Core Viewpoint - The performance of low-altitude economy companies in the first half of 2025 shows mixed results, with 12 companies reporting profits and 12 companies experiencing losses [3][5]. Group 1: Performance Overview - As of July 14, 2025, 24 companies in the low-altitude economy index disclosed their performance forecasts, revealing a split between profitable and loss-making entities [3]. - Among the 24 companies, 12 reported profits while the other 12 faced losses [3]. - Four companies are expected to see profit increases of over 50%: Zongshen Power (001696.SZ), Longxin General (603766.SH), Huijia Times (603101.SH), and Changyuan Donggu (603950.SH) [6]. Group 2: Profit and Loss Analysis - Companies such as Aerospace Development (000547.SZ) and Aerospace Rainbow (002389.SZ) reported losses, with the latter citing delays in delivery due to user demand plans [8]. - Aerospace Power (600893.SH) and Aerospace Electric (002025.SZ) achieved profitability but saw a decline in net profit compared to the previous year [6]. - North Navigation (600435.SH) turned a profit, expecting a net profit of 105 million to 120 million yuan in the first half of 2025 [7]. Group 3: Industry Challenges - Many companies in the low-altitude economy sector, particularly those in the aviation industry and low-altitude mainframe manufacturers, reported losses [5][8]. - The losses were attributed to various factors, including market environment impacts, product transformation challenges, and increased operational costs [9]. - Despite ongoing losses, some companies like Chuan University Zhisheng (002253.SZ) are actively pursuing low-altitude economy projects, indicating a commitment to future growth [9].

[Performance Forecast and Period-on-Period Comparison](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20%26%20II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) The company expects a slight year-on-year increase in net loss attributable to shareholders for H1 2025, projected to be between RMB 40 million and RMB 50 million; however, core operating loss, excluding non-recurring items, is expected to narrow Key Financial Metrics Comparison | Metric (RMB) | H1 2025 (Estimated) | H1 2024 (Prior Period) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | -RMB 40 million to -RMB 50 million | -RMB 38.9539 million | | Net Profit Excluding Non-Recurring Gains/Losses | -RMB 42 million to -RMB 53 million | -RMB 58.5733 million | [Analysis of Performance Pre-Loss Reasons](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Pre-Loss) The core reason for the current period's pre-loss is insufficient operating revenue to cover costs and the absence of a significant non-recurring gain from property disposal compared to the prior period - Although the company's operating revenue slightly increased, its scale has not yet reached the breakeven point, which is the primary operational reason for the sustained losses[6](index=6&type=chunk) - Compared to the prior period, the current period lacked **RMB 12.9385 million** in non-recurring gains/losses from the disposal of a subsidiary's property, which negatively impacted the year-on-year performance of net profit attributable to shareholders[6](index=6&type=chunk)[7](index=7&type=chunk) [Risk Warning and Other Explanations](index=2&type=section&id=IV.%20Risk%20Warning%20%26%20V.%20Other%20Explanations) The company confirms no other significant uncertainties affect the accuracy of this performance forecast and advises investors that final financial data will be based on the officially released 2025 semi-annual report - The company confirms there are no other significant uncertainties that could affect the accuracy of this performance forecast content[8](index=8&type=chunk) - The data in this announcement is a preliminary calculation result; the final accurate data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[9](index=9&type=chunk)

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

New Stock Issuance - Huadian New Energy (证券代码: 730930) issued shares at a price of 3.18 on July 7, 2025[1] - Jichuan Pharmaceutical (证券代码: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (证券代码: 603389) has a tender offer period from June 10 to July 9, 2025[1] Trading Alerts - The last trading day for TSM Jinguang (证券代码: 600190) is in 9 trading days[1] - The last trading day for TSM Jinyou (证券代码: 600462) is in 5 trading days[1] - The last trading day for TSM Gongzhi (证券代码: 000584) is in 3 trading days[1] Abnormal Fluctuations - Northern Long (证券代码: 301357) is experiencing severe abnormal fluctuations[1] - ST Dongjing (证券代码: 002199) reported abnormal fluctuations[3] - ST Yunchuang (证券代码: 835305) reported abnormal fluctuations on July 4, 2025[3]

Summary of the Conference Call for Sichuang Electronics Industry and Company Overview - Sichuang Electronics is actively involved in the low-altitude economy, particularly focusing on the construction of pilot cities, with a specific emphasis on Hefei's project timelines and industrialization paths [2][4] - The company has established a demonstration site in Shuxihui Lake, Anhui, which has received recognition from relevant authorities [2] Core Insights and Arguments - **Subsidy and Funding**: Sichuang Electronics has received 90 million yuan in special funding from the Science and Technology Department for its low-altitude projects [4] - **Market Opportunities**: The company is pursuing various projects in the low-altitude sector, including radar systems for drone defense, with significant market potential anticipated in the anti-drone market [4][10] - **Competitive Landscape**: Sichuang Electronics holds a substantial market share in the BEST power supply sector, primarily competing with Anhui Jinyi, while also facing competition from other regional firms [2][7] - **Challenges in Expansion**: The company plans to expand to other cities like Chengdu and Shenzhen but faces challenges related to local policy environments, market acceptance, and supply chain integration [8][9] Financial and Operational Highlights - **Traditional Business Performance**: The traditional business segments, including perception products and applications, are expected to show stable growth, particularly in radar products and military supplies [10] - **Production Timeline**: Two models from the subsidiary are expected to enter mass production by the second half of 2025 or 2026 [10] - **Investment Expectations**: The government is expected to invest in low-altitude projects, potentially through bond issuance, although specific scales remain uncertain [14][15] Additional Important Points - **Product Development**: Sichuang Electronics has developed various integrated solutions for anti-drone and low-altitude monitoring, including radar and optical devices, with applications in different monitoring ranges [3][11][12] - **Collaboration within the Group**: The company emphasizes collaboration with other units within the group, particularly in the low-altitude air traffic management system [16] - **Military Involvement**: Both Sichuang Electronics and its subsidiary, 38 Institute, are involved in military anti-drone operations, albeit with different focuses [17] - **Future Planning**: The company is in the process of formulating its "14th Five-Year Plan," with a focus on urban air traffic and low-altitude applications [18]

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - *ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - Zhongcheng Tui (300208) has 11 trading days remaining until the last trading day[1] Delisting and Trading Reminders - Tui Shi Jin Gang (600190) has 11 trading days remaining until the last trading day[1] - Hengli Tui (000622) is in the delisting arrangement period with 8 trading days remaining[1] - Tui Shi Jiu You (600462) has 7 trading days remaining until the last trading day[1] Market Volatility - Beifang Changlong (301357) reported severe abnormal fluctuations[1] - Multiple companies, including Jichuan Pharmaceutical and *ST Yazhen, are under scrutiny for trading anomalies[1]

证券代码：600990 股票简称：四创电子 编号：临 2025-017 四创电子股份有限公司 股票交易异常波动公告 四创电子股份有限公司(以下简称"公司")股票于 2025 年 6 月 27 日、6 月 30 日、 7 月 1 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交 易规则》的有关规定，属于股票交易异常波动情形。 经公司自查并向控股股东及实际控制人书面函询核实，截至本公告披露日，公司不 存在应披露而未披露的重大信息。 公司严格按照有关法律法规的规定和要求，认真履行信息披露义务，及时做好信息 披露工作，敬请广大投资者关注相关公告，理性投资，注意投资风险。 一、股票交易异常波动的具体情况 公司股票交易于2025年6月27日、6月30日、7月1日连续三个交易日内日收盘 价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 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： 露的信息外，不存在其他涉及本公司应披露而未披露的重大信息，包括 ...

一、截至本回函出具日,本公司不存在涉及你公司的应披露而未 披露的重大信息,包括但不限于其他重大资产重组、股份发行、收购、 债务重组、业务重组、资产剥离、资产注入、股份回购、股权激励、 破产重整、重大业务合作、引进战略投资者等重大事项。 关于四创电子股份有限公司股票交易异常 波动沟通函的回函 四创电子股份有限公司: 你公司发来的《四创电子股份有限公司股票交易异常波动沟通函》 已收悉。经自查核实,现就相关问题回复如下: 二、本公司确认,在股票交易异常波动期间(2025年6月27日、 6月 30 日、7月1日),不存在买卖你公司股票的情形。 特此回函! 中国 ...

关于四创电子股份有限公司股票交易异常 波动情况的回函 四创电子股份有限公司: 你公司发来的《四创电子股份有限公司股票交易异常波动沟通函》 已收悉。经认真自查核实,现就相关事项回复如下: 一、截至本回函出具日,本公司不存在涉及你公司的应披露而未 披露的重大信息,包括但不限于重大资产重组、股份发行、收购、债 务重组、业务重组、资产剥离、资产注入、股份回购、股权激励、破 产重整、重大业务合作、引进战略投资者等重大事项。 二、本公司确认,在股票交易异常波动期间(2025年6月27日、 6月30日、7月1日),不存在买卖你公司股票的情形。 特此回函! 中电博微电子科技有限公司 2025年7月1日 ...

Core Viewpoint - The A-share military industry sector is experiencing a rebound, with significant stock price increases observed in several companies, indicating renewed investor interest and confidence in the sector [1] Company Performance - Changcheng Military Industry has seen its stock hit the daily limit up, achieving a remarkable performance of 8 out of 10 trading days with price increases [1] - Other companies such as China Shipbuilding Emergency, Lijun Shares, Sichuan Chuang Electronics, and Jihua Group also experienced stock price surges, with some stocks reaching their daily limit [1] - Zhongke Haixun's stock price increased by over 10%, reflecting positive market sentiment towards military-related stocks [1]