Core Viewpoint - The credit rating of Chengdu Mingsheng Electronic Technology Co., Ltd. has been downgraded to A with a stable outlook due to declining profitability and increased financial pressures [1][8]. Company Overview - Chengdu Mingsheng Electronic Technology Co., Ltd. focuses on the research and production of satellite navigation and communication systems, primarily serving military applications [13]. - The company is a national-level specialized "little giant" enterprise, with its major shareholder being Chengdu Rongtou Innovation Investment Co., Ltd. [13]. Financial Performance - As of March 2025, the company's total assets were 2.27 billion yuan, with total liabilities of 0.63 billion yuan, resulting in a debt-to-asset ratio of 26.74% [15]. - The company reported a total revenue of 0.139 billion yuan and a net profit of -0.325 billion yuan for 2024, indicating a significant loss [15]. Industry Analysis - The military electronics industry is driven by increased defense spending, modernization of military equipment, and domestic substitution [24]. - In 2025, China's defense budget is projected to be 1.78 trillion yuan, reflecting a 7.2% increase, indicating ongoing growth potential in the military electronics sector [24]. - The industry faces competition primarily from large state-owned enterprises, with smaller private firms focusing on niche markets [24][25]. Competitive Position - The company maintains a strong competitive position in niche areas such as satellite navigation and phased array antennas, with a notable increase in R&D investment [8][9]. - Major clients include large state-owned military groups, ensuring stable customer relationships and a substantial order backlog [8][9]. Risks and Challenges - The company faces challenges such as delayed project approvals, increased competition in the civilian market, and rising costs affecting profitability [8][9]. - The company's reliance on military contracts and the lengthy payment cycles for its products contribute to financial strain, with accounts receivable expected to rise [9][10].

| 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | | 成都盟升电子技术股份有限公司 评级机构东方金诚在对本公司经营状况、行业情况进行综合分析与评估的基 础上，于 2025 年 6 月 23 日出具了《成都盟升电子技术股份有限公司主体及"盟 升转债"2025 年度跟踪评级报告》（东方金诚债跟踪评字【2025】0264 号），本 次公司主体信用评级结果为 A；"盟升转债"评级结果为 A，评级展望为稳定。 本次信用评级报告《成都盟升电子技术股份有限公司主体及"盟升转债"2025 年度跟踪评级报告》详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 成都盟升电子技术股份有限公司董事会 2025 年 6 月 25 日 调整前"盟升转债"评级：A+；主体评级：A+；评级展望：稳定 调整后"盟升转债"评级：A；主体评级：A；评级展望：稳定 关于"盟升转债"评级调整的公告 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 ...

信用等级通知书 东方金诚债跟踪评字【2025】0264 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），声明如下： 东方金诚债跟踪评字【2025】0264 号 成都盟升电子技术股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"盟 升转债"信用状况进行了跟踪评级，经信用评级委员会评定，此次 跟踪评级下调贵公司主体信用等级为 A，评级展望为稳定，同时下 调"盟升转债"的信用等级为 A。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十三日 1.本次评级为委托评级，东方金诚与评级对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受 评级对象和第三方组织或个人的干预和影 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Alliance Electronics, which has seen a price increase and has specific terms regarding its conversion to equity [1] - The convertible bond has a credit rating of "A+" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for the bond is set at 20.94 yuan, with the conversion period starting on March 18, 2024 [1] Group 2 - For the first quarter of 2025, Alliance Electronics reported a revenue of 21.113 million yuan, reflecting a year-on-year increase of 48.01% [2] - The net profit attributable to shareholders was -15 million yuan, showing a year-on-year increase of 30.88%, while the net profit excluding non-recurring items was -19.5 million yuan, with a year-on-year increase of 26.22% [2] - The shareholder concentration is very high, with the top ten shareholders holding a combined 49.52% of shares, and the top ten circulating shareholders holding 49.54% [2]

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. has issued a correction to its 2024 annual report due to calculation errors, which do not affect the company's main business or its financial performance for the year [1][3]. Correction Details - The correction pertains to the "Management Discussion and Analysis" section, specifically regarding the analysis of revenue and costs, which includes the breakdown of revenue by industry, product, region, and sales model [1]. - The corrected figures show a decrease in revenue and gross margin for both satellite navigation and satellite communication sectors [2]. Financial Impact - The correction does not impact the overall financial statements, including the balance sheet, income statement, and cash flow statement for the year 2024 [1][3]. - The company has expressed its commitment to improving the quality of information disclosure and the auditing process for future reports [3].

Core Viewpoint - The company experienced a significant decline in revenue for the fiscal year 2024, with total revenue reported at 139 million yuan, a decrease of 70.90% compared to 2023, primarily due to industry environmental factors and delays in project execution [1][6][10]. Revenue Analysis - The company's revenue for 2024 was 139 million yuan, down from the previous year, with a core revenue of 135 million yuan after excluding unrelated business income [1][11]. - The fourth quarter saw a notable increase in revenue contribution, rising from 17.22% to 37.57% of total revenue, indicating a significant seasonal distribution change [1][9]. Order and Project Delays - Major delays in project execution were attributed to factors such as suspended contract execution and unfulfilled order deliveries, affecting approximately 245.82 million yuan in total order value [1][10]. - Specific clients, including various subsidiaries of China Aerospace Science and Technology Corporation, faced delays in project deliveries, with some expected to resume in 2025 [2][4]. New Orders and Future Projections - The company reported significant new orders for 2023 and 2024, with a focus on satellite navigation and communication products, which are expected to support revenue projections for 2025 [6][8]. - The total order backlog as of April 2024 was substantial, indicating potential revenue recovery as projects resume execution [6][10]. Market and Industry Context - The military industry remains a core focus for the company, with government defense spending projected to increase by 7.2% in 2025, suggesting ongoing demand in the sector [7][8]. - The company has maintained a strong competitive position within the industry, with expectations of improved revenue as the impact of previous environmental factors diminishes [8][10]. Financial Performance Metrics - The company reported a net loss of 272 million yuan for 2024, a significant increase in losses compared to the previous year, with a gross margin decline of 24.31 percentage points to 25.98% [11]. - The gross margin for satellite navigation products decreased by 29.93 percentage points to 26.45%, while satellite communication products saw a reduction of 11.22 percentage points to 20.45% [11].

Core Viewpoint - The company reported a significant decline in revenue for 2024, primarily due to project delays and reduced customer demand, particularly in the military sector, with a revenue drop of 57.94% compared to 2023 and 70.90% compared to 2022 [2][8]. Revenue Performance - The company achieved a revenue of 139 million yuan in 2024, down from 331 million yuan in 2023 and 475 million yuan in 2022 [2]. - The revenue for 2024 was 135 million yuan after excluding non-core business income [2]. - Quarterly revenue distribution showed significant fluctuations, with the fourth quarter accounting for 37.57% of total revenue, up from 17.22% in the previous year [2]. Project Delays and Customer Impact - Major project delays were attributed to factors such as testing suspensions, contract execution pauses, and new orders not being placed as expected, affecting approximately 245.82 million yuan in revenue [8][9]. - Specific customers impacted include various subsidiaries of China Aerospace Science and Technology Corporation, with several projects expected to resume in 2025 [4][5]. Order and Market Analysis - The company has a substantial backlog of orders, with a total of 540.88 million yuan in hand orders expected to generate revenue in 2025 [6][7]. - The military and civilian sectors remain the primary revenue sources, with a focus on satellite navigation and communication products [8][9]. - The company anticipates a recovery in revenue as industry conditions improve and projects that were delayed begin to execute [9]. Seasonal Revenue Distribution - The company’s revenue is typically concentrated in the fourth quarter, aligning with military procurement cycles, where significant project deliveries and settlements occur [10]. - The seasonal distribution of revenue in 2023 and 2024 was affected by external factors, leading to a lower proportion of revenue in the fourth quarter compared to previous years [10].

| 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2025-050 | | --- | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | | 成都盟升电子技术股份有限公司 关于 2024 年年度报告更正的提示性公告 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。 成都盟升电子技术股份有限公司（以下简称"公司"）于2025年4月25日在上 海证券交易所（www.sse.com.cn）披露了《2024年年度报告》，经事后核查，因 工作人员计算错误，导致《2024年年度报告》中部分内容有误，现予以更正。 本次更正不涉及公司主营业务调整，不影响2024年度资产负债表、利润表、 现金流量表，不会对公司2024年度业绩产生重大影响。具体更正情况如下： 一、更正情况 《2024年年度报告》中"第三节、管理层讨论与分析"之"五、报告期内主 要经营情况"之"(一)主营业务分析"之"2、收入和成本分析"之"(1)主营业 务分行业、分产品、分地区、分销售模式情况" 更正前： | | 主营业务分行业情 ...

立信会计师事务所（特殊普通合伙） 《关于成都盟升电子技术股份有限公司 2024 年年度报告的信息披露 监管问询函》的回复 信会师报字[2025]第 ZA90738 号 上海证券交易所： 一、关于营业收入。 年报显示，2024年度，公司实现营业收入1.39亿元，较2023年大幅减少57.94%、 较2022年减少70.90%。年报称，主要系部分项目验收延迟、项目采购计划延期、 新订单下发放缓等所致。扣除与主营业务无关的业务收入和不具备商业实质的收 入后，收入为1.35亿元。从季度分布来看，2024年各季度分别确认收入1,426.46万 元、6,571.05万元、703.06万元、5,235.71万元，季度间波动较大；第四季度收入占 比由17.22%上升至37.57%，季节性分布变化较大。 请你公司：（1）按试验鉴定搁置、合同执行暂停、已下订单未按计划节点交付 验收、新订单未按预期下达等影响程度，补充说明主要延期项目涉及的客户名称、 是否为关联方、产品类型、交易金额、已履约进度、后续进展安排等；（2）补充列 示2023年和2024年重要新增订单具体情况，包括但不限于客户名称、产品类型、订 单金额、已开展进度等，并 ...

华泰联合证券有限责任公司 关于成都盟升电子技术股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 根据贵所于 2025 年 5 月 23 日出具的《关于成都盟升电子技术股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0151 号）（以 下简称"年报问询函"）的要求。华泰联合证券有限责任公司（以下简称"持续督 导机构"）会同公司及相关中介机构就年报问询函提及的事项逐项进行了认真讨论、 核查与落实，现就有关事项出具明确核查意见如下： 一、关于营业收入。 年报显示，2024 年度，公司实现营业收入 1.39 亿元，较 2023 年大幅减少 57.94%、较 2022 年减少 70.90%。年报称，主要系部分项目验收延迟、项目采购计 划延期、新订单下发放缓等所致。扣除与主营业务无关的业务收入和不具备商业实 质的收入后，收入为 1.35 亿元。从季度分布来看，2024 年各季度分别确认收入 1,426.46 万元、6,571.05 万元、703.06 万元、5,235.71 万元，季度间波动较大； 第四季度收入占比由 17.22%上升至 37.57% ...