航天晨光股份有限公司（以下简称公司）七届四十五次董事会以通讯表决方 式召开，公司于2025年7月25日以邮件和直接送达方式向全体董事发出会议通知 和会议资料。本次会议表决截止时间为2025年8月4日12时。会议应参加董事8 名，实参加董事8名。本次会议的召集召开程序符合《公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 证券代码：600501 证券简称：航天晨光 公告编号：临2025—038 航天晨光股份有限公司 七届四十五次董事会决议公告 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个别及连带责任。 一、董事会会议召开情况 表决结果：8票赞成，0票弃权，0票反对。 （二）审议通过《关于审议参股公司挂牌转让所持相关股权的议案》 公司参股企业中国航天汽车有限责任公司（以下简称航天汽车）对所持沈阳 航天三菱汽车发动机制造有限公司30%股权进行挂牌转让，前期经过几轮挂牌尚 未征集到意向方，后续航天汽车拟以所持股权评估值的六折价格再次降价挂牌。 经初步测算，该折扣价格转让预计将对公司净资产产生-5000余万元影响。 表决结果：8票 ...

Group 1 - A-shares opened lower on July 31, but the defense and military industry saw a rebound, with the Aerospace ETF (159227) experiencing active trading and a transaction volume of 24.95 million yuan by 9:50 AM, ranking first among its peers [1] - The Aerospace ETF has attracted over 400 million yuan in capital since July, reaching a new high of 760 million yuan in total assets [1] - The upcoming Army Day and the military parade on September 3 have increased market attention on the defense and military industry, with a recovery in demand and orders since 2025, leading to a shift in institutional allocation towards the sector after ten consecutive quarters of reduction [1] Group 2 - Zhejiang Securities predicts that ongoing geopolitical conflicts in 2025 will provide practical testing for China's military trade exports, potentially leading to a revaluation of domestic defense and military enterprises [2] - The focus for the second half of 2025 will be on military trade, new domains and qualities, and restructuring as the three main lines in the defense and military sector [2]

Investment Rating - The report indicates a positive outlook for the controlled nuclear fusion industry, suggesting that companies with leading technologies and core component supply capabilities are likely to benefit first as fusion devices are deployed [3]. Core Insights - Controlled nuclear fusion is viewed as a clean, safe, and sustainable ultimate energy source, with significant potential for large-scale commercialization in the future [4][8]. - The report highlights the importance of the Lawson criterion and the Q factor in achieving sustainable fusion reactions, emphasizing that meeting these conditions is crucial for commercialization [17][18]. - The global landscape for fusion energy is rapidly evolving, with multiple countries, including the US, UK, Germany, and Russia, actively pursuing fusion power projects expected to come online in the 2030s [34][36]. Summary by Sections 1. Development Window for Controlled Nuclear Fusion - The report notes that the domestic and international fusion energy sector is entering a critical development phase, with significant projects underway [5][34]. - Key projects include the Hefei BEST project in China, which aims to be the world's first to conduct steady-state deuterium-tritium combustion by 2027 [52]. 2. What is Controlled Nuclear Fusion? - Controlled nuclear fusion is characterized by high energy release efficiency, safety, abundant fuel sources, and minimal environmental pollution [4][8]. - The primary fuels for fusion are deuterium and tritium, with deuterium being readily available from water and tritium produced through lithium reactions [8][11]. 3. Technical Pathways for Controlled Nuclear Fusion - Magnetic confinement is identified as the most effective method for achieving fusion energy, with the Tokamak design being the most widely researched and developed [18][19]. - The report discusses advancements in high-temperature superconductors and AI technology that enhance plasma control and reduce the size and cost of fusion devices [26][27]. 4. Progress in Controlled Nuclear Fusion - The report outlines significant international efforts, including the ITER project, which aims to demonstrate the feasibility of fusion energy by achieving a Q factor greater than 10 [38][43]. - Various countries are ramping up investments in fusion energy, with the US planning to build the world's first fusion power plant by 2028 [34][35]. 5. Beneficiary Companies - The report identifies several companies poised to benefit from the growth of the fusion energy sector, including those involved in magnet systems, high-temperature superconductors, vacuum chambers, and other supporting technologies [3].

鉴于董事会成员变动，现对董事会专门委员会组成人员进行调整，具体如下： 委员。 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个别及连带责任。 一、董事会会议召开情况 航天晨光股份有限公司（以下简称公司）七届四十四次董事会以通讯表决方 式召开，公司于2025年7月16日以邮件和直接送达方式向全体董事发出会议通知 和会议资料。本次会议表决截止时间为2025年7月23日12时。会议应参加董事8 名，实参加董事8名。本次会议的召集召开程序符合《公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过《关于调整董事会专门委员会成员的议案》 证券代码：600501 证券简称：航天晨光 公告编号：临2025—037 航天晨光股份有限公司 七届四十四次董事会决议公告 任委员。 表决结果：8票赞成，0票弃权，0票反对。 - 1 - 航天晨光股份有限公司 董事会 - 2 - 附件：李春芳先生简历 李春芳：男，汉族，中共党员，1968年4月生，工商管理硕士，研究员。曾任 航天晨光泵阀（管件）分公司副总经理；航天晨光专用车辆分公司副总经理、 ...

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个别及连带责任。 证券代码：600501 证券简称：航天晨光 公告编号：临2025—037 航天晨光股份有限公司 七届四十四次董事会决议公告 一、董事会会议召开情况 （二）审议通过《关于聘任公司副总经理的议案》 根据公司控股股东中国航天科工集团有限公司推荐，聘李春芳先生任公司副 总经理（简历请见附件）；杨树东先生因工作调整不再担任副总经理职务。 航天晨光股份有限公司（以下简称公司）七届四十四次董事会以通讯表决方 式召开，公司于2025年7月16日以邮件和直接送达方式向全体董事发出会议通知 和会议资料。本次会议表决截止时间为2025年7月23日12时。会议应参加董事8 名，实参加董事8名。本次会议的召集召开程序符合《公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过《关于调整董事会专门委员会成员的议案》 鉴于董事会成员变动，现对董事会专门委员会组成人员进行调整，具体如下： 1.战略委员会委员：赵康、张久利、田江权、韩国庆、姜绍英。赵康任主任 委员。 2.审计委员会委员 ...

Group 1: Overall Performance of Central Enterprises - 79 central enterprise-controlled listed companies reported positive performance forecasts for the first half of the year, with 32 companies showing year-on-year net profit growth, 22 companies turning losses into profits, and 25 companies reducing losses [1] - 19 central enterprise-controlled listed companies expect a net profit increase of over 100%, with several companies achieving significant turnaround from losses [1] Group 2: Power Sector Performance - Huayin Power, a subsidiary of China Datang Group, is expected to lead the growth with a projected net profit of 180 million to 220 million yuan, representing a year-on-year increase of up to 44 times due to increased power generation and reduced fuel costs [2] - Major investments in the power grid and ultra-high voltage construction by State Grid and Southern Power Grid are expected to drive growth in related companies, with Guodian Nanzi and Baobian Electric forecasting net profit increases of 171.89% to 225.66% and 229.15%, respectively [2] Group 3: Electric Equipment and Cable Industry - Baobian Electric's profit increase is attributed to enhanced market development and increased project orders, while Baoshan Co. anticipates a net profit growth of 167.98% to 301.98% due to optimized sales policies and improved internal management [3] - New Energy Taishan is expected to turn losses into profits in the first half of the year, reflecting a positive trend in the electric cable sector [3] Group 4: Shipbuilding and Rare Earth Industries - The shipbuilding sector is experiencing significant growth, with companies like China Shipbuilding, China Power, and China Heavy Industry expecting net profit increases exceeding 200% due to effective management and increased delivery of civilian ships [5] - The rare earth industry is also thriving, with companies like China Rare Earth and Guangsheng Nonferrous Metals expected to turn losses into profits, driven by rising prices of rare earth products [4] Group 5: Turnaround Companies - 22 central enterprise-controlled listed companies are expected to turn losses into profits, with quality improvement and efficiency enhancement being key factors for their performance recovery [6] - Companies like Zhongnan Co. and Taiji Co. have reported successful turnarounds due to strengthened management and cost control measures [6][7] Group 6: Management and Efficiency Improvements - Many companies achieving year-on-year growth or reduced losses attribute their success to ongoing quality improvement and efficiency enhancement initiatives [7] - Companies are focusing on optimizing resource allocation, controlling costs, and improving operational efficiency as critical drivers of performance growth [7]

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].

Group 1 - The company expects to report a net profit attributable to shareholders of approximately -80 million yuan for the first half of 2025, with a net profit of approximately -90 million yuan after deducting non-recurring gains and losses, indicating a reduction in losses year-on-year [1] - In the same period last year, the company reported a total profit of -129.27 million yuan and a net profit attributable to shareholders of -123.15 million yuan, with a net profit of -132.13 million yuan after deducting non-recurring gains and losses [1] - The main reasons for the expected loss include a decline in operating revenue due to insufficient new orders in the logistics support equipment industry and a decrease in gross profit margin due to increased market competition in the pressure vessel industry [1]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a preliminary unaudited net loss of approximately **RMB 80 million** for H1 2025, indicating a narrowed loss compared to the prior year H1 2025 Performance Forecast | Indicator | Estimated Amount (RMB Millions) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -80 | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Items | -90 | - The company explicitly states this performance forecast is a preliminary estimate based on operating conditions and has not been audited by a certified public accountant[4](index=4&type=chunk) - Compared to the same period last year, the company expects a reduction in losses for the first half of 2025 (year-on-year loss reduction)[2](index=2&type=chunk) [Prior Period Operating Performance and Financial Position](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In H1 2024, the company reported a net loss of **RMB 123.16 million** and a non-recurring net loss of **RMB 132.13 million**, with EPS of **RMB -0.29** H1 2024 Prior Period Performance | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | -129.2731 Millions | | Net Profit Attributable to Parent Company Shareholders | -123.1551 Millions | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Items | -132.1290 Millions | | Earnings Per Share | -0.29 | [Key Reasons for Current Period Loss Forecast](index=1&type=section&id=III.%20Key%20Reasons%20for%20Current%20Period%20Loss%20Forecast) The projected loss is primarily due to a decline in operating revenue and a reduction in gross profit margins across key business segments - Decreased operating revenue is a primary reason for the projected loss, specifically due to: - Insufficient new orders in the logistics support equipment sector, impacted by specific user procurement plans - Newly signed orders in the pressure vessel sector being in the early stages of production, not yet generating substantial revenue[6](index=6&type=chunk) - Declining gross margin is another contributing factor to the projected loss, evidenced by: - A reduced proportion of sales revenue from high-value-added products within the flexible pipe fittings sector - Further compression of gross profit margins in the pressure vessel sector due to intensified market competition[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning%20and%20Other%20Notes) This unaudited performance forecast is a preliminary calculation, with final figures subject to the H1 2025 report, and investors are advised to exercise caution - This performance forecast represents a preliminary calculation by the company's finance department and has not been audited by a certified public accountant[8](index=8&type=chunk) - The company declares there are no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) - The final accurate financial data will be based on the company's officially disclosed H1 2025 report, and investors are advised to exercise caution in their investment decisions[9](index=9&type=chunk)

Core Viewpoint - Aerospace Chengtong (600501) expects a net loss attributable to shareholders of approximately -80 million yuan for the first half of 2025, with a net loss of -90 million yuan after deducting non-recurring gains and losses, indicating a reduction in losses year-on-year [1] Group 1 - The company anticipates a decline in operating revenue during the reporting period [1] - The gross profit margin is also expected to decrease [1]