Core Viewpoint - Shaanxi Huada held a targeted research activity on October 30, 2025, discussing strategic opportunities under the "14th Five-Year Plan," performance fluctuations in the third quarter, industry chain integration, and talent strategy with 11 participating institutions [1] Group 1: Strategic Development Paths - The company identified three development paths focusing on technological innovation and industrial collaboration, increasing R&D investment in optical modules, exploring new tracks in active and passive microwave industries, and deepening layouts in commercial aerospace, 6G, and data centers [1][2] Group 2: Key Projects and Domestic Substitution - Shaanxi Huada is involved in major national aerospace projects like StarNet and Qianfan Constellation, conducting research on miniaturization and high integration to meet the high reliability demands of commercial aerospace, aiming to expand the range of commercial satellite supporting products and enhance the value of individual satellites [2] Group 3: Third Quarter Profit Decline - The company reported that while third-quarter revenue achieved year-on-year and quarter-on-quarter growth, profits for the first three quarters were significantly impacted by impairment provisions and rising prices of raw materials like gold and copper, which pressured gross margins [3] Group 4: Talent Strategy - The company plans to optimize its talent development strategy by broadening recruitment channels and enhancing salary competitiveness, actively attracting high-level talent through school-enterprise cooperation, and establishing a long-term incentive mechanism to stimulate innovation and support high-quality development [4]

Group 1: Company Development Strategies - The company aims to strengthen technological innovation and industry collaboration by increasing R&D investment in optical modules and exploring new pathways in active and passive microwave industries, particularly in commercial aerospace, 6G, and data centers [3] - The company is focused on deepening participation in key projects and domestic substitution, leveraging its full-link key technologies in electrical connectors to engage in major national aerospace projects [3] - The company plans to diversify its product offerings and enhance production capacity, transitioning from a single component supplier to a provider of interconnected system solutions [3] Group 2: Financial Performance Insights - The company reported revenue growth in the third quarter compared to the previous year and quarter, despite a decline in profits primarily due to impairment provisions and rising prices of gold and copper affecting gross margins [3] - The company is committed to expanding market reach and collaborating closely with key customers to explore cooperation potential while maintaining cost reduction and efficiency improvement measures [3] Group 3: Market Value Management - The company has established a market value management system and is working on acquiring Huajing Microelectronics, with plans to carefully consider national policies and industry dynamics in future strategic decisions [4] Group 4: Talent Acquisition and Development - The company is enhancing its talent acquisition strategy by optimizing development plans, broadening recruitment channels, and improving salary competitiveness to attract high-level talent [4] - The company emphasizes talent development and capability enhancement through a structured training system and plans to establish a long-term incentive mechanism to stimulate innovation and creativity among employees [4]

Core Viewpoint - The satellite industry in China is experiencing rapid growth, driven by advancements in commercial space activities and government support, positioning it as a key area of international competition [5]. Group 1: Market Performance - As of 11:25, the Satellite ETF (159206) increased by 0.83%, with constituent stocks such as GuoDun Quantum reaching the daily limit up [3]. - Notable stock performances include: - GuoDun Quantum (688027) at 613.20, up 20.00% - Shaanxi Huada (301517) at 48.28, up 5.16% - China Satellite (600118) at 44.12, up 3.81% [4]. Group 2: Industry Developments - The Shenzhou 21 manned flight mission press conference highlighted the successful progress of various lunar mission components, including the Long March 10 rocket and the Dream Boat manned spacecraft [3]. - On October 16, a successful launch of 12 low-orbit satellite internet satellites was conducted using the Long March 8A rocket, marking a significant achievement in commercial space endeavors [3]. Group 3: Strategic Insights - Industry experts emphasize that the aerospace sector is a core frontier industry in the current international competitive landscape, with China's satellite industry rapidly advancing and benefiting related enterprises [5]. - The designation of "Aerospace Power" alongside "Manufacturing Power" indicates the strategic importance of the aerospace industry at the national level [5]. - The development of commercial space is essential for achieving the "Aerospace Power" goal, transitioning from "task-driven" to "demand-driven" activities, which will promote industry scale upgrades [5]. - The planning for satellite constellations during the 14th Five-Year Plan period anticipates a significant increase in rocket launches and satellite demand, presenting business opportunities in rocket and satellite manufacturing [5].

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2] Core Insights - The report emphasizes the timely achievement of the centenary goal of building a strong military, highlighting the modernization of national defense and military capabilities [13] - It identifies three dimensions—defense budget, military trade, and military-civilian integration—as key areas for growth in the military industry, indicating that the sector still has significant growth potential [20] - The report outlines a new "three-step" strategy for national defense and military modernization, aiming for substantial advancements by 2035 and a world-class military by the mid-21st century [17] Summary by Sections Section 1: National Defense and Military Goals - The Fourth Plenary Session of the 20th Central Committee emphasizes achieving the centenary goal of building a strong military and advancing military modernization [13] - The session outlines a strategic framework for military development, focusing on political, reform, technological, and talent-driven advancements [13] Section 2: Defense Budget and Military Trade - China's defense budget for 2025 is projected at 1.7847 trillion yuan, with a growth rate of 7.2%, which is higher than the GDP growth target [23] - The report notes that China's defense spending as a percentage of GDP has room to grow, with a current ratio lower than that of major Western countries [23][25] - China's military trade share in the global market is approximately 6%, with potential for significant growth if it reaches 10%-20% [28] Section 3: Military-Civilian Integration - The report highlights the commercial aviation sector's potential for growth, estimating that the domestic commercial aircraft market could be 2.5 times the current military aircraft market [33] - It discusses the expected growth in the commercial aerospace sector, driven by advancements in satellite technology and the establishment of large satellite constellations [39] Section 4: Space Industry Development - The Fourth Plenary Session calls for accelerated construction of a strong aerospace nation, with significant investments in commercial space initiatives [39] - The report details plans for multiple large-scale satellite constellations, with significant deployment milestones set for 2025, 2027, and 2030 [52][48] Section 5: Investment Strategy for the Military Industry - The report suggests a focus on companies that enhance product capabilities, market penetration, and customer pricing as key investment targets [71] - It emphasizes the importance of selecting stocks based on their potential for growth in the context of military modernization and technological advancements [71]

2、截至本公告披露日，除本次交易预案中披露的风险因素外，公司 尚未发现可能导致公司董事会或者交易对方撤销、中止本次交易方案或者 对本次交易方案作出实质性变更的相关事项，本次交易相关工作正在有序 进行中。公司将根据相关事项的进展情况，及时履行信息披露义务。 证券代码：301517 证券简称：陕西华达 公告编号：2025-043 陕西华达科技股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易事项的进展公告 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。 特别提示： 1、陕西华达科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日披露的《发行股份购买资产并募集配套资金暨关联交易预案》（以下 简称"本次交易预案"）中已对本次交易涉及的有关风险因素及尚需履行 的审批程序进行了详细说明，提请广大投资者注意投资风险。 三、本次交易进展情况 截至本公告披露日，公司本次交易所涉及的审计、评估、尽调等工作 已有序开展，交易方案正在进一步完善中。待相关工作完成后，公司将再 次召开董事会审议本次交易的正式方案，披露重组报告书，并按照相关法 律法规履行有关的 ...

Core Insights - The company reported a revenue of 176,439,810.22 yuan for the third quarter of 2025, reflecting a year-on-year growth of 11.05% [2] - The net profit attributable to shareholders of the listed company was -418,435.95 yuan for the same period [2] Financial Performance - Revenue for Q3 2025: 176,439,810.22 yuan, up 11.05% year-on-year [2] - Net profit for Q3 2025: -418,435.95 yuan [2]

Core Viewpoint - Shaanxi Huada (301517.SZ) reported a decline in revenue and a net loss for the first three quarters of 2025, indicating financial challenges faced by the company [1] Financial Performance - The company's revenue for the first three quarters was 430 million yuan, representing a year-on-year decrease of 11.77% [1] - The net loss attributable to shareholders was 14.31 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 15.96 million yuan [1] - The basic loss per share was 0.09 yuan [1]

证券代码：301517 证券简称：陕西华达 公告编号：2025-042 陕西华达科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 陕西华达科技股份有限公司（以下简称"公司"）根据《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》 以及公司相关会计政策的规定，基于谨慎性原则，为了真实准确地反 映公司的资产和财务状况，对合并报表范围内截至 2025 年 9 月 30 日 的各类应收款项、应收票据、存货等资产进行了全面清查，对各项资 产减值的可能性进行了充分的评估和分析，判断存在可能发生减值的 迹象，确定了需计提的减值准备。具体情况如下： 一、本次计提信用减值准备及资产减值准备情况概述 依据《企业会计准则》及会计政策的相关规定，为真实反映公司 财务状况和经营成果，公司基于谨慎性原则，对截至 2025 年 9 月 30 日合并财务报表范围内的应收款项、应收票据、存货等各类资产进行 了减值测试，对存在减值迹象的相关资产计提资产减值准备，对相关 金融资产根据预期信用准备情况确认信用减 ...

陕西华达科技股份有限公司 2025 年第三季度报告 证券代码：301517 证券简称：陕西华达 公告编号：2025-041 陕西华达科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 公司是否需追溯调整或重述以前年度会计数据 □是 ☑否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 176,439,810.22 | 11.05% | 430,428,805.90 | -11.77% | | 归属于上市公司股东 | -418,435.95 | -104.4 ...