证券代码：688283 证券简称：坤恒顺维 公告编号：2026-002 成都坤恒顺维科技股份有限公司 部分董事、高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 本次减持计划实施前，董高持有成都坤恒顺维科技股份有限公司（以下简称 "公司"、"坤恒顺维"）股份情况如下： 1、公司董事、副总经理黄永刚先生持有公司股份 5,980,200 股，占公司总股 本的比例为 4.9099%； 2、公司财务负责人牟兰女士持有公司股份 148,194 股，占公司总股本的比 例为 0.1217%。 上述股份来源为公司首次公开发行前取得以及公司实施资本公积金转增股 本取得的股份，涉及首次公开发行前取得的股份已于 2023 年 8 月 15 日解除限售 并上市流通，具体内容详见公司于 2023 年 8 月 5 日在上海证券交易所网站 （www.sse.com.cn）披露的《成都坤恒顺维科技股份有限公司首次公开发行部分 限售股上市流通公告》（2023-022）。 减持计划的主要内容 1、公司董 ...

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 2025 年持续督导工作现场检查报告 上海证券交易所： 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，对公司 2025 年度持续督导期间（以下简称"本持续督导 期间"）的规范运作情况进行了现场检查，现报告如下： 一、本次现场检查的基本情况 （一）保荐机构 国联民生证券承销保荐有限公司 （二）保荐代表人 白英才、朱炳辉 （三）现场检查时间 2026 年 1 月 27 日——2026 年 1 月 28 日 （四）现场检查人员 白英才、孙颖 （五）现场检查内容 公司治理及内部控制状况、信息披露情况、独立性以及与控股股东、实际控 制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担保、重 大对外投资情况、公司经营状况以及承诺履行情况等。 （六）现场检查手段 1、访谈公司董事、 ...

Group 1 - The A-share market experienced a collective pullback in the commercial aerospace sector, with several companies hitting their daily limit down [1] - Notable declines included Beihua Co. and Torch Electronics, which both reached the daily limit down, while Hongyuan Electronics, Tongda Co., and Kunheng Shunwei fell over 8% [1] - Other companies such as Gaode Infrared and Shunhao Co. dropped more than 7%, and Jiuding New Materials, BaoTi Co., Tengjing Technology, Changying Tong, Qianzhao Optoelectronics, Changguang Huaxin, and Huafeng Technology saw declines exceeding 6% [1]

Core Viewpoint - The communication equipment sector experienced a rise of 0.98% on January 28, with significant gains from several companies, indicating positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1]. - The leading stock in the communication equipment sector was Kunheng Shunwei, which saw a closing price of 59.31, reflecting a substantial increase of 16.55% [1]. Group 2: Individual Stock Performance - Notable gainers included: - Ding Tong Technology, closing at 175.77 with an increase of 8.74% [1]. - Dekeli, closing at 151.36, up by 8.17% [1]. - Taicheng Light, closing at 113.05, with a rise of 7.63% [1]. - Other companies with significant increases included: - Yuan Dunjun, closing at 639.00, up by 7.39% [1]. - Changfei Fiber, closing at 135.30, with a rise of 6.87% [1]. Group 3: Capital Flow - The communication equipment sector saw a net inflow of 1.328 billion yuan from institutional investors, while retail investors contributed a net inflow of 469 million yuan [2]. - However, there was a net outflow of 1.797 billion yuan from speculative funds [2]. Group 4: Detailed Capital Flow Analysis - Key stocks with significant net inflows from institutional investors included: - Tianfu Communication with a net inflow of 115.46 million yuan [3]. - Changxin Bochuang with a net inflow of 70.7 million yuan [3]. - Conversely, stocks like Zhongji Xuchuang experienced a net outflow of 703 million yuan from speculative funds [3].

Summary of Conference Call Notes Company and Industry Overview - The company is involved in the wireless radio testing and simulation instruments sector, specifically focusing on satellite and 6G industries, which are driving demand for general wireless radio testing and simulation instruments [1][2]. Key Points and Arguments 1. **Product Scarcity**: The company is one of the few domestic manufacturers of wireless radio testing and simulation instruments, breaking the long-standing monopoly of international firms. Its core product has outperformed the giant Keysight in the domestic market [1]. 2. **Satellite and 6G Development**: The company is leading the development of a "multi-channel star network chain channel simulation simulator," which simulates star-ground and star-star channel environments. This is crucial for satellite and payload testing, and the growth of the satellite industry is directly increasing the demand for such testing instruments [1]. 3. **Market Share**: The company's channel simulation instrument holds over 40% market share domestically, with major clients including Huawei, China Mobile, and StarNet. However, the overall domestic testing instrument localization rate is only about 10%, indicating significant growth potential [1]. 4. **Profit Margins**: The company maintains a long-term gross margin of over 60% and a net margin of over 30% [2]. 5. **New Product Launch - Mobile Comprehensive Testing Instrument**: This product is seen as a key indicator for the growth of satellite terminals. The founder of Galaxy Aerospace stated that "mobile direct satellite connection will lead the 6G communication revolution" [2][3]. 6. **Commercial Potential**: The mobile direct connection is identified as the most significant application scenario for satellite internet, with the mobile comprehensive testing instrument simulating satellite networks and real channel environments for full process validation [4]. 7. **Market Dynamics**: The first generation of satellite networks is expected to drive demand for mobile direct satellite connections and special terminals, which will subsequently increase the demand for comprehensive testing instruments. Once mobile direct satellite connections are initiated, all mobile baseband chip manufacturers and mobile phone manufacturers will need to equip the mobile comprehensive testing instrument, priced at over 10 million yuan per unit [4]. 8. **Market Size and Revenue Projections**: The market space is projected to be in the tens of billions, with peak years potentially bringing in revenues of several billion for the company. The mobile comprehensive testing instrument has already received orders from some mobile manufacturers, with expectations for demand to surge mid-year [5]. 9. **Future Product Pipeline**: The company has multiple significant products in the pipeline, including those related to AI and semiconductor testing equipment, which are highly anticipated [5]. 10. **Comparison with Keysight**: The company is compared to Keysight, a leading global electronic testing and measurement company with a market value of $37 billion. The global wireless communication and RF microwave instrument market is valued at 100 billion yuan, with expected high growth due to the demand from satellites, 6G, and increased localization rates [5]. 11. **Profit Potential**: The company anticipates a mid-term net profit level of 600 million yuan and a market value target of 20 billion yuan, with several significant product options available [5]. 12. **Risk Factors**: A potential risk highlighted is that the pace of satellite terminal rollout may not meet expectations [5].

Group 1 - The communication equipment sector increased by 2.94% on January 22, with Gaoxin Technology leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the communication equipment sector showed significant price increases, with Gaoxin Technology rising by 7.70% to a closing price of 7.13 [1] Group 2 - The communication equipment sector experienced a net inflow of 6.19 billion yuan from institutional investors, while retail investors saw a net outflow of 1.13 billion yuan [2] - Major stocks like Zhongji Xuchuang and Tianfu Communication had notable net inflows from institutional investors, indicating strong interest [3] - The overall trading volume in the communication equipment sector was substantial, with several stocks reporting high transaction amounts [1][2]

Core Insights - The computer simulation industry in China is experiencing fluctuating investment activity, with a total of 108 financing events from 2016 to 2025, indicating a volatile upward trend in investment [2][27]. - The average single financing amount in the computer simulation industry has shown a fluctuating trend, with an average of 0.3 billion yuan from January to November 2025 [4]. - Investment rounds are primarily concentrated in the angel and A rounds, reflecting a "large at both ends, small in the middle" characteristic in financing rounds [7][23]. Investment Activity - In 2024, there were 12 disclosed financing events totaling 0.873 billion yuan, while by December 1, 2025, there were 30 financing events totaling approximately 0.889 billion yuan [2][3]. - The majority of financing events are concentrated in Beijing, with 40 events, followed by Shanghai with 33 events, and other regions like Jiangsu, Guangdong, and Zhejiang also showing high activity [8]. Sector Focus - The computer simulation industry is primarily focused on the industrial sector, with significant financing events occurring between 2021 and 2023 [11]. - The main investors in the computer simulation industry are predominantly investment firms, with notable examples including交银投资 and 深创投, while industrial investors include companies like 比亚迪 and 金蝶国际 [23]. Mergers and Acquisitions - The industry is still in its early development stage, leading to smaller company sizes and limited mergers, primarily focusing on horizontal integration among midstream companies to expand scale [25][27]. - Recent merger activities include horizontal integrations such as 索辰科 acquiring 力控科技 and 露辰科 acquiring 麦思捷 [26].

Core Insights - The global computer simulation industry market size reached $300 billion, growing from $182.5 billion in 2018, with a projected growth trend from 2019 to 2024 [3][11] - Computer simulation technology has penetrated various industries, initially starting in military applications and expanding into civil sectors such as aviation, education, and manufacturing [1][11] Industry Overview - Major listed companies in the computer simulation industry include Huali Chuangtong (300045.SZ), Holowell (688682.SH), and others [1] - The industry has seen significant growth due to advancements in internet and information technology, with a forecasted market size of approximately $300 billion by 2024 [3] Application and Development Trends - Computer simulation technology is widely applied across defense, industrial, and various human production and life aspects, including aerospace, electronics, and energy sectors [11][13] - The application range is continuously extending, with emerging markets in developing countries like China and India expected to accelerate growth [9][13] - The technology has evolved from theoretical research to practical applications in production, driving demand and enhancing simulation capabilities [11][13] - Cloud-native architectures are transforming the market by providing "simulation as a service," improving accessibility and efficiency [13]

Core Viewpoint - The communication equipment sector experienced a mixed performance, with a slight overall increase of 0.88% on January 15, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1]. Group 1: Stock Performance - Shenyu Co., Ltd. led the gains in the communication equipment sector with a closing price of 42.62, reflecting a rise of 10.39% and a trading volume of 396,000 shares, amounting to a transaction value of 1.671 billion [1]. - Other notable performers included: - Sega Technology with a closing price of 39.50, up 10.00% [1]. - Shijia Photon with a closing price of 87.43, up 7.30% [1]. - Lian Te Technology with a closing price of 197.00, up 7.01% [1]. - Zhaolong Interconnect with a closing price of 57.55, up 6.67% [1]. Group 2: Declining Stocks - The sector also saw significant declines, with Guangha Communication dropping 17.15% to a closing price of 28.98 [2]. - Other stocks that faced losses included: - Fujida down 10.68% to 44.90 [2]. - Xinkemobile down 10.66% to 17.76 [2]. - Huanghuo Communication down 10.01% to 43.07 [2]. Group 3: Capital Flow - The communication equipment sector experienced a net outflow of 1.058 billion from institutional investors and 2.280 billion from retail investors, while retail investors saw a net inflow of 3.338 billion [2]. - The capital flow for specific stocks indicated: - Zhongji Xuchuang had a net inflow of 1.832 billion from institutional investors [3]. - Xinyi Sheng saw a net inflow of 1.208 billion [3]. - Shijia Photon had a net inflow of 516 million [3].

Group 1 - The core viewpoint is that China's commercial aerospace industry is experiencing significant growth, with the industry scale expected to reach 2.8 trillion yuan by 2025, representing a compound annual growth rate of over 26%, and a 180% increase compared to 2020 [1] - The upstream satellite manufacturing and rocket launch segments account for approximately 10% of the industry value, while the midstream ground equipment manufacturing and downstream satellite application services each account for about 45% [1] Group 2 - The commercial aerospace sector demands higher standards for testing equipment, covering all stages of satellite development, from design to mass production, with routine testing required even for individual satellites [2] - The testing dimensions have become comprehensive and specialized, including environmental adaptability, electromagnetic compatibility, communication performance, network collaboration, reliability, lifespan, and safety [2] Group 3 - Domestic companies are accelerating their catch-up with overseas counterparts, with significant potential for domestic substitution in the high-end scientific instrument sector, which has long R&D cycles and high technical barriers [3] - Major international players in the communication testing equipment industry include Keysight (USA), Rohde & Schwarz (Germany), and Anritsu (Japan), while domestic companies are making strides in closing the gap [3]