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。 证券代码：688282 证券简称：理工导航 公告编号：2026-002 北京理工导航控制科技股份有限公司 2025 年年度业绩预亏公告 重要内容提示： （一）业绩预告时间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利 润-1,200.00 万元到-600.00 万元，与上年同期相比（法定披露数据），将减少 146.81 万元到 746.81 万元，同比增亏 32.40%到 164.79%。 2、预计归属于母公司所有者扣除非经常性损益后的净利润-2,300.00 万元到 -1,700.00 万元，与上年同期相比（法定披露数据），将减少 822.50 万元到 1,422.50 万元，同比增亏 93.73%到 162.11%。 3、预计 2025 年年度实现营业收入 25,600.00 万元到 30,400.00 万元，与上 年同期相比（法定披露数据），将增加 8, ...

Market Overview - The aerospace equipment sector experienced a decline of 5.5% on January 20, with Aerospace HuanYu leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Key stocks in the aerospace equipment sector showed the following closing prices and percentage changes: - Aerospace Electronics (600879): 26.31, -0.83% - Xingwang Yuda (002829): 28.91, -3.73% - Xinyu Guoke (300722): 33.51, -4.80% - Zhongtian Rocket (003009): 70.62, -6.15% - China Satellite (600118): 98.04, -6.53% - China Satcom (601698): 37.00, -7.01% - Ligong Navigation (688282): 75.82, -7.14% - Aerospace HuanYu (688523): 60.30, -8.87% [1] Capital Flow - The aerospace equipment sector saw a net outflow of 3.385 billion yuan from institutional investors, while retail investors had a net inflow of 3.481 billion yuan [1] - Detailed capital flow for key stocks includes: - Xinyu Guoke (300722): Institutional net outflow of 17.66 million yuan, retail net inflow of 16.89 million yuan - Ligong Navigation (688282): Institutional net outflow of 30.54 million yuan, retail net inflow of 32.30 million yuan - Xingwang Yuda (002829): Institutional net outflow of 49.15 million yuan, retail net inflow of 40.51 million yuan - Aerospace HuanYu (688523): Institutional net outflow of 92.41 million yuan, retail net inflow of 35.86 million yuan - Zhongtian Rocket (003009): Institutional net outflow of 96.91 million yuan, retail net inflow of 1.30 million yuan - Aerospace Electronics (600879): Institutional net outflow of 44.20 million yuan, retail net inflow of 82.70 million yuan - China Satcom (601698): Institutional net outflow of 101.00 million yuan, retail net inflow of 10.55 million yuan - China Satellite (600118): Institutional net outflow of 164.70 million yuan, retail net inflow of 134.47 million yuan [2]

预计2025年年度实现营业收入25,600.00万元到30,400.00万元，与上年同期相比（法定披露数据），将增 加8,512.34万元到13,312.34万元，同比增长49.82%到77.91%。预计扣除与主营业务无关的业务收入和不 具备商业实质的收入后的营业收入为25,600.00万元到30,400.00万元。 预计归属于母公司所有者扣除非经常性损益后的净利润-2,300.00万元到-1,700.00万元，与上年同期相比 （法定披露数据），将减少822.50万元到1,422.50万元，同比增亏93.73%到162.11%。 格隆汇1月20日丨理工导航(688282.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润-1200万元到-600万元，与上年同期相比（法定披露数据），将减少146.81万元到746.81 万元，同比增亏32.40%到164.79%。 ...

Core Viewpoint - The aerospace equipment sector experienced a 1.21% increase on January 19, with Aerospace Electronics leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4114.0, up 0.29% [1]. - The Shenzhen Component Index closed at 14294.05, up 0.09% [1]. - Aerospace Electronics stock closed at 26.53, with a gain of 3.39% [1]. Group 2: Stock Performance - Aerospace Electronics (600879) led the sector with a closing price of 26.53 and a trading volume of 4.18 million shares, totaling a transaction value of 110.67 million yuan [1]. - Aerospace Huanyu (688523) closed at 66.17, up 3.00%, with a trading volume of 135,100 shares and a transaction value of 8.95 million yuan [1]. - China Satellite (600118) closed at 104.89, up 2.93%, with a trading volume of 957,800 shares and a transaction value of 100.78 billion yuan [1]. Group 3: Fund Flow Analysis - The aerospace equipment sector saw a net outflow of 889 million yuan from institutional investors, while retail investors contributed a net inflow of 765 million yuan [1]. - The detailed fund flow indicates that Aerospace Huanyu had a net inflow of 43.11 million yuan from institutional investors, while retail investors had a net outflow of 49.48 million yuan [2]. - China Satellite experienced a net outflow of 26.66 million yuan from institutional investors, with retail investors contributing a net inflow of 107 million yuan [2].

Core Viewpoint - The aerospace equipment sector experienced a decline of 1.47% on January 16, with China Satellite leading the drop, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index decreased by 0.18% [1] Group 1: Market Performance - The aerospace equipment sector's main stocks showed mixed performance, with China Satellite closing at 101.90, down 4.61%, and China Telecom rising by 2.24% to 40.16 [1] - The total net outflow of main funds in the aerospace equipment sector was 2.811 billion yuan, while retail investors saw a net inflow of 1.939 billion yuan [1] Group 2: Individual Stock Analysis - China Satellite had a significant net outflow of 1.729 billion yuan, accounting for 11.35% of its trading volume, while retail investors contributed a net inflow of 502 million yuan [2] - New Yu Guoke experienced a net outflow of 402 million yuan from main funds, with retail investors providing a net inflow of 446.85 million yuan, indicating strong retail interest [2] - The stock of Aerospace Electronics saw a net outflow of 570 million yuan from main funds, while retail investors contributed a net inflow of 438 million yuan [2]

Group 1 - The aerospace equipment sector experienced a short-term surge, with Aerospace Hongtu rising over 10% [1] - Other companies such as China Satellite Communications, Zhongtian Rocket, StarNet, and Aerospace Huanyu also saw increases in their stock prices [1]

Group 1 - The aerospace equipment sector experienced a short-term surge, with Aerospace Hongtu rising over 10% [1] - Other companies such as China Satellite Communications, Zhongtian Rocket, StarNet Yuda, Ligong Navigation, and Aerospace Huanyu also saw increases [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1][7] Core Insights - The report highlights the strategic opportunities in military trade, particularly the interest from multiple countries in procuring the JF-17 "Thunder" fighter jet, which has shown outstanding performance in combat [5][6] - The global geopolitical landscape remains complex, with ongoing issues such as the Ukraine crisis and increased military budgets in the U.S., suggesting a heightened demand for military trade [5][6] - China's military trade market is expected to open up significantly, driven by the emphasis on high-end equipment exports and the increasing importance of military trade within the defense industry [6][7] Summary by Sections Recent Performance - The defense and military industry has outperformed the CSI 300 index, with a 1-month increase of 25.0%, a 3-month increase of 27.9%, and a 12-month increase of 58.0% compared to the CSI 300's increases of 3.5%, 4.5%, and 24.1% respectively [4] Investment Highlights - The JF-17 "Thunder" fighter jet is attracting interest from various air forces due to its advanced avionics, active phased array radar, and cost-effectiveness compared to foreign counterparts [6] - The successful combat performance of the J-10CE fighter jet in 2025 has garnered global attention, showcasing the capabilities of Chinese military equipment [6] - The report emphasizes the importance of military aircraft as core platforms for integrated combat systems, which can drive growth in related manufacturing and systems industries [6] Industry Outlook - The report anticipates a golden period for China's military trade over the next five years, supported by supply-side reforms and a richer product spectrum [7] - Key areas for investment include main platform manufacturers, unmanned systems, guided munitions, and radar systems, with specific companies highlighted for potential growth [7]

2025年12月以来持续高热的商业航天板块，在多家上市公司密集发布风险提示公告后，涨势戛然而止。 此外，航天环宇、雷科防务均在公告中提及，若未来公司股票价格进一步异常上涨，将可能申请停牌核 查。 天风证券同样指出，国内商业航天正处于政策孵化向规模化落地过渡阶段，存在卫星数据利用率低、下 游应用技术与需求脱节、终端门槛高等问题。目前多数企业仍依赖政企客户，大众市场的可持续盈利模 式尚未成熟。 在经历此次回调之前，商业航天板块自2025年12月以来持续火热，多只个股短期内实现翻倍。 消息面上，政策预期是核心推手。2025年10月，"十五五"规划建议提出加快建设航天强国，实施新技术 新产品新场景大规模应用示范行动。11月，国家航天局正式宣布设立"商业航天司"，标志着行业迈入国 家牵头的新阶段。 更为关键的催化剂来自频轨资源的申请。据媒体报道，我国于2025年12月向国际电信联盟（ITU）申请 了超20万颗卫星频轨资源，其中超19万颗来自近期成立的无线电创新院。业内专家普遍认为，这意味着 卫星频轨资源申请已上升至国家战略层面，极大地打开了市场对产业规模的想象空间。 1月12日晚，近期连续上涨的航天环宇、雷科防务、航天 ...

Market Overview - The commercial aerospace sector experienced a collective decline on January 13, with indices such as aerospace (BK0480) and commercial aerospace (BK0963) dropping by 6.87% and 5.72% respectively, while the aerospace ETF Tianhong saw a decline of 9.37% [1][10] - This follows a strong performance on January 12, where the A-share commercial aerospace index rose over 6%, with more than 90 related stocks hitting the daily limit or increasing by over 10% [3][12] Company Responses and Risk Disclosures - Multiple companies, including Aerospace HuanYu and XinKe Mobile, issued risk warnings on January 12, clarifying their business boundaries and the limited impact of commercial aerospace on their overall revenue [3][12] - XinKe Mobile stated that its satellite internet revenue constitutes only 2%-3% of its total income, emphasizing that its main business remains mobile communication network equipment and services [4][13] - Aerospace HuanYu reported that its commercial aerospace business contributes approximately 3% to total revenue as of September 30, 2025, and highlighted the need for time to validate new technologies in the market [4][15] Industry Insights - Experts suggest that the commercial aerospace sector is still in its early stages, with significant growth potential but requiring a cultivation period of about five years [8][18] - The sector is recognized as a strategic emerging industry in China's 14th Five-Year Plan, with the establishment of a dedicated commercial aerospace department by the National Space Administration [7][18] - Recommendations for regulatory measures include enhancing information disclosure, monitoring abnormal trading, and improving investor education to promote rational market development [7][18] Future Outlook - The market for commercial aerospace in China is projected to reach a trillion-level scale, but the industry is still primarily driven by state-owned enterprises, with private capital facing challenges [8][19] - Companies are advised to focus on the commercialization of technology and the development of civil products to enhance their market position [8][19]