智通财经APP讯，*ST立航(603261.SH)发布公告，公司于近日收到国家某县监察委员会签发的《解除留 置通知书》和公司董事长刘随阳先生家属的通知,国家某县监察委员会决定对刘随阳先生解除留置措 施。目前，公司董事长刘随阳先生已能正常履职，公司董事、副总经理万琳君女士将不再代为履行公司 董事长及董事会专门委员会的相关职责，公司生产经营情况正常。 ...

人民财讯9月17日电，*ST立航（603261）9月17日晚间公告，公司于近日收到国家某县监察委员会签发 的《解除留置通知书》和公司实控人、董事长刘随阳家属的通知,国家某县监察委员会决定对刘随阳解 除留置措施。目前，公司董事长刘随阳先生已能正常履职，公司董事、副总经理万琳君女士将不再代为 履行公司董事长及董事会专门委员会的相关职责，公司生产经营情况正常。 ...

*ST立航公告，公司实际控制人、董事长刘随阳先生已解除留置措施，恢复正常履职。此前，公司于 2025年3月22日披露刘随阳被立案调查并实施留置。解除留置后，公司董事、副总经理万琳君女士将不 再代为履行董事长及董事会专门委员会职责。目前，公司生产经营情况正常。信息以公司指定媒体和上 海证券交易所网站发布为准。 ...

Core Viewpoint - The aviation equipment sector experienced a slight increase of 0.52% on August 29, with Chaotuo Aerospace leading the gains. The Shanghai Composite Index rose by 0.37% to close at 3857.93, while the Shenzhen Component Index increased by 0.99% to 12696.15 [1]. Group 1: Stock Performance - Chaotuo Aerospace (688237) closed at 46.23, up 10.33% with a trading volume of 47,500 shares and a transaction value of 211 million yuan [1]. - Lijun Co., Ltd. (002651) closed at 15.00, up 6.76% with a trading volume of 810,600 shares and a transaction value of 1.178 billion yuan [1]. - Hengyu Xintong (300965) closed at 80.20, up 5.51% with a trading volume of 41,000 shares and a transaction value of 319 million yuan [1]. - Other notable performers include Shengnan Technology (837006) up 4.64%, Chenxi Aviation (300581) up 4.18%, and Jiachitech (688708) up 4.03% [1]. Group 2: Capital Flow - The aviation equipment sector saw a net outflow of 300 million yuan from main funds, while retail funds experienced a net inflow of 379 million yuan. Additionally, there was a net outflow of 78.9368 million yuan from individual investors [3].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [45]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" phase. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors, which have favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry Insights - The defense budget growth rate in China is around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][9]. Market Performance - In the past week, the CSI 300 index increased by 4.90%, while the aerospace and defense index rose by 4.19%. For the month, the CSI 300 index saw a 7.16% increase, and the aerospace and defense index increased by 8.25% [10]. Industry News - The preparations for the 80th anniversary of the victory in the War of Resistance against Japan are progressing smoothly, showcasing new military equipment, including advanced fourth-generation equipment and various unmanned systems, highlighting the military's capabilities in modern warfare [14][15]. Company Tracking - Several companies reported their semi-annual results, with varying performance metrics. For instance, *ST Lihang reported a revenue of 54.34 million yuan, down 49.72% year-on-year, while Hongyuan Electronics achieved a revenue of 1.018 billion yuan, up 22.27% year-on-year [21][22][43].

Group 1 - The core point of the article is the signing of a supplementary agreement regarding the three-party supervision of the fundraising account by Chengdu Lihang Technology Co., Ltd. (stock code: 603261, stock abbreviation: *ST Lihang) [1][3] - In 2022, *ST Lihang publicly issued 19.25 million shares at a price of 19.70 yuan per share, raising a total of 379.225 million yuan, with a net amount of 334.7213 million yuan after deducting issuance costs [1][2] - The supplementary agreement aims to further standardize the management and use of the raised funds, ensuring the protection of investors' legal rights [3] Group 2 - The supplementary agreement specifies that a special fundraising account has been opened at Chengdu Bank for the storage and use of funds related to aviation equipment and rotorcraft manufacturing projects, and temporarily idle funds may be used to supplement working capital [2] - The agreement outlines the responsibilities of Huaxi Securities in supervising the management of the raised funds in accordance with relevant laws and regulations [2] - The supplementary agreement is legally binding and will take precedence over any conflicting terms in the original agreement, while the remaining parts of the original agreement will continue to be effective [2]

证券代码：603261 证券简称：*ST 立航 公告编号：2025-038 成都立航科技股份有限公司 关于召开 2025 年半年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。 成都立航科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 20 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 29 日（星期一）15:00-16: 00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 09 月 29 日（星期一）15:00-16:00 （二）会议召开地点：上证路演中心 会议召开时间：2025 年 09 月 29 日（星期 ...

证券代码：603261 证券简称：*ST 立航 公告编号：2025-037 成都立航科技股份有限公司 关于签订募集资金专户三方监管补充协议的公告 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个别及连带责任。 一、募集资金的基本情况 经中国证券监督管理委员会许可[2022]380 号文核准，成都立航科技股份有 限公司（以下简称"公司"）首次向社会公开发行人民币普通股（A 股）股票 1,925.00 万股，发行价格为每股 19.70 元，本次发行募集资金总额为人民币 37,9 22.50 万元，扣除不含税的发行费用人民币 4,450.37 万元，实际募集资金净额为 人民币 33,472.13 万元，上述募集资金已由主承销商华西证券股份有限公司于 2 022 年 3 月 9 日汇入本公司募集资金监管账户。上述募集资金到位情况经信永中 和会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》，报告编号 为 XYZH/2022BJAG10023。 二、《募集资金专户三方监管协议》的签订情况 为规范公司募集资金管理和使用，保护投资者的合法权益， ...

Core Viewpoint - *ST Lihang (603261) reported significant declines in revenue and net profit for the first half of 2025, indicating severe financial distress and operational challenges [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 54.34 million yuan, a decrease of 49.72% compared to 108 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -44.57 million yuan, down 83.72% from -24.26 million yuan year-on-year [1]. - The gross margin plummeted to -60.92%, a decrease of 747.95% from 9.40% in the previous year [1]. - The net margin also worsened to -82.23%, a decline of 266.38% from -22.44% [1]. - The total of financial, sales, and administrative expenses reached 22.57 million yuan, accounting for 41.53% of total revenue, an increase of 64.27% year-on-year [1]. Cash Flow and Financial Health - Cash and cash equivalents decreased by 35.69% to 63.37 million yuan, attributed to payments for material purchases and construction [1]. - The company’s operating cash flow per share was -0.54 yuan, an increase of 37.99% year-on-year, indicating improved cash inflow from sales despite overall losses [1]. - The company’s total interest-bearing debt rose by 20.93% to 96.42 million yuan, reflecting increased financial leverage [1]. Business Model and Investment Returns - The company's historical median Return on Invested Capital (ROIC) stands at 16.44%, but the ROIC for the worst year, 2024, was -10.58%, indicating a fragile business model [2]. - The company has experienced two years of losses since its listing, suggesting vulnerabilities in its business operations [2]. - The reliance on capital expenditures for driving performance raises concerns about the sustainability and efficiency of such investments [2].

Core Viewpoint - *ST Lihang (603261.SH) reported a significant decline in revenue and increased net losses for the first half of 2025 compared to the previous year, indicating ongoing financial challenges for the company [1][3]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 54.34 million yuan, a decrease of 49.72% year-on-year [1][3]. - The net profit attributable to shareholders was -44.57 million yuan, worsening from -24.26 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -45.19 million yuan, compared to -26.86 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -41.99 million yuan, an improvement from -67.72 million yuan year-on-year [1][3]. Historical Financial Data - In 2023 and 2024, the company's operating revenues were 235 million yuan and 290 million yuan, respectively, with net profits of -68.31 million yuan and -93.94 million yuan [3][4]. - The net cash flow from operating activities for 2023 and 2024 was -5.27 million yuan and -2.06 million yuan, respectively [3][4]. Initial Public Offering (IPO) Details - Lihang Technology was listed on the Shanghai Stock Exchange on March 15, 2022, with an initial public offering of 19.70 yuan per share, raising a total of 379 million yuan [4][5]. - The net proceeds from the IPO amounted to 335 million yuan, which were allocated for aviation equipment and rotorcraft manufacturing projects, as well as for working capital [5].