Group 1 - Military stocks experienced significant afternoon gains, with North China Longyun rising over 10% [1] - Other companies such as Great Wall Industry and AVIC Chengfei increased by more than 5% [1] - Additional stocks that saw upward movement include Tianqin Equipment, Lijun Shares, Jieqiang Equipment, Inner Mongolia First Machinery, Aerospace Technology, Aero Engine Corporation of China, and AVIC Xi'an Aircraft Industry [1]

Group 1 - The stock price of Lijun Co., Ltd. closed at 14.73 yuan on August 26, down 0.56 yuan, a decrease of 3.66% from the previous trading day [1] - The opening price on August 26 was 14.60 yuan, with a highest price of 15.22 yuan and a lowest price of 14.44 yuan, with a trading volume of 790,943 hands and a transaction amount of 1.167 billion yuan [1] - Lijun Co., Ltd. specializes in the research, production, and sales of specialized equipment, with its products applied across various industrial sectors [1] Group 2 - On the morning of August 26, Lijun Co., Ltd. experienced a rapid rebound, with a price increase of over 2% within 5 minutes, reaching 14.79 yuan at 9:39 AM, with a transaction amount of 292 million yuan [1] - In terms of capital flow, on August 26, the net outflow of main funds was 82.8916 million yuan, accounting for 1% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 151.0199 million yuan, representing 1.81% of the circulating market value [1]

Group 1 - As of August 25, 2025, the stock price of Lijun Co. is 15.29 yuan, down 0.59 yuan or 3.72% from the previous trading day [1] - The stock opened at 16.64 yuan, reached a high of 16.67 yuan, and a low of 15.21 yuan, with a trading volume of 1.3749 million hands and a transaction amount of 2.189 billion yuan [1] - At around 11:12 AM, the stock experienced a quick rebound, increasing over 2% within 5 minutes, reaching 16.05 yuan [1] Group 2 - Lijun Co. specializes in the research, production, and sales of specialized equipment, involving sectors such as low-altitude economy and commercial aerospace [1] - The company's total market capitalization is 15.802 billion yuan, with a circulating market value of 8.646 billion yuan [1] - On August 25, the net outflow of main funds was 179 million yuan, accounting for 2.07% of the circulating market value, while the cumulative net inflow over the past five trading days was 207 million yuan, representing 2.39% of the circulating market value [1]

行 业 及 产 业 业 研 究 / 行 业 点 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 达邵炜 (8621)23297818× dasw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 08 月 25 日 市场风险偏好不断提升，军工趋势 有望持续上行 看好 ——国防军工行业周报（2025 年第 35 周） 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 本期投资提示： ⚫ 上周申万国防军工指数上涨 3.07%，中证军工龙头指数上涨 3.27%，同期上证综指上 涨 3.49%，沪深 300 上涨 4.18%，创业板指上涨 5.85%，申万国防军工指数跑输创 业板指、跑输沪深 300、跑输上证综指、跑输军工龙头指数。1、从细分板块来看，上 周国防军工板块 3.07%的涨幅在 31 个申万一级行业涨跌幅排名 ...

Core Viewpoint - The financial performance of Lijun Co., Ltd. (002651) for the first half of 2025 shows a significant decline in revenue and profit, indicating potential challenges in the company's operations and financial health [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 314 million yuan, a decrease of 8.91% compared to the same period in 2024 [1]. - Net profit attributable to shareholders was 57.22 million yuan, down 31.72% year-on-year [1]. - The gross profit margin was 40.31%, a decline of 3.72% from the previous year, while the net profit margin fell to 18.21%, down 25.05% [1]. - The total of selling, administrative, and financial expenses reached 46.98 million yuan, accounting for 14.96% of revenue, an increase of 26.49% year-on-year [1]. - Earnings per share decreased to 0.06 yuan, a drop of 25.00% compared to the previous year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which accounted for 183.98% of the net profit, indicating potential liquidity issues [1][4]. - Operating cash flow per share was -0.08 yuan, a decrease of 172.31% year-on-year, reflecting reduced cash inflows from sales [1][3]. Changes in Financial Items - The construction in progress decreased by 100% as projects were transferred to fixed assets [3]. - Accounts payable increased by 73.88% due to more bank acceptance bills issued for payment [3]. - Other payables surged by 1418.5% due to cash dividends distributed to shareholders [3]. Investment Returns - The company's return on invested capital (ROIC) was 2.84%, indicating weak capital returns, with a historical median ROIC of 6.07% over the past decade [4].

Group 1 - The core viewpoint of the news is that Lijun Co., Ltd. (002651.SZ) reported its semi-annual results for 2025, highlighting changes in institutional and public fund holdings [1] - As of August 22, 2025, six institutional investors disclosed holdings in Lijun Co., totaling 36.7581 million shares, which represents 3.56% of the company's total share capital [1] - The institutional holding ratio decreased by 0.40 percentage points compared to the previous quarter [1] Group 2 - Among public funds, there was an increase in holdings from one fund, the Southern CSI 1000 ETF, which saw a slight rise in its holding ratio [1] - One new public fund disclosed this period, the Huaxia CSI 1000 ETF, while three public funds were not disclosed compared to the previous quarter [1] - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings slightly compared to the previous quarter [2]

Group 1 - The independent directors of Chengdu Lijun Industrial Co., Ltd. held their second special meeting in 2025 on August 21, 2025, via teleconference, with all three independent directors present, complying with legal and regulatory requirements [1] - The company provided a guarantee of up to 400 million yuan for its wholly-owned subsidiary, Lijun Holdings (Singapore) Private Limited, with a balance of 279.3863 million yuan as of the reporting period, which is within the approved limit [1] - No other external guarantee matters occurred during the reporting period, nor were there any other external guarantees carried over from previous years [2] Group 2 - The company agreed to cancel and deregister its wholly-owned subsidiary, Chengdu Lijun International Intelligent Equipment Technology Co., Ltd., and change its name and business scope, which will not adversely affect the overall business development and management of the company [2]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 314,129,166.48 yuan for the first half of 2025, representing a year-on-year decrease of 8.91% [1] - The net profit attributable to shareholders of the listed company was 57,202,184.28 yuan, reflecting a year-on-year decline of 31.72% [1]

Core Viewpoint - Chengdu Lijun Industrial Co., Ltd. reported a decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating potential challenges in its financial performance [1]. Financial Performance - The company's operating revenue for the reporting period was 314,129,166.48 yuan, a decrease of 8.91% from 344,843,629.19 yuan in the previous year [1]. - The net profit attributable to shareholders was 57,202,184.28 yuan, down 31.72% from 83,778,007.42 yuan in the same period last year [1]. - The net cash flow from operating activities was -84,919,724.14 yuan, representing a significant decline of 172.31% compared to 117,446,357.83 yuan in the previous year [1]. - Basic and diluted earnings per share were both 0.06 yuan, a decrease of 25.00% from 0.08 yuan [1]. - The weighted average return on net assets was 2.04%, down from 3.06% [1]. Asset and Equity Status - Total assets at the end of the reporting period were 3,451,478,815.19 yuan, a slight increase of 0.08% from 3,448,606,078.22 yuan at the end of the previous year [1]. - The net assets attributable to shareholders were 2,775,974,096.54 yuan, a decrease of 0.13% from 2,779,628,449.49 yuan [1]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 85,913 [2]. - Major shareholders include He Yamin with 32.34% and He Jia with 28.04%, indicating a significant concentration of ownership [2]. - The relationship between major shareholders He Yamin and He Jia is noted as a father-daughter relationship, classified as acting in concert [2]. Important Events - The company is involved in a lawsuit initiated by China Metallurgical North (Dalian) Engineering Technology Co., Ltd. against its wholly-owned subsidiary, Lijun Holdings, due to a sales contract dispute [3].

Core Viewpoint - Chengdu Leejun Industrial Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in both its grinding systems and aerospace components manufacturing businesses [2][4]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 314.13 million, a decrease of 8.91% compared to CNY 344.84 million in the same period last year [2]. - Net profit attributable to shareholders was CNY 57.20 million, down 31.72% from CNY 83.78 million year-on-year [2]. - The net cash flow from operating activities was negative at CNY -84.92 million, a significant decline of 172.31% compared to CNY 117.45 million in the previous year [2][4]. Business Segments Grinding Systems and Equipment Manufacturing - Revenue from grinding systems and related equipment manufacturing was CNY 184.07 million, an increase of 9.96% from CNY 167.40 million in the previous year [4]. - The sales of roller presses and related equipment decreased by 42.39%, while high-pressure roller mills saw a 24.05% increase in sales [4][7]. - The demand for grinding equipment is driven by infrastructure construction and mining industries, with expectations for stable growth in the cement market [4][5]. Aerospace Components Manufacturing - Revenue from aerospace components manufacturing was CNY 130.66 million, a decline of 26.36% from CNY 177.44 million in the previous year [4][7]. - The decrease in revenue was attributed to reduced sales settlements for completed products in the aerospace sector [4][6]. - The aerospace industry is expected to grow due to increased defense modernization and expansion of the civil aviation market [4][6]. Competitive Advantages - The company has a robust R&D system and has been recognized as a high-tech enterprise in Sichuan, holding numerous patents and awards [5][6]. - The aerospace division has established a comprehensive manufacturing chain and is recognized for its technical capabilities and service offerings [6]. Market Outlook - The grinding equipment market is anticipated to benefit from ongoing urbanization and infrastructure investments, while the aerospace sector is poised for growth driven by national policies and market demand [4][6].