证券代码：002025 证券简称：航天电器 公告编号：2025-74 贵州航天电器股份有限公司 关于召开 2025 年第五次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2025 年第五次临时股东会 2、股东会的召集人：贵州航天电器股份有限公司董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议召开时间：2025 年 12 月 26 日下午 2:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 12 月 26 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 12 月 26 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 8、 ...

Core Insights - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's commercial space industry, addressing the core issue of insufficient launch capacity [1] - The launch validates the rocket's basic launch capabilities, enabling it to undertake commercial orders [1] - The establishment of the National Commercial Space Administration is expected to optimize management and catalyze growth in the commercial space sector during the 14th Five-Year Plan period [1] Industry Developments - The successful launch is anticipated to accelerate the construction of satellite internet constellations and open new business models such as space tourism and space manufacturing [1] - Several reusable rockets, including Long March 12A and Tianlong 3, are lined up for their maiden flights, indicating a period of intensive validation and potential explosive growth in the industry [1] Market Performance - As of December 4, 2025, the CSI Defense Index (399973) rose by 1.07%, with notable increases in stocks such as Aerospace Electronics (600879) up 8.82% and Yingli Technology (300395) up 4.35% [1] - The National Defense ETF (512670) also saw a rise of 0.91%, reflecting positive market sentiment towards defense-related stocks [1] Index Composition - The CSI Defense Index includes stocks from the top ten military industrial groups and companies that provide weaponry or have contracts with the military, reflecting the overall performance of defense industry stocks [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 44.06% of the total index, with significant players including AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893) [2]

Core Viewpoint - The A-share market's commercial aerospace stocks experienced significant activity, driven by the successful launch of the Zhuque-3 Yao-1 rocket, marking a milestone in China's private aerospace sector [1] Group 1: Market Activity - Commercial aerospace stocks collectively surged, with Longxi Co. hitting the daily limit up, and other stocks like Zhaobiao Co. and Aerospace Hanyu rising over 8% [1] - Notable stock performances include: - Longxi Co. increased by 10% with a market cap of 10.9 billion - Zhaobiao Co. rose by 8.63% with a market cap of 6.583 billion - Aerospace Hanyu gained 8.27% with a market cap of 17 billion [1][1][1] Group 2: Rocket Launch Details - The Zhuque-3 Yao-1 rocket successfully completed its flight mission, achieving a significant milestone as it is the first domestic application of a nine-engine parallel liquid oxygen-methane propulsion system [1] - Despite the failure of the first stage recovery, the successful launch is expected to facilitate the acceleration of satellite networking [1][1] Group 3: Company Insights - Blue Arrow Aerospace, the developer of the Zhuque-3 rocket, initiated guidance for a Sci-Tech Innovation Board listing in July [1] - Zhang Chi, founder of New Ding Capital and investor in Blue Arrow Aerospace, stated that the successful launch would not hinder the company's listing process [1] - The rocket's design is considered one of the leading capabilities in the private commercial aerospace sector [1]

Group 1 - The core point of the article is that Aerospace Electric (002025.SZ) is providing interconnection products, including connectors, to Blue Arrow Aerospace, indicating a business relationship between the two companies [1] Group 2 - Aerospace Electric has confirmed its role as a supplier to Blue Arrow Aerospace through an interaction on its platform [1]

Core Viewpoint - Aerospace Electric's stock price has experienced a decline of 12.97% year-to-date, with significant fluctuations in trading volume and net capital inflow, indicating potential investor concerns and market volatility [1][2]. Company Overview - Aerospace Electric Co., Ltd. was established on December 30, 2001, and listed on July 26, 2004. The company specializes in the research, production, and sales of high-end relays, connectors, micro motors, optoelectronic devices, and cable assemblies [2]. - The revenue composition of Aerospace Electric includes 70.35% from connectors and integrated interconnection products, 22.49% from motors and control components, 3.39% from relays, 1.98% from optical communication devices, and 1.79% from other sources [2]. Financial Performance - For the period from January to September 2025, Aerospace Electric achieved a revenue of 4.349 billion yuan, representing a year-on-year growth of 8.87%. However, the net profit attributable to shareholders decreased by 64.53% to 146 million yuan [2]. - The company has distributed a total of 1.367 billion yuan in dividends since its A-share listing, with 446 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders of Aerospace Electric increased by 4.69% to 23,600, with an average of 19,205 circulating shares per person, a decrease of 4.48% [2]. - Notable institutional shareholders include E Fund Defense Industry Mixed A, holding 17.0872 million shares, and Huaxia Military Industry Safety Mixed A, holding 15.0385 million shares, both of which have increased their holdings compared to the previous period [3].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Core Viewpoint - Aerospace Electric Co., Ltd. has experienced a decline in stock price this year, with a notable drop of 14.61% year-to-date and 23.35% over the past 60 days, despite a recent increase in stock price by 2.00% on November 28 [1][2]. Financial Performance - For the period from January to September 2025, Aerospace Electric reported a revenue of 4.349 billion yuan, representing a year-on-year growth of 8.87%. However, the net profit attributable to shareholders decreased by 64.53% to 146 million yuan [2]. - Cumulatively, the company has distributed 1.367 billion yuan in dividends since its A-share listing, with 446 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 23,600, up by 4.69% from the previous period. The average circulating shares per person decreased by 4.48% to 19,205 shares [2]. - The top ten circulating shareholders include notable funds such as E Fund Defense Industry Mixed A and Huaxia Military Industry Safety Mixed A, which have increased their holdings [3]. Market Activity - On November 28, the stock price reached 41.27 yuan per share, with a trading volume of 258 million yuan and a turnover rate of 1.41%. The total market capitalization stood at 18.795 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on January 15, where it recorded a net buy of -202 million yuan [1].

Market Overview - The military electronics sector experienced a decline of 0.42% on November 27, with LeiKe Defense leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Notable gainers in the military electronics sector included: - Shaanxi Huada (301517) with a closing price of 46.92, up 5.30% and a trading volume of 127,300 shares, totaling 590 million yuan [1] - ST Wanfang (000638) closed at 6.57, up 4.95% with a trading volume of 153,600 shares, totaling 98.70 million yuan [1] - Kesi Technology (688788) closed at 61.50, up 4.04% with a trading volume of 33,000 shares, totaling 202 million yuan [1] - Conversely, significant decliners included: - Fuke Defense (002413) with a closing price of 6.96, down 9.73% and a trading volume of 5.71 million shares, totaling 4.244 billion yuan [2] - Yaguang Technology (300123) closed at 6.60, down 4.07% with a trading volume of 1.0352 million shares, totaling 689 million yuan [2] - Aerospace Development (000547) closed at 12.28, down 3.23% with a trading volume of 4.8398 million shares, totaling 5.813 billion yuan [2] Capital Flow - The military electronics sector saw a net outflow of 946 million yuan from institutional investors, while retail investors contributed a net inflow of 828 million yuan [2] - Key stocks with notable capital flows included: - Shanghai Jianxun (300762) with a net inflow of 22.71 million yuan from institutional investors [3] - Haige Communication (002465) experienced a net outflow of 14.18 million yuan from retail investors [3] - Shaanxi Huada (301517) had a net inflow of 16.44 million yuan from institutional investors [3]

Group 1 - The company has provided certain connectors and relays for the domestically produced large aircraft C919 [1]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]