Core Viewpoint - The report outlines the ongoing supervision and compliance measures taken by Minsheng Securities for the initial public offering and listing of Sihan Navigation Technology Co., Ltd. on the Sci-Tech Innovation Board, covering the period from August 16, 2023, to December 31, 2026 [1]. Group 1: Supervision and Compliance - Minsheng Securities has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing supervision [1][2]. - A continuous supervision agreement was signed with Sihan Navigation, clarifying the rights and obligations of both parties during the supervision period [1]. - Sihan Navigation is required to report any violations or breaches of commitments within five working days of discovery, including details of the violations and the supervisory measures taken [1][2]. Group 2: Internal Control and Governance - The supervisory institution has urged Sihan Navigation to establish and effectively execute corporate governance systems, including rules for shareholder meetings, board meetings, and the conduct of directors and senior management [4]. - Sihan Navigation is also advised to enhance its internal control systems, including financial management and accounting systems, as well as procedures for major operational decisions [4]. - The institution emphasizes the importance of a robust information disclosure system, reviewing disclosure documents to ensure they do not contain false records or misleading statements [4][5]. Group 3: Financial Performance - For the first half of 2025, Sihan Navigation reported a revenue of 170.53 million yuan, a 41.82% increase compared to the previous year [17]. - The net profit attributable to shareholders was -2.72 million yuan, reflecting a significant decrease of 218.32% year-on-year [17]. - The company’s cash flow from operating activities was -60.66 million yuan, an 18.80% improvement from the previous period [17]. Group 4: Risks and Challenges - The company faces risks related to technological obsolescence, particularly with the rapid advancements in the BeiDou satellite navigation system and increasing market demands for high-precision navigation products [12]. - Inventory devaluation risks are present, with a provision for inventory impairment of 11.87 million yuan as of June 30, 2025, due to potential damages or obsolescence [13]. - The company is also exposed to risks from bad debts, with measures in place to enhance accounts receivable management and credit control [13]. Group 5: Competitive Position and R&D - Sihan Navigation maintains a leading position in the high-precision GNSS upstream sector, having broken through key technological barriers previously dominated by foreign companies [18][19]. - The company has a strong R&D team, with 186 personnel dedicated to innovation, representing 32.69% of the total workforce [20]. - R&D expenditures as a percentage of revenue were 20.49% in the first half of 2025, reflecting a commitment to maintaining technological leadership [20]. Group 6: Fundraising and Compliance - The company raised a total of 784.77 million yuan through its IPO, with a net amount of 785.77 million yuan after deducting issuance costs [27]. - Funds are stored in a dedicated account, and the company has complied with regulations regarding the management and use of raised funds [27][28]. - As of June 30, 2025, there were no violations in the use of raised funds, ensuring protection of shareholder interests [28].

Fundraising Overview - The company raised a total of RMB 784.77 million by issuing 15.54 million shares at RMB 50.50 each, with a net amount of RMB 691.10 million after deducting issuance costs of RMB 93.67 million [1][2] - The funds are stored in a special account as per regulations to ensure proper management and protection of investor interests [2] Investment Project Details - The total investment for the new generation high-precision PNT technology upgrade and industrialization project is RMB 556.50 million, with the entire amount planned to be funded by the raised capital [2] Cash Management Plan - The company plans to use up to RMB 320 million of temporarily idle funds for cash management within 12 months, allowing for rolling use within this limit [3] - The cash management will involve low-risk investment products such as structured deposits, time deposits, and large certificates of deposit, ensuring that these funds are not used for pledging or securities investment [3][4] Implementation and Disclosure - The management team is authorized to make investment decisions within the approved limits, with the finance department responsible for execution [4] - The company will comply with disclosure requirements as per relevant regulations to keep stakeholders informed [4] Use of Cash Management Returns - Any returns from cash management will be prioritized for covering any shortfalls in project investments and for the company's operational liquidity needs [4] Impact on Daily Operations - The cash management plan will not affect the normal operation of the company or the execution of fundraising projects, and it is expected to enhance overall performance and shareholder returns [5][6] Approval Process - The board of directors and the supervisory board have approved the cash management plan, with independent directors expressing their agreement [6] Sponsor's Verification Opinion - The sponsor, Minsheng Securities, confirms that the cash management plan complies with all relevant regulations and will not alter the intended use of the raised funds, thereby benefiting the company and its shareholders [6]

上海司南导航技术股份有限公司 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。 一、董事会会议召开情况 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 届董事会第十三次会议通知于 2025 年 8 月 18 日送达全体董事，本次会议于 2025 年 8 月 28 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。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。 证券代码：688592 证券简称：司南导航 公告编号：2025-046 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 2025 年半年度报告及摘要的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 具体内容详见公司于同日刊登在上海证券交易所网站（www.sse.com.cn）的 《2025 年半年度报告》及《2025 年半年度报告摘要》。 （二）审议通过《关于公司 2025 年半年度募 ...

Meeting Overview - The fourth session of the Supervisory Board of Shanghai Sinan Navigation Technology Co., Ltd. was held on August 28, 2025, with all three supervisors present, ensuring the legality and validity of the meeting [1][2]. Financial Report Approval - The Supervisory Board approved the 2025 semi-annual report, confirming that the preparation and review processes comply with relevant laws and regulations, and accurately reflect the company's financial status and operational results [2][3]. Fund Management Reports - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, ensuring compliance with regulatory requirements [3]. - The company plans to use up to 320 million yuan of temporarily idle raised funds for cash management, which aligns with regulatory guidelines and does not affect the normal implementation of investment projects [3][4].

Meeting Information - The shareholders' meeting is scheduled for September 15, 2025, at 15:00 [1] - The meeting will be held at the company's conference room located at 618 Chengliu Middle Road, Jiading District, Shanghai [1] - Voting will be conducted through both on-site and online methods using the Shanghai Stock Exchange's network voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's network voting system from 9:15 to 15:00 on the day of the meeting [1][2] - Specific voting times through the trading system are from 9:15-9:25, 9:30-11:30, and 13:00-15:00 [1] - Shareholders must complete identity verification to vote online for the first time [2] Agenda Items - The meeting will review non-cumulative voting proposals, including changes to registered capital and the cancellation of the supervisory board [2][4] - Affected shareholders must abstain from voting on related proposals, although no specific names are mentioned [2] Attendance Requirements - Shareholders must register by September 12, 2025, and provide necessary documentation to attend the meeting [4][5] - Proxy representatives must present valid identification and a written authorization letter from the shareholder [4][5] Contact Information - For inquiries, shareholders can contact Pan Yutao at 021-64302208 or via email at IR@sinognss.com [5]

Group 1 - A total of 180 stocks in the Shanghai and Shenzhen markets have received net financing inflows for five consecutive days or more as of August 28 [1] - Qilu Bank has the longest streak, with net inflows for 16 consecutive trading days [1] - Other notable stocks with significant net financing inflows include China Steel International, Kosen Technology, Chengdi Xiangjiang, Meishuo Technology, Sinan Navigation, Zhejiang Construction Investment, Huagong Technology, and Wuhan Fangu [1]

公司最新毛利率为50.91%，在已披露的同业公司中排名第10。最新ROE为-0.29%。 公司摊薄每股收益为-0.04元。 公司最新总资产周转率为0.13次，较去年同期总资产周转率增加0.03次，同比较去年同期上涨32.19%。最新存货周转率为0.53次，较去年同期存货周转率增 加0.16次，实现2年连续上涨，同比较去年同期上涨42.63%。 2025年8月29日，司南导航(688592.SH)发布2025年中报。 公司营业总收入为1.71亿元，较去年同报告期营业总收入增加5028.38万元，实现2年连续上涨，同比较去年同期上涨41.82%。归母净利润为-272.34万元。经 营活动现金净流入为-6065.91万元，较去年同报告期经营活动现金净流入增加1404.72万元。 公司最新资产负债率为26.71%，在已披露的同业公司中排名第32。 ...

Group 1 - The independent directors of Shanghai Sinan Navigation Technology Co., Ltd. held their second meeting of 2025 on August 28, 2025, via communication voting, with all three directors present [1][2] - The main agenda was to discuss the proposal for using temporarily idle raised funds for cash management, with a maximum amount of RMB 320 million, which complies with relevant regulations and does not affect the normal implementation of investment projects [1] - The independent directors unanimously agreed to the proposal, with a voting result of 3 in favor, 0 against, and 0 abstentions, and decided to submit it for board review [1]

Group 1 - The company reported a total operating revenue of 171 million yuan for the first half of 2025, representing a year-on-year increase of 41.82% [1] - The net profit attributable to shareholders of the parent company was -2.72 million yuan, compared to a net profit of 2.30 million yuan in the same period last year [1] - The basic earnings per share were -0.04 yuan [1]

Group 1 - The company Sinar Navigation (SH 688592) held its 13th board meeting on August 28, 2025, to review the agenda including the 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of Sinar Navigation is as follows: Geographic Information Applications and Others account for 49.82%, Module and Data Applications for 35.16%, Intelligent Driving and Digital Construction for 14.66%, and Other Businesses for 0.36% [1] - As of the report, Sinar Navigation has a market capitalization of 3.9 billion yuan [1]