E 录 | | | | 二、财务报表…………………………………………………………………………………… 第 5―12 页 | | --- | | (一) 合并及母公司资产负债表 ……………………………………… 第 5—6 页 | | (二)合并及母公司利润表 …………………………………………………………………………………… 第 7 页 | | (三) 合并及母公司现金流量表 …………………………………………………… 第 8 页 | | (四)合并所有者权益变动表 …………………… ………… 第 9-10 页 | | (五)母公司所有者权益变动表 ……………………………第 11—12 页 | 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 3-1-1 三、财务报表附注 … 四、资质证书复印件… t 天健审〔2025〕7-732 号 天津希格玛微电子技术有限公司全体股东: 一、审计意见 我们审计了天津希格玛微电子技术有限公司(以下简称天津希格玛公司)财 务报表,包括2023年12月31日、2024年12月31日、2025年6月30日的合 并及母公司资产负债表, ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-072 号 广东纳睿雷达科技股份有限公司 第二届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 广东纳睿雷达科技股份有限公司（以下简称"公司"）董事会于 2025 年 11 月 21 日以书面形式发出会议通知，于 2025 年 11 月 27 日在公司会议室以现场结合通讯方 式召开会议并作出本董事会决议。本次会议由公司董事长包晓军先生召集并主持，会 议应出席董事 5 名，实际出席董事 5 名。本次会议召开符合《中华人民共和国公司法》 《中华人民共和国证券法》等法律、法规、规范性文件和《广东纳睿雷达科技股份有 限公司章程》《广东纳睿雷达科技股份有限公司董事会议事规则》的规定，会议决议 合法、有效。 二、董事会会议审议情况 （一）审议并通过了《关于修订〈广东纳睿雷达科技股份有限公司发行股份及支 付现金购买资产并募集配套资金报告书（草案）〉及其摘要的议案》 议案表决情况：有效表决票 5 票，同意 5 票，反对 0 票， ...

议案表决情况：同意 2 票，反对 0 票，弃权 0 票。 公司拟通过发行股份及支付现金的方式向周奇峰、李颖、天津好希望微电子 技术合伙企业（有限合伙）、李志谦、深圳市聚仁诚长信息技术企业（有限合伙）、 深圳市俊鹏数能投资合伙企业（有限合伙）、深圳市聚贤诚长新技术企业（有限 合伙）、李新岗、深圳市财汇聚仁信息技术咨询企业（有限合伙）、金华金开德弘 联信毕方贰号投资中心（有限合伙）、中芯海河赛达（天津）产业投资基金中心 （有限合伙）、嘉兴军科二期股权投资合伙企业（有限合伙）共 12 名交易对方购 买天津希格玛微电子技术有限公司 100%的股权，并募集配套资金（以下简称"本 次交易"）。 鉴于本次交易审计基准日更新至 2025 年 6 月 30 日，根据《中华人民共和国 证券法》《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容 与格式准则第 26 号——上市公司重大资产重组》等法律、法规及规范性文件的 有关规定，公司对《广东纳睿雷达科技股份有限公司发行股份及支付现金购买资 产并募集配套资金报告书（草案）》及其摘要进行了相应的修订与更新。 广东纳睿雷达科技股份有限公司 第二届董事会独立董事专门会议第三 ...

纳睿雷达公告称，公司拟通过发行股份及支付现金方式购买天津希格玛微电子技术有限公司100%股权 并募集配套资金。因审计基准日更新至2025年6月30日，结合上交所审核意见，公司对交易报告书（草 案）进行修订，于11月28日披露草案（修订稿）。此次修订涉及释义、重大事项提示等多个章节，主要 是更新财务指标、风险提示、交易对方及标的资产相关数据等，还梳理自查完善了少许文字表述。 ...

Group 1: Market Overview - During the period from November 16 to November 21, 2025, the Shanghai Composite Index fell by 3.90%, the Shenzhen Component Index decreased by 5.13%, and the ChiNext Index dropped by 6.15%. The Shenwan Machinery Equipment Index declined by 4.78%, underperforming the CSI 300 Index by 1.01 percentage points, ranking 13th among 31 Shenwan first-level industries [1] - In terms of sub-industries, the Shenwan General Equipment, Specialized Equipment, Rail Transit Equipment II, Engineering Machinery, and Automation Equipment sectors experienced declines of 5.73%, 5.48%, 5.93%, 1.65%, and 4.41% respectively [1] Group 2: Low-altitude Economy - The low-altitude economy sector has made significant progress in improving commercial operation standards and expanding ecological application scenarios. The Civil Aviation Administration of China released a draft rule for the operation qualification of small commercial transport operators, aiming to provide institutional support for the safe and standardized development of low-altitude commercial transport [2] - The National Development and Reform Commission and five other departments jointly issued opinions to accelerate the construction of modern state-owned forest farms, promoting the popularization of drones and other equipment, thereby opening up broad space for the application of low-altitude technology in ecological protection and forest management [2] Group 3: Machinery Equipment Sector - Current data indicates that domestic leading enterprises in the machinery equipment sector maintain strong competitive advantages from both supply and demand perspectives. In October 2025, China's engineering machinery import and export trade amounted to $4.844 billion, a year-on-year increase of 0.07%. The import value was $176 million, down by 24.2%, while the export value reached $4.668 billion, up by 1.29% [3] - From January to October 2025, the cumulative trade value for engineering machinery was $50.718 billion, reflecting a year-on-year growth of 11.5%. The import value was $2.192 billion, up by 0.78%, and the export value was $48.526 billion, increasing by 12% [3] - The engineering machinery industry is expected to maintain a steady growth trend in the future [3] Group 4: Investment Recommendations - For the low-altitude economy, the company recommends focusing on infrastructure firms such as Shenzhen Urban Transport, Suzhou Transportation Science and Technology, Huasheng Group, and Nairui Radar. In terms of complete machines, attention is advised for Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge. Key component firms to watch include Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. For air traffic management and operations, focus on CITIC Offshore Helicopter, Zhongke Xingtu, and Sichuan Jiuzhou [4] - In the machinery equipment sector, recommended companies in the export chain include Juxing Technology, Quan Feng Holdings, and Nine Company. For the engineering machinery sector, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, recommended firms include Huazhong CNC, Kede CNC, and Hengli Hydraulic [4]

航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达98.2%，堪称全市场"军工 纯度"最高的指数，覆盖航空装备、航天装备、卫星导航、新材料等关键产业链环节，成分股精选军工 领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域，商业航天概念权重占比高达54%。 11月26日，A股三大指数低开高走，先后翻红，航空航天ETF（159227）再度调整，截止9点48分，跌幅 1.75%，成交额已达6222万元，持仓股中仅光启技术、纳睿雷达上涨，长城军工、航天发展、中国海 防、天和防务等跌幅居前。 消息面上，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025—2027年）》。 行动计划指出，扩大政府采购。加大力度推动政府部门公益需求统筹，完善政府采购服务机制，推动商 业运载火箭、商业卫星、商业发射场、商业测运控设施等商业能力参与国家航天任务，鼓励各级政府部 门扩大商业航天服务采购。 中泰证券表示，商业航天产业正进入新一轮高速发展期，我国商业航天企业数量已超过600家，商业航 天发射工位合计25个（在运营18个、在建7个），GW星座组网发射明显提速，可回收火箭技术即将进 ...

Group 1 - The A-share market indices continued to decline, with the aerospace ETF (159227) experiencing a drop of 1.23% and a trading volume of 126 million yuan, maintaining the highest market share in the military industry [1] - The military industry showed significant performance growth, achieving a net profit attributable to shareholders of 24.453 billion yuan in the first three quarters, a year-on-year increase of 17.29% compared to 20.849 billion yuan in the same period of 2024 [1] - The third quarter net profit attributable to shareholders reached 8.927 billion yuan, reflecting a substantial year-on-year growth of 73.2% [1] Group 2 - The military industry is characterized by strong planning, with the five-year plan significantly influencing industry operations and market expectations, serving as a key driver for military market trends [1] - The upcoming "14th Five-Year Plan" is expected to clarify development guidance for the military industry over the next three to five years, potentially leading to a recovery in the overall industry chain's prosperity [1] - With the continuous growth of military spending, positive expectations for equipment procurement under the "14th Five-Year Plan" are anticipated to drive order momentum in the fourth quarter [1] Group 3 - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, with a high military industry representation of 98.2%, focusing on the aerospace sector and covering key components such as fighter jets, transport aircraft, helicopters, and missiles [2]

Core Viewpoint - The defense and military industry is expected to experience another upward trend due to multiple influencing factors, including geopolitical risks, technological advancements, and policy support [1]. Group 1: Market Performance - The military sector has continued its strong performance, with notable stocks such as Aerospace Development (000547) and Great Wall Military (601606) showing significant gains, including a net inflow of 1.828 billion yuan [1]. - The average stock price increase for military concept stocks this year is 30.94%, with North China Long Dragon leading with a 342.24% increase [2]. - Six military concept stocks have received institutional research attention in November, indicating strong interest from investors [2]. Group 2: Company Performance - Major companies in the military sector, including China Shipbuilding (600150) and AVIC Chengfei (302132), reported net profits exceeding 1 billion yuan in the first three quarters [3]. - Several companies, such as Zhenray Technology and North China Long Dragon, have turned losses into profits, with some achieving over 100% year-on-year profit growth [3]. - Institutions predict that nine military stocks will see significant profit increases by 2025, with expected growth rates exceeding 100% [3]. Group 3: Future Outlook - The military industry is poised to benefit from rising geopolitical risks, modernization goals, and expanding military trade markets, with high-end weapon exports expected to increase [1]. - Technological innovations, such as 3D printing and recyclable rockets, are anticipated to drive growth in the sector [1].

Core Viewpoint - The company acknowledges that stock price fluctuations in the secondary market are influenced by various factors, including macroeconomic conditions and market expectations, while stating that its current operational status is normal [2]. Group 1: Company Operations - The company will continue to focus on the development of its core business [2]. - The company aims to enhance its core competitiveness and long-term intrinsic value [2]. - The company is committed to delivering good performance to provide returns for investors [2].

Group 1: Market Overview - The Shanghai Composite Index increased by 1.08%, the Shenzhen Component Index rose by 0.19%, and the ChiNext Index grew by 0.65% from November 3 to November 7, 2025 [2][3] - The Shenwan Machinery Equipment Index decreased by 0.15%, underperforming the CSI 300 Index by 0.97 percentage points, ranking 22nd among 31 Shenwan first-level industries [2][3] - Sub-sectors such as Shenwan General Equipment, Specialized Equipment, Rail Transit Equipment II, Engineering Machinery, and Automation Equipment experienced varied performance, with increases of 0.71%, 0.21%, 2.12%, and 0.36% respectively, while Automation Equipment saw a decline of 2.65% [2][3] Group 2: Key Sector Tracking - The low-altitude economy sector is supported by national policies promoting the application of unmanned systems and the establishment of infrastructure, with Shenzhen planning over 1,500 take-off and landing points by 2035 [3] - The engineering machinery sector shows strong competitive advantages for domestic leading enterprises, with excavator sales reaching 18,096 units in October 2025, a year-on-year increase of 7.77%, including domestic sales of 8,468 units (up 2.44%) and exports of 9,628 units (up 12.9%) [3] Group 3: Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huase Group, and Nairui Radar for infrastructure; for complete machines, focus on Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge; for core components, consider Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer; for air traffic management and operations, look at CITIC Heli, Zhongke Star Map, and Sichuan Jiuzhou [4] - In the machinery equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain; for engineering machinery, focus on Sany Heavy Industry, XCMG Machinery, and Anhui Heli; for industrial mother machines, consider Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]