在确保不影响募集资金投资项目（以下简称"募投项目"）正常进行以及公 司日常资金正常周转需要、日常业务的正常开展的前提下，为提高募集资金及公 司资金的使用效率，增加公司现金资产收益，实现股东利益最大化，公司拟使用 暂时闲置募集资金进行现金管理。本次投资不会影响公司主营业务的发展，公司 资金使用安排合理。 国联民生证券承销保荐有限公司 关于成都坤恒顺维科技股份有限公司 使用暂时闲置募集资金进行现金管理之核查意见 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 规定，国联民生证券承销保荐有限公司（以下简称"国联民生"或"保荐机构"） 作为正在履行成都坤恒顺维科技股份有限公司（以下简称"坤恒顺维"或"公司"） 持续督导工作的保荐机构，对坤恒顺维拟使用暂时闲置募集资金进行现金管理的 事项进行了认真、审慎的核查，核查情况如下： 一、现金管理情况概述 （一）投资目的 （二）投资金额 公司拟使用最高不超过人民币 15,000.00 万元的暂时闲置募集资金进行现金 管理。在期限内任一时点的现金管理金额（含前述投资的收益进行再投资的相 ...

投资金额：成都坤恒顺维科技股份有限公司（以下简称"公司"）拟使 用不超过人民币 15,000.00 万元暂时闲置募集资金进行现金管理，使用期限自公 司董事会审议通过之日起 12 个月内有效。在上述额度和期限范围内，资金可循 环滚动使用。 证券代码：688283 证券简称：坤恒顺维 公告编号：2026-003 成都坤恒顺维科技股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：安全性高、流动性好、满足保本要求的投资产品（包括但不 限于结构性存款、定期存款、大额存单等）。 已履行的审议程序：公司于 2026 年 2 月 24 日召开第四届董事会审计委 员会第四次会议、第四届董事会第四次会议，会议审议通过了《关于公司使用暂 时闲置募集资金进行现金管理的议案》。公司保荐机构国联民生证券承销保荐有 限公司对该事项出具了明确同意的核查意见。该事项无需提交股东会审议。 特别风险提示：本次公司现金管理投资的产品属于低风险投资品种，但 金融市场受宏观经济影响较大 ...

重要内容提示： 投资种类：安全性高、流动性好、中低风险的理财产品（购买低风险银 行理财产品的除外）。 投资金额：成都坤恒顺维科技股份有限公司（以下简称"公司"）拟使用 不超过人民币 45,000.00 万元暂时闲置自有资金进行委托理财。使用期限自公司 董事会审议通过之日起 12 个月内有效。在上述额度和期限范围内，资金可循环 滚动使用。 已履行的审议程序：公司于 2026 年 2 月 24 日召开第四届董事会第四次 会议，审议通过了《关于公司使用暂时闲置自有资金进行委托理财的议案》。该 事项无需提交股东会审议。 特别风险提示：公司委托理财将选择安全性高、流动性好、中低风险的 理财产品（购买低风险银行理财产品的除外），但金融市场受宏观经济影响较大， 公司将根据经济形势与金融市场变化情况，运用相关风险控制措施适时、适量介 入，但不排除受到市场波动的影响，而导致投资收益未达预期的风险。 一、委托理财情况概述 （一）投资目的 证券代码：688283 证券简称：坤恒顺维 公告编号：2026-004 成都坤恒顺维科技股份有限公司 关于使用暂时闲置自有资金进行委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management, aiming to enhance liquidity and ensure capital preservation [1] Group 1: Board Meeting Decisions - The fourth meeting of the fourth board of directors will be held on February 24, 2026, to review the proposal for cash management [1] - The company intends to use no more than RMB 150 million of temporarily idle raised funds for this purpose [1] Group 2: Investment Strategy - The investment direction includes purchasing high-security, high-liquidity investment products that meet capital preservation requirements, such as structured deposits, time deposits, and large-denomination certificates of deposit [1] - The usage period for these funds will be effective for 12 months from the date of board approval [1] Group 3: Operational Impact - The cash management strategy will not affect the progress of the raised funds investment projects or the company's normal production and operations [1]

Core Insights - The Chinese computer simulation industry is characterized by a competitive landscape with a low market concentration, indicating a high level of competition among numerous small enterprises [10]. Group 1: Industry Overview - The leading companies in the Chinese computer simulation industry include Aerospace Intelligent Equipment and Suochen Technology, with revenues exceeding 300 million yuan [2]. - Companies like Huali Chuangtong and Huaru Technology have revenues between 200 million and 300 million yuan, while firms such as Yongxin Zhicheng have revenues below 200 million yuan [2]. Group 2: Regional Distribution - The majority of computer simulation companies in China are concentrated in the southeastern coastal regions, particularly in Guangdong and Jiangsu, with over 2,000 companies in Guangdong and nearly 1,500 in Jiangsu as of November 29, 2025 [3]. Group 3: Competitive Landscape - In 2022, Jingwei Hengrun reported the highest revenue among the top 10 listed companies in the computer simulation sector, followed by Kangtuo Infrared with a revenue of 1.35 billion yuan [9]. - The industry is marked by a large number of small-scale enterprises primarily engaged in agency and system integration, leading to a very low concentration ratio (CR8) of only 0.87% [10]. Group 4: Technological Competition - As of November 29, 2025, Jingwei Hengrun leads in patent numbers with 858 invention patents and 794 authorized inventions, followed by Huali Chuangtong with 77 invention patents and 92 authorized inventions [14]. Group 5: Competitive Dynamics - The competitive environment in the computer simulation industry is intense due to a high number of existing competitors and low market concentration. Supplier bargaining power is weak, while consumer bargaining power is also low due to low product differentiation [17]. - The threat of new entrants is present as many multinational companies are entering the Chinese market through wholly-owned or joint ventures, or by seeking local agents [17].

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Group 1 - The core point of the article is the establishment of a new company, Jiangsu Hengxin Huice Technology Co., Ltd., which is fully owned by Kunheng Shunwei (688283) and focuses on semiconductor-related businesses [1] - The registered capital of the new company is 16 million yuan, indicating a significant investment in the semiconductor sector [1] - The business scope of the new company includes sales of electronic measuring instruments, manufacturing and sales of specialized equipment for semiconductor devices, and manufacturing of communication equipment [1]

Core Insights - The company, Kunheng Shunwei, plans to upgrade its existing core testing instruments while actively developing new products to strengthen its competitive edge in the high-end radio testing and simulation instrument sector by 2026 [2] - The core products of the company are widely used in mobile communication and satellite communication fields, providing comprehensive solutions for satellite communication RF testing and terminal consistency testing, covering multiple downstream users in the satellite industry chain [2] - The recently launched wireless communication testing platform is adaptable for NTN satellite communication and other multi-system integration testing scenarios, positioning it as a key tool for the next generation of mobile communication terminal testing [2] - To ensure smooth product upgrades and new product development, the company will maintain high levels of R&D investment while expanding its product matrix and customer coverage [2] - The company will optimize its sales team configuration based on business needs, expand its distribution network, and enhance market reach to ensure that upgraded core products and newly developed products reach the market more quickly, aligning with the growing testing and simulation demands from downstream users [2]

Core Insights - The report highlights the growth and performance of the computer simulation industry in China, particularly focusing on the automotive sector and the financial results of key listed companies in 2025 [1][9]. Group 1: Market Size and Revenue - The global automotive computer simulation market and the Chinese automotive computer simulation market are significant, with major listed companies showing revenue growth in the first half of 2025 [1]. - Aerospace Intelligent Equipment reported the highest revenue among listed companies at 696 million yuan in 2025 [1]. Group 2: Business Revenue Stability - Most companies in the Chinese computer simulation industry, except for Huaru Technology, have stable revenue from their simulation business, with Aerospace Intelligent Equipment projected to generate 571 million yuan in 2024, the highest among listed firms [2]. Group 3: Profitability Metrics - There is a notable disparity in gross profit margins among leading companies in the computer simulation industry, with Suochen Technology achieving the highest margin at 71.77% in 2024, while Huaru Technology reported its first loss in recent years [4]. Group 4: Regional Business Distribution - The majority of companies in the computer simulation industry have a strong domestic presence, with revenue from domestic operations typically exceeding 80% [5].

Industry Overview - The computer simulation industry in China has a limited number of listed companies, but the industry chain is extensive, with key players in the midstream segment including Huazhi Chuantong, Holiwo, and Huaru Technology [1] - The industry is expected to grow, with significant revenue contributions from various companies, particularly in the fields of military simulation, training, and digital transformation [16] Key Companies and Their Performance - Listed companies in the computer simulation sector include Huazhi Chuantong (5.64 billion), Holiwo (2.15 billion), Huaru Technology (1.57 billion), and others, with varying revenue performances [5][14] - The largest revenue-generating company in the sector is Langxin Information, with 1206.69 billion, followed by TCL Technology at 1359.43 billion [4] Business Focus and Strategies - Huazhi Chuantong aims to solidify its foundation in simulation testing and radar signal processing, focusing on domestic alternatives in the aerospace industry [16] - Holiwo is working to achieve international standards in simulation functionality and precision, while also integrating AI technology into its software [16] - Huaru Technology is leveraging military models for intelligent decision-making and virtual training applications [16] Market Dynamics - The computer simulation industry is characterized by a high concentration of business activities, with many companies having over 90% of their business focused on simulation [12] - The geographical distribution of representative companies is concentrated in regions like Beijing, Jiangsu, and Shanghai, with Beijing having the most significant number of companies [6] Revenue and Financial Metrics - The revenue from computer simulation business for major companies is generally below 3 billion, with notable exceptions like Aerospace Zhizhuang and Jiean Gaoke, which have higher revenues [14] - The gross profit margins for companies in the sector vary, with Jiean Gaoke achieving a margin of 1.84% [14] Future Outlook - The industry is expected to continue evolving with advancements in technology and increased demand for simulation solutions across various sectors, including defense and telecommunications [16] - Companies are focusing on enhancing their product offerings and expanding their market reach through strategic partnerships and technological innovations [16]