Group 1 - The aerospace and defense sector is experiencing positive performance, with the CN5082 index rising by 0.84% and key stocks like Aerospace Development (000547) increasing by 6.09% [1] - Aerospace Development reported a total revenue of 1.697 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.59%, while the net profit attributable to shareholders was a loss of 489 million yuan, improving from a loss of 558 million yuan in the same period last year [1] - Guokai Military Industry (688543) achieved a revenue of 358 million yuan in Q3 2025, marking a year-on-year growth of 26.89%, contributing to positive revenue growth for the first three quarters [1] Group 2 - The military industry is expected to benefit from the implementation of the "14th Five-Year Plan," leading to accelerated equipment construction and sustained recovery in industry prosperity [2] - The supply chain, particularly upstream electronic components and key raw materials, is anticipated to benefit from the amplified demand effect, supporting the entire lifecycle of various military equipment [2] - The Aerospace and Defense ETF (159227) tracks the CN5082 index and has a high military content, focusing on the aerospace sector and covering leading companies across the entire industry chain, aligning with the strategic direction of "integrated aerospace" [2]

Core Viewpoint - The military equipment sector has experienced a short-term surge, with notable increases in stock prices for several companies [1] Company Summaries - Western Superconducting Technologies Co., Ltd. saw its stock price rise by over 10% [1] - North China Longyuan Electric Co., Ltd. experienced a stock price increase of over 7% [1] - Other companies such as Great Wall Military Industry Co., Ltd., Guokai Military Industry Co., Ltd., and Maxinlin also witnessed significant stock price increases [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688543 证券简称：国科军工 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三）主要会计数 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

（编辑 任世碧） 证券日报网讯 10月27日晚间，国科军工发布2025年第三季度报告称，2025年第三季度公司实现营业收 入357，924，763.10元，同比增长26.89%；归属于上市公司股东的净利润为65，848，324.74元，同比 下降5.39%。 ...

智通财经APP讯，国科军工(688543.SH)披露2025年第三季度报告，公司前三季度实现营收7.75亿元，同 比增长1.49%;归母净利润1.43亿元，同比下降4.21%;扣非净利润1.26亿元，同比下降3.71%;基本每股收 益0.68元。 ...

格隆汇10月27日丨国科军工(688543.SH)公布，公司第三季度实现营业收入3.58亿元，同比增长 26.89%；归属于上市公司股东的净利润6584.83万元，同比下降5.39%；归属于上市公司股东的扣除非经 常性损益的净利润6424.59万元，同比增长16.85%；基本每股收益0.32元。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥357,924,763.10, representing a year-on-year increase of 26.89%[6] - The total profit for the quarter was ¥71,263,965.10, showing a decrease of 13.32% compared to the same period last year[6] - The net profit attributable to shareholders was ¥65,848,324.74, down by 5.39% year-on-year[6] - The basic earnings per share for the quarter were ¥0.32, down by 3.03% year-on-year[6] - Net profit for the first three quarters of 2025 was ¥143,979,492.52, down from ¥155,756,663.18 in 2024, reflecting a decrease of approximately 7.6%[26] - Earnings per share (EPS) for the first three quarters of 2025 was ¥0.68, compared to ¥0.71 in the same period of 2024, indicating a decline of about 4.2%[27] Research and Development - Research and development expenses totaled ¥25,160,506.47, accounting for 7.03% of operating revenue, a decrease of 1.33 percentage points from the previous year[6] - Research and development expenses increased to ¥80,215,092.93 in 2025 from ¥66,197,045.86 in 2024, showing a growth of approximately 21.2%[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,122,441,343.72, a decrease of 1.16% from the end of the previous year[6] - The company's current assets totaled CNY 2,164,889,094.24, slightly down from CNY 2,221,592,442.78 at the end of 2024, indicating a decrease of about 2.55%[18] - The cash and cash equivalents decreased to CNY 963,019,176.70 from CNY 1,322,821,162.57, reflecting a significant decline of approximately 27.3%[17] - The company's inventory increased to CNY 373,389,778.93 from CNY 202,773,372.72, marking a substantial increase of about 84.3%[17] - Total liabilities decreased to CNY 811,248,533.99 from CNY 861,161,655.42, showing a reduction of approximately 5.8%[20] - The equity attributable to shareholders increased to CNY 1,563,191,704.24 from CNY 1,644,699,773.87, indicating a decrease of about 4.93%[20] - The company's accounts receivable rose to CNY 599,385,950.57 from CNY 555,685,348.85, reflecting an increase of approximately 7.85%[17] - The non-current assets totaled CNY 957,552,249.48, slightly up from CNY 937,550,565.25, representing an increase of about 2.1%[19] - Total operating costs increased to ¥637,770,174.24 in 2025 from ¥601,639,274.31 in 2024, marking an increase of about 6.0%[25] Cash Flow - The company reported a cash flow from operating activities of ¥8,629,823.13 for the year-to-date period[6] - Cash flow from operating activities generated a net amount of ¥8,629,823.13 in 2025, a significant improvement compared to a net outflow of ¥338,310,106.94 in 2024[32] - The company reported a total of ¥900,824,846.41 in cash inflows from operating activities for the first three quarters of 2025, compared to ¥364,435,823.83 in 2024, representing an increase of about 147.0%[31] - The company experienced a net decrease in cash and cash equivalents of $359.80 million, compared to a decrease of $726.23 million last year[33] - The beginning cash and cash equivalents balance was $1.32 billion, down from $1.83 billion year-over-year[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,757[12] - The company reported no significant changes in shareholder relationships or actions during the reporting period, maintaining stability in its ownership structure[14] Other Financial Activities - The company’s investment activities resulted in cash outflows of ¥216,077,702.13 in 2025, compared to ¥140,665,025.09 in 2024, indicating an increase of approximately 53.7%[32] - The net cash flow from investing activities was -$144.90 million, compared to -$140.63 million in the previous period[33] - The net cash flow from financing activities was -$223.53 million, an improvement from -$247.29 million year-over-year[33] - The company paid $163.02 million in dividends and interest, up from $120.84 million in the prior period[33] Reporting and Compliance - The company has not adopted new accounting standards for the current reporting period[34] - The board of directors announced the financial results on October 24, 2025[36]

Market Overview - The ground equipment sector increased by 2.19% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - North China Long Dragon (301357) closed at 147.08, up 5.06% with a trading volume of 95,100 shares and a transaction value of 1.397 billion [1] - Great Wall Military Industry (601606) closed at 51.27, up 4.74% with a trading volume of 781,100 shares and a transaction value of 3.995 billion [1] - National Science and Technology Year (688543) closed at 49.22, up 4.13% with a trading volume of 58,400 shares and a transaction value of 286 million [1] - North Navigation (600435) closed at 14.79, up 2.92% with a trading volume of 511,200 shares and a transaction value of 756 million [1] - Inner Mongolia First Machinery (600967) closed at 18.54, up 1.53% with a trading volume of 417,200 shares and a transaction value of 776 million [1] Capital Flow - The ground equipment sector saw a net inflow of 364 million from institutional investors, while retail investors experienced a net outflow of 295 million [2] - The main capital inflow and outflow for key stocks in the sector are as follows: - Great Wall Military Industry: Net inflow of 214 million, with a 5.36% share of main capital [3] - North China Long Dragon: Net inflow of 52.26 million, with a 3.74% share of main capital [3] - North Navigation: Net inflow of 46.13 million, with a 6.11% share of main capital [3] - National Science and Technology Year: Net inflow of 35.01 million, with a 12.25% share of main capital [3]

Core Viewpoint - The company, Jiangxi Guoke Military Industry Group Co., Ltd., will hold a performance briefing on October 29, 2025, to discuss its Q3 2025 results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The performance briefing is scheduled for October 29, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted online [4]. - Investors can submit questions via email to the company by October 28, 2025, at 17:00 [2][4]. Group 2: Participants - Key participants include Chairman Mr. Yu Yong'an, General Manager Mr. Huang Junhua, and other board members [4]. Group 3: Investor Participation - Investors can join the meeting online through the Shanghai Stock Exchange Roadshow Center [4]. - The company will respond to commonly asked questions during the briefing [3][4]. Group 4: Contact Information - For inquiries, investors can contact the Board Office via phone at 0791-88115098 or email at zqb@guokegroup.com [5][6]. Group 5: Additional Information - After the meeting, investors can access the main content and details of the performance briefing on the Shanghai Stock Exchange Roadshow Center website [6].