Core Viewpoint - The company, Huaru Technology (301302), has confirmed that its research and development achievements can be applied in the satellite communication sector and has signed substantial orders in this field [1]. Group 1 - The company has developed technology that is applicable to satellite communications [1]. - Substantial orders have been signed in the satellite communication sector [1].

中信证券股份有限公司 关于北京华如科技股份有限公司 2025年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《证券发 行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则（2025 年修订）》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》对北京华如科 技股份有限公司（以下简称"华如科技"、"公司"）进行了 2025 年度持续督导培 训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐机构：中信证券股份有限公司 （二）保荐代表人：刘芮辰、石家峥 （三）培训时间：2025 年 12 月 23 日 （四）培训地点：华如科技会议室 保荐机构按照《证券发行上市保荐业务管理办法》《深圳证券交易所创业板 股票上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》的有关要求，对华如科技进行了 2025 年度持续督导培训。 中信证券认为：本次培训提高了华如科技公司董事、高级管理人员、中层以 上管理人员及实际控制人等相关人员的规范运作意识及对资本市场的理解。此次 培训有助于进一步提升华如科技的规范运作 ...

Core Insights - The aerospace digital simulation industry is essential for optimizing aerospace mission plans and has become a necessary choice for countries to gain a competitive edge in space strategy [1][11] - The market size of China's aerospace digital simulation industry is projected to reach 38.5 billion yuan in 2024, an 11% increase year-on-year, and further grow to 42.3 billion yuan in 2025 [1][11] Industry Overview - Aerospace digital simulation is a specialized field within the aerospace industry that combines digital simulation with aerospace engineering, providing a simulated environment for various stages of aerospace missions [4] - The industry can be categorized into different types based on the mission object, including rocket launch simulation, satellite orbit operation solutions, and aircraft flight simulation solutions [5] Industry Barriers - **Technical Barriers**: The industry involves complex technologies across multiple disciplines, requiring deep knowledge and understanding of aerospace dynamics, control, and various technical fields [5] - **Talent Barriers**: There is a limited supply of high-end talent with the necessary expertise and experience in aerospace engineering, making talent reserve a key indicator of a company's core competitiveness [6] - **Qualification Barriers**: Companies must obtain various qualifications to engage in complex aerospace tasks, which creates a high barrier to entry due to the stringent requirements [6] - **Financial Barriers**: The industry requires significant upfront investment and has long return cycles, creating financial barriers for new entrants lacking sufficient funding [7] Industry Chain - The aerospace digital simulation industry has a supply chain that includes hardware (high-performance servers, precision sensors) and software support (algorithm libraries, operating systems) [8] - The downstream demand covers special, civilian, and commercial aerospace sectors, with commercial aerospace being a major application area [8] Competitive Landscape - The industry is becoming increasingly competitive with numerous enterprises emerging across various segments, including major players like China Aerospace Science and Technology Corporation and Beijing Huaru Technology Co., Ltd. [11][12] Development Trends - **Technological Optimization**: Continuous improvement in simulation technology is necessary to handle the complexities of large-scale satellite constellations and their intercommunication [14] - **Increased Demand in Special Fields**: The demand for aerospace digital simulation in special fields is expected to rise due to increased military spending and the modernization of military equipment [15] - **Policy Support**: The Chinese government is expected to introduce policies to promote the development of the aerospace digital simulation industry, creating a favorable environment for growth [16]

Core Viewpoint - The Chengfei concept stock increased by 1.59%, ranking 8th among concept sectors, with 28 stocks rising and notable gains from Beimo Gaoke, Guanglian Aviation, and Zhonghang Heavy Industry [1][5]. Market Performance - The Chengfei concept sector saw a net inflow of 348 million yuan, with 22 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2][6]. - The top net inflow stock was Zhonghang Heavy Industry, with a net inflow of 423 million yuan, followed by Huali Chuangtong and Beimo Gaoke [2][6]. Stock Performance - Notable gainers included Beimo Gaoke (10.01%), Guanglian Aviation (8.50%), and Zhonghang Heavy Industry (6.68%) [3][8]. - The stocks with the highest net inflow ratios were Beimo Gaoke (21.95%), *ST Zhisheng (17.45%), and Zhonghang Heavy Industry (16.56%) [3][7]. Decliners - The stocks with the largest declines included Shenling Environment (-3.96%), Aerospace Morning Light (-3.48%), and Guolan Testing (-2.31%) [1][5].

Core Points - The company Huaru Technology (301302) has obtained software copyright for its product "Expandable Simulation Platform" (XSimStudio) version 5.5.0, with registration number 2025SR2074766 and registration date of October 27, 2025 [1] Company Summary - Huaru Technology has actively engaged with investors through an interactive platform, indicating transparency and communication [1] - The acquisition of software copyright reflects the company's commitment to innovation and development in the technology sector [1]

Core Viewpoint - The company has announced the acquisition of software copyright for its simulation platform, indicating a focus on enhancing research and development efforts in the near future [1] Group 1 - The company has received the copyright for the software titled "Expandable Simulation Platform" (XSimStudio) version 5.5.0 [1] - The registration number for the software is "2025SR2074766" [1] - The registration date for the software is October 27, 2025 [1]

Core Viewpoint - As of December 10, 2025, the number of shareholders for Huaru Technology (301302) is reported to be 18,053 [1] Company Summary - Huaru Technology has engaged with investors through an interactive platform, providing transparency regarding its shareholder count [1] - The company is actively communicating with its investors, indicating a focus on shareholder engagement and investor relations [1]

Core Viewpoint - The stock prices of several companies, including Xiangyang Bearing, Lixing Co., and others, have experienced significant increases, indicating a bullish trend in the market [1] Company Summary - Xiangyang Bearing has reached its daily limit up, reflecting strong investor interest and confidence in its performance [1] - Lixing Co. has seen its stock price rise by over 10%, suggesting positive market sentiment towards the company [1] - Other companies such as Haoshi Electromechanical, Fule New Materials, Buke Co., and Huaru Technology have also experienced notable price increases, indicating a broader trend of growth within this sector [1]

Core Viewpoint - Huaru Technology's stock increased by 6.05% on November 28, reaching 24.19 CNY per share, with a total market capitalization of 3.77 billion CNY [1] Company Overview - Beijing Huaru Technology Co., Ltd. was established on November 23, 2011, and listed on June 23, 2022. The company specializes in military simulation software sales and simulation technology development and services [1] - The revenue composition of the company includes 78.21% from hardware products, 11.09% from software products, and 10.70% from technology development [1] Shareholder Information - Changxin Fund's Changxin National Defense and Military Industry Quantitative Mixed A Fund (002983) entered the top ten circulating shareholders of Huaru Technology in the third quarter, holding 4.0446 million shares, which is 2.91% of the circulating shares [2] - The fund has achieved a year-to-date return of 25.79% and a one-year return of 28.48%, ranking 2970 out of 8127 and 2465 out of 8059 in its category, respectively [2] Fund Manager Profile - The fund manager of Changxin National Defense and Military Industry Quantitative Mixed A Fund is Song Haikuan, who has been in the position for 7 years and 292 days, managing a total asset size of 6.495 billion CNY [3] - During his tenure, the best fund return was 137.27%, while the worst was -26.88% [3]

Group 1 - The company Huaru Technology (301302) reported that as of November 20, 2025, the number of shareholders is 17,428 [1]