一、审议通过了《关于聘任公司副总经理的议案》。 9 票赞成，占有效表决权总数的 100%，0 票反对，0 票 弃权。 经公司总经理胡小军提名，提名委员会审议通过，聘任 刘长怡（简历见附件）为公司副总经理，任期与第八届董事 会相同。 证券代码：600435 证券简称：北方导航 公告编号：临 2025-056 号 北方导航控制技术股份有限公司 第八届董事会第八次会议决议公告 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。 北方导航控制技术股份有限公司第八届董事会第八次 会议于 2025 年 10 月 29 日以送达、邮件等方式发出通知， 于 2025 年 11 月 3 日上午 9:30 以通讯表决方式召开。应到会 董事人数 9 人，实到会董事 9 人，占应到会董事人数的 100%， 符合法律、法规和《公司章程》的规定。会议以记名投票表 决的方式决议如下： 北方导航控制技术股份有限公司 董事会 2025 年 11 月 4 日 附件：候选人简历 刘长怡,男,1981 年 1 月生,中共党员,工学学士。曾任北方 导航控制技术股份有限公 ...

Core Viewpoint - Northern Navigation's stock has experienced fluctuations, with a notable decline of 2.03% on November 3, 2023, and a year-to-date increase of 44.05% [1][2] Financial Performance - For the period from January to September 2025, Northern Navigation achieved a revenue of 2.468 billion yuan, representing a year-on-year growth of 210.01%, and a net profit attributable to shareholders of 125 million yuan, up 268.83% year-on-year [2] - Cumulatively, the company has distributed 603 million yuan in dividends since its A-share listing, with 150 million yuan distributed over the past three years [3] Stock Market Activity - As of November 3, 2023, Northern Navigation's stock price was 14.03 yuan per share, with a total market capitalization of 21.204 billion yuan [1] - The stock has seen a net outflow of 22.62 million yuan from major funds, with significant selling pressure observed [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 3, 2023, showing a net buy of -21.40 million yuan [1] Shareholder Structure - As of October 20, 2023, Northern Navigation had 151,000 shareholders, with an average of 10,008 circulating shares per person, reflecting a slight decrease [2] - The top ten circulating shareholders include notable funds such as the Fortune China Securities Military Industry Leader ETF and Guotai Junan National Security Mixed Fund, with varying changes in their holdings [3]

Core Viewpoint - Northern Navigation's stock has experienced fluctuations, with a year-to-date increase of 47.64% but a recent decline over the past 60 days of 17.31% [1] Financial Performance - For the period from January to September 2025, Northern Navigation achieved a revenue of 2.468 billion yuan, representing a year-on-year growth of 210.01%, and a net profit attributable to shareholders of 125 million yuan, up 268.83% year-on-year [2] Stock Market Activity - As of October 30, Northern Navigation's stock price was 14.38 yuan per share, with a trading volume of 3.76 billion yuan and a turnover rate of 1.72%. The total market capitalization stood at 21.733 billion yuan [1] - The stock has seen significant net outflows of 45.3782 million yuan from major funds, with large orders showing a buy of 621.184 million yuan and a sell of 905.422 million yuan [1] Shareholder Information - As of October 20, the number of shareholders for Northern Navigation was 151,000, an increase of 0.36% from the previous period, with an average of 10,008 circulating shares per shareholder, a decrease of 0.36% [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3]

Market Overview - The ground equipment sector increased by 5.14% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable stock performances in the ground equipment sector include: - North China Long Dragon (301357) closed at 168.30, up 16.46% with a trading volume of 139,100 shares and a turnover of 2.202 billion [1] - Jieqiang Equipment (300875) closed at 50.32, up 10.64% with a trading volume of 151,300 shares and a turnover of 733 million [1] - Great Wall Military Industry (601606) closed at 54.98, up 10.00% with a trading volume of 1,121,000 shares and a turnover of 5.939 billion [1] - Inner Mongolia First Machinery (600967) closed at 19.80, up 6.45% with a trading volume of 959,100 shares and a turnover of 1.860 billion [1] Capital Flow - The ground equipment sector saw a net inflow of 1.528 billion from main funds, while retail funds experienced a net outflow of 898 million [1] - Detailed capital flow for key stocks includes: - Great Wall Military Industry had a main fund net inflow of 1.107 billion, with retail outflows of 584 million [2] - North China Long Dragon had a main fund net inflow of 101 million, with retail outflows of 541.8 million [2] - Jieqiang Equipment had a main fund net inflow of 68.26 million, with retail outflows of 69.42 million [2]

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with total revenue reaching 2.468 billion yuan, a year-on-year increase of 210.01%, and net profit attributable to shareholders of 125 million yuan, up 268.83% compared to the previous year [1][2]. Financial Performance - The company's gross profit margin was 20.32%, down from 31.24% in the same period of 2024, but still within a reasonable range considering the substantial revenue growth and potential shift towards lower-margin projects [2]. - The net profit margin improved to 4.52%, indicating better cost control and operational efficiency [2]. - Sales expenses were 36 million yuan, management expenses were 168 million yuan, and R&D expenses increased to 203 million yuan, reflecting a commitment to technology investment while maintaining stable operations [2]. Asset and Liability Management - As of the end of Q3 2025, the company's debt-to-asset ratio was 54.60%, up from 47.65% in 2024, but still considered manageable [3]. - The company had 4 million yuan in non-current liabilities due within one year, indicating limited short-term repayment pressure [3]. - Accounts receivable reached 4.695 billion yuan, a 34.64% increase year-on-year, while contract liabilities surged to 349 million yuan, up 239.45%, suggesting enhanced pre-collection capabilities alongside sales expansion [3]. - Inventory stood at 840 million yuan, a 23.56% increase, aligning with revenue growth without significant accumulation risk [3]. Cash Flow and Investment - The net cash flow from operating activities was -196 million yuan, showing significant improvement year-on-year, primarily due to strong cash receipts from sales, which totaled 2.702 billion yuan, a 209.84% increase [4]. - The net cash outflow from investing activities was 72 million yuan, with capital expenditures being cautious at 89 million yuan [4]. - Financing activities showed a net outflow of 6 million yuan, indicating stable financing behavior [4]. Earnings Forecast - The company's performance aligns with market expectations, with projected net profits for 2025-2027 estimated at 223 million yuan, 274 million yuan, and 304 million yuan, corresponding to P/E ratios of 99, 81, and 73 times, respectively [4].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Beifang Navigation, indicating a significant increase in stock price and revenue growth [1][2] - As of October 28, Beifang Navigation's stock price rose by 2.05% to 14.93 CNY per share, with a total market capitalization of 22.564 billion CNY [1] - The company has seen a year-to-date stock price increase of 53.29%, with a recent 5-day increase of 3.11% and a 20-day increase of 4.41% [1] Group 2 - For the period from January to September 2025, Beifang Navigation reported a revenue of 2.468 billion CNY, representing a year-on-year growth of 210.01%, and a net profit attributable to shareholders of 125 million CNY, up 268.83% year-on-year [2] - The company primarily operates in the defense and military sector, with 99.43% of its revenue coming from military products and only 0.57% from civilian products [1] - Beifang Navigation has a total of 151,000 shareholders as of October 20, with an average of 10,008 circulating shares per shareholder [2] Group 3 - The company has distributed a total of 603 million CNY in dividends since its A-share listing, with 150 million CNY distributed over the past three years [3] - Among the top ten circulating shareholders, notable changes include an increase in holdings by the Fortune CSI Military Leaders ETF and a decrease in holdings by the Guotai CSI Military ETF [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant rebound in revenue and profit, with total revenue for the first three quarters of 2025 reaching 2.468 billion yuan, a year-on-year increase of 210.01%, and a net profit attributable to shareholders of 125 million yuan, up 268.83% year-on-year [1][7] - The strong performance is attributed to an increase in order volume and accelerated delivery schedules, leading to rapid revenue growth [7] - The gross profit margin decreased to 20.32% from 31.24% in the same period last year, but remains within a reasonable range given the substantial revenue increase [7] - The company has improved its asset structure and maintained controllable debt levels, with a debt-to-asset ratio of 54.60% [7] - Operating cash flow has significantly improved, with net cash flow from operating activities at -196 million yuan, showing a substantial year-on-year improvement [7] Financial Summary - Total revenue forecast for 2025 is 5.028 billion yuan, with a projected net profit of 222.94 million yuan [1][8] - The company expects net profits of 2.23 billion yuan, 2.74 billion yuan, and 3.04 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 99, 81, and 73 [7][8] - The sales expenses for the first three quarters were 36 million yuan, while R&D expenses increased to 203 million yuan, indicating a commitment to technology investment [7] - The company’s stock price is currently at 14.63 yuan, with a market capitalization of approximately 22.11 billion yuan [5]

Market Overview - The ground equipment sector increased by 2.19% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - North China Long Dragon (301357) closed at 147.08, up 5.06% with a trading volume of 95,100 shares and a transaction value of 1.397 billion [1] - Great Wall Military Industry (601606) closed at 51.27, up 4.74% with a trading volume of 781,100 shares and a transaction value of 3.995 billion [1] - National Science and Technology Year (688543) closed at 49.22, up 4.13% with a trading volume of 58,400 shares and a transaction value of 286 million [1] - North Navigation (600435) closed at 14.79, up 2.92% with a trading volume of 511,200 shares and a transaction value of 756 million [1] - Inner Mongolia First Machinery (600967) closed at 18.54, up 1.53% with a trading volume of 417,200 shares and a transaction value of 776 million [1] Capital Flow - The ground equipment sector saw a net inflow of 364 million from institutional investors, while retail investors experienced a net outflow of 295 million [2] - The main capital inflow and outflow for key stocks in the sector are as follows: - Great Wall Military Industry: Net inflow of 214 million, with a 5.36% share of main capital [3] - North China Long Dragon: Net inflow of 52.26 million, with a 3.74% share of main capital [3] - North Navigation: Net inflow of 46.13 million, with a 6.11% share of main capital [3] - National Science and Technology Year: Net inflow of 35.01 million, with a 12.25% share of main capital [3]

Group 1: North Navigation (600435.SH) - The company reported a revenue of 2.468 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 210.01% [8] - The net profit attributable to shareholders reached 125 million yuan, up 268.83% year-on-year, while the net profit excluding non-recurring items was 117 million yuan, reflecting a 231.12% increase [8] - In Q3 2025, the company achieved a revenue of 765 million yuan, a year-on-year growth of 52.1% but a quarter-on-quarter decline of 43.3% [9] Group 2: Saint Farm Development (002299.SZ) - The company reported a revenue of 14.706 billion yuan and a net profit of 1.159 billion yuan for the first three quarters of 2025, with year-on-year increases of 6.86% and 202.82% respectively [12] - In Q3 2025, the revenue was 5.849 billion yuan, with a year-on-year increase of 18.77%, while the net profit decreased by 11.40% [12] - The poultry breeding and processing segment saw revenue growth, with sales volume increasing by 7.39% year-on-year, although the average selling price declined by 3.08% [12][13] Group 3: Guangxin Technology (920037.BJ) - The company achieved a revenue of 586 million yuan for the first three quarters of 2025, marking a year-on-year growth of 41.35%, and a net profit of 150 million yuan, up 91.95% [17] - In Q3 2025, the revenue was 211 million yuan, with a year-on-year increase of 35.95%, and the net profit reached 53 million yuan, reflecting a 92.73% growth [17] - The company has a strong market position in the domestic insulation materials sector, with several technologies reaching a global leading level, which is expected to accelerate domestic substitution [18]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Insights - The company reported a significant revenue growth of 210% year-on-year for the first three quarters of 2025, achieving a revenue of 2.468 billion yuan and turning a profit with a net income of 125 million yuan compared to a loss of 74 million yuan in the same period last year [1][4]. - The demand for the company's products is recovering strongly, with quarterly revenue in Q3 2025 reaching 765 million yuan, a year-on-year increase of 52.12% [1][3]. - The company is focusing on its core business areas and improving operational efficiency, with a notable reduction in operating expenses and an increase in R&D investment [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 20.32%, down 10.93 percentage points year-on-year, while the net profit margin improved to 4.52%, up 14.09 percentage points [1][2]. - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of -196 million yuan, compared to -1.098 billion yuan in the same period last year [2]. R&D and Operational Efficiency - R&D expenses increased by 23.48% year-on-year to 203 million yuan, while the R&D expense ratio decreased by 12.45 percentage points to 8.24% [2]. - The company has reduced its period expense ratio by 28.12 percentage points to 16.22%, with significant reductions in sales and management expense ratios [2]. Market Position and Future Outlook - The company is positioned as a core supplier in the navigation control and ammunition information sectors, capitalizing on trends in equipment intelligence and automation [4]. - Revenue forecasts for 2025 to 2027 predict net profits of 204 million yuan, 302 million yuan, and 434 million yuan, respectively, with corresponding PE ratios of 106x, 72x, and 50x [4][5].