其中，51%的股权作价1707.48万元出售给烟台奇创，另外14%的股权作价468.72万元出售给睿瓷新材的法定代表人张巨先。交易完成后，为奇投资 将不再持有睿瓷新材任何股权，后者也将正式移出上市公司的合并报表范围。 本次交易的核心焦点在于标的资产的经营状况与交易定价的"反差"。财务数据显示，睿瓷新材的经营状况并不乐观。截至2025年8月31日，睿瓷新 材的资产总额为3315.43万元，净资产为2583.08万元；而其2025年1~8月的净利润为亏损464.88万元，扣非后净亏损更是达到479.11万元。 在科创板上市公司的资本运作棋局中，如何平衡业务扩张与资产质量始终是一道必答题。 12月15日晚间，睿创微纳（SH688002，股价87.35元，市值402.02亿元）发布公告披露，公司拟以2176.20万元的总价，将旗下亏损子公司烟台睿瓷 新材料技术有限公司（以下简称"睿瓷新材"）65%的股权进行转让。 《每日经济新闻》记者注意到，尽管睿瓷新材在2025年前8个月亏损超过464.88万元，但此次交易价格相较于账面成本仍实现了226.20万元的溢 价。 此次交易的接盘方之一为睿创微纳实际控制人马宏控制的烟台奇 ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

登录新浪财经APP 搜索【信披】查看更多考评等级 12月15日，紫光国微成立中央研究院，航天电子拟对航天火箭公司增资7.28亿元；航天彩虹自主研发的 航天彩虹：彩虹-7无人机首飞成功。 以下是盘后公告精选： 紫光国微：成立中央研究院主要研究发展方向为具身机器人等应用的端侧AI芯片新架构等 紫光国微公告，为进一步加强前瞻性技术研究和产业链建设，提升公司科研能力、创新能力、科技成果 转化能力，同意公司成立中央研究院，主要的研究发展方向为：第一，开展面向自动驾驶、具身机器 人、低空飞行器等应用的端侧AI芯片新架构、新模型和高效算法研究；第二，开展基于二维材料器件 的新型存储器和特种芯片研究；第三，开展高性能特种传感器芯片研究。 航天电子：拟对航天火箭公司增资7.28亿元 航天电子公告，公司拟以现金方式对控股子公司航天长征火箭技术有限公司增资7.28亿元，其中1.27亿 元为2017年再融资项目投入的募集资金。航天火箭公司其他股东将同比例增资，增资完成后，股权结构 和持股比例保持不变。本次增资构成关联交易，需提交公司股东会审议，并尚需履行国有资产管理部门 审批程序。 航天彩虹：彩虹-7无人机首飞成功 长春高新：下属公 ...

格隆汇12月15日丨睿创微纳(688002.SH)公布，根据公司整体发展战略和经营计划，为进一步聚焦主航 道，减少亏损业务单元，优化公司资产结构，将资源分配在盈利质量更高、经营风险相对较低的其他业 务，提升资金周转及使用效率，睿创微纳全资子公司为奇投资拟将其持有的睿瓷新材51%股权作价人民 币1707.48万元出售给烟台奇创，其持有的睿瓷新材14%股权作价人民币468.72万元出售给张巨先。本次 股权出售完成后，公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再纳入公司合并报 表范围。 ...

睿创微纳(688002.SH)发布公告，公司全资子公司上海为奇投资有限公司(简称"为奇投资")拟将其持有的 烟台睿瓷新材料技术有限公司(简称"睿瓷新材")51%股权作价人民币1707.48万元出售给烟台奇创芯源科 技有限公司，其持有的睿瓷新材14%股权作价人民币468.72万元出售给张巨先。本次股权出售完成后， 公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再纳入公司合并报表范围。 ...

智通财经APP讯，睿创微纳(688002.SH)发布公告，公司全资子公司上海为奇投资有限公司(简称"为奇投 资")拟将其持有的烟台睿瓷新材料技术有限公司(简称"睿瓷新材")51%股权作价人民币1707.48万元出售 给烟台奇创芯源科技有限公司，其持有的睿瓷新材14%股权作价人民币468.72万元出售给张巨先。本次 股权出售完成后，公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再纳入公司合并报 表范围。 ...

本报告依据中国资产评估准则编制 烟台睿创微纳技术股份有限公司拟股权转让 涉及的烟台睿瓷新材料技术有限公司 股东全部权益价值项目 资 产 评 估 报 告 天圆开评报字[2025]第 000351 号 (共一册, 第一册) 北京天圆开资产评估有限公司 十年十月十 馨 北京天圆开资产评估有限公司 -- . -- | 声 | | --- | | 资产评估报告摘要 … | | 资产评估报告正文 ……………………………………………………………………………………………………………………………3 | | 一、 委托人、被评估单位和资产评估委托合同约定的其他资产评估报 | | 告使用人 | | 二、 评估目的… | | ו ו 评估对象和评估范围 . | | 四、 价值类型 . | | 五、 评估基准日 . | | 六、 评估依据 | | 七、 评估方法 | | 八、 评估程序实施过程及情况 . | | 九、 评估假设 … | | 十、 评估结论 | | 十一、 特别事项说明 . | | 十二、 资产评估报告使用限制说明 | | 十三、 资产评估报告目 . | | 资产评估专业人员签名和资产评估机构印章页 . 十四、 | | ...

| 证券代码：688002 | 证券简称：睿创微纳 | 公告编号：2025-083 | | --- | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | | 烟台睿创微纳技术股份有限公司 关于开立募集资金临时补流专项账户并签署募集资金专 户存储四方监管协议的公告 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法律责任。 三、本次《募集资金专户存储四方监管协议》的主要内容 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意烟台睿创微纳技术股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕2749 号），公 司获准向不特定对象发行可转换公司债券发行数量为 1,564.69 万张，每张面值为人 民币 100 元，募集资金总额为 156,469.00 万元，扣除承销及保荐费用等与发行有关 的费用共计人民币 989.94 万元后，募集资金净额为 155,479.06 万元。上述募集资 金 已 全 部 到 位 ， 经 信 永 中 和 会 计 师 事 务 所 （ 特 殊 普 通 ...

南方财经12月15日电，睿创微纳公告，全资子公司上海为奇投资有限公司拟将其持有的烟台睿瓷新材料 技术有限公司65%股权作价人民币2176.2万元出售给烟台奇创芯源科技有限公司。其中，51%股权作价 人民币1707.48万元出售给烟台奇创，14%股权作价人民币468.72万元出售给张巨先。本次交易构成关联 交易，不构成重大资产重组。交易完成后，为奇投资不再持有睿瓷新材股权，睿瓷新材将不再纳入公司 合并报表范围。 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]