证券代码：002465 证券简称：海格通信 公告编号：2025-058 号 广州海格通信集团股份有限公司 1 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数（股） | 占总股本 比例（%） | 股数（股） | 占总股本 比例（%） | | 杨海洲 | 合计持有股份 | 31,425,075 | 1.2762% | 27,925,075 | 1.1341% | | | 其中：无限售条件股份 | 31,425,075 | 1.2762% | 27,925,075 | 1.1341% | | | 有限售条件股份 | 0 | 0.00% | 0 | 0.00% | 关于股东股份减持计划实施完成的公告 股东杨海洲先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 广州海格通信集团股份有限公司（以下简称"公司"）于 2025 年 9 月 12 日 在《中国证券报》《证券时报》《证券日报》 ...

2025 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：002465 证券简称：海格通信 公告编号： 2025-057 号 广州海格通信集团股份有限公司 （一）会议召开时间 1、现场会议时间：2025 年 11 月 18 日（星期二）下午 14:30 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 11 月 18 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交 易所互联网投票系统投票的具体时间为：2025 年 11 月 18 日 9:15-15:00 期间的任意时 间。 （二）现场会议地点：广州市高新技术产业开发区科学城海云路 88 号海格通信产 业园模拟器三楼会议中心 （三）会议召开方式：采取现场投票和网络投票相结合的方式召开 （四）召集人：公司董事会 特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、 会议召开情况 广州海格通信集团股份有限公司（以下简称"公司"或"上市 ...

二零二五年十一月 关于广州海格通信集团股份有限公司 2025 年第三次临时股东大会之法律意见 穗天股字（2025）第013号 致：广州海格通信集团股份有限公司 北京市天元（广州）律师事务所 关于广州海格通信集团股份有限公司 2025 年第三次临时股东大会之 法律意见 地址：广东省广州市天河区珠江新城珠江东路 6 号周大福金融中心 33 层 邮编（P.C）：510623 电话（Tel）：020-88835385 传真（Fax）：020-88835385 北京市天元（广州）律师事务所 广州海格通信集团股份有限公司（以下简称"公司"或"海格通信"）2025 年第三次临时股东大会（以下简称"本次股东大会"）采取现场投票与网络投票 相结合的方式，现场会议于 2025 年 11 月 18 日 14 时 30 分在广州市高新技术产 业开发区科学城海云路 88 号海格通信产业园模拟器三楼会议中心召开。北京市 天元（广州）律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参 加本次股东大会现场会议，并根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》" ）、《上 市公 ...

Core Insights - On November 17, Haige Communication's stock rose by 0.51%, with a trading volume of 543 million yuan, indicating active market participation [1] - The company reported a financing buy-in of 52.61 million yuan and a net financing buy-in of 16.65 million yuan on the same day, reflecting strong investor interest [1] - As of November 17, the total financing and securities lending balance for Haige Communication reached 1.852 billion yuan, indicating a high level of leverage [1] Financing Overview - On November 17, Haige Communication had a financing buy-in of 52.61 million yuan, with a financing balance of 1.834 billion yuan, accounting for 6.19% of its market capitalization [1] - The financing balance is above the 70th percentile of the past year, suggesting elevated investor confidence [1] - In terms of securities lending, 14,200 shares were repaid, while 40,800 shares were sold, with a total selling amount of 487,200 yuan, indicating significant short-selling activity [1] Company Performance - As of September 30, Haige Communication had 137,800 shareholders, a decrease of 25.29% from the previous period, while the average number of circulating shares per person increased by 33.86% to 17,986 shares [2] - For the period from January to September 2025, the company reported a revenue of 3.158 billion yuan, a year-on-year decrease of 16.17%, and a net profit attributable to shareholders of -175 million yuan, a significant decline of 194.73% [2] Dividend and Shareholder Structure - Since its A-share listing, Haige Communication has distributed a total of 3.556 billion yuan in dividends, with 867 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included notable ETFs, with the largest being the Fortune CSI Military Industry Leader ETF, holding 44.836 million shares, an increase of 6.6806 million shares from the previous period [3] - Other significant shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with varying changes in their holdings [3]

Core Insights - The report highlights a significant turning point for the defense and military industry in 2025, with a strong recovery in both fundamentals and market performance, indicating a shift from policy expectations to actual performance realization [4][9][11] - The industry is entering a new phase characterized by rigid demand, structural upgrades, and improved financial health, with five core judgments outlined for 2026 [4][6][24] Industry Trends - The defense and military sector saw a cumulative increase of 16.39% in the Shenwan Defense Index by October 31, 2025, closely aligning with the performance of the CSI 300 index but lagging behind the growth-driven ChiNext index [9] - The market experienced a "Q1 bottoming, Q2 recovery, Q3 acceleration, and Q4 consolidation" rhythm, with the driving force shifting from policy expectations to performance realization [9][10] Financial Performance - The industry ended the "increasing revenue without increasing profit" dilemma, with significant improvements in operating cash flow and profitability quality, marking a transition to a new phase of high-quality development [4][24][26] - By November 10, 2025, the PE-TTM (excluding negative values) for the defense sector was approximately 70 times, indicating a structural revaluation rather than a systemic bubble [20][24] Revenue and Profitability - The report indicates a recovery in revenue and profit growth in 2025, with a notable increase in operating cash flow, signaling a turnaround from previous years of negative cash flow [24][31] - The industry experienced a significant rebound in profitability, with a 17.29% year-on-year increase in net profit attributable to shareholders in Q3 2025, reflecting effective cost control and improved operational efficiency [26][31] Investment Focus - The investment strategy focuses on four main lines: the main battle equipment supply chain from a military trade perspective, advanced combat capabilities, military-civilian integration sectors, and reform and asset securitization [4][6][26] - Key companies to watch include AVIC Shenyang Aircraft Corporation, China Aerospace Science and Technology Corporation, and others involved in military trade and advanced combat technologies [4][6][26]

Core Insights - The low-altitude economy infrastructure projects are rapidly moving from policy planning to project implementation, with multiple regions announcing tenders for key areas such as take-off and landing sites, communication navigation, and digital platform construction [1][2] Group 1: Regional Developments - Shenzhen's Yantian District has publicly tendered a low-altitude economic infrastructure project with an estimated value of 78.27 million yuan [2] - Hefei Guoxian Holdings has announced a tender plan for the first phase of low-altitude economic infrastructure projects, aiming to establish a regional low-altitude flight management and service guarantee system [2] - Qingdao has laid out 181 fixed and temporary helicopter landing points, 26 drone service stations, and 56 fully automated airports [3] - Shenzhen plans to establish 1,000 take-off and landing sites within the year, while Guangxi aims to build over 300 such facilities by 2026 [3] Group 2: Corporate Participation - Guangzhou Haige Communication Group announced plans to raise 800 million yuan through equity financing to focus on unmanned and low-altitude economic businesses [4] - Jifeng San Nong Technology Service Co., Ltd. plans to invest 50 million yuan to establish a wholly-owned subsidiary for low-altitude industry investment and operations in North China [4] - Zhongke Xingtou Co., Ltd. won a bid for a low-altitude economic digital infrastructure project in Hanzhong City for 295 million yuan, aiming to integrate low-altitude economy with smart city innovations [5]

Group 1 - Tencent responded to rumors about a 15% fee agreement with Apple for mini-games, stating that their relationship is strong and progress is optimistic [2] - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, aiming to compete with ChatGPT and leveraging its Qwen model [3] - Baidu's founder, Li Yanhong, highlighted the transition of AI technology from "intelligent emergence" to "effect emergence," emphasizing the practical applications and value creation in the AI industry [4] Group 2 - Didi announced a strategic partnership with the Abu Dhabi Investment Office to expand its autonomous driving operations in the Middle East [5] - Xiaomi and Tencent have partnered to enable developers to distribute AI agents through Xiaomi's app store, enhancing accessibility for users [6] - Apple clarified its recent restrictions on authorized dealers in China, aimed at preventing unauthorized sales across regions [7] Group 3 - Yuzhu Technology launched a comprehensive training solution for humanoid robots, featuring a high-performance robot and data collection tools [8] - Alibaba Cloud's Baolian announced a price reduction for its Tongyi Qianwen 3-Max model, effective November 13, 2025 [9] - China has completed the first phase of 6G technology trials, establishing over 300 key technology reserves [10] Group 4 - Qualcomm introduced its first industrial-grade PC processor, the Longwing IQ-X series, designed for smart manufacturing applications [12] - Moer Thread plans to go public on the STAR Market, with an initial public offering of 70 million shares [13][14] - Muxi Integrated Circuit's IPO registration has been approved, focusing on high-performance GPU chips and AI applications [15] Group 5 - Haige Communication's subsidiary plans to raise up to 800 million yuan by introducing strategic investors to support its business development [17] - Daming City announced plans to acquire a 19.43% stake in Baicai Bang for 694 million yuan, focusing on 4G/5G/6G communication solutions [18] - Tencent reported a 15% year-on-year revenue increase to 192.87 billion yuan in Q3 2025, with net profit rising 18% to 70.55 billion yuan [19] Group 6 - SMIC reported a 9.9% year-on-year revenue increase to 17.162 billion yuan in Q3 2025, with a net profit growth of 43.1% [20] - JD Group's Q3 revenue reached 299.1 billion yuan, a 14.9% increase, with new business revenue growing 214% year-on-year [22] - Baidu launched its upgraded multi-modal AI assistant, Super Baidu, enhancing its capabilities in visual understanding and reasoning [23] Group 7 - DJI released the Osmo Action 6, its first action camera with a variable aperture, designed for improved performance in various lighting conditions [24]

Monetary Policy and Financial Data - As of the end of October 2025, M2 balance reached 335.13 trillion yuan, with a year-on-year growth of 8.2% [1] - M1 balance stood at 112 trillion yuan, reflecting a year-on-year increase of 6.2% [1] - The total social financing stock was 437.72 trillion yuan, growing by 8.5% year-on-year [1] - The balance of loans to the real economy in RMB was 267.01 trillion yuan, up 6.3% year-on-year [1] Regulatory Developments - The Financial Regulatory Bureau is set to release a revised "Commercial Bank Mergers and Acquisitions Loan Management Measures" to support mergers and transformations, including for tech enterprises [4] Corporate News - Moore Threads plans to issue 70 million shares, accounting for 14.89% of total post-issue shares, with initial pricing on November 19 and subscription on November 24 [5] - SMIC reported Q3 net profit of 1.517 billion yuan, a 43.1% increase year-on-year, with revenue of 17.162 billion yuan, up 9.9% [6] - Dahua City intends to acquire a 19.43% stake in Baicai Bang for 694 million yuan, focusing on 6G and satellite internet [8] - Lide Man plans to purchase 70% of Xiansheng Xiangrui for 1.733 billion yuan, entering the bioproducts sector [10] - Higer Communication's subsidiary aims to raise up to 800 million yuan to enhance investment in unmanned and low-altitude economy [14]

Core Viewpoint - The company has approved a plan for its wholly-owned subsidiary, Guangzhou Haige Tianteng Industrial Development Co., Ltd., to raise capital through public listing and introduce strategic investors, with a maximum capital increase amount of 800 million RMB [2][6]. Group 1: Meeting and Decision - The sixth board meeting of the company was held on November 13, 2025, where all nine directors participated in the voting, resulting in unanimous approval for the capital increase proposal [1][3]. - The decision-making process complied with the relevant provisions of the Company Law and the Articles of Association [1]. Group 2: Capital Increase Details - The capital increase will be conducted through the Guangzhou Property Rights Exchange, with the final transaction details remaining uncertain [6][12]. - The maximum amount for the capital increase is set at 800 million RMB, and the new investors will hold no more than 43.44% of the subsidiary's equity after the increase [6][12]. Group 3: Financial and Operational Impact - The subsidiary, Tianteng Industrial, is crucial for the company's industrial base construction and the capital increase is aimed at meeting its operational funding needs, enhancing competitiveness, and accelerating development in the unmanned and low-altitude economy sectors [15]. - The company will maintain its controlling stake in Tianteng Industrial post-capital increase, ensuring no significant adverse impact on its operations [15]. Group 4: Company and Subsidiary Information - Tianteng Industrial was established on February 18, 2022, with a registered capital of 900 million RMB and is located in Guangzhou [8]. - The company currently holds 100% equity in Tianteng Industrial, which will remain within the consolidated financial statements after the capital increase [9][7].

11月13日，海格通信（002465）公告，公司全资子公司广州海格天腾产业发展有限公司（简称"天腾产 业"）拟通过公开挂牌方式增资扩股引入战略投资者。本次增资金额不超过8亿元，增资完成后，引入投 资者持有天腾产业的股权比例不超过43.44%。 腾产业财务情况，图片来源：公告 据悉，天腾信息产业基地坐落于广州市增城区，宗地面积19.8万平方米，计容总建筑面积为43万平方 米。该项目是国内首个集"研发、智造、测试、仿真训练"为一体的覆盖陆域、空域、水域等多领域的无 人信息与低空经济产业基地。 截至今年9月初，天腾信息产业基地项目进展顺利，三区主体结构完工，无人车跑道、无人机测试区已 建成启用，整体预计可投入使用日期为2026年底。 资料显示，海格通信的业务主要覆盖"无线通信、北斗导航、航空航天、数智生态"四大领域。公司控股 股东广州数字科技集团，是国家创新型企业、国企改革"双百行动"企业和全国电子信息百强企业、广州 市首家国有资本投资公司。 据公告，上述交易完成后，海格通信仍为天腾产业的控股股东。天腾产业仍属于公司合并报表范围内控 股子公司，不会改变公司合并报表范围。 资料显示，天腾产业成立于2022年2月，注册 ...