Market Overview - The military electronics sector increased by 1.21% on September 8, with Guoguang Electric leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Top Gainers in Military Electronics - Guoguang Electric (688776) closed at 87.36, up 16.67% with a trading volume of 93,600 shares and a transaction value of 778 million [1] - Huali Chuangtong (300045) closed at 24.86, up 7.81% with a trading volume of 800,100 shares and a transaction value of 1.926 billion [1] - Xice Testing (301306) closed at 56.40, up 4.54% with a trading volume of 38,000 shares and a transaction value of 211 million [1] Other Notable Performers - Shanghai Jianxun (300762) closed at 25.62, up 4.49% with a trading volume of 437,500 shares and a transaction value of 1.104 billion [1] - Shaanxi Huada (301517) closed at 47.20, up 4.29% with a trading volume of 56,200 shares and a transaction value of 261 million [1] - Beidou Xingtong (002151) closed at 30.51, up 4.13% with a trading volume of 226,000 shares and a transaction value of 677 million [1] Market Capital Flow - The military electronics sector experienced a net outflow of 530 million from institutional investors, while retail investors saw a net inflow of 166 million [2] - Speculative funds had a net inflow of 363 million into the sector [2] Individual Stock Capital Flow - Huali Chuangtong had a net inflow of 98.2 million from institutional investors, but a net outflow of 84.8 million from retail investors [3] - Guoguang Electric saw a net inflow of 61.96 million from institutional investors, with a net outflow of 11.62 million from retail investors [3] - Xice Testing had a net inflow of 20.5 million from institutional investors, with a net outflow of 1.79 million from retail investors [3]

Group 1 - The concept of controllable nuclear fusion has gained strength in the afternoon, with Guoguang Electric rising over 10% and Hezhuan Intelligent approaching the daily limit [1] - Other companies such as Jingye Intelligent, Dongfang Tantalum, Wangzi New Materials, and Rongfa Nuclear Power also experienced gains [1] - Recently, China Fusion Energy Co., Ltd. has added new shareholders including China National Petroleum Group Kunlun Capital, China Nuclear Power, and Zhejiang Energy Power, increasing its registered capital from approximately 3.531 billion RMB to 15 billion RMB, a growth of about 325% [1]

（文章来源：证券日报） 证券日报网讯国光电气9月5日在互动平台回答投资者提问时表示，公司目前经营运作正常，不存在退市 情形。股价表现受宏观经济、行业环境及市场情绪等多重因素影响。 ...

Group 1 - The company will hold a half-year performance briefing on September 9, 2025, from 16:00 to 17:00 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions from September 2 to September 8, 2025, through the Roadshow Center website or via the company's email [2][5] Group 2 - The company aims to provide a comprehensive understanding of its half-year operating results and financial status during the briefing [2][3] - The board of directors, including the chairman and other key executives, will be present to address investor inquiries [4][5] - After the briefing, investors can access the main content and details of the event through the Roadshow Center [5]

Group 1 - The company Guoguang Electric announced that it will hold a half-year performance briefing on September 9, 2025 [1]

会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 02 日（星期二）至 09 月 08 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tzzgx@chinaguoguang.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 成都国光电气股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 09 日（星期二）16:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：688776 证券简称：国光电气 公告编号：2025-035 成都国光电气股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及除李泞先生之外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、准确性和完整性依法承 担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 09 日 ...

Investment Rating - The investment rating for Guoguang Electric (688776) is "Buy" (maintained) [1] Core Views - Guoguang Electric continues to deepen its focus on microwave devices and nuclear industrial equipment, while increasing R&D investment [1][8] - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to delays in project execution and price reductions in microwave devices [8] - Despite the challenges, the company maintains a stable financial structure and continues to invest in technology and product development [8] Financial Summary - Total revenue for 2025 is projected to be 958.09 million yuan, with a year-on-year growth of 78.52% [1] - The net profit attributable to shareholders is expected to reach 123.42 million yuan in 2025, reflecting a year-on-year increase of 162.30% [1] - The latest diluted EPS is forecasted to be 1.14 yuan per share for 2025, with a P/E ratio of 74.67 [1] - The company’s total assets as of June 2025 are estimated at 245.30 billion yuan, with a debt ratio of approximately 25% [8] - The gross profit margin has decreased from about 34.60% to 24.11% due to revenue decline and fixed cost increases [8] - R&D expenses are projected to be 1.16 billion yuan, accounting for 5.04% of revenue [8]

Core Insights - The controlled nuclear fusion technology landscape is diversifying, with significant developments in magnetic confinement, Z-pinch, and FRC technologies [1][2] - Current nuclear fusion projects are primarily funded by public capital, while planned projects are increasingly driven by private investment, indicating a shift towards a more varied technological approach [2] - Major tech companies like Google, Amazon, and Microsoft are actively investing in nuclear fusion companies, highlighting the growing interest and competition in the global fusion race [1][2] Group 1: Technological Developments - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [3] - The performance of Tokamak devices is significantly influenced by the strength of the toroidal magnetic field, with a theoretical increase in fusion power by an order of magnitude for every 1.8 times increase in magnetic field strength [3] - The emergence of new fusion companies utilizing high-temperature superconducting solutions, such as CFS and TokamakEnergy, indicates a shift in technological capabilities [3] Group 2: Investment and Market Dynamics - The domestic Z-pinch hybrid reactor is anticipated to accelerate its development, with significant private capital interest in FRC devices [4] - Helion's FRC device has seen substantial funding, totaling approximately $96 million from 2021 to the first half of 2025, indicating strong investor confidence [4] - The potential for commercial nuclear fusion plants could lead to annual investments reaching several hundred billion yuan if successful [2] Group 3: Industry Growth and Opportunities - The controlled nuclear fusion industry is entering a rapid incubation phase, moving towards commercialization [5] - Increased technological advancements and funding are driving the industry forward, creating investment opportunities in upstream equipment and materials [6] - Key beneficiaries of this growth include companies involved in superconducting materials, vacuum chambers, power systems, and detection equipment [6]

Core Viewpoint - Guoguang Electric (688776) reported disappointing financial results for the first half of 2025, with significant declines in revenue and profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 231 million yuan, a decrease of 34.21% year-on-year [1]. - The net profit attributable to shareholders was -12.25 million yuan, down 124.06% from the previous year [1]. - In Q2 2025, total revenue was 126 million yuan, also down 34.32% year-on-year, with a net profit of -14.37 million yuan, a decline of 164.93% [1]. - The gross margin fell to 24.11%, a decrease of 30.2% year-on-year, while the net margin was -5.31%, down 136.57% [1]. - The total of selling, administrative, and financial expenses reached 37.25 million yuan, accounting for 16.14% of total revenue, an increase of 84.69% year-on-year [1]. Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 1.71%, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 7.73%, suggesting average investment returns [3]. - The company's net profit margin for the previous year was 8.77%, indicating average added value from products or services [3]. Business Model and Operations - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors [3]. - Despite the challenges, the company reported that all production and operational activities are proceeding normally, with stable interactions with customers and no significant disruptions in business operations [5]. Shareholder Information - The largest fund holding Guoguang Electric shares is the Huaxia High-end Manufacturing Mixed A fund, which has increased its holdings [4]. - The fund's current scale is 899 million yuan, with a recent net value of 1.482, reflecting a 0.4% decline from the previous trading day but a 43.91% increase over the past year [4].

Meeting Overview - The second meeting of the ninth Supervisory Board of Chengdu Guoguang Electric Co., Ltd. was held on August 28, 2025, with all three supervisors present [1] - The meeting was chaired by Mr. Zeng Chen and complied with relevant laws and regulations as well as the company's articles of association [1] Resolutions Passed - The Supervisory Board unanimously approved the 2025 semi-annual report, confirming that its preparation and review processes met legal and regulatory requirements [1] - The report accurately reflects the company's financial status and operational results for the reporting period, with no false statements or omissions [1] Fund Management Report - The Supervisory Board also approved the special report on the management and actual use of raised funds for the first half of 2025, confirming compliance with relevant regulations [2] - The company ensured that raised funds were stored in dedicated accounts and used for specified purposes, with timely information disclosure and no misuse of funds [2]