公司代码：688776 公司简称：国光电气 成都国光电气股份有限公司 2025 年半年度报告 成都国光电气股份有限公司2025 年半年度报告 1 / 325 成都国光电气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及除李泞先生外的董事、高级管理人员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个别及连带责任。 李泞先生无法保证本报告内容的真实性、准确性和完整性，理由是：因被留置，无法正常履职。 请投资者特别关注。 二、 重大风险提示 公司已在本报告中详细阐述经营过程中可能面临的风险及应对措施，有关内容详见报告第三 节"管理层讨论与分析"，敬请投资者注意阅读 三、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 李泞 | 因被留置，无法正常履职 | 张亚 | 上述情况详见公司于 2025 年 7 月 23 日披露的《国光电气关于公司重大事项的公告》（公告编号： 2025-031）。 四、 本半年度报告未经审计。 五、 公 ...

Group 1 - On August 25, Guoguang Electric's stock rose by 5.43%, with a trading volume of 508 million yuan [1] - The financing data shows that on the same day, Guoguang Electric had a financing purchase amount of 51.67 million yuan and a financing repayment of 51.98 million yuan, resulting in a net financing purchase of -312,100 yuan [1] - As of August 25, the total balance of margin trading for Guoguang Electric was 199 million yuan, with the financing balance accounting for 2.07% of the circulating market value, which is below the 40th percentile level over the past year [1] Group 2 - As of March 31, Guoguang Electric had 4,531 shareholders, a decrease of 19.39% compared to the previous period, while the average circulating shares per person increased by 24.06% to 23,920 shares [2] - For the first quarter of 2025, Guoguang Electric reported an operating income of 105 million yuan, a year-on-year decrease of 34.07%, and a net profit attributable to shareholders of 2.12 million yuan, down 92.65% year-on-year [2] Group 3 - Since its A-share listing, Guoguang Electric has distributed a total of 91.72 million yuan in dividends, with 41.73 million yuan distributed in the last three years [3] - As of March 31, 2025, among the top ten circulating shareholders of Guoguang Electric, Hong Kong Central Clearing Limited ranked seventh with 789,300 shares, a decrease of 137,100 shares from the previous period [3] - Huaxia High-end Manufacturing Mixed A (002345) entered the top ten circulating shareholders with 672,500 shares, while Ruiyuan Growth Value Mixed A (007119) exited the list [3]

天眼查商业履历信息显示，成都国光电气股份有限公司，成立于1981年，位于成都市，是一家以从事专 用设备制造业为主的企业。企业注册资本10838.3419万人民币，实缴资本10480万人民币。公司法定代 表人为李泞。 通过天眼查大数据分析，成都国光电气股份有限公司共对外投资了7家企业，参与招投标项目405次，知 识产权方面有商标信息17条，专利信息271条，此外企业还拥有行政许可77个。 来源：金融界 金融界消息 截至2025年8月25日收盘，国光电气（688776）报收于88.41元，上涨5.43%，换手率 5.38%，成交量5.83万手，成交金额5.08亿元。 资金流向方面，今日主力资金净流入1801.04万元，占比成交额3.54%。其中，超大单净流入1575.94万 元、占成交额3.1%，大单净流入225.10万元、占成交额0.44%，中单净流出流出2739.24万元、占成交额 5.39%，小单净流入938.20万元、占成交额1.85%。 国光电气最新一期业绩显示，截至2025一季报，公司营业总收入1.05亿元、同比减少34.07%，归属净利 润211.77万元，同比减少92.65%，扣非净利润179.4 ...

Group 1 - The core point of the article highlights the financing activities of Guoguang Electric, indicating a net sell-off in recent trading days [1] - On August 15, Guoguang Electric had a financing buy amount of 0.16 billion, ranking 1101 in the market, with a financing repayment amount of 0.20 billion, resulting in a net sell of 4.78 million [1] - Over the last three trading days (August 13-15), Guoguang Electric received financing buys of 0.10 billion, 0.17 billion, and 0.16 billion respectively [1] Group 2 - In terms of securities lending, on August 15, there were no shares sold short, but there was a net purchase of 0.0031 million shares [1]

Group 1 - The core viewpoint of the news is that Guoguang Electric (688776) has experienced a decline in stock price and significant decreases in revenue and profit in its latest financial report [1] - As of August 8, 2025, Guoguang Electric's stock closed at 86.22 yuan, down 0.68%, with a turnover rate of 1.3% and a trading volume of 14,100 shares, amounting to 122 million yuan [1] - The company reported total revenue of 105 million yuan for Q1 2025, a year-on-year decrease of 34.07%, and a net profit attributable to shareholders of 2.12 million yuan, down 92.65% year-on-year [1] Group 2 - Guoguang Electric has a current liquidity ratio of 4.503, a quick ratio of 3.941, and a debt-to-asset ratio of 23.44% [1] - The company has made investments in 7 enterprises and participated in 403 bidding projects, with 17 trademark registrations and 270 patents [2] - Guoguang Electric was established in 1981 and is primarily engaged in the manufacturing of specialized equipment, with a registered capital of approximately 1.08 billion yuan [1][2]

Core Viewpoint - The military industry is experiencing significant growth, particularly in the informationization sector, driven by recent developments and government support, indicating a potential turning point for orders by 2025 [4][5]. Group 1: Military Industry Performance - On August 4, the military sector showed strong performance, with companies like Hengyu Communication, Xingtun New Science, and Kesi Technology reaching their daily limit increases [4]. - The report highlighted the successful integration of new technologies in military operations, including drone swarm tactics and unmanned combat modes, which were recently showcased [4]. Group 2: Future Outlook - According to Zhongyou Securities, the military industry is expected to see a turning point in orders by 2025, focusing on new technologies that enhance equipment performance and reduce costs [5]. - The concept of "Big Military" is anticipated to bring market growth and valuation expansion, particularly in low-altitude economy and commercial aerospace sectors during the 14th Five-Year Plan [5].

Group 1 - The stock price of Guoguang Electric (688776) closed at 89.62 yuan, down 1.83% with a turnover rate of 1.62% and a trading volume of 17,600 shares, amounting to 158 million yuan [1] - The latest financial report for Guoguang Electric shows total revenue of 105 million yuan, a year-on-year decrease of 34.07%, and a net profit attributable to shareholders of 2.12 million yuan, down 92.65% year-on-year [1] - The company has a current ratio of 4.503, a quick ratio of 3.941, and a debt-to-asset ratio of 23.44% [1] Group 2 - Guoguang Electric has made investments in 7 companies and participated in 403 bidding projects [2] - The company holds 17 trademark registrations and 270 patents, along with 77 administrative licenses [2]

金融界消息 截至2025年8月1日收盘，国光电气（688776）报收于89.72元，上涨4.33%，换手率4.32%， 成交量4.68万手，成交金额4.15亿元。 资金流向方面，今日主力资金净流入7404.93万元，占比成交额17.83%。其中，超大单净流入3165.92万 元、占成交额7.62%，大单净流入4239.00万元、占成交额10.21%，中单净流出流出1765.18万元、占成 交额4.25%，小单净流出5639.75万元、占成交额13.58%。 国光电气最新一期业绩显示，截至2025一季报，公司营业总收入1.05亿元、同比减少34.07%，归属净利 润211.77万元，同比减少92.65%，扣非净利润179.43万元，同比减少93.65%，流动比率4.503、速动比率 3.941、资产负债率23.44%。 天眼查商业履历信息显示，成都国光电气股份有限公司，成立于1981年，位于成都市，是一家以从事专 用设备制造业为主的企业。企业注册资本10838.3419万人民币，实缴资本10480万人民币。公司法定代 表人为李泞。 通过天眼查大数据分析，成都国光电气股份有限公司共对外投资了7家企业，参与招投标项 ...

Core Insights - The report highlights that nearly all of the over 50 controllable nuclear fusion concept stocks have undergone investor research this year, indicating strong interest in the sector [1] - Several companies have released their performance data for the first half of 2025, with some reporting profit increases while others are facing losses [1] Group 1: Company Research and Performance - Ice Wheel Environment (000811) and Antai Technology (000969) have received over 10 investor research sessions, with Ice Wheel Environment leading with 42 sessions [2] - The total market capitalization of Ice Wheel Environment is 126.66 billion, with a year-to-date increase of 38.05% [2] - Other notable companies include Jiangsu Shentong (002438) with 13 research sessions and a market cap of 69.08 billion, showing a year-to-date increase of 13.13% [2] Group 2: Performance Variability - Companies such as Baoshan Co. (600973) and Yongding Co. (600105) have reported performance increases, while China First Heavy Industries (601106) and others have reported performance losses [1] - The report indicates that the performance of controllable nuclear fusion stocks is varied, with some companies like China Nuclear Power (601985) experiencing a year-to-date decline of 10.35% [2]

Core Viewpoint - The construction of the first commercial controlled nuclear fusion power plant in the U.S. by Helion Energy marks a significant step towards the commercialization of fusion energy, with plans to supply power to Microsoft by 2028 [3][5]. Group 1: Company Developments - Helion Energy has initiated site construction for its controlled nuclear fusion power plant named "Orion" in Chelan County, Washington, which is a crucial milestone for integrating fusion power into the grid [3]. - The company has signed a power purchase agreement with Microsoft to supply 50 MW annually starting in 2028 [5]. - Helion's technology utilizes a magnetic inertial confinement approach, specifically the Field-Reversed Configuration (FRC) method, which is simpler and more cost-effective compared to the Tokamak technology, with construction costs estimated to be only 1/5 to 1/10 of Tokamak systems [5]. Group 2: Industry Context - Other companies in China, such as Hanhai Fusion and Xingneng Xuanguang, are also pursuing similar FRC technology, indicating a growing interest in fusion energy [6]. - A recent industry seminar in Shanghai attracted over 20 companies and nearly 30 financial institutions to discuss the future of controlled nuclear fusion, highlighting its status as a hot topic in the capital market [7]. - Nearly 50 controlled nuclear fusion concept stocks have been actively researched by investors this year, with significant interest in companies like Ice Wheel Environment and Antai Technology, which have received multiple investor inquiries [7]. Group 3: Financial Performance - Several controlled nuclear fusion concept stocks have reported significant earnings growth for the first half of 2025, with Yongding Co. expecting a net profit increase of 731% to 922% year-on-year, primarily due to increased investment income [8]. - Baosheng Co. anticipates a net profit increase of 167.98% to 301.98% for the same period, driven by the market recognition of high-value products [8].