摘要 华测导航在高精度 GNSS 算法和软件建设方面优势显著，拥有高精度定 位芯片技术平台和全球星地一体增强网络服务平台，聚焦导航定位授时、 地理空间信息及封闭和半封闭场景的自动驾驶三大技术方向。 公司产品覆盖建筑施工、测量测绘、农业作业、位移监测及智能驾驶等 领域，通过先入布局和市场占有率提升，实现了不同产品体系之间增长 点的切换，并积极拓展海外市场，海外产品价格较国内高 15-20 个百分 点，提升整体毛利率。 华测导航建立了强大的国内外渠道网络，通过国际代理商大会和本地化 团队建设，不断提升海外市场渗透率。同时，公司对标天宝进行产品战 略规划，对标华为进行管理体系建设，确保稳健发展。 公司 2021 年至 2024 年营收复合增速为 19.5%，净利润复合增速达 25.6%。预计 2025 至 2027 年归母净利润分别为 7.6 亿元、9.9 亿元 和 12.9 亿元，对应增速分别为 30.4%、30.7%和 29.3%。 高精度卫星导航产业随着城市数字化、智能化需求增加而持续扩展应用 场景，包括自动驾驶、农业开发及新兴无人化场景等，这将带动相关设 备需求上升。公司与小米、百度等车企深度合作，在智能驾 ...

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 ...

每经AI快讯，华测导航（SZ 300627，收盘价：36.31元）9月22日晚间发布公告称，公司第四届第二十 次董事会会议于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。会议审议了《开展跨境资金集中运营管理业务》等文件。 2025年1至6月份，华测导航的营业收入构成为：资源与公共事业占比38.29%，建筑与基建占比 35.92%，地理空间信息占比19.56%，机器人与无人驾驶占比6.23%。 截至发稿，华测导航市值为285亿元。 每经头条（nbdtoutiao）——始祖鸟深陷"炸山"风波，母公司大中华区新总裁上任才两个多月，被赞"专 业能力深厚"！安踏体育最新回应→ （记者 曾健辉） ...

华测导航公告，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，集中调配的外债额度为 9.16亿美元，集中调配的境外放款额度为1.37亿美元。 ...

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]