贵州航天电器股份有限公司 第八届监事会第十次会议决议公告 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、误导性陈述或者重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）第八届监事会第十次会议 通知于 2025 年 10 月 23 日以书面、电子邮件方式发出，2025 年 10 月 28 日上午 11:00 在公司三楼会议室以通讯表决方式召开。会议由监事会主席蔡景元先生主 持，会议应出席监事 3 人，亲自出席监事 3 人，本次会议召集、召开程序符合《公 司法》、《公司章程》的规定，本次会议审议通过以下议案： 证券代码：002025 证券简称：航天电器 公告编号：2025-63 一、以 3 票同意、0 票反对、0 票弃权的表决结果审议通过公司《2025 年第 三季度报告》 全体监事认为：董事会编制和审核贵州航天电器股份有限公司 2025 年第三 季度报告的程序符合法律、行政法规的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 二、以 3 票同意、0 票反对、0 票弃权的表决结果审议通过公司《关于计提 2025 年第三季度资产减值准 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-61 贵州航天电器股份有限公司 第八届董事会 2025 年第十一次临时会议决议公告 贵州航天电器股份有限公司董事会 2025 年 10 月 30 日 一、以 9 票同意、0 票反对、0 票弃权的表决结果审议通过公司《2025 年第 三季度报告》 本公司 2025 年第三季度报告将在 2025 年 10 月 30 日通过《证券时报》《中 国证券报》和巨潮资讯网向全体股东和社会公众披露。 二、以 9 票同意、0 票反对、0 票弃权的表决结果审议通过《关于计提 2025 年第三季度资产减值准备的议案》 公司根据《企业会计准则》和相关会计政策计提资产减值准备，符合公司实 际情况，计提资产减值准备后，能够更客观、公允地反映公司截至 2025 年 9 月 30 日财务状况、资产价值及经营成果。经审议，董事会同意公司本次计提资产 减值准备事项。 公司计提资产减值准备的相关情况，请投资者阅读公司 2025 年 10 月 30 日 刊登在《证券时报》《中国证券报》和巨潮资讯网上的《贵州航天电器股份有限 公司关于计提 2025 年第三季度资产减值准备的公告》。 备查 ...

Core Viewpoint - The company reported significant growth in Q3 revenue and net profit, while the year-to-date performance shows a decline in net profit despite revenue growth [1] Financial Performance - Q3 revenue reached 1.414 billion yuan, representing a year-on-year increase of 31.73% [1] - Q3 net profit was 59.3486 million yuan, showing a year-on-year growth of 122.54% [1] - Year-to-date revenue for the first three quarters was 4.349 billion yuan, reflecting a year-on-year increase of 8.87% [1] - Year-to-date net profit for the first three quarters was 146 million yuan, indicating a year-on-year decline of 64.53% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥1,414,027,032.42, representing a 31.73% increase year-over-year[5] - Net profit attributable to shareholders was ¥59,348,642.54, a significant increase of 122.54% compared to the same period last year[5] - The basic earnings per share (EPS) was ¥0.13, up 116.67% year-over-year[5] - The company's operating profit for the period was ¥178,344,309.94, a decrease of 64.30% compared to the same period last year[12] - The total profit for the period was ¥172,473,717.52, down 65.56% year-over-year[12] - The net profit attributable to the parent company's shareholders was ¥146,043,841.26, a decline of 64.53% compared to the same period last year[12] - Net profit for the period was ¥179,412,112.36, a decrease from ¥466,691,044.12, indicating a decline of approximately 61.7% year-over-year[22] - Basic earnings per share decreased to ¥0.32 from ¥0.90, showing a decline of approximately 64.4% year-over-year[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,103,456,081.34, reflecting a 1.32% increase from the end of the previous year[5] - Total assets increased to ¥12,103,456,081.34 from ¥11,945,827,218.84, reflecting a growth of approximately 1.3%[20] - Total liabilities rose to ¥4,584,382,561.43, up from ¥4,442,707,676.67, indicating an increase of about 3.2%[20] - Non-current assets totaled ¥2,136,998,960.98, compared to ¥2,114,082,524.40, representing an increase of approximately 1.1%[20] - The total equity attributable to shareholders increased to ¥6,509,544,630.41 from ¥6,463,033,200.78, reflecting a growth of approximately 0.7%[20] Cash Flow - Cash flow from operating activities showed a net outflow of ¥799,995,815.41, a decrease of 67.77% year-to-date[5] - The net cash flow from operating activities for the reporting period was -¥799,995,815.41, a decrease of 67.77% compared to the same period last year, primarily due to increased procurement costs to ensure timely product delivery despite an 8.87% year-on-year revenue growth[13] - The net cash flow from financing activities for the reporting period was -¥264,806,536.42, a decline of 65.93% year-on-year, mainly due to the repurchase of 1,444,268 shares of restricted stock and increased rental payments[13] - The net cash flow from operating activities was -$799,995,815.41, compared to -$476,830,457.14 in the previous period, indicating a decline in operational cash flow[24] - Total cash inflow from operating activities amounted to $3,891,913,213.50, while cash outflow was $4,691,909,028.91, resulting in a net cash outflow of $799,995,815.41[24] - Cash flow from investment activities showed a net outflow of -$267,540,131.27, compared to -$213,236,054.87 in the previous period[24] - The net cash flow from financing activities was -$264,806,536.42, a decrease from -$159,592,549.70 in the prior period[24] - The total cash and cash equivalents at the end of the period were $1,345,608,223.74, down from $2,517,240,222.76 in the previous period[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,632, with no preferred shareholders regaining voting rights[15] - The largest shareholder, Aerospace Jiangnan Group Co., Ltd., holds 37.36% of the shares, totaling 170,164,760 shares[15] Inventory and Receivables - The company's inventory increased by 33.84% to ¥2,476,927,646.96, driven by a rise in orders and extended customer acceptance periods[9] - Accounts receivable increased from ¥3,575,223,736.48 to ¥5,065,436,737.13 during the reporting period[18] - Inventory rose significantly from ¥1,850,644,958.24 to ¥2,476,927,646.96, indicating a potential buildup of stock[18] - The total current assets at the end of the reporting period amounted to ¥9,966,457,120.36, compared to ¥9,831,744,694.44 at the beginning[18] Other Information - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[16] - There are no significant new strategies or product developments mentioned in the current report[17] - The company did not conduct an audit for the third quarter financial report[25]

Core Insights - The military electronics sector experienced a 0.62% increase on October 28, with Aerospace Development leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Aerospace Development (000547) saw a closing price of 8.84, with a significant increase of 9.95% and a trading volume of 1.61 million shares [1] - Other notable gainers included *ST WanFang (000638) with a 4.98% increase, and Ruichuang Micro-Nano (688002) with a 4.20% increase [1] - Conversely, Huafeng Technology (688629) experienced a decline of 9.17%, with a trading volume of 316,400 shares and a transaction amount of 2.607 billion [2] Capital Flow - The military electronics sector saw a net outflow of 98.6033 million from institutional investors, while retail investors contributed a net inflow of 343 million [2] - The capital flow data indicates that Aerospace Development had a net inflow of 5.05 billion from institutional investors, while it faced a net outflow of 2.77 billion from speculative funds [3] - Other companies like Zhonghang Chengfei (302132) and Taimeng Technology (600590) also showed mixed capital flows, with significant outflows from speculative and retail investors [3]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Group 1 - China's reusable rocket technology is making significant breakthroughs, with the successful static fire test of the Zhuque-3 rocket, which is designed for large satellite constellation networking [1] - The Zhuque-3 rocket is a large-capacity, low-cost, reusable liquid launch vehicle made from stainless steel, indicating advancements in material use for space technology [1] - The country aims to enhance its reusable rocket capabilities, with multiple rockets, including Zhuque-3 and Tianlong-3, set for maiden flights or tests this year [1] Group 2 - The commercial space industry in China is entering a recovery phase, with a projected increase in rocket launch demand due to the "Hundred Arrows, Thousand Stars" plan, which anticipates nearly 2,500 satellite launches by 2035 [2] - The industry is experiencing a policy boost, with Shandong province aiming for an annual production capacity of 100 rockets and 150 commercial satellites by 2027, targeting a market size of 50 billion yuan [1] Group 3 - A total of 67 stocks in the A-share market are involved in the commercial space industry, with 16 stocks receiving ratings from five or more institutions, indicating strong institutional interest [3] - Companies like Zhimin Da and Narui Radar are expected to see significant profit growth, with projected increases in net profit exceeding 100% for several firms [3][4] - Dragonfly Co. has seen a remarkable increase in northbound capital holdings, with a 1,085.7% increase in shares held, reflecting strong investor interest in the commercial aerospace sector [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry in China [5] Core Viewpoints - The military trade market in China is continuously expanding, with significant developments such as Indonesia's procurement of the J-10 fighter jet, indicating a rapid growth in the military trade market scale [11] - The "Qianfan Constellation" satellite network has resumed operations after a 7-month hiatus, with the recent launch of 18 satellites, suggesting an acceleration in low-orbit satellite deployment [12] - The current market conditions show stabilization in military sector stock prices, with a focus on domestic demand and the upcoming "14th Five-Year Plan" which is expected to clarify new equipment construction plans [16][17] Summary by Sections Investment Suggestions and Targets - The report highlights several investment targets within the military electronics sector, including: - Aerospace Electric (002025, Buy) - Zhonghang Optics (002179, Buy) - Aerospace Electronics (600879, Not Rated) - In the new quality and domain sector, notable mentions include: - Haige Communication (002465, Buy) - New Light Optoelectronics (688011, Increase Holding) - For the engine chain, key targets include: - West Superconducting (688122, Buy) - Huqin Technology (688281, Increase Holding) - In military trade and main equipment, companies like AVIC Shenyang Aircraft (600760, Not Rated) are highlighted [17]

Core Viewpoint - Aerospace Electric has experienced a significant decline in stock price, dropping 3.23% on October 14, with a total decrease of 8.4% over the past four days, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Company Overview - Aerospace Electric Co., Ltd. was established on December 30, 2001, and listed on July 26, 2004. The company is located in Guiyang Economic and Technological Development Zone, Guizhou Province, and specializes in the research, production, and sales of high-end relays, connectors, micro motors, optoelectronic devices, and cable assemblies [1]. - The revenue composition of Aerospace Electric is as follows: connectors and integrated interconnection products account for 70.35%, motor and control components 22.49%, relays 3.39%, optoelectronic devices 1.98%, and others 1.79% [1]. Shareholder Insights - The top circulating shareholder of Aerospace Electric is the Fortune Fund, which increased its holdings in the Fortune CSI Military Industry Leader ETF (512710) by 178.74 thousand shares in the second quarter, now holding a total of 526.9 thousand shares, representing 1.16% of the circulating shares [2]. - The ETF has incurred a floating loss of approximately 8.27 million yuan today and a total floating loss of 22.71 million yuan over the past four days of decline [2]. Fund Performance - The Fortune CSI Military Industry Leader ETF (512710) was established on July 23, 2019, with a current scale of 11.914 billion yuan. Year-to-date, it has achieved a return of 18.38%, ranking 2907 out of 4220 in its category; over the past year, it has returned 23.9%, ranking 2259 out of 3857; and since inception, it has returned 47.11% [2]. - The fund managers, Wang Lele and Niu Zhidong, have a cumulative tenure of 10 years and 10 years and 158 days, respectively, with significant variations in fund performance during their management periods [3]. Top Holdings - The Fortune Military Theme Mixed A Fund (005609) holds 268.13 thousand shares of Aerospace Electric, unchanged from the previous period, representing 3.67% of the fund's net value and ranking as the fourth-largest holding [4]. - This fund has also experienced a floating loss of approximately 4.21 million yuan today and a total floating loss of 11.56 million yuan over the past four days [4]. - The fund was established on March 29, 2018, with a current scale of 3.354 billion yuan, achieving a year-to-date return of 16.35%, ranking 5016 out of 8162, and a one-year return of 20.74%, ranking 4394 out of 8015 [4].

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [6] Core Views - China's military trade market is expected to achieve new breakthroughs, with the successful establishment of a reusable rocket factory accelerating the low-orbit satellite network [2][11] - The procurement of 20 J-10CE fighter jets by Bangladesh for $2.2 billion signifies the growing recognition of Chinese military products and the potential for market expansion [10][15] - The completion of the first reusable rocket factory in Wenchang, Hainan, marks a significant advancement in commercial aerospace infrastructure, paving the way for scalable and reusable rocket development [10][17] Summary by Sections Military Trade Developments - Bangladesh plans to invest $2.2 billion to purchase 20 J-10CE fighter jets, with the total procurement cost including training and logistics expected to reach $2.2 billion [10][15] - The international competitiveness of Chinese military equipment is increasing due to enhanced technology performance and cost-effectiveness, transitioning from a focus on individual product advantages to comprehensive solution capabilities [16] Commercial Aerospace Advancements - The first reusable rocket assembly and testing factory in Wenchang, Hainan, has been completed, which will significantly enhance the production capacity and testing capabilities for reusable rockets [10][17] - The factory is expected to lower launch costs and accelerate the progress of commercial low-orbit satellite networks [17] Current Market Outlook - The military industry has stabilized recently, with a focus on domestic demand and military trade developments as key growth drivers [20] - The report highlights the importance of upstream components and key materials in supporting the lifecycle of various military equipment, indicating potential benefits from demand amplification effects [20] - The report suggests continued optimism for the military sector, with specific investment recommendations for various companies within the industry [10][20]