证券代码：002025 证券简称：航天电器 公告编号：2025-47 一、以 8 票同意、0 票反对、0 票弃权的表决结果通过《关于聘任公司总经 理的议案》 经审议，董事会决定聘任邹作涛先生为公司总经理（简历见附件）。 本议案已经公司董事会提名委员会审议通过。 贵州航天电器股份有限公司 第八届董事会 2025 年第九次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）第八届董事会 2025 年第九 次临时会议通知于 2025 年 6 月 3 日以书面、电子邮件方式发出，2025 年 6 月 7 日 上午 9:00 在公司办公楼三楼会议室以通讯表决方式召开。会议由公司董事长李凌志 先生主持，公司应出席董事 8 人，亲自出席董事 8 人。本次会议召集、召开程序符合 《公司法》、《公司章程》的规定。公司监事、高级管理人员、董事会秘书列席会议。经 与会董事审议，会议形成如下决议： 2025 年第三次临时股东大会会议通知详见公司 2025 年 6 月 10 日刊登在《证 券时报》《中国证券报》和巨潮资讯网上的公 ...

Investment Rating - The report maintains a "Positive" outlook on the Chinese defense and military industry [5] Core Insights - The military trade is expected to become a second growth curve for the industry, with Indonesia considering the procurement of Chinese J-10 fighter jets due to their high performance and cost-effectiveness [27] - The report highlights that the recent geopolitical tensions have increased military spending globally, creating new opportunities for China's military exports [6][27] - The domestic aviation industry is expected to accelerate the development of indigenous engines due to U.S. export restrictions on commercial engines [6] Summary by Sections Market Trends - The defense and military industry index rose by 0.41% during the week, underperforming compared to the Shanghai Composite Index, which increased by 1.13% [10][11] - The defense and military industry ranked 24th out of 31 sectors in terms of weekly performance [13] News and Announcements - Indonesia is evaluating the feasibility of purchasing Chinese J-10 fighter jets to modernize its air force while considering budget constraints [27] - The U.S. has restricted the export of key technologies, which is expected to accelerate the domestic development of aviation engines in China [6] - The report notes that military trade could drive performance in various segments of the supply chain, including core subsystems and components [6] Investment Recommendations - The report suggests focusing on upstream components and key materials, highlighting specific companies such as Zhihua Technology, Aerospace Electric, and Xibu Superconductor for potential investment [6]

Investment Rating - The report rates the defense and military industry as "Overweight" indicating a positive outlook for the sector compared to the overall market performance [5][29]. Core Insights - The military trade system's equipment progress has been officially validated by Pakistan, significantly enhancing the industry's valuation potential and the performance of related listed companies. The report suggests June as the best time to focus on this sector [5]. - The Chinese military trade advancements confirmed by Pakistan mark a milestone event, indicating a shift towards higher-end, higher-value products, thus opening up new market opportunities [5]. - The fundamental changes in the military industry are solidifying the upward trajectory of the sector, with rapid growth expected across all fields, particularly benefiting companies related to consumable weapons [5]. - The normalization of the two major satellite communication constellations is accelerating, with a preliminary completion of global networking expected by 2025, which will drive downstream applications and expand the scale of constellation construction [5]. - The report recommends increasing attention to the military sector, focusing on elastic/theme varieties, including precision-guided weapons, underwater capabilities, and advancements in AI/robotics [5]. Market Review - Last week, the Shenwan Defense and Military Industry Index rose by 0.41%, while the CSI Military Industry Leader Index increased by 0.37%. In comparison, the Shanghai Composite Index rose by 1.13%, and the ChiNext Index increased by 2.32%, indicating that the defense sector underperformed relative to the broader market [6][11]. - The report highlights the top five performing stocks in the defense sector, with North Chemical Co. leading at a 13.22% increase, followed by *ST Xinyan at 12.5% and Chengfei Integration at 11.58% [14]. Valuation Changes - The current PE-TTM for the Shenwan Military Industry Index is 63.85, placing it in the historical mid-range since January 2014, with a valuation percentile of 43.02% since January 2019 [15]. - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the upcoming years [21].

贵州航天电器股份有限公司 证券代码：002025 证券简称：航天电器 公告编号：2025-46 关于 2022 年限制性股票激励计划第一个解除限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示: 1 票激励计划管理办法>的议案》《关于<提请股东大会授权董事会办理限制性股票 激励计划相关事宜>的议案》。同日，公司召开第七届监事会第十次会议，审议通 过了《关于<贵州航天电器股份有限公司 2022 年限制性股票激励计划（草案）及 摘要>的议案》《关于<贵州航天电器股份有限公司 2022 年限制性股票激励计划业 绩考核办法>的议案》《关于<贵州航天电器股份有限公司 2022 年限制性股票激励 计划管理办法>的议案》。 （二）2023 年 3 月 1 日，公司收到中国航天科工集团有限公司转来的国务 院国有资产监督管理委员会《关于贵州航天电器股份有限公司实施限制性股票激 励计划的批复》（国资考分〔2023〕66 号），国务院国资委原则同意公司实施限 制性股票激励计划。2023 年 3 月 2 日，公司披露了《关于 2022 ...

Core Points - The company held its eighth supervisory board meeting on May 26, 2025, to discuss the first unlock period of the 2022 restricted stock incentive plan [1][2] - The meeting approved the resolution regarding the achievement of unlock conditions for 238 incentive participants, allowing them to unlock a total of 1,357,516 shares of restricted stock [2] Summary by Sections Meeting Details - The meeting was convened in accordance with the Company Law and the company's articles of association, with three supervisors present [1] - The meeting was chaired by Mr. Cai Jingyuan, the chairman of the supervisory board [1] Resolution Passed - The resolution regarding the achievement of unlock conditions for the first unlock period of the 2022 restricted stock incentive plan was passed with a unanimous vote of 3 in favor, 0 against, and 0 abstentions [1] - The 238 incentive participants met the performance assessment criteria set forth in the 2022 restricted stock incentive plan, allowing for the unlocking of their shares [1][2] Unlocking Shares - A total of 1,357,516 shares of restricted stock will be unlocked for the eligible participants [2] - The resolution for unlocking shares was authorized by the first extraordinary general meeting of shareholders in 2023, thus not requiring further approval from the shareholders' meeting [2]

Core Viewpoint - The supervisory board of Guizhou Aerospace Electric Co., Ltd. has verified the conditions for the first unlock period of the 2022 restricted stock incentive plan, confirming that the conditions have been met for 238 incentive objects to unlock a total of 1,357,516 shares [1]. Summary by Relevant Sections - The supervisory board ensures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1]. - The company has complied with relevant laws and regulations, including the Company Law and Securities Law, and has the qualifications to implement the stock incentive plan [1]. - The supervisory board has confirmed that the incentive objects meet the conditions set forth in the incentive plan and do not fall under any disqualifying circumstances [1]. - Out of the 239 incentive objects, one did not meet the performance assessment requirements, leading to the repurchase and cancellation of their granted but not yet unlocked shares [1]. - The remaining 238 incentive objects achieved a performance assessment rating of competent or above, allowing for a 100% unlock ratio for the current period [1].

证券代码：002025 证券简称：航天电器 公告编号：2025-44 贵州航天电器股份有限公司 关于 2022 年限制性股票激励计划第一个解除限售期 解除限售条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示: 1、公司 2022 年限制性股票激励计划第一个解除限售期解除限售条件已经 成就，本次符合解除限售条件的激励对象共计 238 人，可解除限售的限制性股票 数量为 1,357,516 股，占公司当前总股本的 0.2971%； 2、本次限制性股票解除限售尚需在相关部门办理解除限售手续，在手续办 理完成后上市流通前，公司将发布相关提示性公告，敬请投资者注意。 贵州航天电器股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日召开 第八届董事会 2025 年第八次临时会议和第八届监事会第八次会议，审议通过了 《关于 2022 年限制性股票激励计划第一个解除限售期解除限售条件成就的议 案》。本议案事项已获得 2023 年第一次临时股东大会授权，无需提交公司股东大 会审议。现将有关情况公告如下: 一、激励计划已履行的决策程序和信息披 ...

北京市中伦律师事务所 关于贵州航天电器股份有限公司 2022 年限制性股票激励计划第一期解锁相关事项的 法律意见书 二〇二五年五月 北京市中伦律师事务所 关于贵州航天电器股份有限公司 2022 年限制性股票激励计划第一期解锁相关事项的 法律意见书 致：贵州航天电器股份有限公司 根据贵州航天电器股份有限公司（简称"公司"）与北京市中伦律师事务所 （简称"本所"）签订的《法律顾问聘用合同》的约定及受本所指派，本所律师 作为公司 2022 年限制性股票激励计划（以下简称"本计划"或"本次股权激励 计划"）相关事宜的专项法律顾问，就本次股权激励计划第一期解锁（以下简称 "本期解锁"）的相关事宜出具本法律意见书。 为出具本法律意见书，本所律师审阅了《贵州航天电器股份有限公司 2022 年限制性股票激励计划（草案修订稿）》（以下简称"《激励计划》"）、《贵州航天 电器股份有限公司 2022 年限制性股票激励计划业绩考核办法》（以下简称"《业 绩考核办法》"）、公司相关董事会和监事会会议文件、公司书面说明以及本所律 师认为需要审查的其他文件。 为出具本法律意见书，本所律师根据有关法律、法规、规范性文件的规定， 本着审慎性及 ...

证券代码：002025 公司简称：航天电器 上海荣正企业咨询服务（集团）股份有限公司 关于 贵州航天电器股份有限公司 2022 年限制性股票激励计划第一个解除限售期 解除限售条件成就事项 之 独立财务顾问报告 2025 年 5 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本激励计划的授权与批准 | 6 | | 五、独立财务顾问意见 | 9 | | 六、备查文件及咨询方式 | 13 | 一、释义 | 航天电器、公司 | 指 | 贵州航天电器股份有限公司 | | --- | --- | --- | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 独立财务顾问报告 | 指 | 上海荣正企业咨询服务（集团）股份有限公司关于贵州航天电 | | | | 器股份有限公司 2022 年限制性股票激励计划第一个解除限售期 | | | | 解除限售条件成就事项之独立财务顾问报告 | | 激励计划 | 指 | 贵州航天电器股份有限公司 2022 年限制性股票激励计划 | | 限制性股票、标的 | | 公司根据本激励计划规定 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-45 贵州航天电器股份有限公司监事会 关于 2022 年限制性股票激励计划第一个解除限售期 解除限售条件成就的核查意见 本公司及监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、误导性陈述或重大遗漏。 （1）经济责任审计等结果表明未有效履职或者严重失职、渎职的； （2）违反国家有关法律法规、上市公司章程规定的； （3）在任职期间，有受贿索贿、贪污盗窃、泄露上市公司商业和 技术秘密、实施关联交易损害上市公司利益、声誉和对上市公司形象 1 贵州航天电器股份有限公司（以下简称"公司"）监事会根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下 简称"《管理办法》"）等法律、法规和规范性文件及《公司章程》的有 关规定，对公司 2022 年限制性股票激励计划（以下简称"《激励计划》"、 "本激励计划"）第一个解除限售期解除限售条件成就相关事项进行核 查，发表核查意见如下： 1、公司符合《管理办法》及《贵州航天电器股份有限公司 2022 年限制性股票 ...