证券代码：603261 证券简称：*ST 立航 公告编号：2025-042 成都立航科技股份有限公司 第三届监事会第九次会议决议的公告 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个别及连带责任。 成都立航科技股份有限公司（以下简称"公司"）第三届监事会第九次会议（以 下简称"本次会议"）于 2025 年 10 月 20 日以通讯方式发出会议通知，并于 202 5 年 10 月 23 日在公司会议室以现场投票表决的方式召开。 本次会议应出席监事 3 名，实际出席监事 3 名。公司监事会主席李军主持本 次会议。本次会议召开符合有关法律、行政法规、规范性文件和《公司章程》的 规定。 二、监事会会议审议情况 1、审议通过了《关于 2025 年第三季度报告的议案》 公司监事会依照有关法律、法规和公司章程，经认真审核，发表意见如下： （1）公司 2025 年第三季度报告的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等相关规定； 一、监事会会议召开情况 （2）公司 2025 年第三季度报告的内容和格式符合中国证券监督管理委员会 和上 ...

详情请见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《成都 立航科技股份有限公司 2025 年第三季度报告》。 证券代码：603261 证券简称：*ST 立航 公告编号：2025-041 成都立航科技股份有限公司 第三届董事会第十一次会议决议的公告 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、董事会会议召开情况 成都立航科技股份有限公司（以下简称"公司"）第三届董事会第十一次会议 （以下简称"本次会议"）于 2025 年 10 月 20 日以通讯方式发出会议通知，并于 2025 年 10 月 23 日在公司会议室以现场投票及通讯表决的方式召开。 本次会议应出席董事 5 名，实际出席董事 5 名。公司董事长刘随阳先生主 持本次会议，公司监事和高级管理人员列席了会议。本次会议召开符合有关法律、 行政法规、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过了《关于 2025 年第三季度报告的议案》 表决结果：5 票同意、0 票反对、0 票弃权。 本议案已经董事会审计委员会审议通 ...

Market Overview - The aviation equipment sector rose by 0.91% on October 21, with Filihua leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Filihua (300395) saw a significant increase of 14.17%, closing at 80.50 with a trading volume of 426,500 shares [1] - Other notable performers included Hangxin Technology (300424) with a 6.02% increase, and Hangyu Technology (688239) with a 4.42% increase [1] - The table below summarizes the performance of key stocks in the aviation equipment sector: | Code | Name | Closing Price | Change (%) | Volume (thousand) | |--------|--------------|---------------|------------|-------------------| | 300395 | Filihua | 80.50 | 14.17 | 426.5 | | 300424 | Hangxin Tech | 17.79 | 6.02 | 248.6 | | 688239 | Hangyu Tech | 43.67 | 4.42 | 48.3 | | 920642 | Tongyi Aerospace | 14.97 | 2.46 | 20.1 | | 002297 | Boyun New Material | 9.00 | 2.39 | 471.7 | | 603261 | *ST Lihang | 21.10 | 2.23 | 12.5 | | 300034 | Steel Research | 16.38 | 2.12 | 120.9 | | 920006 | Shengcao Technology | 27.85 | 1.94 | 11.3 | | 688287 | *ST Guandian | 4.78 | 1.92 | 14.9 | | 002625 | Guangqi Technology | 46.78 | 1.92 | 189.7 | [1] Capital Flow - The aviation equipment sector experienced a net inflow of 601 million yuan from institutional investors, while retail investors saw a net outflow of 454 million yuan [2] - The following table outlines the capital flow for key stocks: | Code | Name | Institutional Net Inflow (yuan) | Institutional Net Ratio | Retail Net Inflow (yuan) | Retail Net Ratio | |--------|--------------|----------------------------------|-------------------------|--------------------------|------------------| | 300395 | Filihua | 439 million | 13.32% | -83.56 million | -10.78% | | 688122 | Western Superconductor | 92.06 million | 7.09% | -36.26 million | -4.30% | | 300424 | Hangxin Tech | 54.02 million | 12.49% | -798,450 | -10.64% | | 600893 | Aero Engine | 47.64 million | 7.85% | 390,730 | -8.50% | | 688237 | Superlative Aerospace | 28.34 million | 18.13% | 530,500 | -21.53% | [3]

Core Viewpoint - The aviation equipment sector experienced a slight increase of 0.08% on October 20, with notable gains from individual stocks, particularly Maixinlin, which surged by 8.19% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] - Maixinlin led the aviation equipment sector with a closing price of 62.65 and a rise of 8.19%, with a trading volume of 62,300 shares and a transaction value of 388 million yuan [1] - Other notable performers included ST Lihang, which rose by 4.98%, and Super Aerospace Technology, which increased by 4.97% [1] Group 2: Stock Performance Summary - A detailed table of stock performance shows various companies in the aviation equipment sector, with their closing prices, percentage changes, trading volumes, and transaction values [1][2] - The sector saw a net outflow of 778 million yuan from major funds, while retail investors contributed a net inflow of 545 million yuan [2] Group 3: Fund Flow Analysis - The fund flow analysis indicates that major funds had a net outflow from several stocks, including Feilihua, which saw a net inflow of 94.19 million yuan from major funds but a net outflow from retail investors [3] - ST Lihang and ST Lian Shi also experienced significant net inflows from retail investors despite overall negative trends in major fund flows [3]

Investment Rating - The report rates the commercial drone industry with a strong growth outlook, projecting a market size increase from 131.44 billion RMB in 2025 to 306.97 billion RMB by 2029, with a compound annual growth rate (CAGR) of 23.62% [46]. Core Insights - The commercial drone industry focuses on creating commercial value and enhancing operational efficiency through specialized equipment and integrated solutions [4][5]. - The market growth is driven by technological advancements, cost-effectiveness, and the emergence of new application scenarios such as low-altitude logistics and cultural tourism [4][49]. - The industry is characterized by high technical barriers compared to consumer drones, with a focus on long-term service cooperation rather than one-time sales [11][14]. Industry Definition - Commercial drones are defined as unmanned aerial vehicles designed to provide specialized services to enterprises and institutions, focusing on commercial value creation rather than personal entertainment [5]. Industry Classification - The commercial drone industry can be categorized into various application scenarios, including aerial photography, logistics delivery, agricultural protection, inspection and surveying, medical rescue, commercial performances, and derived commercial services [6]. Industry Features - The core demand of commercial drones is centered on "commercial value transformation," with a focus on addressing customer pain points [12]. - The technology requirements are higher than those for consumer drones, necessitating customized configurations and integrated solutions [13]. - The transaction model leans towards long-term service agreements, enhancing customer retention and profitability through ongoing service fees [14]. Development History - The industry has evolved through three main phases: the nascent phase (1990-2011), the startup phase (2012-2017), and the rapid development phase (2018-present), with significant technological advancements and market validation occurring in each stage [15][19]. Industry Chain Analysis - The industry chain consists of three segments: upstream (core components and key technology supply), midstream (drone manufacturing), and downstream (industry applications and operational services) [21][22]. - Upstream developments include advancements in materials and energy sources, such as carbon fiber and hydrogen technology, which enhance drone performance and reduce costs [23][30]. - Midstream challenges include limitations in battery energy density and signal transmission technology, which affect operational efficiency [24][38]. - Downstream applications are primarily in agricultural protection and surveying, with logistics delivery showing significant growth potential [43][44]. Market Size and Growth Drivers - The commercial drone market is expected to grow significantly, with agricultural protection projected to reach 30.93 billion RMB by 2025, accounting for 25% of the overall market [48]. - New application scenarios, such as low-altitude logistics and environmental monitoring, are expected to inject vitality into the market [49]. - The rise of the "Drone as a Service" (DaaS) model is lowering entry barriers for small and medium enterprises, further expanding the market [50].

证券代码：603261 证券简称： *ST 立航 公告编号：2025-040 成都立航科技股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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、 说明会召开情况 成都立航科技股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日(星 期一)下午 15:00-16:00 通过上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/），以网络互动方式召开了 2025 年半年度业绩说明会。公司总经理 朱建新先生，副总经理、董事会秘书、财务总监（代行）万琳君女士，独立董事 钟奎先生出席了 2025 年半年度业绩说明会，与投资者进行互动交流和沟通，就 投资者关注的问题在信息披露允许的范围内进行了回答。 答复：尊敬的投资者，您好！公司将积极采取举措改善公司的生产经营和财 务状况，努力提升公司主营业务收入与盈利能力，全力维护全体股东的利益，主 要措施如下： （一）公司在持续夯实军品业务的同时，合理改善主营业务结构，以优化资 源 ...

Group 1 - The Chengfei sector is experiencing a downturn, with *ST Lihang hitting the daily limit down [1] - Other companies such as Huaru Technology, Qifeng Precision, Huali Chuantong, Aileda, Chengfei Integration, and Quanxin Co., Ltd. are also seeing declines [1]

Core Viewpoint - The new Company Law, effective from July 1, 2024, allows shareholders to not only access but also copy shareholder information, raising concerns about the sensitivity of shareholder registers and the need for regulations to balance shareholder rights and company operations [1][4][8]. Group 1: Shareholder Rights and Regulations - The new Company Law stipulates that shareholders have the right to access and copy the company’s articles of association and shareholder register [1][4]. - Currently, only a few A-share listed companies have established a system for accessing shareholder registers, indicating a need for further market development to balance shareholder rights and company operations [1][4]. - There are discrepancies among listed companies regarding the interpretation of shareholder access to the shareholder register, with some allowing access to personal holding information only, while others permit broader access [4][5][9]. Group 2: Case of Shareholder Dispute - A notable incident involved a well-known investor, Xie Kai, who claimed to have faced verbal abuse from a lawyer while attempting to access the shareholder register of *ST Lihang, highlighting tensions between shareholders and company representatives [2][3]. - Xie Kai, known for his significant investments and past successes, has shown interest in various Sichuan-listed companies, although he was not listed among the top shareholders of *ST Lihang as of mid-2025 [2][3]. Group 3: Access Methods and Company Policies - Companies have varied policies regarding how shareholders can access the shareholder register, with some requiring in-person visits and others allowing remote access after verifying shareholder identity [5][7][10]. - Certain companies, like *ST Lihang, require shareholders to sign confidentiality agreements and provide proof of ownership before accessing the register, emphasizing the importance of protecting sensitive information [7][10]. - The establishment of internal regulations by companies, such as the one by Chuangyuan Xinke, aims to provide clear guidelines for accessing and copying shareholder registers while ensuring confidentiality [10]. Group 4: Balancing Interests - The potential for conflicts arises from the sensitive nature of shareholder registers, necessitating a balance between shareholder rights and the operational efficiency of companies [8][9]. - Legal experts suggest that unrestricted access to shareholder information could lead to unfair practices, advocating for a structured approach to managing shareholder inquiries [8][9]. - Recommendations include defining the boundaries of access to shareholder registers and implementing measures to protect sensitive data while ensuring fair market practices [9].

Core Viewpoint - The new Company Law, effective from July 1, 2024, allows shareholders to not only access but also copy shareholder information, raising concerns about the sensitivity of shareholder registers and the need for regulations to balance shareholder rights and company operations [1][4]. Group 1: Shareholder Rights and Regulations - The new Company Law stipulates that shareholders have the right to access and copy the company’s articles of association and shareholder register [1][4]. - Currently, only a few listed companies have established a system for accessing shareholder registers, indicating a need for further market work to balance shareholder rights and company operations [1][4]. - There are discrepancies among listed companies regarding the interpretation of shareholders' rights to access the shareholder register, with some companies allowing access to personal holding information only, while others permit broader access [4][5][9]. Group 2: Case of Shareholder Dispute - A well-known investor, Xie Kai, faced verbal abuse from a lawyer representing a listed company when he attempted to exercise his right to access the shareholder register, highlighting tensions between shareholders and company representatives [2][3]. - Xie Kai, who has a significant presence in the capital market, has shown interest in various listed companies, although he was not listed among the top shareholders of *ST Lihang as of mid-2025 [2][3]. Group 3: Access Methods and Company Policies - Companies have varied policies regarding how shareholders can access the shareholder register, with some requiring in-person visits and others allowing remote access after verifying shareholder identity [5][7][10]. - Certain companies mandate that shareholders sign confidentiality agreements and provide proof of ownership before accessing the register, emphasizing the importance of protecting sensitive information [7][10]. Group 4: Balancing Interests - The issue of accessing shareholder registers involves balancing the rights of shareholders with the operational needs of companies and the fairness of securities trading [8][9]. - Legal experts suggest that unrestricted access to shareholder information could lead to unfair practices, advocating for regulations that require shareholders to demonstrate legitimate purposes for accessing such information [8][9].

Group 1 - Shudao Equipment's subsidiary signed a construction contract worth 24.68 million yuan for a hydrogen fuel cell manufacturing base project [1] - Zhongliang Technology received a land acquisition compensation of 30 million yuan from the government [2] - Palm Holdings won a bid for a high-standard farmland construction project in Lankao County, with a contract value of 433 million yuan, accounting for 14.12% of the company's audited revenue for 2024 [3] Group 2 - Changchun Yidong's subsidiary received a government subsidy of 2.85 million yuan, which is 122.78% of the company's audited net profit for the last fiscal year [4] - Wuzhou Transportation successfully issued 200 million yuan in medium-term notes with an interest rate of 2.10% [5][6] - Tiandi Source's subsidiary plans to apply for a trust loan of up to 500 million yuan from related parties [8] Group 3 - Tiandi Source's subsidiary acquired a residential land use right in Xi'an for 2.015 billion yuan [9] - Opcon Vision received a medical device registration certificate for its ultrasonic nebulizer [11] - Jingjiawei announced the resignation of its vice president due to personal reasons [13] Group 4 - Fulinh Precision's subsidiary received a prepayment of 1.5 billion yuan from CATL for securing lithium iron phosphate material supply [15] - Yunzhu Technology's subsidiary received a government subsidy of 20.12 million yuan [16] - Kehua Bio's ferritin test kit received a medical device registration certificate [17] Group 5 - Jinghua Pharmaceutical's medical sodium alginate wound dressing received a medical device registration certificate [18] - Lingwei Technology established a wholly-owned subsidiary with a registered capital of 1 million yuan [19] - Sanwei Co. won a bid for concrete sleeper procurement projects worth 158 million yuan [20] Group 6 - Shanghai Pharmaceuticals' Nicardipine tablets passed the consistency evaluation for generic drugs [21] - Lushan New Materials increased its idle fund management limit to 750 million yuan [24] - Huayi Technology announced the retirement of a core technical staff member [25] Group 7 - Yingli Environment plans to use up to 300 million yuan of idle raised funds for cash management [30] - Yong'an Forestry plans to develop a national reserve forest project in Putian, Fujian, with an estimated investment of 154 million yuan [32] - Xinyuan Technology's shareholders plan to reduce their holdings by up to 3.18% of the company's shares [60]