Summary of Huace Navigation Conference Call Industry and Company Overview - **Company**: Huace Navigation - **Industry**: High-precision satellite navigation - **Key Focus Areas**: Navigation positioning, timing, geographic spatial information, and automated driving in closed and semi-closed scenarios [2][4][8] Core Insights and Arguments 1. **Technological Strength**: Huace Navigation has significant advantages in high-precision GNSS algorithms and software, with a robust positioning chip technology platform and a global star-ground integrated enhancement network service platform [2][4] 2. **Market Position**: The company holds the top market share in RTK devices domestically, with rapid growth in overseas penetration where profit margins are 15-20% higher than domestic [5][19] 3. **Revenue Growth**: From 2021 to 2024, the company expects a compound annual growth rate (CAGR) of 19.5% in revenue and 25.6% in net profit, with projected net profits of 760 million, 990 million, and 1.29 billion yuan for 2025 to 2027, respectively [6][8] 4. **Product Diversification**: Huace Navigation's products span construction, surveying, agricultural operations, displacement monitoring, and intelligent driving, allowing for growth point transitions across different product systems [2][7] 5. **International Expansion**: The company is actively expanding its overseas market presence, with a focus on mid-to-low-end markets, and has established branches in Hungary and Singapore [7][8] Additional Important Insights 1. **R&D Investments**: Huace Navigation has established five R&D bases in China and the UK to leverage local talent for technological innovation and product development [11] 2. **Global Market Demand**: The global high-precision satellite navigation market is expected to grow from €260 billion to €580 billion from 2023 to 2033, driven by applications in agriculture, digital construction, and mobile terminals [15] 3. **Policy Support**: The Chinese government has been refining high-precision satellite navigation policies, particularly in areas like natural resource management and smart driving, which supports Huace's revenue growth in agricultural automation [16] 4. **Competitive Landscape**: Domestic competitors include Beidou Star, Hexagon, and Topcon, with Huace Navigation adopting a differentiated strategy targeting mid-to-low-end markets [27][28] 5. **Future Profitability**: The company anticipates steady revenue growth of over 30% in public utility sectors and construction, with a projected gross margin of 50-60% [30] Risks and Challenges - **Intense Competition**: The navigation industry faces fierce competition, particularly in the mid-to-high-end manufacturing sector, which could negatively impact profit margins [32] - **Technological Evolution**: Rapid technological iterations in high-precision navigation chips require continuous R&D investment, with potential risks if expectations are not met [32]

Core Viewpoint - The Beidou Satellite Navigation System has achieved significant development in China, transitioning from non-existence to a robust presence in various sectors, with a projected application scale of 3,743 billion yuan in 2024 and 4,417.5 billion yuan in 2025 [1][4]. Industry Definition and Application - Beidou Navigation refers to the Beidou Satellite Navigation System, China's self-developed global satellite navigation system, which has been widely applied in transportation, agriculture, forestry, fisheries, disaster prevention, electricity, and finance [2][3]. Current Development Status - The demand for Beidou navigation has been steadily increasing, with applications in various fields, including high-precision positioning and automated navigation in agriculture [3][4]. Application Scale and Structure - In 2024, the Beidou navigation application scale is expected to reach 3,743 billion yuan, with related industries at 2,638.6 billion yuan and core industries at 1,104.4 billion yuan. By 2025, these figures are projected to grow to 4,417.5 billion yuan, 3,121.4 billion yuan, and 1,296.1 billion yuan, respectively [4][6]. Industry Chain - The Beidou navigation industry chain includes satellite design, manufacturing, launching, and operation, with upstream components being critical for self-control. Key suppliers include Beidou Xingtong, Guokewai, and Haige Communication [7][8]. Competitive Landscape - The Beidou navigation industry is characterized by low concentration, with many small and medium-sized enterprises participating. Major players include Beidou Xingtong, China Satellite, and Haige Communication, with market shares of 0.87%, 0.36%, and 0.33% respectively in 2024 [10][12]. Development Trends - The international competitiveness of Beidou products is improving, transitioning from trade in surveying products to providing comprehensive solutions. New applications in smart transportation and urban management are emerging, driven by the digital economy [16][17][18].

证券代码：300627 证券简称：华测导航 公告编号：2025-088 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2025年第二期限制性股票激 励计划激励对象名单的公示情况说明及核查意见 本公司及董事会薪酬与考核委员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。 上海华测导航技术股份有限公司（以下简称"公司"）于 2025 年 9 月 10 日召开了第四届董事会第十九次会议和第四届董事会薪酬与考核委员会第十六 次会议，会议审议通过了关于《公司<2025 年第二期限制性股票激励计划（草案）> 及其摘要》的议案等相关议案。根据《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》（以下简称"《自律监管指南第 1 号》"）以及《上海华测导航技术股份 有限公司章程》（以下简称"《公司章程》"）的相关规定，公司于 2025 年 9 月 12 日至 2025 年 9 月 21 日对公司 2025 年第二期限制性股票激励计划（以下简 ...

Group 1 - The core point of the article is that Huace Navigation announced the convening of its board meeting to discuss the management of cross-border fund operations, indicating strategic business developments [1] - For the first half of 2025, Huace Navigation's revenue composition is as follows: Resources and Public Utilities accounted for 38.29%, Construction and Infrastructure for 35.92%, Geographic Information for 19.56%, and Robotics and Unmanned Driving for 6.23% [1] - As of the report, Huace Navigation has a market capitalization of 28.5 billion yuan [1] Group 2 - The article also mentions the recent leadership change at Anta Sports, with the new president for Greater China having been in position for just over two months, praised for his professional capabilities [1]

Core Insights - The company and its subsidiaries have applied to partner banks for cross-border fund centralized operation management, with a total external debt allocation of 916 million USD and an overseas loan allocation of 137 million USD [1] Group 1 - The external debt allocation for centralized management is 916 million USD [1] - The overseas loan allocation for centralized management is 137 million USD [1]

上述事项不涉及关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，无需提交股东会审议。具体情况如下： 证券代码：300627 证券简称：华测导航 公告编号：2025-087 上海华测导航技术股份有限公司 关于开展跨境资金集中运营管理业务的公告 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。 上海华测导航技术股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日 召开第四届董事会第二十次会议，审议通过了关于《开展跨境资金集中运营管理 业务》的议案，同意公司及子公司向合作银行申请开展跨境资金集中运营管理业 务，该业务集中调配的外债额度为 916,005,874.32 美元，集中调配的境外放款额 度为 137,400,881.14 美元。 一、开展跨境资金集中运营管理业务的背景 近年来公司集中资源大力拓展海外市场，海外区域营业收入持续快速增长， 境外运营主体日常资金需求也相应增加。通过开展跨境资金集中运营管理业务， 公司可实现成员企业之间跨境资金的一体化协同管理，有效降低财务成本，提高 资金使用效率，并保障境外资金安全，为公司海外业务 ...

为适应公司海外业务的持续发展，满足境外运营主体日常资金需求，同意公 司及子公司向合作银行申请开展跨境资金集中运营管理业务，该业务有利于公司 跨境资金的一体化协同管理，提高资金使用效率，降低财务成本。公司董事会授 权公司董事长或其指定的授权代理人办理与跨境资金集中运营管理业务有关的 各项具体事宜，授权的有效期为董事会审议通过之日起至本次跨境资金集中运营 管理业务终止之日止，实际开展期限以公司与银行最终签署的相关协议中约定期 限为准。 证券代码：300627 证券简称：华测导航 公告编号：2025-086 上海华测导航技术股份有限公司 第四届董事会第二十次会议决议公告 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 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 次会议的通知于 2025 年 9 月 17 日以书面或电子邮件的形式发出，会议于 2025 年 9 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 1.833 billion yuan, a year-on-year increase of 23.54%, and a net profit attributable to shareholders of 326 million yuan, up 29.94% year-on-year [1][2] - The company is experiencing growth across multiple segments, with significant contributions from emerging businesses and a strong focus on product innovation [2][3][4] - The company maintains high research and development investment, with R&D expenses of 267 million yuan in the first half of 2025, a year-on-year increase of 10.13% [5] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross margin of 58.13%, with a net profit margin of 18.71%, reflecting a year-on-year increase of 2.21 percentage points [1] - The second quarter of 2025 saw revenue of 1.044 billion yuan, a year-on-year increase of 20.42%, and a net profit of 184 million yuan, up 23.99% year-on-year [1] Business Segments - The Resources and Public Utilities segment generated revenue of 702 million yuan, up 3.09% year-on-year, with a gross margin of 61.69% [2] - The Construction and Infrastructure segment reported revenue of 659 million yuan, a year-on-year increase of 23.67%, with a gross margin of 61.07% [2] - The Geospatial Information segment experienced significant growth, with revenue of 359 million yuan, up 87.61% year-on-year, and a gross margin of 50.57% [2] - The Robotics and Autonomous Driving segment generated revenue of 114 million yuan, a year-on-year increase of 43.8%, with a gross margin of 43.08% [2] Research and Development - The company emphasizes R&D, focusing on high-precision positioning technology, and has established multiple R&D bases domestically and internationally [5] - The company has developed core algorithm capabilities in high-precision GNSS, 3D point cloud, and autonomous driving perception [5] International Expansion - The company's overseas business revenue reached 602 million yuan in the first half of 2025, a year-on-year increase of 35%, accounting for 32.82% of total revenue [11] - The overseas business has a gross margin of 71%, significantly higher than the company's average [11] Profit Forecast and Valuation - The company is projected to achieve net profits of 733 million yuan, 942 million yuan, and 1.223 billion yuan for the years 2025, 2026, and 2027, respectively [12]

Core Viewpoint - The company Huace Navigation (300627.SZ) has announced a second phase of its restricted stock incentive plan for 2025, aiming to grant 389,700 shares of restricted stock to incentive recipients, which represents approximately 0.0496% of the company's total share capital at the time of the announcement [1] Summary by Sections - **Incentive Plan Details** - The incentive plan involves a one-time grant of restricted stock with no reserved rights [1] - The grant price is set at 28.39 yuan per share [1] - **Duration of the Plan** - The effective period of the incentive plan lasts from the completion of the registration of the restricted stock until all granted restricted stocks are either released from restrictions or repurchased and canceled, with a maximum duration of 48 months [1]

Core Points - The company Huace Navigation (300627.SZ) has announced the second phase of its restricted stock incentive plan for 2025, proposing to grant 389,700 restricted shares to incentive recipients, which accounts for approximately 0.0496% of the company's total share capital at the time of the announcement [1] - The grant will be a one-time issuance with no reserved rights, and the grant price is set at 28.39 yuan per share [1] - The validity period of this incentive plan will last from the completion of the registration of the restricted shares until all granted restricted shares are fully released from restrictions or repurchased and canceled, with a maximum duration of 48 months [1]