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 实际控制人及其一致行动人 续签《一致行动协议》的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为正在进行 广东纳睿雷达科技股份有限公司（以下简称"纳睿雷达"、"上市公司"或"公司"） 持续督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》和《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》等有关法律法规的要求，对纳睿雷达实际控制人及其一致行 动人续签《一致行动协议》的事项进行了认真、审慎的核查，核查情况如下： 一、本次签署《一致行动协议书之补充协议》的背景情况 为巩固公司的控制权，稳定公司的经营管理，更好地促进公司的发展，包晓 军先生、刘素玲女士、刘世良先生、刘素红女士、刘素心女士于 2020 年 12 月 9 日共同签署的《一致行动协议书》，约定各方在股东会决策事项保持一致意见， 如果各方没有达成一致表决意见的，以包晓军先生意见为准，有效期为自 2020 年 12 月 9 日至公司股票在证券交易所上市之日起满 36 个月之日止。鉴于公司 2023 年 3 月 1 日在上海证 ...

公司于 2024 年 5 月 10 日召开 2023 年年度股东大会审议通过了《关于公司 2023 年度利润分配及资本公积金转增股本预案的议案》，以方案实施前的公司总 股本 154,666,800 股为基数，以资本公积金向全体股东每 10 股转增 4 股，共计转 增 61,866,720 股。本次转增实施完成后，公司总股本由 154,666,800 股变更为 216,533,520 股。具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披 1 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 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为正在进行 广东纳睿雷达科技股份有限公司（以下简称"纳睿雷达"、"上市公司"或"公司"） 持续督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》和《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》等有关法律法规的要求，对纳睿雷达首次公开发行部分限售 股上市流通的事项进行了认真、审慎的核查，核查情况如下： 一、本次上市流通的限售股类型 根据中国 ...

截至本公告披露日，实际控制人及其一致行动人持有公司股份的情况如下： 1 | 刘世良 | 10,231,200 | 3.38 | | --- | --- | --- | | 刘素心 | 10,231,200 | 3.38 | | 合计 | 178,177,059 | 58.81 | 证券代码：688522 证券简称：纳睿雷达 公告编号：2026-005 广东纳睿雷达科技股份有限公司 关于实际控制人及其一致行动人续签《一致行动协议》 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。 广东纳睿雷达科技股份有限公司（以下简称"公司"）实际控制人包晓军先生、 刘素玲女士及其一致行动人刘世良先生、刘素红女士、刘素心女士于 2020 年 12 月 9 日共同签署的《一致行动协议书》有效期将于 2026 年 2 月 28 日届满，为巩固公司控 制权，稳定公司经营管理，包晓军先生、刘素玲女士、刘世良先生、刘素红女士、刘 素心女士于近日签署了《一致行动协议书之补充协议》，同意将《一致行动协议书》 的有效期延长至 2029 年 2 月 28 ...

格隆汇2月11日丨纳睿雷达(688522.SH)公布，公司实际控制人包晓军先生、刘素玲女士及其一致行动人 刘世良先生、刘素红女士、刘素心女士于2020年12月9日共同签署的《一致行动协议书》有效期将于 2026年2月28日届满，为巩固公司控制权，稳定公司经营管理，包晓军先生、刘素玲女士、刘世良先 生、刘素红女士、刘素心女士于近日签署了《一致行动协议书之补充协议》，同意将《一致行动协议 书》的有效期延长至2029年2月28日。 ...

南财智讯2月11日电，纳睿雷达公告，本次上市流通的限售股总数为208.72万股，占公司目前股份总数 的比例为0.69%，限售期为自公司股票上市之日起36个月，上市流通日期为2026年3月2日。 ...

纳睿雷达公告称，本次上市流通的限售股为首次公开发行部分限售股，涉及股东为珠海纳睿达成管理咨 询合伙企业（有限合伙），数量为2,087,165股，占公司目前总股本的比例为0.69%，限售期36个月。该 部分限售股将于2026年3月2日起上市流通（因2026年3月1日为非交易日，故顺延至下一交易日）。自上 市以来，公司分别于2024年、2025年实施资本公积金转增股本，截至公告披露日，公司总股本为 302,995,606股。保荐人对本次限售股上市流通事项无异议。 ...

Investment Rating - The report rates the low-altitude economy industry as "Outperform the Market" [1] Core Insights - The low-altitude economy is defined as a comprehensive economic form driven by low-altitude aviation activities, encompassing four main sectors: low-altitude manufacturing, low-altitude operations, low-altitude infrastructure and information services, and low-altitude supporting industries [1][15] - The development of the low-altitude economy is supported by breakthroughs in technology and increased policy support, leading to rapid growth in the sector [1][15] - The domestic general aviation industry has reached new highs, with 760 companies holding operational licenses and a total of 5,224 registered general aviation aircraft by the end of 2024, marking a year-on-year increase of 10.1% [1] Summary by Sections 1. Low-altitude Manufacturing Opportunities - Low-altitude manufacturing accounts for nearly 60% of the total value in the industry chain, with domestic companies accelerating the localization of high-strength carbon fiber products [2] - The electric propulsion systems for aircraft require higher performance parameters, with companies like Wolong Electric and Inbol accelerating the development of high-performance motors [2] - The industry is expected to transition towards a primarily electric and hybrid model, with solid-state batteries showing promise for future applications in low-altitude aircraft [2] 2. Low-altitude Operations Opportunities - Key catalysts in low-altitude operations include the progress of airworthiness certification for electric vertical takeoff and landing (eVTOL) aircraft and the transition of application scenarios from pilot projects to normalization [3] - By the third quarter of 2025, approximately 17 products are expected to enter the airworthiness acceptance or certification stage, with most manned eVTOL models anticipated to be approved by 2028 [3] - The commercialization of low-altitude logistics operations is progressing rapidly, with companies like Fengfei Aviation achieving successful pilot results in intercity and inter-island transport [3] 3. Low-altitude Infrastructure Opportunities - The low-altitude infrastructure includes both physical facilities and technical systems, with an estimated construction cost of 599.6 billion yuan for low-altitude economic infrastructure (general airports + takeoff and landing sites) from 2025 to 2030 [3] - The planning and consulting costs for this infrastructure are projected to be 35.97 billion yuan during the same period [3] 4. Low-altitude Supporting Industries Opportunities - The demand for low-altitude aircraft testing is expected to realize commercial viability first, as it is closely tied to the entire lifecycle of aircraft development, certification, and commercial operation [4] - Third-party testing institutions with aerospace experience and robust testing capabilities are likely to benefit from this demand [4]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the ShenZhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Mechanical Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, HuaShe Group, and NaRui Radar; for complete machines, focus on WanFeng AoWei, YiHang Intelligent, ZongHeng Co., and Green Energy HuiChong; for core components, consider ZongShen Power, WoLong Electric Drive, YingLiu Co., and YingBoEr; in air traffic management and operations, look at CITIC HAIZHI, ZhongKe XingTu, and Sichuan JiuZhou [5] - In the mechanical equipment sector, recommended companies include JuXing Technology, QuanFeng Holdings, and JiuHao Company for the export chain; for engineering machinery, focus on SANY Heavy Industry, XCMG, and Anhui Heli; for industrial mother machines, consider HuaZhong CNC, KeDe CNC, and HengLi Hydraulic [5] Economic Data Tracking - The manufacturing PMI and its components are being closely monitored, with significant fluctuations noted in production and new orders [32][33] - The monthly export totals and changes are also being tracked, indicating trends in the mechanical equipment sector [38]

Core Insights - The active phased array radar (APAR) is a cornerstone of national defense and a key infrastructure for the digital economy, featuring advantages such as non-inertial scanning and multi-target tracking [1][2] - China's policies are promoting the technological iteration and civilian application of APAR, accelerating its penetration into the civilian economy [1][5] - The industry is characterized by a foundation in military applications, explosive growth in civilian markets, and leading technology, with the market expected to reach approximately 43.5 billion yuan by 2025 [1][5] Industry Overview - Active phased array radar (AESA) utilizes independent T/R components for each antenna unit, allowing for flexible beam steering and high data rates, overcoming the limitations of traditional mechanical scanning radars [2][3] - The classification of AESA includes analog, digital, and software-defined types, with applications spanning military and civilian sectors [3][4] Policy Environment - Recent policies in China, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)" and others, support the development of APAR technology and its integration into civilian applications [5] - These policies aim to enhance core technology, expand application scenarios, and foster collaboration between academia and industry, facilitating the transition from military to civilian use [5] Current Industry Status - The APAR industry in China is in a golden development phase, characterized by technological independence, accelerated military-civilian integration, and steady market expansion [5][6] - The military market is expected to reach 44.8 billion yuan by 2030, with a compound annual growth rate (CAGR) of 10.7% from 2024 to 2030, while the civilian market is projected to reach 36.7 billion yuan with a CAGR of 21.5% [5][6] Industry Chain - The APAR industry has established a complete upstream, midstream, and downstream ecosystem, with significant domestic production capabilities [6] - Upstream focuses on core materials like GaN and GaAs, while midstream involves system integration and manufacturing led by state-owned enterprises [6] Development Trends - Future advancements in the APAR industry will focus on technological iteration, industrial upgrades, and application expansion, fostering a positive development environment [11][12] - Key trends include the widespread adoption of GaN materials, the integration of AI in radar technology, and the expansion of application scenarios in both military and civilian sectors [11][12][13]