北京航天长峰股份有限公司 关于召开2025年第三次临时股东会的通知 证券代码：600855 证券简称：航天长峰 公告编号：2025-052 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 17 日 14 点 00 分 召开地点：北京海淀区永定路甲 51 号航天长峰大楼八层 822 会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年10月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 17 日 至2025 年 10 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易 ...

一、审议通过了公司关于聘任董事会秘书的议案。 经公司董事长肖海潮先生提名，董事会提名及薪酬考核委员会审核 并经上海证券交易所资格确认，公司董事会同意聘任王艳彬先生为公司 董事会秘书，任职期限与本届董事会聘任的高级管理人员任期一致。详 见《北京航天长峰股份有限公司关于聘任董事会秘书的公告》（公告编 号：2025-050）。 证券代码：600855 证券简称：航天长峰 公告编号：2025-049 北京航天长峰股份有限公司 十二届二十一次董事会会议决议公告 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。 北京航天长峰股份有限公司（以下简称"航天长峰"或"公司"） 于 2025 年 9 月 24 日以书面形式发出通知，并于 2025 年 9 月 29 日上午 在航天长峰大厦八层 822 会议室以通讯方式召开了十二届二十一次董 事会会议，应到董事 9 人，实到董事 9 人。本次会议由董事长肖海潮先 生主持，会议程序符合《中华人民共和国公司法》和《公司章程》的有 关规定。与会董事认真审议了本次会议的议案，形成了如下决议： 董事会换届之日。 ...

证券代码：600855 证券简称：航天长峰 公告编号：2025-048 北京航天长峰股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 30 日(星期二)至 10 月 14 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 htcf_600855@163.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 北京航天长峰股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 15 日 下午 15:00-16:00 举行 2025 年半年度业绩说明会，就投 资者关心的问题进行交流。 一、 说明会类型 本次投 ...

Core Viewpoint - The company is attempting to transfer 55.45% of its stake in Aerospace Baker (Guangdong) Technology Co., Ltd. through a public listing on the Beijing Property Exchange, with an initial base price set at RMB 111.42 million, which will be reduced by 10% due to lack of interest from potential buyers [1][2]. Group 1: Transaction Overview - The company’s board approved the transfer of its 55.45% stake in Aerospace Baker during a meeting on August 18, 2025, and the transaction price will be determined based on the final listing results [2]. - The initial base price for the stake was set at RMB 111.42 million, as per the asset evaluation report from Beijing Zhongqi Hua Asset Appraisal Co., Ltd. [2]. - As of September 16, 2025, no interested buyers had been identified for the stake [2]. Group 2: Progress of Public Listing - To facilitate the transfer, the company plans to adjust the base price to RMB 100.28 million, which is 90% of the assessed value, starting from September 18, 2025 [2]. - Other transaction terms will remain unchanged, and if no interested buyers are found, the announcement period will automatically extend in five-working-day cycles [2].

Core Points - Aerospace Changfeng announced the public transfer of 55.45% equity in its subsidiary Aerospace Parker (Guangdong) Technology Co., Ltd. on August 19, 2025 [2] - As of September 16, 2025, no interested buyers had been found for the equity transfer [2] - The company plans to reduce the initial transfer price by 10% to attract potential buyers, adjusting the price from 111.42 million yuan to 100.28 million yuan [2] - The transfer will continue to be publicly listed on the Beijing Property Exchange, with an automatic extension of the announcement period if no buyers are found within a 5-working-day cycle [2]

证券代码：600855 证券简称：航天长峰 公告编号：2025-047 一、交易基本情况 北京航天长峰股份有限公司关于 北京航天长峰股份有限公司于 2025 年 8 月 18 日召开了公司十二 届十九次董事会会议，审议通过了《北京航天长峰股份有限公司关于 挂牌转让所持航天柏克（广东）科技有限公司 55.45%股权事项的议 案》，同意将公司所持航天柏克 55.45%股权在北京产权交易所进行公 开挂牌转让，交易对手和交易价格将根据最终挂牌结果确定。详见《北 京航天长峰股份有限公司关于挂牌转让所持航天柏克（广东）科技有 挂牌转让所持航天柏克（广东）科技有限公司 限公司 55.45%股权事项的公告》（公告编号：2025-041）。 55.45%股权事项的进展公告 根据北京中企华资产评估有限责任公司出具的《北京航天长峰股 份有限公司拟转让其持有的航天柏克（广东）科技有限公司股权项目 涉及的航天柏克（广东）科技有限公司股东全部权益价值资产评估报 告》（中企华评报字（2025）第 1627 号），确定航天长峰所持航天柏 克 55.45%股权的首次挂牌转让底价为人民币 11,142.17 万元。截至 首次挂牌期满，公司尚未征 ...

Group 1 - The core viewpoint of the article is that Aerospace Changfeng's Chaoyang power products are not currently applied in the satellite products of State Grid Constellation and Qianfan Constellation [1] - Aerospace Changfeng's main products include system power, module power, and integrated power solutions [1] - The product range covers various industries such as aerospace, aviation, weaponry, shipbuilding, electronic information, and nuclear industry [1] Group 2 - The customer base includes the top ten military industrial groups [1]

Core Viewpoint - Aerospace Changfeng (600855) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit, indicating potential challenges in its operational performance and cash flow management [1][4]. Financial Performance - Total revenue for the reporting period was 358 million yuan, a year-on-year decrease of 26.62% [1]. - Net profit attributable to shareholders was -55.59 million yuan, down 6.81% year-on-year [1]. - In Q2 alone, revenue was 258 million yuan, a decline of 23.36% year-on-year, with a net profit of -12.77 million yuan, down 45.75% [1]. - The gross margin was 25.62%, a decrease of 2.46% year-on-year, while the net margin was -16.96%, down 51.36% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 128 million yuan, accounting for 35.67% of revenue, an increase of 19.37% year-on-year [1]. - Earnings per share were -0.12 yuan, a decrease of 8.01% year-on-year [1]. Cash Flow and Receivables - The net cash flow from operating activities decreased by 159.53%, attributed to increased payments in public safety and military electronics [2][3]. - Accounts receivable represented 88.26% of the latest annual revenue, indicating a significant reliance on receivables [1]. - The company experienced a 92.57% decrease in receivables financing due to the maturity of bank acceptance bills [3]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.2% over the past decade and a particularly poor ROIC of -12.72% in 2024 [4]. - The company has reported losses in 6 out of 30 annual reports since its listing, suggesting a lack of consistent profitability [4]. Strategic Focus - The company is exploring opportunities in the low-altitude economy, particularly in anti-drone detection and countermeasures, leveraging its expertise in infrared technology and complex project integration [4][5]. - It has developed advanced capabilities in low-altitude security systems, including a command and dispatch platform that integrates multi-source data for real-time monitoring and control [5]. Financial Health Indicators - The company's cash flow situation is concerning, with a cash-to-current liabilities ratio of only 85.13% and a three-year average of operating cash flow to current liabilities at -3.69% [6]. - Financial expenses have been a consistent issue, with negative average cash flow from operating activities over the past three years [6].

Core Viewpoint - Aerospace Changfeng (600855) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the military electronics sector and overall financial performance [1] Financial Performance - Total revenue for the reporting period was 358 million, a year-on-year decrease of 26.62% - Net profit attributable to shareholders was -55.59 million, down 6.81% year-on-year - In Q2 alone, total revenue was 258 million, a decline of 23.36%, with net profit at -12.77 million, a drop of 45.75% [1] - The gross margin was 25.62%, down 2.46% year-on-year, while the net margin was -16.96%, a decrease of 51.36% [1] - Total operating expenses (sales, management, and financial) amounted to 128 million, accounting for 35.67% of revenue, an increase of 19.37% year-on-year [1] - Earnings per share were -0.12, a decrease of 8.01% year-on-year, and operating cash flow per share was -0.29, down 162.66% [1] Changes in Financial Items - Accounts receivable decreased significantly, with a change of -52.05% due to the maturity of receivables and discounting of commercial notes [2] - Accounts receivable financing saw a drastic reduction of -92.57% due to the maturity of bank acceptance bills [2] - Prepayments increased by 136.02% due to increased investment in public safety projects [2] Operational Insights - Development expenditures rose by 115.61% due to increased capitalized project investments [3] - Operating income fell by 26.62% primarily due to a decline in military electronics revenue [3] - Operating costs decreased by 25.98% in line with the drop in revenue [3] - Cash flow from operating activities saw a drastic decline of -159.53% due to increased payments in public safety and military electronics [3] - Cash flow from investing activities increased by 83.13% due to fixed asset purchases from fundraising projects [3] - Cash flow from financing activities rose by 45.83% due to the previous year's payment for restricted stock repurchase [3] Business Evaluation - The company's historical net margin was -22.84%, indicating low added value in products or services [4] - The median Return on Invested Capital (ROIC) over the past decade was 4.2%, with a notably poor ROIC of -12.72% in 2024 [4] - The company has reported losses in 6 out of 30 annual reports since its listing, suggesting a generally weak financial performance [4] Cash Flow and Financial Health - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 85.13% and a three-year average of operating cash flow to current liabilities at -3.69% [5] - The company has consistently reported negative net cash flow from operating activities over the past three years [5] Strategic Focus - The company is exploring opportunities in the low-altitude economy, leveraging its expertise in infrared optical technology and complex project integration [6] - It aims to develop a detection and countermeasure system for unmanned aerial vehicles, enhancing capabilities in low-altitude security [6] - The subsidiary, Changfeng Technology, has over 20 years of experience in infrared detection technology, focusing on high-resolution imaging and advanced detection systems [6]

Core Insights - Aerospace Changfeng Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, with revenue at 358 million yuan and a net loss of 56 million yuan compared to the same period last year [2] Financial Performance - The company's revenue for the first half of the year was 358 million yuan, showing a decrease from the previous year [2] - The net profit attributable to shareholders was a loss of 56 million yuan, indicating a decline compared to the same period last year [2] Business Challenges - The decline in performance is attributed to reduced order volumes in the traditional airborne military infrared optoelectronic business and insufficient sales in other infrared optoelectronic products and airport bird control products [2] - The high-end medical equipment business did not meet market expansion expectations, resulting in low sales volume and insufficient revenue support [2] Strategic Response - The company is focusing on its core functions and positioning, optimizing its industrial and asset structure, and accurately allocating resources in response to external challenges [2] - There is an emphasis on innovation driven by customer needs, with increased market expansion efforts and the use of advanced technology and quality services to create value for customers [2] Market Development - The military electronic special module power supply business has accelerated market expansion, with new contract amounts increasing by 29.54% year-on-year [3] - The ECMO product development and marketing efforts are progressing steadily, with the air-oxygen mixing device receiving medical device registration approval, laying a solid foundation for future product launches [3]