格隆汇12月2日丨高华科技(688539.SH)公布，公司于近日收到股东、董事及高级管理人员的通知，因自 身资金需求，董事及董事会秘书陈新先生计划通过集中竞价交易方式减持其直接持有的股份不超过98.3 万股，减持其通过南京高感间接持有的股份不超过21.7万股，合计减持所持有的公司股份合计不超过 120万股（不超过公司总股本的0.65%）；副总经理胡建斌先生计划通过集中竞价交易方式减持其通过 南京高感间接持有的公司股份合计不超过5.425万股（不超过公司总股本的0.03%）；副总经理蒋治国先 生计划通过集中竞价交易方式减持其通过南京高感间接持有的公司股份合计不超过5.425万股（不超过 公司总股本的0.03%）；副总经理兰之康先生计划通过集中竞价交易方式减持其通过南京高感间接持有 的公司股份合计不超过5.425万股（不超过公司总股本的0.03%）；财务总监李来凭先生计划通过集中竞 价交易方式减持其通过南京高感间接持有的公司股份合计不超过5.425万股（不超过公司总股本的 0.03%）；职工董事宋晓阳先生计划通过集中竞价交易方式减持其通过南京高感间接持有的公司股份合 计不超过5.425万股（不超过公司总股本的0. ...

Market Overview - The component sector experienced a decline of 0.49% on December 2, with Zicheng Electronics leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers in the component sector included: - Hongxin Electronics (300657) with a closing price of 29.24, up 3.95% [1] - Kexiang Co., Ltd. (300903) with a closing price of 20.88, up 2.96% [1] - Gaohua Technology (688539) with a closing price of 38.29, up 1.73% [1] - Major decliners included: - Zicheng Electronics (920821) with a closing price of 28.52, down 4.52% [2] - Huazheng New Materials (603186) with a closing price of 43.25, down 3.48% [2] - Fangzheng Technology (600601) with a closing price of 11.96, down 3.16% [2] Capital Flow - The component sector saw a net inflow of 305 million yuan from institutional investors, while retail investors experienced a net outflow of 415 million yuan [2] - The main stocks with significant capital inflow included: - Shenghong Technology (300476) with a net inflow of 266.6 million yuan [3] - Shengyi Technology (688183) with a net inflow of 2.19 billion yuan [3] - Hongxin Electronics (300657) with a net inflow of 98.26 million yuan [3]

Core Insights - The establishment of a new department by the National Space Administration marks a significant step towards the commercialization of space, driven by policy and disruptive applications [1] - The concept of "space computing power" is emerging as a focal point for global tech giants, with plans for large-scale data centers in orbit to enhance AI capabilities [2] - Investment opportunities are identified in various sectors of the space industry, including rocket launch chains, satellite manufacturing, and testing services [3] Policy Developments - The National Space Administration's creation of a Commercial Space Department aims to improve the efficiency of launch approvals and licensing, promoting high-quality development in China's commercial space sector [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" provides a framework for long-term industry growth through research project openness and national fund establishment [1] Industry Trends - The trend of deploying data centers in space is expected to overcome limitations faced by terrestrial data centers, with significant investments from companies like NVIDIA, SpaceX, and Google [2] - The demand for AI computing and decreasing rocket launch costs are anticipated to drive substantial growth in space computing power globally [2] Investment Opportunities - Key sectors for investment include: - Rocket and core supporting fields: Companies such as Aerospace Power, Superjet, Srey New Materials, and Gaohua Technology [3][4] - Satellite manufacturing and operation: Companies like China Satellite, Chengchang Technology, Zhenlei Technology, Aerospace Electronics, and Zhongke Xingtou [3][4] - Testing and service sectors: Companies including Aerospace Universe, West Measurement Testing, and Guobo Electronics [3][4] - Energy systems: Companies such as Shanghai Port and Qianzhao Optoelectronics [3][4]

Group 1 - The commercial aerospace sector is experiencing significant activity in the capital market, with several stocks achieving multiple trading limits, indicating strong investor interest [1] - The National Space Administration has issued an action plan for the high-quality and safe development of the commercial aerospace industry from 2025 to 2027, aiming for substantial growth and improved governance in the sector [1] - The action plan outlines specific measures to support the goal of establishing a strong aerospace nation, suggesting that the industry is poised for accelerated growth [1] Group 2 - Over 30 commercial aerospace stocks have been investigated by institutions in November, indicating heightened interest and confidence in the sector [2] - Tongyu Communication has invested 20 million yuan in an aerospace industry fund, which focuses on commercial aerospace and satellite communication, and has committed an additional 10 million yuan for further investments [2] - High-tech companies like Gaohua Technology are expanding their business in the aerospace market, establishing partnerships with various commercial aerospace firms [2] Group 3 - Sry New Materials reported a significant increase in revenue from liquid rocket engine thrust chamber products, projecting continued growth through 2025 [3] - The company has initiated a project to industrialize materials and components for liquid rocket engines, with an investment of 230 million yuan planned for the first phase [3] - Aerospace Technology has established deep connections with major rocket manufacturers and is positioned as a core supplier in the commercial aerospace industry, anticipating substantial revenue growth by 2025 [3]

Core Viewpoint - The establishment of the Commercial Space Administration marks a significant step in the development of China's commercial space industry, which is expected to benefit the entire industry chain and promote high-quality growth [1][3]. Group 1: Industry Developments - The Commercial Space Administration has officially been established, integrating various departmental functions to enhance the efficiency of satellite industry development and key processes such as launch approvals and satellite operation licensing [3]. - The launch of medium-sized launch vehicles is imminent, facilitating large-scale constellation networking, with over a hundred satellites already in orbit for projects like GW and Qianfan [3]. - The commercial space sector is experiencing a surge in activity, with significant interest from institutional investors in related stocks, as evidenced by the performance of various commercial space concept stocks [1][3]. Group 2: Company Insights - Tongyu Communication has invested in a space industry fund focusing on commercial space, satellite communication, and advanced manufacturing, with a total investment of 120 million yuan [5]. - Xingtum Measurement and Control has launched the "Star Eye" space perception constellation plan to address the urgent need for in-orbit safety and space traffic management [6]. - Hangyu Technology has established deep connections with leading rocket manufacturers and anticipates significant revenue growth in its commercial space business by 2025 [6][7]. - Gaohua Technology reported a positive market outlook in the aerospace sector, expanding its business in ground testing equipment and rocket engine systems [7]. - Sry New Materials expects revenue from liquid rocket engine thrust chambers to grow from 20.97 million yuan in 2022 to 30.16 million yuan in 2024, with ongoing investments in production capacity [8]. - Guolian Aviation is strategically entering the commercial space sector through acquisitions and partnerships, focusing on core component production for launch vehicles [9]. - ST Sike Rui is developing a comprehensive testing center for space products, enhancing its capabilities to meet commercial space quality standards [10]. - Chaojie Co. is manufacturing structural components for commercial rockets, with a production capacity of 10 rockets per year expected by mid-2024 [11]. - Huali Chuangtong is focusing on the development of radiation-resistant components for low-orbit satellites to reduce manufacturing costs and improve satellite lifespan [12].

Core Viewpoint - Nanjing Gaohua Technology Co., Ltd. has announced a postponement of the completion date for its fundraising project, "Gaohua Production Testing Center Construction Project," to December 31, 2026, without changing the project implementation entity, fundraising purpose, or investment scale [1][5]. Fundraising Basic Information - The company raised a total of RMB 1,268.90 million through its initial public offering (IPO) by issuing 33.2 million shares at a price of RMB 38.22 per share, with a net amount of RMB 1,165.53 million after deducting issuance costs [1][2]. Fundraising Usage Status - As of October 31, 2025, the company has provided an update on the usage of the funds raised from the IPO [2]. Reasons for Project Postponement - The postponement is due to several factors: 1. The phase completion acceptance process took longer than expected, with the main structure completed in July 2025, followed by various regulatory inspections [2][3]. 2. Subsequent construction work, including fine decoration and equipment installation, requires further development, with a projected timeline from December 2025 to December 2026 [3]. 3. Compliance procedures are necessary to ensure the project's long-term safety and stability, adhering to industry regulations and internal quality control standards [4]. Impact of Postponement on the Company - The decision to postpone the project is based on the actual progress and is deemed prudent, with no changes to the project implementation entity, fundraising purpose, or investment scale, ensuring no adverse effects on the company's operations [4][5]. Review Procedures and Opinions - The board of directors approved the postponement during a meeting on November 28, 2025, confirming that the decision aligns with the current project progress and adheres to regulatory requirements [5][6].

Core Insights - The company, GaoHua Technology, reports a positive development trend in the aerospace market, with a continuous expansion of product application scenarios [1] - The company has achieved significant market development in commercial aerospace, establishing partnerships with various commercial aerospace entities [1] Group 1: Market Development - The aerospace market is experiencing good development, with the company expanding its business in ground testing equipment, rocket engines, telemetry systems, launch vehicles, launch boxes, and launch sites [1] - The company is actively diversifying its product applications across various supporting fields within the aerospace sector [1] Group 2: Commercial Aerospace Partnerships - The company has made notable achievements in market expansion within the commercial aerospace sector [1] - Partnerships have been established with several commercial aerospace partners, including China Aerospace Science and Technology Corporation, Blue Arrow Aerospace, Tianbing Technology, Xinghe Power, Dongfang Space, Interstellar Glory, and Zero One Space [1]

中信证券股份有限公司 关于南京高华科技股份有限公司 部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为南京高华 科技股份有限公司（以下简称"公司"、"高华科技"）持续督导的保荐机构，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》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》以 及《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》等有关 规定，对公司部分募投项目延期的事项进行了核查，核查情况及意见如下： 一、募集资金基本情况 经中国证券监督管理委员会于 2023 年 2 月 27 日出具的《关于同意南京高 华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〕422 号） 同意，南京高华科技股份有限公司（以下简称"公司"）首次向社会公开发行人 民币普通股（A 股）3,320 万股，每股发行价格 38.22 元，新股发行募集资金总 额为 126,890.40 万元，扣除发行费用 10,337.80 万元（不含税）后，实际募集 资金净额为 116,552.60 万元。天职国际会计师事务所（特殊普 ...

第三条 公司募集资金应当专款专用。公司使用募集资金应当符合国家产业 政策和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主 营业务，有利于增强公司竞争能力和创新能力。公司募集资金应当投资于科技创 新领域，促进新质生产力发展。 中国证监会及上交所相关规则对公司发行股份、可转换公司债券购买资产并 募集配套资金用途另有规定的，从其规定。 公司应当建立并完善募集资金存放、管理、使用、改变用途、监督和责任追 究的内部控制制度，明确募集资金使用的分级审批权限、决策程序、风险控制措 施及信息披露要求，规范使用募集资金。公司应当将募集资金内部控制制度及时 在上交所网站上披露。 南京高华科技股份有限公司 募集资金管理制度 （2025 年 11 月修订） 第一章 总则 第一条 为了规范南京高华科技股份有限公司（以下简称"公司"）募集资金 的存放、使用与管理，提高募集资金使用效益，保护投资者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》、中国证券监督管理委员会（以 下简称"中国证监会"）发布的《首次公开发行股票注册管理办法》《上市公司证 券发行注册管理办法》《上市公司信息披露管理办法》《上市公司 ...

证券代码：688539 证券简称：高华科技 公告编号：2025-039 南京高华科技股份有限公司 关于部分募投项目延期的公告 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。 南京高华科技股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开 公司第四届董事会第十一次会议，审议通过了《关于部分募投项目延期的议案》， 同意公司在募投项目实施主体、募集资金用途及投资项目规模不发生变更的情况 下，将募投项目"高华生产检测中心建设项目"达到预定可使用状态的日期延期 至 2026 年 12 月 31 日。该事项在董事会审批权限范围内，无需提交股东会审议。 现将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会于 2023 年 2 月 27 日出具的《关于同意南京高华 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〕422 号） 同意，南京高华科技股份有限公司（以下简称"公司"）首次向社会公开发行人民 币普通股（A 股）3,320 万股，每股发行价格 38.22 元，新股发行募集资金总 ...