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].

Core Viewpoint - The company reported a significant revenue growth of 61.7% year-on-year for the first half of 2025, driven by the rapid development of the low-altitude economy, while also showing improvements in profit margins despite still reporting a net loss [1] Financial Performance - In 1H25, the company achieved a revenue of 130 million yuan, with a net profit attributable to shareholders of -36 million yuan, an improvement from -53 million yuan in 1H24 [1] - The second quarter of 2025 saw a notable revenue increase of 71.2% year-on-year and a 147.3% quarter-on-quarter growth, reaching 100 million yuan [1] - The gross margin for 1H25 improved by 4.0 percentage points to 53.2%, while the net margin improved by 36.1 percentage points to -28.2% [1] Product Development and Market Expansion - The company upgraded its JOS-C700 vertical take-off and landing fixed-wing unmanned system, achieving breakthroughs in environmental adaptability and intelligence [2] - The launch of the JOS-P200 multi-rotor unmanned system features modular and lightweight design, supporting both fixed and mobile deployments [2] - The company is expanding its low-altitude data service system across various regions, including Ba Zhong and Shao Xing, and is actively pursuing overseas market opportunities [2] Research and Development Investment - R&D investment increased by 13.4% year-on-year, primarily due to investments in fixed-wing and multi-rotor unmanned systems [3] - The company reduced its period expense ratio by 26.2 percentage points to 77.7%, with decreases in sales, management, and R&D expense ratios [2] Cash Flow and Future Outlook - The net cash flow from operating activities for 1H25 was -80 million yuan, an improvement from -100 million yuan in the same period last year [4] - The company is positioned to benefit from the growth of the low-altitude economy, with projected net profits of 7 million yuan, 60 million yuan, and 125 million yuan for 2025 to 2027 [4]

Financial Performance - The company reported a total revenue of 135 million yuan for the first half of 2025, representing a year-on-year increase of 61.72% [1] - The net profit attributable to shareholders was -36.34 million yuan, an improvement of 31.47% compared to the previous year [1] - The gross margin increased to 53.23%, up 12.94% year-on-year, while the net margin improved to -28.15%, a 56.15% increase [1] - Total expenses (selling, administrative, and financial) amounted to 78.51 million yuan, accounting for 58.3% of revenue, a decrease of 25.3% year-on-year [1] Balance Sheet Highlights - Inventory saw a significant increase, with a year-on-year growth of 44.69% [1] - Cash and cash equivalents decreased by 40.8% due to increased payments for goods and investment expenditures [2] - Long-term equity investments surged by 286.45% due to increased investment in a subsidiary [2] - The company’s total liabilities decreased by 32.56%, reflecting a reduction in interest-bearing debt [1][2] Operational Insights - The company focuses on the development, production, and sales of industrial drone products, positioning itself as a leading player in the domestic market [7] - The product lineup includes various types of drones, such as vertical take-off fixed-wing drones and multi-rotor drones, catering to diverse applications [8] - The company has established a comprehensive system for drone applications, integrating cloud platforms and industry-specific solutions [7] Market Position - The company is recognized for its core technological advantages in intelligent control and drone design, with some products reaching international standards [7] - Recent financial reports indicate a general trend of improving operational metrics, although the company has faced challenges in achieving positive net profits historically [5]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，纵横股份发布公告称，成都纵横自动化技术股份有限公司控股股东、实际 控制人任斌先生因离婚进行财产分割，将其持有的公司股份9，996，000股股份分割给邝明芳女士。近 日公司收到任斌先生通知，得知其已取得中国证券登记结算有限责任公司出具的《证券过户登记确认 书》，其直接持有的公司股份9，996，000股（占公司总股本的11.41%）通过证券非交易过户的方式登 记至邝明芳女士名下，相关手续已办理完毕。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position and multi-field layout both domestically and internationally [4][6]. Core Viewpoints - The company achieved a revenue of 130 million yuan in 1H25, representing a year-over-year growth of 61.7%, while the net profit attributable to the parent company improved to -36 million yuan from -53 million yuan in 1H24 [1]. - The second quarter of 2025 saw significant growth, with a revenue of 100 million yuan, a year-over-year increase of 71.2% and a quarter-over-quarter increase of 147.3% [1]. - The company is expanding its market presence through innovative product development and a comprehensive low-altitude data service system, which is being applied in various regions [2]. - Research and development investments have increased by 13.4%, reinforcing the company's technological barriers [3]. Summary by Sections Financial Performance - In 1H25, the gross profit margin increased by 4.0 percentage points to 53.2%, and the net profit margin improved by 36.1 percentage points to -28.2% [1]. - The company reported a net cash flow from operating activities of -80 million yuan in 1H25, an improvement from -100 million yuan in the same period last year [3]. Market Expansion - The company has launched new products, including the JOS-C700 and JOS-P200 unmanned systems, enhancing its capabilities in various applications such as logistics and emergency response [2]. - The company is actively pursuing international market opportunities, particularly in regions aligned with the Belt and Road Initiative [2]. Research and Development - The company has reduced its expense ratios significantly, with the R&D expense ratio decreasing by 4.3 percentage points to 19.4% [3]. - The focus on R&D is aimed at solidifying the company's competitive edge in the industrial drone sector [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 7 million yuan, 60 million yuan, and 125 million yuan, respectively, indicating substantial growth potential [5].