Core Viewpoint - The company, Sichuan Electronic Co., Ltd., has announced its third-quarter financial report for 2025, ensuring the accuracy and completeness of the information disclosed [6][14]. Financial Data - The third-quarter financial report for 2025 has not been audited [3]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the documents [3][4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are to be disclosed, but specific details are not provided [4]. Investor Communication - An investor briefing session is scheduled for November 28, 2025, from 14:00 to 15:00, to discuss the third-quarter results and address investor questions [7][9]. - Investors can submit questions from November 21 to November 27, 2025, through the designated online platform or via email [11]. Audit Firm Appointment - The company plans to renew its appointment of Dahua Accounting Firm as its financial and internal control auditor for 2025, pending shareholder approval [20][28]. - The audit fees are set at RMB 530,000 for financial reporting and RMB 200,000 for internal control audits, with no change from the previous period [27][29].

Core Viewpoint - The company reported a decline in revenue and an increase in net loss for the third quarter of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 was 1.041 billion yuan, representing a year-on-year decrease of 4.64% [1] - The net profit attributable to shareholders of the parent company was -90.2003 million yuan, which is a deterioration of 49.76 million yuan compared to the same period last year [1] - The basic earnings per share were -0.3353 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Sichuan Chuang Electronics, which reported a revenue decline and a significant net loss for the third quarter of 2025 [1] - The company's revenue for the first three quarters of 2025 was approximately 1.041 billion yuan, representing a year-on-year decrease of 4.64% [1] - The net profit attributable to shareholders was a loss of approximately 90.2 million yuan, with basic earnings per share reflecting a loss of 0.3353 yuan [1] Group 2 - As of the report, Sichuan Chuang Electronics has a market capitalization of 7.5 billion yuan [1] - The article also notes a broader market context, indicating that the A-share market has surpassed 4000 points, marking a significant resurgence in the technology sector and the emergence of a "slow bull" market pattern [1]

证券代码：600990 证券简称：四创电子 公告编号：临 2025-030 四创电子股份有限公司 关于召开 2025 年第三季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： 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 11 月 21 日（星期五）至 11 月 27 日（星期四）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 scdz600990@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。 三、参加人员 公司出席本次业绩说明会的人员有：董事长张成伟先生，董事、总经理任小 伟先生，独立董事杨模荣先生，副总经理、董事会秘书王向新先生，财务总监潘 洁女士（如遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 四创电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公 司 2025 年第三季度报告，为便于广大投资者更全面深入地了解 ...

证券代码：600990 证券简称：四创电子 公告编号：临 2025-029 四创电子股份有限公司 关于续聘 2025 年度会计师事务所公告 公司于 2025 年 10 月 28 日召开了八届十次董事会，审议通过了《关于续 聘 2025 年度财务审计机构的议案》、《关于续聘 2025 年度内部控制审计机构的议 案》，同意续聘大华所为公司 2025 年度财务审计机构和内部控制审计机构，本议 案尚需提交公司股东会审议。现将有关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 机构名称：大华会计师事务所（特殊普通合伙） 成立日期：2012 年 2 月 9 日成立（由大华会计师事务所有限公司转制为特 殊普通合伙企业） 组织形式：特殊普通合伙 注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101 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： 拟续聘的会计师事务所名称：大华会计师事务所（特殊普通合伙）（以下 简称"大华所"） 2024 年度上市公司年报审计收费总额：12,475.47 万元 本公 ...

四创电子股份有限公司（以下简称"公司"）八届十次董事会于2025年10月 28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： 一、审议通过《2025年第三季度报告》 《2025年第三季度报告》已经公司董事会审计委员会2025年第七次会议审议 通过，并同意提交董事会审议。 同意8票，反对0票，弃权0票。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《2025年第三季度报告》。 二、审议通过《关于续聘2025年度财务审计机构的议案》 证券代码：600990 证券简称：四创电子 公告编号：临 2025-027 四创电子股份有限公司 八届十次董事会决议公告 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。 同意 8 票，反对 0 票，弃权 0 票。本议案尚需提交公司股东会审议。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《关于续聘 2025 年度会计师事务所的公告》（编号：临 2025-02 ...

四创电子股份有限公司 2025 年第三季度报告 证券代码：600990 证券简称：四创电子 四创电子股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比 | | 年初至报告 | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | 上年同期增 | 年初至报告期 | 期末比上年 | | | | | 减变动幅度 | 末 | 同期增减变 | | | | | (%) | | 动幅度(%) | | 营业收入 | 364,491,624.4 | | -19. ...

Core Viewpoint - The company reported a significant decline in revenue and incurred net losses in the third quarter and the first three quarters of the year [1] Financial Performance - The company's revenue for the third quarter was 364 million, representing a year-on-year decrease of 19.20% [1] - The net loss for the third quarter amounted to 46.7684 million [1] - For the first three quarters, the total revenue was 1.041 billion, showing a year-on-year decline of 4.64% [1] - The net loss for the first three quarters reached 90.2003 million [1]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Core Insights - The defense and military industry index experienced a decline of -4.70% over the past week, ranking 23rd out of 31 in the Shenwan primary industry [7][41] - The current PE-TTM for the defense and military industry is 83.33, which is at the 76.67 percentile compared to the past decade, indicating a relatively high valuation level [12][15] - The report highlights significant individual stock performances, with North China Long Dragon leading with an increase of 8.71% over the past week, while Guorui Technology saw a decline of -14.00% [17][41] Industry and Stock Market Review - The defense and military industry index has shown a decline of -1.92% over the past month, ranking 11th out of 31 [9][41] - Over the past year, the industry index has increased by 16.91%, ranking 19th out of 31 [3][41] - The trading volume for the defense and military industry reached 310.8 billion yuan this week, a year-on-year decrease of -8.63% but a week-on-week increase of +128.08% [31][34] Important Company Announcements - The report includes various significant announcements from companies in the defense sector, such as strategic cooperation agreements and stock repurchase plans [38] Industry News - Indonesia confirmed its plan to purchase Chinese-made J-10 fighter jets, with a defense budget of at least 9 billion USD approved [40][41] - Successful launches of low-orbit satellite internet groups and the sixth batch of the Qianfan constellation were reported, indicating advancements in commercial aerospace [40][42] Investment Recommendations - The report suggests focusing on key investment themes such as military trade, commercial aerospace, unmanned equipment, military AI, and low-altitude economy [43]