Core Points - The company announced a change in its sponsor representative, with Zhang Guanyu and Liu Mingzhe appointed as the new continuous supervision representatives until December 31, 2026 [2]

特此公告。 航天南湖电子信息技术股份有限公司 董事会 证券代码：688552 证券简称：航天南湖 公告编号：2025-033 航天南湖电子信息技术股份有限公司 关于变更持续督导保荐代表人的公告 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、准确性和完整性承担法律责任。 航天南湖电子信息技术股份有限公司（以下简称"公司"）于近日收到中信 建投证券股份有限公司（以下简称"中信建投证券"）出具的《关于变更航天南 湖电子信息技术股份有限公司首次公开发行股票并在科创板上市持续督导保荐 代表人的函》。中信建投证券作为公司首次公开发行股票并在科创板上市项目的 保荐人和持续督导机构，原指派张冠宇女士和侯顺先生担任保荐代表人负责保荐 工作及持续督导工作，现侯顺先生因工作变动，不再担任公司持续督导的保荐代 表人。为保证持续督导工作的有序进行，中信建投证券委派刘铭哲先生（简历见 附件）接替侯顺先生担任公司持续督导的保荐代表人，继续履行持续督导职责。 本次保荐代表人变更后，公司持续督导保荐代表人为张冠宇女士和刘铭哲先 生，持续督导期至 2026 年 12 月 31 日止。本次变 ...

Core Insights - The low-altitude economy sector experienced a 2.67% increase on November 24, with Zhaobiao Co. leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Low-Altitude Economy Sector Performance - Zhaobiao Co. (301136) saw a closing price of 16.32, with a significant increase of 20.00% and a trading volume of 197,700 shares, amounting to a transaction value of 315 million [1] - Feiwo Technology (301232) closed at 58.15, up 11.46%, with a trading volume of 97,100 shares and a transaction value of 551 million [1] - Aerospace Changfeng (600855) closed at 16.68, up 10.03%, with a trading volume of 469,300 shares and a transaction value of 767 million [1] - Leike Defense (002413) closed at 6.37, up 10.02%, with a trading volume of 1,221,600 shares and a transaction value of 765 million [1] - Aerospace Development (000547) closed at 13.64, up 10.00%, with a trading volume of 5,338,600 shares and a transaction value of 6.81 billion [1] - Huajian Group (600629) closed at 21.67, up 10.00%, with a trading volume of 580,600 shares and a transaction value of 1.24 billion [1] - Tianhe Defense (300397) closed at 15.12, up 9.57%, with a trading volume of 956,800 shares and a transaction value of 1.40 billion [1] - Hangxin Technology (300424) closed at 17.10, up 9.27%, with a trading volume of 268,500 shares and a transaction value of 449 million [1] - Holley Technology (688682) closed at 33.86, up 8.94%, with a trading volume of 36,000 shares and a transaction value of 119 million [1] - Aerospace Nanhu (688552) closed at 35.17, up 8.55%, with a trading volume of 68,500 shares and a transaction value of 237 million [1] Capital Flow Analysis - The low-altitude economy sector saw a net inflow of 2.483 billion in main funds, while retail funds experienced a net outflow of 645 million [2][3] - The main funds' net inflow for Aerospace Development (000547) was 439 million, while retail funds saw a net outflow of 182 million [3] - Leike Defense (002413) had a main fund net inflow of 331 million, with a significant retail fund outflow of 184 million [3] - Huajian Group (600629) recorded a main fund net inflow of 291 million, while retail funds had a net outflow of 126 million [3] - Aerospace Changfeng (600855) experienced a main fund net inflow of 223 million, with retail funds seeing a net outflow of 105 million [3]

Group 1 - The A-share index turned positive in the afternoon, with sectors like Pinduoduo, China Shipbuilding, and commercial aerospace leading the gains. The Universal Aviation ETF (159230) rose by 3.4%, with stocks like Leike Defense hitting the daily limit and Chenxi Aviation increasing by 9.82% [1] - The 2025 Hunan (International) General Aviation and Low-altitude Economy Industry Expo was held in Hunan, focusing on the theme "Developing Low-altitude Economy, Leading a Better Life." The expo covered an area of 60,000 square meters and featured over 20 key activities, attracting more than 200 leading enterprises [1] - Hunan has made significant progress in low-altitude economic development, establishing a verification test area of 245 square kilometers and laying out 687 low-altitude application scenarios. Various companies are integrating their technologies and products with sectors like agriculture, culture and tourism, emergency response, and education to capitalize on the low-altitude economic opportunities [1] Group 2 - CITIC Construction Investment Securities highlighted the general aviation industry as an important area of new productive forces, emphasizing its foundational attributes in the low-altitude economy. The industry is expected to experience rapid growth driven by supportive policies, continuous technological breakthroughs, and expanding application scenarios [2] - The industry scale of the low-altitude economy is projected to reach 3.5 trillion yuan by 2035, indicating significant growth potential. Additionally, companies in the general aviation sector that have both military and civilian operations are expected to benefit from increased military trade demand amid a backdrop of de-globalization [2]

Market Overview - The military electronics sector experienced a decline of 0.61% on November 20, with Aerospace South Lake leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the military electronics sector included: - Aerospace Development (000547) with a closing price of 13.78, up 9.98% and a trading volume of 6.7656 million shares, totaling 8.763 billion yuan [1] - Guanshang Technology (301213) closed at 64.25, up 5.57% with a trading volume of 36,600 shares, totaling 230 million yuan [1] - National Science and Technology (301571) closed at 47.70, up 3.47% with a trading volume of 160,800 shares, totaling 288 million yuan [1] - Conversely, significant decliners included: - Aerospace South Lake (688552) closed at 33.35, down 5.58% with a trading volume of 44,000 shares, totaling 149 million yuan [2] - Yaguang Technology (300123) closed at 6.92, down 4.95% with a trading volume of 2.4271 million shares, totaling 169.6 million yuan [2] - Tianhe Defense (300397) closed at 13.71, down 3.99% with a trading volume of 501,200 shares, totaling 686 million yuan [2] Capital Flow - The military electronics sector saw a net outflow of 1.493 billion yuan from institutional investors, while retail investors contributed a net inflow of 926 million yuan [2][3] - Key stocks with significant capital flow included: - Huali Chuantong (300045) with a net inflow of 52.0934 million yuan from institutional investors, but a net outflow from retail investors [3] - Jingjiawei (300474) had a net inflow of 26.3674 million yuan from institutional investors, with a net outflow from retail investors [3] - Guanshang Technology (301213) experienced a net inflow of 13.9259 million yuan from institutional investors, but also saw outflows from retail investors [3]

Core Insights - The military electronics sector experienced a decline of 1.12% on November 18, with Aerospace South Lake leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers in the military electronics sector included: - Aerospace Development (000547) with a closing price of 11.39, up 10.05% and a trading volume of 4.09 million shares, totaling 4.597 billion yuan [1] - ST Wanfang (000638) closed at 6.00, up 5.08% with a trading volume of 406,300 shares, totaling 240 million yuan [1] - Hongda Electronics (300726) closed at 41.65, up 4.26% with a trading volume of 132,600 shares, totaling 550 million yuan [1] - Major decliners included: - Aerospace South Lake (688552) closed at 35.01, down 4.58% with a trading volume of 46,000 shares, totaling 163 million yuan [2] - New Light Optoelectronics (688011) closed at 42.05, down 4.37% with a trading volume of 24,200 shares, totaling 102 million yuan [2] - Tian Ao Electronics (002935) closed at 18.80, down 3.93% with a trading volume of 205,000 shares, totaling 387 million yuan [2] Capital Flow - The military electronics sector saw a net outflow of 1.069 billion yuan from institutional investors, while retail investors contributed a net inflow of 850 million yuan [2] - The sector's capital flow details indicate: - Huafeng Technology (688629) had a net inflow of 1.68 billion yuan from institutional investors, but a net outflow of 204 million yuan from retail investors [3] - Aerospace Development (000547) experienced a net inflow of 1.089 million yuan from institutional investors, with a significant net outflow of 168 million yuan from retail investors [3]

Core Viewpoint - The defense and military industry is expected to experience another upward trend due to multiple influencing factors, including geopolitical risks, technological advancements, and policy support [1]. Group 1: Market Performance - The military sector has continued its strong performance, with notable stocks such as Aerospace Development (000547) and Great Wall Military (601606) showing significant gains, including a net inflow of 1.828 billion yuan [1]. - The average stock price increase for military concept stocks this year is 30.94%, with North China Long Dragon leading with a 342.24% increase [2]. - Six military concept stocks have received institutional research attention in November, indicating strong interest from investors [2]. Group 2: Company Performance - Major companies in the military sector, including China Shipbuilding (600150) and AVIC Chengfei (302132), reported net profits exceeding 1 billion yuan in the first three quarters [3]. - Several companies, such as Zhenray Technology and North China Long Dragon, have turned losses into profits, with some achieving over 100% year-on-year profit growth [3]. - Institutions predict that nine military stocks will see significant profit increases by 2025, with expected growth rates exceeding 100% [3]. Group 3: Future Outlook - The military industry is poised to benefit from rising geopolitical risks, modernization goals, and expanding military trade markets, with high-end weapon exports expected to increase [1]. - Technological innovations, such as 3D printing and recyclable rockets, are anticipated to drive growth in the sector [1].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

航天南湖电子信息技术股份有限公司 关于召开 2025 年第三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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 14 日 （星期五） 15:00-16:00 证券代码：688552 证券简称：航天南湖 公告编号：2025-032 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsho w.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 07 日 （星期五） 至 11 月 13 日 （星期四） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 board_nh@casic.com.cn 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。 航天南湖电子信息技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营成果、财务状况，公司计划 ...

证券日报网讯 11月3日晚间，航天南湖发布公告称，公司董事会同意提名马云飙先生、刘晓明先生为公 司第四届董事会独立董事候选人。 （文章来源：证券日报） ...