国睿科技股份有限公司章程 （2025 年 8 月修订） 目录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第四章 股东和股东会 第一节 股东 第五章 董事会 1 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 总经理及其他高级管理人员 第七章 党的组织 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护国睿科技股份有限公司、股东、职工和债权人的合法权益， 规范公司的组织和行为，根据《中华人民共和国公司法》(以下简称《公司法》)、 《中华人民共和国证券法》(以下简称《证券法》)和其他有关规定，制订本 ...

国睿科技股份有限公司信息披露管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范国睿科技股份有限公司（以下简称公司）及其他信息披露义 务人的信息披露行为，加强信息披露事务管理，保护投资者合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司信息披露管理办法》《上海证券交易所股票上市规则》等法律、法规、规 范性文件的规定以及《国睿科技股份有限公司章程》（以下简称《公司章程》）， 制定本制度。 第二条 本制度所称"信息披露"是指按有关法律、法规、规范性文件，证 券监管机构和上海证券交易所（以下简称上交所）规定，将应披露信息以及上交 所或公司董事会认为对公司股票及其衍生品种交易价格可能产生重大影响的信 息，在规定时限内、在规定的媒体上、以规定的方式向社会公众公布，按规定的 程序送达证券监管部门审查或备案的行为。 第三条 信息披露文件包括定期报告、临时报告、招股说明书、募集说明书、 上市公告书、收购报告书等。 第四条 信息披露义务人应当及时依法履行信息披露义务，披露的信息应当 真实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重 大遗漏。 ...

Investment Rating - The report maintains a "Positive" outlook on the satellite internet industry [2] Core Insights - The report highlights the rapid growth of commercial space launch sites in China, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [6][34] - It emphasizes the importance of the testing and launch command monitoring systems as critical technological platforms for launch sites [7][46] - The report identifies investment opportunities in the supply of refueling and gas systems, which are essential for rocket launches [7][69] Summary by Sections 1. Comparison with US Starlink - China's satellite internet is entering a construction phase, with the Starlink project by SpaceX being a benchmark, operating around 7,000 satellites [5][19] - As of July 2025, China has launched 6 groups of satellites totaling 47 for China Star Network and 5 groups totaling 72 for Qianfan constellation [23][26] 2. Growth of Commercial Launch Sites - The report notes the rapid increase in the number of commercial launch sites in China, with significant local government and industry support [6][34] - The report lists six major operational launch sites and additional sites in preparatory stages [34][35] 3. Testing and Launch Command Monitoring Systems - The testing and launch command monitoring system is crucial for tracking spacecraft and sending operational commands [7][46] - The report draws parallels with SpaceX's integrated monitoring systems, which include ground stations and a fleet of support ships [51] 4. Refueling and Gas Supply Systems - The refueling and gas supply systems are described as the "blood vessels" of launch sites, essential for providing propellants and gases during launches [7][69] - The report details the complexity and scale of these systems, which involve extensive pipeline networks and various components [69][70] 5. Investment Strategy - The report suggests that the demand for commercial launch sites exceeds supply, indicating a significant investment opportunity in this sector [7][69] - It highlights the ongoing interest from local policies and industry capital in expanding launch site capabilities [7][34] 6. Related Companies - The report lists several companies involved in ground monitoring stations, on-board monitoring equipment, and refueling systems, including: - Ground Monitoring Stations: Aerospace Universe, Zhongke Xingtu, and Leike Defense [8][56] - On-board Monitoring Equipment: Tianjian Technology, Guorui Technology, and Mengsheng Electronics [8][59] - Refueling and Gas Systems: Jiufeng Energy, Hangyang Co., and Aerospace Morning Glory [8][77]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **anti-drone industry**, particularly in the context of the increasing use of small commercial drones in warfare, notably in the **Russia-Ukraine conflict**. The cost-effectiveness of these drones, which can destroy high-value targets at a fraction of their cost, has led to their widespread deployment by both sides in the conflict [1][4]. Core Insights and Arguments - **Drone Utilization in Warfare**: Drones have transitioned from peripheral to central roles in modern warfare, demonstrating significant destructive capabilities against high-value targets. The Ukraine operation successfully targeted Russian strategic bombers, showcasing the effectiveness of drones in warfare [2]. - **Market Growth**: The global anti-drone market is projected to grow at a **24.7% CAGR** from 2024 to 2031, with a significant focus on ground-based systems, particularly for protecting high-value static targets like airports and chemical plants [1][13]. - **Demand and Supply Dynamics**: The increase in drone applications on the battlefield and the rising need for protection of high-value targets are driving demand for anti-drone systems. The supply side is characterized by a low concentration of industry players, indicating early-stage development [3][17]. Important but Overlooked Content - **Traditional Anti-Drone Measures**: Traditional methods include electronic warfare, radar, and optical detection, each with its pros and cons. An ideal anti-drone system should integrate multiple detection and neutralization methods to effectively counter various drone threats [5]. - **Technological Trends**: The shift from large high-altitude drones to smaller, more difficult-to-detect drones necessitates the development of advanced detection systems, including electronic countermeasures and specialized radar [8]. - **Key Players and Components**: Notable companies in the upstream component sector include **6,912** and **Raycus Laser** for high-energy microwave and laser components, respectively. In the midstream radar sector, companies like **Guorui Technology** and **Aerospace Nanhua** are highlighted [18][19]. Recommendations for Future Investments - **Potential Market Leaders**: Companies producing laser components and high-power microwave systems are expected to see significant growth in both military and civilian applications. The overall supply chain is likely to benefit from increased orders, particularly in the anti-drone sector [14]. - **Complete Product Line Companies**: Companies with comprehensive anti-drone product lines, such as **Aerospace Electronics** and **Lianchuang Optoelectronics**, are recommended for their strong integration of R&D and production capabilities [20]. Conclusion - The anti-drone industry is poised for significant growth driven by the increasing battlefield application of drones and the need for protective measures against high-value targets. The evolving technology landscape and the emergence of new players in the market present both opportunities and challenges for investors and stakeholders in the defense sector [15][16].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, suggesting it will outperform the benchmark index by more than 5% in the next 3-6 months [40]. Core Insights - The low-altitude economy is expected to transition from top-level design to accelerated implementation, with logistics likely to be the first large-scale application scenario [5][6]. - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 20.4%, significantly outperforming the Shanghai and Shenzhen 300 Index, which increased by 6.8% [13][15]. - Key companies in the low-altitude economy are being closely monitored, with adjustments made to the index components to reflect strategic investments and market developments [8][10]. Summary by Sections Industry Overview - The National Development and Reform Commission (NDRC) has emphasized the importance of safety in the development of the low-altitude economy, with a focus on expanding application scenarios in a controlled manner [7]. - The report highlights the potential for logistics to lead the way in the low-altitude economy, advocating for a "cargo first, passenger later" approach [6]. Index Performance - The Huachuang Transportation Low Altitude 60 Index rose by 2.8% in the week ending August 15, 2025, with a total increase of 20.4% for the year [13][14]. - The manufacturing segment of the index saw a 30.1% increase year-to-date, indicating strong performance compared to other sectors [14]. Company Adjustments - Recent adjustments to the Huachuang Transportation Low Altitude 60 Index included the addition of Guoanda, Jifeng Technology, and Huijia Times, while removing Quanxin Shares, Zhongjian Technology, and Baoli International [8][10]. - Guoanda's strategic investment in Shenzhen Keweitai aims to enhance collaboration in the low-altitude and emergency sectors [10]. Investment Recommendations - The report suggests focusing on key segments of the low-altitude economy, including manufacturers of general aviation aircraft and eVTOLs, as well as companies involved in low-altitude infrastructure and operations [21][22]. - Specific companies highlighted for their growth potential include Wanfu Aowei, Xirui, and Zongshen Power, with expected significant profit growth in the coming years [22][28].

天眼查商业履历信息显示，国睿科技股份有限公司，成立于1994年，位于南京市，是一家以从事研究和 试验发展为主的企业。企业注册资本124185.784万人民币，实缴资本90670.97万人民币。公司法定代表 人为郭际航。 通过天眼查大数据分析，国睿科技股份有限公司共对外投资了7家企业，参与招投标项目48次，知识产 权方面有商标信息35条，专利信息6条，此外企业还拥有行政许可10个。 来源：金融界 金融界消息 截至2025年8月14日收盘，国睿科技（600562）报收于29.33元，下跌1.64%，换手率 1.36%，成交量16.94万手，成交金额4.99亿元。 资金流向方面，今日主力资金净流出2639.09万元，占比成交额5.29%。其中，超大单净流出2687.35万 元、占成交额5.39%，大单净流入48.26万元、占成交额0.1%，中单净流出流入17.98万元、占成交额 0.04%，小单净流入2621.11万元、占成交额5.25%。 国睿科技最新一期业绩显示，截至2025一季报，公司营业总收入3.63亿元、同比减少35.36%，归属净利 润7531.09万元，同比减少34.81%，扣非净利润6743.25万 ...

Company News - Dalian Thermal Power plans to acquire Kanghui New Materials for 10.153 billion yuan, marking a shift to the new materials industry [4] - China Communications Construction Company intends to purchase 70% equity of Boda New Energy, expanding into the photovoltaic business [5] - Zongshen Power's subsidiary Meixin Yishen has been approved for listing on the Beijing Stock Exchange [5] - Airport Holdings has terminated the transfer of its wholly-owned subsidiary Tianrui Real Estate [5] - Saiteng Co. plans to repurchase company shares worth between 200 million to 400 million yuan [5] - Kingood Co. has received three notifications for designated supply of Avatar electric vehicles [5] - Andavil's subsidiary is expected to win a bid for a 255 million yuan airborne system project [5] - Guorui Technology's subsidiary is anticipated to win a bid for a 380 million yuan engineering signal system procurement project [5] Macro News - As of the end of August, the broad money supply (M2) stood at 286.93 trillion yuan, with a year-on-year growth of 10.6%, which is 0.1 percentage points lower than the previous month and 1.6 percentage points lower than the same period last year [1] - The total social financing stock was 368.61 trillion yuan, with a year-on-year increase of 9% [1] - In August, the increment of social financing was 3.12 trillion yuan, which is 631.6 billion yuan more than the same month last year [1] - The increase in RMB loans was 1.36 trillion yuan, which is 868 billion yuan more than the same month last year [1] - The China SME Development Index for August was 89.4, rising 0.1 points from July and marking the third consecutive month of increase [3]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The role of drones in modern warfare has rapidly increased, highlighting the urgent need for counter-drone systems to address the challenges posed by low, small, and slow targets [6][24] - Ukraine's use of FPV drones in June 2025 resulted in significant damage to Russian strategic bombers, demonstrating the high cost-effectiveness and flexibility of drones in warfare [3][24] - The counter-drone systems utilize various detection methods such as radar, electro-optical, and radio detection, and employ high-energy lasers and microwave technologies for effective low-cost countermeasures [7][43] Summary by Sections Drone Warfare and Countermeasures - The conflict in Ukraine has shown that small drones can achieve high damage ratios, necessitating the development of counter-drone systems [6][36] - Ukraine's strategic drone strikes in June 2025 targeted multiple Russian bomber bases, destroying over 40 bombers, which is 34% of Russia's strategic bomber fleet [3][24] - The characteristics of small drones make traditional air defense systems ineffective, thus counter-drone systems are becoming essential in modern warfare [43][56] Global Development of Counter-Drone Systems - Various countries are developing counter-drone systems, with the US and Israel leading in technology and system quantity [8][67] - The market for counter-drone systems is expected to grow significantly, with a projected CAGR of 24.7% from 2024 to 2031, reaching a market size of $7.51 billion by 2031 [9][10] Investment Strategy - The rapid expansion of drone applications across various fields is driving the demand for counter-drone equipment [10] - Chinese military enterprises have a comprehensive layout in the counter-drone system sector, with several listed companies involved in various aspects of the industry [10][9] - Recommended companies for investment include those involved in upstream components and complete counter-drone products [10][13]

Summary of Guorui Technology Conference Call Company Overview - Guorui Technology achieved a revenue of 3.36 billion yuan in 2024, with radar equipment accounting for nearly 80% of total revenue, indicating strong core competitiveness in the radar market [2][3][16] - The company is primarily controlled by the China Electronics Technology Group (CETC), which holds 52.6% of the shares through its 14th Research Institute [3] Core Business and Financial Performance - Revenue breakdown for 2024: - Radar equipment: 2.67 billion yuan - Industrial software and intelligent manufacturing: 400 million yuan - Smart rail transit: 280 million yuan - The gross margin for radar equipment is 37.6%, the highest among the company's segments [3][16] - Guorui Technology's profit increased from 310 million yuan in 2020 to over 500 million yuan in 2024, with a compound annual growth rate (CAGR) exceeding 15% [10] Military Trade Market Insights - Guorui Technology's military trade market performance is strong, with products including airborne fire control radar, weapon positioning radar, and anti-stealth intelligence radar [4][10] - The global radar market is projected to reach 38 billion USD by 2025, with military radar accounting for 23 billion USD, indicating significant growth potential driven by increased military modernization investments [8] - China's military communication market is also growing, with defense spending increasing at a rate of approximately 7.2% over the past three years, slightly above GDP growth [9] Strategic Opportunities - The low-altitude economy presents new opportunities for Guorui Technology, with increasing demand for low-altitude monitoring and anti-drone radar products [2][19] - The company has launched products such as the low-altitude meteorological guarantee system and anti-drone systems, which are expected to contribute to revenue growth [14] Competitive Position - Guorui Technology is a leader in the domestic radar industry, with a significant revenue lead over competitors such as Sichuan Company and Nari Electronics [16] - The company’s military trade business is expected to continue driving significant profit contributions, with a major contract signed with CETC worth approximately 1.4 billion USD [10][20] Future Outlook - The future outlook for Guorui Technology is positive, driven by military trade and low-altitude economic developments [17][20] - The company is well-positioned to benefit from the increasing global attention on Chinese military equipment, which will further expand market potential [18] Conclusion - Guorui Technology is viewed favorably due to its leading position in revenue and profit, as well as the substantial potential from military trade and low-altitude economic initiatives [20]

Summary of Military Industry Conference Call Industry Overview - The military industry in China has seen significant interest following military parades, with a notable 17% increase in the index after the announcement of the 2025 parade on June 24, 2025 [1][4] - The focus for the next five years will be on the development of new-generation traditional weapons and new combat forces, including unmanned intelligence, underwater operations, cyber-electronic warfare, and hypersonic technologies [1][4] Key Trends and Developments - The military industry is expected to enter a gradual upward development phase starting in 2025, influenced by significant events such as the India-Pakistan conflict and the 15th Five-Year Plan [2][19] - The military trade market is projected to have substantial growth potential during the 14th Five-Year Plan, with a focus on radar, aerospace, and military technology companies [3][14] Market Sentiment and Investment Opportunities - In Q2 2025, there was a rebound in holdings of military-focused public funds, indicating improved market confidence in the military sector [3][11] - Investment opportunities are concentrated in new-generation traditional equipment and guided weaponry, with specific companies highlighted such as Inner Mongolia First Machinery Group and Optics Valley [3][13] Historical Context and Valuation Changes - Historical military parades have consistently led to increased market activity, with significant trading volumes and price increases observed in the months leading up to these events [6][7] - The military industry's valuation has fluctuated over the years, peaking in 2015-2016 due to state-owned enterprise restructuring, followed by a decline until 2020, when demand expectations began to rise again [9][10] Future Projections - The military industry is expected to continue its upward trajectory from 2025 to 2027, with key events such as the 93rd military parade and the 15th Five-Year Plan serving as critical milestones [19][20] - New combat forces, including unmanned systems and hypersonic technologies, will be prioritized in future developments [20] Recommended Companies and Sectors - Companies to watch in the military trade sector include Radar, Nanhua, Guorui Technology, AVIC Shenyang Aircraft Corporation, and AVIC High-Tech [15][21] - In the new combat forces sector, companies involved in unmanned systems and underwater operations, such as Aerospace Electronics and Jintai Technology, are recommended for investment [16][17][18] Conclusion - The military industry is poised for growth, driven by technological advancements and strategic geopolitical events, making it a compelling area for investment in the coming years [2][19]