Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is driven by military trade product deliveries, with ongoing expansion into new business areas [2][12] - In H1 2025, the company achieved revenue of 1.72 billion yuan, a year-on-year increase of 10%, and a net profit of 350 million yuan, a year-on-year increase of 1% [4][12] - The Q2 2025 single-quarter revenue reached 1.36 billion yuan, a year-on-year increase of 36% and a quarter-on-quarter increase of 274% [4][12] Financial Performance - The company's radar system and subsystem business revenue was 1.55 billion yuan in H1 2025, a year-on-year increase of 16.57%, with a gross margin of 42.46% [12] - The company reported a gross margin of 41.28% in H1 2025, a slight decline of 0.12 percentage points year-on-year, and a net margin of 20.28%, down 1.89 percentage points year-on-year [12] - The company expects revenues of 3.73 billion, 4.49 billion, and 4.91 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.70%, 20.32%, and 9.48% [14] Business Segments - The G-end business continues to face pressure, while the main radar business benefits significantly from military trade growth [12] - The company has successfully bid for various civil radar projects, including meteorological radar and air traffic control systems, indicating a sustained push into civilian radar applications [13] Investment Recommendations - The report maintains a "Buy" rating, anticipating that the company will benefit from rising global military expenditures [14]

Core Insights - The Nanjing Gu Rui Technology Park construction is accelerating, with a focus on becoming a technology business complex [2] Project Overview - The project is located at the intersection of Mofan Road and Huju North Road in the Gulou District [2] - It is situated above the Gupinggang Station of Metro Line 7 [2] - The total construction area is 350,000 square meters, which includes commercial offices, shopping centers, and apartments [2] - Upon completion, it is expected to serve as a comprehensive technology business complex [2]

Group 1 - The core viewpoint of the article highlights the performance and outlook of the AI Fund, Xingsheng Global Sustainable Investment Three-Year Open Mixed Fund, which reported a profit of 14.51 million yuan in the first half of 2025, with a weighted average profit per fund share of 0.0398 yuan [3] - The fund's net value growth rate for the first half of 2025 was 3.72%, and the fund size reached 405 million yuan by the end of the reporting period [3][30] - The fund manager expressed optimism about investment opportunities arising from the global expansion of high-end Chinese products, rapid AI development, and stable dividend policies [3] Group 2 - As of September 5, 2025, the fund's one-year cumulative net value growth rate was 35.58%, ranking 399 out of 604 comparable funds [5] - The fund's three-month and six-month cumulative net value growth rates were 22.09% and 16.44%, respectively, ranking 222 out of 607 and 337 out of 607 among comparable funds [5] - The fund's weighted average price-to-earnings ratio (TTM) was approximately 8.69 times, significantly lower than the industry average of 33.74 times [9] Group 3 - The weighted year-on-year revenue growth rate (TTM) for the stocks held by the fund was 0.12%, while the weighted net profit growth rate (TTM) was 0.27% [15] - The fund's average stock position since inception was 83.42%, with a peak of 88.94% in the first half of 2024 [29] - As of June 30, 2025, the fund had 5,836 holders, with individual investors holding 70.73% of the shares [33]

Group 1 - On September 5, Guorui Technology executed a block trade of 100,000 shares, with a transaction amount of 2.53 million yuan, accounting for 0.97% of the total transaction volume for the day [1] - The transaction price was 25.3 yuan, which represents a discount of 4.2% compared to the market closing price of 26.41 yuan [1]

Meeting Overview - The shareholders' meeting was held on September 3, 2025, at the Guorui Building, Nanjing, Jiangsu Province [1] - The meeting was chaired by the company's chairman, Ms. Gu Jihang, and followed legal regulations for convening and voting [1] - All 9 current directors attended the meeting, along with the board secretary and several executives [1] Resolutions Passed - The following resolutions were approved during the meeting: 1. Appointment of an accounting firm [2] 2. Provision of performance guarantees for the wholly-owned subsidiary's business [2] 3. Expansion of the company's business scope and amendment of the Articles of Association [2] Voting and Legal Compliance - The third resolution required a special resolution, passing with more than two-thirds of the valid voting shares [3] - The meeting was witnessed by lawyers from Shanghai Jintiancheng (Nanjing) Law Firm, confirming that all procedures and results complied with relevant laws and regulations [3]

Core Viewpoint - Guorui Technology announced the convening of its first extraordinary general meeting of shareholders in 2025 on September 3, 2025, to review multiple proposals, including the appointment of an accounting firm [2] Group 1 - The extraordinary general meeting will take place on September 3, 2025 [2] - The meeting will discuss the proposal regarding the appointment of an accounting firm among other resolutions [2]

(二)股东会召开的地点：江苏省南京市建邺区江东中路 359 号国睿大厦 1 号楼 22 层 1 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 583 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 828,945,320 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.7504 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等： 证券代码：600562 证券简称：国睿科技 公告编号：2025-029 国睿科技股份有限公司 2025年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 3 日 本次会议由公司董事会召集，董事长郭际航女士主持会议。本次会议以现场投票 与网络投票相结合的方式进行表决，会议的 ...

上海市锦天城（南京）律师事务所 法律意见书 上海市锦天城（南京）律师事务所 关于国睿科技股份有限公司 2025年第一次临时股东会的 法律意见书 地址：南京市建邺区江东中路 347 号国金中心一期 27、28 楼 电话：025-68515000 传真：025-68516601 邮编：210019 上海市锦天城（南京）律师事务所 法律意见书 上海市锦天城（南京）律师事务所 关于国睿科技股份有限公司2025年第一次临时股东会的 法律意见书 致：国睿科技股份有限公司 上海市锦天城（南京）律师事务所（以下简称本所）接受国睿科技股份有限 公司（以下简称公司）委托，就公司召开2025年第一次临时股东会（以下简称本 次股东会）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》） 《上市公司股东会规则》等法律、法规和其他规范性文件以及《公司章程》的有 关规定，出具本法律意见书。 本所及本所律师依据《律师事务所从事证券法律业务管理办法》和《律师事 务所证券法律业务执业规则（试行）》等规定，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，对本次股东会所涉及的相关事项进行了必要的核查和 验证，并参加了公司本次股东会的全 ...

Core Viewpoint - Guorui Technology's stock has experienced fluctuations, with a year-to-date increase of 38.47% but a recent decline in the last 5, 20, and 60 trading days [1] Financial Performance - As of June 30, Guorui Technology reported a revenue of 1.721 billion yuan, a year-on-year increase of 10.41%, and a net profit attributable to shareholders of 350 million yuan, up 1.15% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 1.173 billion yuan, with 540 million yuan distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 56.03% to 36,700, while the average circulating shares per person decreased by 35.50% to 33,803 shares [2] - Notable changes in the top ten circulating shareholders include an increase in holdings by Huaxia Military Safety Mixed A and new entries from Guotou Ruijin National Security Mixed A, and others [3] Stock Performance - On September 3, Guorui Technology's stock price was 27.38 yuan per share, with a market capitalization of 34.002 billion yuan [1] - The stock saw a net outflow of 4.5172 million yuan in principal funds, with significant buying and selling activity recorded [1] Business Overview - Guorui Technology, established on June 28, 1994, specializes in air traffic control radar, meteorological radar, rail transit signal systems, microwave devices, and special power supplies [1] - The main revenue sources are radar equipment and related systems (78.61%), industrial software and intelligent manufacturing (11.74%), and smart rail transit (8.32%) [1] Industry Classification - Guorui Technology is classified under the defense and military industry, specifically in military electronics [1] - The company is associated with several concept sectors, including aircraft carrier industry, state-owned enterprise reform, military electronics, industrial software, and large aircraft [1]

Company Overview - Guorui Technology Co., Ltd. is located in Nanjing, Jiangsu Province, established on June 28, 1994, and listed on January 28, 2003. The company specializes in the research, production, debugging, sales, and related services of air traffic control radar, meteorological radar and application systems, rail transit signal systems, microwave devices, and special power supplies [1]. - The main business revenue composition is as follows: radar equipment and related systems account for 78.61%, industrial software and intelligent manufacturing 11.74%, smart rail transit 8.32%, and others 1.33% [1]. Stock Performance - On September 2, Guorui Technology's stock fell by 5.14%, trading at 27.51 CNY per share, with a transaction volume of 403 million CNY and a turnover rate of 1.15%. The total market capitalization is 34.164 billion CNY [1]. Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under AVIC Fund holds a significant position in Guorui Technology. The AVIC Military-Civil Integration Selected A Fund (004926) reduced its holdings by 300,000 shares in the second quarter, retaining 600,000 shares, which represents 8.79% of the fund's net value, ranking as the sixth largest heavy stock [2]. - The AVIC Military-Civil Integration Selected A Fund was established on February 9, 2018, with a latest scale of 55.1098 million CNY. Year-to-date returns are 20.61%, ranking 4016 out of 8184 in its category; the one-year return is 89.43%, ranking 563 out of 7971; and since inception, the return is 64.61% [2]. Fund Manager Information - The fund manager of AVIC Military-Civil Integration Selected A Fund is Han Hao, who has been in the position for 7 years and 265 days. The total asset scale of the fund is 1.788 billion CNY. During his tenure, the best fund return was 216.02%, while the worst return was -21.47% [3].