Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 989.97 points, with a total trading volume of 3.251 billion shares and a turnover of 114.114 billion yuan, resulting in a weighted average turnover rate of 1.84% [1] - Among the tradable stocks on the STAR Market, 149 stocks closed higher, with 5 stocks rising over 10%, including Xinan Century and Huachuang Technology, which hit the daily limit [1] - A total of 429 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 19 stocks had rates between 10% and 20%, and 62 stocks had rates between 5% and 10% [1] - The highest turnover rate was for Huasheng Lithium Battery at 23.52%, closing up by 6.09%, with a transaction amount of 512 million yuan [1] - Other notable stocks with high turnover rates include Xinyu Ren at 22.71% (closing down 0.63%) and Shengke Nano at 19.29% [1] Sector Performance - Among stocks with turnover rates exceeding 5%, 46 stocks rose, with the highest increases from Xinan Century (20.02%), Huachuang Technology (19.99%), and Nanmo Biology (10.53%) [2] - The sectors with the most stocks exceeding a 5% turnover rate were electronics (20 stocks), followed by computer and defense industries with 17 and 11 stocks, respectively [2] Capital Flow - In terms of capital flow, 44 stocks with high turnover rates saw net inflows from main funds, with significant inflows into Xinan Century (78.4476 million yuan), Huachuang Technology (62.4199 million yuan), and Haooubo (62.1777 million yuan) [2] - Conversely, stocks with the largest net outflows included Guokai Military Industry (134 million yuan), Liyuanheng (127 million yuan), and Yingshi Innovation (124 million yuan) [2] Leverage Fund Movements - A total of 46 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for Juxin Technology (128 million yuan), Yingshi Innovation (84.5376 million yuan), and Huafeng Technology (70.1917 million yuan) [2] - Stocks with the largest decreases in financing balances included Zhongwu Drone (69.032 million yuan), Lais Information (49.6791 million yuan), and Changyang Technology (43.9972 million yuan) [2]

Core Viewpoint - The announcement details the upcoming listing and circulation of strategic placement restricted shares for Nanjing Lais Information Technology Co., Ltd., which will occur on June 30, 2025, after a 24-month lock-up period [1][2][3]. Group 1: Listing Details - The total number of shares to be listed is 1,634,800, representing 1.00% of the company's total share capital [2][4]. - The shares are part of the company's initial public offering (IPO) and were approved by the China Securities Regulatory Commission on April 17, 2023 [1][2]. - The total share capital of the company after the IPO is 163,470,000 shares, with restricted shares accounting for 20.5194% of the total [1]. Group 2: Lock-up Period and Shareholder Information - The restricted shares are held by a single shareholder, CITIC Securities Investment Co., Ltd., with a lock-up period of 24 months starting from the IPO date [2][3]. - The shareholder has committed to adhere to the lock-up period and will comply with relevant regulations regarding share reduction after the lock-up expires [2][3]. Group 3: Compliance and Verification - The sponsor, CITIC Securities Co., Ltd., has verified that the shareholder has fulfilled all commitments related to the restricted shares, ensuring compliance with applicable laws and regulations [3][4]. - The announcement confirms that there have been no changes in the company's share capital due to profit distribution or other factors since the formation of the restricted shares [2].

证券代码：688631 证券简称：莱斯信息 公告编号：2025-029 本次上市流通的限售股为公司首次公开发行战略配售限售股，涉及限售股股 东数量为 1 名，为中信证券投资有限公司，锁定期为自公司首次公开发行股票上 市之日起 24 个月，该部分限售股股东对应的限售股数量共计 1,634,800 股，占公 司股本总数的 1.00%。现限售期即将届满，将于 2025 年 6 月 30 日起上市流通（因 2025 年 6 月 28 日为非交易日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 4 月 17 日出具的《关于同意南京莱 斯信息技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕805 号），同意南京莱斯信息技术股份有限公司（以下简称"公司"或"莱斯信息"） 首次公开发行股票的注册申请。公司获准首次向社会公开发行人民币普通股（A 股） 股票 40,870,000 股，并于 2023 年 6 月 28 日在上海证券交易所科创板上市。公司 首次公开发行股票完成后，总股本为 163,470,000 股，其中有限售条件流通股 129,926,915 ...

中信证券股份有限公司关于南京莱斯信息技术股份有限公司 1 行股票限售股形成至本公告披露日，公司未发生因利润分配、公积金转增等导致股 本数量变化的情况。 三、本次上市流通的限售股的有关承诺 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为南京莱斯 信息技术股份有限公司（以下简称"公司"或"莱斯信息"）首次公开发行股票并 在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》以及 《科创板上市公司持续监管办法（试行）》等法律法规，对公司首次公开发行网下 配售限售股上市流通事项进行了核查，具体核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 4 月 17 日出具的《关于同意南京莱斯 信息技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕805 号）， 同意南京莱斯信息技术股份有限公司（以下简称"公司"或"莱斯信息"）首次公 开发行股票的注册申请。公司获准首次向社会公开发行人民币普通股（A 股）股票 40,870,000 股，并于 2023 年 6 月 28 日 ...

Core Viewpoint - The company announced a cash dividend distribution of 0.4 RMB per share, totaling 65,388,000 RMB, approved at the annual shareholders' meeting on May 26, 2025 [1] Dividend Distribution Plan - The dividend distribution is based on a total share capital of 163,470,000 shares, with a cash dividend of 0.4 RMB per share, amounting to a total cash distribution of 65,388,000 RMB [1] - The relevant dates for the dividend distribution include the record date, ex-dividend date, and payment date, which are specified in the announcement [1] Taxation on Dividends - For individual shareholders and securities investment funds, the tax treatment of dividends varies based on the holding period, with a 20% tax for holdings of 1 month or less, 10% for holdings between 1 month and 1 year, and no tax for holdings over 1 year [2] - The actual cash dividend received by individual shareholders after tax is 0.4 RMB per share, with tax calculated upon the transfer of shares based on the holding period [3] - For foreign institutional investors (QFII), a 10% tax rate applies, resulting in a net cash dividend of 0.36 RMB per share after tax [4] Additional Tax Considerations - For Hong Kong investors, the same 10% tax rate applies, with the possibility of applying for tax treaty benefits if applicable [4] - Other institutional investors and corporate shareholders are responsible for their own tax obligations, with a cash dividend of 0.4 RMB per share [5]

南京莱斯信息技术股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/18 | 2025/6/19 | 2025/6/19 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 26 日的2024年年度股东大会审议通过。 二、 分配方案 证券代码：688631 证券简称：莱斯信息 公告编号：2025-028 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本163,470,000股为基数，每股派发现 金红利0.4元（含税），共计派发现金红利65,388,000.00元。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0. ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the low-altitude logistics sector, particularly involving drones and counter-drone technologies [1][2][4]. Core Insights and Arguments - The National Postal Bureau of China has emphasized the development of drone technology for branch transportation and last-mile delivery, aiming to enhance the low-altitude economy in postal and express services [1][2]. - There is an exploration of cross-province and intercity drone transportation to scale up last-mile delivery applications, improving service efficiency and customer experience [3][4]. - Low-altitude logistics can be categorized into last-mile logistics (within 20 km) and branch logistics (50-500 km), with small multi-rotor drones used for last-mile delivery and fixed-wing drones for longer distances [4]. - A comprehensive drone delivery network is being established, as outlined in the "General Aviation Equipment Innovation Application Implementation Plan" released in March 2024 [4]. - Meituan has received the first nationwide low-altitude logistics coverage operational certificate in April 2025 [4]. Related Companies and Investment Opportunities - **Logistics Drone Companies**: - Guanglian Aviation (supplier for Baijing Airlines) - Zongshen Power (suppliers for Tengdun, Rainbow, and Zhong UAV) - Zongheng Co. (engaged in drone logistics demonstration applications) - Green Energy Huichong (heavy-duty drones in collaboration with China Post) - Aerospace Rainbow (YH1000 logistics drone first flight) [5]. - **Other Low-Altitude Economy Companies**: - Shenzhen Urban Transport - Sichuan Chuang Electronics - Lais Information - Wanfeng Aowei [5]. Additional Important Insights - The Ukrainian National Security Bureau reported the deployment of 117 FPV drones to attack multiple airports in Russia, destroying several strategic bombers [6]. - The tactic employed by Ukraine involves concealing drones in modified containers, which are then delivered to specified locations by unsuspecting truck drivers, showcasing a low-cost and high-concealment strategy that may increase global focus on drone technology and countermeasures [6][7]. Related Companies in Counter-Drone Technology - **Drone Companies**: - Zongshen Power (aviation piston engines) - Aerospace Electronics - Zhong UAV - Aerospace Rainbow - Guanglian Aviation - Zongheng Co. [7]. - **Counter-Drone Companies**: - Sichuan Chuang Electronics - Lianchuang Optoelectronics - Aerospace Nanhu - Guorui Technology - Lais Information - Sichuan Jiuzhou [7].

Meeting Details - The shareholders' meeting of Nanjing Lais Information Technology Co., Ltd. was held on May 26, 2025, at the company's conference room in Nanjing [1] - A total of 65 ordinary shareholders attended the meeting, holding 121,466,775 voting rights, which accounts for 74.3052% of the company's total voting rights [1] Voting Results - All proposed resolutions were passed with overwhelming support from shareholders, with the majority voting in favor [2][3] - For the resolution regarding the 2024 profit distribution plan, 99.193% of the votes were in favor, totaling 7,078,628 votes [2] - The resolution concerning the 2025 director remuneration plan received 93.303% approval, with 6,658,308 votes in favor [3] Legal Compliance - The meeting was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association, ensuring the legality and validity of the proceedings and voting results [3]