国泰海通证券股份有限公司 关于江西国科军工集团股份有限公司 申请差异化分红送转特殊除权除息业务之核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为江西 国科军工集团股份有限公司（以下简称"国科军工"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》和《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》等相关规定，对国科军工申请差异化分红送转特殊除权 除息业务进行了审慎核查，具体核查情况如下： 一、本次差异化权益分派的原因及所属情形 公司于 2024 年 2 月 7 日召开第三届董事会第六次会议，审议通过了《关于 以集中竞价交易方式回购股份方案的议案》。本次回购的股份将在未来适宜时机 全部用于员工持股计划或者股权激励，回购资金总额不低于人民币 7,000 万元 （含），不超过人民币 13,000 万元（含），回购价格拟不超过人民币 58 元/股（含）， 回购期限自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体内容 详见公司分别于 2024 年 2 月 9 日、2024 年 2 ...

证券代码：688543 证券简称：国科军工 公告编号：2025-033 江西国科军工集团股份有限公司2024年年度权益分派实施公 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： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/5/28 | 2025/5/29 | 2025/5/29 | 2025/5/29 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 4 月 16 日召开的2024年年度股 东大会审议通过。 二、 分配、转增股本方案 （1）差异化分红送转方案 本次利润分配公司以实施权益分派股权登记日的总股本扣减公司回购专用账 户中的股份为基数分配利润及资本公积转增股本，向全体股东按每股派发现金股 利 0.9 元（含税），同时进行资本公积转增股本，向全体股东每股转增 0.2 股。截 止权益分配实施股权登记日的公司总股本为 1 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

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、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，江西国科军工集团股份有限公司（以下 简称"公司"）将参加由江西省上市公司协会举办的"2025 年江西辖区上市公司 投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 21 日（周三） 15:30-17:00。届时 将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、股 权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大 投资者踊跃参与！ 特此公告。 江西国科军工集团股份有限公司董事会 2025 年 5 月 17 日 证券代码：688543 证券简称：国科军工 公告编号：2025-032 江西国科军工集团股份有限公司 关于参加江西辖区上市公司 2025 年投资者网上集体 接待日活动的公告 ...

证券代码：688543 证券简称：国科军工 公告编号：2025-031 江西国科军工集团股份有限公司 关于特定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。 减持计划的实施结果情况 2025 年 3 月 21 日，公司披露了《江西国科军工集团股份有限公司关于公司 特定股东减持股份计划公告》（公告编号：2025-007）。因股东自身资金需要， 杨明华、陈功林计划通过集中竞价交易方式减持公司股份数量不超过 1,757,015 股，占公司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 3,514,031 股，占公司总股本的比例不超过 2%，拟减持期间为 2025 年 4 月 14 日至 2025 年 7 月 13 日，减持价格按市场价格确定。 2025 年 5 月 15 日公司收到股东杨明华、陈功林出具的《关于江西国科军工 集团股份有限公司股份减持结果的告知函》，截至 2025 年 5 月 15 日，杨明华、 陈功林在减持计划实施期间通过集中竞价交易方 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [36]. Core Viewpoints - The company is positioned as one of the few domestic enterprises engaged in the research and production of solid rocket motor propulsion modules and ammunition equipment, with a long-term technological accumulation and advantages in these fields [18][19]. - The company is expected to benefit from the recovery and expansion of the military trade market, driven by frequent geopolitical events and the emergence of new forms of warfare, leading to a clear second growth curve logic [18]. - The company is actively increasing its R&D investment and extending its operations into the downstream aerospace engine assembly field, which will enhance its core competitiveness and expand potential market space [18]. - The implementation of stock incentives, share buybacks, and cash dividends is expected to effectively align the interests of shareholders, the company, and the core team, promoting long-term development and boosting investor confidence [18]. Financial Data Summary - As of May 9, 2025, the company has a total share capital of 175.70 million shares and a total market value of 10,206.50 million [2]. - The company reported a net cash flow from operating activities of -1.05 million, a significant decrease of 5.47 million year-on-year, primarily due to delays in military equipment funding settlements [7]. - The company’s contract liabilities increased by 29.36% to 2.35 million, indicating a robust order backlog, while inventory levels remained high at 2.33 million, down 4.05% [8]. - Revenue from military products in 2024 reached 1.167 billion, a growth of 17.34%, while revenue from civilian products decreased by 20.79% to 29 million [9][11]. - The company expects revenues of 1.459 billion, 1.723 billion, and 1.985 billion for 2025, 2026, and 2027, respectively, with net profits projected at 235 million, 273 million, and 306 million [19][21].

江西国科军工集团股份有限公司 2025年第一次临时股东大会决议公告 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 证券代码：688543 证券简称：国科军工 公告编号：2025-030 （一） 股东大会召开的时间：2025 年 5 月 14 日 （二） 股东大会召开的地点：江西省南昌市南昌经济技术开发区建业大街 999 号二楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 127 | | --- | --- | | 普通股股东人数 | 127 | | 2、出席会议的股东所持有的表决权数量 | 85,458,213 | | 普通股股东所持有表决权数量 | 85,458,213 | | 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 | 49.1040 | | 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（%） | 49.10 ...

国浩律师(上海)事务所 法律意见书 国浩律师(上海) 事务所 关于江西国科军工集团股份有限公司 2025年第一次临时股东大会的法律意见书 致:江西国科军工集团股份有限公司 本次股东大会由公司董事会召集。公司董事会于2025年4月29日在指定披露 1 ウ 国浩律师(上海)事务所 国浩律师(上海)事务所(以下简称"本所")作为江西国科军工集团股份 有限公司(以下简称"公司"或"国科军工")之特聘法律顾问,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》"、 《江西国科军工集团股份有限公司章程》(以下简称"《公司章程》"等法律法 规及规范性文件的规定,指派律师出席并见证了公司于2025年5月14日下午14点 00分在江西省南昌市南昌经济技术开发区建业大街999号二楼会议室召开的2025 年第一次临时股东大会(以下简称"本次股东大会"),并对本次股东大会的召 集、召开程序、出席人员资格、会议表决程序等事宜进行了审查。 为出具本法律意见书,本所律师出席了本次股东大会,审查了公司提供的有 关本次大会各项议程及相 ...

Group 1: Market Performance - The three major indices experienced fluctuations and declines, with the aerospace and defense sector showing some pullback, as evidenced by a 0.58% drop in the Guozheng Aerospace Index [1] - Over the recent trading period from April 30 to May 13, the Guozheng Aerospace Index has accumulated a gain of over 9% [1] - Among the constituent stocks, Changcheng Military Industry rose over 3%, while Guobo Electronics, Zhongzhi Co., and Guoke Military Industry also saw gains [1] Group 2: ETF Launch - The Tianhong Aerospace ETF (subscription code: 159241) is currently being issued, with a fundraising cap of 5 billion yuan, running from May 6 to May 16 [1] - This ETF tracks the Guozheng Aerospace Industry Index, which comprises securities from the aerospace sector listed on the Shanghai and Shenzhen stock exchanges [1] - The index reflects the overall performance of the aerospace sector in China, focusing on core companies in the military industry, aviation, aerospace, and low-altitude economy [1] Group 3: Industry Developments - Recent favorable policies for commercial aerospace have led to increased investments and advancements in technology, creating new opportunities for listed companies in the industry [2] - Companies like Zhuhai Hangyu Micro Technology have successfully integrated self-developed AI chips into commercial satellites, while Shaanxi Zhongtian Rocket Technology is enhancing collaboration with commercial aerospace firms [2] - Analysts suggest that with external disturbances diminishing, market risk appetite is improving, particularly in the big tech sector, emphasizing artificial intelligence, defense, and robotics [2] Group 4: Market Sentiment - Recent reports indicate that the military industry is experiencing a recovery in market sentiment, with increased trading volumes and a positive outlook for the sector [2] - The military trade and commercial aerospace sectors, along with themes like low-altitude economy and deep-sea technology, are expected to see continued development and engagement [2] - The military industry's fundamentals are anticipated to improve, contributing to a sustained positive market environment for an extended period [2]