Group 1 - The board of directors of Aerospace Electronic Technology Co., Ltd. held its ninth meeting in 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and summary [1] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, with the voting results showing 3 votes in favor and 5 abstentions due to related party transactions [2] - A resolution regarding the continuous risk assessment of Aerospace Technology Financial Co., Ltd. was also passed, with independent directors conducting a prior review and expressing their consent [2][3] Group 2 - The board approved an investment project for the construction of the Daqiao Flag Unmanned Intelligent System Training Base (Phase I) by Aerospace Times Feihong Testing Technology Co., Ltd., with an investment amount of 199.47 million yuan [4] - A resolution was passed to increase capital and expand shares for Beijing Aerospace Feiteng Equipment Technology Co., Ltd., aiming to raise 49.5 million yuan by introducing a strategic investor [5] - Chongqing Aerospace Rocket Electronic Technology Co., Ltd. plans to raise 230 million yuan through capital increase and share expansion, reducing the company's ownership from 100% to 70.61% [6]

Core Viewpoint - The company plans to raise 230 million yuan through a capital increase and share expansion for its wholly-owned subsidiary, Chongqing Aerospace Rocket Electronic Technology Co., Ltd., to meet funding needs for smart manufacturing and R&D [1][2]. Group 1: Capital Increase Details - Chongqing Aerospace Company will publicly introduce one strategic investor through the Beijing Property Exchange, with a maximum share release of 29.39% [1][3]. - The capital increase does not constitute a related party transaction or a major asset restructuring as defined by regulations [2][3]. - The board of directors approved the capital increase on August 27, 2025, and it does not require shareholder meeting approval [1][2]. Group 2: Company Background - Chongqing Aerospace Company was established in 2006, with a registered capital of 218.83 million yuan, focusing on the R&D and production of telemetry, unmanned aerial vehicle data links, and satellite communication systems [2]. Group 3: Financial Assessment - As of January 31, 2025, the net asset book value of Chongqing Aerospace Company was 462.99 million yuan, while the assessed net asset value was 552.50 million yuan [3]. - The capital increase price is based on the assessed net asset value, with each 1 yuan of registered capital priced at 2.5248 yuan [4]. Group 4: Use of Funds - The 230 million yuan raised will be used for advanced technology research in areas such as measurement and control communication, satellite applications, and smart manufacturing [6]. - The capital increase aims to enhance technical capabilities, expand industry scale and efficiency, and optimize financial indicators [6].

Fundraising Overview - The total amount raised by the company is 413,560,000 CNY, with a net amount of 411,591,390 CNY after deducting issuance costs [1] - As of June 30, 2025, the company has invested a total of 172,721,280 CNY in fundraising projects, leaving a balance of 236,950,000 CNY in idle funds [1][3] - The remaining balance of the fundraising account is 2,114,900 CNY, including interest [1] Fund Management - The company has established special accounts for fundraising at various banks, including China Construction Bank and China Merchants Bank, and signed a tripartite supervision agreement with the sponsor, CITIC Securities [2] - A four-party supervision agreement has been signed for the management of fundraising funds used in sub-projects [2] - The management of fundraising funds follows principles of unified planning, centralized management, project responsibility, and audit supervision [3] Fund Utilization - The company has temporarily used idle fundraising funds to supplement working capital, with a maximum of 2.69 billion CNY approved for this purpose [3][4] - As of August 9, 2024, all previously used funds for working capital have been returned to the special fundraising account [3] - The balance of idle funds used for working capital is 2.3695 billion CNY after early repayment of 280.5 million CNY [4] Project Updates - There have been no changes in the use of fundraising funds for investment projects during the reporting period [4] - The company has optimized the construction content of the new intelligent inertial navigation system project, while maintaining the project goals, investment scale, and construction period [4]

经 2024 年第八次董事会会议决定，航天时代电子技术股份有限公司（下称 "公司"）与中国航天时代电子有限公司（以下简称"航天时代"）签订了委托 管理协议，将航天时代将所属的 7 家存续企业托管给公司所属相关子公司管理， 协议托管期限为 2024 年 9 月 1 日至 2025 年 8 月 31 日。托管期限内，7 家存续 企业运行情况良好，经双方协商，拟续签委托管理协议，合同履行期 1 年。 国航天时代电子有限公司签订委托管理协议的议案》，议案同意 3 票，反对 0 票，回避 5 票，关联董事姜梁先生、阎俊武先生、戴利民先生、杨雨先生、陈建 国先生回避了表决。 二、关联方介绍 （一）关联方关系介绍 航天时代为公司控股股东。 （二）航天时代基本情况 公司名称：中国航天时代电子有限公司 证券代码：600879 证券简称：航天电子 公告编号：临 2025-054 航天时代电子技术股份有限公司 关于与中国航天时代电子有限公司签订委托管理协议的 关联交易公告 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： ? 经 20 ...

Core Viewpoint - The report evaluates the financial status and risk management of Aerospace Technology Finance Co., Ltd., highlighting its compliance with regulatory standards and effective internal controls [2][6][10]. Financial Company Overview - Aerospace Technology Finance Co., Ltd. was established in 2001 with a registered capital of 6.5 billion RMB, primarily funded by China Aerospace Science and Technology Corporation and its subsidiaries [2][3]. - The company aims to provide financial services to its member units, focusing on risk prevention and maximizing group value [2][3]. Internal Control Situation - The financial company has implemented a comprehensive internal control system that integrates risk management into its operations, ensuring compliance and stability [4][6]. - The internal control framework includes responsibilities, measures, evaluations, and supervision, with a focus on risk control [4][5]. Financial Performance - As of June 30, 2025, the financial company reported total assets of 162.46 billion RMB and total liabilities of 148.49 billion RMB, with a net profit of 616 million RMB for the first half of 2025 [6][7]. Risk Management - The financial company maintains a conservative risk preference, prioritizing the safety of funds and liquidity while controlling risks [7][8]. - Key regulatory indicators, such as capital adequacy ratio (16.50%) and liquidity ratio (47.52%), are within compliance limits [7][8]. Loan and Deposit Situation - As of June 30, 2025, the company had deposits of 2.895 billion RMB and loans from the financial company, ensuring good liquidity and safety of funds [9][10]. Risk Assessment Opinion - The company concludes that the financial company's risk management is effective, with no significant deficiencies identified in its operations [10].

Group 1 - The independent directors of the company held their third special meeting in 2025 on August 27, combining in-person and communication methods [1] - The meeting reviewed and approved a risk continuous assessment report regarding Aerospace Technology Financial Co., Ltd., concluding that the company operates in compliance with regulations and has effective internal controls to manage risks [1] - The financial indicators of Aerospace Technology Financial Co., Ltd. meet relevant management requirements, indicating that the risks associated with the financial services business between the company and Aerospace Technology Financial Co., Ltd. are controllable [1] Group 2 - The independent directors reviewed the proposal for signing a management entrustment agreement with China Aerospace Times Electronics Co., Ltd., and concluded that the agreement follows fair and reasonable principles [2] - The unified management of subsidiaries by China Aerospace Times Electronics Co., Ltd. is beneficial for handling management affairs and streamlining management relationships, with no related risks to the subsidiaries involved [2] - The approval procedures for this related party transaction comply with relevant laws, regulations, and the company's articles of association [2]

证券代码：600879 证券简称：航天电子 公告编号：临 2025-055 航天时代电子技术股份有限公司 关于航天时代飞鸿测试技术有限公司投资建设 达茂旗无人智能系统研练基地（一期）项目的公告 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： ? 航天时代电子技术股份有限公司（下称"公司"）控股子公司航天时代 飞鸿技术有限公司（下称"航天飞鸿公司"）之控股子公司航天时代飞鸿测试技 术有限公司（下称"飞鸿测试公司"）为提升无人智能系统试验和低空技术验证 试验能力，拟投资 19,947.00 万元建设无人智能系统研练基地（一期）项目（以 下简称"达茂旗基地一期项目"）； ? 本事项不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，无需提交公司股东会审议。 一、本次投资事项审议情况 公司于 2025 年 8 月 27 日召开 2025 年董事会第九次会议，审议通过了《关 于航天时代飞鸿测试技术有限公司投资建设达茂旗无人智能系统研练基地（一期） 项目的议案》，为提升无人智能系统试验和低空技术验 ...

Group 1 - The asset evaluation report is prepared by Beijing Tianjian Xingye Asset Appraisal Co., Ltd. for Beijing Aerospace Feiteng Equipment Technology Co., Ltd. as part of a financing project [1][4] - The evaluation is based on the fundamental principles and professional standards set by the Ministry of Finance and the China Asset Appraisal Association [1][2] - The report includes an assessment of the total equity value of the shareholders of Beijing Aerospace Feiteng Equipment Technology Co., Ltd. as of February 28, 2025 [4][5] Group 2 - The report specifies that the evaluation results are valid for one year, from February 28, 2025, to February 27, 2026 [3] - The evaluation includes a detailed list of assets and liabilities, as well as future forecasts provided by the client and the evaluated entity [2][10] - The evaluated company, Beijing Aerospace Feiteng, focuses on the research and development of precision-guided weapon systems and has established a comprehensive R&D system for guided bombs [7][9] Group 3 - The company has a registered capital of approximately 45,254.40 million RMB and operates under the auspices of the China Aerospace Science and Technology Corporation [4][6] - The company has developed a series of precision-guided weapons that have been exported to multiple countries, generating military trade contracts worth nearly 2 billion RMB since 2013 [9] - The asset evaluation includes both tangible assets such as inventory and machinery, and intangible assets like patents and non-patented technologies [10][11]

Core Opinion - The audit report indicates that the financial statements of Chongqing Aerospace Rocket Electronic Technology Co., Ltd. fairly reflect its financial position and operating results as of January 31, 2025, and December 31, 2024, in accordance with accounting standards [1]. Group 1: Audit Opinion - The audit firm believes that the financial statements are prepared in accordance with the relevant accounting standards and provide a true and fair view of the company's financial status [1]. - The audit was conducted following the Chinese Certified Public Accountant auditing standards, ensuring independence and adherence to professional ethics [2][3]. Group 2: Management's Responsibility - The management is responsible for preparing the financial statements in accordance with accounting standards and maintaining necessary internal controls to prevent material misstatements due to fraud or error [2]. - The governance layer oversees the financial reporting process of the company [2]. Group 3: Financial Reporting Basis - The financial statements are prepared on a going concern basis, reflecting actual transactions and events in accordance with the current accounting standards [4]. - The company’s financial year runs from January 1 to December 31, and the reporting currency is Renminbi [4]. Group 4: Accounting Policies - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect its financial condition, operating results, and cash flows [4]. - The company uses the accrual basis of accounting and generally applies historical cost for measurement, with specific disclosures for other measurement bases when applicable [4]. Group 5: Financial Instruments - Financial instruments are recognized when the company becomes a party to the financial contract, with initial measurement at fair value [4][5]. - The company classifies financial assets into categories based on its business model and cash flow characteristics, including those measured at amortized cost and fair value [6][7]. Group 6: Inventory and Fixed Assets - Inventory is measured at cost, including procurement and processing costs, and is evaluated for impairment at the end of the reporting period [16]. - Fixed assets are recognized at cost and depreciated over their useful lives, with specific depreciation rates provided for different asset categories [20][21].

Core Insights - Aerospace Electronics (600879.SH) announced the approval of an investment project for the construction of the Daqi Flag Unmanned Intelligent System Training Base (Phase I) by Feihong Testing Company, amounting to 199.47 million yuan [1] Company Overview - Feihong Testing Company was established in October 2022 with a registered capital of 178 million yuan [1] - Aerospace Feihong Company holds a 55.06% stake in Feihong Testing Company, while the Daqi Flag Finance Bureau (State-owned Assets Supervision and Administration Commission) holds 44.94% [1] Business Focus - Feihong Testing Company specializes in various services including unmanned system air-ground collaborative tactics training, testing and certification, training and certification, research test flights, maintenance support, exhibition and display, competition measurement, unmanned transportation services, and disaster prevention and emergency rescue [1]