本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 证券代码：001270 证券简称：*ST铖昌 公告编号：2025-032 浙江铖昌科技股份有限公司 第二届董事会第十二次会议决议公告 一、董事会会议召开情况 浙江铖昌科技股份有限公司（以下简称"公司"）第二届董事会第十二次会议 通知于2025年8月3日以专人和电子邮件的方式送达给各位董事、监事及高级管理 人员。会议于2025年8月13日在公司会议室以现场结合通讯表决方式召开。会议应 出席董事9名，实际出席董事9名（其中罗珊珊女士、白清利先生、王文荣先生、蒋 国良先生、夏成才先生以通讯表决方式出席会议）。公司监事及高级管理人员列席 了会议。本次会议的出席人数、召集、召开程序和议事内容均符合《公司法》和 《公司章程》的规定。会议由董事长罗珊珊女士主持，经与会人员认真审议，形 成如下决议： 二、董事会会议审议情况 1、审议通过了《2025年半年度报告全文及摘要》。 表决情况：9票同意，0票反对，0票弃权。 《浙江铖昌科技股份有限公司2025年半年度报告摘要》详见公司指定信息披 露媒体 《 证 券 时 报 》《 证 券 ...

Core Viewpoint - The commercial aerospace sector is experiencing a surge in stock prices, driven by recent successful satellite launches and a clear growth trajectory in the industry [4][5]. Group 1: Regulatory Issues - Hengxin Oriental (300081) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a significant drop in its stock price by nearly 19% [2]. - The company acknowledged accounting errors in its 2022 annual report and stated that it would cooperate with the CSRC during the investigation [2][3]. Group 2: Commercial Aerospace Growth - The commercial aerospace sector has seen a wave of stock price increases, with multiple companies reaching their daily price limits [4]. - Recent successful satellite launches, including the Long March 12 rocket, have accelerated the development of the satellite internet industry, with significant contracts for future launches [4]. - The average increase in commercial aerospace concept stocks has been nearly 35% this year, outperforming the Shanghai Composite Index [5]. Group 3: High-Growth Stocks - Over 60 stocks in the A-share market are related to commercial aerospace, with five stocks showing cumulative gains exceeding 100% [5]. - Companies like *ST Chengchang (001270) and Zongshen Power (001696) are projected to have net profit growth rates exceeding 20% in the coming years, with some expected to exceed 30% [5]. - Shanghai Huanxun (300762) is a key supplier for satellite communication systems, indicating its involvement in the growing satellite communication market [6].

Group 1 - The core point of the article highlights the recent performance and financial metrics of *ST Chengchang, indicating a decline in stock price and significant revenue growth [1] - As of August 11, 2025, *ST Chengchang's stock closed at 42.56 yuan, down 1.25%, with a turnover rate of 3.8% and a trading volume of 77,300 hands, amounting to a transaction value of 342 million yuan [1] - The latest quarterly report shows total operating revenue of 92.01 million yuan, a year-on-year increase of 365.26%, and a net profit attributable to shareholders of 29.82 million yuan, up 300.06% [1] Group 2 - The company has a current liquidity ratio of 12.526, a quick ratio of 10.141, and a debt-to-asset ratio of 7.76% [1] - Zhejiang Chengchang Technology Co., Ltd. was established in 2010 and is primarily engaged in software and information technology services, with a registered capital of 2.08 billion yuan [1] - The company has made investments in 2 enterprises, participated in 22 bidding projects, and holds 3 trademarks and 42 patents [2]

Group 1 - The satellite navigation sector is experiencing significant activity due to an accelerated satellite launch schedule, with companies like China Satellite and China Satcom seeing notable stock movements [1][2] - The upcoming launch of the "Jili Constellation 04 Group" consisting of 11 satellites aims to provide high-precision positioning and satellite communication support for brands under Geely [2][3] - The GW constellation has increased its launch frequency, with intervals reduced to 3-5 days, indicating a rapid network deployment phase for China's satellite internet [2][4] Group 2 - The total market capitalization of the satellite navigation sector has reached 2.32 trillion yuan, reflecting strong investor interest [3] - Several companies, including Shuo Bei De and Jia Yuan Technology, have seen significant stock price increases, with some hitting the daily limit [3] - The construction and operation of the "Qianfan Constellation" is expected to accelerate, with plans for multiple rocket launches to support its development [3][5] Group 3 - Companies are increasing investments in satellite internet infrastructure, with Guangdian Jiliang planning to invest 344 million yuan in a quality assurance platform [5] - Zhenyou Technology is set to invest 709 million yuan in satellite internet communication product development, focusing on core network systems and satellite terminals [6] - The development of satellite internet technology is expected to create substantial demand, with projections indicating the global space economy could exceed one trillion dollars by 2040 [7]

Group 1 - The core point of the article highlights the financial performance and stock activity of *ST Chengchang, with a reported revenue of 92.01 million yuan and a net profit of 29.82 million yuan for Q1 2025, showing significant year-on-year growth [1] - The stock closed at 39.22 yuan, down 1.93%, with a turnover rate of 1.59% and a trading volume of 32,500 lots, amounting to 129 million yuan [1] - The net outflow of main funds was 15.36 million yuan, accounting for 11.9% of the transaction amount, with large orders showing a net outflow of 16.14 million yuan [1] Group 2 - Zhejiang Chengchang Technology Co., Ltd. was established in 2010 and is primarily engaged in software and information technology services, with a registered capital of approximately 2.08 billion yuan [2] - The company has made investments in 2 enterprises and participated in 22 bidding projects, holding 3 trademark registrations and 42 patents [2]

Core Viewpoint - The military industry is expected to see a turning point in 2025, with military electronics likely to recover first, as indicated by recent performance forecasts showing improved order demand and profitability [3][5]. Group 1: Company Performance - Torch Electronics (603678.SH) is experiencing a positive shift in the electronic components sector, with a forecasted net profit of 240 million, representing a growth of 51.3% [7][11]. - Hongyuan Electronics (603267.SH) anticipates a strong recovery in demand for its core product, high-reliability ceramic capacitors, with a forecasted net profit of 160 million, reflecting a growth of 40.1% [7][11]. - *ST Chengchang (001270.SZ) benefits from a rapid recovery in industry demand, with a forecasted net profit of 60 million, indicating a growth of 287% [7]. Group 2: Market Dynamics - The defense MLCC (Multi-Layer Ceramic Capacitor) market is primarily dominated by Torch Electronics and Hongyuan Electronics, with limited competition due to high qualification barriers and product reliability requirements [8][9]. - The domestic MLCC market is divided into civilian and defense sectors, with the civilian sector being larger and more competitive, while the defense sector remains stable with fewer participants [9]. Group 3: Financial Insights - High-tech infrared imaging company, Gaode Infrared (002414.SZ), is projected to see a significant increase in net profit, with a forecasted lower limit of 130 million, marking a 135-fold increase due to the recovery of delayed product deliveries and new contracts [21][33]. - Gaode Infrared has secured a new contract worth approximately 690 million, which constitutes 25.6% of its 2024 revenue, indicating strong growth potential [34].

Group 1: Shanghai Portway - The company focuses on geotechnical engineering and aims for sustainable growth by seizing domestic and international market opportunities and adhering to technological innovation [1] - In the field of perovskite solar cells, the company has advantages in close cooperation between industry, academia, and research, top talent and patent advantages, differentiated technology routes, full-chain layout, and global support [1] - Perovskite materials offer high conversion efficiency and cost advantages, indicating a broad future market development space [1] - The company provides lightweight, low-cost, high-performance space energy system solutions for satellites and spacecraft, successfully applied in multiple satellites [1] - The theoretical design lifespan of the company's perovskite batteries can reach 20 years, covering the entire lifecycle power demand of satellites and other spacecraft [1] Group 2: *ST Chengchang - The company, as a front-end player in the industry chain, has sensed a significant acceleration in downstream procurement demand, with increased order volume and delivery pace [2] - The star-mounted T/R chips have achieved large-scale application in multiple satellite series, and low-orbit satellite communication chips have entered the stage of mass delivery [2] - Revenue in the airborne sector is growing rapidly, while ground projects are gradually entering mass production [2] - The company has completed the iterative research and development of satellite communication T/R chip solutions and plans for mass delivery, with optimistic market expectations [2] - Through cost reduction and efficiency enhancement measures, the company is confident in maintaining a reasonable gross margin [2] - The company plans to increase R&D investment and optimize supply chain management to ensure timely and high-quality order delivery [2]

Group 1: Financial Performance - The company expects to maintain high growth in revenue and net profit for the first half of 2025, with net profit projected between 48 million and 66 million CNY, and net profit excluding non-recurring gains and losses estimated between 45 million and 63 million CNY, marking a turnaround from losses in the previous year [2][3] - The company anticipates a rebound in gross profit margin compared to the same period last year, supported by cost reduction and efficiency improvement measures [3][6] Group 2: Market Demand and Project Execution - There is a strong recovery in downstream market demand, with significant acceleration in procurement plans and order volumes [3][4] - The company has seen a dual increase in orders and major projects across core business segments, including satellite, airborne, and ground applications, with key projects entering mass delivery phases [3][4] Group 3: Product Development and Innovation - The company has successfully developed low-cost, large-scale applications for its satellite T/R chip series, with high customer recognition and trust [4][5] - Continuous iteration of satellite communication T/R chip solutions is underway, with plans for mass delivery based on customer demand [5][6] Group 4: Strategic Planning and Future Outlook - The company has a detailed annual operational plan aimed at maintaining high growth in revenue and profitability, with a focus on R&D investment and market expansion [6] - Plans include optimizing supply chain management and enhancing production efficiency to ensure timely and high-quality delivery of customer orders [6]

Performance Forecast - The company expects a net profit of 48 million to 66 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a loss of 24.28 million yuan in the same period last year, indicating a growth of 297.67% to 371.80% [1] - The net profit after deducting non-recurring gains and losses is projected to be 45 million to 63 million yuan, compared to a loss of 33.70 million yuan last year, reflecting a growth of 233.54% to 286.96% [1] - Basic earnings per share are expected to be between 0.25 yuan and 0.35 yuan, compared to a loss of 0.1193 yuan per share in the previous year [1] Industry Demand and Business Performance - The industry is experiencing a rapid recovery in demand, with the company benefiting from increased market demand and the steady rise in the penetration of phased array technology across various applications [2] - The company has strengthened its business layout and established solid relationships with customers, leading to significant growth in orders and major projects during the reporting period [2] - The company has successfully achieved high-speed revenue growth in the first quarter of 2025 and has turned losses into profits, supported by effective measures taken to accelerate business development [3] Operational Efficiency and Competitive Advantage - The company has improved research and development efficiency and reduced costs, leading to a higher success rate for pre-research projects and product conversion rates [2] - Increased automation and significant capacity expansion have resulted in scale effects, continuously diluting costs and expenses [2] - The company has developed a new generation of T/R chips with breakthroughs in integration, power optimization, and cost control, enhancing its core technology barriers in phased array radar and satellite communication [2] Future Plans - The company plans to continue aligning with market demands and technological trends, increasing R&D investment, and expanding into emerging application markets [3] - The company aims to optimize supply chain management and deepen automation applications to consolidate and expand its competitive advantages [3] - The company has already planned and implemented capacity layouts to ensure timely and high-quality delivery of customer orders [3]

[Zhejiang Chengchang Technology Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Zhejiang%20Chengchang%20Technology%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) The company anticipates a significant turnaround to profitability in the first half of 2025, driven by strong net profit growth [Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company projects a significant turnaround to profitability in the first half of 2025, with substantial year-on-year growth in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses Key Data from 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period (January 1 - June 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 48.00 million CNY – 66.00 million CNY | Loss: -24.28 million CNY | | Year-on-Year Growth | 297.67% – 371.80% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Profit: 45.00 million CNY – 63.00 million CNY | Loss: -33.70 million CNY | | Year-on-Year Growth | 233.54% – 286.96% | - | | **Basic Earnings Per Share** | Profit: 0.2500 CNY/share – 0.3500 CNY/share | Loss: -0.1193 CNY/share | [Analysis of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The company's turnaround to profitability is primarily attributed to external industry demand recovery and internal operational efficiency improvements - During the reporting period, the company's operating revenue is expected to significantly increase compared to the prior period, with a substantial improvement in operational efficiency, achieving a turnaround to profitability[5](index=5&type=chunk) [External Opportunities: Industry Recovery and Market Expansion](index=1&type=section&id=(I)%20Rapid%20Recovery%20of%20Industry%20Demand%20and%20Significant%20Achievements%20in%20Business%20Layout) The company benefited from warming downstream market demand and increased phased array technology penetration, leading to growth in order backlog and major projects entering mass delivery - Benefiting from the sustained warming and accelerating growth of downstream market demand, and the steady increase in the penetration rate of phased array technology across various application fields[5](index=5&type=chunk) - The company's order backlog and number of major projects have increased, with several key projects in core business areas progressively entering mass delivery as planned[5](index=5&type=chunk) [Internal Drivers: Operational Efficiency and Product Innovation](index=2&type=section&id=(II)%20Sustained%20Improvement%20in%20Operational%20Efficiency%20and%20Product%20Competitiveness) The company effectively reduced costs through improved R&D efficiency and expanded production capacity, while breakthroughs in new generation T/R chips strengthened core technological barriers and overall product competitiveness - Company costs and expenses continue to be diluted through improved R&D efficiency, automation, and economies of scale from capacity expansion[6](index=6&type=chunk) - Breakthroughs in integration, power consumption optimization, and cost control for the new generation T/R chips have strengthened the company's core technological barriers in phased array radar, satellite communication, and other fields[6](index=6&type=chunk) - The company achieved a turnaround to profitability in the first quarter of 2025, and the second quarter is expected to continue the business development momentum, maintaining high-speed growth in revenue and net profit[6](index=6&type=chunk) [Risk Warning and Other Disclosures](index=1&type=section&id=IV.%20Other%20Relevant%20Disclosures) This performance forecast is a preliminary estimate by the finance department, unaudited by an accounting firm, with final data to be disclosed in the 2025 semi-annual report - This performance forecast is unaudited by an accounting firm[4](index=4&type=chunk) - Specific financial data will be detailed in the company's 2025 semi-annual report; investors are advised to exercise caution and be aware of investment risks[8](index=8&type=chunk)