国防军工行业 行业研究 | 行业周报 亚太局势不确定性加剧，我国装备建设或 将提速，关注新质战斗力 核心观点 投资建议与投资标的 风险提示：军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份 额波动风险；产品价格下降风险等。 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 11 月 24 日 看好（维持） | 罗楠 | 执业证书编号：S0860518100001 | | --- | --- | | | luonan@orientsec.com.cn | | | 021-63326320 | | 冯函 | 执业证书编号：S0860520070002 | | | fenghan@orientsec.com.cn | | | 021-63326320 | | 鲍丙文 | 执业证书编号：S0860124070016 | | --- | --- | | | baobingwen@orientsec.com.cn | | | 021-63326320 | | 无人僚机攻击-11 公开亮相，朱雀三号可回 | 2025-11-16 | | --- | --- | | 收火箭即将首飞，关注新质 ...

Group 1 - The company, Zongheng Co., stated that as of September 30, 2025, the total number of common stock shareholders is 4,933 [1]

Core Viewpoint - The 27th China International High-tech Achievements Fair was held in Shenzhen, where a strategic cooperation framework agreement was signed between Zongheng Co., Ltd. and the Shenzhen Research Institute of Ocean University of China, focusing on the integration of low-altitude and marine economies [1] Group 1: Strategic Cooperation - Zongheng Co., Ltd. and the Shenzhen Research Institute of Ocean University of China will collaborate on marine ranching scenarios [1] - The partnership aims to promote the deep integration of low-altitude economy and marine economy [1] Group 2: Research and Development Focus - The collaboration will focus on key scenarios such as deep-sea aquaculture feed transportation, security inspection, emergency communication, and maritime support [1] - Both parties will conduct research on the applicability of drones in marine environments and tackle technical challenges [1] Group 3: Infrastructure Development - A "Drone Marine Applicability Research Laboratory" will be jointly established [1] - The partners will actively promote the application for and construction of national-level key laboratories [1]

Core Insights - The aviation equipment sector experienced a decline of 0.35% on November 14, with notable losses from Filihua, which dropped by 6.33% [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - ST Lihang (603261) saw a significant increase of 5.00%, closing at 27.31 with a trading volume of 10,700 lots [1] - Jiachitech (688708) and Maixinlin (688685) also reported gains of 2.62% and 2.43%, respectively, with closing prices of 64.34 and 63.70 [1] - Conversely, Filihua (300395) led the declines with a drop of 6.33%, closing at 74.98 and a trading volume of 218,300 lots [2] Capital Flow - The aviation equipment sector experienced a net outflow of 184 million yuan from major funds, while retail investors contributed a net inflow of 126 million yuan [2][3] - Major funds showed a net inflow in stocks like AVIC Shenyang Aircraft (600760) with 242.1 million yuan, while others like AVIC General (600038) had a net inflow of 39.9 million yuan [3]

Core Viewpoint - Yunnan Zongheng Qingniao Drone Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on various technology services including AI software development and data processing [1] Company Summary - The newly established company is fully owned by Zongheng Co., Ltd. [1] - The business scope includes artificial intelligence theory and algorithm software development, network and information security software development, geographic remote sensing information services, and data processing and storage support services [1]

Group 1 - The core viewpoint of the article is the establishment of a joint laboratory focused on drone technology and artificial weather modification, indicating a significant step in integrating education and industry [1] - The joint laboratory is a collaboration between Chengdu University of Information Technology and Zongheng Co., aiming to create an innovative platform that encompasses technology research and development, equipment manufacturing, business applications, and talent cultivation [1]

Core Insights - Recently, Maoming Zongheng Dapeng Drone Technology Co., Ltd. was established with a registered capital of 10 million yuan [1] - The company's business scope includes manufacturing and sales of intelligent unmanned aerial vehicles, as well as the development of artificial intelligence application software and theoretical algorithms [1] - Zongheng Dapeng is wholly owned by Zongheng Co., Ltd. according to the equity penetration data from Qichacha [1]

Core Viewpoint - The establishment of Zhejiang Jianshui Zongheng Low-altitude Industry Co., Ltd. indicates a growing focus on the low-altitude industry, particularly in the development and manufacturing of intelligent unmanned aerial vehicles (UAVs) and robotics [1] Company Summary - Zhejiang Jianshui Zongheng Low-altitude Industry Co., Ltd. has been recently established with a registered capital of 30 million yuan [1] - The legal representative of the company is Ren Bin [1] - The company's business scope includes the manufacturing of intelligent UAVs, research and development of intelligent robots, and sales of electronic products [1] Ownership Structure - The company is jointly held by Zhejiang Dapeng Zongheng Drone Technology Co., Ltd., a wholly-owned subsidiary of Zongheng Co., and Zhejiang Airspace Integration Low-altitude Industry Development Co., Ltd. [1]

Core Viewpoint - The company, Zongheng Co., Ltd., has shown significant revenue growth driven by low-altitude economic policies and increasing market demand, while also facing challenges in profitability due to costs associated with stock incentives and infrastructure maturity in hydrogen energy applications. Group 1: Financial Performance - As of November 7, 2025, Zongheng Co., Ltd. reported a revenue of approximately 320 million yuan for the first three quarters of 2025, representing a year-on-year increase of 57% [1] - The net profit attributable to shareholders was -19.81 million yuan, a year-on-year improvement of 33.63 million yuan [1] - In Q3 2025, the company achieved a revenue of 190 million yuan, a year-on-year increase of 54%, and a net profit of 16.52 million yuan, marking a return to profitability [1][4] Group 2: Business Strategy and Market Focus - The company focuses on low-altitude digital economy and overseas market expansion, leveraging a system of "unmanned systems + Zongheng Cloud + I" to create low-altitude data service systems [2] - Zongheng has won nearly 200 million yuan in project bids across various regions in China, including Sichuan, Zhejiang, and Shandong [2] - The company aims to enhance product solutions, expand market reach, and develop vertical take-off and landing fixed-wing drones for international markets [2] Group 3: Technological Development - Hydrogen energy and hydrogen fuel cells are highlighted as stable power sources with significant advantages in the drone sector, with a partnership established with Doosan Group to launch hydrogen-powered drones [1][4] - The main challenge for hydrogen energy applications remains the underdeveloped infrastructure [1][4] Group 4: Legal Matters - The company and its subsidiary recently received a favorable court ruling, dismissing a lawsuit for unfair competition involving 11 million yuan, which will not negatively impact its operations or financial results [3][4]

Core Viewpoint - The legal dispute between Zongheng Co., Ltd. and Yuandu Technology has concluded, with the court ruling in favor of Zongheng, determining that Yuandu's statements constituted commercial defamation [1][2][5]. Group 1: Legal Proceedings - The lawsuit originated from a statement made by Yuandu Technology in May 2024, accusing Zongheng's subsidiary of forgery and improper conduct in a bidding process [3][4]. - The court found that Yuandu failed to provide sufficient evidence to support its claims, particularly regarding the authenticity of a QQ account screenshot used as evidence [4][5]. - The court ruled that Yuandu's statements misled the public about Zongheng's relationship with local government and falsely accused Zongheng of misconduct, leading to a judgment of commercial defamation [5][6]. Group 2: Financial Implications - As a result of the ruling, Yuandu is required to publish a statement to mitigate the impact of its defamatory claims and compensate Zongheng and its subsidiary for economic losses and reasonable expenses totaling 320,000 yuan [5][6]. - Zongheng announced that the lawsuit's outcome would not negatively affect its daily operations or financial performance [6].