Core Viewpoint - The company has signed a significant contract worth 1,851.42 million yuan, which will positively impact its performance in the first quarter of 2026 and its year-on-year growth rate [1] Group 1 - The contract amount is 1,851.42 million yuan, which represents 69.15% of the company's audited revenue for the fiscal year 2024 [1] - This contract is a follow-up to a previously disclosed important procurement agreement announced on July 15, 2025 [1] - The signing of this contract is expected to have a very positive effect on the company's performance in the first quarter of 2026 [1]

武汉高德微机电与传感工业技术研究院有限公司，成立于2018年，位于武汉市，是一家以从事软件和信 息技术服务业为主的企业。企业注册资本5000万人民币。通过天眼查大数据分析，武汉高德微机电与传 感工业技术研究院有限公司共对外投资了4家企业，参与招投标项目2次，专利信息74条，此外企业还拥 有行政许可32个。 来源：市场资讯 天眼查资料显示，武汉高德红外股份有限公司，成立于2004年，位于武汉市，是一家以从事仪器仪表制 造业为主的企业。企业注册资本427073.6108万人民币。通过天眼查大数据分析，武汉高德红外股份有 限公司共对外投资了17家企业，参与招投标项目788次，财产线索方面有商标信息65条，专利信息368 条，此外企业还拥有行政许可145个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，武汉高德红外股份有限公司取得一项名为"无人机起降平台及无人机机库"的 专利，授权公告号CN116252991B，申请日期为2023年3月。 ...

Summary of Key Points from Conference Call Industry Overview - The military trade market is experiencing long-term demand growth due to increased regional conflicts and geopolitical tensions, which are expected to persist over the next 5-10 years [1][4] - Current geopolitical conflicts include the India-Pakistan, Israel-Palestine, Iran, and Russia-Ukraine situations, as well as recent events in Venezuela, indicating unresolved core issues and ongoing tensions [5] Core Insights and Arguments - The absence of a "world police" due to the U.S. focusing on domestic issues under the Trump 2.0 era is leading to heightened insecurity and more regional conflicts, thus driving military trade demand [3][11] - Europe faces ongoing threats from Russia, necessitating increased military spending and autonomy [5] - In the Middle East, the failure of U.S.-Iran negotiations keeps tensions high, while countries like Japan are significantly increasing military budgets [5] - The U.S. is shifting its strategic focus towards South America, making it a new focal point for military trade [5] China's Military Trade Developments - China has made progress in international military trade orders, with potential agreements emerging from events like the Saudi Housing Exhibition [6] - Reports indicate that China has signed procurement agreements with at least six countries, including Pakistan's expected purchase of the HD-1 hypersonic missile and air defense systems [7] - Companies such as Guorui Technology and Gaode Infrared have reported significant increases in related transactions, reflecting a rise in new orders [7] Investment Opportunities - Investors are encouraged to focus on companies with clear military trade order expectations, such as Guangdong Hongda, Hongdu Aviation, Gaode Infrared, Inner Mongolia First Machinery, and AVIC Chengfei [9] - Companies involved in dual-use technologies, like Ruichuang Weina, Beihua Co., Optoelectronics Co., and Zhongrun Optics, are also highlighted for their strong performance [9] - Strategic recommendations include companies like AVIC Shenyang Aircraft, Guorui Technology, Aerospace Nanhua, and AVIC Xifei, which have long-term growth potential [9] Strategic Military Trade Orders - The cycle for strategic military trade orders is lengthy, with significant performance improvements in listed companies expected over time [10] - Long-term investment strategies should consider the gradual replacement of Russian military trade by Chinese products, particularly high-end aircraft and air defense missiles [10] U.S. Military Strategy Characteristics - The Trump 2.0 era is characterized by increased military spending, reaching historical highs, and a focus on asymmetric warfare, including the establishment of a Space Force [12] - The U.S. is exhibiting a trend of strategic withdrawal, with a reduction in large-scale wars but an increase in regional conflicts [12] Middle East Dynamics - The Middle East is characterized by four power centers: Israel, Iran, Turkey, and Arab states, forming three main camps: anti-U.S., pro-U.S., and reformist [13] - Wealthy Middle Eastern countries like Saudi Arabia, UAE, Qatar, and Algeria have significant military budgets and procurement needs, with Egypt also being a key military purchaser [14] Potential Military Trade Demand - Iran, as a central figure in the anti-U.S. camp, faces unresolved core issues with the U.S., while Turkey serves as a major hub for military equipment exports [15] - Potential new military trade demand in the Middle East is expected to focus on complete systems, while Europe will lean towards midstream needs like electronic components and materials [15]

Group 1: Core Insights - The 2025 Hurun China 500 list highlights the growing strength of non-state enterprises in Hubei, with three companies making the list, showcasing the steady rise of the local private economy [1] - Gaode Infrared, with a market value of 55 billion yuan, ranks first among Hubei companies and has improved its national ranking from 367th to 279th [1] - Gaode Infrared specializes in infrared thermal imaging technology and has broken the long-standing monopoly of Western giants in this field by developing advanced intelligent equipment [1] Group 2: Company Performance - Gaode Infrared expects a net profit of 700 million to 900 million yuan for 2025, driven by significant growth in its civilian product sector and increased demand for infrared chip applications [2] - Filihua, a new entrant on the list with a market value of 39 billion yuan, anticipates a net profit of 412 million to 472 million yuan for 2025, reflecting a year-on-year growth of 31.12% to 50.22% [2] - Chaoying Electronics, also a new addition with a market value of 35 billion yuan, focuses on PCB development and production, benefiting from local supply chain stability [3] Group 3: Industry Trends - The threshold for entering the 500 list has increased by 7.5 billion yuan to 34 billion yuan, marking a 28% rise [4] - The total value of the 500 companies has grown by 21 trillion yuan, a 38% increase, reaching 77 trillion yuan [4] - Semiconductor, media and entertainment, industrial products, and consumer goods sectors account for half of the total value of the Hurun China 500 [4]

Investment Rating - The report maintains a "Buy" rating for the aerospace and military industry, with specific recommendations for several companies [8][42]. Core Viewpoints - The report emphasizes the increasing uncertainty in international security, highlighting opportunities in military trade as countries ramp up defense spending. For instance, the U.S. has approved military sales worth $6.67 billion to Israel and $9 billion to Saudi Arabia, indicating a vibrant military trade market [11][12]. - The report suggests that China's military equipment demand is expected to grow, particularly in new domains and advanced weaponry, aligning with the "14th Five-Year Plan" [13][17]. - The military trade market is anticipated to remain active, with China positioned as a key supplier capable of providing comprehensive solutions [11][12]. Summary by Sections Industry Investment Rating - The aerospace and military industry is rated as "Buy" with a focus on specific companies such as AVIC Shenyang Aircraft Corporation, Guorui Technology, and others [8][42]. Key Companies - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Western Superconducting Technologies (688122 CH) - Guotai Group (603977 CH) - Ruichuang Micro-Nano (688002 CH) - Steel Research and Testing (300797 CH) - Northern Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Rainbow (002389 CH) - Aerospace Intelligent Manufacturing (300446 CH) [3][42]. Market Trends - The report notes a structural shift in military equipment demand, with a focus on new technologies such as unmanned systems and advanced weaponry. The "14th Five-Year Plan" is expected to drive significant growth in these areas [13][15][16]. - The military trade market is projected to grow, with China's market share expected to increase from 5.87% to a more competitive position as global military spending rises [17][18]. Performance Metrics - As of February 6, 2026, the Shenyuan Defense and Military Index has a PE (TTM) of 95.29, indicating a high valuation relative to historical levels [39][40].

Core Viewpoint - The article analyzes the 2025 performance forecasts of 22 domestic listed instrument companies, highlighting the divergence in performance and the impact of various market factors on the industry [2]. Group 1: Industry Overview - The overall operating conditions of the domestic instrument industry are gradually becoming clearer as companies disclose their 2025 performance forecasts [2]. - Among the 22 companies, 11 reported profits while 11 incurred losses; 8 of the profitable companies experienced year-on-year growth, while 3 saw stable or slightly fluctuating profits [2]. - The performance divergence is attributed to factors such as fluctuations in downstream demand, intensified industry competition, policy changes, and global supply chain instability [2]. Group 2: Performance Statistics - The net profit statistics for the listed instrument companies indicate significant growth for several firms, with some achieving over 190% year-on-year increases [3][8]. - Notable performers include: - Aiko Optoelectronics: Net profit of 0.57-0.7 billion, up 262.52-345.20% from 0.1572 billion [3]. - Haineng Technology: Net profit of 0.41-0.44 billion, up 213.65-236.61% from 0.1307 billion [3]. - Wan Yi Technology: Net profit of 0.42-0.62 billion, up 191.52-330.34% from 0.1441 billion [3]. Group 3: Industry Trends - The industry is witnessing increased performance divergence, with a trend towards higher concentration as companies with core technologies and strategic layouts capture more market share [5]. - The ongoing domestic substitution is deepening, with high-end instruments becoming a key growth driver, supported by policy incentives for high-end scientific instruments and equipment upgrades [5]. - Companies focusing on high-end sectors, such as high-end industrial imaging and clinical diagnostics, are expected to benefit from these trends [5]. Group 4: Operational Strategies - Companies facing operational pressures are likely to improve performance by divesting loss-making businesses, optimizing asset structures, and enhancing management of receivables and inventory [6]. - Profit-making companies will continue to pursue refined management practices to consolidate their advantages and enhance risk resilience [6]. Group 5: Performance Categories - Companies achieving profit growth or turning losses into profits are primarily benefiting from asset impairment improvements and business structure optimizations [18]. - The companies in this category include: - Gaode Infrared: Successfully turned around from a loss to a profit [18]. - Xianhe Environmental: Achieved profitability through structural optimization [21]. - Zhengye Technology: Also turned from loss to profit due to similar improvements [22]. Group 6: Challenges Faced - Companies experiencing expanded losses or transitioning from profit to loss share common challenges, including reliance on single business lines and significant asset impairment pressures [30]. - The need for transformation is evident, as some companies are in the process of adjusting their business models, which may not yet yield sufficient revenue to offset declines in traditional business areas [30].

武汉高德微机电与传感工业技术研究院有限公司，成立于2018年，位于武汉市，是一家以从事软件和信 息技术服务业为主的企业。企业注册资本5000万人民币。通过天眼查大数据分析，武汉高德微机电与传 感工业技术研究院有限公司共对外投资了4家企业，参与招投标项目2次，专利信息74条，此外企业还拥 有行政许可32个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，武汉高德红外股份有限公司取得一项名为"一种场景分隔线检测的方法和电 子设备"的专利，授权公告号CN116310801B，申请日期为2023年2月。 天眼查资料显示，武汉高德红外股份有限公司，成立于2004年，位于武汉市，是一家以从事仪器仪表制 造业为主的企业。企业注册资本427073.6108万人民币。通过天眼查大数据分析，武汉高德红外股份有 限公司共对外投资了17家企业，参与招投标项目785次，财产线索方面有商标信息65条，专利信息368 条，此外企业还拥有行政许可145个。 来源：市场资讯 ...

Group 1 - The company has reappointed Xinyong Zhonghe Certified Public Accountants as the auditing firm for the fiscal year 2025, which was approved at the shareholders' meeting on May 20, 2025 [1][2] - The independent review partner for the 2025 financial audit has changed from Li Wenqian to Guo Dongchao due to Li's job change, while the signing auditors remain Wang Boqin and Liang Gongye [2][3] - Guo Dongchao, the new independent review partner, has been a certified public accountant since 1996 and has over 10 listed companies audited in the past three years, with no prior audit services provided to the company in the last five years [3][4] Group 2 - The change in the independent review partner is part of an internal adjustment within Xinyong Zhonghe, and the transition is orderly, ensuring no impact on the company's 2025 financial statements and internal control audit [5]

证券代码：002414 证券简称：高德红外 公告编号：2026-004 武汉高德红外股份有限公司 关于审计机构变更 2025 年度财务报表审计质量复核合伙人的 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。 武汉高德红外股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了 第六届董事会第十次会议，审议通过了《关于续聘会计师事务所的议案》，同意续 聘信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）为公司 2025 年度审计机构。该议案已经 2025 年 5 月 20 日召开的公司 2024 年年度股东大会审 议通过。具体内容详见公司分别于 2025 年 4 月 25 日、2025 年 5 月 21 日在巨潮资 讯网（www.cninfo.com.cn）上披露的公告。 公司于 2026 年 2 月 4 日收到信永中和发来的《关于变更武汉高德红外股份有 限公司 2025 年度财务报表审计质量复核合伙人的函》，现就具体情况公告如下： 一、本次质量复核合伙人变更的基本情况 信永中和作为公司 2025 年度财务审计机构和内部控制审计机 ...

证券日报网讯2月5日，高德红外（002414）在互动平台回答投资者提问时表示，公司最新股东人数将在 定期报告中予以披露。 ...