Core Viewpoint - Chengdu Zongheng Automation Technology Co., Ltd. is entering a significant strategic development phase with a share transfer to a state-owned fund, indicating a strong commitment to long-term growth and collaboration in the low-altitude economy sector [1][2]. Group 1: Share Transfer Details - Shareholders Wang Chen, Chen Peng, and Ren Bin plan to transfer 5.59% of their shares to Sichuan Capital Market Relief Development Securities Investment Fund, a subsidiary of Sichuan Development (Holding) Company [1]. - The share transfer will not change the company's controlling shareholder or actual controller, ensuring stability in governance [1]. Group 2: Strategic Implications - The transfer is part of a strategic arrangement to optimize the equity structure and deepen industrial collaboration, aimed at injecting strong momentum into the company's long-term development [2]. - The shareholders have committed to providing at least 50% of the after-tax proceeds from the transfer as a loan to the company for three years [2]. Group 3: Industry Collaboration and Future Prospects - Since 2025, the company has engaged in deep cooperation with various local state-owned platforms to explore and promote the scalable development of low-altitude digital economy businesses [2]. - The partnership with the relief fund is expected to enhance the company's access to abundant local resources, policies, and application scenarios in the low-altitude economy, accelerating technology commercialization and market expansion [2].

Group 1 - The core viewpoint of the article highlights the significant growth potential of China's low-altitude economy, with projections estimating the market size to exceed 1.5 trillion yuan by 2025 and reach 3.5 trillion yuan by 2035, attracting government and enterprise interest [1] - Experts at the China Low Altitude Economy Forum emphasize the importance of developing low-altitude economy from the ground up, focusing on practical applications and commercial viability rather than solely relying on government subsidies [1][4][5] Group 2 - The forum discussed the necessity of innovative business models in the low-altitude economy, with examples such as the use of drones for delivering supplies to ships on the Yangtze River, which significantly reduces costs and time [4][5] - The concept of "scene-oriented" development is stressed, where successful low-altitude applications must address urgent needs, pain points, and high-frequency usage [5] - Infrastructure development is crucial for the low-altitude economy, requiring investments in facilities such as general airports, eVTOL landing sites, and low-altitude communication networks [7][8] - The article mentions the need for careful planning to avoid redundant infrastructure and resource waste, emphasizing the importance of a unified approach to low-altitude infrastructure development [8] - Investment perspectives suggest that local governments and enterprises should leverage their unique resources and characteristics to develop tailored low-altitude economic strategies, avoiding homogenization [9]

国内工业无人机龙头纵横股份(688070)迎来重要战略发展节点。8月27日晚间，纵横股份披露，公司股东王陈、陈鹏及控股股东任斌与四川资本市场纾困发 展证券投资基金合伙企业(有限合伙)(下称"川发纾困基金")签署了《股份转让协议》，三方拟合计向川发纾困基金转让490万股上市公司股份(占比5.59%)。交 易价格为46.568元/股，交易总价2.28亿元。 对于上述交易，转让方表示系为上市公司引入战略投资者。川发纾困基金则表示，此次受让股权基于对上市公司未来发展前景及当前投资价值的充分认可。 证券时报.e公司记者注意到，王陈、陈鹏承诺将此次转让税后所得不低于50%金额作为借款提供给上市公司；粗略算来，上市公司或将获得近亿元的资金支 持。 引入国资战投 据公开资料，川发纾困基金于2019年初组建，四川发展证券投资基金系基金受托管理人。自成立以来，川发纾困基金始终围绕四川省委、省政府重大决策部 署，致力于为上市公司转型升级提供再融资支持，服务地方产业发展和上市公司持续发展，大力培植、引导优势产业发展方向。 川发纾困基金是四川发展(控股)有限责任公司(下称"川发展")旗下重要的资本运营平台。川发展则是四川省国资委下属重 ...

? 本次权益变动后，王陈先生直接持有公司股份 10,268,000 股，占公司总 股本的 11.72%；陈鹏先生 直接持有公司股份 5,030,000 股，占公司总股本的 占公司总股本的 11.42%；川发纾困发展基金持有公司股份 4,900,000 股，占公司 总股本的 5.59%。 ? 股东王陈先生、陈鹏先生与公司控股股东、实际控制人任斌先生为一致行 动人关系。本次权益变动后，任斌先生通过直接持股以及控制海南永信大鹏企业 管理中心（有限合伙）、王陈、陈鹏持有的公司股份，合计控制公司 39.17%股份。 本次权益变动不会导致公司控股股东、实际控制人发生变化，不涉及公司控制权 变更，不会对公司的经营管理构成重大影响，不涉及要约收购。 ? 本次协议转让尚需经上海证券交易所合规性审核，并在中国证券登记结算 有限责任公司上海分公司办理股份转让过户登记手续，最终实施结果尚存在不确 定性，敬请广大投资者注意投资风险。 证券代码：688070 证券简称：纵横股份 公告编号：2025-045 成都纵横自动化技术股份有限公司 关于股东协议转让公司部分股权暨权益变动的提示性 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 ...

Core Viewpoint - The report outlines a share transfer involving Chengdu Zongheng Automation Technology Co., Ltd., where major shareholders Wang Chen, Chen Peng, and Ren Bin are transferring a total of 4.9 million shares, representing 5.59% of the company's total equity, to Sichuan Capital Market Relief Development Securities Investment Fund Partnership [1][5][20]. Group 1: Shareholders and Their Holdings - Wang Chen, Chen Peng, and Ren Bin are the information disclosure obligors, holding significant positions within the company [3][4]. - Prior to the transfer, the total shares held by these obligors amounted to 30.204 million shares, accounting for 34.49% of the total equity [6][20]. - Post-transfer, their combined holdings will decrease to 25.304 million shares, representing 28.89% of the total equity [6][20]. Group 2: Transfer Details - The share transfer involves 4.9 million shares at a price of 46.568 yuan per share, totaling approximately 228.183 million yuan [5][6]. - The transfer will be executed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [6][20]. - The transfer is aimed at introducing strategic investors who recognize the company's long-term value and potential for future growth [5][6]. Group 3: Future Plans and Commitments - There are no specific plans for the information disclosure obligors to increase or decrease their holdings in the next 12 months [5][6]. - The shareholders have committed to not seeking control over the company and have acknowledged Ren Bin's position as the actual controller [3][4]. Group 4: Legal and Compliance Aspects - The report confirms that the transfer complies with the relevant laws and regulations, including the Securities Law and the Measures for the Administration of Acquisitions of Listed Companies [2][3]. - The transaction is subject to approval from the Shanghai Stock Exchange and must follow the necessary compliance procedures [17][18]. Group 5: Financial Implications - The total payment for the shares will be made in installments, with the first payment due within five working days of the agreement's effectiveness [10][11]. - The funds received from the share transfer will be partially allocated to provide loans to the company, ensuring continued financial support [10][11].

成都纵横自动化技术股份有限公司 简式权益变动报告书 上市公司名称:成都纵横自动化技术股份有限公司 股票上市地点:上海证券交易所 股票简称:纵横股份 股票代码:688070 信息披露义务人:四川发展证券投资基金管理有限公司(代表"四川资本市 场经困发展证券投资基金合伙企业(有限合伙)") 通讯地址:中国(四川)自由贸易试验区成都高新区天府二街 151 号 B 座 42 楼 股份变动性质:股份增加 签署日期: 2025年 ８月 2/日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》(以下简称"《证券法》")、 《上市公司收购管理办法》〈以下简称"《收购办法》"）、《公开发行证券的 公司信息披露内容与格式准则第 15 号 --- 权益变动报告书》（以下简称"《准 则 15 号》"）及相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准,其履行亦不违 反信息披露义务人章程或内部规则中的任何条款,或与之相冲突。 三、依据《证券法》《收购办法》《准则15号》的规定,本报告书已全面 披露了信息披露义务人在成都纵横自动化技术股份有限中拥有权益的股份变动 情况; ...

成都纵横自动化技术股份有限公司 简式权益变动报告书 上市公司名称：成都纵横自动化技术股份有限公司 股票上市地点：上海证券交易所 股票简称：纵横股份 股票代码：688070 信息披露义务人 1：王陈 通讯地址：四川省成都市高新区天府五街菁蓉汇 6A7 楼 信息披露义务人 3：任斌 通讯地址：四川省成都市高新区天府五街菁蓉汇 6A7 楼 股份变动性质：股份减少 签署日期：2025 年 8 月 27 日 信息披露义务人 2：陈鹏 通讯地址：四川省成都市高新区天府五街菁蓉汇 6A7 楼 四、截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务 人没有通过任何其他方式增加或减少其在成都纵横自动化技术股份有限公司中 拥有权益的股份。 五、本次权益变动不存在其他附加生效条件。本次权益变动是根据本报告所 载明的资料进行的。信息披露义务人没有委托或者授权其他任何人提供未在本报 告书列载的信息和对本报告书做出任何解释或者说明。 六、信息披露义务人承诺本报告不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性和完整性承担个别和连带的法律责任。 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以 ...

Group 1 - The core viewpoint of the news is that Zongheng Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in stock price and trading volume on August 26 [1] - On August 26, Zongheng Co., Ltd. experienced a stock price increase of 5.05%, with a trading volume of 210 million yuan and a net financing purchase of 6.29 million yuan [1] - As of August 26, the total margin balance of Zongheng Co., Ltd. was 97.56 million yuan, accounting for 1.82% of its circulating market value, indicating a high level of financing activity [1] Group 2 - As of June 30, the number of shareholders of Zongheng Co., Ltd. increased by 34.27% to 5,873, while the average circulating shares per person decreased by 25.52% to 14,912 shares [2] - For the first half of 2025, Zongheng Co., Ltd. reported a revenue of 135 million yuan, representing a year-on-year growth of 61.72%, but incurred a net loss of 36.34 million yuan, which is a 31.47% increase in loss compared to the previous year [2] - Since its A-share listing, Zongheng Co., Ltd. has distributed a total of 19.27 million yuan in dividends, with no dividends paid in the last three years [3]

Summary of the Conference Call for Zongheng Co., Ltd. Company Overview - **Company**: Zongheng Co., Ltd. - **Industry**: Low-altitude digital economy and drone systems Key Financial Highlights - In the first half of 2025, Zongheng reported revenue of approximately 1 billion yuan, a year-on-year increase of 71% [2] - The net profit attributable to shareholders was a loss of about 84 million yuan, a reduction in loss of 16 million yuan year-on-year, indicating significant improvement in operational quality [2][3] - The company achieved revenue of approximately 1.35 billion yuan in the first half of 2025, with a year-on-year growth of 62% [3] Core Business Developments - The company is focusing on the low-altitude digital economy and has won the "Smart Bazhong" project worth 1.06 billion yuan, leveraging unmanned systems combined with AI for data services [2][5] - The overseas market revenue share has increased to 15%-20%, with confirmed revenue exceeding 1 billion yuan [2][14] - Zongheng has developed new products, including the C700 vertical fixed-wing unmanned system and the P200 multi-rotor unmanned system [4] Market Expansion and Strategic Initiatives - The company is actively exploring the low-altitude cultural tourism sector and has established a subsidiary "Zongheng Bazhong" in collaboration with the Bazhong municipal government [8] - The company aims to address high costs and low utilization rates of drones in government departments through a centralized procurement model [9][10] - The estimated market value for low-altitude economic equipment in a prefecture-level city is about 1 billion yuan, with a national market potential of approximately 300 billion yuan [10] Product and Service Offerings - The main revenue sources are from the security sector (approximately 50%) and surveying and geographic information (about 25%) [6] - The company has developed a cloud platform "Zongheng Cloud" for low-altitude economic management and monitoring [5][13] Challenges and Solutions - Challenges in promoting drones in government sectors include high costs and low utilization rates [9] - The company proposes a model where government-led platform companies can enhance drone utilization and reduce operational costs [10] Profitability and Margins - The overall gross margin has significantly improved, with drone system margins doubling, and overseas market margins exceeding domestic margins by 15-20 percentage points [4][16][17] - The expected gross margin for the first half of 2025 is close to or slightly above 60% [17] Future Outlook - The company plans to focus on the low-altitude digital economy and overseas markets as core growth drivers over the next 3 to 10 years [18] - The company has set a neutral outlook for revenue and profit targets for 2025, with confidence in achieving long-term goals despite potential uncertainties in order confirmations [18] Conclusion Zongheng Co., Ltd. is positioned to capitalize on the growing low-altitude digital economy and expand its international presence, with a strong focus on improving operational efficiency and profitability through innovative solutions and strategic partnerships.

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [45]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" phase. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors, which have favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry Insights - The defense budget growth rate in China is around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][9]. Market Performance - In the past week, the CSI 300 index increased by 4.90%, while the aerospace and defense index rose by 4.19%. For the month, the CSI 300 index saw a 7.16% increase, and the aerospace and defense index increased by 8.25% [10]. Industry News - The preparations for the 80th anniversary of the victory in the War of Resistance against Japan are progressing smoothly, showcasing new military equipment, including advanced fourth-generation equipment and various unmanned systems, highlighting the military's capabilities in modern warfare [14][15]. Company Tracking - Several companies reported their semi-annual results, with varying performance metrics. For instance, *ST Lihang reported a revenue of 54.34 million yuan, down 49.72% year-on-year, while Hongyuan Electronics achieved a revenue of 1.018 billion yuan, up 22.27% year-on-year [21][22][43].