目 录 | 第 1-2 页 | | --- | | ⚫ 募集资金置换专项审核报告 | ⚫ 募集资金置换专项说明 第 1-3 页 中科星图测控技术股份有限公司 募集资金置换专项审核报告 信会师报字[2025]第 ZG11151 号 募集资金置换专项审核报告 信会师报字[2025]第ZG11151号 中科星图测控技术股份有限公司全体股东： 我们接受委托，对后附的中科星图测控技术股份有限公司（以下简称 "贵公司"）编制的截止日为2025年3月31日《关于使用募集资金置换预先投 入募投项目及已支付发行费用的自筹资金的专项说明》进行专项审核。 一、管理层的责任 按照《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（2022年修订）》和《北京证券交易所股票上市规则》、《北京证 券交易所上市公司持续监管指引第9号——募集资金管理》等相关规定要求 编制《关于使用募集资金置换预先投入募投项目及已支付发行费用的自筹 资金的专项说明》，提供真实、合法、完整的实物证据、原始书面材料、 副本材料、口头证言以及我们认为必要的其他证据，并保证其内容真实、 准确、完整，不存在虚假记录、误导性陈述或重大遗漏，是贵公司管理层 ...

Financial Performance - Net profit attributable to shareholders for Q1 2025 reached ¥13,402,708.99, representing a year-on-year increase of 10.35%[10] - Operating revenue for the first quarter of 2025 was ¥43,550,992.36, reflecting a growth of 34.49% compared to the same period last year[10] - Operating profit for Q1 2025 was ¥14,381,256.94, compared to ¥7,581,356.26 in Q1 2024, indicating an increase of about 89.5%[35] - Net profit for Q1 2025 was ¥13,402,708.99, up from ¥12,145,312.00 in Q1 2024, reflecting a growth of approximately 10.4%[35] - Total revenue for Q1 2025 reached ¥43,550,992.36, a significant increase from ¥32,381,736.60 in Q1 2024, representing a growth of approximately 34.5%[34] - Total comprehensive income for Q1 2025 was ¥13,807,150.99, up from ¥10,241,835.85 in Q1 2024, showing a 35.1% increase[38] Cash Flow - The company's net cash flow from operating activities was -¥36,323,410.52, indicating a decline due to increased cash payments for goods and services[13] - Cash flow from operating activities in Q1 2025 was negative at -¥36,323,410.52, worsening from -¥26,832,291.63 in Q1 2024[39] - The net cash flow from financing activities surged by 909.13% to ¥17,614,658.02, primarily due to funds raised from oversubscribed placements[13] - Financing activities generated a net cash inflow of ¥17,614,658.02 in Q1 2025, compared to ¥1,745,524.52 in Q1 2024, indicating improved financing conditions[40] - The net cash flow from investing activities was -$108.41 million, a significant increase in negative cash flow compared to -$7.99 million last period, indicating aggressive investment strategies[43] Assets and Liabilities - Total assets as of March 31, 2025, amounted to ¥707,879,270.88, a decrease of 2.59% compared to the end of the previous year[10] - Total current assets as of March 31, 2025, amounted to ¥633,505,971.18, a slight decrease from ¥649,220,896.38 on December 31, 2024[28] - Total liabilities increased from ¥251,118,630.81 on December 31, 2024, to ¥191,803,790.04 as of March 31, 2025, indicating a decrease of approximately 23.6%[30] - The company's total liabilities to total assets ratio decreased to 27.10% from 34.55% in the previous year, indicating improved financial stability[10] - The company's total liabilities to equity ratio improved from approximately 0.53 on December 31, 2024, to 0.37 as of March 31, 2025, reflecting a stronger financial position[30] Shareholder Information - The total number of unrestricted shares remained at 26,125,000, accounting for 22.89% of total shares[18] - The total number of restricted shares increased from 83,875,000 to 88,000,000, representing 77.11% of total shares[18] - The largest shareholder, Zhongke Xingtou Co., Ltd., holds 38,250,000 shares, representing 33.52% of total shares[20] - The second-largest shareholder, Jiutian Investment Partnership, holds 23,450,781 shares, accounting for 20.55%[20] - The total number of shareholders with more than 5% ownership is concentrated among the top ten shareholders, holding a combined 76.34%[20] Research and Development - Research and development expenses increased by 68.71% to ¥13,177,888.53, aimed at enhancing competitiveness and innovation capabilities[12] - Research and development expenses increased significantly to ¥13,177,888.53 in Q1 2025 from ¥7,811,021.27 in Q1 2024, marking an increase of approximately 68.3%[34] - Research and development expenses increased significantly to ¥12,504,659.49 in Q1 2025, up from ¥7,200,189.54 in Q1 2024, marking a 73.5% increase[37] Legal and Compliance - The company has not reported any significant legal disputes or external guarantees during the reporting period[24] - The company has fulfilled its obligations regarding related party transactions in a timely manner[24]

Group 1 - The core viewpoint of the news is that Shanghai aims to cultivate a commercial aerospace advanced manufacturing industry cluster, targeting a scale of approximately 100 billion yuan by 2027 [1] - The measures include financial support for the development of commercial rockets, satellites, and key core products, with subsidies up to 300 million yuan [1] - By 2025, several reusable rockets are expected to have their maiden flights, and the demand for small satellites is predicted to surge, with the commercial aerospace market in China expected to exceed 2.5 trillion yuan this year [1] Group 2 - In March 2023, commercial aerospace was included in the 2025 Government Work Report, positioning it as a strategic emerging industry, with various regions like Beijing, Shanghai, and Sichuan announcing policies to promote its development [2] - The commercial aerospace sector is anticipated to enter a new phase of large-scale application by 2025, with a market size expected to surpass 2.5 trillion yuan and ongoing international cooperation [2] - Nearly 70 commercial aerospace concept stocks have seen an average price increase of 6.47% this year, with notable gains from companies like Xingtou Measurement and Control, which has risen by 211.15% [2] Group 3 - Several companies, including Aerospace Rainbow and Chip Motion, have received institutional research, with Srey New Materials planning to produce components for liquid rocket engines, aiming for an annual output of approximately 200 tons of forgings and various rocket engine components [3] - Five concept stocks have disclosed their Q1 2025 earnings forecasts, with companies like Zhimin Da and Chip Motion expected to turn profitable, while others like Yiwai Communication and Tian'ao Electronics anticipate losses [3] - For 2024, 16 stocks are projected to report positive net profits, with notable contributions from companies such as AVIC Xi'an Aircraft Industry and Aerospace Electronics [3]

Group 1 - The report by Ruishou Analysis highlights that from 2014 to Q1 2025, 561 commercial aerospace companies received market financing, with 120 of them being listed companies, primarily focusing on satellite manufacturing, ground equipment, and satellite applications [1] - The highest financing activity in commercial aerospace is expected in 2024, with a historical peak of 138 financing events and a disclosed financing amount of 20.239 billion yuan [1] - The IPO process has faced significant obstacles, leading to a sharp decline in the number of listed companies, with only 4 companies going public in 2023, a 50% decrease year-on-year, and only one expected in 2024 [1] Group 2 - In the past three years, active investment institutions in the commercial aerospace sector include Fangzheng Hesheng Investment and Shenzhen High-tech Investment, with 618 investment institutions participating in financing events from 2022 to Q1 2025 [2] - Among the participating institutions, 587 are VC/PE firms (94%), while 31 are CVCs (6%), with Fangzheng Hesheng Investment being the most active, investing in 11 companies [2] - Future investment opportunities in China's commercial aerospace sector include satellite manufacturing, rocket manufacturing and launching, ground equipment manufacturing, satellite operations, and satellite applications [2]

Summary of Key Points Core Viewpoint - The trading volume and value of stocks on the Beijing Stock Exchange (BSE) experienced a significant decrease on April 24, with a total trading volume of 1.409 billion shares and a trading value of 30.062 billion yuan, down by 2.821 billion yuan compared to the previous trading day. Trading Performance - Among the tradable stocks on the BSE, 38 stocks closed higher, accounting for 14.34% of the total tradable stocks. The top gainers included Lusi Co., Ltd. (up 14.74%), Shibibai (up 10.35%), and Zhongyu Technology (up 9.59%) [1]. - Conversely, 226 stocks closed lower, with the largest declines seen in Kobalt (down 14.47%), Guangsha Environmental Energy (down 11.17%), and Tonghui Electronics (down 8.76%) [1]. Trading Volume and Turnover - A total of 100 stocks had a trading value exceeding 10 million yuan, with the highest trading values recorded for Kai Fa Technology (810 million yuan), Airong Software (662 million yuan), and Xingtou Measurement and Control (531 million yuan) [1]. - The trading activity showed that 65 stocks had a turnover rate exceeding 10%, with 14 stocks exceeding 20%. The stocks with the highest turnover rates included Kobalt (59.97%), Yiyiy Pharmaceutical (35.97%), and Wanda Bearings (32.47%) [1]. Stock Performance Details - The detailed trading performance of selected stocks included: - Kai Fa Technology: Closing price 109.40 yuan, down 8.60%, turnover rate 22.93%, trading value 809.968 million yuan - Airong Software: Closing price 57.70 yuan, down 8.03%, turnover rate 9.27%, trading value 661.923 million yuan - Xingtou Measurement and Control: Closing price 77.90 yuan, down 8.03%, turnover rate 18.16%, trading value 531.205 million yuan - Kobalt: Closing price 48.65 yuan, down 14.47%, turnover rate 59.97%, trading value 354.388 million yuan [1][2][3].

次新股板块持续走弱，北证、 创业板次新方向领跌， 科拜尔、 港迪技术、 开发科技跌超10%， 佳力 奇、 星图测控、 林泰新材、 宏海科技、 新铝时代等跌幅靠前。 ...

Market Overview - On April 22, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.519 billion shares, with a total transaction value of 31.381 billion yuan, a decrease of 1.024 billion yuan compared to the previous trading day [2] - Among the tradable stocks, 68 stocks closed higher, accounting for 25.66% of the total tradable stocks, while 194 stocks closed lower [2] Notable Performers - The stocks with the highest closing gains included Fangda New Materials, which surged by 29.94%, and Guangdao Digital, which increased by 19.67% [2][3] - Stocks with significant declines included Dir Chemical, which fell by 7.30%, and Kangbiter, which dropped by 7.12% [2] Trading Activity - A total of 102 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Airong Software (1.226 billion yuan), Development Technology (875.194 million yuan), and Xingtou Measurement and Control (647.395 million yuan) [2] - The trading activity showed that 67 stocks had a turnover rate exceeding 10%, with 15 stocks exceeding 20% [2] Detailed Stock Performance - The top-performing stocks by closing price and turnover rate included: - Airong Software: Closing price of 61.58 yuan, up 4.67%, turnover rate of 15.58% [2] - Development Technology: Closing price of 121.88 yuan, up 3.30%, turnover rate of 23.09% [2] - Guangdao Digital: Closing price of 13.63 yuan, up 19.67%, turnover rate of 31.38% [3] Summary of Declining Stocks - Notable declining stocks included: - Dir Chemical: Closing price of 14.86 yuan, down 7.30%, turnover rate of 19.61% [3] - Kangbiter: Closing price of 24.51 yuan, down 7.12%, turnover rate of 7.90% [3] - Minshida: Closing price of 47.90 yuan, down 6.83%, turnover rate of 19.60% [2]

| 301479 | 弘景光电 | 117.50 | 27.56 | 8.29 | | --- | --- | --- | --- | --- | | 002583 | 海能达 | 13.11 | 27.56 | 1.31 | | 300773 | 拉卡拉 | 25.55 | 27.21 | 20.01 | | 001356 | 富岭股份 | 15.07 | 27.09 | -5.81 | | 001382 | 新亚电缆 | 23.17 | 26.93 | 0.52 | | 835892 | 中科美菱 | 21.05 | 26.78 | 4.47 | | 600644 | 乐山电力 | 12.94 | 26.54 | 10.03 | | 920106 | 林泰新材 | 136.00 | 26.47 | 10.92 | | 603110 | 东方材料 | 19.10 | 26.46 | 1.60 | | 301629 | 矽电股份 | 175.18 | 26.20 | 1.85 | | 300605 | 恒锋信息 | 16.11 | 26.19 | -6.99 | | 300892 | 品渥食品 | 40.70 ...

Market Performance - On April 21, 2025, the North Exchange 50 index increased by 2.63%, closing at 1363.85 points[3] - The overall trading volume on the North Exchange was 32.405 billion CNY, with a turnover rate of 6.30%[3] - The average daily trading volume for the previous week was 32.679 billion CNY, indicating stable trading levels[3] Industry Trends - Significant gains were observed in the defense industry (+7.5%), environmental protection (+3.9%), and petroleum and petrochemicals (+3.8%)[3] - The textile and apparel sector experienced the largest decline at -3.3%, followed by construction decoration (-2.7%) and food and beverage (-0.9%)[3] Stock Performance - Among the 265 listed companies, 204 saw an increase in stock price, while 57 experienced a decline[3] - Leading gainers included Xingtum Control (+16.52%) and Tongyi Aerospace (+16.49%), while Guangzi International saw the largest drop at -8.73%[3][9] Valuation Metrics - The overall valuation of the North Exchange is at a price-to-earnings (P/E) ratio of 45.69 times, higher than the ChiNext's 34.58 times[3] - The media sector has the highest average P/E ratio at 1790.9 times, while the defense industry has a relatively low P/E ratio[3][10] Risks - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[3][13]

Core Viewpoint - Xingtu Measurement and Control (920116) experienced a significant increase of 16.52% in stock price, with a trading volume turnover rate of 27.50% and a total transaction amount of 800 million yuan on the day of reporting [2] Trading Activity - The stock was listed on the North Exchange's daily trading information due to its turnover rate reaching 27.50%, with a net buying amount of 5.9145 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 151 million yuan, with a buying transaction amount of 78.615 million yuan and a selling transaction amount of 72.7005 million yuan, resulting in a net buying of 5.9145 million yuan [2] Brokerage Seat Details - The largest buying and selling brokerage seat was CITIC Securities Co., Ltd. Shanghai Liyang Road Securities Office, with a buying amount of 19.1372 million yuan and a selling amount of 32.4774 million yuan [2] - In the past six months, the stock has appeared on the trading leaderboard 19 times, with an average price increase of 0.64% the day after being listed and an average increase of 4.08% over the following five days [2]