证券代码：600879 证券简称：航天电子 公告编号：临 2026-011 航天时代电子技术股份有限公司 2025 年年度业绩预减公告 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。 重要风险提示： 经初步测算，航天时代电子技术股份有限公司（以下简称"公司"）预 计 2025 年度实现归属于上市公司股东的净利润为 19,180.71 万元到 24,660.92 万 元，与上年同期相比，预计减少 30,141.12 万元到 35,621.33 万元，同比减少 55% 到 65%。 公司预计 2025 年度归属于上市公司股东的扣除非经常性损益的净利润 为 12,724.27 万元至 18,204.48 万元，与上年同期相比，将减少 4,016.60 万元至增 加 1,463.61 万元，同比减少 23.99%至增加 8.74%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经初步测算，航天时代电子技术股份有限公司预计 2025 年度实现归属于上 ...

每经AI快讯，1月29日，航天电子(600879.SH)公告称，航天电子预计2025年度归属于上市公司股东的净 利润为1.92亿元至2.47亿元，同比减少55%至65%。主要因上年度确认处置航天电工股权收益2.08亿元， 而本年度无此项收益，且产品毛利率有所下降。 ...

预计本期业绩变动的主要原因：1、2024年度净利润包含了处置航天电工股权的收益2.08亿元，是导致 2025年度归属于上市公司股东的净利润较2024年度减少的主要原因，也是导致2025年度归属于上市公司 股东的扣除非经常性损益的净利润同比变化的主要原因；2、2025年度公司产品毛利率较2024年度有所 下降，导致2025年度归属于上市公司股东的净利润较2024年度有所减少。 格隆汇1月29日丨航天电子(600879.SH)公布，经初步测算，航天时代电子技术股份有限公司预计2025年 度实现归属于上市公司股东的净利润为19,180.71万元到24,660.92万元，同比减少55%到65%。公司预计 2025年度归属于上市公司股东的扣除非经常性损益的净利润为12,724.27万元至18,204.48万元，比减少 23.99%至增加8.74%。 ...

航天电子公告称，航天电子预计2025年度归属于上市公司股东的净利润为1.92亿元至2.47亿元，同比减 少55%到65%。主要因上年度确认处置航天电工股权收益2.08亿元，而本年度无此项收益，且产品毛利 率有所下降。 ...

航天电子公告，预计2025年度实现归属于上市公司股东的净利润为1.92亿元到2.47亿元，与上年同期相 比，预计减少3.01亿元到3.56亿元，同比减少55%到65%。公司预计2025年度归属于上市公司股东的扣 除非经常性损益的净利润为1.27亿元至1.82亿元，与上年同期相比，将减少4016.6万元至增加1463.61万 元，同比减少23.99%至增加8.74%。 ...

Group 1 - The aerospace equipment sector experienced a decline of 0.94% on January 29, with the leading stock being Ligong Navigation [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Major stocks in the aerospace equipment sector showed varied performance, with China Satellite down 0.12% and Ligong Navigation down 4.83% [1] Group 2 - The net outflow of main funds in the aerospace equipment sector was 1.249 billion yuan, while retail investors saw a net inflow of 1.113 billion yuan [1] - Detailed fund flow data indicates that Ligong Navigation had a significant net outflow of 23.45 million yuan from main funds, but a net inflow of 18.127 million yuan from retail investors [2] - China Satellite experienced a net outflow of 116 million yuan from main funds, with a smaller net inflow of 15.979 million yuan from retail investors [2]

中国商业航天火箭卫星将加速升级 开发更多应用场景 太空旅游 记者今天（29日）从中国航天科技集团获悉，未来集团将实施商业运载能力提升工程，就是要研制具备 国际竞争力的商业运载火箭，实现航班化运输。可重复使用商业火箭方面，形成近地轨道20吨级重复使 用状态运载能力，实现重复使用火箭规模化、商业化成熟应用。重型运载火箭方面，完成重型运载火箭 研制和相关重复使用试验，具备近地轨道百吨级入轨能力。 同时还将实施商业卫星效能跃升工程，研制新型卫星及先进载荷，开展卫星星座建设。星座建设方面， 开展国家卫星互联网星座、千帆星座、各类新型应用卫星星座建设。新型卫星研制方面，研发一批世界 一流的标志性载荷产品，发展新一代平板卫星、软件定义卫星、算力卫星、超低轨卫星等新型卫星。先 进制造能力建设方面，推进增材制造、超精密加工、一体化成型等先进制造技术应用，提升柔性化、智 能化、规模化生产水平，全面满足大规模星座建设需要。 中国商业航天将实施产业基础设施补强工程。补齐发射、回收、测运控等环节的短板。开展海南、东部 沿海、酒泉等地商业发射新工位或新发射场建设，形成互补协同的商业发射场体系。建设智能化陆上、 海上着陆场和搜救回收力量。 ...

Group 1 - The China Academy of Launch Vehicle Technology announced the establishment of the country's first commercial aerospace common test platform, aiming to drive the development of the commercial aerospace industry through "technological breakthroughs + full-chain service guarantees" [1] - According to Huolong Securities, the global space race will enter a heated "new space race" era by 2025, with 2026 expected to be a breakout year for the commercial aerospace industry due to a combination of policy, technology, and industry catalysts [1] - The China Satellite Industry Index (931594) rose by 1.04% as of January 29, 2026, with component stocks such as Hailanxin up by 4.12% and Guobo Electronics up by 3.40% [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Satellite Industry Index (931594) include China Satellite, Aerospace Electronics, China Satcom, and others, collectively accounting for 63.64% of the index [2]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

Market Performance - The aerospace equipment sector declined by 3.58% on January 28, with Aerospace Electronics leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Notable declines in individual stocks include: - Xinyu Guoke (300722) down 1.70% to 33.58 with a trading volume of 50,900 shares and a turnover of 172 million yuan - Hangda HuanYu (688523) down 2.04% to 62.58 with a trading volume of 87,700 shares and a turnover of 548 million yuan - Aerospace Electronics (600879) down 5.53% to 27.35 with a trading volume of 4.236 million shares and a turnover of 11.702 billion yuan [1] Capital Flow Analysis - The aerospace equipment sector experienced a net outflow of 2.846 billion yuan from institutional investors, while retail investors saw a net inflow of 2.701 billion yuan [1] - Specific stock capital flows indicate: - Aerospace Electronics (600879) had a net outflow of 1.257 billion yuan from institutional investors, with a retail net inflow of 1.226 billion yuan [1] ETF Performance - The Aerospace ETF (product code: 159227) tracked the National Aerospace Industry Index and saw a decline of 2.64% over the past five days, with a net subscription of 85.379 million yuan [5] - The General Aviation ETF (product code: 159230) tracked the National General Aviation Industry Index and experienced a decline of 2.52%, with a net redemption of 39.406 million yuan [6]