Group 1 - The core viewpoint of the article is that Galaxy Electronics has clarified its smart special equipment business, which includes various technological products [1] Group 2 - The smart special equipment business encompasses technology support equipment, intelligent power distribution systems, comprehensive electronic information systems, and integrated environmental control systems [1]

Core Viewpoint - Galaxy Electronics' subsidiary, Hefei Tongzhi Electromechanical Control Technology Co., Ltd., is facing criminal charges for alleged bribery, which adds to the company's existing financial troubles and regulatory issues [1][4]. Group 1: Company Issues - The subsidiary, Tongzhi Electromechanical, has been banned from participating in military equipment procurement for 36 months due to previous violations [1]. - Galaxy Electronics reported a net loss of approximately 685 million yuan for 2024, a decrease of 466.46% year-on-year, primarily due to the impact of contract price audits on its subsidiary [4]. - The company has received a qualified audit opinion from its auditor, indicating ongoing investigations into its financial practices [4]. Group 2: Financial Impact - As of the end of last year, Tongzhi Electromechanical has submitted contract price refunds totaling 367 million yuan, with 220 million yuan in bank structured deposits being restricted [4]. - Galaxy Electronics expects a net loss of between 26 million and 32 million yuan for the first half of 2025, attributing this to reduced new orders and delayed revenue recognition [5]. - The company has adjusted its 2024 revenue by approximately 518 million yuan due to the aforementioned issues, including tax adjustments and impairment provisions [5].

公司全资子公司合肥同智机电控制技术有限公司（以下简称"同智机电"） 于近日收到某法院送达的某检察院提起的《起诉书》，对同智机电原法定代表人 张红及同智机电涉嫌单位行贿提起刑事诉讼。公司将密切关注后续进展，及时履 行信息披露义务。 本案尚未开庭审理，暂时无法准确估计本次诉讼对公司本期利润或后期利润 的影响，最终实际影响需以法院判决为准。截至本公告日，公司及控股子公司无 应披露而未披露的其他重大诉讼、仲裁事项。 公司郑重提醒广大投资者:公司目前指定的信息披露媒体为《证券时报》、《上 海 证 券 报 》、《 中 国 证 券 报 》、《 证 券 日 报 》、 和 巨 潮 资 讯 (http://www.cninfo.com.cn)，公司所有信息均以在上述指定媒体刊登的信息为 准，请广大投资者理性投资，注意风险。 特此公告。 江苏银河电子股份有限公司董事会 2025 年 7 月 21 日 证券代码：002519 证券简称：银河电子 公告编号：2025-024 江苏银河电子股份有限公司 关于子公司重大事项的公告 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。 ...

银河电子：涉嫌单位行贿 子公司同智机电及其原法人被提起刑事诉讼 智通财经7月21日电，银河电子(002519.SZ)公告称，公司全资子公司合肥同智机电控制技术有限公司收 到某法院送达的某检察院提起的《起诉书》，对同智机电原法定代表人张红及同智机电涉嫌单位行贿提 起刑事诉讼。本案尚未开庭审理，暂时无法准确估计本次诉讼对公司本期利润或后期利润的影响，最终 实际影响需以法院判决为准。公司及控股子公司无其他重大诉讼、仲裁事项。 ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an increase in focus on military investments [4][5]. Core Insights - The military trade supply and demand are strongly resonating, creating a new industry landscape, with expectations for continuous progress [5]. - The military industry is entering an upward cycle, driven by domestic demand from military construction, particularly in the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" equipment [5]. - The global geopolitical changes are expanding military trade demand, with China's military products gaining recognition, leading to a strong resonance between supply and demand in military trade [5]. - The growth cycle in the military sector is expected to enhance industry valuations, with a recognition of "technological equity" in military advancements [5]. - Recommendations include increasing attention to military investments, focusing on next-generation equipment and precision-guided weapons, which are expected to see initial growth by 2025 [5]. Market Review - Last week, the Shenwan Defense and Military Index rose by 2.26%, while the CSI Military Leaders Index increased by 3.68%, outperforming the Shanghai Composite Index, which rose by 0.69% [6][4]. - The top five performing stocks in the defense and military sector were Beihua Co. (23.37%), Yingliu Co. (20.37%), Feilihua (15.98%), AVIC Shenyang Aircraft (12.78%), and Aerospace Power (11.37%) [6][13]. - The bottom five performing stocks included Changchun Yidong (-9.36%), Rongfa Nuclear Power (-6.6%), Rainbow Co. (-6.14%), Guorui Technology (-5.02%), and Galaxy Electronics (-4.66%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan Military Sector is 83.84, placing it in the upper range historically, with a valuation percentile of 71.57% since January 2014 [14]. - Valuations are slightly differentiated among sub-sectors, with aerospace and aviation equipment at a relatively high valuation since 2020 [14][19]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like AVIC Shenyang Aircraft, AVIC Chengfei, and others, with projected net profits and PE ratios for the coming years [21].

Company Performance - As of July 18, 2025, Galaxy Electronics (002519) closed at 5.12 CNY, down 0.39% with a turnover rate of 2.17% and a trading volume of 242,900 hands, amounting to 124 million CNY [1] - The latest quarterly report shows total revenue of 87.80 million CNY, a year-on-year decrease of 69.10%, and a net profit attributable to shareholders of 16.29 million CNY, down 117.33% year-on-year [1] - The company's non-recurring net profit was 20.62 million CNY, reflecting a year-on-year decrease of 173.83% [1] - Financial ratios include a current ratio of 3.603, a quick ratio of 2.580, and a debt-to-asset ratio of 31.17% [1] Capital Flow - On the trading day, the net outflow of main funds was 11.32 million CNY, accounting for 9.12% of the trading volume [1] - The outflow from large orders was 6.36 million CNY, representing 5.12% of the trading volume, while the outflow from extra-large orders was 4.96 million CNY, or 3.99% of the trading volume [1] - Small orders saw a net inflow of 11.10 million CNY, which is 8.94% of the trading volume [1] Company Background - Galaxy Electronics, established in 2000 and located in Suzhou, primarily engages in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 1.126 billion CNY and a paid-in capital of 44 million CNY [1] - The legal representative of the company is Wu Jianming [1] Investment and Intellectual Property - Galaxy Electronics has invested in 24 companies and participated in 246 bidding projects [2] - The company holds 18 trademark registrations and 334 patents, along with 31 administrative licenses [2]

Core Viewpoint - Jiangsu Galaxy Electronics Co., Ltd. has announced the release and re-pledging of shares held by its controlling shareholder, Galaxy Electronics Group, indicating ongoing financial maneuvers within the company [1][2]. Group 1: Share Pledge Details - The controlling shareholder, Galaxy Electronics Group, has released 14,000,000 shares from pledge, which accounts for 5.73% of its holdings and 1.24% of the total share capital of the company [1]. - The re-pledged shares are part of a financial strategy, with the pledge starting on January 19, 2022, and set to end on July 14, 2025 [1]. - As of the announcement date, Galaxy Electronics Group has a total of 244,184,601 shares pledged, representing 21.68% of its holdings, with 116,500,000 shares being newly pledged [2]. Group 2: Financial Implications - The repayment of the pledged shares is expected to be sourced from the controlling shareholder's self-raised funds, including operational income, bank credit, and investment returns [2]. - The company asserts that the changes in share pledging will not adversely affect its production, operations, or governance [2]. Group 3: Documentation - The company has provided documentation from the China Securities Depository and Clearing Corporation regarding the release of the share pledge [3].

证券代码：002519 证券简称：银河电子 公告编号：2025-023 江苏银河电子股份有限公司（以下简称"公司"）于近日接到本公司控股股 东银河电子集团投资有限公司（以下简称"银河电子集团"）的通知，获悉其所 持有本公司的部分股份解除质押及再质押，具体事项如下： 一、股东股份解除质押及再质押基本情况 2、本次股份质押基本情况 | 股东 | 是否为控 股股东或 | 本次质押数 | 占其所 | 占公 司总 | 是否为 | 是否为 | 质押起始 | 质押到期 | | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | 量（股） | 持股份 | 股本 | 限售股 | 补充质 | 日 | 日 | 质权人 | 途 | | | 东及其一 致行动人 | | 比例 | 比例 | | 押 | | | | | | | | | | | | | | | 江苏张 | | | 银河 | 为公司控 | | | | | | 2025年7月 | 2028 年 7 | 家港农 村商业 | 自身流 | | 电子 | 股股东 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a significant net loss for H1 2025, with net profit attributable to shareholders expected to decline by 119.13% to 123.55% year-over-year 2025 Half-Year Performance Forecast | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Loss: RMB 26 million – RMB 32 million** | **Profit: RMB 135.88 million** | | | YoY Decline: 119.13% - 123.55% | | | **Net Profit Excluding Non-Recurring Items** | **Loss: RMB 32 million – RMB 40 million** | **Profit: RMB 55.56 million** | | | YoY Decline: 157.6% - 172% | | | **Basic Earnings Per Share** | **Loss: RMB 0.03/share – RMB 0.04/share** | **Profit: RMB 0.1206/share** | - The company expects net profit for the first half of 2025 to turn negative[3](index=3&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states that the financial data in this performance forecast is unaudited and represents preliminary estimates - The financial data in this performance forecast has not been audited by an accounting firm[5](index=5&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance decline is primarily due to business challenges at core subsidiary Tongzhi Electromechanical and the absence of non-recurring income from the prior year, prompting the company to adjust its military business model and expand into new growth areas - The core reason for the performance decline is the impact of contract price review investigations and procurement bans on wholly-owned subsidiary Tongzhi Electromechanical, leading to reduced new orders, delayed revenue recognition for existing orders, and ongoing operating expenses[6](index=6&type=chunk) - Compared to the prior year, this reporting period lacks the significant non-recurring income from the settlement of a lawsuit with CITIC Guoan[6](index=6&type=chunk) - To address challenges, the company is adjusting its military business model and accelerating its transformation into new businesses such as unmanned intelligent equipment, environmental testing services, and satellite communication to cultivate new growth points[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces significant risks primarily related to its subsidiary Tongzhi Electromechanical, including ongoing contract review investigations and a 36-month ban from military procurement activities starting June 16, 2025 - Due to non-compliant behavior, subsidiary Tongzhi Electromechanical is prohibited from participating in all military equipment procurement activities for 36 months starting June 16, 2025, which is expected to significantly impact new military business orders over the next three years[8](index=8&type=chunk) - The contract price review investigation for Tongzhi Electromechanical in specific areas is ongoing with no conclusion yet, which led to significant price review refunds in 2024[8](index=8&type=chunk) - Company countermeasures include requiring Tongzhi Electromechanical to conduct self-inspection and correction, strengthen internal management, adjust its operating model, and ensure the delivery of existing contracts[8](index=8&type=chunk) [Other Relevant Information](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company advises investors that this performance forecast is a preliminary estimate with inherent uncertainties, and final accurate financial data will be disclosed in the 2025 half-year report - This performance forecast is a preliminary estimate by the company's finance department, with final data subject to the 2025 half-year report[9](index=9&type=chunk) - The company reminds investors to make cautious decisions and be aware of investment risks[9](index=9&type=chunk)

银河电子（002519）公告，预计2025年上半年净利润为亏损2600万元–3200万元，同比下降 119.13%-123.55%。 ...