证券代码：688592 证券简称：司南导航 公告编号：2025-054 上海司南导航技术股份有限公司 第四届董事会第十四次会议决议公告 上海司南导航技术股份有限公司（以下简称"司南导航"或"公司"）第四 届董事会第十四次会议通知和材料于 2025 年 9 月 26 日以电子邮件、通讯等方式 送达全体董事，本次会议于 2025 年 9 月 29 日在公司会议室以现场结合通讯方式 召开。会议由董事长王永泉先生召集并主持，会议应出席董事 8 人，实际出席董 事 8 人（其中：以通讯表决方式出席会议的人数为 5 人），部分高级管理人员列 席了会议。本次会议的召集、召开符合《中华人民共和国公司法》等法律、法规 和《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 经全体董事表决，形成决议如下： （一）审议通过《关于续聘会计师事务所的议案》 董事会同意续聘立信会计师事务所（特殊普通合伙）为 2025 年度财务报告 及内部控制审计机构，并决议将该事项提交公司股东会审议，同时提请股东会授 权公司管理层根据本公司的业务规模、所处行业和会计处理复杂程度等多方面因 素，综合考虑参与审计工作的项目组成员的经验、级别、 ...

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 2025年第二次临时股东大会的 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 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"）2025 年第二次临时股 东大会（以下简称"本次股东大会"或"会议"）于 2025 年 9 月 15 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： 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 法律意见书 ...

证券代码：688592 证券简称：司南导航 公告编号：2025-053 上海司南导航技术股份有限公司 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 （一） 股东大会召开的时间：2025 年 9 月 15 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： 2025年第二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。 | 1、出席会议的股东和代理人人数 | 38 | | --- | --- | | 普通股股东人数 | 38 | | 2、出席会议的股东所持有的表决权数量 | 43,222,798 | | 普通股股东所持有表决权数量 | 43,222,798 | | 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例 | 54.5036 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 54.5036 | （ ...

Core Insights - Company reported a revenue of 171 million yuan in the first half of 2025, an increase of 41.82% compared to the same period last year, marking two consecutive years of growth [1] - The net profit attributable to shareholders was -2.72 million yuan, with a significant increase in cash outflow from operating activities [1] - The company is expanding its market presence in high-precision satellite navigation and has secured a contract worth 145 million yuan for a GNSS/MET water vapor observation station project, expected to positively impact performance in 2025-2026 [1] Revenue and Profitability - Revenue for 2024 is projected at 413 million yuan, a slight increase of 0.28%, while net profit is expected to be -33.05 million yuan, a decline of 179.03% due to decreased gross margins and increased sales and R&D expenses [1] - In the first half of 2025, the company achieved a revenue of 171 million yuan, benefiting from market expansion and mature business models, despite a net loss of -2.72 million yuan [1] - Excluding the impact of share-based payments, the net profit would have been 6.13 million yuan, reflecting a robust profitability [1] Product and Market Development - The company offers a range of products including high-precision GNSS chips, core boards/modules, and data collection devices, with applications in smart driving and digital construction systems [2] - Continuous investment in emerging sectors such as drones, smart driving, and IoT, with notable advancements in high-precision positioning technology for various applications [2] - The company has developed modules for drones and smart driving that support precise operations in agriculture and logistics, integrating into the ecosystem of major automotive manufacturers [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 540 million, 690 million, and 850 million yuan respectively, with net profits projected at 14.92 million, 43.17 million, and 62.42 million yuan [3] - Earnings per share (EPS) are expected to be 0.19, 0.54, and 0.78 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 259, 89, and 62 [3] - The company is advised to be monitored due to its ongoing developments in new application areas and technology reserves, which are expected to broaden its user base and application scope [3]

Company Overview - Sinar Navigation, established on February 28, 2012, is located in Jiading District, Shanghai, and was listed on August 16, 2023 [2] - The company specializes in high-precision satellite navigation chips and differential positioning (RTK) technology, providing real-time positioning accuracy at centimeter and millimeter levels based on Beidou and other global navigation satellite systems (GNSS) [2] - Main revenue sources include data acquisition equipment (42.84%), high-precision GNSS boards/modules (20.70%), data application and system solutions (20.32%), agricultural machinery automatic driving systems (12.13%), and others (4.00%) [2] Stock Performance - As of September 10, Sinar Navigation's stock price decreased by 2.04% to 46.04 CNY per share, with a market capitalization of 3.704 billion CNY [1] - Year-to-date, the stock price has increased by 59.84%, with a recent 5-day decline of 2.87%, a 20-day increase of 6.62%, and a 60-day increase of 34.13% [2] Financial Performance - For the first half of 2025, Sinar Navigation reported revenue of 171 million CNY, a year-on-year increase of 41.82%, while the net profit attributable to shareholders was -2.7234 million CNY, a decrease of 218.32% [3] - As of June 30, 2025, the number of shareholders increased by 6.52% to 5,019, while the average circulating shares per person decreased by 6.12% to 5,802 shares [3] Dividends and Shareholding - Since its A-share listing, Sinar Navigation has distributed a total of 22.8354 million CNY in dividends [4] - As of June 30, 2025, the top ten circulating shareholders saw a change, with the Dazheng Zhongzheng 360 Internet + Index A (002236) exiting the list [4]

上海司南导航技术股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688592 证券简称：司南导航 上海司南导航技术股份有限公司 （ComNav Technology Ltd.） 2025 年 第 二 次 临 时 股 东 大 会 会 议 资 料 二〇二五年九月 上海司南导航技术股份有限公司 2025 年第二次临时股东大会会议资料 上海司南导航技术股份有限公司 2025 年第二次临时股东大会会议资料目录 | 2025 | 年第二次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第二次临时股东大会会议议程 4 | | 议案 | 1：《关于更改公司注册资本、取消监事会暨修订<公司章程>并办理工商变 | | 更登记的议案》 | 6 | | 议案 | 2.00：《关于制定及修订公司制度的议案》 8 | | 议案 | 3：《关于调整公司组织架构的议案》 10 | 上海司南导航技术股份有限公司 2025 年第二次临时股东大会会议资料 上海司南导航技术股份有限公司 2025 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序及议事 效率，保证大会的顺利 ...

证券代码：688592 证券简称：司南导航 公告编号：2025-052 上海司南导航技术股份有限公司 关于举办2025年半年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： 一、说明会类型 上海司南导航技术股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日在上海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度报告》及 《2025 年半年度报告摘要》。为便于广大投资者更加全面深入地了解公司经营 业绩、发展战略等情况，公司定于 2025 年 09 月 16 日（星期二）15:00-17:00 在 会议召开时间：2025 年 09 月 16 日（星期二）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 09 月 16 日 前 访 问 网 址 https://eseb.cn/1rqklyjlRni 或使用微信扫描下方小程序码进行会前提 问 ...

Company Overview - Sihnan Navigation Technology Co., Ltd. was established on February 28, 2012, and went public on August 16, 2023 [2] - The company specializes in high-precision satellite navigation chips and differential positioning (RTK) technology, providing real-time positioning solutions based on Beidou and other global navigation satellite systems (GNSS) [2] - Main revenue sources include data acquisition equipment (42.84%), high-precision GNSS modules (20.70%), data application and system solutions (20.32%), agricultural machinery automation systems (12.13%), and others (4.00%) [2] Financial Performance - For the first half of 2025, Sihnan Navigation achieved operating revenue of 171 million yuan, a year-on-year increase of 41.82% [2] - The net profit attributable to the parent company was -2.72 million yuan, a decrease of 218.32% year-on-year [2] - Cumulative cash distribution since the A-share listing amounts to 22.84 million yuan [3] Stock Performance - As of September 9, the stock price of Sihnan Navigation was 47.03 yuan per share, with a market capitalization of 3.784 billion yuan [1] - Year-to-date, the stock price has increased by 63.28%, with a recent decline of 4.06% over the last five trading days [1] - The stock has seen a 9.78% increase over the past 20 days and a 37.01% increase over the past 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 5,019, an increase of 6.52% from the previous period [2] - The average number of circulating shares per shareholder was 5,802, a decrease of 6.12% from the previous period [2] - Notably, the major shareholder, Dazheng Zhongzheng 360 Internet + Index A, has exited the top ten circulating shareholders list [3]

Core Viewpoint - The company "蔚蓝引擎" has completed its angel round financing, with funds aimed at product development, mass production, and market expansion for its laser weeding robots in agriculture [1] Company Overview - "蔚蓝引擎" is the first company in China focused on the research and development of laser weeding robots, established in 2022 [1] - The company has developed two products: "large field laser weeding robot" and "small laser weeding robot," which are set to launch in November 2023 [1][5] - The technology targets crops with strict weeding requirements, such as medicinal herbs and organic vegetables [1] Market Opportunity - The green agricultural equipment market is projected to reach a trillion-level development opportunity, with domestic demand for weeding robots at 299,000 units valued at 89.59 billion yuan [5] - The overseas market potential is also significant, with a demand scale of approximately 204,000 units valued at about 102 billion USD [5] Industry Challenges - The agriculture weeding industry faces challenges such as high labor costs, low efficiency, and over-reliance on herbicides that damage soil ecology [5][6] - Existing weeding equipment often damages crops and requires high standards for sowing [5] Technological Advantages - Laser technology is chosen for its precision and efficiency, with the ability to destroy weeds without contact with the soil [6] - The robots can operate continuously, using AI algorithms to identify weeds within milliseconds and can eliminate over 120,000 weeds per hour [7] Cost Efficiency - Current manual weeding costs range from 200 to 300 yuan per mu, while laser weeding costs are expected to drop to 40-60 yuan per mu, representing 20% to 30% of manual costs [9] Future Plans - The company aims to expand its product line for laser weeding and explore other areas in precision agriculture robotics [9] - The sales target for the next year is approximately 20 million yuan, with existing interest from large farms and agricultural cooperatives [9] Investor Perspective - The investor, 司南导航, views agricultural robots as a key area in smart agriculture, driven by both policy and market demand [10] - "蔚蓝引擎" is recognized for its early commercialization efforts in precision agricultural robots and is expected to establish a competitive edge in the laser weeding market [10]

Financial Performance - Company reported total revenue of 171 million yuan for the first half of 2025, a year-on-year increase of 41.82% compared to 120 million yuan in 2024 [1] - Net profit attributable to shareholders was -2.72 million yuan, a significant decline of 218.32% from a profit of 2.30 million yuan in the previous year [1] - Gross margin decreased to 50.91%, down 9.49% year-on-year, while net margin turned negative at -1.61%, a drop of 190.11% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 65.12 million yuan, accounting for 38.19% of revenue, a decrease of 9.35% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable reached 289 million yuan, representing 70.11% of the latest annual revenue, indicating a large volume of receivables [1] - Operating cash flow per share was -0.98 yuan, an increase of 18.8% year-on-year, reflecting a negative cash flow situation [1] Investment Returns and Debt - Historical median Return on Invested Capital (ROIC) since listing is 9.06%, with the worst year being 2024 at -3.57% [2] - Company has a healthy cash asset position, but the average operating cash flow over the past three years is only 2.83% of current liabilities [2] Fund Holdings - The largest fund holding shares in the company is CITIC Jiantou Smart Life Mixed A, with a current scale of 36 million yuan and a recent net value increase of 0.56% [3]