Core Viewpoint - The recent leadership changes at Sichuan Jiuzhou, including the resignation of Chairman Yang Baoping and the appointment of Gu Yu, may impact the company's strategic direction and investor confidence, especially given the company's significant stock price increase during Yang's tenure [1][2][4]. Group 1: Leadership Changes - Yang Baoping has resigned from his positions as Chairman and Director of Sichuan Jiuzhou due to work relocation, effective July 23 [1]. - Gu Yu has been appointed as the new Chairman of Jiuzhou Group, replacing Yang Baoping, as announced by the Mianyang Municipal Government on July 17 [1][4]. - The company is currently in the process of selecting a new Chairman and adjusting its board committee members [1]. Group 2: Company Performance - Under Yang Baoping's leadership, Sichuan Jiuzhou's stock price increased by 122% within his nearly two-year tenure [2]. - The company reported a 20.29% year-on-year decline in net profit excluding non-recurring items, while receiving government subsidies amounting to 61.34 million yuan [2]. - The company has been benefiting from national policies promoting low-altitude economy development and accelerating the domestic production of air traffic control systems [2]. Group 3: Strategic Initiatives - Yang Baoping was actively involved in promoting the company's strategic transformation and capital operations, including a proposal for a share buyback of 100 million to 200 million yuan [3]. - A meeting was held to discuss the development of the robotics industry, indicating a focus on expanding into new sectors [3].

证券代码：000801 证券简称：四川九洲 公告编号：2025037 四川九洲电器股份有限公司 关于董事长辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 四川九洲电器股份有限公司（以下简称公司）董事会于近日 收到杨保平先生递交的书面辞职报告，因工作调动原因，杨保平 先生申请辞去公司董事长、董事及董事会专门委员会委员职务， 杨保平先生辞职后将不再担任公司及其控股子公司任何职务。 根据《公司法》《公司章程》等有关规定，杨保平先生的辞 职未导致公司董事会成员低于法定人数，不会影响公司董事会的 正常运行，其书面辞职报告自送达公司董事会时生效。公司将根 据有关规定尽快完成董事补选、新任董事长选举、调整董事会专 门委员会委员等相关工作。公司董事会对杨保平先生任职期间对 公司做出的贡献表示衷心的感谢！ 特此公告。 四川九洲电器股份有限公司董事会 2025 年 7 月 24 日 截至本公告披露日，杨保平先生未持有公司股份，不存在应 当履行而未履行的承诺事项。 ...

Core Points - The chairman of Sichuan Jiuzhou, Yang Baoping, has submitted a written resignation due to work relocation [1] - Yang Baoping will no longer hold any positions within the company or its subsidiaries [1] - As of the announcement date, Yang Baoping does not hold any shares in the company and has no outstanding commitments [1] - The resignation will not affect the normal operation of the company's board of directors [1] - The resignation is effective upon delivery to the board of directors [1] - The company will promptly complete the election of a new director and chairman, as well as adjust the members of the board's specialized committees [1]

Core Viewpoint - The collaboration between Zhejiang University Wenzhou Research Institute and Sichuan Jiuzhou Investment Holding Group aims to enhance LED semiconductor lighting technology, particularly its eye-care capabilities, through the application of perovskite quantum dot technology [1][2][5]. Group 1: Collaboration and Agreements - A formal agreement was signed to advance the construction of the academic workstation led by Academician Ye Zhizhen in Mianyang [1]. - The partnership has already facilitated cooperation between the academic team and local enterprises such as Changhong Group and Jiuzhou Group, leading to the application of innovative technologies in products [1][4]. Group 2: Technological Advancements - Current LED lighting technology has a fitting degree of only 0.6-0.7 compared to natural light, while the perovskite quantum dot technology could improve this to 0.8-0.9, positioning it at an internationally leading level [2][3]. - The perovskite quantum dot technology is noted for its low cost, simple synthesis process, and high purity of emitted light, making it increasingly applicable in new display fields [3]. Group 3: Market Potential and Future Plans - The team has been exploring market pathways for the commercialization of perovskite quantum dot technology, emphasizing the need for a conducive ecosystem and innovative atmosphere for successful technology transfer [4][5]. - Future plans include establishing a manufacturing base in Mianyang, which would encompass more stages of technology transfer, application, and manufacturing [6].

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]

Group 1 - The Air Force Logistics Department has suspended Sichuan Jiuzhou Electric Group Co., Ltd. from participating in all military procurement activities due to serious violations, effective from July 8, 2025 [1] - The company is accused of collusion in bidding for military procurement projects, violating relevant laws and principles of fair competition [1] - The decision is based on the "Regulations on the Procurement Management of Military Materials and Engineering Services" and directly involves the company's legal representative and authorized representatives [1] Group 2 - Sichuan Jiuzhou Electric Group Co., Ltd. is located in Mianyang, Sichuan Province, established in 1958, and is a key enterprise in radar systems and air traffic control systems [3] - The company engages in the development, manufacturing, and service of various high-tech products, including digital TV equipment, broadband networks, and satellite navigation systems [3] - It occupies approximately 1.35 million square meters, with total assets of 16.552 billion yuan and net assets of 4.8 billion yuan, employing over 15,000 staff [3]

Core Viewpoint - Sichuan Jiuzhou's microwave and air traffic control products have extensive applications in the military and defense sectors [1] Group 1: Air Traffic Control Products - The company's air traffic control products focus on monitoring, communication, navigation, and information technology, providing equipment and comprehensive solutions [1] - Sichuan Jiuzhou is expanding into the low-altitude economy, which includes low-altitude testing, infrastructure construction, flight safety operation control solutions, and innovative application scenario development [1] Group 2: Microwave and RF Products - The company's microwave and RF products are primarily used in military applications across various industries, including aviation, aerospace, electronics, weaponry, and shipping [1] - These products serve critical functions in communication, radar, electronic countermeasures, and measurement and control [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 四川九洲电器股份有限公司（以下简称公司）分别于 2025 年 4 月 17 日、2025 年 4 月 29 日召开公司第十三届董事会 2025 年 度第三次会议及 2024 年度股东大会，会议审议通过了《关于公 司回购注销部分股份的议案》，同意公司以集中竞价交易方式回 购公司部分股份，回购的股份将依法注销并减少注册资本，回购 资金总额不低于人民币 1亿元（含）且不超过人民币2亿元（含）， 回购股份价格不超过人民币 26.37 元/股（含），未超过董事会 审议通过本次回购方案决议前三十个交易日公司股票交易均价 的 150%。本次回购股份的实施期限为自公司 2024 年度股东大会 审议通过回购股份方案之日起十二个月内，具体回购股份数量、 回购资金总额以回购实施完毕或回购期限届满时实际回购的结 果为准。具体内容详见公司于 2025 年 4 月 19 日和 2025 年 4 月 30 日在《证券时报》、巨潮资讯网上披露的《第十三届董事会 2025 年度第三次会议决议公告》（公告编号：2025022）、《关 于回购公司股份 ...

Group 1 - The company has approved a share repurchase plan with a total fund amount between RMB 100 million and RMB 200 million, with a maximum repurchase price of RMB 26.27 per share [1][2] - The first share repurchase occurred on June 13, 2025, with 221,100 shares repurchased, accounting for 0.02% of the total share capital, at a total cost of RMB 3,371,083 [2] - The repurchase will be funded through self-raised funds and a special loan for share repurchase, complying with the established plan and relevant regulations [2] Group 2 - The company will continue to implement the share repurchase plan based on market conditions and will fulfill information disclosure obligations as required by laws and regulations [2]

证券代码：000801 证券简称：四川九洲 公告编号：2025035 四川九洲电器股份有限公司 关于首次回购公司股份的公告 公司于 2025 年 6 月 13 日首次通过股票回购专用证券账户 以集中竞价方式回购股份，回购股份数量为 221,100 股，占公司 总股本的 0.02%。首次回购股份的最高成交价为 15.25 元/股， 最低成交价为 15.22 元/股，成交总金额为 3,371,083.00 元（不 含交易费用）。本次回购股份资金来源为公司自筹资金及股票回 购专项贷款，回购价格未超过人民币 26.27 元/股（含本数）， 符合既定的回购方案和相关法律法规的要求。 二、其他说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 四川九洲电器股份有限公司（以下简称公司）分别于 2025 年 4 月 17 日、2025 年 4 月 29 日召开公司第十三届董事会 2025 年 度第三次会议及 2024 年度股东大会，会议审议通过了《关于公 司回购注销部分股份的议案》，同意公司以集中竞价交易方式回 购公司部分股份，回购的股份将依法注销并减少注册资本，回购 资金 ...