证券代码：600435 证券简称：北方导航 公告编号：临 2025-054 号 北方导航控制技术股份有限公司 第八届董事会第七次会议决议公告 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。 北方导航控制技术股份有限公司第八届董事会第七次 于 2025 年 10 月 17 日以送达、传真、邮件等方式发出会议 通知，于 2025 年 10 月 23 日下午 13：00 以通讯表决的方式 召开。应到会董事人数 9 人，实到会董事 9 人，占应到会董 事人数的 100%，符合法律、法规和《公司章程》的规定。 会议以记名方式通讯表决，决议如下： 一、审议通过关于《2025 年第三季度报告》的议案。9 票赞成，占有效表决权总数的 100%，0 票反对，0 票弃权,0 票回避。 《2025 年第三季度报告》已经董事会审计委员会审议通 过提交董事会，审计委员会认为：公司 2025 年第三季度报 告内容真实、准确、完整，财务报告的格式与内容符合中国 证监会及上海证券交易所等监管机构的要求，不存在与季度 报告相关的欺诈、舞弊行为及重大错报的可能 ...

Group 1 - The company is expanding its business beyond its main operations, focusing on dual-use military and civilian products, particularly in navigation control and ammunition information technology [1] - The company's product offerings include guided control, navigation control, detection control, environmental control, stability control, radio and satellite communication, electrical connectors, and unmanned aerial vehicles [1] - The company is accelerating technological innovation by planning and promoting research projects, deepening the "8+3" technology system and industrial ecosystem [1] Group 2 - The company is optimizing its technological innovation system and mechanism, leveraging partnerships with universities and research institutions such as Beihang University, National University of Defense Technology, Xi'an Jiaotong University, and Beijing Jiaotong University [1] - The focus is on enhancing open innovation cooperation and promoting deep integration of industry, academia, and research [1]

Market Overview - The ground equipment sector increased by 0.3% compared to the previous trading day, with North China Long Dragon leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - North China Long Dragon (301357) closed at 140.00, up 3.69% with a trading volume of 90,400 shares and a transaction value of 12.95 billion [1] - Other notable performers include: - Jieqiang Equipment (300875) at 44.73, up 2.17% [1] - Great Wall Military Industry (601606) at 48.95, up 1.87% [1] - Galaxy Electronics (002519) at 4.68, up 1.52% [1] - Tianzuo Equipment (300922) at 26.03, up 1.24% [1] Capital Flow - The ground equipment sector saw a net inflow of 45.6355 million from institutional investors, while retail investors experienced a net outflow of 180 million [2][3] - The main capital inflow and outflow for key stocks are as follows: - Great Wall Military Industry had a net inflow of 1.011 billion from main investors [3] - North China Long Dragon experienced a net outflow of 48.0689 million from retail investors [3] - Jieqiang Equipment saw a net inflow of 33.7377 million from main investors [3]

Market Overview - The ground equipment sector experienced a decline of 1.34% on October 22, with Jieqiang Equipment leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable stock performances included: - ST Emergency: Closed at 8.33, up 2.08% with a trading volume of 229,900 shares and a turnover of 191 million yuan [1] - Jieqiang Equipment: Closed at 43.78, down 5.28% with a trading volume of 59,200 shares and a turnover of 260 million yuan [2] - Changcheng Military Industry: Closed at 48.05, down 1.70% with a trading volume of 267,700 shares and a turnover of 1.29 billion yuan [2] Capital Flow - The ground equipment sector saw a net outflow of 479 million yuan from institutional investors and a net outflow of 102 million yuan from retail investors, while retail investors had a net inflow of 581 million yuan [2][3] - Specific stock capital flows included: - Jieqiang Equipment: Net outflow of 163.87 million yuan from institutional investors [3] - Zhongbing Hongjian: Net outflow of 74.01 million yuan from institutional investors [3] - Inner Mongolia First Machinery: Net outflow of 79.31 million yuan from institutional investors [3]

Market Overview - The ground armament sector increased by 0.6% compared to the previous trading day, with GanHua Science and Technology leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Notable stock performances in the ground armament sector include: - MuHua Science and Technology (000576) closed at 10.50, up 1.84% with a trading volume of 56,600 shares [1] - GuoKe Military Industry (688543) closed at 48.01, up 1.37% with a trading volume of 27,000 shares [1] - ChangCheng Military Industry (601606) closed at 48.88, up 1.18% with a trading volume of 400,100 shares [1] - ZhongBing HongJian (000519) closed at 19.42, up 0.26% with a trading volume of 758,900 shares [1] Capital Flow - The ground armament sector experienced a net outflow of 330 million yuan from institutional investors, while retail investors saw a net inflow of 344 million yuan [2] - The capital flow for specific stocks shows: - Galaxy Electronics (002519) had a net inflow of 5.63 million yuan from institutional investors [3] - TianZou Equipment (300922) had a net outflow of 2.94 million yuan from institutional investors [3] - Inner Mongolia First Machinery (600967) had a significant net outflow of 51.67 million yuan from institutional investors [3]

Group 1 - The aerospace industry index (CN5082) increased by 0.41% as of October 21, 2025, with notable stock performances from companies like Aerospace Morning Light (600501) up 3.50% and Aerospace New Technology (300424) up 3.40% [1] - On October 17, the sixth batch of satellites for the Qianfan constellation was successfully launched using the Long March 6A rocket, marking a total of 108 satellites launched for the network [1] Group 2 - Oriental Securities forecasts an acceleration in satellite networking progress, with private rockets expected to support commercial space launches [2] - The military industry sector has stabilized in stock prices, with upcoming equipment construction plans expected to enhance both domestic and international demand [2] - The Aerospace ETF (159227) closely tracks the aerospace index and has a high concentration of military industry stocks, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2]

Market Overview - The ground weaponry sector increased by 0.61% compared to the previous trading day, with China North Industries Group Corporation (中兵红箭) leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - China North Industries Group Corporation (中兵红箭) saw a closing price of 19.37, with a rise of 6.02% and a trading volume of 755,300 shares [1] - Other notable performers included Tianzuo Equipment (天奏装备) with a closing price of 26.39, up 2.09%, and Beifang Navigation (北方导航) at 14.47, up 1.62% [1] - Conversely, Longhua Changkong (北方长龙) experienced a decline of 1.17%, closing at 142.12 [2] Capital Flow - The ground weaponry sector experienced a net outflow of 371 million yuan from institutional investors, while retail investors saw a net inflow of 455 million yuan [2][3] - The detailed capital flow indicated that China North Industries Group Corporation (中兵红箭) had a net inflow of 168 million yuan from institutional investors, despite a net outflow from retail investors [3] Individual Stock Analysis - China North Industries Group Corporation (中兵红箭) had a significant institutional net inflow of 168 million yuan, representing 11.72% of its total trading volume [3] - In contrast, North Mongolia One Machine (内蒙一机) faced a net outflow of 86.52 million yuan from institutional investors, with retail investors contributing a net inflow of 96.05 million yuan [3] - The overall trend showed that while institutional investors were pulling out, retail investors were actively buying into the sector [2][3]

Market Overview - The ground weaponry sector experienced a decline of 4.25% on October 17, with Changcheng Military Industry leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Changcheng Military Industry (601606) closed at 49.57, down 6.65% with a trading volume of 673,700 shares and a transaction value of 3.399 billion [1] - Inner Mongolia First Machinery (600967) closed at 18.59, down 5.68% with a trading volume of 562,400 shares and a transaction value of 1.068 billion [1] - Optoelectronic Co. (600184) closed at 17.06, down 3.89% with a trading volume of 92,500 shares and a transaction value of 160 million [1] - International Main Industry (688543) closed at 47.35, down 3.09% with a trading volume of 39,100 shares and a transaction value of 187 million [1] - Other notable declines include Zhongbing Hongjian (000519) down 3.08% and Jieqiang Equipment (300875) down 2.77% [1] Capital Flow Analysis - The ground weaponry sector saw a net outflow of 687 million from institutional investors and 154 million from retail investors, while retail investors had a net inflow of 840 million [1] - Specific stock capital flows indicate that Ganhuakegong (000576) had a net inflow of 16.55 million from retail investors, despite a net outflow of 3.26 million from institutional investors [2] - North Navigation (600435) experienced a significant net outflow of 49.58 million from institutional investors, but a net inflow of 53.40 million from retail investors [2]

Core Viewpoint - Northern Navigation has experienced a decline in stock price, dropping 2.67% to 14.24 CNY per share, with a total market capitalization of 21.52 billion CNY, and a cumulative drop of 7.41% over the last four days [1] Company Overview - Northern Navigation Control Technology Co., Ltd. was established on September 11, 2000, and listed on July 4, 2003. The company is located in Beijing Economic and Technological Development Zone and specializes in guidance control, navigation control, detection control, environmental control, stability control, radio and satellite communication, and electrical connectors [1] - The company's revenue composition is heavily weighted towards military products, accounting for 99.43%, while civilian products contribute only 0.57% [1] Shareholder Information - Among the top ten circulating shareholders of Northern Navigation, Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) increased its holdings by 4.44 million shares in the second quarter, totaling 12.25 million shares, which represents 0.81% of the circulating shares [2] - The estimated floating loss for Guotai Zhongzheng Military Industry ETF today is approximately 4.78 million CNY, with a cumulative floating loss of 13.97 million CNY during the four-day decline [2] Fund Performance - Guotai Zhongzheng Military Industry ETF (512660) was established on July 26, 2016, with a current scale of 15.60 billion CNY. Year-to-date returns are 16.78%, ranking 3121 out of 4218 in its category, while the one-year return is 23.28%, ranking 2440 out of 3865 [2] - Since its inception, the fund has achieved a return of 21.65% [2] Fund Management - The fund manager of Guotai Zhongzheng Military Industry ETF is Ai Xiaojun, who has been in the position for 11 years and 281 days. The total asset scale under management is 124.65 billion CNY, with the best fund return during the tenure being 270.09% and the worst being -46.54% [3]

Core Points - The ground armament sector experienced a decline of 0.68% on October 16, with GanHua Science and Technology leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Changcheng Military Industry (601606) closed at 53.10, up 2.35% with a trading volume of 874,700 shares [1] - Beifang Changlong (301357) closed at 147.00, up 1.16% with a trading volume of 93,600 shares [1] - Neimenggu Yiji (600967) closed at 19.71, down 0.40% with a trading volume of 506,000 shares [1] - ST Yingji (300527) closed at 8.13, down 0.85% with a trading volume of 113,800 shares [1] - Yinhe Electronics (002519) closed at 4.64, down 1.07% with a trading volume of 185,700 shares [1] - Optoelectronic Co., Ltd. (600184) closed at 17.75, down 1.17% with a trading volume of 85,600 shares [1] - Jieqiang Equipment (300875) closed at 48.08, down 1.23% with a trading volume of 88,000 shares [1] - Zhongbing Hongjian (000519) closed at 18.85, down 2.33% with a trading volume of 412,400 shares [1] - Beifang Navigation (600435) closed at 14.63, down 2.34% with a trading volume of 281,700 shares [1] - Guoke Sheng (688543) closed at 48.86, down 3.19% with a trading volume of 42,300 shares [1] Capital Flow - The ground armament sector saw a net outflow of 421 million yuan from main funds, while retail investors contributed a net inflow of 362 million yuan [3] - Speculative funds recorded a net inflow of 58.39 million yuan [3]