Market Overview - The ground equipment sector experienced a decline of 1.32% on September 15, with Tianqin Equipment leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Notable declines in individual stocks include: - North Navigation (600435) closed at 14.24, up 0.28% with a trading volume of 331,800 shares and a turnover of 473 million yuan [1] - Galaxy Electronics (002519) closed at 4.97, down 0.20% with a trading volume of 198,000 shares [1] - Zhongbing Hongjian (000519) closed at 18.34, down 1.08% with a trading volume of 320,700 shares and a turnover of 591 million yuan [1] - Northern Long Dragon (301357) closed at 131.14, down 1.34% with a trading volume of 69,200 shares and a turnover of 919 million yuan [1] - Great Wall Military Industry (601606) closed at 49.17, down 1.56% with a trading volume of 579,800 shares and a turnover of 2.886 billion yuan [1] Capital Flow Analysis - The ground equipment sector saw a net outflow of 544 million yuan from institutional investors, while retail investors contributed a net inflow of 453 million yuan [2] - The capital flow for individual stocks indicates significant outflows for: - Tianqin Equipment (300922) with a net outflow of 14.05% [3] - ST Emergency (300527) with a net outflow of 16.48% [3] - North Long Dragon (301357) with a net outflow of 7.12% [3] - Zhongbing Hongjian (000519) with a net outflow of 16.66% [3]

Summary of Key Points Core Viewpoint - The major shareholder, Taihao Technology, has completed its share reduction plan for Jiangxi Guoke Military Industry Group Co., Ltd., resulting in a total reduction of 6,247,921 shares, which is 2.99% of the company's total share capital [1][2]. Shareholder Holdings - Before the reduction plan, Taihao Technology held 6,248,444 shares, representing 2.99% of the total share capital of the company [1]. Reduction Plan Implementation - The reduction plan included a maximum of 2,105,085 shares to be sold through centralized bidding and up to 4,210,171 shares through block trading, with the reduction period set from June 26, 2025, to September 25, 2025 [1]. - The actual reduction was completed ahead of schedule, with 2,104,585 shares sold via centralized bidding and 4,143,336 shares through block trading, totaling 6,247,921 shares [2]. Current Shareholding Status - After the completion of the reduction, Taihao Technology retains only 523 shares, which is 0.00025% of the company's total share capital [2]. Plan Termination - The reduction plan was terminated early, and the actual reduction matched the previously disclosed plan, with the discrepancy in reduction percentage attributed to a decrease in total share capital due to the cancellation of shares [2][3].

Core Viewpoint - The major shareholder, Taihao Technology, has terminated its share reduction plan ahead of schedule, having completed the sale of nearly all its shares in Jiangxi Guoke Military Industry Group Co., Ltd. [2][6] Group 1: Major Shareholder's Holdings - Before the reduction plan, Taihao Technology held 6,248,444 shares, accounting for 2.99% of the company's total share capital [1]. - The shares held by Taihao Technology were acquired before the company's initial public offering and have been tradable since June 21, 2024 [1]. Group 2: Implementation Results of the Reduction Plan - On June 4, 2025, the company announced a share reduction plan where Taihao Technology intended to sell up to 2,105,085 shares through centralized bidding and up to 4,210,171 shares through block trading, with the reduction period set from June 26 to September 25, 2025 [2]. - By September 10, 2025, Taihao Technology had reduced its holdings by 6,247,921 shares, which is 2.99% of the current total share capital, leaving it with only 523 shares, or 0.00025% of the total [2][4]. Group 3: Early Termination of the Reduction Plan - The reduction plan was terminated early due to market conditions and other factors, with the actual reduction aligning with the previously disclosed plan [5][6]. - The reduction was completed despite a decrease in the company's total share capital due to the cancellation of shares from a repurchase account [4].

Core Viewpoint - The company, Guokexun Military Industry, reported a strong performance in the first half of 2025, with significant growth in R&D investment and a solid order backlog, indicating a positive outlook for future earnings growth [2][5]. R&D Investment - In the first half of 2025, the company's R&D investment reached 55.05 million yuan, a year-on-year increase of over 29.21% [3]. - The focus areas for R&D include weapon systems, next-generation smart munitions, unmanned combat platforms, and advanced propulsion modules for missiles [3]. - As of June 30, 2025, the company has 101 ongoing projects, with a total expected investment of 517 million yuan, of which 394 million yuan has already been invested [3]. Order Status - The company has a robust order backlog, with a total contract amount of 739 million yuan signed for the year 2025, laying a solid foundation for annual performance [5]. - Key clients include various marine research institutes under the Ministry of Natural Resources and military research units [5]. Production Capacity - The company is gradually releasing production capacity through the planning of specialized production lines and has seen improvements in production efficiency [6]. - Efforts are underway to optimize existing capacity for propulsion modules, aiming for over a 20% increase in capacity [6]. Future Strategy - The company aims for a non-deductible net asset return rate of at least 6.8%, 7.3%, and 7.8% for the years 2025 to 2027 [6]. - Strategies include expanding domestic and international markets, enhancing the integration of research and production capabilities, and seeking partnerships along the industrial chain [6][7]. Innovation and Collaboration - The company has deepened collaboration with various universities and research institutions, resulting in new projects and patents [4]. - A total of 8 new patents were authorized during the reporting period, bringing the cumulative total to 184 [4].

Core Insights - The company held a performance briefing for the first half of 2025 on September 12, highlighting breakthroughs in solid rocket engines and the successful expansion into drone booster business [1] - The company’s wholly-owned subsidiary has signed annual order contracts worth 739 million yuan, indicating a strong order backlog [1] - The company has set multi-dimensional measures to achieve its target of net asset return on equity excluding non-recurring items for the years 2025 to 2027 [1]

Core Viewpoint - The company, Guokexun Military Industry, reported a strong performance in the first half of 2025, with significant growth in R&D investment and a solid order backlog, indicating a positive outlook for future earnings growth [1][4]. R&D Investment - The company's R&D investment reached 55.05 million yuan in the first half of 2025, representing a year-on-year increase of over 29.21% [2]. - Key focus areas for R&D include weapon systems, next-generation smart munitions, unmanned combat platforms, and advanced propulsion modules for missiles [2]. - As of June 30, 2025, the company had 101 ongoing projects, with a total expected investment of 517 million yuan, of which 394 million yuan has already been invested [2]. Order Status - The company has a robust order backlog, with a total contract amount of 739 million yuan signed for the year 2025, laying a solid foundation for annual performance [4]. - The company has also secured orders through government public bidding, with major clients including various marine research institutes and military enterprises [4]. Production Capacity - The company is gradually releasing production capacity through the planning and construction of specialized production lines, with a focus on improving production efficiency [4]. - Efforts are underway to optimize existing capacity for propulsion modules, aiming for an increase of over 20% to meet demand during capacity expansion projects [4]. Future Strategy - The company aims for a non-net profit return on equity of no less than 6.8%, 7.3%, and 7.8% for the years 2025 to 2027, supported by multi-dimensional strategies [5]. - Plans include expanding international business in compliance with regulations, enhancing capabilities in solid engine integration, and seeking industry chain cooperation for growth [5][6].

证券代码：688543 证券简称：国科军工 公告编号：2025-061 江西国科军工集团股份有限公司 关于持股 5%以下股东提前终止减持计划暨减持股 份结果公告 本公司董事会、全体董事及相关股东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： 大股东持有的基本情况 本次减持计划实施前，江西国科军工集团股份有限公司（以下简称"公司"） 股东泰豪科技股份有限公司（以下简称"泰豪科技"）合计持有公司股份 6,248,444 股，占公司总股本的 2.99%，上述股份为公司首次公开发行前取得及 资本公积金转增股本的股份，并已于 2024 年 6 月 21 日起上市流通。 减持计划的实施结果情况 2025 年 6 月 4 日，公司披露了《江西国科军工集团股份有限公司关于持股 5%以下股东减持股份计划公告》（公告编号：2025-036）。因股东自身资金需要， 泰豪科技计划通过集中竞价交易方式减持公司股份数量不超过 2,105,085 股，占 公司当时总股本的比例不超过 1%；计划通过大宗交易方式减持公司股份数量不 超过 4,210,171 股 ...

Core Viewpoint - The company Guokai Military Industry (688543.SH) announced the early termination of a share reduction plan by its shareholder Taihao Technology, which has resulted in a significant reduction of shares held by Taihao Technology [1] Summary by Relevant Sections - **Share Reduction Details** - Taihao Technology reduced its holdings by a total of 6.2479 million shares, which accounts for 2.99% of the company's current total share capital [1] - The reduction was executed through two methods: 2.1046 million shares via centralized bidding and 4.1433 million shares through block trading [1] - **Remaining Holdings** - After the share reduction, Taihao Technology retains 523 shares in Guokai Military Industry, representing 0.00025% of the company's total share capital [1]

Group 1 - The core point of the announcement is that shareholder Taihao Technology plans to reduce its stake in Guokai Military Industry by selling a total of 6.2479 million shares, which represents 2.99% of the company's current total share capital [1] - The reduction will occur through centralized bidding and block trading, with a price range of 42.42 to 55.98 yuan per share, resulting in a total reduction amount of 309 million yuan [1] - After the completion of this reduction plan, Taihao Technology will still hold 523 shares, equating to a holding ratio of 0.00025% [1]

Market Overview - The ground equipment sector increased by 2.75% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - North China Long Dragon (301357) closed at 136.33, up 12.91% with a trading volume of 86,200 shares and a transaction value of 1.105 billion [1] - Great Wall Military Industry (601606) closed at 50.50, up 7.17% with a trading volume of 669,900 shares and a transaction value of 3.251 billion [1] - Jieqiang Equipment (300875) closed at 46.83, up 5.78% with a trading volume of 85,300 shares and a transaction value of 392 million [1] - Inner Mongolia First Machinery (600967) closed at 19.97, up 4.06% with a trading volume of 647,500 shares and a transaction value of 1.270 billion [1] - China Ordnance Arrow (000519) closed at 18.69, up 3.32% with a trading volume of 437,700 shares and a transaction value of 812 million [1] Capital Flow Analysis - The ground equipment sector saw a net inflow of 148 million from institutional investors, while retail investors experienced a net outflow of 215 million [2] - The main capital inflow and outflow for specific stocks include: - Inner Mongolia First Machinery: net inflow of 10.31 million from main capital, net outflow of 101 million from retail [3] - China Ordnance Arrow: net inflow of 66.25 million from main capital, net outflow of 39.51 million from retail [3] - Jieqiang Equipment: net inflow of 46.19 million from main capital, net outflow of 72.92 million from retail [3]