国内外需求向好，全年业绩有望高增 证券研究报告 航天彩虹 (002389 CH) 2025 年 8 月 22 日│中国内地 航空航天 航天彩虹发布半年报，2025 年 H1 实现营收 8.11 亿元（yoy-20.43%），归 母净利 -48.96 万元（ yoy-100.74% ） ， 扣 非 净 利 -1221.74 万 元 （yoy-122.76%）。其中 Q2实现营收 4.96亿元（yoy-10.69%，qoq+57.35%）， 归母净利 3039.52 万元（yoy-52.10%，qoq+198.41%）。无人作战及无人 装备已成为当前国防力量的重点建设方向，其中无人机作为相对成熟的产 品，国内外需求量提升明显。公司作为我国少有的无人机及机载武器供应商， 有望享受到国内无人机批量列装和海外军贸需求高增的双重拉动，无人机产 值有望突破历史新高，维持公司"买入"评级。 交付和确收节奏导致业绩下滑，全年业绩有望实现增长 25H1 公司无人机及相关产品实现收入 3.05 亿元，同比下滑 44.39%，毛利 率为 39.04%，同比减少 1.48pct；技术服务实现收入 1.22 亿元，同比增长 13622. ...

Core Viewpoint - Aerospace Rainbow reported a significant decline in revenue and a shift from profit to loss in the first half of 2025, primarily due to fluctuations in drone delivery schedules, with expectations for a concentrated delivery in the second half of the year [1][2]. Group 1: Financial Performance - In the first half of 2025, Aerospace Rainbow achieved operating revenue of 811 million yuan, a year-on-year decrease of 20.43% [1]. - The net loss attributable to shareholders was 489,600 yuan, a year-on-year decline of 100.74% [1]. - The company's drone business saw a revenue drop, with drone-related products generating 305 million yuan, down 44.39% year-on-year [2]. Group 2: Business Segments - Aerospace Rainbow operates in two main business segments: drones and new materials [2]. - The aerospace product manufacturing segment generated 427 million yuan in revenue, a decrease of 22.28% year-on-year [2]. - The new materials segment reported revenue of 361 million yuan, down 17.82% year-on-year, affected by industry supply-demand dynamics [4]. Group 3: Market Outlook - The company anticipates a market turnaround in the second half of the year, with improved demand conditions and a focus on meeting user needs [3]. - Aerospace Rainbow has developed several high-altitude fixed-wing drones, including the Rainbow-3, Rainbow-4, and Rainbow-5, and is also working on a tilt-rotor drone system [3]. Group 4: Low-altitude Economy Initiatives - The company is focusing on low-altitude economy applications, utilizing drones like CH-3 and CH-4 for logistics and other critical technologies [5]. - Aerospace Rainbow has achieved industrialization in aerial exploration and emergency mapping, leading in these fields [5]. - The company is also involved in establishing standards and testing systems for low-altitude flight services [6].

Group 1 - The board of directors of Aerospace Rainbow Drone Co., Ltd. held its 28th meeting on August 21, 2025, via communication voting, with all 9 directors participating [1] - The meeting's agenda included the approval of the company's 2025 semi-annual report summary, which will be published on August 22, 2025 [1][2] - The board approved a proposal to apply for a credit limit of 530 million yuan from Aerospace Technology Finance Co., Ltd. for working capital loans and other financial services, with a one-year term [2] Group 2 - The board agreed to revise the company's articles of association, which will be submitted for shareholder approval [3] - The board confirmed that the company has complied with regulations regarding the use of raised funds, with no violations reported [3] - The board nominated candidates for the seventh board of directors, including both non-independent and independent directors, to be voted on at the upcoming shareholder meeting [4] Group 3 - The company plans to hold its second extraordinary general meeting of 2025 on September 9, 2025 [4] - The resumes of the nominated candidates for the seventh board of directors were provided, detailing their qualifications and previous positions [5][6][7][8][9][10][11][12][13]

Meeting Details - The sixth session of the Supervisory Board of Aerospace Rainbow Drone Co., Ltd. was held on August 21, 2025, via communication voting, with all three supervisors participating [1] - The meeting was chaired by Hu Wei, and the procedures complied with relevant laws and regulations [1] Supervisory Board Resolutions - The Supervisory Board reviewed and approved the 2025 Half-Year Report and its summary, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1] - The board agreed to submit the proposal for the credit limit application and guarantee for subsidiaries to the shareholders' meeting due to insufficient voting supervisors [2] Financial Matters - The company applied for a comprehensive credit limit of 530 million yuan from Aerospace Technology Finance Co., Ltd. and proposed to provide guarantees for subsidiaries up to the same amount [2] - The Supervisory Board confirmed that the report on the use of raised funds for the first half of 2025 complies with legal regulations and accurately reflects the situation [3]

（文章来源：每日经济新闻） 航天彩虹（SZ 002389，收盘价：25.74元）8月21日晚间发布公告称，截至本公告披露日，公司对子公 司担保余额约为1.3亿元。 2025年1至6月份，航天彩虹的营业收入构成为：航空航天产品制造占比52.61%，电子元器件制品占比 44.49%，其他业务占比2.91%。 ...

（文章来源：每日经济新闻） 航天彩虹（SZ 002389，收盘价：25.74元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收 入约8.11亿元，同比减少20.43%；归属于上市公司股东的净利润亏损约49万元。 ...

每经AI快讯，航天彩虹（SZ 002389，收盘价：25.74元）8月21日晚间发布公告称，公司第六届第二十 八次董事会会议于2025年8月21日以通讯表决方式召开。会议审议《<2025年半年度报告>及其摘要》等 文件。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 （记者 胡玲） 2025年1至6月份，航天彩虹的营业收入构成为：航空航天产品制造占比52.61%，电子元器件制品占比 44.49%，其他业务占比2.91%。 截至发稿，航天彩虹市值为255亿元。 ...

格隆汇8月21日丨航天彩虹(002389.SZ)公布2025年半年度报告，上半年公司实现营业收入8.11亿元，同 比下降20.43%；归属于上市公司股东的净利润-48.96万元，同比盈转亏；归属于上市公司股东的扣除非 经常性损益的净利润-1221.74万元；基本每股收益0.00元。 ...

Group 1 - The company announced the approval of a proposal to apply for a credit limit of 530 million yuan from Aerospace Technology Finance Co., primarily for working capital loans and related financial services [1] - The credit limit application is part of a related party transaction, as the actual controller of the company is also the actual controller of the finance company [1] - The company has a total credit limit of up to 1.02 billion yuan for 2024, with an actual usage of 209 million yuan and a maximum usage of 433 million yuan as of the end of 2024 [1] Group 2 - Aerospace Finance Co. has a registered capital of 650 million yuan and maintains a good operational status with competitive loan pricing [2] - The company will provide a guarantee of up to 530 million yuan for its wholly-owned subsidiary, Rainbow Drone Technology Co., with a guarantee period of one year [2] - As of the announcement date, the company has a guarantee balance of 129.79 million yuan for its subsidiary, with no overdue guarantees [2]

在公司对外担保方面，截至2025年6月30日，公司实际担保余额为12978.59万元，占公司2025年6月30日 未经审计净资产的1.63%。这些担保均是对合并报表范围内子公司提供的担保，不存在为控股股东及其 关联方提供担保的情况。公司在对外担保时风险控制意识较强，审批程序符合相关规定要求，不存在损 害股东利益的情形。这一公告体现了航天彩虹在公司治理方面的规范性，无论是在防范关联方资金占用 还是对外担保管理方面，都遵循相关规定，保障了公司及股东的利益。 8月21日，航天彩虹无人机股份有限公司发布公告，其独立董事对控股股东及其他关联方占用公司资 金、公司对外担保情况作出专项说明和独立意见。 在控股股东及关联方资金占用方面，2025年1月至6月，公司控股股东及其他关联方未发生经营性占用公 司资金的情形，之前也不存在延续到该报告期的违规占用资金情况，公司与关联方的资金往来均为正常 的经营性往来。 ...