证券代码：688002 证券简称：睿创微纳 烟台睿创微纳技术股份有限公司 2025 年第三次临时股东会会议资料 2025 年 12 月 烟台睿创微纳技术股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会 目录 | 2025 | 年第三次临时股东会会议须知 2 | | --- | --- | | 2025 | 年第三次临时股东会会议议程 4 | | 2025 | 年第三次临时股东会会议议案 6 | | | 议案一：关于购买董事及高级管理人员责任险的议案 6 | | | 议案二：关于公司董事会换届选举暨选举第四届董事会非独立董事的议案 8 | | | 议案三：关于公司董事会换届选举暨选举第四届董事会独立董事的议案 9 | 1 烟台睿创微纳技术股份有限公司 2025 年第三次临时股东会会议资料 烟台睿创微纳技术股份有限公司 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司治理准则》以及《烟台睿创微纳技术股份有限公司章程》、《烟台睿 创微纳技术股份有 ...

Core Insights - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's commercial space industry, addressing the core issue of insufficient launch capacity [1] - The launch validates the rocket's basic launch capabilities, enabling it to undertake commercial orders [1] - The establishment of the National Commercial Space Administration is expected to optimize management and catalyze growth in the commercial space sector during the 14th Five-Year Plan period [1] Industry Developments - The successful launch is anticipated to accelerate the construction of satellite internet constellations and open new business models such as space tourism and space manufacturing [1] - Several reusable rockets, including Long March 12A and Tianlong 3, are lined up for their maiden flights, indicating a period of intensive validation and potential explosive growth in the industry [1] Market Performance - As of December 4, 2025, the CSI Defense Index (399973) rose by 1.07%, with notable increases in stocks such as Aerospace Electronics (600879) up 8.82% and Yingli Technology (300395) up 4.35% [1] - The National Defense ETF (512670) also saw a rise of 0.91%, reflecting positive market sentiment towards defense-related stocks [1] Index Composition - The CSI Defense Index includes stocks from the top ten military industrial groups and companies that provide weaponry or have contracts with the military, reflecting the overall performance of defense industry stocks [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 44.06% of the total index, with significant players including AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893) [2]

Group 1 - The "Zhuque-3" rocket is set to make its maiden flight in mid to late November, potentially becoming China's first operational reusable launch vehicle [1] - Beijing plans to construct a large centralized data center system with over 1 GW power capacity in the 700-800 km twilight orbit to facilitate large-scale AI computing in space [1] - As of November 28, 2025, the CSI Defense Index (399973) has risen by 0.36%, with notable increases in constituent stocks such as KST (688568) up 4.50% and Triangle Defense (300775) up 2.98% [1] Group 2 - The CSI Defense Index closely tracks the performance of listed companies under the top ten military industrial groups, reflecting the overall performance of defense industry stocks [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Defense Index include AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 44.41% of the index [2]

Core Viewpoint - The stock of Ruichuang Micro-Nano has experienced fluctuations, with a year-to-date increase of 62.31% but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Ruichuang Micro-Nano achieved a revenue of 4.086 billion yuan, representing a year-on-year growth of 29.72% [2]. - The net profit attributable to shareholders for the same period was 707 million yuan, reflecting a year-on-year increase of 46.21% [2]. Stock and Market Activity - As of November 25, the stock price was 76.04 yuan per share, with a market capitalization of approximately 34.996 billion yuan [1]. - The trading volume on November 25 was 243 million yuan, with a turnover rate of 0.68% [1]. - The stock has seen a net inflow of 58,500 yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 4.51% to 14,400, while the average circulating shares per person decreased by 3.63% to 31,954 shares [2][3]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among them [3]. Business Overview - Ruichuang Micro-Nano, established in December 2009 and listed in July 2019, specializes in the design and manufacturing of specialized integrated circuits, MEMS sensors, and infrared imaging products [1]. - The company's main business revenue composition includes 94.48% from infrared thermal imaging and optoelectronic business, 2.94% from microwave radio frequency business, and 2.59% from other sources [1]. Industry Position - The company is classified under the defense and military industry, specifically in military electronics, and is involved in various concept sectors such as military-civil integration, unmanned driving, aerospace military, security, and automotive electronics [1].

Core Insights - The stock price of Ruichuang Micro-Nano increased by 2.09% on November 19, reaching 79.99 CNY per share, with a total market capitalization of 36.814 billion CNY [1] - The company has seen a year-to-date stock price increase of 70.74% and a recent 5-day increase of 4.07% [1] Financial Performance - For the period from January to September 2025, Ruichuang Micro-Nano reported a revenue of 4.086 billion CNY, representing a year-on-year growth of 29.72% [2] - The net profit attributable to shareholders for the same period was 707 million CNY, reflecting a year-on-year increase of 46.21% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 4.51% to 14,400, while the average circulating shares per person decreased by 3.63% to 31,954 shares [2] - The company has distributed a total of 331 million CNY in dividends since its A-share listing, with 199 million CNY distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 20.1484 million shares, an increase of 6.9823 million shares from the previous period [3] - The top ten circulating shareholders include various funds, with notable changes in holdings among them, such as a decrease in shares held by the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF [3]

Core Viewpoint - RuiChuang Micro-Nano's stock price has shown significant volatility, with a year-to-date increase of 68.03%, while recent trading patterns indicate mixed performance in the short term [1][2]. Financial Performance - For the period from January to September 2025, RuiChuang Micro-Nano achieved a revenue of 4.086 billion yuan, representing a year-on-year growth of 29.72% [2]. - The net profit attributable to shareholders for the same period was 707 million yuan, reflecting a year-on-year increase of 46.21% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for RuiChuang Micro-Nano increased by 4.51% to 14,400, while the average circulating shares per person decreased by 3.63% to 31,954 shares [2]. - The company has distributed a total of 331 million yuan in dividends since its A-share listing, with 199 million yuan distributed over the past three years [3]. Stockholder Composition - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 20.1484 million shares, an increase of 6.9823 million shares from the previous period [3]. - The sixth-largest circulating shareholder, Harvest SSE STAR 50 ETF, holds 8.2718 million shares, a decrease of 380,500 shares from the previous period [3]. - The ninth-largest circulating shareholder, Southern Military Reform Flexible Allocation Mixed A, increased its holdings by 1.11 million shares to 5.9749 million shares [3].

Core Viewpoint - The General Aviation ETF managed by E Fund (159255) opened with a decline of 0.50%, priced at 1.003 yuan, indicating a negative market sentiment towards the sector [1] Group 1: ETF Performance - The General Aviation ETF (159255) has a performance benchmark based on the National General Aviation Industry Index return [1] - Since its establishment on July 25, 2025, the ETF has yielded a return of 0.67%, while its return over the past month has been -5.01% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include Wan Feng Ao Wei, which opened down 0.66%, Hongdu Aviation down 0.24%, and Aerospace Rainbow down 0.14% [1] - Other notable declines include Zhongzhi Shares down 0.19%, Zhuhai Guanyu down 0.85%, Huali Chuantong down 1.08%, Yingliu Shares down 0.94%, Nanjing Power Technology down 0.83%, Ruichuang Weina down 0.55%, and China Satellite down 0.90% [1]

Core Viewpoint - The stock of Ruichuang Micro-Nano has shown significant performance with a year-to-date increase of 67.41%, despite a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Ruichuang Micro-Nano achieved a revenue of 4.086 billion yuan, representing a year-on-year growth of 29.72% [2]. - The net profit attributable to shareholders for the same period was 707 million yuan, reflecting a year-on-year increase of 46.21% [2]. Stock and Market Activity - As of November 13, the stock price was 78.43 yuan per share, with a market capitalization of 36.096 billion yuan [1]. - The trading volume on November 13 was 60.4918 million yuan, with a turnover rate of 0.17% [1]. - The stock has experienced a net inflow of main funds amounting to 1.0637 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 14,400, a rise of 4.51% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.63% to 31,954 shares [2]. Dividend Distribution - Ruichuang Micro-Nano has distributed a total of 331 million yuan in dividends since its A-share listing, with 199 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, increasing its holdings by 6.9823 million shares [3]. - The top ten circulating shareholders include various funds, with notable changes in holdings among them [3].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The defense equipment industry is expected to enter a new order-driven growth cycle as the "14th Five-Year Plan" becomes clearer and is implemented, leading to a recovery in performance and a revaluation phase for the military sector [2][38]. - The military aviation equipment, particularly military aircraft and engines, remains a core strength of the military sector, while new domains characterized by smart technology and unmanned equipment are anticipated to become key growth areas under the "14th Five-Year Plan" [2][38]. - The military trade is expected to provide sustained momentum for the domestic military industry [2][38]. Summary by Sections Fund Holdings - As of Q3 2025, public funds' total market value in the defense and military industry reached 101.36 billion, a quarter-on-quarter increase of 1.66%, ranking 14th among 31 industries [4][12][17]. - The concentration of holdings has increased, with the top ten stocks accounting for 54.14% of total holdings, reflecting a trend of capital flowing towards leading companies [22][25]. - The holdings of state-owned enterprises decreased to 68.49%, while private enterprises increased to 31.51%, marking a two-year high for private holdings [22][25]. Fund Preferences - Public funds show a preference for heavyweights in military electronics, materials, and leading manufacturers in the aviation sector, with significant investments in companies like AVIC Shenyang Aircraft Corporation and AVIC Engine [25][29]. - Active funds particularly favor upstream electronic and material companies, as well as downstream aviation assembly enterprises, with a notable focus on military electronics as a core foundation for future warfare [29][30]. Investment Recommendations - The report suggests focusing on several key areas for investment: 1. Aviation Equipment: AVIC Shenyang, AVIC Engine, AVIC Chengfei, AVIC Xi'an, etc. 2. Military New Materials: Feilihua, Guangwei Composite, Tunan Co., Guangqi Technology, etc. 3. Military Electronics: Fudan Microelectronics, Hongda Electronics, AVIC Optoelectronics, Ruichuang Micro-Nano, Newray, etc. 4. New Domains: Zhenlei Technology, Mingsheng Electronics, Zhongke Xingtai, Jingpin Special Equipment, Lianchuang Optoelectronics, Zhongwu Drone, Ruike Laser, etc. 5. Military Trade: AVIC Shenyang, Guangdong Hongda, Gaode Infrared, Inner Mongolia First Machinery, etc. [2][38].

Core Viewpoint - The company has established a comprehensive layout in the microwave business, covering the entire supply chain from core chips to components, subsystems, and complete systems [1] Group 1: Business Development - The component segment has achieved large-scale mass production [1] - Products in the chip, subsystem, and complete system segments have achieved small-batch delivery [1] Group 2: Application Areas - The company's products can be applied in various fields including equipment construction, satellite communication, low-altitude economy, and smart vehicles [1]