Core Points - Shanghai Sinan Navigation Technology Co., Ltd. received an administrative regulatory measure decision from the Shanghai Securities Regulatory Bureau due to significant discrepancies in its 2024 annual report disclosures [1][2] - The company failed to provide explanations for major changes in multiple asset and liability items, incorrectly reported the use of raised funds, and made errors in the disclosure of other equity instrument investments [1][2] - The company is required to submit a written rectification report within 30 days and is expected to enhance its internal controls and compliance with regulations [2] Summary by Sections Regulatory Decision - The Shanghai Securities Regulatory Bureau issued a decision citing violations in the company's annual report, including failure to explain significant changes in asset and liability items [1] - Errors were found in the reporting of over-raised funds and in the disclosure of investments in other equity instruments [2] Company Response - The company acknowledges the decision and emphasizes its commitment to improving compliance and internal governance [2] - It assures that the regulatory measures will not significantly impact its operational management activities [3]

证券代码：688592 证券简称：司南导航 公告编号：2025-034 上海司南导航技术股份有限公司 关于收到中国证券监督管理委员会上海监管局《行政 监管措施决定书》的公告 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。 上海司南导航技术股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会上海监管局（以下简称"上海证监局"）出具的《关于对上海司 南导航技术股份有限公司采取责令改正措施的决定》（沪证监决〔2025〕115 号， 以下简称"《决定书》"），现就有关情况公告如下： 一、《决定书》的内容 "上海司南导航技术股份有限公司： 经 查 ， 上 海 司 南 导 航 技 术 股 份 有 限 公 司 ( 统 一 社 会 信 用 代 码:91310000590448621H，以下称"司南导航"或"公司")在《2024 年年度报 告》等的披露中，存在以下事实: 一是多项资产、负债科目同比发生重大变动，但年报第 45 页"资产、负债 情况分析"勾选"不适用"，未按照《公开发行证券的公司信息披露内容与格式 准则第 2 号- ...

Core Viewpoint - The company has received a corrective action order from the Shanghai Securities Regulatory Commission due to multiple disclosure issues in its upcoming annual report [1] Summary by Relevant Categories Disclosure Issues - The company failed to explain significant changes in assets and liabilities year-on-year in its annual report [1] - There were inaccuracies in the data regarding the permanent replenishment of over-raised funds [1] - The company did not disclose the payment of issuance costs related to over-raised funds [1] - There were errors in the disclosure of other equity instrument investments [1] Required Actions - The company is required to conduct a thorough self-examination and submit a written rectification report [1]

Core Viewpoint - The company, SiNan Navigation, reported a significant decline in profitability in its second annual report post-IPO, with a revenue of 412.86 million yuan in 2024, a slight increase of 0.28% year-on-year, but a net loss of 33.05 million yuan, representing a dramatic decline of 179.03% compared to the previous year [1]. Group 1: Revenue and Profitability - The company experienced a decline in gross profit margin, dropping nearly 4 percentage points to the lowest level in five years [3]. - The decrease in terminal prices, particularly for high-precision GNSS boards/modules and data application solutions, led to a significant drop in revenue from these segments, down 12.20 percentage points [5]. - The price of high-precision GNSS boards/modules fell from 374 yuan in 2023 to 303 yuan in 2024, a nearly 20% decrease, while the cost per unit slightly increased, resulting in a gross profit reduction of 93 yuan, or 39% [8]. - The total period expenses increased by 27.95% for sales expenses, 28.20% for management expenses, and 119.44% for financial expenses, contributing to the overall loss [9][10]. Group 2: Accounts Receivable and Financial Health - By the end of 2024, accounts receivable accounted for over 90% of the company's revenue, raising concerns about the authenticity of previous years' revenue [11]. - The accounts receivable balance increased by 1.62 times over five years, with the proportion of accounts receivable to revenue rising significantly, indicating a growing reliance on credit sales [11]. - The company recorded a substantial increase in bad debt provisions, totaling 31.60 million yuan, a 428.29% increase year-on-year, further impacting profitability [15]. Group 3: Government Subsidies - The company's profits have been heavily reliant on government subsidies, which accounted for 97.92% of total profits over the past five years, totaling 97.36 million yuan [16]. - The company has received significant government subsidies, with deferred income from these subsidies expected to contribute to future profits [20]. Group 4: Project Delays and Management Changes - All fundraising projects from the IPO have faced delays, with the completion dates pushed back significantly, indicating potential operational challenges [23][26]. - The company experienced a high turnover in financial management, with the newly appointed financial director resigning after only six months [29]. Group 5: Continued Losses in 2025 - In the first quarter of 2025, the company reported a revenue of 43.83 million yuan, a year-on-year increase of 13.32%, but continued to incur a net loss of 10.38 million yuan, a 46.24% increase in losses compared to the previous year [30].

上海司南导航技术股份有限公司 营业收入扣除情况表的鉴证报告 2024 年度 关于上海司南导航技术股份有限公司2024年度 营业收入扣除情况表的鉴证报告 信会师报字[2025]第ZA90506号 上海司南导航技术股份有限公司全体股东: 我们审计了上海司南导航技术股份有限公司(以下简称"司南导 航")2024年度的财务报表,包括 2024年 12 月 31 日的合并及母公司 资产负债表、2024年度合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 28 日出具了报告号为信会师报字[2025]第 ZA90502 号的无保 留意见审计报告。 在对上述财务报表执行审计的基础上,我们接受委托,对后附的 司南导航2024年度营业收入扣除情况表(以下简称"营业收入扣除情况 表")执行了合理保证的鉴证业务。 一、管理层的责任 司南导航管理层的责任是按照《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南第9号-财务 类退市指标:营业收入扣除》附件第七号《财务类退市指标:营业收入 扣除》的相关规定编制营业收入扣除情况表,确保营业 ...

证券代码：688592 证券简称：司南导航 公告编号：2025-033 上海司南导航技术股份有限公司 2024年年度股东大会决议公告 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 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 41 | | --- | --- | | 普通股股东人数 | 41 | | 2、出席会议的股东所持有的表决权数量 | 33,138,582 | | 普通股股东所持有表决权数量 | 33,138,582 | | 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 | 53.3117 | | 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（%） | 53.3117 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 股东大会召开的时间：2025 年 5 月 19 日 （二） 股东大会召开的地点：上海市嘉定区澄浏中路 618 号 2 号楼公司会议室 （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： 本次股东大会由董事长 ...

上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 法律意见书 地址：上海市浦东新区银城中路501号上海中心大厦11、12层 电话：021-2051 1000 传真：021-2051 1999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 法律意见书 致：上海司南导航技术股份有限公司 上海司南导航技术股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"或"会议"）于 2025 年 5 月 19 日在上海市嘉定 区马陆镇澄浏中路 618 号 2 号楼会议室召开。上海市锦天城律师事务所接受公司 委托，委派经办律师出席会议，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上海 司南导航技术股份有限公司章程》（以下简称"《公司章程》"）的规定，就本 次股东大会的召集和召开程序、出席会议人员资格、召集人的资格、会议的表决 程序、表决结果等发表法律意见。 律师声明： 上海市锦天城律师事务所 法律意见书 供的文件资料，按照国家现行法律、法规的要求发表的法律 ...

上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 2024年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路501号上海中心大厦11、12层 电话：021-2051 1000 传真：021-2051 1999 邮编：200120 上海市锦天城律师事务所 法律意见书 律师声明： 1. 本法律意见书是经办律师根据出席本次股东大会所掌握的事实和公司提 1 上海市锦天城律师事务所 关于上海司南导航技术股份有限公司 2024 年年度股东大会的 法律意见书 致：上海司南导航技术股份有限公司 上海司南导航技术股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"或"会议"）于 2025 年 5 月 19 日在上海市嘉定 区马陆镇澄浏中路 618 号 2 号楼会议室召开。上海市锦天城律师事务所接受公司 委托，委派经办律师出席会议，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上海 司南导航技术股份有限公司章程》（以下简称"《公司章程》"）的规定，就本 次股东大会的召集和召开程序、出席会议人员资格、召集人的资格、会议 ...

Core Insights - The white paper released by the China Satellite Navigation and Positioning Association indicates that the overall output value of China's satellite navigation and positioning service industry will reach 575.8 billion RMB in 2024, representing a year-on-year growth of 7.39% [1] - The industry is transitioning from satellite navigation to spatiotemporal service, with an expected output value exceeding 1 trillion RMB by 2025 [1] Industry Growth - The core output value related to satellite navigation technology, including chips, devices, algorithms, software, navigation data, terminal equipment, and infrastructure, is projected to grow by 5.46% to 169.9 billion RMB in 2024, accounting for 29.51% of the total output [1] - The associated output value generated from satellite navigation applications and services is expected to grow by 8.21% to 405.9 billion RMB, making up 70.49% of the total output [1][2] Market Applications - The application of BeiDou terminals in major industries such as transportation, public security, emergency response, energy, communication, water conservancy, and agriculture is projected to reach nearly 30 million units by the end of 2024, with transportation being the largest sector [2] - The domestic sales of satellite navigation positioning terminal products are expected to exceed 410 million units in 2024, with smartphone shipments reaching 294 million units [3] Low-altitude Economy - The low-altitude economy is emerging as a significant application area for BeiDou, covering sectors like drone logistics, low-altitude tourism, general aviation, and emergency rescue [4] - The integration of BeiDou with 5G and AI technologies is anticipated to enhance its effectiveness in low-altitude traffic management and logistics, driving high-quality development in the low-altitude economy [4] Competitive Landscape - The number of enterprises in China's satellite navigation and positioning service sector is nearing 20,000, with approximately 94 listed companies involved in this field, accounting for about 9.52% of the national output [5] - The domestic supply chain for BeiDou products is stable, with continuous upgrades in chips, modules, and antennas, supporting the secure and robust development of the autonomous supply chain [6] - Companies like BeiDou Star, Guoke Micro, and others are actively engaged in the high-precision satellite navigation chip market, with significant growth in sales driven by expanding application scenarios [6]

Core Viewpoint - The article discusses the evolution and current state of China's satellite application industry, highlighting the significant role of government policies in promoting the development of satellite communication, navigation, and remote sensing technologies as part of national strategic initiatives [1][5][11]. Policy Evolution - The rapid advancement of technology and intensifying geopolitical competition have transformed the application scenarios of satellites in communication, navigation, and remote sensing, making it a critical area for national security and economic growth [1]. - The "14th Five-Year Plan" emphasizes the construction of a global coverage, efficient operation communication, navigation, and remote sensing infrastructure, which is crucial for the development of the satellite industry [11]. National Policy Summary - Recent policies focus on enhancing the coordination efficiency of satellite networks, optimizing procedures, and promoting the efficient use of frequency and orbital resources [5]. - The government supports the entire satellite application industry chain, including manufacturing, launching, ground equipment construction, and operational applications, while encouraging innovation in satellite technology [5][11]. Local Government Initiatives - Various provinces and cities have introduced policies to align with national strategies, particularly in the context of the Beidou satellite navigation system and the "14th Five-Year Plan" [17]. - Local policies aim to foster the development of satellite applications in areas such as smart cities, logistics, agriculture, and emergency communication, leveraging satellite technology for digital transformation [18][19]. Industry Development Goals - The overall goal across provinces is to establish a secure and reliable global satellite internet system, enhancing the integration of satellite applications in various sectors [19]. - Specific initiatives include the promotion of satellite navigation, remote sensing, and communication applications, with a focus on building a robust satellite infrastructure and fostering innovation [19].