Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.69 CNY [5] Core Views - The company reported a significant revenue increase of 284.6% year-on-year in Q1 2025, achieving 240 million CNY in revenue and a net profit of 17 million CNY, up 162.4% year-on-year, indicating a strong start to the year [1][3] - The company is positioned as a leading player in the drone system market, with a comprehensive product lineup that includes various models ranging from 10 kg to 6 tons, enhancing its market competitiveness [2][3] - The anticipated recovery in demand for 2025 is expected to be substantial, driven by the company's focus on high-quality development and operational efficiency [3] Financial Performance Summary - In Q1 2025, the gross margin was 27.5%, an increase of 0.36 percentage points year-on-year, while the net profit margin improved to 7.1% from a negative figure in Q1 2024 [1] - The company’s operating expenses significantly decreased, with the expense ratio dropping from 74.1% in Q1 2024 to 19.9% in Q1 2025, showcasing improved cost control [1] - The forecasted net profits for 2025, 2026, and 2027 are projected to be 299 million CNY, 398 million CNY, and 489 million CNY respectively, with corresponding P/E ratios of 82.85, 62.22, and 50.62 [3][4] Product Development and Market Position - The company plans to achieve the first flight of six types of seven aircraft models within 2024, expanding its product range and enhancing its capabilities in various operational scenarios [2] - The integration of unmanned and manned systems is being advanced, with the development of a general command and control station, indicating a strategic move towards comprehensive system applications [2] Industry Outlook - The company is expected to benefit from the broader recovery in the drone industry as part of the national defense and aerospace equipment sector, with a focus on high-quality development and investor returns [3][5]

Core Viewpoint - The company plans to repurchase its shares to enhance investor confidence and establish a long-term incentive mechanism, with a total repurchase amount between RMB 100 million and RMB 200 million [7][20]. Financial Data - The repurchase price will not exceed RMB 60.52 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [21]. - The estimated number of shares to be repurchased ranges from approximately 165.23 million shares (at the lower limit) to 330.46 million shares (at the upper limit), representing about 0.24% to 0.49% of the company's total share capital [20]. Shareholder Information - Major shareholders, including Chengdu Industrial Investment Group Co., Ltd., have disclosed plans for share reduction, but no other major shareholders have immediate plans to reduce their holdings [8][27]. - The chairman and other executives have plans to increase their holdings during the repurchase period [8][29]. Repurchase Plan Details - The repurchase will be conducted through the Shanghai Stock Exchange via centralized bidding and is expected to be completed within 12 months from the approval date by the shareholders' meeting [12][13]. - If the repurchased shares are not transferred within three years, they will be canceled [18][29]. Legal and Compliance - The repurchase plan requires approval from the shareholders' meeting and must comply with relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [10][32]. - The company has confirmed that there are no insider trading or market manipulation activities related to the repurchase proposal [26][29]. Impact on Company Operations - The repurchase is not expected to significantly impact the company's operations, financials, or debt servicing capabilities, as the funds will come from the company's own resources [25]. - The company's total assets as of December 31, 2024, were RMB 872.89 million, with a debt-to-asset ratio of 34.86%, indicating a stable financial position to support the repurchase [25].

每经记者 陈晴 每经编辑 陈俊杰 并购重组 冠城新材：终止重大资产重组程序，转为一般关联交易推进 中国电信发布一季报，2025年第一季度营收为1345.09亿元，同比增长0.01%；归属于上市公司股东的净 利润为88.64亿元，同比增长3.11%。 回购增持 冠城新材公告，公司拟将持有的12家公司股权转让至公司控股股东或实际控制人指定的关联公司，交易 方式为现金出售资产。经审慎评估，本次交易不构成重大资产重组，公司决定终止本次重大资产重组程 序，并将其转为一般关联交易事项继续推进。 业绩披露 沪光股份：2024年归母净利润6.7亿元，同比增长1139% 沪光股份发布年报，2024年营业收入79.14亿元，同比增长97.70%；归属于上市公司股东的净利润6.7亿 元，同比增长1139.15%。 大名城：2024年归母净利润亏损约23亿元 大名城发布年报，2024年营业收入41.71亿元，同比下降64.34%；归属于上市公司股东的净利润亏损 23.36亿元，上年同期净利润2.23亿元。 中国神华：2025年第一季度归母净利润近120亿元，同比下降18.0% 中国神华发布一季报，2025年第一季度营业收入695.8 ...

证券代码：688297 证券简称：中无人机 公告编号：2025-020 中航（成都）无人机系统股份有限公司 关于以集中竞价交易方式回购股份的预案 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： ●回购股份金额：回购资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）； ●回购股份资金来源：公司自有资金； ●回购股份用途：本次回购股份拟用于股权激励或员工持股计划；若公司本次回 购的股份未能在股份回购实施结果暨股份变动公告日之后的三年内转让完毕，未 转让股份将依法予以注销； ●回购股份价格：不超过人民币 60.52 元/股，该价格未超过公司董事会审议通过 回购股份方案决议前 30 个交易日公司股票交易均价的 150%； ●回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式进行股份回 购； ●回购股份期限：自公司股东会审议通过本次回购方案之日起 12 个月内，并应符 合中国证监会、上海证券交易所之相关规定，具体以股东会审议通过的回购股份 方案为准； ●相关股东是否存在减持 ...

证券代码：688297 证券简称：中无人机 公告编号：2025-018 中航（成都）无人机系统股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （二） 股东大会召开的地点：四川省成都市青羊区经一路 39 号成都成飞会议服 务有限公司 （一） 股东大会召开的时间：2025 年 4 月 25 日 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 192 | | --- | --- | | 普通股股东人数 | 192 | | 2、出席会议的股东所持有的表决权数量 | 192 | | 普通股股东所持有表决权数量 | 477,651,366 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 70.7631 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 70.7631 | （ ...

证券代码：688297 证券简称：中无人机 公告编号：2025-019 中航（成都）无人机系统股份有限公司 第五届监事会第十六次会议决议公告 本公司监事会及全体监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、准确性和完整性承担法律责任。 一、监事会会议召开情况 中航（成都）无人机系统股份有限公司（以下简称"公司"）第五届监事会 第十六次会议于 2025 年 4 月 25 日以现场会议的方式召开。会议通知于 2025 年 4 月 18 日以电子邮件形式送达公司全体监事。 经全体监事审议，形成决议如下： (一) 关于公司《2025 年第一季度报告》的议案 监事会认为：公司《2025 年第一季度报告》的编制和审议程序符合相关法 律法规及《公司章程》等内部管理制度的规定；其内容和格式符合中国证监会和 上海证券交易所的各项规定，所包含的信息公允地反映了公司 2025 年第一季度 的财务状况和经营成果等事项；2025 年第一季度报告编制过程中，未发现公司 参与编制和审议的人员有违反保密规定的行为。 监事会保证公司《2025 年第一季度报告》所披露的信息真实、准确、完整， 1 不存在虚假 ...

Financial Performance - The company reported a basic earnings per share of 0.0200 yuan for Q1 2025, a significant increase of 150% compared to a loss of 0.0400 yuan in Q1 2024 [1] - Operating revenue reached 2.36 billion yuan, marking a substantial increase of 286.89% from 0.61 billion yuan in the same period last year [1] - Net profit for Q1 2025 was 0.17 billion yuan, a turnaround from a loss of 0.27 billion yuan in Q1 2024, reflecting a growth of 162.96% [1] - The return on equity (ROE) improved to 0.30% from a negative 0.46% in the previous year, indicating a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 14,056.06 million shares, accounting for 51.75% of the circulating shares, with a decrease of 821.11 million shares compared to the previous period [1] - Chengdu Jianguo Automobile Trade Co., Ltd. remains the largest shareholder with 5,400.00 million shares, representing 19.88% of the total share capital [2] - Chengdu Industrial Investment Group Co., Ltd. reduced its holdings by 431.44 million shares, now holding 4,568.57 million shares, which is 16.82% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

北京市嘉源律师事务所 关于中航(成都)无人机系统股份有限公司 2024 年年度股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 E UM E S Pr UAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中航(成都)无人机系统股份有限公司 北京市嘉源律师事务所 关于中航(成都)无人机系统股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025) -04-241 号 北京市嘉源律师事务所(以下简称"本所")接受中航(成都)无人机系统 股份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以 下简称"《公司法》")、《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《中航(成都)无人机系统股份有限公司章程》(以下简称"《公司章程》") 的有关规定,指派本所律师对公司 2024年年度股东大会(以下简称"本次股东 大会")进行见证,并依法出具 ...

Group 1 - The company Zhongwu Drone (688297.SH) announced a plan to repurchase shares worth between 100 million to 200 million yuan [1] - The maximum repurchase price is set at 60.52 yuan per share [1] - The repurchased shares are intended for equity incentives or employee stock ownership plans [1]