四创电子(600990)今日跌停，全天换手率7.06%，成交额5.40亿元，振幅12.68%。龙虎榜数据显示，机 构净卖出7943.35万元，沪股通净买入2133.29万元，营业部席位合计净买入1463.78万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-8.84%上榜，机构专用席位净卖出7943.35万元，沪 股通净买入2133.29万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.19亿元，其中，买入成交额为8763.12 万元，卖出成交额为1.31亿元，合计净卖出4346.28万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买五、卖一、卖三、卖五，合计买入 金额608.12万元，卖出金额8551.47万元，合计净卖出7943.35万元，沪股通为第一大买入营业部及第二 大卖出营业部，买入金额为5534.67万元，卖出金额为3401.38万元，合计净买入2133.29万元。 8月28日公司发布的半年报数据显示，上半年公司共实现营业收入6.77亿元，同比增长5.61%，实现净利 润-4343.19万元。（数据宝） 四创电子9月3日交易公开信息 | 买/卖 | 会员营业 ...

Summary of the Conference Call for Sichuan Electronics Company Overview - **Company**: Sichuan Electronics - **Core Business Lines**: Low-altitude economy, controllable nuclear fusion, and military industry [4][20] Key Points and Arguments Low-altitude Economy - **Government Support**: Anhui Province issued 456 billion yuan in special bonds, with 18.6 billion yuan allocated for Hefei's low-altitude economic infrastructure, benefiting Sichuan Electronics [2][6] - **Market Position**: Sichuan Electronics is positioned as a leader in low-altitude safety, leveraging its core competencies in Anhui [4][6] - **Product Development**: The company has launched the UM low-altitude navigation system and various platforms for low-altitude service regulation and drone applications, validated in complex scenarios [2][10] Controllable Nuclear Fusion - **Expansion Cycle**: The controllable nuclear fusion sector is expected to enter a capital expenditure expansion cycle in the next 3-5 years, benefiting suppliers of materials and equipment [7][18] - **Project Wins**: Sichuan Electronics' subsidiary, Huayao Electronics, won the EAST power supply project, indicating strong competitiveness in the PSM high-voltage power supply sector [4][7] Military Industry - **Market Growth**: The military market is projected to perform strongly in 2025, which is expected to positively impact Sichuan Electronics as a military enterprise [8][20] - **Support from Parent Company**: The major shareholder, Zhongdian Bowei, controlled by China Electronics Corporation, provides significant support for technology development and market expansion [4][8] Radar Technology and Market Position - **Core Business**: Radar technology constitutes over half of the company's revenue, including wind, rain, and cloud measurement radars [5][11] - **Market Share**: Sichuan Electronics holds a significant market share in the domestic civil aviation sector, particularly in radar systems [5][11] Economic Efficiency through Resource Reuse - **Platform Development**: The "Low Air Quantity" platform integrates existing urban infrastructure to reduce construction costs and enhance overall efficiency [12][13] Future Prospects - **Profit Recovery**: The company anticipates a return to profitability in 2026, following a challenging year in 2025 [5][20] - **Strategic Focus**: Sichuan Electronics is expected to benefit from its focus on military, nuclear fusion, and low-altitude sectors, which are anticipated to drive stock performance [20] Additional Important Insights - **Anhui's Strategic Advantage**: Anhui Province has seen significant growth in low-altitude routes and airspace, with 27 new low-altitude routes and 30 airspaces, marking increases of 50% and 40% respectively [3][16] - **Government Initiatives**: The issuance of special bonds reflects the government's commitment to supporting industries related to low-altitude economy and safety [21]

盈利预测：公司二季度经营状况向好，传统主业下游行业需求复苏明显，同时公司成果拓展水利相控阵 雷达市场。新动能业务板块，公司深度布局低空、核聚变领域核心环节，有望受益于相应订单放量。预 计公司2025-2027 年营收为16.71/21.09/26.93 亿元；归母净利润为-0.91/1.5/2.25 亿元。 二季度费用控制成果显现，大幅加大研发投入。公司25Q2 销售费用为0.16 亿元(同比-31.15%)，费用率 为4.28%(同比-3.63pct)；管理费用为0.45亿元(同比-18.77%)，费用率为11.69%(同比-6.63pct)，控费效果 十分显著。公司加大研发投入，25Q2 研发费用为0.03 亿元(同比+141.61%)，费用率为0.86%(同比 +0.41pct)，25H1 整体研发投入达0.52 亿元，研发投入强度达7.67%。公司持续扩宽产品矩阵，研发X 波 段相控阵水利测雨雷达、低空网格化微气象系统、人形机器人供电系统、军事作训领域平台、低空微气 象系统及低空服务监管平台等多项核心新产品，覆盖空管、水利、低空、反无、军事作训等多个下游领 域，为公司多方向拓展打下基础。 主业随下游行 ...

Core Viewpoint - Four Creation Electronics (600990) reported a mixed financial performance for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 677 million yuan, a year-on-year increase of 5.61% compared to 641 million yuan in 2024 [1]. - The net profit attributable to shareholders was -43.43 million yuan, reflecting an 11.5% decline from -38.95 million yuan in the previous year [1]. - The gross margin improved to 18.94%, up 25.31% from 15.12% in 2024, while the net margin decreased to -6.38%, a decline of 5.33% [1]. - The company reported significant accounts receivable, with accounts receivable accounting for 136.41% of total revenue [1]. - Operating cash flow per share was -1.19 yuan, down 38.99% from -0.86 yuan in the previous year [1]. Debt and Cash Flow Analysis - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 8.25% and the average operating cash flow over the past three years to current liabilities ratio at 8.01% [2]. - The interest-bearing debt ratio reached 30.81%, indicating a high level of leverage [2]. Investment and Market Position - The company has a weak historical return on invested capital (ROIC), with a median ROIC of 5.13% over the past decade and a particularly poor ROIC of -12.18% in 2023 [1]. - The company has experienced two years of losses since its listing, suggesting a fragile business model [1]. Fund Holdings - Notable funds holding Four Creation Electronics include Huaxia High-end Manufacturing Mixed A, which has recently increased its position [3]. - The fund's current scale is 899 million yuan, with a recent net value increase of 4.79% [3]. Product and Market Development - The company is focusing on low-altitude products, including a series of radar systems for low-altitude monitoring and safety, which are part of a broader strategy to enhance urban security and governance [4].

Core Viewpoint - The stock price of Sichuang Electronics has decreased by 5.11% to 30.61 yuan as of August 27, 2025, indicating a decline in market performance [1] Financial Performance - The trading volume on August 27 was 530 million yuan, with a turnover rate of 6.24% and a total market capitalization of 8.298 billion yuan [1] - For the first half of 2025, the company's net profit attributable to shareholders was -43.43 million yuan, reflecting an increased loss compared to the same period last year [1] Capital Flow - On August 27, there was a net outflow of 122 million yuan in principal funds, with a cumulative net outflow of 284 million yuan over the past five trading days [1]

Group 1 - The company reported a total operating revenue of 677 million yuan for the first half of 2025, representing a year-on-year increase of 5.61% [1] - The net profit attributable to shareholders of the parent company was -43.43 million yuan, which is a decline of 4.478 million yuan compared to the same period last year [1] - The basic earnings per share were -0.1614 yuan [1]

证券代码：600990 股票简称：四创电子 编号：临 2025-022 四创电子股份有限公司八届七次监事会于 2025 年 8 月 26 日以通讯方式召开。 会议应到监事 5 人，实到监事 5 人。会议的召集和召开符合《公司法》《公司章程》 的有关规定，会议审议并通过了以下事项： 一、审议通过《2025 年半年度报告全文和摘要》 根据《证券法》的规定和《公开发行证券的公司信息披露内容与格式准则第3 号——半年度报告的内容与格式》（2025年修订）的有关要求，公司监事会对董事 会编制的2025年半年度报告进行了审核，并发表意见如下： （一）公司2025年半年度报告编制和审议程序符合法律、法规、公司章程和公 司内部管理制度的各项规定； 四创电子股份有限公司 八届七次监事会决议公告 本公司监事会及全体监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。 特此公告。 四创电子股份有限公司监事会 2025 年 8 月 28 日 1 （二）公司2025年半年度报告的内容和格式符合中国证监会和证券交易所的各 项规定，所包含的信息能够从各个方面真实地反映出公司202 ...

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。 四创电子股份有限公司（以下简称"公司"）八届八次董事会于2025年8月 26日以通讯方式召开。会议应到董事8人，实到董事8人。会议的召集和召开符合 《公司法》《公司章程》的有关规定，会议审议并通过了以下事项： 证券代码：600990 股票简称：四创电子 编号：临 2025-021 四创电子股份有限公司 八届八次董事会决议公告 一、审议通过《2025年半年度报告全文和摘要》 《2025年半年度报告全文和摘要》已经公司董事会审计委员会2025年第五次 会议审议通过，并同意提交董事会审议。 同意 4 票，反对 0 票，弃权 0 票。关联董事张成伟、任小伟、张春城、张小 旗回避了表决。具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披 露的《关于中国电子科技财务有限公司风险持续评估报告》。 三、审议通过《关于修订<公司章程>的议案》 《关于修订<公司章程>的议案》已经公司董事会审计委员会2025年第五次会 议审议通过，并同意提交董事会审议。 同意8票，反对0票，弃权0 ...

General Provisions - The rules are established to regulate the management of shares held by the board of directors and senior management of the company, in accordance with relevant laws and regulations [1][2] - The rules apply to the buying, selling, or holding of the company's shares and derivatives by directors and senior management [1][2] Trading Restrictions - Directors and senior management are prohibited from trading company shares during specific periods, including 15 days before the annual and semi-annual report announcements, 5 days before quarterly reports, and during significant events that may impact share prices [2][3] - Shares held by directors and senior management cannot be transferred under certain conditions, such as within six months after leaving the company or during investigations related to securities violations [3][4] Transfer Limitations - Directors and senior management can only transfer up to 25% of their total shares each year, with additional restrictions applying after leaving the company [5][6] - Any shares acquired through company actions, such as public offerings or stock incentives, are subject to specific transfer rules [6][7] Trading Operations - The company is responsible for monitoring and reporting the shareholding and trading activities of directors and senior management, ensuring compliance with disclosure requirements [15][16] - Directors and senior management must report any changes in their shareholdings within two trading days, including details of the changes [23][24] Violations and Penalties - Any violations of these trading rules may result in internal penalties from the company, as well as potential regulatory actions from authorities like the China Securities Regulatory Commission [25][26] Miscellaneous - The rules will be executed in accordance with national laws and regulations, and the board of directors is responsible for their interpretation [26][27]

Core Viewpoint - The report evaluates the ongoing risk assessment of China Electronics Technology Finance Co., Ltd., highlighting its compliance with regulatory requirements and effective internal control systems [1][12]. Group 1: Company Overview - China Electronics Technology Finance Co., Ltd. is a non-bank financial institution approved by the National Financial Supervision Administration, with a registered capital of 580 million RMB [2]. - The company was established on December 14, 2012, and is located in Beijing [2]. Group 2: Internal Control and Risk Management - The company has established a comprehensive internal control system with 13 categories and 191 regulations to ensure effective management and compliance [9]. - It has a structured governance framework including a board of directors and various committees to oversee risk management and internal controls [3]. - The risk management system includes risk identification, assessment, and control measures tailored to different business operations [3][4]. Group 3: Financial Performance - As of June 30, 2025, the total assets of the finance company amounted to 89.495 billion RMB, with liabilities of 78.103 billion RMB and equity of 11.392 billion RMB [10]. - For the first half of 2025, the company reported an operating income of 0.951 billion RMB and a net profit [10]. Group 4: Compliance and Regulatory Adherence - The finance company adheres to various regulatory requirements, including maintaining a capital adequacy ratio above the minimum regulatory threshold and ensuring liquidity ratios are not below 25% [10]. - The company has not violated any regulations set forth by the National Financial Supervision Administration, indicating a strong compliance record [12]. Group 5: Related Transactions - As of June 30, 2025, the company had a loan balance of 0.937 billion RMB and a deposit balance of 0.145 billion RMB with the finance company, indicating a manageable level of financial interaction [11].