Investment Logic - Radar is an important detection device with broad demand in both military and civilian fields, with the company offering a complete range of defense and civilian models [1] - Defense radar includes airborne, ground-based, shipborne, and spaceborne types, with new installations and upgrades driving growth; for example, the U.S. airborne radar has around a thousand units delivered for each main fighter jet model, indicating significant demand [1] - Meteorological radar benefits from the Ministry of Water Resources' "three lines of defense" construction and long-term special government bonds; air traffic control radar benefits from low-altitude construction [1] - The company's controlling shareholder, the 14th Research Institute of China Electronics Technology Group Corporation, is the origin of China's radar industry, and the company serves as the listed platform for the 14th Institute, developing a diverse range of defense and civilian radars [1] Internationalization and Defense Trade - The defense company is oriented towards international operations and benefits from the expansion of radar military trade; global military spending has increased for 10 consecutive years, reaching a historical high, with various radar systems used in the India-Pakistan conflict providing practical validation that may further drive China's radar military trade exports [1] - The company's subsidiary, Guorui Defense, is focused on international operations; during the 2020 restructuring, the 14th Institute transferred all export-approved models and corresponding domestic models to Guorui Defense, covering third-generation fighter control radars, anti-stealth intelligence radars, and weapon positioning radars, while committing to avoid competition [1] - Guorui Defense is expected to achieve a net profit CAGR of 14.3% from 2021 to 2024, with a net profit margin of 25.7% in the first half of 2025, significantly outperforming peers [1] Industrial Software and Lifecycle Solutions - The subsidiary Guorui Xinwei provides autonomous industrial software and intelligent manufacturing solutions covering the entire product lifecycle for high-end equipment manufacturing industries such as aviation, aerospace, electronics, and shipbuilding, with the proprietary industrial software brand "REACH" forming a synergy with the radar main business [2] - The subsidiary Enruit is engaged in the rail transit control system business, shifting its focus towards providing operation and maintenance services, system upgrades, and operation management platform solutions [2] Profit Forecast, Valuation, and Rating - The company is expected to achieve operating revenues of 3.72 billion, 4.08 billion, and 4.88 billion yuan from 2025 to 2027, with year-on-year growth of 9.4%, 9.6%, and 19.7%; net profit attributable to the parent company is projected to be 690 million, 790 million, and 1 billion yuan, with year-on-year growth of 9.0%, 14.3%, and 27.4%, corresponding to EPS of 0.55, 0.63, and 0.81 yuan [3] - Given the company's position as a domestic leader in defense radar and its prominent advantages in military trade, it is expected to have strong growth potential, with a target valuation of 60 times for 2026, corresponding to a target price of 37.92 yuan; an initial "buy" rating is assigned [3]

Group 1 - The global quantum precision measurement investment and financing activities show a volatile trend with a compound annual growth rate of approximately 33.90% from 2021 to 2024, with a total financing amount of $360 million and 11 financing rounds in 2024 [1] - There is a growing trend in large financing cases within China's quantum precision measurement industry, with a single financing amount of $33 million in 2024, indicating a shift from small, dispersed investments to fewer, larger investments in projects with clear commercialization prospects [3] - The United States leads globally in investment and financing amounts in the quantum precision measurement sector, with a total of 3 financing rounds amounting to $308.70 million in 2024, significantly surpassing China and the UK [7] Group 2 - The distribution of global financing rounds in 2024 shows a significant imbalance, with a concentration in seed rounds, where 10 rounds were recorded, including 7 in seed rounds, reflecting cautious investment in early-stage projects [12] - The primary financing direction for companies in the quantum precision measurement field in 2024 is focused on trapped ions/atoms, with 6 companies receiving funding to advance this technology [14]

Meeting Details - The board meeting was convened in accordance with relevant laws and regulations, with all board members notified in advance [1] - The meeting was chaired by Chairwoman Guo Jihang and held on December 19, 2025, in Nanjing [1] - All 9 board members were present at the meeting [1] Resolutions Passed - The proposal to increase the registered capital of the wholly-owned subsidiary Nanjing Guorui Microwave Devices Co., Ltd. by 32 million yuan was approved, raising the registered capital from 18 million yuan to 50 million yuan, with Guorui Technology maintaining 100% ownership [2] - The proposal for a large fund payment was approved, allowing the company to pay a 200 million yuan entrusted loan to its subsidiary Nanjing Guorui Defense Systems Co., Ltd. and to make an external contract payment of 106.8 million yuan [4] - The proposal for organizational restructuring was approved, which includes the dissolution of the Quality and Safety Department and the reassignment of its responsibilities to the Comprehensive Management Department and the Securities Affairs Department [6] - The revised Internal Audit System (December 2025) was approved [8] - The proposal for the Management System for the Departure of Directors and Senior Management was approved [11] Voting Results - All proposals received unanimous approval with 9 votes in favor, 0 against, and 0 abstentions [3][5][7][9][12]

Group 1 - The core announcement from Guorui Technology involves the approval of several key resolutions by the company's 10th Board of Directors during its 6th meeting, including capital increase for its wholly-owned subsidiary Nanjing Guorui Microwave Devices Co., Ltd. [1] - The company also approved a proposal regarding large fund payments, indicating a strategic financial maneuver [1] - Additionally, organizational adjustments were sanctioned, suggesting potential changes in company structure or management [1]

Group 1 - The company Guorui Technology (SH 600562) announced that its 10th sixth board meeting will be held on December 19, 2025, to review the proposal for organizational structure adjustment [1] - For the year 2024, Guorui Technology's revenue composition is as follows: industrial sector accounts for 98.67%, while other businesses account for 1.33% [2] - As of the report date, Guorui Technology has a market capitalization of 33.6 billion yuan [3]

国睿科技股份有限公司内部审计制度 （2025 年 12 月修订） 第一章 总则 第一条 为了加强内部审计工作，建立健全内部审计制度，提升内部审计工 作质量，充分发挥内部审计作用，促进公司内部各管理层行为的合法性、合规 性，为管理层正确决策提供可靠的信息和依据，保护投资者合法权益，不断提 高企业运营的效率及效果，依据《审计署关于内部审计工作的规定》、《中国 内部审计准则》、《上海证券交易所上市公司自律监管指引第1号——规范运 作》等法律法规及《公司章程》的规定，制定本制度。 第二条 本制度所称内部审计，是指公司内部纪检监察审计部门依据国家有 关法律法规、财务会计制度和公司内部管理规定，对公司及所属控股子公司财 务收支、经济活动、内部控制、风险管理实施独立、客观的监督、评价和建 议，以促进公司完善治理、实现目标的活动。 第三条 本制度所称内部控制，是指为了保证公司战略目标的实现，而对公 司战略制定和经营活动中存在的风险予以管理的相关制度安排，是公司董事 会、高级管理人员及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （四）确保公司信息披露的真实、准确、完整和公平 ...

国睿科技股份有限公司 董事和高级管理人员离职管理制度 第一章 总则 第一条 为了加强对国睿科技股份有限公司（以下简称公司）董事、高级管 理人员离职事项的管理，保障公司治理稳定性及维护股东合法权益，根据《中华 人民共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》《上海证券交易所股票上市规则》等法律、法规和规范性文件以及《国睿科 技股份有限公司章程》相关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）及高级管理人员。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一） 合法合规原则。严格遵守国家法律法规、监管规定及《公司章程》 的要求。 （二） 公开透明原则。公司应及时、准确、完整地披露董事、高级管理人 员离职相关信息。 （三） 平稳过渡原则。确保董事、高级管理人员离职不影响公司正常经营 和治理结构的稳定性。 （四） 保护股东权益原则。保护公司及全体股东的合法权益。 第二章 离职情形与生效条件 第四条 公司董事、高级管理人员离职包含任期届满未获连任、主动辞任、 被解除职务以及其他导致董事、高级管理人员实际离职等情形。 （一）董事任期届满未及时 ...

国睿科技股份有限公司内部审计制度 （2025 年 12 月修订） 第一章 总则 第一条 为了加强内部审计工作，建立健全内部审计制度，提升内部审计工 作质量，充分发挥内部审计作用，促进公司内部各管理层行为的合法性、合规性， 为管理层正确决策提供可靠的信息和依据，保护投资者合法权益，不断提高企业 运营的效率及效果，依据《审计署关于内部审计工作的规定》、《中国内部审计 准则》、《上海证券交易所上市公司自律监管指引第1号——规范运作》等法律法 规及《公司章程》的规定，制定本制度。 第二条 本制度所称内部审计，是指公司内部纪检监察审计部门依据国家有 关法律法规、财务会计制度和公司内部管理规定，对公司及所属控股子公司财务 收支、经济活动、内部控制、风险管理实施独立、客观的监督、评价和建议，以 促进公司完善治理、实现目标的活动。 第三条 本制度所称内部控制，是指为了保证公司战略目标的实现，而对公 司战略制定和经营活动中存在的风险予以管理的相关制度安排，是公司董事会、 高级管理人员及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； 第四条 公司 ...

证券代码：600562 证券简称：国睿科技 公告编号：2025-035 国睿科技股份有限公司 第十届董事会第六次会议决议公告 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。 2.本次会议的通知及会议资料在会议召开前送达全体董事。 3.本次会议由董事长郭际航女士召集，于 2025 年 12 月 19 日在南京市建邺 区江东中路 359 号公司会议室以现场结合通讯方式召开。 4.本次会议应出席董事 9 人，实际出席董事 9 人。 二、会议审议情况 1.审议通过了《关于对全资子公司南京国睿微波器件有限公司增资的议案》。 同意子公司南京国睿微波器件有限公司采用资本公积转增实收资本方式增 加注册资本 3,200 万元，增资完成后注册资本由 1,800 万元变更为 5,000 万元， 国睿科技持股仍为 100%。 议案表决结果为：同意 9 票，反对 0 票，弃权 0 票。 2.审议通过了《关于大额资金支付的议案》。 一、会议召开情况 根据《公司"三重一大"决策管理办法》及董事会授权文件，同意公司向子 公司南京国睿防务系统有限公司支付 20 ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]