of 2025, a decrease of 41.01% year-on-year [19] - Revenue was 21.052 billion yuan, down 4.13% from the previous year [19] - The basic earnings per share were 0.20 yuan [19] Group 14: Taihe Intelligent - The company reported a net profit of 10.58 million yuan for the first half of 2025, a year-on-year increase of 61.24% [20] - Revenue was 249 million yuan, reflecting a year-on-year growth of 10.92% [20] - The basic earnings per share were 0.06 yuan [20] Group 15: Fusa Technology - The company reported a net profit of 63.30 million yuan for the first half of 2025, a year-on-year increase of 36.40% [21] - Revenue was 820 million yuan, reflecting a year-on-year growth of 35.41% [21] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares [21] Group 16: iFlytek - The company reported a net loss of 239 million yuan for the first half of 2025, compared to a loss of 401 million yuan in the same period last year [22] - Revenue was 10.911 billion yuan, a year-on-year increase of 17.01% [22] - The basic loss per share was 0.1034 yuan [22] Group 17: Guomai Technology - The company reported a net profit of 151 million yuan for the first half of 2025, a year-on-year increase of 94.39% [22] - Revenue was 250 million yuan, reflecting a year-on-year growth of 11.78% [22] - The company plans to distribute a cash dividend of 0.40 yuan per 10 shares [22] Group 18: EVE Energy - The company reported a net profit of 1.605 billion yuan for the first half of 2025, a year-on-year decrease of 24.90% [23] - Revenue was 28.169 billion yuan, reflecting a year-on-year growth of 30.06% [23] - The company plans to distribute a cash dividend of 2.45 yuan per 10 shares [23] Group 19: Guomai Technology (Share Buyback) - The company plans to sell all repurchased shares totaling 15.5367 million shares, representing 1.54% of the total share capital [23] - The purpose of the sale is to concentrate resources on developing the main business and promoting mergers and acquisitions [23] Group 20: EVE Energy (Equity Transfer) - The company plans to transfer 49% of its stake in Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. for 600 million yuan [23] - After the transfer, the company will no longer hold any equity in Xinghua Lithium Salt [23] Group 21: Yongtaiyun - The company has received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific objects [24] - The application is subject to review and approval by the China Securities Regulatory Commission [24]