Financial Performance - The company's revenue for Q3 2025 reached ¥784,906,042.85, a slight increase of 0.19% year-over-year, while the year-to-date revenue totaled ¥2,618,277,089.75, reflecting a growth of 15.47% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥166,137,680.30, marking a significant increase of 20.00% year-over-year, with a year-to-date net profit of ¥492,605,787.93, up 26.41% from the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.3025, representing a growth of 19.38% year-over-year, while the diluted earnings per share was ¥0.2997, an increase of 18.60%[5] - Total operating revenue for the current period reached ¥2,618,277,089.75, an increase of 15.4% compared to ¥2,267,526,865.28 in the previous period[25] - Net profit for the current period was ¥514,062,804.94, representing a 33.6% increase from ¥384,481,984.45 in the previous period[26] - The total comprehensive income for the current period was ¥519,289,280.94, compared to ¥382,141,561.27 in the previous period, reflecting a significant increase of 36.0%[26] Assets and Liabilities - The total assets of the company at the end of Q3 2025 amounted to ¥5,346,591,015.40, which is a 4.34% increase from the previous year-end[5] - The company's total assets increased to ¥5,346,591,015.40, compared to ¥5,124,410,823.89 in the previous period, reflecting a growth of 4.3%[24] - Total liabilities decreased to ¥1,336,465,254.39 from ¥1,601,022,500.32, a reduction of 16.5%[24] - The equity attributable to shareholders of the parent company rose to ¥3,980,420,708.61, up from ¥3,516,956,347.39, marking an increase of 13.2%[24] Cash Flow - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of ¥51,511,341.09, a turnaround of 201.11% compared to the same period last year[9] - Cash inflow from operating activities totaled 3,061,440,102.93 yuan, up from 2,286,378,548.78 yuan in the previous period, representing a growth of approximately 34%[27] - Net cash flow from operating activities was 51,511,341.09 yuan, a significant improvement from a negative cash flow of -50,947,201.04 yuan in the prior period[27] - Cash outflow from investing activities amounted to 1,712,006,244.02 yuan, compared to 1,085,352,725.85 yuan in the previous period, indicating an increase of about 58%[28] - Cash inflow from financing activities was 414,330,160.59 yuan, up from 224,978,814.49 yuan in the previous period, reflecting an increase of approximately 84%[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,566[11] - Zhao Yanping holds 19.75% of shares, totaling 155,102,534, with 34,384,000 shares pledged[11] - Shanghai Taihexing Enterprise Development Partnership holds 11.31% of shares, totaling 88,776,393, with 3,794,000 shares pledged[11] - Ningbo Shangyu Venture Capital Partnership holds 4.88% of shares, totaling 38,295,403, with no pledged shares[11] - The total number of shares with limited sales at the end of the period is 138,386,498[15] Incentive Plans - The 2021 restricted stock incentive plan has adjusted the number of shares granted but not yet vested from 2.716 million to 3.802 million shares, with the grant price adjusted from ¥24.17 to ¥16.91 per share[16] - The 2022 restricted stock incentive plan has adjusted the number of shares granted but not yet vested from 2.072 million to 2.901 million shares, with the grant price adjusted from ¥24.17 to ¥16.91 per share[18] - The 2023 restricted stock incentive plan has adjusted the number of shares granted but not yet vested from 8.879 million to 12.431 million shares, with the grant price adjusted from ¥24.65 to ¥17.25 per share[19] - The company has completed the granting of the 2025 second phase restricted stock incentive plan, granting 389,700 shares at a price of ¥28.39 per share to 12 incentive recipients[21] - The actual number of shares vested under the 2021 plan is 3.572 million shares, with 549 recipients successfully completing the vesting process[17] Operational Metrics - Accounts receivable increased by 36.20% year-over-year, reaching ¥1,306,831,118.80, primarily due to the expansion of the company's revenue scale[8] - Inventory increased from ¥442.517 million to ¥475.617 million, reflecting a growth of about 7.5%[22] - Research and development expenses for the current period were ¥386,701,798.69, slightly up from ¥382,374,890.02 in the previous period[25] - The company reported a financial income of ¥58,870,738.14, down from ¥67,985,830.03 in the prior period[26] - The deferred income increased to ¥119,093,120.84 from ¥82,890,986.19, indicating a growth of 43.6%[26]

上海华测导航技术股份有限公司 董事会薪酬与考核委员会关于2023年限制性股票激励计划 相关事项的核查意见 上海华测导航技术股份有限公司（以下简称"公司"）董事会薪酬与考核委员 会根据《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》"）、《上市公司股权激励管理办法》（以下 简称"《管理办法》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《上 市规则》"）、《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关法律法规、规范性文件及《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（草案）》（以下简称"《激励计划（草案）》"）、《上海华测导航 技术股份有限公司章程》（以下简称"《公司章程》"）的有关规定，对公司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 属名单及作废部分已授予尚未归属的限制性股票事项进行审核，发表核查意见如下： 一、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名单的核 查意见 特此公告 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的95名激励对象 ...

上海华测导航技术股份有限公司（以下简称"公司"）第四届董事会第二十 二次会议的通知于2025年10月17日以书面或电子邮件的形式发出，会议于2025 年 10 月 22 日在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 室以现场结合通讯方式召开。本次会议应出席董事 8 名，实际出席董事 8 名。本 次会议由公司董事长赵延平先生主持，公司部分高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》（以下简称"《公 司法》"）等有关法律、行政法规、部门规章、规范性文件和《上海华测导航技术 股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事审议，以记名投票表决方式通过如下议案： 证券代码：300627 证券简称：华测导航 公告编号：2025-098 上海华测导航技术股份有限公司 第四届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 1、以 8 票同意，0 票反对，0 票弃权，审议通过关于《公司 2025 年第三季 度报告》的议案。 经公司第四届董事会全体董 ...

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company's overseas business gross margin has significantly improved in 2024, primarily due to self-developed core components and an increase in the proportion of high-end products. Additionally, precision agriculture products have expanded their application scenarios from controlling agricultural machinery to controlling tools. The passenger vehicle business is progressing smoothly, with a delivery volume of 300,000 units. For 2025, the company aims for a net profit attributable to shareholders of 730 million yuan, representing a year-on-year increase of 25% [2][4][9]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company expects a net profit attributable to shareholders of 480-495 million yuan, a year-on-year increase of 23.17%-27.02%. The non-recurring net profit is projected to be 440-455 million yuan, up 28.81%-33.20% [4]. - In Q3 2025, the company achieved a net profit of 154-169 million yuan, a year-on-year increase of 12%-22%, with a non-recurring net profit of 141-156 million yuan, up 8%-19% [9]. Business Development - The company has seen steady growth in its other business lines, despite pressure on the deformation monitoring business due to fiscal spending impacts. The company remains confident in achieving its annual profit target of 730 million yuan for 2025 [9]. - Emerging businesses are being launched while traditional businesses continue to iterate, with a favorable operating environment. The company has made significant breakthroughs in RTK technology and has expanded into various sectors, including precision agriculture and smart driving [9]. Growth Drivers - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and smart driving. The overseas market is expected to provide high margins and rapid growth, with overseas revenue accounting for 29% in 2024 and a gross margin of 77.6%, which is nearly 27 percentage points higher than the domestic market [9]. - The company has been designated as a key supplier for several automakers in the autonomous driving sector, with cumulative deliveries exceeding 300,000 units [9].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300627 | 华测导航 | 33.33 | -5.93% | 25.22万 | 8.51亿 | | 002796 | 世嘉科技 | 18.94 | -4.58% | 24.28万 | 4.61 乙 | | 603118 | 并进股份 | 12.68 | -4.37% | 51.27万 | 6.40 Z | | 300563 | 神宇股份 | 41.15 | -4.28% | 9.38万 | 3.84亿 | | 301205 | 联特科技 | 98.13 | -3.70% | 6.08万 | 5.86 Z | | 603236 | 移远通信 | 100.07 | -3.59% | 12.08万 | 11.92亿 | | 603421 | 鼎信通讯 | 8.13 | -3.56% | 38.61万 | 3.12亿 | | 300628 | 亿联网络 | 35.77 | -3.32% | 11.05万 | 3.94亿 | | 300308 | 中际旭 ...

Core Viewpoint - 15 companies listed on the ChiNext board have announced their performance forecasts for the first three quarters, with all companies expecting profit increases [1] Group 1: Company Performance Forecasts - Company 川金 (Code: 300505) expects a net profit increase of 171.61% with a latest closing price of 21.50 and a year-to-date increase of 51.89% [1] - Company 金力 (Code: 300748) anticipates a net profit increase of 168.00%, with a closing price of 39.88 and a year-to-date increase of 124.29% [1] - Company 长川科技 (Code: 300604) forecasts a net profit increase of 138.39%, with a closing price of 94.75 and a year-to-date increase of 115.19% [1] - Company 震裕科技 (Code: 300953) predicts a net profit increase of 137.80%, with a closing price of 174.00 and a year-to-date increase of 248.20% [1] - Company 涛涛车业 (Code: 301345) expects a net profit increase of 99.10%, with a closing price of 230.18 and a year-to-date increase of 261.41% [1] - Company 全志科技 (Code: 300458) anticipates a net profit increase of 82.13%, with a closing price of 48.20 and a year-to-date increase of 62.47% [1] - Company 中泰股份 (Code: 300435) forecasts a net profit increase of 79.28%, with a closing price of 21.76 and a year-to-date increase of 82.77% [1] - Company 扬杰科技 (Code: 300373) predicts a net profit increase of 45.00%, with a closing price of 74.05 and a year-to-date increase of 72.66% [1] - Company 联合动力 (Code: 301656) expects a net profit increase of 44.16%, with a closing price of 29.91 and a year-to-date decrease of 3.20% [1] - Company C云汉 (Code: 301563) anticipates a net profit increase of 41.41%, with a closing price of 142.27 and a year-to-date increase of 21.81% [1] - Company 鼎龙股份 (Code: 300054) forecasts a net profit increase of 37.12%, with a closing price of 36.52 and a year-to-date increase of 40.85% [1] - Company 建发致新 (Code: 301584) predicts a net profit increase of 35.00%, with a closing price of 27.02 and a year-to-date decrease of 26.09% [1] - Company 华测导航 (Code: 300627) expects a net profit increase of 25.10%, with a closing price of 35.43 and a year-to-date increase of 19.98% [1] - Company 艾芬达 (Code: 301575) anticipates a net profit increase of 14.72%, with a closing price of 56.68 and a year-to-date decrease of 24.19% [1] - Company 昊创瑞通 (Code: 301668) forecasts a net profit increase of 2.48%, with a closing price of 57.80 and a year-to-date decrease of 5.34% [1]