Group 1 - Zhongying Electronics' controlling shareholder is planning a change in control, leading to a stock suspension starting June 9, 2025, for up to 2 trading days [3] - Lianhua Technology clarified that it does not directly produce chlorantraniliprole, and the related matters have limited impact on the company's overall performance [4] - Longshen Rongfa's subsidiary received CNAS laboratory accreditation, which is expected to positively influence future operations, though it will not significantly impact current performance [5] Group 2 - Yisheng Co. reported May sales of breeding pigs at 10,849 heads, a year-on-year increase of 207.08%, with significant sales increases attributed to delayed orders from April [7] - Shentong Technology's shareholder plans to reduce its stake by up to 3%, amounting to no more than 12.88 million shares [9] - Ruoyuchen's major shareholder intends to reduce its stake by up to 3%, not exceeding 476.81 million shares [10] Group 3 - Oujing Technology's major shareholder plans to reduce its stake by up to 3%, not exceeding 577.22 million shares [12] - Jindan Technology's shareholder plans to reduce its stake by up to 2.93%, amounting to no more than 563.5 million shares [13] - Huashu Gaoke's shareholder intends to reduce its stake by up to 2.2%, not exceeding 911.17 million shares [14] Group 4 - Zhongke Soft's major shareholder plans to reduce its stake by up to 2%, not exceeding 16.62 million shares [15] - Hengrun Co.'s shareholders plan to collectively reduce their stake by up to 1.89%, with specific reductions from various shareholders [16] - Del Shares' shareholder plans to reduce its stake by up to 1.987%, not exceeding 3 million shares [17] Group 5 - Jianke Institute's shareholder plans to reduce its stake by up to 1%, not exceeding 146.66 million shares [18] - Mindong Electric's shareholder plans to reduce its stake by up to 1%, not exceeding 457.95 million shares [19] - Puli Software's chairman and executives plan to collectively reduce their stake by up to 0.69% [20]

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

证券代码：688433 证券简称：华曙高科 公告编号：2025-024 湖南华曙高科技股份有限公司 关于2024年年度报告的信息披露监管问询函 的回复公告 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。 湖南华曙高科技股份有限公司（以下简称"公司"）于2025年4月22日收到上 海证券交易所出具的《关于湖南华曙高科技股份有限公司2024年年度报告的信息 披露监管问询函》（上证科创公函【2025】0057号）（以下简称"问询函"）， 公司会同保荐机构西部证券股份有限公司（以下简称"西部证券"或"保荐人"）、 年审会计师事务所天健会计师事务所（特殊普通合伙）（以下简称"天健"或"年 审会计师"）就《问询函》关注的相关问题逐项进行认真核查落实，现就有关问 题回复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《湖南华曙高科技股份 有限公司2024年年度报告》（以下简称"2024年年报"）一致。 基于商业秘密和商业敏感信息，根据相关法律法规、规范性文件及 ...

| | | | 关于主要客户变动…………………………………………… 一、 | 第 | 1—16 | 页 | | --- | --- | --- | --- | | 二、关于经销模式……………………………………………… | 第 | 16—31 | 页 | | 三、关于第四季度收入确认…………………………………… | 第 | 31—36 | 页 | | 四、关于存货…………………………………………………… | 第 | 36—42 | 页 | | 五、关于应收款项……………………………………………… | 第 | 42—54 | 页 | | 六、关于长期股权投资………………………………………… | 第 | 54—57 | 页 | 问询函专项说明 天健函〔2025〕2-88 号 上海证券交易所： 1. 2024 年前五大客户销售情况 序号 客户名 称 所处行业 销售内 容 交易背景 交易金额 占比 关联 关系 2024 年末应 收账款余额 期后回款 金额 1 客户 A 经销代理 3D 打 印设备 该客户成立于 2015 年 1 月，主要从事 3D 打印基础材料销售、 进出口贸易，为公司 2023 年开发的境外区域市场经 ...

西部证券股份有限公司 关于湖南华曙高科技股份有限公司 2024 年年度报告的信息披露监管问询函的核查意见 上海证券交易所： 湖南华曙高科技股份有限公司（以下简称"华曙高科"、"公司"）于 2025 年 4 月 22 日收到贵所下发的《关于湖南华曙高科技股份有限公司 2024 年年度 报告的信息披露监管问询函》（上证科创公函【2025】0057 号，以下简称"问 询函"）。西部证券股份有限公司（以下简称"持续督导机构"、"西部证券"）作 为华曙高科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》《上海证券交易 所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律法规的规定 和问询函的要求，对问询函中相关问题进行了审慎核查和落实，现回复说明如 下： 问题一、关于主要客户变动。年报显示，2024 年实现营业收入 4.92 亿 元，同比下滑 18.82%，与 2023 年相比，收入增速由正转负。其中，境外业务 收入 1.47 亿元，同比增长 1.82%，境内业务收入同比下滑 25.25%。请公司： （1）补充说明 2023 年及 2024 ...

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is expediting a comprehensive policy package to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to enhance the scale and proportion of medium to long-term capital entering the market [1] - The People's Bank of China and four other departments are implementing policies to support technological innovation, encouraging financial institutions to expand first-time financing and equipment renewal loans for tech companies [1] - Guoyuan Securities believes that under high global technological barriers, companies on the Sci-Tech Innovation Board are pursuing independent innovation across various sectors, including chip design, biomedicine, high-end equipment, and new energy, positioning themselves as pioneers in the international value chain [1] Group 2 - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 25.04% of the index, with companies like Hengxuan Technology and BeiGene among the leaders [2] - The Sci-Tech 100 ETF fund has shown a positive performance, with notable increases in the stock prices of several constituent companies, indicating a favorable market sentiment [1]

Core Viewpoint - The 3D printing industry in China is experiencing significant growth in 2024, with total import and export value reaching 9.824 billion yuan, a year-on-year increase of 30.31% [3]. Company Performance Summary Platinum Technology (铂力特) - Revenue for 2024 is 1.326 billion yuan, with a net profit of 104 million yuan - Revenue increased by 15.02% year-on-year, while net profit decreased by 5.26% [3] Huazhu High-Tech (华曙高科) - Revenue for 2024 is 492 million yuan, with a net profit of 67.21 million yuan - Revenue decreased by 18.82% year-on-year, and net profit decreased by 48.76% [4] Sikan Technology (思看科技) - Revenue for 2024 is 333 million yuan, with a net profit of 121 million yuan - Revenue increased by 22.41% year-on-year, and net profit increased by 5.49% [5] Xianlin 3D (先临三维) - Revenue for 2024 is 1.202 billion yuan, with a net profit of 226 million yuan - Revenue increased by 18.07% year-on-year, and net profit increased by 59.08% [7] Guanghua Weiye (光华伟业) - Revenue for 2024 is 544 million yuan, with a net profit of 26.89 million yuan - Revenue increased by 29.85% year-on-year, while net profit decreased by 39.01% [8] Fenghua Zhuoli (峰华卓立) - Revenue for 2024 is 184 million yuan, with a net loss of 20.89 million yuan - Revenue decreased by 9.34% year-on-year, transitioning from profit to loss [9] Jiayi High-Tech (嘉一高科) - Revenue for 2024 is 71.09 million yuan, with a net loss of 1.685 million yuan - Revenue decreased by 14.60% year-on-year, transitioning from profit to loss [10] Aurora Innovation (极光创新) - Revenue for 2024 is 22.97 million yuan, with a net loss of 2.33 million yuan - Revenue increased by 34.08% year-on-year, with a significant reduction in loss by 58.39% [12] Industry Overview - The 3D printing industry in 2024 shows strong growth, with some companies achieving significant revenue and profit increases through technological innovation and market expansion. However, challenges such as market competition and rising costs have led to losses for other companies [3].

证券代码：688433 证券简称：华曙高科 公告编号：2025-023 湖南华曙高科技股份有限公司 关于召开2024年度暨2025年第一季度 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： ? 会议召开时间：2025年5月22日（星期四）上午10:00-11:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://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5月15日(星期四)至5月21日(星期三)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fsir@farsoon.com进行 提问。公司将以适当方式对投资者普遍关注的问题进行回答。 湖南华曙高科技股份有限公司（以下简称"公司"）于2025年3月20日发布公 司2024年年度报告、2025年4月29日发布公司2025年第一季度报告，为便于广大投 资者更全面深入地了解公司2024年度和2025年第一季度经营成果、财务状况，公 司计 ...

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：688433 证券简称：华曙高科 公告编号：2025-023 湖南华曙高科技股份有限公司 关于召开2024年度暨2025年第一季度 业绩说明会的公告 会议召开时间：2025年5月22日（星期四）上午10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://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5月15日(星期四)至5月21日(星期三)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fsir@farsoon.com进行 提问。公司将以适当方式对投资者普遍关注的问题进行回答。 湖南华曙高科技股份有限公司（以下简称"公司"）于2025年3月20日发布公 司2024年年度报告、2025年4月29日发布公司2025年第一季度报告，为便于广大投 资者更全面深入地了解公司2024年度和2025年第一季 ...

Group 1: 3D Printing Technology Development - The development of smart manufacturing technology has made 3D printing an important force in cultivating new productive forces in China [1] - 3D printing technology is transitioning from an optional choice to a necessary option in high-end manufacturing fields such as aerospace [7] - The global 3D printing market is expected to reach $88.3 billion by 2030, while the Chinese 3D printing equipment market is projected to exceed 120 billion yuan by 2029, with a compound annual growth rate of approximately 19.5% from 2024 to 2029 [7] Group 2: Company Activities in 3D Printing - Companies like Protolabs predict significant growth in the 3D printing market, indicating a robust future for the industry [7] - A-share market has over 30 stocks related to 3D printing, with companies like Jinggong Technology focusing on robot-related 3D printing equipment [7] - Aitide has developed 3D printing zirconia ceramic technology and has received FDA and NMPA registration for its high solid content printing materials [7] Group 3: Market Performance and Trends - The average increase of 3D printing concept stocks is 17.18% year-to-date, with four stocks seeing cumulative gains over 50% [10] - Sixteen 3D printing concept stocks have seen a daily average trading volume increase of over 10% since May, with five stocks doubling their trading volume [11] - As of May 12, eight stocks have a rolling price-to-earnings ratio below 40, indicating potential investment opportunities [11]