Group 1 - Chengdu M&S Electronics Technology Co., Ltd. issued 3 million convertible bonds with a total fundraising amount of RMB 300 million, which was fully received by September 18, 2023 [1][16] - The bonds have a maturity period of six years, with a face value of RMB 100 per bond and a tiered interest rate starting from 0.20% in the first year to 2.50% in the sixth year [1][16] - The initial conversion price for the bonds is set at RMB 42.72 per share, with provisions for adjustments based on various corporate actions [7][9] Group 2 - The company specializes in satellite application technology, focusing on the research, development, and manufacturing of satellite navigation and communication terminal equipment [16][17] - The company reported a significant decline in revenue, achieving RMB 139.36 million in operating income, a decrease of 57.94% year-on-year, and a net loss attributable to shareholders of RMB -271.65 million, an increase in loss of 382.41% [17] - The company maintains a dual focus on military and civilian applications, providing products and technical services across various sectors including national defense and aviation [17]

证券代码：688311 证券简称：盟升电子 债券代码：118045 债券简称：盟升转债 成都盟升电子技术股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《成都盟 升电子技术股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受 托管理人）关于成都盟升电子技术股份有限公司向不特定对象发行可转换公司债 券之债券受托管理协议》（以下简称"受托管理协议"）、《成都盟升电子技术股份 有限公司向不特定对象发行可转换公司债券并在科创板上市募集说明书》（以下 简称"募集说明书"）、《成都盟升电子技术股份有限公司 2024 年年度报告》等相 关公开信息披露文件、第三方中介机构出具的专业意见等，由本期可转换公司债 券受托管理人华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制。 华泰联合证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验 证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担 任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐 ...

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。 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 公司前次主体信用评级结果为 A+， "盟升转债"前次评级结果为 A+，评级展 望为稳定，评级机构为东方金诚国际信用评估有限公司，评级时间为 2024 年 6 月 25 日。 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 重要内容提示： ? 调整前"盟升转债"评级：A+； ...

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 ...

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].

证券代码：688311 证券简称：盟升电子 公告编号：2025-049 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 年年度报告的信息披露监管问询函回复的 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。 成都盟升电子技术股份有限公司（以下简称"公司"）于2025年5月23日收到上 海证券交易所科创板公司管理部下发的《关于成都盟升电子技术股份有限公司 简称"问询函"）。根据问询函的要求，公司会同持续督导机构华泰联合证券有限责 任公司（以下简称"持续督导机构"）、年审会计师立信会计师事务所（特殊普通合 伙）（以下简称"年审会计师"）以及评估机构中联资产评估集团（浙江）有限公司 （以下简称"评估机构"）对问询函所提及的事项进行了逐项落实，现将问询函所涉 及问题回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均因四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《成都盟升电子技术股份有限公司2024年年度报告》一致。 基于国家秘密和 ...

| 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 ...