Group 1 - The company *ST Navigation (688282.SH) announced that it will cancel the delisting risk warning and change its A-share name to "LIGONG Navigation" starting from May 6, 2025 [1] - The company's stock will be suspended for one day on April 30, 2025, before resuming trading [1]

具 体 内 容 详 见 公 司 于 2025 年 4 月 22 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《北京理工导航控制科技股份有限公司关于注销部分 股票期权的公告》（公告编号：2025-029）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述部分 已获授但尚未行权的 92.1050 万份股票期权的注销业务已于 2025 年 4 月 28 日办 理完毕。 本次部分股票期权注销事项不会对公司的财务状况和经营成果产生重大影 响，不会影响公司核心团队的稳定性，不会影响本激励计划的继续实施。 特此公告。 证券代码：688282 证券简称：*ST 导航 公告编号：2025-036 北京理工导航控制科技股份有限公司 关于部分股票期权注销完成的公告 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。 根据《北京理工导航控制科技股份有限公司 2023 年股票期权激励计划（草 案）》（以下简称"《2023 年股票期 ...

北京理工导航控制科技股份有限公司 募集资金管理制度 第一章 总则 第一条 为规范北京理工导航控制科技股份有限公司（以下简称"公司"）募集资 金的存储、使用与管理，提高募集资金的使用效率和效益，保障募集资金的安全， 维护投资者的合法权益，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》"）《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 1 号——规范运作》等有关法律、法规、规章、规范性文 件以及《北京理工导航控制科技股份有限公司章程》（以下简称"《公司章程》"）的 规定，结合公司的实际情况，制定本制度。 第二条 本制度所称募集资金，是指公司通过向不特定对象发行证券（包括首次 公开发行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债 券等）以及向特定对象发行证券募集的资金，但不包括公司实施股权激励计划募集 的资金。 第三条 募集资金到位后，公司应及时办理验资手续，由符合《证券法》要求的 会计师事务所出具验资报告。公司按照招股说明书、募集说明书等信息披露文件所 承诺 ...

天眼查商业履历信息显示，北京理工导航控制科技股份有限公司，成立于2012年，位于北京市，是一家 以从事科技推广和应用服务业为主的企业。企业注册资本8800万人民币，实缴资本5946.1586万人民 币。公司法定代表人为汪渤。 金融界消息 截至2025年4月21日收盘，*ST导航（688282）报收于44.81元，下跌4.66%，换手率4.29%， 成交量1.57万手，成交金额7172.25万元。 资金流向方面，今日主力资金净流出1330.70万元，占比成交额18.55%。其中，超大单净流出369.66万 元、占成交额5.15%，大单净流出961.04万元、占成交额13.4%，中单净流出流入991.20万元、占成交额 13.82%，小单净流入339.51万元、占成交额4.73%。 *ST导航最新一期业绩显示，截至2024三季报，公司营业总收入6293.68万元、同比增长337.35%，归属 净利润3308.93万元，同比减少837.95%，扣非净利润3612.10万元，同比减少55.93%，流动比率4.079、 速动比率3.353、资产负债率15.37%。 通过天眼查大数据分析，北京理工导航控制科技股份有限公司 ...

Summary of Conference Call on Aerospace and Defense Industry Industry Overview - The conference call focused on the aerospace and defense industry, particularly in the context of recent market trends and investment opportunities related to military advertising and budget increases, specifically a 7.2% growth in military spending [1][2]. Key Points and Arguments - The aerospace and defense industry index has seen a growth of 7.71%, outperforming the national defense and military industry index by over 10 percentage points, indicating a significant recovery in this sector [2]. - The price-to-earnings (PE) ratio for the aerospace and defense industry index reached 50.76 times by the end of February, reflecting a 3.75 increase from the end of 2024, which is still considered low historically [2]. - Major state-owned enterprises in the aerospace and defense sector emphasized the importance of adhering to military strengthening guidelines and enhancing digital transformation during their 2025 work conferences [3]. - New orders in the aerospace and defense sector are expected to recover, with companies like Guokai Military Industry and LIG Navigation reporting significant new contracts, indicating a potential rebound in demand for missiles and smart munitions [4]. - The long-term revenue and net profit growth prospects for most companies in the aerospace and defense sector remain strong, supported by stable downstream demand [5]. - The military trade sector is highlighted as a critical area of focus, especially for missile and smart munitions, which have gained importance in recent global conflicts [5][6]. - The ongoing restructuring and mergers among state-owned enterprises are expected to enhance resource allocation and improve competitiveness in the aerospace and defense industry [7]. - The high growth potential in the aerospace and defense sector suggests that companies with strong performance and high productivity are likely to maintain elevated valuation levels [8]. Additional Important Insights - Companies involved in commercial aerospace, intelligent driving, and artificial intelligence are recommended for investment due to their intersecting business opportunities with the aerospace and defense sector [9]. - Attention is drawn to companies offering high cost-performance ratios in their products, such as low-cost rockets and munitions, which are expected to achieve economies of scale post-industrialization [9]. - Companies that can leverage mergers and acquisitions for market expansion and innovation are likely to see special premiums in their market valuations [10]. This summary encapsulates the key insights and projections regarding the aerospace and defense industry, emphasizing the potential for growth and investment opportunities in the coming years.

Investment Rating - The industry rating is "Outperform the Market" [4][71]. Core Viewpoints - The military industry is experiencing a comprehensive rise, with the Shenwan Military Industry Index (801740) increasing by 0.28% from April 7 to April 11, while the CSI 300 Index decreased by 2.87%, resulting in an excess return of 3.16 percentage points [2][43]. - The military sector demonstrates strong anti-volatility capabilities due to rigid domestic demand, self-control, and resistance characteristics, especially in the context of escalating international trade tensions [3][43]. - The military industry is expected to see significant demand recovery in 2025, driven by the acceleration of the "14th Five-Year Plan" and the "Centenary of the Army" goals, making it a key area for investment [3][44]. Summary by Sections Market Performance - The Shenwan Military Industry Index ranked third among 31 first-level industries this week, showing strong performance [8][14]. - From the beginning of 2025, the Shenwan Military Industry Index has decreased by 1.64%, while the CSI 300 Index has decreased by 4.69%, indicating a relative outperformance of 3.05 percentage points [16]. Fund Flows and Valuation - There has been a significant increase in passive fund sizes and shares, with a net inflow of 2.788 billion yuan into military ETFs, marking the largest net inflow since the beginning of 2025 [27][44]. - As of April 11, the current TTM price-to-earnings ratio for the Shenwan Military Industry Index is 61.38, with a percentile rank of 78.04%, indicating a high configuration value at this time [44][44]. Key Recommendations - The report strongly recommends focusing on two main lines: "Domestic Trade" and "Self-Control" [44]. - Suggested stocks for "Domestic Trade" include Tianqin Equipment, LIGONG Navigation, and Optical Electronics, while for "Self-Control," recommended stocks include Hangyu Technology and Xiling Power [44].

Core Viewpoint - The company has signed two sales contracts totaling 65.265984 million yuan, which are expected to positively impact its financial performance in 2025 [2][9]. Group 1: Contract Details - The contracts consist of two sales agreements for inertial navigation devices, with amounts of 29.703744 million yuan and 35.562240 million yuan respectively [5][8]. - The final contract prices are subject to adjustments based on negotiations with the military equipment department [2][5]. Group 2: Performance Impact - The delivery of the products is scheduled for 2025, which is anticipated to have a positive effect on the company's total assets, net assets, operating income, and operating profit for that year [9][10]. Group 3: Risk Factors - There are potential performance risks due to external macroeconomic changes, industry policy adjustments, market environment changes, and customer demand fluctuations [3][10]. - The company acknowledges the risk of default if it fails to deliver products or services on time due to its own reasons [3][10].

Group 1 - *ST Jiyuan (300108.SZ) is expected to have a negative net asset by the end of 2024, facing potential delisting risk due to uncertain audit report opinion [1] - *ST Puli (300630.SZ) may face mandatory delisting as its 2021 and 2022 annual reports contain false records [1] - *ST Navigation (688282.SH) reported negative net profit for 2023 and revenue below 100 million, with 2024 performance forecast still negative, facing delisting risk [1] Group 2 - *ST Yinjian (300020.SZ) received an audit report with no opinion for 2023, and is undergoing 2024 audit, facing potential delisting risk [1] - *ST Dongfang (600811.SH) has seen its stock price close below 1 yuan for 15 consecutive trading days and is under investigation for information disclosure violations, facing delisting risks [1] - *ST Tongmai (603559.SH) received an audit report with no opinion for 2023 and is expected to report losses in 2024, facing potential delisting risk [1] Group 3 - *ST Furun (600070.SH) has seen its stock price close below 1 yuan for 17 consecutive trading days and has a market value below 500 million, with negative profit forecast for 2024, facing delisting risks [2] - *ST Xintong (600289.SH) received an audit report with no opinion for 2023, and may face financial delisting risks after the 2024 report [2] - *ST Weidi (603023.SH) is under delisting risk warning due to unmet financial indicators for 2023, and may face delisting if 2024 annual report remains unsatisfactory [2]

Core Viewpoint - Beijing Institute of Technology Navigation Control Technology Co., Ltd. (the "Company") is at risk of being delisted due to negative net profit and insufficient revenue for the fiscal year 2023, leading to a warning of delisting risk effective May 6, 2024 [2][3]. Group 1: Reasons for Potential Delisting - The Company reported a negative net profit for 2023, with the lower of net profit after deducting non-recurring gains and losses being negative [3]. - The Company's revenue for 2023, after excluding unrelated business income, was below RMB 100 million [3]. Group 2: Disclosure of Delisting Risk Announcements - The Company has issued multiple risk warning announcements regarding potential delisting, with the first one on January 17, 2025, and subsequent announcements on February 10, February 24, March 10, and March 24, 2025 [4]. Group 3: Financial Performance Forecast - The Company anticipates a total revenue of approximately RMB 170.88 million for 2024, with a net profit attributable to shareholders of approximately -RMB 4.17 million and a net profit after deducting non-recurring gains and losses of approximately -RMB 8.85 million [6]. Group 4: Annual Report and Audit Progress - The Company is currently progressing with the preparation and audit of the 2024 annual report, with no significant issues that could lead to a non-unqualified audit opinion identified as of the announcement date [9]. - The scheduled disclosure date for the 2024 annual report is April 22, 2025 [9].

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