证券代码：688631 证券简称：莱斯信息 公告编号：2025-042 南京莱斯信息技术股份有限公司 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、准确性和完整性依法承担法律责任。 单位：元 项 目 本期计提金额 信用减值损失 应收票据坏账损失 -2,916,602.99 应收账款坏账损失 48,086,724.42 其他应收款坏账损失 287,595.40 长期应收款坏账损失 -1,424,236.90 小计 44,033,479.93 资产减值损失 存货跌价损失及合同履约成本减 值损失 4,383,158.65 合同资产减值损失 91,976.98 小计 4,475,135.63 合计 48,508,615.56 收票据、其他应收款及应收款项融资等单独进行减值测试，确认预期信用损失， 计提单项减值准备。对于不存在减值客观证据的应收账款、应收票据、其他应收 款及应收款项融资或当单项金融资产无法以合理成本评估预期信用损失的信息 时，公司依据信用风险特征将应收账款、应收票据、其他应收款及应收款项融资 等划分 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥264,568,583.14, representing a decrease of 5.56% compared to the same period last year[3]. - The total profit for the period was -¥27,769,255.43, a decline of 232.94% year-over-year[3]. - The net profit attributable to shareholders was -¥18,583,290.16, down 188.37% from the previous year[3]. - The basic earnings per share for the period was -¥0.11, reflecting a decrease of 184.62% compared to the same quarter last year[4]. - Total operating revenue for the first three quarters of 2025 was CNY 721,206,532.27, a decrease of 21.4% compared to CNY 917,649,896.63 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was a loss of CNY 51,322,685.71, compared to a profit of CNY 15,496,980.18 in 2024[19]. - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.30, compared to CNY 0.10 in 2024[20]. Research and Development - Research and development expenses totaled ¥39,898,291.94, accounting for 15.08% of operating revenue, an increase of 2.13 percentage points year-over-year[4]. - The company reported a significant increase in research and development expenses, totaling CNY 110,951,210.19 for the first three quarters of 2025, compared to CNY 104,629,153.74 in 2024[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,288,274,474.40, a decrease of 13.49% from the end of the previous year[4]. - Total current assets as of September 30, 2025, amount to ¥2,968,664,465.20, a decrease from ¥3,504,394,279.13 as of December 31, 2024[14]. - Total liabilities as of September 30, 2025, are ¥1,404,797,777.21, down from ¥1,801,142,167.66[15]. - The company's total liabilities amounted to CNY 1,453,375,414.10, a decrease from CNY 1,849,026,442.33 in the previous year[16]. - The total equity attributable to shareholders was CNY 1,811,544,031.19, down from CNY 1,926,782,030.63 in 2024[16]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥533,992,604.55[3]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 698,705,564.61, an increase from CNY 565,169,072.36 in 2024[22]. - Net cash flow from operating activities was -$533.99 million, compared to -$501.83 million in the previous period, indicating a decline of approximately 6.4%[23]. - Total cash inflow from investment activities was $1.25 billion, down from $1.40 billion, reflecting a decrease of about 10.7%[23]. - Cash outflow from investment activities totaled $1.52 billion, compared to $1.73 billion, showing a reduction of approximately 12.2%[23]. - Net cash flow from financing activities was -$65.84 million, slightly improved from -$68.57 million, indicating a decrease of about 4%[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,632[11]. - The largest shareholder, China Electric Lais Information Systems Co., Ltd., holds 98,600,000 shares, accounting for 60.32% of total shares[11]. Operational Insights - The company attributed the decline in profits primarily to reduced sales revenue in urban traffic management and increased credit impairment losses[8]. - The company has no significant changes in major shareholders or their relationships[12]. - The company has not disclosed any new product developments or market expansion strategies in the current report[13]. - There are no significant reminders or alerts for investors regarding the company's operational status during the reporting period[13].

Group 1 - Shandong Province has issued the first provincial-level low-altitude information infrastructure special plan in China, aiming to build a comprehensive, intelligent, and secure low-altitude communication network over the next ten years [1] - The plan focuses on developing key sectors such as drone manufacturing and air logistics, with a target to establish a trillion-level low-altitude economic industry cluster by 2027 [1] - The infrastructure construction is seen as a prerequisite for the emergence of the low-altitude economy, emphasizing the importance of foundational projects and application scenarios for drones [1] Group 2 - Leshi Information, a leading civil aviation management company in China, has launched the "Tianmu" series of products centered around a low-altitude flight service management platform, establishing a benchmark for provincial-level low-altitude platforms in Jiangsu Province [2] - The company has achieved the first military-civilian-territorial collaboration benchmark in the sector [2] - CITIC Haizhi is collaborating with Qingdao Metro Group and Qingdao Blue Space Aircraft Company to develop a low-altitude sightseeing project [3]

Investment Rating - The report maintains a "Recommendation" rating for the transportation and public utilities industry, indicating an expected outperformance of the industry index by over 5% in the next 3-6 months [19]. Core Insights - The report highlights the clear direction of the "14th Five-Year Plan" focusing on emerging pillar industries, particularly low-altitude economy and nuclear fusion energy, which are expected to create trillion-level markets [5]. - The emphasis on low-altitude economy development is reiterated through various government reports and initiatives, showcasing its strategic importance [5]. - The report identifies two major highlights: the cluster development of low-altitude economy and the potential for a trillion-level market, which is seen as a strong encouragement for industry participants [5]. - The report outlines four key application scenarios for low-altitude economy over the next 3-5 years, including tourism, passenger transport, logistics, and production operations [5]. - The report also discusses the expected acceleration in capital expenditure for nuclear fusion projects, predicting a peak in project tenders over the next 3-5 years with an estimated investment of 146 billion yuan [5]. Industry Overview - The transportation and public utilities industry consists of 121 listed companies with a total market capitalization of approximately 3368.47 billion yuan [2]. - The industry has shown absolute performance of 1.8% over the past month and 7.5% over the past six months, while relative performance has been -0.3% and -15.7% respectively [3][4]. - The report emphasizes the importance of low-altitude digitalization and infrastructure construction as foundational elements for the healthy development of the low-altitude economy [5]. Key Companies and Valuation - The report provides a detailed analysis of 12 key companies across five segments of the low-altitude economy, including manufacturers, supply chain, digitalization, infrastructure, and operations [8]. - Notable companies mentioned include WanFeng AoWei, Xirui, and YiHang Intelligent, with projected significant changes in their market valuations and profit margins over the next few years [8].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].

Investment Rating - The industry rating is "Outperform the Market" [51] Core Viewpoints - The low-altitude sector is currently positioned for a potential rebound, supported by ongoing catalysts and developments in infrastructure and policy [4][27] - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are crucial for the industry's emergence [5][28] - The report highlights the importance of government initiatives and local planning in advancing the low-altitude economy, indicating a shift from mere planning to actionable policies [4][27] Summary by Sections Market Review and Weekly Insights - The Wind Low Altitude Economic Index decreased by 4.42% this week, ranking 180 out of 339, underperforming the broader market [3][14] - The report notes that the low-altitude sector experienced a smaller decline compared to other technology sectors, indicating its relative stability [4][27] Industry Dynamics - The report emphasizes the establishment of a leadership group by the Civil Aviation Administration of China (CAAC) for general aviation and low-altitude economy, suggesting promising future policies [4][27] - Local governments are increasingly focusing on practical measures such as airspace planning and low-altitude flight management, which are essential for the sector's growth [4][27] Investment Recommendations - Suggested infrastructure investments include companies like Les Information and Suzhou Planning [30] - Recommended drone-related investments include Jifeng Technology, Yokogawa Precision, and others [30] - The report also highlights leading companies in capacity, such as Wanfeng Aowei and Zongshen Power, as potential investment opportunities [30]

Market Overview - The low-altitude economy sector increased by 1.77% compared to the previous trading day, with Zhenyu Technology leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the low-altitude economy sector included: - Nongyu Technology (300953) with a closing price of 178.03, up 11.28% and a trading volume of 100,500 shares, totaling 1.716 billion yuan [1] - Guangdian Jigu (002967) closed at 20.97, up 10.02% with a trading volume of 256,900 shares, totaling 518 million yuan [1] - Huajian Group (600629) closed at 33.85, up 10.01% with a trading volume of 849,400 shares, totaling 2.737 billion yuan [1] - New Clean Energy (605111) closed at 40.13, up 10.01% with a trading volume of 920,300 shares, totaling 3.651 billion yuan [1] Capital Flow - The low-altitude economy sector experienced a net outflow of 27.7962 million yuan from institutional investors, while retail investors saw a net inflow of 785 million yuan [2] - The capital flow for specific stocks showed: - Chang'an Automobile (000625) had a net inflow of 651 million yuan from institutional investors, while retail investors had a net outflow of 386 million yuan [3] - New Clean Energy (605111) had a net inflow of 650 million yuan from institutional investors, with retail investors experiencing a net outflow of 270 million yuan [3] - Siwei Tuxin (002405) had a net inflow of 158 million yuan from institutional investors, while retail investors had a net outflow of 983 million yuan [3]

低空经济正在从0到1起步，空管龙头莱斯信息虽战略布局较快，但受主营业务拖累，上半年业绩承压严 重。 最新财报显示，今年1~6月，莱斯信息营收4.57亿元，同比下降28.37%，归母净利润-0.31亿元，同比下 降473.5%。 莱斯信息董秘王旭在10月13日的业绩交流会上解释，"因公司客户项目执行特点且采用终验法确认收 入，上半年主要投入项目设计、开发等环节，多数项目将在下半年验收，主营业务收入的季节性较为明 显。"主业承压 道路交通运输、民航交通、城市治理是莱斯信息三大主业。按去年年报，三大主业营收占比分别为 41.68%、38.88%、16.72%。 根据最新专业报告数据，2024年我国城市智能交通市场总规模约559亿元人民币，是近年来城市智能交 通市场投资的首次下滑。在产业边际影响下，莱斯信息上半年营收大降。 对此，王旭回应，一方面聚焦主责主业加速市场推广，推进重点项目落实，另一方面强化内控管理，提 高项目实施效率，优化成本管控效能，提升盈利能力。近年研发投入持续增长，主要系公司与以科技创 新为核心引擎，突破行业发展关键技术，持续培育行业领先的系列拳头产品，加快新质新域前沿新品研 发，为产业转型升级注入 ...

Group 1 - The core point of the news is that Lais Information's stock price dropped by 5.09% to 87.89 CNY per share, with a trading volume of 332 million CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 14.367 billion CNY [1] - Lais Information Technology Co., Ltd. is based in Nanjing, Jiangsu Province, and was established on July 16, 1988. The company went public on June 28, 2023, and specializes in providing comprehensive solutions for civil command information systems, primarily targeting air traffic management, urban road traffic management, and urban governance [1] - The revenue composition of Lais Information includes 86.62% from information system development and construction, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1] Group 2 - Among the top ten circulating shareholders of Lais Information, a fund under Jinying Fund, specifically Jinying Technology Innovation Stock A (001167), entered the list in the second quarter, holding 570,000 shares, which accounts for 0.88% of the circulating shares. The estimated floating loss today is approximately 2.6847 million CNY [2] - Jinying Technology Innovation Stock A (001167) was established on April 30, 2015, with a latest scale of 3.19 billion CNY. Year-to-date returns are 41.4%, ranking 1035 out of 4220 in its category, while the one-year return is 65.13%, ranking 387 out of 3857. Since inception, the fund has achieved a return of 154.39% [2]

Group 1 - The core viewpoint of the news is that 莱斯信息 experienced a decline in stock price, dropping by 5.09% to 87.89 CNY per share, with a trading volume of 3.32 billion CNY and a turnover rate of 5.61%, resulting in a total market capitalization of 143.67 billion CNY [1] - 南京莱斯信息技术股份有限公司, established on July 16, 1988, and listed on June 28, 2023, specializes in providing comprehensive solutions for civil command information systems, primarily targeting air traffic management, urban road traffic management, and urban governance [1] - The company's revenue composition includes 86.62% from information system development and construction, 10.39% from operation and technical services, 2.55% from product sales, and 0.44% from other sources [1] Group 2 - From the perspective of major fund holdings, 方正富邦基金 has one fund heavily invested in 莱斯信息, specifically the 方正富邦创新动力混合A (730001), which reduced its holdings by 2,000 shares in the second quarter, now holding 43,000 shares, accounting for 7.43% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a total scale of 22.37 million CNY and has achieved a year-to-date return of 10.21%, ranking 5829 out of 8162 in its category, with a one-year return of 27%, ranking 3578 out of 8015 [2]