Group 1 - The core viewpoint of the news indicates that Guobang Electronics (688375) experienced a decline in stock price, closing at 58.95 yuan, down 1.26% as of July 14, 2025 [1] - The company reported a total operating revenue of 350 million yuan for Q1 2025, representing a year-on-year decrease of 49.51% [1] - The net profit attributable to shareholders was 57.53 million yuan, down 52.37% year-on-year, while the non-recurring net profit was 57.46 million yuan, also down 51.47% year-on-year [1] Group 2 - Guobang Electronics has a current liquidity ratio of 4.410 and a quick ratio of 4.136, indicating strong short-term financial health [1] - The company's debt-to-asset ratio stands at 17.88%, suggesting a low level of financial leverage [1] - The company has made investments in 2 external enterprises and participated in 425 bidding projects, showcasing its active engagement in business development [2]

Core Viewpoint - Nanjing Guobo Electronics Co., Ltd. is set to list 330,542,554 shares of its restricted stock for public trading on July 22, 2025, following the completion of its initial public offering (IPO) and a 36-month lock-up period [1][2][7]. Summary by Sections Listing Details - The total number of shares to be listed is 330,542,554, which represents 55.45% of the company's total share capital [2][7]. - The shares being released are part of the company's initial public offering, which was approved by the China Securities Regulatory Commission on April 29, 2022 [1][2]. Share Capital Changes - The company executed a capital increase in 2023, distributing 0.49 shares for every share held, which contributed to the total number of shares available for listing [2][6]. Shareholder Commitments - The controlling shareholder, China Electronics Corporation Southern Group Co., Ltd., has committed not to transfer or manage the shares for 36 months post-listing, barring legal requirements [3][5]. - Similar commitments have been made by other major shareholders, ensuring no transfer or management of shares during the lock-up period [5][6]. Compliance and Verification - The underwriting institution, China Merchants Securities Co., Ltd., has verified that the company has complied with relevant laws and regulations regarding the listing of restricted shares [7].

证券代码：688375 证券简称：国博电子 公告编号：2025-023 南京国博电子股份有限公司 首次公开发行部分限售股上市流通公告 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： 二、本次上市流通的限售股形成后至今公司股本数量变化情况 公司实施了 2023 年年度权益分派实施方案，以股权登记日 2024 年 7 月 1 日 的 400,010,000 股为基数，以资本公积金向全体股东每股转增 0.49 股，共计转增 196,004,900 股，本次分配后总股本为 596,014,900 股。具体内容详见公司于 2024 年 7 月 2 日披露于上海证券交易所（www.sse.com.cn）的《南京国博电子股份有 限公司 2023 年年度权益分派实施结果暨股份上市公告》（公告编号：2024-030）。 除上述情况外，截至本公告披露日，公司未发生其他导致股本数量变化的情 况。 三、本次上市流通的限售股的有关承诺 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 330,542,554股。 本次股 ...

招商证券股份有限公司 关于南京国博电子股份有限公司 首次公开发行部分限售股上市流通的核查意见 招商证券股份有限公司（以下简称"保荐机构"）作为南京国博电子股份有限公 司（以下简称"国博电子"或"公司"）首次公开发行股份并在科创板上市的保荐机 构，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》 等有关规定，对国博电子首次公开发行部分限售股上市流通事项进行了核查，发表 核查意见如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 4 月 29 日出具的《关于同意南京国博 电子股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕911 号），同意 公司首次公开发行股票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股）股票 40,010,000 股，并于 2022 年 7 月 22 日在上海证券交易所科创板上市，发 行完成后总股本为 400,010,000 股，其中有限售条件流通股 369,581,882 股，无限售 条件流通股 30,428,118 股。 本次上市流通的限售股为公司首次公开发行的部分限售股，限售期限为自公司 股票上市之日起 3 ...

Investment Rating - The report rates the military industry as "Buy" [1] Core Viewpoints - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [3][9][10] - A grand military parade is scheduled for September 3, 2025, showcasing domestic military equipment and advancements [8][20] - Japan is set to deploy F-35B stealth fighters as early as August, indicating a shift in regional military dynamics [8][10] Summary by Sections Investment Highlights - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft Corporation, Aerospace South Lake, AVIC Xi'an Aircraft Industry [4] 2. Components: AVIC Optoelectronics, Guobang Electronics, Ruichuang Micro-Nano [4] 3. Subsystems: AVIC Avionics, North Navigation [4] 4. Materials and Processing: Feilihua, Guangwei Composite, Huaqin Technology, Bolite, Western Materials, Aviation Materials [4] - Notable stocks include: - Assembly: Aerospace Rainbow, AVIC Chengfei [4] - Components: Unisoc, Aerospace Electric, Hongyuan Electronics, Zhenhua Technology, Torch Electronics [4] - Subsystems: Aero Engine Corporation, Jianghang Equipment [4] - Materials and Processing: AVIC Heavy Machinery, AVIC High-Tech, Western Superconducting, Aerospace Technology [4] Market Review - The military sector saw a 7.46% increase last week, outperforming the market by 5.54 percentage points [12][13] - The Shanghai Composite Index rose by 1.91%, while the ChiNext Index increased by 5.69% [12][13] - The China Securities National Security Index performed the best, rising by 8.31% [16] Major News in the Military Industry - The Shanghai Cooperation Organization defense ministers' meeting was held in Qingdao, emphasizing regional security cooperation [20] - The upcoming military parade will feature all domestically produced active combat equipment, highlighting advancements in military capabilities [21][23] - The focus of the parade will be on commemorating the victory in the Anti-Japanese War and showcasing the modernization of the military [24][25]

Summary of Key Points Core Viewpoint - In July 2025, a total of 194 companies in the A-share market will face the unlocking of restricted shares, with a total unlocking volume of approximately 10.768 billion shares and an unlocking scale of 266.416 billion yuan, reflecting a month-on-month increase of about 6.59% and a year-on-year decrease of about 14.74% [1][2]. Company-Specific Summaries - Huada Jiutian has the largest unlocking scale, with an unlocking market value exceeding 30 billion yuan, specifically around 33.879 billion yuan, accounting for 51.69% of its total share capital [5][9]. - Daqo New Energy ranks second in unlocking scale, with 1.593 billion shares set to be unlocked, translating to an unlocking market value of approximately 31.739 billion yuan, which represents 74.24% of its total share capital [8][9]. - Guobang Electronics ranks third, with 331 million shares unlocking, amounting to an unlocking market value of about 19.472 billion yuan, which is 55.46% of its total share capital [9]. Industry-Specific Summaries - The electronic, electric equipment, and computer industries have the highest unlocking market values, with Huada Jiutian and Daqo New Energy leading the respective sectors [10]. - In the electronic sector, companies like Ugreen Technology, Tianyue Advanced, and Demingli have significant unlocking market values [10]. - The electric equipment sector is primarily driven by Daqo New Energy's large unlocking scale [10]. Anniversary Unlocking - Five companies will have anniversary unlockings in July, totaling approximately 240 million shares and an unlocking market value of about 11.361 billion yuan, with Ugreen Technology leading at around 9.519 billion yuan [14][15].

Core Views - The adjustment of core technical personnel at Nanjing Guobo Electronics Co., Ltd. is aimed at enhancing the company's research and development capabilities and aligning with future technological directions [1][3]. Group 1: Core Technical Personnel Adjustment - The company has recognized Mr. Yu Yuanwei as a new core technical personnel, who has extensive experience in the field and holds a doctoral degree [1][2]. - Mr. Shen Ya is no longer recognized as core technical personnel but will continue to work at the company, having held various significant positions [2][3]. - The company has established confidentiality agreements with both Mr. Yu and Mr. Shen to protect its technical and commercial secrets [2]. Group 2: Impact on the Company - The adjustment of core technical personnel is not expected to adversely affect the company's operational capabilities, research strength, or core competitiveness [3][4]. - The company has maintained a steady growth in the number of R&D personnel over the past three years, with numbers increasing from 292 in 2022 to 413 in 2024, representing a rise from 16.61% to 23.43% of the total workforce [3][4]. Group 3: Measures Taken by the Company - The company has completed the adjustment of core technical personnel and is progressing with its R&D projects in an orderly manner [4]. - The existing R&D team possesses rich experience in the integrated circuit industry, ensuring stability and capability in technological innovation [4]. Group 4: Sponsor Institution's Review - The sponsor institution believes that the current R&D team and core technical personnel can support the ongoing development of core technologies, and the personnel adjustments will not have a significant negative impact on the company's business development or product innovation [4].

招商证券股份有限公司 关于南京国博电子股份有限公司 核心技术人员调整的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为南京 国博电子股份有限公司（以下简称"国博电子"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，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》等有关规定，对国博电子核心技术人员调整的事 项进行了审慎核查，核查意见如下： 一、核心技术人员调整的具体情况 （一）新增核心技术人员认定情况 公司综合考虑未来技术研发方向以及研发项目的管理和执行等实际情况，结 合研发人员的工作履历、核心技术研发等情况，新增认定郁元卫先生为公司核心 技术人员。 郁元卫先生，1970 年 12 月出生，中国国籍，无境外永久居留权，研究员级 高级工程师，博士学历。1992 年 8 月至 2002 年 4 月，历任南京第五十五所技术 开发总公司助理工程师、工程师；2002 年 4 月至 2025 年 3 月，历任中国电子科 技集团公司第五十五研究所二中心工程师，微纳米研究开发中心高级工程师、研 究员级高级工程师，微纳米部门副主任设计师、副主任、副主任（主持工作）。 20 ...

证券代码：688375 证券简称：国博电子 公告编号：2025-022 南京国博电子股份有限公司 关于调整核心技术人员的公告 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： 南京国博电子股份有限公司（以下简称"公司"）经审慎研究，对公司 现有核心技术人员进行调整：拟新增认定郁元卫先生为公司核心技术人员，原核 心技术人员沈亚先生因工作调整，不再认定为公司核心技术人员，但仍继续在公 司任职。 本次核心技术人员调整不涉及专利权属纠纷或潜在纠纷，不会影响公司 专利权的完整，亦不会对公司持续经营能力、研发实力、核心竞争力产生重大不 利影响。 一、公司核心技术人员调整的具体情况 （一）新增核心技术人员认定情况 公司综合考虑未来技术研发方向以及研发项目的管理和执行等实际情况，结 合研发人员的工作履历、核心技术研发等情况，新增认定郁元卫先生为公司核心 技术人员。 郁元卫先生，1970 年 12 月出生，中国国籍，无境外永久居留权，研究员级 高级工程师，博士学历。1992 年 8 月至 2002 年 4 月，历任南京第五十五 ...

Group 1 - The A-share market experienced a collective decline on June 20, with the Guozheng Aerospace Index falling by 1.58% [1] - The Tianhong Aerospace ETF (159241) closed down by 1.45%, with a trading volume exceeding 35 million yuan and a turnover rate over 22%, ranking first among similar products [1] - Among the constituent stocks, Changcheng Military Industry hit the daily limit, while Guobo Electronics, China Ship Emergency, China Marine Defense, and Aviation Material Co. saw significant gains [1] Group 2 - The Tianhong Aerospace ETF (159241) recorded a net inflow of over 10 million yuan yesterday, closely tracking the Guozheng Aerospace Index, which has over 96% weight in the defense and military industry [2] - The index focuses on key areas of the aerospace equipment industry chain, with 71% weight in core sectors such as aviation and aerospace equipment, emphasizing large aircraft manufacturing, low-altitude economy, and commercial aerospace [2] - Northeast Securities indicated that the disruptive factors in the military industry have largely dissipated, with downstream demand showing signs of recovery, and long-term goals for military modernization by 2035 and 2050 providing clear guidance for industry development [2] - Changjiang Securities noted that global military trade demand is expected to increase significantly, with China's equipment performance and high-quality supply likely to enhance its share in the global military trade market [2]