Core Viewpoint - Longsheng Technology (300680) has established a leading market position in the satellite energy supply sector by deeply engaging in the modular and mass production of satellite energy systems, leveraging its core technological advantages [1] Group 1: Company Overview - The company has been focusing on the satellite business for many years, providing energy module and control module solutions [1] - The product matrix includes key components such as solar wing hinges, solar wing clamping and releasing devices, solar wing drive components, satellite attitude control components, and satellite control electrical units [1] Group 2: Market Position - Longsheng Technology has achieved scale supply in the satellite energy component field, establishing a leading market position due to its core technology barriers [1]

Core Viewpoint - Longsheng Technology (300680) emphasizes the importance of key stages such as orbit insertion, solar wing deployment, and energy supply for the successful launch and operation of a satellite [1] Group 1: Product Development - The company focuses on the development of energy modules and control modules, which are critical components for ensuring the stable operation of satellite energy systems [1] - The products are designed to cover two core scenarios: solar wing compression and deployment, as well as energy supply [1] Group 2: Market Potential - The company's products cater to both commercial and military satellite sectors, indicating a broad market application [1] - With the potential mass application of computing satellites, the market demand for the company's satellite energy modules and control modules is expected to significantly increase [1]

（文章来源：证券日报） 证券日报网1月14日讯 ，隆盛科技在接受调研者提问时表示，公司持续密切关注国内核领域发展动态， 依托现有技术积淀，积极推动相关技术成果的产业化落地与应用拓展。 ...

Core Viewpoint - Longsheng Technology (300680) is experiencing increased funding needs in the advancement of strategic new businesses such as robotics and commercial aerospace, and may consider initiating refinancing plans based on actual business development needs in the future [1] Group 1 - The company has successfully entered the Shenzhen Stock Connect, which optimizes its equity structure and enhances stock trading liquidity [1] - This move is expected to provide a better capital platform support for the company's long-term development [1]

证券日报网1月14日讯，隆盛科技（300680）在接受调研者提问时表示，公司长期锚定国家战略产业方 向，构建了以发动机EGR系统、新能源汽车驱动电机核心部件、汽车精密零部件为核心的业务矩阵，其 中发动机EGR系统、新能源驱动电机核心零部件跻身行业头部，精密零部件在特定细分领域成为"隐形 冠军"。产品广泛覆盖商用车、乘用车及新能源汽车全市场，深度融入汽车产业生态链。公司基本盘聚 焦汽车存量市场中的增量机遇，核心发力新能源汽车(纯电、混动)领域，持续夯实业务根基；同时加大 资源倾斜力度布局战略新赛道，已深度切入商业航天、人形机器人领域，通过强化技术研发与市场拓 展，稳步构建多元化发展格局，为企业长期发展筑牢支撑。 ...

证券日报网1月14日讯，隆盛科技（300680）在接受调研者提问时表示，无人机业务方面，公司深耕大 型无人机结构件协同研发与制造，现阶段主要承接列装、出口两类产品.产品应用场景丰富，客户合作 粘性与市场竞争力持续提升。 ...

Core Viewpoint - Longsheng Technology (300680) is a national high-tech enterprise with 80% ownership in Weiyan Zhongjia, focusing on ultra-precision processing and steadily developing from precise positioning to deep layout [1] Group 1: Business Development - The company is deeply involved in major national projects such as Chang'e, the space station, and Tianwen, undertaking the technical development and manufacturing of key components like landing buffer mechanisms and space station robotic arms [1] - Longsheng Technology is expanding its business into core structural components for satellites and drones, building a multi-dimensional and high-tech competitive edge in aerospace products [1] Group 2: Client Resources - The company has successfully developed partnerships with high-quality clients including Beijing Satellite Manufacturing Plant and Beijing Spacecraft Overall Design Department, as well as institutions like China Engineering Physics Research Institute and Galaxy Aerospace [1] - Longsheng Technology is simultaneously upgrading its production capacity to tailor expansion and service assurance plans for core clients, continuously deepening cooperation and solidifying its core position in the commercial aerospace support sector [1]

Group 1: Company Overview - Wuxi Longsheng Technology Co., Ltd. holds an 80% stake in the national high-tech enterprise Wuxi Weiyan Zhongjia Precision Machinery Co., Ltd., focusing on ultra-precision processing and participating in major national projects like Chang'e and Tianwen [1][2]. - The company has established a strong market position in commercial aerospace support, collaborating with key clients such as the Beijing Satellite Manufacturing Plant and the China Academy of Space Technology [2]. Group 2: Satellite Products - The company provides critical components for satellite energy and control modules, including solar wing hinges and attitude control components, achieving a leading market position in satellite energy systems [3][4]. - The successful launch and operation of satellites depend on the company's energy and control modules, which are essential for solar wing deployment and energy supply [4]. Group 3: Competitive Advantages - The company has extensive experience in satellite support, with a product range that includes both flexible and rigid solar wings, enhancing its adaptability and market competitiveness [5]. - Continuous technological upgrades have led to lightweight product iterations, further improving performance and compatibility with various satellite models [5]. Group 4: Drone and New Business Developments - The company is actively engaged in the development and manufacturing of large drone structural components, with a focus on both domestic and export markets [6]. - Longsheng Technology is strategically positioned in the automotive industry, particularly in the fields of engine EGR systems and core components for new energy vehicles, while also exploring opportunities in commercial aerospace and humanoid robotics [7]. Group 5: Electric Drive Assemblies - The electric drive assembly consists of stator and rotor subassemblies, with a focus on enhancing assembly capabilities to strengthen market competitiveness in the new energy vehicle sector [8]. - Collaborations with companies like Jinkang Power and Bosch aim to address key technical challenges and meet diverse customer needs [8]. Group 6: Future Prospects and Financing - The company is monitoring developments in the domestic nuclear sector and is pushing for the industrialization of related technologies [9]. - There are plans for potential refinancing to support the growth of strategic new businesses, with recent adjustments to the company's stock structure to enhance liquidity [10].

Core Viewpoint - Longsheng Technology's stock has experienced fluctuations, with a recent decline of 2.02% and a year-to-date drop of 6.46%, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Longsheng Technology reported a revenue of 1.81 billion yuan, reflecting a year-on-year growth of 10.13% [2]. - The net profit attributable to shareholders for the same period was 210 million yuan, showing a significant increase of 36.89% compared to the previous year [2]. Shareholder Information - As of December 10, 2025, the number of shareholders for Longsheng Technology increased to 27,600, up by 5.44% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 5.16% to 6,367 shares [2]. Dividend Distribution - Longsheng Technology has distributed a total of 177 million yuan in dividends since its A-share listing, with 114 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, notable changes in institutional holdings include: - Penghua Carbon Neutral Theme Mixed Fund is the second-largest shareholder with 8.36 million shares, down by 2.49 million shares from the previous period [3]. - New institutional shareholders include Hua'an Huihong Selected Mixed Fund with 1.81 million shares, and others such as JingShun Changcheng Steady Return Mixed Fund and Hua'an Media Internet Mixed Fund [3].

Core Insights - The commercial aerospace sector in the A-share market is rapidly expanding, with several companies reporting progress in product delivery and profitability in satellite manufacturing and rocket components [1][2] - Companies are actively positioning themselves through technological advancements and strategic partnerships to capitalize on the growth opportunities in the commercial aerospace industry [1] Group 1: Order Delivery and Revenue Growth - Companies are beginning to achieve stable small-batch deliveries in their commercial aerospace businesses, with projections for significant revenue growth in the coming years [1] - Chaojie Co. expects its commercial aerospace-related revenue to grow rapidly by 2026, driven by the completion of key rocket models and increased market demand [1] - The manufacturing of rocket structural components is a critical segment of the commercial aerospace supply chain, with Chaojie Co. set to complete its riveting production line by mid-2024, capable of producing 10 rockets annually [1] Group 2: Product Development and Market Positioning - Jiuzhiyang has successfully sold products such as fiber amplifiers and tracking cameras for commercial aerospace applications, focusing on economic and reliable solutions [2] - Longsheng Technology's subsidiary has developed several core precision components for commercial aerospace, including satellite solar wing hinges and attitude control mechanisms [2] - Blues Technology has leveraged its expertise in consumer electronics to supply satellite ground receiver components and has developed ultra-thin photovoltaic glass modules for space applications [2] Group 3: Technological Ecosystem and Collaboration - The initial increase in orders signals robust growth in the commercial aerospace sector, supported by ongoing technological breakthroughs and collaborative ecosystem development [3] - ZTE is working on a star-ground integrated communication network for 6G, collaborating with domestic operators and satellite companies to validate NTN technology [3] - Companies like Qiji Precision and Chengdu Huami are focusing on developing satellite communication systems and high-performance chips to support commercial aerospace needs [4][5]