一、监事会会议召开情况 西安三角防务股份有限公司（以下简称"公司"或"本公司"） 于2025年9月5日向全体监事发出了关于召开第三届监事会第二十一 次会议的通知，会议于2025年9月11日以现场结合通讯方式召开。本 次会议应出席监事3人，实际出席监事3人。会议由监事会主席李春娟 女士主持。本次会议的召集、召开、表决程序符合《中华人民共和国 公司法》等法律法规、规范性文件和《公司章程》等的有关规定。 二、监事会会议审议情况 1.审议通过《关于变更注册资本并修订<公司章程>的议案》 证券代码：300775 证券简称：三角防务 公告编号：2025-095 西安三角防务股份有限公司 第三届监事会第二十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 表决结果：3票同意，0票反对，0票弃权。本议案获得通过。 具体内容详见公司2025年9月11日刊载于巨潮资讯网（http： 特此公告。 西安三角防务股份有限公司 监事会 债券代码：123114 债券简称：三角转债 //www.cninfo.com.cn）的相关公告。 本议案尚需提交公司2025年第五次临时股 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西安三角防务股份有限公司（以下简称"公司"）第三届董事会 第二十三次会议、第三届监事会第十八次会议和 2025 年第三次临时 股东大会分别审议通过了《关于使用部分闲置募集资金及自有资金进 行现金管理的议案》，同意在不影响公司正常经营、募集资金投资项 目建设进度及确保资金安全的情况下，公司（含子公司）使用额度不 超过人民币 106,000 万元的闲置募集资金（其中向不特定对象发行可 转换公司债券闲置募集资金不超过人民币 12,000 万元，向特定对象发 行股票闲置募集资金不超过人民币 94,000 万元）及额度不超过人民币 200,000 万元闲置自有资金进行现金管理，使用期限为自股东大会审 议通过之日起 12 个月内，在上述额度内，资金可滚动使用。在额度 范围内，公司董事会提请股东大会授权管理层行使该项投资决策权并 签署相关合同文件，由公司财务部负责组织实施。具体内容详见公司 于 2025 年 4 月 12 日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于使用部分闲置募集资金及自有资金进行现金管 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 785 million yuan for the first half of 2025, a year-on-year decrease of 24.8%. The net profit attributable to the parent company was 270 million yuan, down 17.47% year-on-year. The net profit after deducting non-recurring gains and losses was 250 million yuan, a decrease of 17.04% year-on-year. In Q2 2025, the revenue was 382 million yuan, a year-on-year decrease of 28.37% and a quarter-on-quarter decrease of 5.27%. The net profit attributable to the parent company was 142 million yuan, down 11.81% year-on-year but up 10.19% quarter-on-quarter [2][6] Summary by Sections Financial Performance - In H1 2025, the company's sales gross margin was 43.53%, an increase of 0.33 percentage points year-on-year. The expense ratio was 6.56%, up 2.46 percentage points year-on-year. The net profit margin was 34.43%, an increase of 3.06 percentage points year-on-year. In Q2 2025, the sales gross margin was 44.36%, up 0.31 percentage points year-on-year and 1.61 percentage points quarter-on-quarter [11] Inventory and Assets - The inventory balance at the end of H1 2025 was 1.091 billion yuan, an increase of 15.63% compared to the beginning of the period. Accounts receivable and notes receivable amounted to 1.765 billion yuan, a decrease of 12.94% compared to the beginning of the period. The balance of construction in progress was 34 million yuan, a decrease of 96.59% compared to the beginning of the period [11] Future Outlook - The company is actively preparing for production in anticipation of demand recovery, as indicated by the growth in inventory and the completion of construction projects [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to enhance its core competitiveness, with significant technological advantages in the aerospace forging sector [1] - The performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to cyclical adjustments in the industry and fluctuations in customer demand [8] - The company is expected to see a recovery in demand in the second half of the year, supported by its strategic focus on next-generation military aircraft and engine forgings [8] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 785 million yuan, a year-on-year decrease of 24.80%, and a net profit attributable to shareholders of 270 million yuan, down 17.47% from the previous year [1][8] - The gross profit margin improved to 34.5% from approximately 31% in the same period last year, driven by a higher proportion of high-value titanium alloy forgings and a decrease in raw material costs [8] - The company’s operating cash flow showed a net outflow of 262 million yuan, indicating ongoing operational pressures [8] Earnings Forecast and Valuation - The earnings forecast for the company has been adjusted, with net profits expected to be 459 million yuan, 571 million yuan, and 596 million yuan for 2025, 2026, and 2027 respectively [8] - The corresponding price-to-earnings (P/E) ratios are projected to be 32, 25, and 24 times for the same years [8] - The company’s financial structure remains robust, with a debt-to-asset ratio of 31.15% and a current ratio of 3.73, indicating a safe financial position [8]

Financial Performance - The company reported total revenue of 785 million yuan for the first half of 2025, a decrease of 24.8% year-on-year [1] - The net profit attributable to shareholders was 270 million yuan, down 17.47% compared to the previous year [1] - In Q2 2025, total revenue was 382 million yuan, reflecting a decline of 28.37% year-on-year, while net profit for the quarter was 142 million yuan, down 11.81% [1] - The gross margin increased by 2.9% year-on-year to 43.53%, and the net margin rose by 15.44% to 34.43% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 11.52 million yuan, representing 1.47% of revenue, which is a significant increase of 3803.16% year-on-year [1] - The company’s cash flow from operations per share was -0.48 yuan, an increase of 6.95% year-on-year [1] Asset and Liabilities - Cash and cash equivalents decreased by 34.54% year-on-year to 6.18 billion yuan [1] - Accounts receivable also fell by 26.70% year-on-year to 1.49 billion yuan [1] - Interest-bearing debt decreased by 32.13% year-on-year to 1.18 billion yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 4.51%, indicating a relatively weak capital return [3] - The historical median ROIC since the company’s listing is 10.08%, with a notable low of 0.67% in 2015 [3] - The net profit margin for the previous year was reported at 23.91%, suggesting high added value in products or services [3] Fund Holdings - The largest fund holding in the company is the Wanjiayi He Flexible Allocation Mixed A fund, which holds 767,200 shares [4] - Several funds have newly entered the top ten shareholders, indicating growing interest in the company [4]

Group 1 - The company Triangular Defense (300775) reported that as of August 20, the latest number of shareholders is 51,009 [1]

Group 1 - The company, Triangle Defense, announced the convening of its 26th meeting of the third board of directors on August 27, 2025, which was held in a hybrid format of in-person and communication [1] - The meeting reviewed the proposal regarding the 2025 semi-annual report and its summary [1]

Core Viewpoint - Triangle Defense (300775.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 785 million yuan, a year-on-year decrease of 24.80% [1] - The net profit attributable to shareholders of the listed company was 270 million yuan, reflecting a year-on-year decrease of 17.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 250 million yuan, down 17.04% year-on-year [1] - Basic earnings per share were reported at 0.49 yuan [1]

| | | 经中国证券监督管理委员会证监许可[2021]1352 号文核准，公司 向不特定对象公开发行面值总额 904,372,700.00 元可转换公司债券， 每张面值人民币 100 元，发行数量 9,043,727.00 张，期限 6 年。本次 发 行 募 集 资 金 共 计 904,372,700.00 元 ， 扣 除 保 荐 承 销 费 用 11,382,632.54 元，实际到账资金 892,990,067.46 元。此外，公司需支 付其他上市费用 2,853,969.11 元，扣除上述费用后，本次实际募集资 金净额 890,136,098.35 元。 截至 2021 年 5 月 31 日，大华会计师事务所（特殊普通合伙）已 进行验资，并出具了大华验字[2021]000370 号《西安三角防务股份有 1 限公司创业板向不特定对象发行可转换公司债券募集资金验证报告》， 对以上募集资金到账情况进行了审验确认。 西安三角防务股份有限公司 关于部分募投项目结项并将结余募集资金永久补充流动资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 西安三角防务 ...

| 证券代码：300775 | 证券简称：三角防务 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：123114 | 债券简称：三角转债 | | 西安三角防务股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《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》《上市公 司募集资金监管规则》等有关法律法规的要求，现将西安三角防务股 份有限公司（以下简称"公司"）2025 年半年度募集资金存放与使用 情况报告如下： 一、募集资金基本情况 （一）2021 年向不特定对象发行可转换公司债券募集资金 1、实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可[2021]1352 号文核准，向不 特定对象公开发行面值总额 904,372,700.00 元可转换公司债券，每张 面值人民币 100 元，发行数量 9,043,727.00 张，期限 6 年。本次发行 募集资金共计 904,372, ...