Market Performance - The aerospace equipment sector increased by 1.36% on September 22, with Xingwang Yuda leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Key stocks in the aerospace equipment sector showed varied performance, with Xingwang Yuda closing at 21.35, up 3.14%, and China Satellite at 35.47, up 1.37% [1] - The trading volume and turnover for Xingwang Yuda were 142,400 shares and 304 million yuan, respectively [1] Capital Flow - The aerospace equipment sector experienced a net outflow of 72.87 million yuan from institutional investors, while retail investors saw a net inflow of 41.56 million yuan [1] - The detailed capital flow for key stocks indicates that Xingwang Yuda had a net inflow of 16.30 million yuan from institutional investors, while China Satellite had a net outflow of 10.47 million yuan [2]

Company Overview - Zhongtian Rocket Technology Co., Ltd. is located in Lintong District, Xi'an, Shaanxi Province, established on August 2, 2002, and listed on September 25, 2020 [2] - The company's main business involves the research, development, production, and sales of small solid rockets and related products [2] - Revenue composition includes: 57.78% from rain enhancement and hail prevention rockets and supporting equipment, 16.20% from carbon/carbon thermal field materials, 9.94% from other civilian products, 9.22% from military small solid rockets, 6.77% from solid rocket engine ablation-resistant components, and 0.10% from intelligent weighing systems and measurement control system integration [2] Financial Performance - As of September 10, 2023, the number of shareholders is 29,600, a decrease of 11.99% from the previous period, with an average of 5,249 circulating shares per person, an increase of 13.62% [2] - For the first half of 2025, the company achieved operating revenue of 301 million yuan, a year-on-year decrease of 32.86%, and a net profit attributable to the parent company of 3.94 million yuan, a year-on-year decrease of 80.74% [2] Stock Performance - On September 22, 2023, Zhongtian Rocket's stock price increased by 2.04%, closing at 50.41 yuan per share, with a trading volume of 145 million yuan and a turnover rate of 1.88%, resulting in a total market capitalization of 7.833 billion yuan [1] - Year-to-date, the stock price has risen by 29.38%, with a 3.28% increase over the last five trading days, a 23.21% decrease over the last 20 days, and a 0.36% decrease over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on August 25, 2023, showing a net buy of -56.458 million yuan on that day [1] Shareholder Information - Since its A-share listing, Zhongtian Rocket has distributed a total of 55.9413 million yuan in dividends, with 33.0987 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include the Southern CSI 1000 ETF (512100), which holds 550,300 shares as a new shareholder [3]

二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于陕西中天火箭技术股份 有限公司公开发行可转换公司债券之债券受托管理协议》（以下简称"《受托管 理协议》"）《陕西中天火箭技术股份有限公司公开发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）等相关规定，由本次债券受托管理人中国 国际金融股份有限公司（以下简称"中金公司"）编制。中金公司编制本报告的内 容及信息均来源于陕西中天火箭技术股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中金公司作为陕西中天火箭技术股份有限公司（以下简称"中天火箭"、"发 行人"、或"公司"）公开发行可转换公司债券（债券简称："天箭转债"，债券代 码：127071，以下简称"本次债券"）的保荐机构、主承销商和受托管理人，持续 密切关注对债券持有人权益有重大影响的事项。根据《公司债券发行与交易管理 办法》《公司债券受托管理人执业行为准则》 ...

Group 1 - The company, Zhongtian Rocket, stated on September 19 that its small guided rockets are developed around the direction of "multi-platform and serialization" [1] - The small guided rockets can be mounted on various types of drones [1]

Core Viewpoint - The company, Zhongtian Rocket, has developed a "Digital Development Plan" to integrate digital transformation into product research and operational management, aiming to enhance operational quality and efficiency [1] Group 1 - The company has responded to investor inquiries regarding its digital transformation efforts [1] - The digital transformation initiatives will be reflected in the company's regular reports, detailing major research projects and progress [1]

证券日报网讯中天火箭（003009）9月19日在互动平台回答投资者提问时表示，公司在积极做好经营管 理和科研生产工作的基础上，高度重视投资者关系管理，通过规范开展信息披露、定期参加券商策略会 议、召开业绩说明会、邀请投资者来公司现场调研、实施一年多次分红、加强与主管机构的沟通汇报等 措施，切实将维护广大投资者利益放在首要位置，提升公司经营透明度，促进公司稳定健康发展。 ...

Company Overview - Zhongtian Rocket Technology Co., Ltd. is located in Lantian County, Xi'an, Shaanxi Province, established on August 2, 2002, and listed on September 25, 2020. The company specializes in the research, production, and sales of small solid rockets and related products [1][2]. Financial Performance - As of September 10, 2025, Zhongtian Rocket reported a revenue of 301 million yuan for the first half of 2025, a year-on-year decrease of 32.86%. The net profit attributable to shareholders was 3.94 million yuan, down 80.74% year-on-year [2]. - The company has distributed a total of 55.94 million yuan in dividends since its A-share listing, with 33.10 million yuan distributed in the last three years [3]. Stock Performance - On September 18, Zhongtian Rocket's stock price increased by 2.25%, reaching 50.36 yuan per share, with a trading volume of 62.87 million yuan and a turnover rate of 0.82%. The total market capitalization is 7.826 billion yuan [1]. - Year-to-date, the stock price has risen by 29.25%, with a 3.58% increase over the last five trading days, a 15.45% decrease over the last 20 days, and a 5.67% increase over the last 60 days [1]. Shareholder Information - As of September 10, 2025, the number of shareholders is 29,600, a decrease of 11.99% from the previous period. The average number of circulating shares per person is 5,249, an increase of 13.62% [2]. - Among the top ten circulating shareholders, the Southern CSI 1000 ETF (512100) is the newest shareholder, holding 550,300 shares [3]. Business Segments - The main business revenue composition includes: 57.78% from rain enhancement and hail prevention rockets and supporting equipment, 16.20% from carbon/carbon thermal field materials, 9.94% from other civilian products, 9.22% from military small solid rockets, 6.77% from solid rocket engine erosion-resistant components, and 0.10% from intelligent weighing systems and measurement control system integration [1]. Industry Classification - Zhongtian Rocket is classified under the defense and military industry, specifically in the aerospace equipment sector, and is associated with concepts such as military-civilian integration, intelligent transportation, state-owned enterprise reform, aerospace military industry, and drones [2].

Summary of Zhongtian Rocket Conference Call Company Overview - Zhongtian Rocket is a leading company in the small solid rocket industry, established in 1989 as part of the Aerospace Science and Technology Group. The company has a strong technical foundation and has developed various products including rain enhancement rockets and small guided missiles [11][12]. Industry Insights Weather Modification Industry - Zhongtian Rocket holds over 50% market share in the rain enhancement and hail suppression rocket sector, benefiting from global warming and supportive policies. The demand for these rockets is expected to grow due to increasing extreme weather events and government initiatives aimed at advancing the weather modification industry by 2035 [2][6][15]. Military Products - The demand for small solid missiles has surged due to increased global military trade and regional conflicts. These missiles are suitable for low to medium intensity warfare and have performed well since their introduction in 2018. The Chinese defense budget has maintained over 7% growth for three consecutive years, further driving demand for consumables like rockets [2][7][17][18]. Photovoltaic Sector - The photovoltaic business faces challenges from industry overcapacity and price wars. However, Zhongtian Rocket is exploring new applications for carbon-carbon thermal field materials, such as high-performance carbon-ceramic brake discs for vehicles, which have gained recognition from downstream manufacturers [2][4][16]. Financial Performance - From 2020 to present, the company's revenue and net profit have shown a trend of initial growth followed by decline, primarily due to decreased procurement of carbon-carbon thermal field materials and rain enhancement rockets. However, in the first half of 2025, the proportion of rain enhancement rockets increased to 58%, leading to a rebound in gross margin to 23% [2][13][14]. Future Growth Potential - The company projects net profits of 76 million yuan, 156 million yuan, and 218 million yuan for 2025, 2026, and 2027, respectively. The target stock price is set at 70.30 yuan, indicating a potential upside of 45.96% based on the market capitalization as of September 9, 2025 [4][10]. Key Catalysts for Growth - Potential catalysts for Zhongtian Rocket's growth include the introduction of specific policies related to meteorological special bonds, approvals for military exports, and the implementation of military industrial plans outlined in the "15th Five-Year Plan" [8][9]. Investment Opportunities - The company is seen as having strong core competitiveness in military and rain enhancement sectors. Despite short-term pressures in the photovoltaic segment, technological innovations may lead to a turnaround. Additionally, potential asset restructuring could provide further positive impacts [9][10].

Group 1: Key Recommendations - The report highlights the potential of Zhongtian Rocket (003009) as a leading player in the small solid rocket industry, driven by increasing demand for rain enhancement and hail prevention rockets, supported by government policies and a growing domestic market [4] - Silver Dragon Co., Ltd. (603969) is recommended due to its increasing revenue from high value-added products, with a projected revenue growth of 21% CAGR from 2025 to 2027, indicating strong growth potential [6] Group 2: Financial Projections - For Zhongtian Rocket, the expected revenue for 2025-2027 is 1,033.08 million, 1,309.47 million, and 1,662.34 million CNY, with net profit projections of 75.54 million, 156.05 million, and 218.25 million CNY, reflecting significant growth rates [4] - Silver Dragon's projected revenue for the same period is 3.8 billion, 4.7 billion, and 5.6 billion CNY, with net profits expected to reach 370 million, 600 million, and 800 million CNY, indicating a robust growth trajectory [6] Group 3: Market Dynamics - The report notes that the demand for small unmanned precision weapons is increasing due to global instability, which is expected to drive the performance of Zhongtian Rocket [4] - Silver Dragon is positioned to benefit from the growing demand for pre-stressed materials, with a focus on expanding its international business, particularly in Russia [6] Group 4: Investment Strategy - The non-bank financial sector is highlighted as having underperformed, presenting a potential opportunity for investors to reposition their portfolios [7] - The strategy report suggests a rotation into three ETFs, emphasizing the importance of mid-cap indices and the ChiNext index, which are expected to outperform in the current market environment [8]

Group 1 - The company held its 24th meeting of the fourth board of directors on September 14, 2025, with all seven directors present, complying with relevant laws and regulations [2][4]. - The board approved several proposals, including amendments to the company's articles of association and various internal rules, all requiring shareholder approval [3][6][9][12][15][17][20][23][25][27][29][32][35][38][41][43][45][47]. Group 2 - The company announced the cancellation of the supervisory board and the abolition of the supervisory meeting rules, with the audit committee of the board taking over the supervisory functions [49][57]. - The reform of the supervisory board is subject to shareholder approval, and the current supervisory board will continue to fulfill its duties until the reform is approved [59]. Group 3 - The company elected Li Huainian as a non-independent director and appointed him as the general manager, while Ning Xinghua was appointed as the deputy general manager [55][65][66]. - The appointments are in line with the company's governance structure and comply with relevant legal requirements [68][70]. Group 4 - The company will hold its fourth extraordinary general meeting of shareholders on September 30, 2025, to discuss the approved proposals [71][72]. - The meeting will be conducted both in-person and via online voting, with specific registration and voting procedures outlined [73][81][86].