Financial Performance - In 2024, the company's revenue from the metamaterials business reached 1.552 billion CNY, a year-on-year increase of 21.69%, marking nearly an 11-fold increase over six years [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 643 million CNY, a year-on-year growth of 18.47%, with a nearly 13-fold increase over six years [2] - In Q1 2025, the company achieved operating revenue of 372 million CNY, a year-on-year increase of 15.96%, and a net profit of 151 million CNY, up 10.82% [2] Production Capacity and Investment - The 709 base's second phase was completed and put into production in October 2024, but the revenue and net profit growth for 2024 was modest due to production equipment needing a debugging period [2] - As of the end of 2024, the company had used 4.111 billion CNY of the raised funds, with a usage progress of 60.12% [3] - The investment progress for the 709 base was 73.76%, while the 905 and 906 bases were newly established with investment progress of 8.37% and 1.12%, respectively [3] Cash Flow and Accounts Receivable - The operating cash flow for Q1 2025 was 326 million CNY, a significant year-on-year increase of 597.24% [2] - By the end of 2024, accounts receivable aged within one year accounted for approximately 78%, and those aged between one to two years accounted for about 17% [5] Product Development and Market Demand - The company is advancing the application of metamaterials in civilian sectors such as electronic equipment, smart vehicle testing, and drones [6] - In February 2025, the company signed batch production contracts worth a total of 780 million CNY with two clients, aiming for delivery by the end of 2025 [8] Quality Assurance and Testing Facilities - The company has built 10 electromagnetic modulation testing chambers, including 3 compression fields, and is constructing 11 more, expected to be completed by Q4 2025 [7] Strategic Focus and Challenges - The company emphasizes the importance of full-chain collaboration in the metamaterials industry, which involves complex performance indicators and extensive documentation [9]

Summary of the Conference Call for Guangqi Technology Industry Overview - The aerospace industry is a strategic high ground for military, technology, and industrial competition, with significant advancements expected in new energy vehicles, domestic integrated circuits, and next-generation aerospace equipment in China, aiming to compete with U.S. core technology companies [2][7]. - The U.S. and its allies possess a total of 9,000 aircraft, with 5,645 currently active and 3,391 on order, primarily F-35 fighters, valued at approximately 5.5 trillion RMB [2][6]. Company Insights - Guangqi Technology focuses on high-integration functional structures, increasing from 0% to 23.58% in its offerings, utilizing metamaterials to meet complex requirements such as supersonic performance, 40-year lifespan, stealth, and detection capabilities [2][9]. - The company has seen significant revenue growth, achieving 1.552 billion RMB in 2024, a 21.69% increase year-over-year, with a net profit of 643 million RMB, reflecting a compound annual growth rate (CAGR) of 55.4% [3][13]. - Guangqi Technology has established a nationwide metamaterial industry chain platform, headquartered in Shenzhen, collaborating with 1,919 upstream and downstream suppliers to provide comprehensive solutions for next-generation aerospace equipment [5][26]. Technological Developments - Metamaterials, which allow for the manipulation of material properties not found in nature, are crucial for the development of complex functional structures in aerospace equipment. China has reached mass production of the fourth generation of these materials, while the U.S. is at the third generation [10][12]. - The company has completed over 21,000 key R&D nodes and produced 41,000 design documents, totaling 7.74 billion words, indicating a robust R&D capability [14]. Financial Performance - In Q1 2025, Guangqi Technology reported revenues of 372 million RMB, a 15.96% increase, and a net profit of 151 million RMB, up 10% year-over-year [5][15]. - The company’s cash flow from operations reached 326 million RMB, a staggering 597% increase, indicating strong financial health [15]. Market Position and Competition - The competitive landscape includes major U.S. firms such as Lockheed Martin and Boeing, with market capitalizations exceeding 1 trillion RMB. Chinese companies are expected to compete with these firms to achieve national goals by 2035 [8]. - The company is actively engaging in the civil sector, exploring collaborations with various industrial enterprises to enhance production efficiency and expand its market presence [32][33]. Upcoming Events - The National Metamaterials Conference is scheduled for May 16, 2025, in Shenzhen, expected to attract thousands of scholars and further promote research and development in the field [16]. Challenges and Future Outlook - The company anticipates that the contributions from new production lines will become evident in 2025, as the current production cycle involves a six-month period from production to revenue recognition [29]. - Guangqi Technology is focused on overcoming capacity constraints in its primary market of next-generation aerospace equipment, which is projected to be a trillion RMB market [33]. This summary encapsulates the key points from the conference call, highlighting Guangqi Technology's strategic positioning, financial performance, technological advancements, and future outlook within the aerospace industry.

Group 1 - The China Securities Military Industry Index (399967) has shown a strong increase of 4.24% as of May 7, 2025, with notable gains in constituent stocks such as AVIC Chengfei (302132) reaching a 20% limit up, and Zhongyun Drone (688297) rising by 16.37% [1] - The leading military ETF (512680) has also increased by 4.23%, marking its third consecutive rise, with a trading volume of 87.04 million yuan and a turnover rate of 2.31% [1] - The latest scale of the military ETF has reached 3.686 billion yuan, a new high for the year, with the latest share count at 3.544 billion, also a six-month high [1] Group 2 - The top ten weighted stocks in the China Securities Military Industry Index as of April 30, 2025, include China Shipbuilding (600150) and Guoke Technology (002625), accounting for a total of 37.03% of the index [2] - Positive signals have emerged in the military sector since 2024, with expectations of increased contract announcements and related transaction amounts in 2025, indicating a recovery in the military fundamentals [2] - According to GF Securities, the EU's defense industrial strategy is shifting towards self-sufficiency, aiming for 50% of defense equipment procurement to be sourced internally by 2030, which may benefit qualified Chinese companies with production capacity [2]

证券代码：002625 证券简称：光启技术 公告编号：2025-040 具体内容详见公司于 2025 年 4 月 25 日在巨潮资讯网披露的《关于公司 2021 年股票期权激励计划注销剩余股票期权的公告》（公告编号：2025-034）。 近日经公司申请，中国证券登记结算有限责任公司深圳分公司审核确认，公 司已于 2025 年 4 月 30 日完成上述股票期权的注销事宜。 本次注销的部分股票期权尚未行权，注销后不会对公司总股本造成影响，注 销事项符合《上市公司股权激励管理办法》、公司《2021 年股票期权激励计划 （草案）》等相关规定，不存在损害公司及其他股东特别是中小股东利益的情形。 特此公告。 光启技术股份有限公司 光启技术股份有限公司关于 2021 年股票期权激励计划注销剩余股票期权完成的公告 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。 光启技术股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第 五届董事会第十八次会议、第五届监事会第十三次会议，会议审议通过了《关于 公司 2021 年股票期权激励计划注销剩余股票期权的议案》。 ...

Core Viewpoint - Guangqi Technology Co., Ltd. reported a strong performance in Q1 2025, with revenue and net profit continuing to grow, achieving historical highs [1] Group 1: Financial Performance - The company's revenue for Q1 2025 was 372 million yuan, an increase of 15.96% year-on-year [1] - The net profit attributable to shareholders was 151 million yuan, up 10.82% year-on-year [1] - The net cash flow from operating activities reached 325 million yuan, showing a significant growth of 597.24% year-on-year [1] - Guangqi Technology has achieved six consecutive years of revenue and profit growth in the first quarter [1] Group 2: Technological Advancements - The company has transitioned from a single supplier of metamaterials to a core system integrator in the aerospace equipment industry [1] - Guangqi Technology integrates multiple functionalities such as communication, optoelectronic sensing, and electromagnetic control into complex metamaterial structures [1] - The unique electromagnetic modulation characteristics and structural design capabilities of metamaterials provide innovative solutions for the design, manufacturing, and mass production of next-generation aerospace equipment [1] Group 3: Capacity Expansion Strategy - In response to the upcoming release of bulk production orders, Guangqi Technology is accelerating its capacity expansion strategy [2] - The company has established five major bases, including the newly added Zhuzhou 905 base, Tianjin 906 base, and Leshan 106 base, to create a national industrial layout for metamaterials [2] - The completion of these bases is expected to significantly enhance the delivery efficiency of metamaterial products and alleviate capacity bottlenecks [2] - This expansion will solidify the company's technological leadership in the aerospace and low-altitude economy sectors and lay a strong foundation for performance growth over the next 2 to 3 years [2]

Financial Performance - In Q1 2025, the company reported revenue of 372 million yuan, a year-on-year increase of 15.96%, and a net profit of 151 million yuan, up 10.82% year-on-year, achieving historical highs in both metrics [2] - For the year 2024, the company achieved revenue of 1.558 billion yuan, a growth of 4.25%, and a net profit of 652 million yuan, increasing by 11.77% [4] - The revenue from the metamaterials business reached 1.552 billion yuan, marking a 21.69% increase, and the research and development revenue surged by 911.24% to 282 million yuan [4] Industry Position and Technological Advancements - The company has transitioned from a single material supplier to a core system integrator in the aerospace equipment industry, integrating functions such as communication, optoelectronic sensing, and electromagnetic control into complex metamaterial structures [3] - The unique properties of metamaterials, including lightweight and high strength, enable new design and manufacturing solutions for next-generation aerospace equipment [3] Production Capacity and Expansion - The company is accelerating its capacity expansion strategy with the establishment of five major bases, including the newly added Zhuzhou 905 base, Tianjin 906 base, and Leshan 106 base, enhancing its national metamaterial industry layout [7] - The Zhuzhou 905 base is set to become the main base for research, production, and testing, with its first phase expected to be operational by July this year [7] - The completion of these bases is anticipated to significantly improve the delivery efficiency of metamaterial products and alleviate existing order backlogs [8] Future Outlook - The company has signed significant contracts worth 780 million yuan for the mass production of metamaterial products, with delivery planned by the end of 2025, indicating a strong future revenue stream [4][5] - The production cycle for metamaterial products is at least six months, suggesting that the capacity from the new bases will start translating into actual deliveries in the latter half of this year [5]

证券代码：002625 证券简称：光启技术 公告编号：2025-039 光启技术股份有限公司 光启技术股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 25 日、 2025 年 4 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《2024 年年 度报告》《2025 年第一季度报告》。为便于广大投资者更加全面、深入地了解 公司 2024 年度及 2025 年第一季度的经营业绩、未来发展战略等情况，公司将于 2025 年 5 月 8 日（星期四）下午 15：30-17：00 在进门财经举行 2024 年度及 2025 年第一季度业绩说明会。本次业绩说明会在进门财经平台举行，投资者可通过以 下方式报名参与： （一）网络参会 1、APP/小程序： 进门财经 APP/小程序，扫描下方二维码，进入"光启技术 2024 年度及 2025 年第一季度业绩说明会"，点击进入会议。 2、PC 端： 打开网址：https://s.comein.cn/is82ey54（如无法加载 PPT 请检查 Flash 插件） 3、报名二维码： 关于举行2024年度及2025年第一季度 业绩说明 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 372,361,346.77, representing a 15.96% increase compared to CNY 321,102,103.66 in the same period last year[5]. - Net profit attributable to shareholders was CNY 150,522,743.41, up 10.82% from CNY 135,830,457.33 year-on-year[5]. - Basic earnings per share rose to CNY 0.07, reflecting a 16.67% increase from CNY 0.06 in the same quarter last year[5]. - Total operating revenue for the current period reached ¥372,361,346.77, an increase of 15.94% compared to ¥321,102,103.66 in the previous period[19]. - Net profit for the current period was ¥150,522,743.41, representing a 10.14% increase from ¥135,789,657.81 in the previous period[20]. - Earnings per share (EPS) for the current period was ¥0.07, compared to ¥0.06 in the previous period, indicating a growth of 16.67%[20]. Cash Flow - The net cash flow from operating activities reached CNY 325,991,911.07, a significant increase of 597.24% compared to a negative cash flow of CNY -65,560,720.69 in the previous year[5][9]. - The net cash flow from operating activities was ¥325,991,911.07, a significant improvement compared to the previous period's net cash flow of -¥65,560,720.69[21]. - Cash inflow from operating activities totaled ¥496,550,513.85, while cash outflow was ¥170,558,602.78, resulting in a positive cash flow from operations[21]. - The net cash flow from investing activities was negative at CNY -136,654,622.52, a 40.64% increase in outflow compared to the previous year[9]. - The net cash flow from investing activities was -¥136,654,622.52, an improvement from -¥230,226,443.68 in the previous period[21]. - The net cash flow from financing activities was -¥20,113,934.39, compared to -¥64,635,632.90 in the previous period, indicating reduced financing costs[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,166,796,624.18, a 2.49% increase from CNY 9,919,567,934.64 at the end of the previous year[5]. - Total liabilities rose to ¥1,082,023,667.81, up from ¥985,317,721.68, reflecting an increase of 9.83%[18]. - The total equity attributable to the parent company reached ¥9,084,772,956.37, an increase of 1.68% from ¥8,934,250,212.96[18]. Expenses - The company reported a significant increase in management expenses, which rose by 58.53% to CNY 24,154,711.73 due to higher depreciation and employee compensation[8]. - Total operating costs amounted to ¥191,115,289.23, up from ¥160,712,671.84, reflecting a growth of 18.93%[19]. - Research and development expenses were ¥19,084,774.05, a decrease of 19.06% from ¥23,685,149.58 in the previous period[19]. - The company reported a financial income of ¥27,951,682.24, down from ¥44,109,539.93, indicating a decline of 36.67%[19]. - Cash outflow for employee compensation increased to ¥95,690,676.37 from ¥59,978,655.59, indicating higher personnel costs[21]. Investments and Contracts - Investment income for the period was CNY 90,089.37, marking a 100% increase attributed to debt restructuring gains[8]. - The company signed a total of 78,011.7096 million RMB in new contracts for the production of metamaterials during the reporting period, which are unrelated to previously disclosed contracts[13]. - The company has a total of 71,408 million RMB in contracts signed with one customer and 6,603.7096 million RMB with another customer for the production of metamaterials[13]. Current Assets - The company’s cash and cash equivalents increased to 4,757,318,999.58 RMB from 4,550,316,052.03 RMB, reflecting a growth of approximately 4.56%[16]. - The company’s total current assets at the end of the reporting period amounted to 7,381,012,439.15 RMB, compared to 7,296,275,475.11 RMB at the beginning of the period, indicating a slight increase[16]. - Accounts receivable rose to 2,150,382,797.84 RMB from 1,824,534,584.68 RMB, indicating an increase of about 17.88%[16]. - The company’s inventory increased to 280,786,658.05 RMB from 220,406,942.10 RMB, representing a growth of approximately 27.38%[16]. - The company’s fixed assets increased to 1,166,531,105.09 RMB from 930,530,026.13 RMB, showing an increase of about 25.34%[16]. - The company’s intangible assets rose to 480,011,950.92 RMB from 413,652,243.01 RMB, reflecting an increase of approximately 16.06%[16]. Recognition and Support - The company’s subsidiary, Guangqi Advanced Technology, was recognized as a national "Little Giant" enterprise, which will lead to further financial support[14]. Other Information - The first quarter report was not audited, indicating that the financial results are preliminary and subject to change[23].

Core Viewpoint - The company, Guangqi Technology, is actively expanding into the low-altitude economy sector while achieving consistent revenue and profit growth over the past six years, driven by advancements in metamaterials technology [1][2][4]. Financial Performance - In 2024, Guangqi Technology reported a revenue of 1.558 billion yuan, a year-on-year increase of 4.25%, and a net profit of 652 million yuan, up 11.77% [1][3]. - The company's core metamaterials segment revenue reached 1.552 billion yuan, showing a significant year-on-year growth of 21.69% [4]. Technological Advancements - Guangqi Technology has developed the world's first full-body metamaterial drone, set for small-scale delivery in 2025, marking a significant entry into the low-altitude economy [2][11]. - The company has achieved a major technological breakthrough by transitioning from two-dimensional to three-dimensional metamaterial design, enhancing key performance indicators by an order of magnitude [5]. Research and Development - Guangqi Technology has maintained high R&D investment, with expenses reaching 96.15 million yuan in 2024, a 4.57% increase from the previous year [7]. - The company holds the highest number of patent applications and authorizations in the metamaterials field, reinforcing its technological barriers [8][9]. Strategic Expansion - The company is constructing new bases to enhance production capacity, including the 905 and 906 bases, which will further improve delivery capabilities [10]. - Guangqi Technology has signed an investment agreement to establish a low-altitude drone industry headquarters in Leshan, Sichuan, aiming to create an industrial cluster in the low-altitude economy [11].

Core Insights - Guangqi Technology (002625) reported a revenue of 1.558 billion yuan for 2024, representing a year-on-year growth of 4.25% [1] - The net profit attributable to shareholders reached 652 million yuan, marking an 11.77% increase, achieving six consecutive years of revenue and profit growth with a compound annual growth rate of over 41% for net profit [1] Group 1: Financial Performance - The company's main business in metamaterials achieved a revenue of 1.552 billion yuan, a year-on-year increase of 21.69%, setting a historical record [1] - Research and development revenue reached 282 million yuan, showing a significant growth of 911.24% [1] - R&D investment amounted to 125 million yuan during the reporting period [1] Group 2: Capacity Expansion and Infrastructure - Guangqi Technology established new production bases in Zhuzhou, Tianjin, and Leshan, expanding its operational footprint [2] - The existing bases in Foshan and Luoyang are operating at full capacity, with new bases expected to start production in July [2] - The company is constructing five major production bases to enhance its capacity and efficiency in delivering orders [1][2] Group 3: Technological Advancements - The company optimized its system architecture and algorithms, leveraging a supercomputing center with a peak computing capability of 42 trillion operations per second [2] - Guangqi Technology has built 10 microwave darkrooms for electromagnetic testing, becoming the largest and most comprehensive testing center for metamaterial components in China [2] - An additional 11 microwave darkrooms are under construction, expected to be completed in the second half of the year, further strengthening the company's R&D and testing capabilities [2]