航天彩虹无人机股份有限公司 2025 年年度报告全文 航天彩虹无人机股份有限公司 2025 年年度报告 二〇二六年三月 1 航天彩虹无人机股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人胡梅晓、主管会计工作负责人孙守云及会计机构负责人（会 计主管人员）龙舒婷声明：保证本年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本报告的董事会会议。 本报告中如有涉及未来的计划等前瞻性陈述，均不构成本公司对任何投 资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风险认 知，并且应当理解计划、预测与承诺之间的差异。公司在本报告第三节"管 理层讨论与分析"之"十一、公司未来发展的展望"部分详细描述了公司经 营可能存在的风险及应对措施。敬请投资者关注相关内容！ 根据国防科技工业局、中国人民银行、中国证券监督管理委员会联合发 布的《军工企业对外融资特殊财务信息披露管理暂行办法》（科工财审 〔2008〕702 号）， ...

目 录 | | | 二、2025 年度营业收入扣除情况表…………………………………… 第 3 页 三、资质证书复印件…………………………………………………第 4—9 页 关于营业收入扣除情况的专项核查意见 天健审〔2026〕1423 号 航天彩虹无人机股份有限公司全体股东： 我们接受委托，审计了航天彩虹无人机股份有限公司（以下简称航天彩虹） 2025 年度财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们核查了后 附的航天彩虹管理层编制的《2025 年度营业收入扣除情况表》（以下简称扣除 情况表）。 一、对报告使用者和使用目的的限定 三、注册会计师的责任 我们的责任是在实施核查工作的基础上对航天彩虹管理层编制的扣除情况 第 1 页 共 9 页 表发表专项核查意见。 四、工作概述 我们的核查是根据中国注册会计师执业准则进行的。中国注册会计师执业准 则要求我们计划和实施核查工作，以对扣除情况表是否不存在重大错报获取合理 保证。在核查过程中，我们实施 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—16 | | 页 | | （一）合并资产负债表…………………………………………… 第 | 7 | 页 | | （二）合并利润表………………………………………………… 第 | 8 | 页 | | （三）合并现金流量表…………………………………………… 第 | 9 | 页 | | （四）合并所有者权益变动表……………………………… 第 10-11 | | 页 | | （五）母公司资产负债表…………………………………………第 | 12 | 页 | | （六）母公司利润表………………………………………………第 | 13 | 页 | | （七）母公司现金流量表…………………………………………第 | 14 | 页 | | （八）母公司所有者权益变动表…………………………… 第 15-16 | | 页 | | | | 四、资质证书复印件……………………………………………第 120—125 页 审 计 报 告 天健审〔202 ...

目 录 | | | 页 页 | | --- | --- | --- | | 一、内部控制审计报告…………………………………………第 二、资质证书复印件……………………………………………第 | 1—2 3—8 | | 内部控制审计报告 天健审〔2026〕1419 号 航天彩虹无人机股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了航天彩虹无人机股份有限公司（以下简称航天彩虹）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是航天 彩虹董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内 ...

目 录 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—5 页 三、资质证书复印件…………………………………………………第 6—11 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2026〕1421 号 航天彩虹无人机股份有限公司全体股东： 我们接受委托，审计了航天彩虹无人机股份有限公司（以下简称航天彩虹） 2025 年度财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后 附的航天彩虹管理层编制的 2025 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供航天彩虹年度报告披露时使用，不得用作任何其他目的。我们同 意将本报告作为航天彩虹年度报告的必备文件，随同其他文件一起报送并对外披 露。 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 为了更好地理解航天彩虹 2025 年度非经营性资金占用及其他关联资金往来 情况， ...

目 录 一、募集资金年度存放、管理与使用情况鉴证报告………………第 1—2 页 二、关于募集资金年度存放、管理与使用情况的专项报告………第 3—5 页 三、附表…………………………………………………………… 第 6—10 页 四、资质证书复印件………………………………………………第 11—16 页 募集资金年度存放、管理与使用情况鉴证报告 天健审〔2026〕1420 号 航天彩虹无人机股份有限公司全体股东： 我们鉴证了后附的航天彩虹无人机股份有限公司（以下简称航天彩虹）管理 层编制的 2025 年度《关于募集资金年度存放、管理与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供航天彩虹报告披露时使用，不得用作任何其他目的。我们同 意将本鉴证报告作为航天彩虹年度报告的必备文件，随同其他文件一起报送并对 外披露。 二、管理层的责任 航天彩虹管理层的责任是提供真实、合法、完整的相关资料，按照《上市公 司募集资金监管规则》（证监会公告〔2025〕10 号）和《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（2025 年修订）》（深证 上〔2025〕480 号）的规定编制《 ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Investment Rating - The report maintains an overweight rating for the defense and military industry, suggesting a positive outlook for the sector [2][24]. Core Views - The defense budget for 2026 is projected to be approximately 1,909.6 billion yuan, reflecting a 7.0% increase from 2025, indicating a sustained growth trend for five consecutive years [2]. - The "14th Five-Year Plan" is progressing steadily, with expectations for improved industry fundamentals in the first half of 2026, driven by a recovery in orders and performance [2]. - The report highlights the emergence of aerospace as a new pillar industry, with accelerated commercialization in the commercial aerospace sector [2]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military industry [2]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.21%, while the CSI Military Leaders Index decreased by 0.15%. In comparison, the Shanghai Composite Index dropped by 0.93% [3]. - The defense and military sector's performance ranked 13th among 31 Shenwan primary industry sectors [3]. - The top five performing stocks in the defense and military sector were China Power (16.74%), Beihua Co. (16.7%), Aerospace Rainbow (14.42%), Hezhong Shizhuang (10.02%), and Aero Engine Corporation of China (7.07%) [3][9]. - Conversely, the bottom five performers included Feilihua (-17.89%), Boyun New Materials (-12.73%), Triangle Defense (-11.04%), Torch Electronics (-10.83%), and Northern Shares (-10.63%) [3][10]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 99.97, placing it in the upper range historically, with a valuation percentile of 77.25% since January 2014 [10]. - The aerospace and aviation equipment sectors are noted to have relatively high PE valuations since 2020 [10][15].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][27]. Core Insights - The defense budget for 2026 is projected to be approximately 1,909.6 billion yuan, reflecting a 7.0% increase from 2025, marking five consecutive years of growth at or above this rate. This increase is expected to enhance industry certainty and improve order trends [4]. - The "14th Five-Year Plan" is progressing steadily, with expectations for the defense industry to enter a new cycle of quality and quantity improvement. The report emphasizes the importance of maintaining a high allocation to the military industry [4]. - The aerospace sector is emerging as a new pillar industry, with accelerated commercialization in commercial aerospace. The government aims to develop new industries, including satellite internet, as part of its strategic initiatives [4]. - The report highlights investment opportunities driven by domestic demand growth and technological advancements in emerging fields, such as intelligent systems, unmanned equipment, and commercial aerospace [4]. Summary by Sections Market Review - Last week, the Shenwan Defense and Military Index fell by 2.21%, while the CSI Military Leaders Index decreased by 0.15%. The overall market indices also experienced declines, with the Shanghai Composite Index down by 0.93% and the CSI 300 down by 1.07% [2][5]. - The defense and military sector's performance ranked 13th among 31 Shenwan primary industry indices [5]. Stock Performance - The top five performing stocks in the defense and military sector last week were China Power (+16.74%), Beihua Co. (+16.70%), Aerospace Rainbow (+14.42%), Hezhong Shizhuang (+10.02%), and Aero Engine Corporation (+7.07%) [5][12]. - Conversely, the bottom five performers included Feilihua (-17.89%), Boyun New Materials (-12.73%), Triangle Defense (-11.04%), Torch Electronics (-10.83%), and Northern Shares (-10.63%) [5][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 99.97, placing it in the upper range historically, with a valuation percentile of 77.25% since January 2014 and 99.25% since January 2019 [12][21]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][18].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The low-altitude economy is gaining momentum with significant policy support, including a joint announcement from five ministries to strengthen the digital infrastructure for low-altitude operations and promote high-quality development of low-altitude insurance [3][10][14] - The report highlights the successful financing activities in the eVTOL sector, with WoFei ChangKong completing nearly 1 billion yuan in a new round of financing, marking the largest single financing in the low-altitude economy at the start of the year [3][27] - The introduction of innovative eVTOL models, such as the world's first 5-ton eVTOL by Fengfei Aviation, is expected to redefine low-altitude transportation efficiency and expand market opportunities [16][17] Summary by Sections Market Performance - In February 2026, the low-altitude economy index increased by 4.56%, outperforming the Shanghai Composite Index by 3.47 percentage points [8][12] Policy Dynamics - A joint document from five ministries emphasizes the need to enhance information communication capabilities to support low-altitude infrastructure development, with specific targets for 5G-A industry supply and low-altitude communication coverage [10][11] - The National Development and Reform Commission and other agencies have set goals for establishing a mandatory insurance system for unmanned aerial vehicles by 2027, aiming to enhance the safety framework for low-altitude operations [14][15] Industry Chain Progress - Fengfei Aviation's V5000 eVTOL has successfully completed its conversion flight, marking a significant milestone in the eVTOL industry and showcasing China's leadership in this technology [16][17] - Yesheng Aviation has become the first company globally to hold three special flight permits for ultra-light eVTOLs, indicating strong progress in regulatory approvals and product development [21][22] Investment and Financing Dynamics - WoFei ChangKong's recent financing round, led by CITIC Capital, is aimed at accelerating the certification process for its AE200 series and expanding its commercial model [27] - Tianling Technology has also secured over 100 million yuan in financing to advance its INFLYNC L600 eVTOL, which is expected to enter commercial operations by 2028 [28] Investment Recommendations - The report suggests focusing on key segments such as complete aircraft, power systems, flight control systems, and low-altitude monitoring, with specific companies highlighted for potential long-term benefits [31]