财信证券股份有限公司关于 湖南航天环宇通信科技股份有限公司首次公开发行战略配售限售 股上市流通的核查意见 财信证券股份有限公司（以下简称"财信证券"或"保荐机构"）作为湖南 航天环宇通信科技股份有限公司（以下简称"航天环宇"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，对航天环宇首次公开发行 部分战略配售限售股上市流通的事项进行了核查，核查情况如下： 一、本次上市流通的限售股类型 据中国证券监督管理委员会于2023年3月30日出具的《关于同意湖南航天环 宇通信科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕727 号），同意公司首次公开发行股票的注册申请，并经上海证券交易所同意，于2023 年6月2日在上海证券交易所科创板挂牌上市。公司首次向社会公众公开发行人民 币普通股（A股）股票40,880,000股，首次公开发行后总股本为406,880,000股，其 中有限售条件流通股373,041,776股，占公司总股本的91.6835%，无限售条件流通 股33,838,224股，占公司总股本的8.316 ...

Core Viewpoint - The report outlines the continuous supervision and compliance of Hunan Aerospace Huanyu Communication Technology Co., Ltd. during its initial public offering and listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, emphasizing the company's adherence to regulations and the absence of major violations during the supervision period [1][3][29]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing oversight [2]. - A continuous supervision agreement was signed between the sponsor and the company, detailing the rights and obligations of both parties during the supervision period [3]. - Throughout the supervision period, the company did not disclose any violations or breaches of commitments [3][4]. Compliance and Governance - The sponsor has ensured that the company and its management comply with laws, regulations, and the business rules set by the Shanghai Stock Exchange [4]. - The company has established effective internal control systems, including financial management and auditing procedures, ensuring proper operational governance [6]. Financial Performance - In 2024, the company reported operating income of 508.04 million yuan, an increase of 11.36% from 2023 [22]. - The net profit attributable to shareholders decreased by 24.42% to 101.57 million yuan compared to the previous year [22]. - The net cash flow from operating activities increased by 45.93% to 57.29 million yuan [22]. Key Financial Indicators - The basic earnings per share decreased by 27.24% to 0.2508 yuan [22]. - The weighted average return on net assets fell by 4.47 percentage points to 6.19% [22]. - Research and development expenditure accounted for 11.90% of operating income, an increase of 1.35 percentage points from the previous year [22]. Core Competitiveness - The company has developed a comprehensive technical system in aerospace products, satellite communication, and related equipment, enabling it to optimize product processes and maintain quality [24][25]. - The company has a high-level, specialized research and development team, which is crucial for its ongoing development in the aerospace sector [25]. - The company has established a strict production management and quality control system to ensure product reliability and safety, which is critical in the aerospace industry [27]. Industry Context - The aerospace industry is characterized by high technology and significant government support, with policies encouraging its development [26]. - The company faces competition in the aerospace sector, particularly as more social capital enters the industry due to favorable government policies [21]. - The company’s products are subject to strict quality requirements, necessitating compliance with various certifications and audits to enter the aerospace market [28].

财信证券股份有限公司 关于湖南航天环宇通信科技股份有限公司 2024年度持续督导跟踪报告 | 一、持续督导工作情况 | | --- | 2023 年 6 月 2 日湖南航天环宇通信科技股份有限公司（以下简称"航天环宇"或 "公司"）首次公开发行股票并在上海证券交易所科创板上市。财信证券股份有限公 司（以下简称"财信证券"或"保荐机构"）作为航天环宇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》（以下简称"《保荐 办法》"）《上海证券交易所科创板股票上市规则》（以下简称"《股票上市规 则》"）《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等规定履行 持续督导职责，并出具本持续督导年度跟踪报告。 | 序 | 工作内容 | 实施情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 的持续督导工作制定相应的工作计划。 | 保荐机构已建立健全并有效执行 了持续督导制度，并制定了相应 | | | | 的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与航天 ...

证券代码：688523 证券简称：航天环宇 公告编号：2025-020 湖南航天环宇通信科技股份有限公司 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： 投资者可于 2025 年 05 月 19 日(星期一)至 05 月 23 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"栏目或通过湖南航天环宇通信科技股份 有限公司（以下简称"公司"）邮箱（hy88@hthykj.com）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。 公司已于 2025 年 04 月 29 日在上海证券交易所网站（www.sse.com.cn）发布公司 2024 年年度报告及 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 年年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 26 日(星期一)下午 16:00-17:00 举行 2024 年度暨 2025 年第一季度业绩说明会 ...

| 证券代码：688523 | | | | 公告编号：2025-019 证券简称：航天环宇 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 湖南航天环宇通信科技股份有限公司 | | | | | | | | | | | 本公司董事会及全体董事保证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： | | | | | | | | | | | 本次会议是否有被否决议案：无 | | | | ? | | | | | | | 会议召开和出席情况 | | | | 一、 | | | | | | | 股东大会召开的时间：2025 年 5 月 19 日 | | | | （一） | | | | | | | 股东大会召开的地点：长沙市岳麓区学田湾路 50 | | | | （二） 号环宇航空产业园 | | | | | | | （三） | | | | 出席会议的普通股股东、特别 ...

湖南启元律师事务所 关于湖南航天环宇通信科技股份有限公司 法律意见书 二零二五年五月十九日 致：湖南航天环宇通信科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受湖南航天环宇通信科技股份 有限公司（以下简称"公司"）的委托，指派律师出席了公司 2024 年年度股东大 会（以下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会 议人员及召集人的资格、表决程序和表决结果的合法有效性进行律师见证，并发 表本法律意见。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）等我国现行法律、法规、规范性文件以及《湖南航 天环宇通信科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定 出具本法律意见书。 为出具本法律意见书，本所声明如下： （一）本所出具本法律意见书是基于公司已承诺所有提供给本所的文件的正 本以及经本所查验与正本保持一致的副本均为真实、完整、可靠，无隐瞒、虚假 或重大遗漏之处。 （二）本所遵循了勤勉尽责和诚实信用原则，严格履行了法定职责，对本法 律意见书出具日以前 ...

湖南启元律师事务所 关于湖南航天环宇通信科技股份有限公司 2024年年度股东大会的 法律意见书 二零二五年五月十九日 致：湖南航天环宇通信科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受湖南航天环宇通信科技股份 有限公司（以下简称"公司"）的委托，指派律师出席了公司 2024 年年度股东大 会（以下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会 议人员及召集人的资格、表决程序和表决结果的合法有效性进行律师见证，并发 表本法律意见。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）等我国现行法律、法规、规范性文件以及《湖南航 天环宇通信科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定 出具本法律意见书。 （二）本所遵循了勤勉尽责和诚实信用原则，严格履行了法定职责，对本法 律意见书出具日以前已经发生或者存在的事实进行了充分的核查验证，保证本法 律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不 存在虚假记载、误导性陈述或者重大遗漏。 （ ...

证券代码：688523 证券简称：航天环宇 公告编号：2025-019 湖南航天环宇通信科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 34 | | --- | --- | | 普通股股东人数 | 34 | | 2、出席会议的股东所持有的表决权数量 | 212,111,012 | | 普通股股东所持有表决权数量 | 212,111,012 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 52.53 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 52.53 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 2、 公司在任监事3人，出席3人； 本次会议由公司董事会召集，董事长李完小先生主持，会议采用现场投票和 网络投票相结合的方式进行表决。本次会议的召集、召开程序及表决程序符合《公 ...

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].

Group 1 - The core viewpoint of the article is that Hunan Aerospace Huanyu Communication Technology Co., Ltd. is set to have a portion of its restricted shares from its initial public offering listed for circulation on May 26, 2025 [1][2] - The total number of restricted shares to be listed is 9,360,816, which accounts for 2.3006% of the company's total share capital [3][2] - The company has not experienced any changes in its share capital due to profit distribution or capital reserve transfers since the formation of the restricted shares [2][1] Group 2 - The shareholders of the restricted shares have made commitments regarding the circulation of these shares, including not proposing a buyback of the shares and agreeing to adjust the lock-up period as required by regulatory authorities [2][3] - The underwriting institution, Caixin Securities, has verified that the shareholders have strictly adhered to their commitments made during the IPO process [4][3] - The circulation of the restricted shares complies with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4][3]