Group 1 - Aishuo Co., Ltd. expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [1] - Changcheng Military Industry anticipates a net loss of 25 million to 29.5 million yuan for the first half of 2025, with a net loss of 35 million to 41 million yuan after excluding non-recurring gains and losses [1] - Changyuan Donggu expects a net profit of 155 million to 180 million yuan for the first half of 2025, representing a year-on-year increase of 62.65% to 88.88% [1] Group 2 - Beifang Navigation forecasts a net profit of 105 million to 120 million yuan for the first half of 2025, turning around from a loss of 74.2168 million yuan in the same period last year [3] - Xizi Clean Energy expects a net profit of 130 million to 180 million yuan for the first half of 2025, a decrease of 47.40% to 62.01% compared to the same period last year [4] - Tianbao Infrastructure anticipates a net profit of 90 million to 130 million yuan for the first half of 2025, representing a year-on-year increase of 1581.80% to 2329.27% [4] Group 3 - Taiping Bird expects a net profit of approximately 77.7 million yuan for the first half of 2025, a decrease of about 55% compared to the same period last year [6] - Xibu Chuangye forecasts a net profit of approximately 295 million yuan for the first half of 2025, an increase of 88.99% compared to the same period last year [8] - Zhengbang Technology expects a net profit of 190 million to 210 million yuan for the first half of 2025, a year-on-year increase of 249.03% to 264.72% [9] Group 4 - Songzhi Co., Ltd. anticipates a net profit of 140 million to 170 million yuan for the first half of 2025, representing a year-on-year increase of 53.58% to 86.49% [10] - Hailide expects a net profit of 280 million to 310 million yuan for the first half of 2025, a year-on-year increase of 47.65% to 63.47% [12] - Chenhua Co., Ltd. forecasts a net profit of 48.8176 million to 56.6284 million yuan for the first half of 2025, a year-on-year increase of 25% to 45% [13] Group 5 - Yuanlin Co., Ltd. expects a net loss of 68 million to 92 million yuan for the first half of 2025, with a net loss of 70 million to 95 million yuan after excluding non-recurring gains and losses [14] - Chuanhua Zhili anticipates a net profit of 500 million to 550 million yuan for the first half of 2025, representing a year-on-year increase of 72.78% to 90.06% [15] - Longyuan Technology expects a net profit of 26 million to 31 million yuan for the first half of 2025, a year-on-year increase of 116.61% to 158.26% [17] Group 6 - Jiangshan Co., Ltd. forecasts a net profit of 300 million to 360 million yuan for the first half of 2025, a year-on-year increase of 75.65% to 110.78% [32] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan for the first half of 2025, a year-on-year increase of 100.73% to 114.12% [33] - Zhongyan Chemical's subsidiary signed a 6.809 billion yuan mining rights transfer contract [35]

[Important Content Alert](index=1&type=section&id=Important%20Content%20Alert) The company anticipates achieving profitability in the first half of 2025, reversing previous losses - The company expects to achieve a **turnaround in net profit** for the first half of 2025[2](index=2&type=chunk) Key Financial Data for H1 2025 Performance Forecast | Metric | Estimated Range (CNY 10,000) | Prior Period (CNY 10,000) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 10,500 to 12,000 | -7,421.68 | Turnaround to Profit | | Net Profit Excluding Non-Recurring Gains and Losses | 9,500 to 10,500 | -8,610.79 | Turnaround to Profit | [I. Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This section details the company's performance forecast for the first half of 2025, including expected net profit and non-recurring profit figures [1. Performance Forecast Period](index=1&type=section&id=1.%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1, 2025, to June 30, 2025 - The performance forecast period is from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) [2. Performance Forecast Details](index=1&type=section&id=2.%20Performance%20Forecast%20Details) The company projects H1 2025 net profit attributable to parent company shareholders to be CNY 105-120 million, reversing losses, with net profit excluding non-recurring items estimated at CNY 95-105 million H1 2025 Estimated Net Profit | Metric | Estimated Range (CNY 10,000) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 10,500 to 12,000 | | Net Profit Excluding Non-Recurring Gains and Losses | 9,500 to 10,500 | - Compared to the prior period's net loss of **CNY 74.2168 million** attributable to parent company shareholders, a **turnaround to profitability** is expected[2](index=2&type=chunk)[4](index=4&type=chunk) [3. Unaudited Performance Forecast Data](index=2&type=section&id=3.%20Unaudited%20Performance%20Forecast%20Data) The financial data disclosed in this performance forecast is preliminary and has not been audited by a certified public accountant - The performance forecast data has **not been audited** by a certified public accountant[4](index=4&type=chunk) [II. Prior Period Operating Performance and Financial Condition](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Condition) This section presents the company's operating performance and financial status for the first half of the previous year H1 2024 Operating Performance and Financial Condition | Metric | Amount (CNY 10,000) | | :--- | :--- | | Total Profit | -10,519.69 | | Net Profit Attributable to Parent Company Shareholders | -7,421.68 | | Net Profit Excluding Non-Recurring Gains and Losses Attributable to Parent Company Shareholders | -8,610.79 | | Earnings Per Share | -0.0494 CNY/share | [III. Primary Reasons for Current Period's Expected Profitability](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period's%20Expected%20Profitability) The expected profitability is primarily driven by increased product deliveries from the company's headquarters, aligning with the '14th Five-Year Plan' product delivery cycle - Increased delivery of key products from the company's headquarters compared to the prior period is the **primary reason for the turnaround to profitability**[6](index=6&type=chunk) - The performance growth is related to the **product delivery cycle at the end of the '14th Five-Year Plan'**[6](index=6&type=chunk) [IV. Risk Alert](index=2&type=section&id=IV.%20Risk%20Alert) The company confirms no other significant uncertainties exist that would impact the accuracy of this performance forecast - The company has **no other significant uncertainties** that would affect the accuracy of this performance forecast[7](index=7&type=chunk) [V. Other Explanatory Notes](index=2&type=section&id=V.%20Other%20Explanatory%20Notes) This section clarifies that the forecast data is preliminary and unaudited, advising investors to exercise caution - This forecast data is **preliminary and unaudited** by an accounting firm[8](index=8&type=chunk) - The final accurate financial data will be subject to the company's officially disclosed **2025 semi-annual report**[8](index=8&type=chunk) - Investors are reminded to **exercise caution regarding investment risks**[8](index=8&type=chunk)

Core Viewpoint - The company, Beifang Navigation (600435), is expected to achieve a net profit attributable to shareholders of the parent company in the range of 105 million to 120 million yuan for the first half of 2025, marking a turnaround from a net loss of 74.2168 million yuan in the same period last year [1] Financial Performance - The anticipated net profit for the first half of 2025 represents a significant improvement compared to the previous year's loss [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 95 million and 105 million yuan [1]

Group 1 - The defense and military industry sector is experiencing adjustments, with the defense military ETF (512810) showing fluctuations, including a drop of over 1% before narrowing its losses [1] - The ETF has seen significant inflows, with over 1.68 billion yuan invested in the past 10 days, indicating strong bullish sentiment despite recent declines [1] - Among the 80 constituent stocks of the ETF, most have declined, with notable drops including Changcheng Military Industry down nearly 7% and Guorui Technology down over 3% [1] Group 2 - Analysts suggest that the upcoming mid-year report season may bring uncertainty regarding the performance of previously high-profile stocks, leading to potential short-term differentiation [3] - Huafu Securities maintains a bullish outlook on the sector, while Zhonghang Securities believes the defense military industry is in a state with ample upward potential and limited downside risk [3] - Zhejiang Merchants Securities highlights three main investment themes for the defense military sector by 2025: military trade, new domains and qualities, and restructuring [3] Group 3 - The defense military ETF (512810) has undergone a share split, reducing the trading threshold from approximately 120 yuan to around 60 yuan, making it more accessible for investors [4]

Core Viewpoint - The China Securities Index for State-owned Enterprises in Aerospace Technology has shown a mixed performance in the A-share market, with a recent decline but positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The China Securities Index for State-owned Enterprises in Aerospace Technology closed at 2453.88 points, down 0.64% with a trading volume of 17.406 billion [1] - Over the past month, the index has increased by 7.20%, by 18.44% over the last three months, and by 6.34% year-to-date [1] Group 2: Index Composition - The index comprises 40 representative listed companies from state-owned enterprises involved in aerospace technology, including sectors such as aerospace equipment, materials, information, and security [1] - The index was established on December 28, 2018, with a base value of 1000.0 points [1] Group 3: Top Holdings - The top ten weighted companies in the index are: - Aero Engine Corporation (9.24%) - AVIC Xi'an Aircraft Industry (8.48%) - AVIC Optoelectronics (7.72%) - AVIC Shenyang Aircraft Corporation (5.98%) - Hongdu Aviation (4.66%) - Northern Navigation (4.23%) - AVIC Aircraft (3.95%) - AVIC High-tech (3.94%) - Aerospace Electronics (3.91%) - Zhongke Star Map (3.86%) [1] Group 4: Market Distribution - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 63.93%, the Shenzhen Stock Exchange for 35.46%, and the Beijing Stock Exchange for 0.60% [1] Group 5: Industry Breakdown - The industry composition of the index holdings is as follows: - Industrial sector: 82.67% - Materials sector: 5.83% - Information technology: 5.14% - Communication services: 4.70% - Consumer discretionary: 1.67% [2] Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - The company, Beifang Navigation, has experienced significant growth since its listing in 2003, with its market value increasing from 1.18 billion to 21.22 billion, but recent years have shown a decline in both revenue and profit [1][3][5] Group 1: Business Overview - Beifang Navigation's main business is in the military manufacturing industry, with core products categorized into dual-use military and civilian products, which account for 97.89% of revenue [3] - The company achieved a net profit attributable to shareholders of 0.27 billion in its first year and 0.59 billion in the latest fiscal year, marking a cumulative profit growth of 118.57% over 22 years [3] - In the last five years, the company's profitability has shown significant volatility, with a 69.29% year-on-year decline in net profit for 2024 [3] Group 2: Revenue Analysis - Beifang Navigation's revenue was 3.006 billion in 2020, decreasing to 2.748 billion in 2024, reflecting a trend of first increasing and then decreasing revenue over the past five years [3] - The revenue for 2024 saw a year-on-year decline of 22.91% [3] Group 3: Market Value and Stock Performance - Since its listing, Beifang Navigation's market value has increased by 16.99 times, indicating long-term investment value [5] - The peak market value reached 48.664 billion on May 27, 2015, with a stock price of 65.35, but as of July 3, the market value has decreased to 21.221 billion, representing a loss of 27.442 billion or 56.39% from its peak [5]

Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

Core Viewpoint - The announcement details the results of the third exercise period of the 2020 stock option incentive plan of Beifang Navigation Control Technology Co., Ltd., highlighting the number of options exercised and the implications for the company's stock structure and financial situation [2][6]. Summary by Sections Stock Option Exercise Details - The number of stock options available for exercise in the third period is 6,612,255 options, with the actual exercise period from January 16, 2025, to December 29, 2025 [2]. - As of June 30, 2025, a total of 4,370,316 shares have been exercised, accounting for 66.09% of the total options available [2][6]. - The shares obtained through the exercise will be tradable on the second trading day after the exercise date [2][6]. Decision-Making Process and Disclosure - The board of directors approved the stock option incentive plan on November 15, 2020, and the independent directors provided their opinions on the plan [3]. - The plan received approval from the State-owned Assets Supervision and Administration Commission on December 29, 2020 [3][4]. Stock Structure Changes - The third exercise period involved 81 eligible participants, with 40 participating in the second quarter of 2025 [6]. - The exercise did not result in changes to the controlling shareholder structure, with the major shareholders' holdings remaining stable [8]. Fundraising and Financial Impact - The total funds raised from the exercise in the second quarter of 2025 amounted to 16,864,809.44 yuan, with a cumulative total of 36,946,057.64 yuan raised by June 30, 2025 [8]. - The funds will be used to supplement the company's working capital [8]. - The exercise of options is not expected to have a significant impact on the company's financial status or operating results [8].

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 out of the 28 sectors in the Shenwan classification experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [1] - The defense and military industry saw a decline of 0.24%, with a net outflow of 4.176 billion yuan in main capital [1] Defense and Military Industry Performance - Within the defense and military sector, there are 139 stocks, with 47 stocks rising and 92 stocks falling on the day [1] - The top three stocks with the highest net inflow of capital are: - China Ship Emergency: 354 million yuan - China Shipbuilding: 148 million yuan - Lijun Shares: 145 million yuan [1] - The stocks with the highest net outflow of capital include: - Inner Mongolia First Machinery: 942 million yuan - North Navigation: 532 million yuan - China Ordnance: 394 million yuan [2] Capital Flow Analysis - The following stocks had significant capital inflow: - China Ship Emergency: 20.04% increase with a turnover rate of 15.27% - China Shipbuilding: 2.43% increase with a turnover rate of 1.80% - Lijun Shares: 9.98% increase with a turnover rate of 25.07% [1] - Conversely, the stocks with notable capital outflow include: - Inner Mongolia First Machinery: -0.21% change with a turnover rate of 16.23% - North Navigation: -3.78% change with a turnover rate of 15.58% - China Ordnance: 3.70% change with a turnover rate of 18.44% [2][3]

证券代码：600435 证券简称：北方导航 公告编号：临 2025-047 号 北方导航控制技术股份有限公司 关于公司 2020 年股票期权激励计划第三个行权期 2025 年第二季度自主行权结果暨股份变动的公告 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。 重要内容提示： ●本次行权股票数量：北方导航控制技术股份有限公司 （以下简称"公司"）2020 年股票期权激励计划（以下简称 "本次激励计划"）第三个行权期可行权股票期权数量为 661.2255 万份，实际可行权期为 2025 年 1 月 16 日至 2025 年 12 月 29 日（行权日须为交易日），行权方式为自主行权。 2025 年 4 月 1 日至 2025 年 6 月 30 日（行权窗口期除外）， 共行权并完成股份过户登记 1,996,646 股，截至 2025 年 6 月 30 日，累计行权且完成股份过户登记 4,370,316 股，占可行 权股票期权总量的 66.09%。 ●本次行权股票上市流通时间：本次激励计划采用自主 行权模式行权，激励对象行权所得股票 ...