1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The company has proposed a "1334" development strategy with the goal of building a world - class aerospace intelligent equipment manufacturing enterprise. It will drive development through "dual - wheel" of capital operation and industrial development, aiming to achieve the goal of becoming stronger, better, and larger in stages [27][30][33] - The company will focus on its main business, strengthen technological innovation, increase product added value, implement cost reduction and efficiency improvement, and ensure the achievement of annual business goals in 2025 [31][42] - In terms of market value management, the company will use various legal methods, including strengthening cash dividends, information disclosure, and investor relationship management, to stabilize the stock price and enhance market recognition of the company's value [24][25][38] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Lecai New Materials; Industry: Electronic chemicals; Reception time: September 2, 2025; Reception personnel: Chairman Luo Chuanguang, General Manager Peng Jianqing, Deputy General Manager and Board Secretary Xu Wanbin, Independent Director Zou Huawei [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Research Institution Proportion - No information provided in the report 3.4 Main Content Materials - **Stock price and market value**: The stock price is affected by macro - economic environment, industry policies, market sentiment, and the company's fundamentals. The company will strengthen market value management through various means such as cash dividends, share repurchases, and investor relationship management [23][24][25] - **Business and performance**: In the first half of 2025, military product revenue was 673,380 yuan, accounting for 0.16% of total revenue, with a year - on - year increase of 6.96%. The company's main businesses are automotive parts and oil and gas equipment, with stable customer groups. The Nanjing project of automotive interior and exterior parts is expected to have an annual average income of 380 million yuan after reaching full production [25][31][37] - **Development strategy**: Pursue the "1334" development strategy, adhere to three principles of professional, integrated, and digital development, build three core capabilities, implement a diversified business system, and create four models [27] - **New business exploration**: The company is closely monitoring the development of the low - altitude economy and humanoid robot industries, and will participate according to the industry's development [27][34] - **Response to policies**: The 60 - day payment period policy of major automotive manufacturers has a positive impact on the company's cash flow. The company will inherit the aerospace spirit and strive for new development [35] - **Product R & D**: The developed photosensitive dry film products for PCB have not yet generated revenue. The company is also developing products such as pressure test films and conductive adhesive films [42]

Group 1 - The company held a semi-annual performance briefing for 2025 on September 2, focusing on stock performance, market value management, business layout, and fundraising project progress [1] - The company acknowledged that stock prices are influenced by macroeconomic factors and industry policies, and plans to stabilize stock prices through improved operational quality, increased cash dividends, and effective investor relations management [1] - The company has temporarily postponed some fundraising projects due to market conditions, with a focus on enhancing capital efficiency in future project arrangements [1] Group 2 - The new Chengdu Aerospace Molding Nanjing Co., Ltd. automotive interior and exterior production project has begun trial operations, with planned production in September and an expected annual output of 1.2137 million sets, generating an estimated average annual revenue of 380 million yuan [1] - The company aims to build a world-class aerospace intelligent equipment manufacturing enterprise under its "1334" development strategy, with military product revenue of 673,380 yuan in the first half of 2025, accounting for 0.16% of total revenue, reflecting a year-on-year growth of 6.96% [1] - The automotive parts business collaborates with major manufacturers like Geely and Changan, while the oil and gas equipment business maintains long-term partnerships with companies such as PetroChina [1]

证券代码：300446 证券简称：航天智造 公告编号：2025-064 航天智造科技股份有限公司 投资者关系活动记录表 | | ☐ 特定对象调研 ☐ 分析师会议 | | | --- | --- | --- | | | 媒体采访 业绩说明会 ☐ | | | 投资者关系活动类别 | 新闻发布会 路演活动 ☐ ☐ | | | | 现场参观 ☐ | | | | ☐ 其他（请文字说明其他活动内容） | | | 形式 | ☐ 现场 网上 | ☐ 电话会议 | | 参与人员 | 线上参与公司2025年半年度业绩说明会的投资者 | | | 时间 | 2025年09月02日 15:00-17:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 董事长 罗传光 | | | 上市公司接待人员姓名 | 总经理 彭建清 | | | | 副总经理兼董事会秘书 徐万彬 | | | | 独立董事 邹华维 | | | 投资者关系活动主要 | 1.为什么大盘涨，航天智造原点踏步，为什么 答:您好，公司股价走势既受到宏观经济环境、行业 | | | | 政策、市场情绪和大盘走势的整 ...

Core Viewpoint - Aerospace Intelligence (航天智造) reported a moderate increase in revenue and net profit for the first half of 2025, with concerns regarding accounts receivable and declining profit margins [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 4.163 billion yuan, an increase of 8.65% year-on-year [1]. - Net profit attributable to shareholders was 392 million yuan, up 1.2% year-on-year [1]. - In Q2 2025, total revenue was 2.008 billion yuan, a year-on-year increase of 3.73%, while net profit decreased by 6.48% to 206 million yuan [1]. - The gross margin was 19.38%, down 8.33% year-on-year, and the net margin was 10.84%, down 3.78% year-on-year [1]. - The company’s accounts receivable accounted for 222.43% of the latest annual net profit, indicating a significant concern regarding cash flow [1][3]. Key Financial Metrics - The company’s operating cash flow per share was 0.38 yuan, a decrease of 16.01% year-on-year [1]. - Earnings per share remained stable at 0.46 yuan, reflecting a slight increase of 1.18% year-on-year [1]. - The total liabilities decreased significantly by 70.92% to 86.9 million yuan [1]. - The company’s net assets per share increased by 11.75% to 6.4 yuan [1]. Business Segments - The automotive parts business saw a revenue increase of approximately 10%, benefiting from a 13% year-on-year growth in passenger car sales [4]. - The oil and gas equipment segment maintained performance compared to the previous year, while the high-performance functional materials segment experienced a decline due to market changes [4].

通过天眼查大数据分析，航天智造科技股份有限公司共对外投资了6家企业，参与招投标项目1375次， 知识产权方面有商标信息8条，专利信息75条，此外企业还拥有行政许可40个。 来源：金融界 航天智造最新一期业绩显示，截至2025中报，公司营业总收入41.63亿元、同比增长8.65%，归属净利润 3.92亿元，同比增长1.20%，扣非净利润3.68亿元，同比增长6.09%，流动比率1.722、速动比率1.410、 资产负债率43.77%。 天眼查商业履历信息显示，航天智造科技股份有限公司，成立于2005年，位于保定市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本84541.0111万人民币，实缴资本48311.975万人民 币。公司法定代表人为陈凡章。 金融界消息 截至2025年8月25日收盘，航天智造（300446）报收于18.99元，上涨1.12%，换手率 8.72%，成交量32.56万手，成交金额6.12亿元。 资金流向方面，今日主力资金净流出3189.97万元，占比成交额5.22%。其中，超大单净流出1588.99万 元、占成交额2.6%，大单净流出1600.98万元、占成交额2.62%， ...

Group 1 - The core point of the article is that Aerospace Intelligent Manufacturing (航天智造) announced the convening of its 20th meeting of the 5th board of directors on August 25, 2025, to review the semi-annual report for 2025 [1] - For the year 2024, the revenue composition of Aerospace Intelligent Manufacturing is as follows: automotive parts account for 90.0%, oil and gas equipment for 7.01%, and high-performance functional materials for 2.99% [1] - As of the time of reporting, the market capitalization of Aerospace Intelligent Manufacturing is 16.1 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for autumn positions, with 25 job openings available, highlighting a demand for talent in the sector [1]

格隆汇8月25日丨航天智造(300446.SZ)公布半年度报告，2025年上半年，公司整体经营情况稳中有进， 营业收入实现41.63亿元，同比增长8.65%；归属于上市公司股东的净利润实现3.92亿元，同比增长 1.20%；归属于上市公司股东的扣除非经常性损益的净利润实现3.68亿元，同比增长6.09%。 ...

航天智造科技股份有限公司 董事和高级管理人员持股及变动管理规定 第一章 总则 第一条 为规范航天智造科技股份有限公司（以下简称 "公司"）董事和高级管理人员买卖公司股票及持股变动行 为，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》"）《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》《上 市公司董事和高级管理人员所持本公司股份及其变动管理 规则》《上市公司股东减持股份管理暂行办法》《深圳证券交 易所上市公司自律监管指引第 10 号——股份变动管理》《深 圳证券交易所上市公司自律监管指引第 18 号——股东及董 事、高级管理人员减持股份》以及《航天智造科技股份有限 公司章程》（以下简称"《公司章程》"）等规定，特制定本规 定。 第二条 本公司董事和高级管理人员应当遵守本规定， 其所持本公司股份是指登记在其名下和利用他人账户持有 的所有本公司股份；从事融资融券交易的，还包括记载在其 信用账户内的本公司股份。 第三条 本公司董事和高级管理人员在买卖公司股票及 其衍生品种前，应当知悉《公司法》《证 ...

第一章 总 则 第一条 为了建立防止控股股东、实际控制人及其他关 联方占用航天智造科技股份有限公司（以下简称"公司"） 资金的长效机制，杜绝控股股东、实际控制人及其他关联方 资金占用行为的发生，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》"）、《深圳证券交易所创业板股票上市规则》（以 下简称"《创业板上市规则》"）、《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》（以下 简称"《规范运作指引》"））等有关法律、法规、规范性文件 和《航天智造科技股份有限公司章程》（以下简称"《公司章 程》"），特制定本办法。 第二条 本办法所称"关联方"是指根据《创业板上市 规则》等相关法律、法规和规范性文件所界定的关联方，包 括关联法人和关联自然人。 纳入公司合并会计报表范围的子公司与公司关联方之 间进行资金往来适用本办法。 第三条 本办法所称资金占用包括但不限于以下方式： （一）经营性资金占用：指控股股东、实际控制人及其 他关联方通过采购、销售、相互提供劳务等生产经营环节的 关联交易产生的资金占用。 （二）非经营性资金占用：指为控股股 ...

第五条 公司对子公司主要从章程制定、人事、财务、 经营决策、信息管理、检查与考核等方面进行管理。 1 第二章 人事管理 航天智造科技股份有限公司 控股子公司管理规定 第一章 总则 第一条 为了规范航天智造科技股份有限公司(以下简称 "公司")控股子公司(以下简称"子公司")经营管理行为, 促进子公司健康发展,优化公司资源配置,提高子公司的经营 积极性和创造性,依照《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》" )、《深圳证券交易所创业板股票上市规则》(以下简 称"《上市规则》")、《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》（以下简称"《规范 运作指引》"）及《航天智造科技股份有限公司章程》（以下 简称"《公司章程》"）,制定本管理制度。 第二条 公司对某公司持股比例超过 50%,或者虽然未超 过 50%,但是依据协议或者公司所持股份的表决权能对被持股 公司股东会的决议产生重大影响的,公司对其构成控股。 第三条 公司与子公司之间是独立的法人关系。公司以 其持有的股权份额,依法对子公司享有资产受益、重大决策、 选择管理者、 ...