关于召开 2025 年第三次临时股东会的通知 根据航天彩虹无人机股份有限公司（以下简称"公司"）第七届 董事会第三次会议决议，定于2025年11月24日召开公司2025年第三 次临时股东会。本次股东会采取现场投票与网络投票相结合的方式进 行，现将有关具体情况通知如下： 证券代码：002389 证券简称：航天彩虹 公告编号：2025-049 航天彩虹无人机股份有限公司 一、召开会议的基本情况 1.股东会届次：2025 年第三次临时股东会 2.股东会召集人：董事会 本公司及董事会全体成员保证信息披露的内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 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）现场会议时间：2025 年 11 月 24 日（星期一）下午 14:00 开始； （2）网络投票时间：通过深圳证券交易所系统进行网络投票的 具体时间为2025年11 月24日9:15-9:25，9:30-11: ...

第七届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 航天彩虹无人机股份有限公司（以下简称"公司"）第七届董事会第 三次会议（以下简称"会议"）于 2025 年 11 月 7 日以通讯表决方式召开。 会议通知已于 2025 年 11 月 3 日以书面、邮件和电话方式发出。本次会议 应参加表决董事 9 名，实际参加表决董事 9 名。公司董事长胡梅晓先生主 持本次会议，公司部分高级管理人员列席本次会议。会议的召集、召开程 序符合相关法律、法规、规范性文件及《公司章程》的规定，合法有效。 二、董事会会议审议表决情况 航天彩虹无人机股份有限公司 1、以 9 票同意，0 票反对，0 票弃权，审议通过了《关于对台州南 洋科技新材料产业园三宗土地及地上建筑物产权转让的议案》。 证券代码：002389 证券简称：航天彩虹 公告编号：2025-047 同意公司以不低于北京天健兴业资产评估有限公司出具的评估报告 中所确定标的资产评估值 40,751.30 万元为底价（评估基准日为 2025 年 9 月 30 日），通过在上海联合产 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 26.80 yuan [4][7]. Core Views - The company has shown significant improvement in revenue for Q3 2025, indicating a turning point in performance, with a year-on-year revenue increase of 162.5% and a quarter-on-quarter increase of 43.6% [1][2]. - The report highlights a substantial growth in contract liabilities, which increased by 145.5% to 0.85 billion yuan, indicating proactive inventory management in anticipation of demand recovery [3]. - The company is expected to benefit from both domestic and international demand, particularly in the military trade sector, which is projected to enter a substantial upcycle over the next two years [2]. Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 1.523 billion yuan, a year-on-year increase of 18.02%, while the net profit attributable to shareholders was 6.06 million yuan [1]. - The projected net profits for 2025, 2026, and 2027 are estimated at 268 million yuan, 379 million yuan, and 457 million yuan, respectively, with growth rates of 204%, 41.5%, and 20.6% [4][10]. - The company’s gross margin for Q3 2025 was reported at 16.1%, down 3.8 percentage points year-on-year, while the gross margin for the first three quarters of 2025 was 19.9%, down 3.9 percentage points year-on-year [1].

Core Viewpoint - Aerospace Rainbow's stock price has shown a mixed performance in recent months, with a year-to-date increase of 25.07% but a decline of 13.36% over the past 60 days, indicating volatility in investor sentiment and market conditions [1][2]. Group 1: Stock Performance - As of October 28, Aerospace Rainbow's stock price rose by 2.04% to 22.50 CNY per share, with a trading volume of 310 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 22.161 billion CNY [1]. - The stock has experienced a net inflow of 21.2811 million CNY from main funds, with large orders accounting for 24.37% of total purchases [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on September 3, where it recorded a net buy of -40.9472 million CNY [1]. Group 2: Company Overview - Aerospace Rainbow, established on November 30, 2001, and listed on April 13, 2010, is based in Beijing and Taizhou, focusing on unmanned aerial vehicle products and related services, as well as manufacturing capacitors, solar cell back materials, optical films, and lithium-ion battery separators [2]. - The company's main revenue sources include unmanned aerial vehicles and related products (37.59%), back materials and insulation materials (23.85%), optical films (20.64%), technical services (15.02%), and others (2.91%) [2]. - As of October 10, 2025, the number of shareholders decreased by 2.00% to 122,300, with an average of 8,054 circulating shares per person, an increase of 2.04% [2]. Group 3: Financial Performance - For the period from January to September 2025, Aerospace Rainbow reported a revenue of 1.523 billion CNY, reflecting a year-on-year growth of 18.02%, while the net profit attributable to shareholders was 6.062 million CNY, a decrease of 1.67% [2]. - The company has distributed a total of 464 million CNY in dividends since its A-share listing, with 178 million CNY distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders included the Guotai CSI Military Industry ETF, which reduced its holdings by 1.3034 million shares, while the Hong Kong Central Clearing Limited became a new shareholder with 668,830 shares [3].

Investment Rating - The report provides a strong recommendation for several companies in the military industry, indicating a positive outlook for their stock performance [9]. Core Insights - The recent Fourth Plenary Session of the 20th Central Committee emphasized new goals for national defense capabilities, including the enhancement of "national defense strength" and "international influence" [21]. - The report highlights the aerospace sector as a key focus area for military investment, particularly in the context of the newly stated goal of becoming a "space power" [21]. - Upcoming quarterly reports are expected to show a turning point in industry performance, with several companies already reporting significant year-on-year revenue and profit growth [24]. Industry Overview - The military industry consists of 118 listed companies with a total market capitalization of 2,092.9 billion and a circulating market value of 1,736.7 billion [4]. - The SW National Defense and Military Industry Index has shown a performance increase of 16.47% year-to-date, although it has underperformed compared to the CSI 300 Index by 1.97% [12][20]. - The industry is currently valued at a PE (TTM) of 85.77 times, with a five-year percentile of 78.63% [20]. Key Events - The Fourth Plenary Session concluded with new national defense goals, including a focus on high-quality military modernization and the integration of advanced combat capabilities [21]. - The report notes that the aerospace equipment sector has been particularly responsive to the recent policy announcements, showing strong performance [16][21]. Performance Summary - The report identifies several companies with notable performance, including North Navigation with a revenue increase of 210% and a net profit increase of 268.8% [25]. - The top-performing stocks in the military sector include North Shares (+25.20%) and Feili Hua (+17.92%) [19].

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [2] Financial Performance - The company achieved a revenue of 711,921,839.67 yuan in the third quarter of 2025, representing a year-on-year growth of 162.48% [2] - The net profit attributable to shareholders of the listed company was 6,551,633.10 yuan, which reflects a year-on-year increase of 110.95% [2]

Core Insights - The company reported a revenue of 1.523 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.02% [1] - The net profit attributable to shareholders of the listed company was 6.062 million yuan, showing a decline of 1.67% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 5.3989 million yuan [1]

Core Viewpoint - Aerospace Rainbow (002389.SZ) reported a year-on-year increase in revenue for the first three quarters, but net profit showed a slight decline, indicating mixed financial performance [1] Financial Performance - The company achieved an operating revenue of 1.52 billion yuan for the first three quarters, representing a year-on-year growth of 18.02% [1] - The net profit attributable to shareholders was 6.06 million yuan, reflecting a year-on-year decrease of 1.67% [1] - The company reported a non-recurring net loss of 5.40 million yuan [1]

Core Viewpoint - The company currently has sufficient production capacity to meet its existing order levels and will adhere to regulatory requirements for information disclosure regarding production and delivery [1] Group 1 - The company is currently able to cover its existing order levels with its production capacity [1] - The company will strictly follow regulatory requirements for information disclosure regarding production and delivery [1] - Investors are advised to refer to the company's announcements for specific production and delivery details [1]

Core Viewpoint - The company is focused on enhancing the competitiveness of its drone products while addressing design aesthetics to attract more users [1] Group 1: Company Strategy - The company adheres to the principle of "function first, quality foremost" in its drone research and development [1] - There is a systematic push towards upgrading the industrial design system to optimize product design [1] - Future product iterations will integrate aesthetic design with engineering practices while ensuring technical specifications and reliability [1]