证券代码：688522 证券简称：纳睿雷达 公告编号：2025-063 号 广东纳睿雷达科技股份有限公司 关于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）（修订稿）修订说明的公告 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、准确性和完整性承担法律责任。 相较于 2025 年 6 月 27 日披露的《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）（申报稿）》，草案（修订稿）对部分 内容进行了补充和修订，主要补充和修订内容如下： | 重组报告书章节 | | 修订情况说明 | | --- | --- | --- | | 重大事项提示 | | 1、对本次交易设置业绩奖励的原因、依据及合理性，相 | | | | 关会计处理及对上市公司的影响进行了补充披露；2、根 | | | | 据上市公司《公司章程》更新情况删除了监事会表述 | | 第二节 | 上市公司基本情况 | 更新了上市公司的注册资本以及相应工商变更登记程序 | | | | 完成情况 | | 第八节 | 本次交易的合规性分析 | 根据上市公司《公司章程》更 ...

目 录 | 关于差异化定价和股东特殊权利…………………………… 一、 | 第 1—10 | 页 | | --- | --- | --- | | 二、关于标的公司收入……………………………………………第 | 10—38 | 页 | | 三、关于标的公司成本与毛利率…………………………………第 | 38—48 | 页 | | 四、关于标的公司应收账款………………………………………第 | 48—55 | 页 | | 五、关于标的公司存货……………………………………………第 | 55—67 | 页 | | 六、关于股份支付…………………………………………………第 | 67—77 | 页 | | 七、关于商誉………………………………………………………第 | 77—81 | 页 | | 八、关于募集配套资金……………………………………………第 | 81—89 | 页 | | 九、关于其他………………………………………………………第 | 90—98 | 页 | | 十、资质证书复印件…………………………………………… 第 | 99—102 | 页 | 关于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 ...

中信证券股份有限公司 关于 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 之 独立财务顾问报告 （修订稿） 独立财务顾问 签署日期：二〇二五年八月 声 明 本声明所述词语或简称与本独立财务顾问报告"释义"所述词语或简称具 有相同含义。 本独立财务顾问报告不得用于其他任何目的，也不得被任何第三方使用。 中信证券受纳睿雷达的委托担任本次交易的独立财务顾问。根据《公司法》 《证券法》《重组管理办法》《发行管理办法》《26 号格式准则》《上市公司并购 重组财务顾问业务管理办法》等法律、法规的有关规定，按照证券行业公认的 业务标准、道德规范，本着诚实信用、勤勉尽责精神，遵循客观、公正的原则， 在认真审阅相关资料和充分了解本次交易行为的基础上，本独立财务顾问就本 次交易的相关事项出具本独立财务顾问报告。 本独立财务顾问声明如下： 1、本独立财务顾问与本次交易所涉及的交易各方不存在利害关系，就本次 交易发表意见是完全独立的； 2、本独立财务顾问报告所依据的文件、材料由本次交易的相关各方向本独 立财务顾问提供。相关各方已承诺在本次交易过程中所提供的信息真实、准确、 完整，不存在虚假记载、误导性陈述 ...

中信证券股份有限公司关于 《关于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申请的审核问询函 之回复报告》之专项核查意见 独立财务顾问 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 上海证券交易所： 广东纳睿雷达科技股份有限公司（以下简称"公司""上市公司"或"纳睿 雷达"）收到贵所于 2025 年 7 月 9 日下发的《关于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申请的审核问询函》（上证科审 （并购重组）〔2025〕23 号）（以下简称"问询函"），公司已会同中信证券股份有 限公司（以下简称"中信证券""独立财务顾问"）、广东精诚粤衡律师事务所（以 下简称"精诚粤衡律师""律师"）、天健会计师事务所（特殊普通合伙）（以下简 称"天健会计师""审计机构"）、联合中和土地房地产资产评估有限公司（以下 简称"联合中和评估""评估机构"）进行了认真研究和落实，并按照《问询函》 的要求对所涉及的问题进行了回复，现提交贵所，请予审核。 除非文义另有所指，本问询函回复中的简称与《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 ...

联合中和土地房地产资产评估有限公司 关于上海证券交易所 《关于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申请的审核问询函》回复 之专项核查意见 联合中和土地房地产资产评估有限公司 二〇二五年八月 上海证券交易所： 联合中和土地房地产资产评估有限公司（以下简称"评估机构"或"联合中 和评估"）接受广东纳睿雷达科技股份有限公司（以下简称"上市公司"、或"纳 睿雷达"）的委托，担任纳睿雷达本次发行股份及支付现金购买资产（以下简称 "本次交易"）的资产评估机构。纳睿雷达于 2025 年 7 月 9 日收到贵所下发的 《关于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 套资金申请的审核问询函》（上证科审（并购重组）〔2025〕23 号）（以下简称"问 询函"），联合中和评估会同上市公司及其他中介机构就问询函所提问题进行了认 真研究和落实，并按照《问询函》的要求对所涉及的问题进行了回复，现提交贵 所，请予审核。 除非文义另有所指，本问询函回复中的简称与《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）》（以下简称"重 组报告书"）中的释义具 ...

广东精诚粤衡律师事务所 关于 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的 补充法律意见书（一） 二〇二五年八月 地址：广东省珠海市香洲区吉大情侣中路 47 号珠海怡景湾大酒店五层 邮政编码：519000 电话：0756-8893339 传真：0756-8893336 | 释义 4 | | --- | | 正文 7 | | 问题 2 关于差异化定价和股东特殊权利 7 | | 问题 13 关于标的公司历史沿革 41 | 广东纳睿雷达科技股份有限公司： 广东精诚粤衡律师事务所（以下简称"本所"）为在广东省司法厅注册设立并 依法执业的律师事务所。根据本所与广东纳睿雷达科技股份有限公司（以下简称 "纳睿雷达"）签署的《专项法律服务合同》，本所接受纳睿雷达的委托，担任纳睿 雷达本次拟实施的发行股份及支付现金购买资产并募集配套资金事宜（以下简称 "本次交易"）的专项法律顾问。 本所已根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 重大资产重组管理办法》《上市公司监管指引第 9 号——上市公司筹划和实施重 大资产重组的监管要求》《公开发行证券的公司信息披露内容与格式准则第 26 ...

Group 1 - A-shares declined again on August 28, with the Shanghai Composite Index closing below 3800 points, and the defense and military industry sector showing a downward trend [1] - The defense and military ETF (512810) experienced a drop of over 1% during the session, with a trading volume exceeding 1.6 billion yuan by 13:40 [1] - In the past three days, the ETF attracted a total of 91.2 million yuan in capital [1] Group 2 - Among the constituent stocks, the Aviation Industry Corporation of China (AVIC) and ground equipment manufacturers saw significant declines, with AVIC Chengfei dropping over 8% [3] - AVIC Chengfei reported a revenue of 20.702 billion yuan for the first half of 2025, a year-on-year decrease of 38.99%, and a net profit of 0.913 billion yuan, down 68.33% [3] - Guojin Securities indicated that the decline in Chengfei's performance may be due to changes in product delivery structure, with a low proportion of core mass production products [3] Group 3 - The overall performance of the defense and military sector is showing signs of recovery, with 52 out of 64 constituent stocks reporting profits in the first half of 2025 [3] - Notably, 15 stocks reported a year-on-year net profit growth exceeding 30%, with Aerospace Science and Technology leading with a staggering increase of over 21 times [3] - The upcoming September 3 military parade is expected to boost market sentiment, with new equipment set to debut, indicating potential growth in the sector [3][4] Group 4 - The defense and military ETF (512810) encompasses both traditional military forces and emerging sectors such as commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, military AI, and controllable nuclear fusion [4] - The ETF serves as an efficient tool for investing in core assets of the defense and military sector, being a financing and margin trading target [4]

Core Viewpoint - Zhuhai's development history is characterized by a talent-driven approach that has significantly contributed to the city's high-quality growth and industrial advancement [1][11]. Talent Policies and Initiatives - Zhuhai pioneered the "Technology Reward" initiative in 1992, which attracted numerous technology professionals and led to the emergence of a "golden generation" of tech entrepreneurs [3][4]. - The city has implemented a series of policies to support technology talent, including financial rewards and regulations to promote innovation and entrepreneurship [3][4]. Industrial Growth and Transformation - The software industry has been a key focus for Zhuhai, with revenues reaching 55.41 billion yuan in 2024, accounting for approximately 54.84% of the city's electronic information industry [5]. - Zhuhai's strategic emerging industries, including high-end equipment manufacturing and integrated circuits, have shown significant growth, with high-end equipment manufacturing increasing by 35.2% in 2024 [9]. Talent Attraction and Ecosystem - Zhuhai has become a talent-friendly city, with a net inflow of talent ranking among the top three in Guangdong province, attracting around 70,000 new talents in 2024 [12]. - The city hosts 10 universities, including several top-tier institutions, contributing to a robust talent pool and a high level of R&D investment, which reached 4.06% of GDP in 2024 [11][12]. Future Prospects - Zhuhai is positioning itself for a new phase of economic development, focusing on future industries such as artificial intelligence and humanoid robotics, while continuing to enhance its innovation ecosystem [1][9].

Core Viewpoint - Hengyu Xintong announced a semi-annual distribution plan for 2025, proposing a cash dividend of 2.3 yuan per 10 shares, totaling 13.8 million yuan, which represents 77.74% of the company's net profit, marking the sixth distribution since its listing [1][2] Company Summary - The company reported a revenue of 84.13 million yuan for the first half of 2025, reflecting a year-on-year growth of 8.36% [1] - Net profit reached 17.75 million yuan, showing a significant year-on-year increase of 96.47% [1] - Basic earnings per share were 0.2959 yuan, with a weighted average return on equity of 1.43% [1] - The stock experienced a net outflow of 18.43 million yuan on August 27, with a total net outflow of 40.47 million yuan over the past five days [1] Industry Summary - In the defense and military industry, eight companies announced their semi-annual distribution plans for 2025, with Torch Electronics leading at 75.91 million yuan in cash distribution [2] - The cash distribution amounts for other companies include 38.38 million yuan for Yaxing Anchor Chain and 35.43 million yuan for Huaqin Technology [2] - Hengyu Xintong's cash distribution ranks lower in comparison to its peers, with a cash payout of 13.80 million yuan and a dividend yield of 0.52% [2]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]