智通财经APP讯，华测导航(300627.SZ)发布2025年三季度报告，该公司前三季度营业收入为26.18亿 元，同比增长15.47%。归属于上市公司股东的净利润为4.93亿元，同比增长26.41%。归属于上市公司股 东的扣除非经常性损益的净利润为4.53亿元，同比增长32.49%。基本每股收益为0.8971元。 ...

南财智讯10月22日电，华测导航公告，2025年前三季度公司实现营业收入26.18亿元，同比增长 15.47%；归属于上市公司股东的净利润4.93亿元，同比增长26.41%。基本每股收益0.8971元，同比增长 25.31%。 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-099 上海华测导航技术股份有限公司 关于公司2023年限制性股票激励计划预留授予部分 第一个归属期符合归属条件的公告 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。 重要内容提示： 上海华测导航技术股份有限公司（以下简称"公司"）于2025年10月22日召开 了第四届董事会第二十二次会议，审议通过关于《公司2023年限制性股票激励计划 预留授予部分第一个归属期符合归属条件》的议案，董事会认为公司2023年限制性 股票激励计划（以下简称"本激励计划"）预留授予部分第一个归属期归属条件已 经成就，同意按规定为符合条件的95名激励对象办理83.6360万股第二类限制性股票 归属相关事宜，现将有关事项说明如下： 一、2023 年限制性股票激励计划实施情况概要 （一）2023 年限制性股票激励计划简介 公司分别于 2023 年 12 月 7 日与 2023 年 12 月 25 日召开第三届董事会第三十次 会议与 2023 年第二次临时股东大会，会议审议通过关于《公司<2023 年限制性股票 激励计划（草案 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-100 上海华测导航技术股份有限公司 关于作废 2023 年限制性股票激励计划 同日，公司召开第三届监事会第三十次会议，审议通过关于《公司<2023年限 制性股票激励计划（草案）>及其摘要》的议案、关于《公司<2023年限制性股票激 励计划实施考核管理办法>》的议案、关于《核实公司<2023年限制性股票激励计划 首次授予部分激励对象名单>》的议案。公司监事会对本激励计划发表了核查意见。 2、2023年12月8日，公司于巨潮资讯网（www.cninfo.com.cn）披露了《上海华 测导航技术股份有限公司独立董事关于公开征集表决权的公告》（公告编号： 2023-105），根据公司其他独立董事的委托，独立董事黄娟女士作为征集人就公司 拟于2023年12月25日召开的2023年第二次临时股东大会审议的公司2023年限制性 股票激励计划相关议案向公司全体股东公开征集表决权。 3、2023年12月9日至2023年12月18日，公司对本激励计划拟授予激励对象的姓 名和职务在公司内部进行了公示。在公示期内，公司监事会未收到与本激励计划激 励对象有关的任何异议。 ...

国浩律师（杭州）事务所 关 于 2023 年限制性股票激励计划 预留授予部分第一个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十月 国浩律师（杭州）事务所 法律意见书 上海华测导航技术股份有限公司 国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 2023 年限制性股票激励计划 预留授予部分第一个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 致：上海华测导航技术股份有限公司 国浩律师（杭州）事务所（以下 ...

重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真 实、准确、完整。 上海华测导航技术股份有限公司 2025 年第三季度报告 证券代码：300627 证券简称：华测导航 公告编号：2025-097 上海华测导航技术股份有限公司 2025 年第三季度报告 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。 3.第三季度财务会计报告是否经过审计 □是 否 1 上海华测导航技术股份有限公司 2025 年第三季度报告 一、主要财务数据 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 784,906,042.85 | 0.19% | 2,618,277,089.75 | 15.47% | | 归属于上市公司股东的 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-095 上海华测导航技术股份有限公司 关于举办投资者接待日活动的公告 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。 为更好与投资者沟通交流，便于广大投资者深入全面地了解上海华测导航技 术股份有限公司（以下简称"公司"）情况，公司拟举办投资者接待日活动，现将 有关事项公告如下： 1、接待时间：2025年10月24日（星期五）下午13:30-15:30（其中13:30-15:00 为现场交流，15:00-15:30为公司展厅参观）。 2、接待地点：上海市青浦区崧盈路577号华测时空智能产业园C座二楼会议室 3、公司主要参与人员：公司董事长赵延平先生，公司副总经理、董事会秘书 孙梦婷女士（如有特殊情况，参会人员会有所调整） 电话：021-64950939 电子邮箱：huace@huace.cn 1 证券代码：300627 证券简称：华测导航 公告编号：2025-095 4、预约方式：为更好的安排本次活动，请有意参与此次活动的投资者通过扫 描下方二维码进行预约报名或将附件一预约登记表及身份证明文件发送至 ...

Core Viewpoint - 华测导航's stock price has experienced fluctuations, with a recent decline of 2.00% and a total market capitalization of 25.347 billion yuan, while the company shows a year-to-date stock price increase of 9.42% [1] Financial Performance - For the first half of 2025, 华测导航 achieved operating revenue of 1.833 billion yuan, representing a year-on-year growth of 23.54%, and a net profit attributable to shareholders of 326 million yuan, up 29.94% [2] - Cumulatively, 华测导航 has distributed a total of 971 million yuan in dividends since its A-share listing, with 615 million yuan distributed over the past three years [3] Shareholder Information - As of August 8, 2025, 华测导航 had 28,200 shareholders, an increase of 2.06% from the previous period, with an average of 22,828 circulating shares per shareholder, a decrease of 2.02% [2] - The top ten circulating shareholders include 易方达创业板ETF, which holds 12.2686 million shares, an increase of 3.4366 million shares from the previous period, and 南方中证500ETF, which is a new shareholder holding 8.1205 million shares [3] Stock Performance - 华测导航's stock has seen a decline of 10.78% over the last five trading days, 8.30% over the last twenty days, and 4.69% over the last sixty days [1]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].