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 关于公司 2025 年第三期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》（以下简称"《自律监管指南第 1 号》"）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》"）的规定，对《上海华测导航技术股份有限 公司 2025 年第三期限制性股票激励计划（草案）》（以下简称"《激励计划（草 案）》"）及其他相关资料进行审核，发表核查意见如下： 1、公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括：（1）最近一个会计年度财务会计报告被注册会计师出具否定意见 或者无法表示意见的审计报告；（2）最近一个会计年度财务报告内部控制被注 册会计师出具否定意见或无法表示意 ...

证券代码：300627 证券简称：华测导航 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划 （草案）摘要 上海华测导航技术股份有限公司 二零二五年十月 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划（草案）摘要 声明 本公司及全体董事保证本激励计划草案及其摘要不存在虚假记载、误导性陈 述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，若公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关 信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计 划所获得的全部利益返还公司。 2 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划（草案）摘要 四、本激励计划首次授予部分限制性股票的授予价格为 27.08 元/股。 本激励计划草案公告当日至激励对象完成限制性股票归属登记前，若公司发 生资本公积转增股本、派送股票红利、股份拆细、配股、缩股或派息等事项，应 对限制性股票的授予价格进行相应的调整。 3 上海华测导航技术股份有限公司 2025 年第三期限制 ...

证券简称：华测导航 证券代码：300627 上海荣正企业咨询服务（集团）股份有限公司 关于 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划 （草案） 之 独立财务顾问报告 2025 年 10 月 | | | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： 注：1、本报告所引用的财务数据和财务指标，如无特殊说明指合并报表口径的财务数据和根据该类 财务数据计算的财务指标。 2、本报告中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 4 | 简称 | | 释义 | | --- | --- | --- | | 华测导航、本公司、公 司、上市公司 | 指 | 上海华测导航技术股份有限公司（含各级控股子公司） | | 本激励计划、限制性股票 | 指 | 上海华测导航技术股份有限公司 2025 年第三期限制性股票激 | | 激励计划、股权激励计划 | | 励计划 | | 《激励计划（草案）》 | | 《上海华测导航技术股份有限公司 2025 年第三期限制性股票 激励计划（草案）》 | | 独立财务 ...

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 2025 年第三期限制性股票激励计划 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 国浩律师（杭州）事务所 上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划 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（以下简称"本所"）接受上海华测导航技术股份 有限公司（以下简称"华测导航""公司"）的委托，担任公司 2025 年第三期 限制性股 ...

上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划实施考核管理办法 上海华测导航技术股份有限公司（以下简称"公司"）为进一步完善公司法 人治理结构，建立、健全公司长效激励约束机制，形成良好均衡的价值分配体系， 吸引与留住优秀人才，充分调动公司董事、高级管理人员及核心骨干的积极性， 使其更诚信勤勉地开展工作，以促进公司业绩稳步持续提升，确保远期发展战略 及经营目标的实现，拟实施 2025 年第三期限制性股票激励计划（以下简称"本 激励计划"）。 为保证本激励计划的顺利实施和规范运行，现根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所创业 板股票上市规则》《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、法规和规范性文件以及《上海华测导航技术股份有限公司 章程》、本激励计划的相关规定，并结合公司实际情况，特制定《上海华测导航 技术股份有限公司 2025 年第三期限制性股票激励计划实施考核管理办法》（以下 简称"本办法"）。 一、考核目的 进一步完善公司现代企业法人治理结构，建立和完善公司长效激励约束机 制，保证本激励计 ...

上海华测导航技术股份有限公司 关于召开 2025 年第四次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 证券代码：300627 证券简称：华测导航 公告编号：2025-102 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 28 日 14:45 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 28 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 11 月 28 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：20 ...

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 三次会议的通知于2025年10月22日以书面或电子邮件的形式发出，会议于2025 年 10 月 27 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 证券代码：300627 证券简称：华测导航 公告编号：2025-101 上海华测导航技术股份有限公司 第四届董事会第二十三次会议决议公告 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 经与会董事审议，以记名投票表决方式通过如下议案： 1、以 6 票同意，0 票反对，0 票弃权，2 票回避，审议通过关于《公司<2025 年第三期限制性股票激励计划（草案）>及其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue growth is expected to accelerate, with a projected increase in net profit and gross margin due to strong overseas performance and effective cost management [4][3] - The company is experiencing a decline in domestic displacement monitoring business, but this is offset by rapid growth in overseas markets, particularly in robotics and autonomous driving sectors [4] - The report maintains a positive outlook on the company's profitability, forecasting significant growth in net profit over the next few years [4] Financial Summary - As of October 24, 2025, the company's closing price is 32.39 yuan, with a total market capitalization of 254.33 billion yuan and total shares outstanding of 7.85 billion [2] - Key financial metrics for the upcoming years are as follows: - Total revenue is projected to grow from 32.51 billion yuan in 2024 to 58.11 billion yuan in 2027, with year-on-year growth rates of 21.4%, 16.5%, 24.6%, and 23.1% respectively [3] - Net profit attributable to shareholders is expected to increase from 5.83 billion yuan in 2024 to 12.12 billion yuan in 2027, with growth rates of 29.9%, 26.2%, 30.2%, and 26.3% respectively [3] - The gross margin is forecasted to remain strong, with values of 58.1%, 57.7%, 58.4%, and 58.8% from 2024 to 2027 [3] - Return on equity (ROE) is projected to rise from 16.6% in 2024 to 23.4% in 2027 [3] - Earnings per share (EPS) is expected to grow from 0.74 yuan in 2024 to 1.54 yuan in 2027 [3]

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications sector, including ZTE Corporation, China Telecom, Ruijie Networks, Hengtong Optic-Electric, Huace Navigation, China Mobile, and Xinyi Technology, while China Unicom is rated as "Hold" [9][49]. Core Insights - The commercial aerospace sector is experiencing a triple inflection point in policy, performance, and technology, with the 14th Five-Year Plan highlighting the goal of building a strong aerospace nation, which is expected to elevate the focus on commercial aerospace and related industries [2][3][12]. - Performance-wise, China Star Network has accelerated its satellite launch schedule, and Shanghai Yanjin has resumed launches, which is anticipated to boost the performance of upstream satellite manufacturing and related sectors [3][13][18]. - Technologically, domestic commercial rocket companies are speeding up their IPO processes, with significant progress made on new rockets like Zhuque-3 and Tianlong-3, indicating advancements in reusable rocket technology [3][15][18]. Summary by Sections Policy Perspective - The 14th Five-Year Plan has officially introduced the goal of building a strong aerospace nation, marking a significant elevation of the aerospace industry to a core national strategy [13][14]. - The Ministry of Industry and Information Technology has granted satellite mobile communication business licenses to major operators, enabling them to legally conduct satellite direct connection services [13][14]. Performance Perspective - China Star Network has completed its ninth launch of the year, with plans to deploy approximately 1,300 satellites by the end of 2029, achieving 10% of its overall deployment goal within the next five years [14][18]. - Shanghai Yanjin's "Qianfan Constellation" successfully launched 18 satellites, bringing the total number of satellites in orbit to 108, marking a significant milestone in its network deployment [14][18]. Technology Perspective - The IPO process for domestic rocket companies is accelerating, with Zhuque-3 completing key tests and preparations for its launch, showcasing advancements in reusable rocket technology [15][18]. - Multiple types of reusable rockets are currently undergoing validation, indicating imminent advancements in rocket recovery technology [15][18].

Company Overview - Shanghai Huace Navigation Technology Co., Ltd. focuses on high-precision navigation and positioning technologies since its establishment in 2003 [1] - The company aims to build an intelligent world using precise temporal and spatial information, developing core technologies in high-precision positioning chips and global satellite-ground integrated enhancement services [1] Financial Performance (Q1-Q3 2025) - Total revenue reached CNY 261,827.71 million, a year-on-year increase of 15.47% [2] - Net profit attributable to shareholders was CNY 49,260.58 million, up 26.41% year-on-year [2] - Net profit excluding non-recurring gains was CNY 45,257.38 million, reflecting a 32.49% increase [2] Q3 2025 Performance - Revenue for Q3 was CNY 78,490.60 million, with a slight growth of 0.19% [2] - Net profit for Q3 was CNY 16,613.77 million, a 20.00% increase [2] - Net profit excluding non-recurring gains was CNY 15,351.43 million, up 17.47% [2] Business Strategy and Goals - The company aims for a net profit of CNY 730 million for 2025, targeting a 25% increase from the previous year [2] - The strategy emphasizes globalization and robust operational management to achieve annual targets [2] Challenges and Market Outlook - Q3 revenue growth slowed due to the displacement monitoring business, influenced by project timelines and contract quality [2] - Despite uncertainties in the displacement monitoring sector, other business areas are expected to perform well, aiding overall growth [2] Gross Margin Insights - The increase in gross margin for Q3 is attributed to rapid growth in overseas business and improved domestic product revenue structure [3] - The company aims for a healthy gross margin through cost reduction and appropriate market pricing [3] Sector-Specific Growth 3D Intelligent Business - The geospatial information sector, including 3D intelligent business, is expected to grow faster than the overall company revenue [4][5] - Continuous investment in high-precision technologies and products is anticipated to enhance market competitiveness [5][6] Precision Agriculture - The precision agriculture sector has shown rapid growth, with products like automated driving systems gaining international recognition [6][7] - Future growth is expected through the introduction of new products and solutions tailored to various agricultural processes [7] Robotics and Autonomous Driving - The passenger vehicle sector is experiencing rapid growth, although product pricing remains low, limiting immediate revenue impact [8] - The company is expanding its applications in non-passenger vehicle sectors, including mining and logistics [8] International Business Development - Overseas business has seen significant growth, with revenue share increasing and products being sold in over 100 countries [9] - The company is enhancing its global dealer network and local operational capabilities to better meet international market demands [9]