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 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Sichuan Jiuzhou, indicating a significant decline in revenue and profit in the first quarter of 2025 compared to the previous year [1][2] - Sichuan Jiuzhou's stock closed at 15.87 yuan, down 1.61%, with a rolling PE ratio of 90.28 times, and a total market value of 16.232 billion yuan [1] - The company ranks 80th in the home appliance industry, which has an average PE ratio of 21.66 times and a median of 25.98 times [1][2] Group 2 - In the first quarter of 2025, the company reported an operating income of 813 million yuan, a year-on-year decrease of 8.16%, and a net profit of 21.856 million yuan, down 40.11% year-on-year, with a gross profit margin of 17.94% [2] - The company specializes in smart terminals, air traffic control products, and microwave radio frequency, with key products including ultra-high-definition set-top boxes and AI set-top boxes [1] - Sichuan Jiuzhou has been recognized as a national-level specialized and innovative "little giant" enterprise and a "national high-tech enterprise," and has received accolades as one of the top 100 digital economy enterprises in Sichuan Province [1]

Core Viewpoint - Sichuan Jiuzhou Electric Co., Ltd. has announced its profit distribution plan for the year 2024, which includes a cash dividend of 1.00 yuan per 10 shares, totaling approximately 102.28 million yuan, to be distributed to all shareholders [1][2]. Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on April 29, 2025, with a cash dividend of 1.00 yuan per 10 shares, amounting to a total cash distribution of 102,280,664.60 yuan (including tax) [1]. - No bonus shares will be issued, and the remaining undistributed profits will be carried forward to the next year [1]. Equity Distribution Scheme - The equity distribution scheme is based on the existing total share capital of 1,022,806,646 shares, excluding the 0 shares repurchased [1]. - Different tax rates will apply for individual shareholders based on their holding periods, with specific provisions for Hong Kong investors and domestic investors [1][2]. Key Dates - The record date for the equity distribution is set for June 11, 2025, and the ex-dividend date is June 12, 2025 [2]. Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies on the ex-dividend date [2]. Adjustment of Parameters - The repurchase price ceiling will be adjusted from 26.37 yuan per share to 26.27 yuan per share following the distribution of cash dividends [3].