关于召开 2025 年半年度业绩说明会的公告 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： 证券代码：688375 证券简称：国博电子 公告编号：2025-035 南京国博电子股份有限公司 会议召开时间：2025 年 9 月 22 日（星期一）15:00-16:00； 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）； 会议召开方式：上证路演中心网络互动； 投资者可于 2025 年 9 月 15 日（星期一）至 9 月 19 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 support@gbdz.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 南京国博电子股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告及其摘要。为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状 ...

Market Overview - On September 5, the military electronics sector rose by 1.83% compared to the previous trading day, with Guobo Electronics leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Key stocks in the military electronics sector showed significant gains, with Guobo Electronics (688375) closing at 71.00, up 6.65% on a trading volume of 32,300 shares and a turnover of 221 million yuan [1] - Other notable performers included Aopu Optoelectronics (002338) at 50.03, up 5.30%, and Kesi Technology (688788) at 59.78, up 5.19% [1] Capital Flow - The military electronics sector experienced a net outflow of 198 million yuan from institutional investors, while retail investors saw a net inflow of 202 million yuan [2][3] - The capital flow data indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - For instance, Jingjia Micro (300474) had a net inflow of 124 million yuan from institutional investors, despite a net outflow from retail investors of 79.14 million yuan [3] - Aopu Optoelectronics (002338) saw a net inflow of 39.27 million yuan from institutional investors, while retail investors withdrew 11.67 million yuan [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, particularly in military and consumer electronics sectors, leading to a maintained "buy" rating [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.07 billion yuan, down 17.82% year-on-year, and a net profit of 201 million yuan, down 17.66% year-on-year [1]. - Q2 2025 revenue was 720 million yuan, up 18.23% year-on-year and up 105.84% quarter-on-quarter, with net profit of 144 million yuan, up 16.20% year-on-year and up 150.01% quarter-on-quarter [1]. Business Segments - The T/R component and RF module business generated revenue of 944 million yuan in H1 2025, down 19.27% year-on-year, while the RF chip business saw revenue of 91 million yuan, up 3.72% year-on-year [2]. - The company is actively expanding T/R component applications in low Earth orbit satellites and commercial aerospace, with several products already delivered to customers [2]. Profitability and Cost Management - The overall gross margin for H1 2025 was 39.11%, an increase of 3.97 percentage points year-on-year, attributed to a higher proportion of self-developed chips and effective cost control [3]. - The company’s R&D expenditure reached 130 million yuan, focusing on new products in T/R components and mobile communication RF chips [3]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 529 million yuan, 670 million yuan, and 821 million yuan, respectively, with a target price of 69.24 yuan per share based on a 78x PE ratio for 2025 [4].

Investment Rating - The report assigns an "Accumulate" rating for the military industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][11]. Core Insights - The 80th anniversary of the victory in the Anti-Japanese War was marked by a grand ceremony in Beijing, showcasing various new military equipment, reflecting China's military technology innovation and strategic deterrence capabilities, highlighting the high prosperity of the military industry [2][4]. - The military parade featured a comprehensive display of the military's restructured force composition, including both traditional and new combat capabilities, emphasizing the integration of advanced technologies such as unmanned systems and hypersonic weapons [4]. - The military industry is expected to maintain high prosperity due to increasing defense spending driven by regional tensions and the need for modernization, particularly in the context of the 100th anniversary of the military's establishment by 2027 [4]. Summary by Sections Event Overview - The military parade included foot formations, equipment displays, and aerial formations, showcasing the systematic achievements of domestic military equipment across land, sea, air, and space [4]. - New models such as the Type 191 long-range box rocket launcher and various advanced missiles were prominently featured, demonstrating the military's capabilities and innovation [4]. Industry Outlook - The demand for military equipment is highly certain, with accelerated reforms expected to sustain high prosperity in the industry [4]. - The report anticipates a long-term positive trend in military equipment construction, with a focus on eliminating outdated equipment and enhancing high-tech capabilities [4]. Recommended Stocks - The report recommends stocks such as AVIC Shenyang Aircraft Company, AVIC Xi'an Aircraft Industry Group, and others, all rated as "Accumulate" [5].

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to consolidate its dual main business advantages in active phased array T/R components and RF integrated circuits, with no significant adverse changes in core competitiveness. Key technological breakthroughs have been achieved in W-band system-level packaging antennas and low-profile broadband millimeter-wave digital arrays, with multiple products delivered in small batches for low-orbit satellites and commercial aerospace [3][9] - The company has completed the industrialization project for RF chips and components, with surplus raised funds of 238 million yuan permanently replenishing cash flow. The second phase of the industrialization project is progressing as planned, with a budget of 698 million yuan and 266 million yuan already invested, expected to be put into production by the end of 2025, further solidifying the company's leading position in high-frequency and high-density components [3] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.07 billion yuan, a year-on-year decrease of 17.82%, and a net profit attributable to the parent company of 201 million yuan, a year-on-year decrease of 17.66%. The decline in revenue and profit was mainly due to a decrease in orders for the two main products: T/R components and RF modules [1][9] - The sales gross margin remained stable, but the expense ratio increased. As of the end of the first half of 2025, cash and cash equivalents were 1.867 billion yuan, a decrease of 20.74% from the beginning of the year. Accounts receivable increased by 22.87% to 3.228 billion yuan, related to the elongation of military product payment cycles. Inventory increased by 29.82% to 333 million yuan as the company proactively stocked up to meet the delivery peak in the second half of the year [9] - The comprehensive gross margin for the first half of 2025 was 39.05%, an increase of 3.80 percentage points year-on-year, benefiting from a higher proportion of high-margin military products and a decline in raw material prices. The R&D expense ratio was 12.17%, a decrease of 1.64 percentage points due to reduced input as some R&D projects entered the acceptance stage [9] Earnings Forecast and Valuation - The company's performance aligns with market expectations. Considering the uncertainty of orders, the previous profit forecasts have been slightly adjusted downwards. The expected net profits attributable to the parent company for 2025 and 2026 are 533 million yuan and 597 million yuan, respectively, with a new forecast for 2027 at 811 million yuan, corresponding to P/E ratios of 72, 65, and 48 times [10]

Core Viewpoint - The company has shown signs of recovery in revenue and net profit in Q2 2025, with a focus on improving management and operational efficiency [2][4]. Financial Performance - In Q2 2025, the company achieved revenue of 720 million yuan, a year-on-year increase of 18.23%, and a net profit attributable to shareholders of 144 million yuan, up 16.20% year-on-year [2]. - For the first half of 2025, the company's T/R components and RF module business generated revenue of 944 million yuan, a decrease of 19.27% year-on-year, while the RF chip business saw revenue of 91 million yuan, an increase of 3.72% year-on-year [2]. - The company's total liabilities decreased by 19.25% year-on-year to 1.472 billion yuan, while cash and cash equivalents fell by 32.99% to 1.867 billion yuan [1]. Product Development and Market Position - The company is a leading domestic provider of active phased array T/R components, with increasing demand in radar communication technology [3]. - The company is expanding its application fields for T/R components into low Earth orbit satellites and commercial aerospace, with multiple products already delivered to customers [3]. - In the RF integrated circuit sector, the company has achieved large-scale supply of RF integrated circuits and modules for domestic 4G and 5G mobile communication, with potential growth in 5G-A and 6G technologies [3]. Investment Outlook - The company is projected to have EPS of 0.96, 1.22, and 1.56 for 2025-2027, with corresponding PE ratios of 67.5, 53.1, and 41.4 based on the closing price of 64.72 yuan on August 28 [4].

Group 1 - The core viewpoint of the news is that Guobang Electronics has shown significant trading activity and financial performance, with a notable increase in stock price and trading volume on August 28 [1] - On August 28, Guobang Electronics' stock price increased by 4.86%, with a trading volume of 339 million yuan, and a net financing purchase of 5.54 million yuan [1] - As of August 28, the total margin balance for Guobang Electronics was 193 million yuan, indicating a high level of financing activity compared to the past year [1] Group 2 - As of June 30, Guobang Electronics had 7,485 shareholders, an increase of 7.39% from the previous period, while the average circulating shares per person decreased by 6.88% [2] - For the first half of 2025, Guobang Electronics reported a revenue of 1.07 billion yuan, a year-on-year decrease of 17.82%, and a net profit attributable to shareholders of 201 million yuan, down 17.66% year-on-year [2] - Since its A-share listing, Guobang Electronics has distributed a total of 992 million yuan in dividends [3] Group 3 - As of June 30, 2025, among the top ten circulating shareholders of Guobang Electronics, Huaxia Military Industry Safety Mixed A ranked fifth with 8.86 million shares, an increase of 3.94 million shares from the previous period [3] - Changcheng Jiujia Innovation Growth Mixed A ranked sixth with 5 million shares, an increase of 2.5 million shares from the previous period [3] - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF ranked seventh with 4.32 million shares, a decrease of 23,000 shares from the previous period [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a revenue of 1.07 billion yuan in 1H25, a year-over-year decrease of 17.8%, while the net profit attributable to the parent company was 200 million yuan, also down 17.7% year-over-year. The performance met expectations [1]. - In 2Q25, the company achieved a revenue of 720 million yuan, reflecting a year-over-year growth of 18.2%, and a net profit of 140 million yuan, up 16.2% year-over-year. The gross margin for 1H25 improved by 4.0 percentage points to 39.1% [1][2]. - The company is actively expanding its T/R component applications in low-orbit satellites and commercial aerospace, with multiple products already delivered to customers [2][3]. Summary by Sections Financial Performance - 1H25 revenue was 1.07 billion yuan, down 17.8% year-over-year; net profit was 200 million yuan, down 17.7% year-over-year; the performance was in line with expectations [1]. - 2Q25 revenue was 720 million yuan, up 18.2% year-over-year; net profit was 140 million yuan, up 16.2% year-over-year; gross margin improved to 39.1% [1][2]. Product Segmentation - T/R components and RF modules generated 760 million yuan in revenue, down 25.8% year-over-year, accounting for 71% of total revenue, with a gross margin increase of 7.6 percentage points to 44.1% [2]. - The company is developing new RF switch and antenna tuning products for mobile communication terminals, with several new RF switches in mass production [2]. Cost and Inventory Management - The period expense ratio increased by 0.2 percentage points to 18.3% in 1H25, with sales and management expenses rising [3]. - As of the end of 2Q25, accounts receivable and notes totaled 3.27 billion yuan, down 2.3% from the beginning of the year, while inventory increased by 29.8% to 330 million yuan [3]. Investment Outlook - The company is a leading provider of active phased array T/R components and RF integrated circuit products in China. The forecasted net profits for 2025, 2026, and 2027 are 504 million yuan, 679 million yuan, and 883 million yuan, respectively [3][5].

Core Viewpoint - The company, Nanjing Guobo Electronics Co., Ltd., has announced the cancellation of its supervisory board and the revision of its articles of association and certain governance systems, aiming to enhance operational standards and comply with legal regulations [8][10]. Group 1: Company Overview - The company is identified by the stock code 688375 and is referred to as Guobo Electronics [6]. - The company has not conducted profit distribution or capital reserve transfer during the reporting period [5]. Group 2: Governance Changes - The company held a board meeting on August 28, 2025, where it approved the proposal to cancel the supervisory board and revise the articles of association [8]. - The supervisory board's functions will be transferred to the audit committee of the board, and relevant rules will be abolished [8][10]. - The revised articles of association will be disclosed on the Shanghai Stock Exchange website [10]. Group 3: Internal Governance Revisions - The company is revising several internal governance systems to promote compliance and protect shareholder rights [10]. - The original "Shareholders' Meeting Rules" will be renamed to "Meeting Rules," and the "Compensation Management System for Directors, Supervisors, and Senior Management" will be renamed to "Compensation Management System for Directors and Senior Management" [10].