Market Overview - The Shanghai Composite Index closed at 3855.10 points, above the six-month moving average, with an increase of 1.12% [1] - The total trading volume of A-shares reached 14961.95 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 118 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xinxiangwei (688593) with a deviation rate of 18.44% and a price increase of 20.00% [1] - Fabon Information (300925) with a deviation rate of 11.71% and a price increase of 13.31% [1] - Aerospace Engineering (603698) with a deviation rate of 8.55% and a price increase of 10.01% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Huatushan (300492) with a deviation rate of 8.31% and a price increase of 10.82% [1] - Leidi Technology (300652) with a deviation rate of 6.06% and a price increase of 8.27% [1] - Tianshan Electric (301379) with a deviation rate of 4.05% and a price increase of 4.14% [1]

Group 1 - The company held a half-year performance briefing on September 10, 2025, via the Shanghai Stock Exchange's online platform [1][2] - Key executives, including the chairman and general manager, participated in the briefing to discuss the company's performance and financial status with investors [2] Group 2 - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing an increase of 80.04% compared to the same period last year [4] - The net profit attributable to shareholders was 97 million yuan, reflecting a growth of 6.70% year-on-year [4] Group 3 - The company’s gasification technology has independent intellectual property rights and has been recognized as internationally leading in safety, stability, adaptability, economic operation, and environmental friendliness [3] - The company’s advanced gasification technology achieved international leading status and received a first-class scientific and technological award from the China Fertilizer Association [5] Group 4 - The company is actively working on coal chemical projects in the Xinjiang region, with financial accounting based on specific project progress [6]

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。 航天长征化学工程股份有限公司（以下简称公司）于 2025 年 9 月 10 日上午 11:00-12:00 通过上海证券交易所上证路演中心（网址：https://roadshow.sse info.com/）以网络互动形式举行 2025 年半年度业绩说明会，现将有关事项公告 如下： 一、 业绩说明会召开情况 2025 年 8 月 30 日，公司在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体披露了《航天长征化学工程股份有限公司关于召开 2025 年半年度 业绩说明会的公告》。 2025 年 9 月 10 日，公司董事长姜从斌，董事、总经理孙庆君，独立董事杨 鹃，副总经理（财务负责人）、董事会秘书王光辉出席了本次说明会。参会人员 就公司 2025 年半年度经营成果及财务状况与投资者进行沟通和交流，在信息披 露允许的范围内就投资者普遍关注的问题进行了回复。 证券代码：603698 证券简称：航天工程 公告编号：2025-024 航天长征化学工程股份有限公司 关 ...

（编辑 楚丽君） 证券日报网讯 9月9日晚间，航天工程发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.055元（含税），股权登记日为2025年9月17日，除权（息）日为2025年9月18日。 ...

航天长征化学工程股份有限公司 2025年半年度权益分派实施公告 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。 证券代码：603698 证券简称：航天工程 公告编号：2025-023 重要内容提示： 每股分配比例 A 股每股现金红利0.055元 1. 发放年度：2025年半年度 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/17 | － | 2025/9/18 | 2025/9/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经航天长征化学工程股份有限公司（以下简称公司）2025 年 4 月 25 日 的2024年年度股东大会审议通过，授权董事会根据公司实际情况，在符合利润分配条件、分 红上限的前提下制定并实施具体的 2025 年度中期分红方案，并经 2025 年 8 月 28 日召开的第 五届董事会第五次会议审议通过。 二、 分配方案 2. 分 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing a year-on-year increase of 80.04% [5][6]. - The net profit attributable to shareholders was 97 million yuan, up 6.70% year-on-year, while the net profit excluding non-recurring items was 95 million yuan, also up 6.63% year-on-year [5][6]. - In Q2 2025, the company achieved a revenue of 1.140 billion yuan, a year-on-year increase of 31.59% and a quarter-on-quarter increase of 34.55% [5][6]. - The net profit for Q2 2025 was 63 million yuan, down 19.18% year-on-year but up 86.07% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to reach 4.635 billion yuan, with a gross profit of 959 million yuan, indicating a gross margin of 21% [15]. - The net profit attributable to shareholders is expected to grow to 2.3 billion yuan by 2027, with corresponding PE ratios of 43.0X, 26.3X, and 21.7X for 2025, 2026, and 2027 respectively [10][15]. Market Position and Technology - The company has a leading position in the coal gasification market, holding over 50% market share with its gasification technology [10]. - The company has signed contracts for 71 coal chemical projects and sold 167 gasifiers, showcasing its strong market presence and technological advantages [10]. Policy and Industry Outlook - The company benefits from supportive national policies aimed at promoting coal chemical projects, particularly in regions like Xinjiang, which is expected to see over 800 billion yuan in investments [10]. - The coal gasification technology is evolving towards larger-scale production and cleaner processes, aligning with national energy strategies [10].

Core Insights - On September 1, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for Zhuhai Gree, Anhui Energy, and Fulian Precision, showing target price increases of 54.55%, 42.86%, and 40.28% respectively, all within the battery and power sectors [1]. Group 1: Target Price Increases - Zhuhai Gree (688772) received a target price of 34.00 yuan, reflecting a 54.55% increase [2]. - Anhui Energy (000543) has a target price of 10.30 yuan, indicating a 42.86% increase [2]. - Fulian Precision (300432) was assigned a target price of 21.00 yuan, showing a 40.28% increase [2]. Group 2: Additional Companies with Notable Increases - Double Star New Materials (002585) has a target price of 7.80 yuan, with a 39.78% increase [3]. - Zhonglun New Materials (301565) received a target price of 33.00 yuan, reflecting a 38.36% increase [3]. - Jack Shares (603337) has a target price of 66.00 yuan, indicating a 37.47% increase [3]. Group 3: Brokerage Recommendations - A total of 39 listed companies received brokerage recommendations on September 1, 2023, with Double Star New Materials, China National Freight, and Postal Savings Bank each receiving one recommendation [3]. - Zhonglun New Materials was given a "Buy" rating in its first coverage by Citic Securities [3].

据证券之星公开数据整理，近期航天工程（603698）发布2025年中报。截至本报告期末，公司营业总收 入19.88亿元，同比上升80.04%，归母净利润9686.56万元，同比上升6.7%。按单季度数据看，第二季度 营业总收入11.4亿元，同比上升31.59%，第二季度归母净利润6300.46万元，同比下降19.18%。本报告 期航天工程公司应收账款体量较大，当期应收账款占最新年报归母净利润比达353.07%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率18.98%，同比减28.47%，净利率7.91%，同比减 11.31%，销售费用、管理费用、财务费用总计1.12亿元，三费占营收比5.61%，同比减28.21%，每股净 资产6.42元，同比增2.38%，每股经营性现金流-0.93元，同比减93.39%，每股收益0.18元，同比增5.88% 财报体检工具显示： 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为3.36%，资本回报率不强。去年的净利率为6.68%，算上全部成本后，公 司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中位数ROIC为5.93%，投资回报 一般，其 ...

Core Viewpoint - Aerospace Engineering continues to drive innovation and industry integration, achieving significant revenue growth and maintaining profitability in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, Aerospace Engineering reported a revenue of 1.988 billion yuan, representing a year-on-year increase of 80.04% [1]. - The net profit attributable to shareholders reached 96.87 million yuan, reflecting a year-on-year growth of 6.7% [1]. Group 2: Technological Innovation - The company has made advancements in various fields, including advanced gasification, hydrogen energy, biomass gasification, and green metallurgy [1]. - The "Aerospace 6.5Mpa, 3500-ton semi-waste boiler coal pressurized gasification technology" received international recognition for its leading level and won the first prize from the China Fertilizer Association [1]. - Aerospace Engineering applied for 35 patents, including 25 invention patents, and received 15 patent authorizations, with 8 being invention authorizations [1]. Group 3: Business Development - The high-end equipment manufacturing sector is progressing well, with the valve subsidiary completing key valve prototype trials and advancing external market expansion [2]. - The environmental operation sector has seen significant progress in the 25,000 tons/year waste salt comprehensive utilization project, with major equipment procurement completed and 80% of key installations finished [2]. - The green hydrogen engineering technology sector is accelerating the series production and industrial upgrade of aerospace electrolysis hydrogen equipment, achieving breakthroughs in core technologies [2]. Group 4: Profit Distribution - Aerospace Engineering announced a profit distribution plan, proposing a cash dividend of 0.55 yuan per 10 shares, totaling 29.48 million yuan [3].

Group 1 - The company plans to distribute a cash dividend of 0.55 RMB per 10 shares, totaling approximately 29.48 million RMB, which represents 30.43% of the net profit attributable to shareholders for the first half of 2025 [8][21][30] - The company held its fifth board meeting on August 28, 2025, where the half-year report and dividend proposal were approved unanimously by all participating directors [4][5][6] - The company reported a total of 1.48 billion RMB in undistributed profits as of June 30, 2025 [21] Group 2 - The company is focusing on enhancing operational quality and has established five major business segments: modern coal chemical, hydrogen comprehensive utilization, energy conservation and environmental protection, high-end equipment manufacturing, and industrial gas operation [29][30] - The company aims to improve its governance structure and comply with regulatory requirements while enhancing its investor relations and communication strategies [33][34] Group 3 - The company plans to invest 280.5 million RMB to acquire a 51% stake in Xinjiang Juneng Gas Co., thereby becoming its controlling shareholder [55][56] - The investment is intended to expand the company's industrial gas operations and leverage its advanced gasification technology [69]