中國航空科技工業股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下爲中航光電科技股份有限公司於深圳證券交易所網站刊發之公告。 承董事會命 中國航空科技工業股份有限公司 公司秘書 吳筠 北京，二零二五年十月二十九日 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生和胡世偉女士，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先生組成。 *僅供識別 中航光电科技股份有限公司 2025 年第三季度报告 证券代码：002179 证券简称：中航光电 公告编号：2025-049 号 中航光电科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披 ...

2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 中航光电科技股份有限公司 2025 年第三季度报告 证券代码：002179 证券简称：中航光电 公告编号：2025-049 号 中航光电科技股份有限公司 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 中航光电科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 4,654,299,742.28 | -4.97% | ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 本次会计政策变更属于自主会计政策变更，采用未来适用法，不涉及对以前 年度会计报表进行追溯调整，不会对公司营业收入、净利润、净资产等产生重大 影响。 中航光电科技股份有限公司（以下简称"公司"或"中航光电"）2025 年 10 月 29 日第七届董事会第十九次会议审议通过了《关于会计政策变更的议案》。 该议案已经审计与风控委员会 2025 年第五次会议审议通过，具体情况如下： 一、本次会计政策变更概述 （一）变更日期：2026 年 1 月 1 日 证券代码：002179 证券简称：中航光电 公告代码：2025-050号 中航光电科技股份有限公司 关于会计政策变更的公告 三、审计与风控委员会意见 公司董事会审计与风控委员会 2025 年第五次会议审议通过《关于会计政策 变更的议案》，审计与风控委员会一致认为：本次会计政策变更具有必要性及合 理性，符合公司实际情况，不会对公司财务状况、经营成果和现金流量产生重大 影响，本次会计政策变更不涉及追溯调整前期财务数据，变更后的会计政策能够 更加客观、公允地反映公司 ...

Group 1 - The core viewpoint of the news highlights the increasing importance of commercial aerospace in China's strategic development, with a focus on technological breakthroughs and capital acceleration in the industry [1][2]. - The Fourth Plenary Session of the Central Committee added the term "aerospace power," indicating a renewed emphasis on commercial aerospace following the mention of "new growth engines" [1]. - The 14th Five-Year Plan suggests accelerating the development of strategic emerging industries, including new energy, new materials, aerospace, and low-altitude economy, which is expected to create several trillion-yuan markets [1]. Group 2 - The commercial aerospace sector is entering a high-density launch period, with significant advancements in satellite deployment and launch frequency, closely approaching the launch density of SpaceX's Starlink system [2]. - The recent successful launch of the Tianlong-3 large liquid carrier rocket, achieving the simultaneous separation of 36 satellites, marks a significant milestone in China's commercial aerospace capabilities [2]. - The procurement announcement from Yuanxin in July indicates plans for multiple rocket launches, with a total of 94 satellites to be deployed by 2026, further accelerating the launch schedule [2]. Group 3 - According to Xinda Securities, the military industry sector is becoming more attractive in terms of valuation, with recommendations to overweight the military industry, focusing on new combat systems, unmanned equipment, satellite internet, and commercial aerospace [3]. - The National Defense ETF closely tracks the CSI National Defense Index, which includes listed companies under major military groups and those providing equipment to the armed forces, reflecting the overall performance of the defense industry [3]. - The management and custody fees for the National Defense ETF are the lowest among similar ETFs, at only 0.40% [3]. Group 4 - As of September 30, 2025, the top ten weighted stocks in the CSI National Defense Index include companies like AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 45.45% of the index [6].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant year-on-year growth in Q3, with revenue reaching 1.857 billion RMB, up 33.60%, and net profit of 571 million RMB, up 109.55% [1] - The company is positioned well in the special integrated circuit and security chip sectors, with a positive outlook for future growth due to increasing downstream demand and a recovery in orders [1][4] - The introduction of new products in specialized business areas, such as AI and visual perception, has been successful, contributing to a rich product line and increasing orders [2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.904 billion RMB, a 15.05% increase year-on-year, and net profit of 1.263 billion RMB, a 25.04% increase [1] - The gross margin for Q3 was 58.32%, an increase of 3.86 percentage points year-on-year, attributed to a higher proportion of special product revenue [1] - The company has adjusted its profit forecasts for 2025-2027, projecting net profits of 1.744 billion RMB, 2.224 billion RMB, and 2.732 billion RMB respectively, with a compound annual growth rate of 32.31% [4] Product Development - The company has successfully expanded its product offerings in high-end AI and visual perception, as well as in the aerospace application sector, which is expected to contribute to revenue and profit growth [2] Employee Incentives - A stock option plan was announced, granting 16.8 million options to employees, which represents 1.98% of the company's equity, reflecting confidence in future growth [3]

Core Insights - The high-end equipment sector is experiencing significant growth, with the CSI High-End Equipment Sub-Index rising by 1.70% as of October 28, 2025, and notable increases in individual stocks such as Aerospace Development and Aerospace Intelligent Equipment [1][2] - The High-End Equipment ETF (159638) has shown a strong performance, achieving a 21.30% increase in net value over the past six months and a total fund size of 1.01 billion [1][2] - The strategic emphasis on national defense capabilities has been highlighted in the 14th and 15th Five-Year Plans, indicating a substantial leap in defense strength by 2035 [2] Market Performance - As of October 27, 2025, the High-End Equipment ETF has an average daily trading volume of 57.94 million over the past year, with a turnover rate of 4.25% on the trading day [1] - The ETF has recorded a maximum monthly return of 19.30% since its inception, with an average monthly return of 6.43% during rising months [1] Key Stocks - The top ten weighted stocks in the CSI High-End Equipment Sub-Index account for 46.85% of the index, with notable performers including AVIC Shenyang Aircraft, Aero Engine Corporation, and AVIC Electromechanical [2][4] - Specific stock performances include AVIC Shenyang Aircraft up by 3.05% and Aerospace Intelligent Equipment up by 8.09% [4]

Core Insights - The terminal connector industry in China is experiencing rapid growth driven by strong demand from downstream markets such as new energy vehicles, communication devices, and industrial automation. The market size is projected to grow from 26.062 billion yuan in 2017 to 43.62 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.64% [1][11] - The integration of new information technologies with the real economy, the acceleration of smart manufacturing strategies, and the implementation of green and low-carbon development requirements are expected to further expand the market space for the terminal connector industry [1][11] Industry Overview - Terminal connectors serve as essential components in electronic and electrical systems, facilitating the connection of wires or cables through physical contact of metal conductors. They are designed for reliability, durability, and ease of installation [4][6] - The terminal connector industry can be segmented into upstream (raw materials and components), midstream (production and manufacturing), and downstream (application fields such as communication, automotive, consumer electronics, and industrial transportation) [7] Market Size and Growth - The Chinese terminal connector market is expected to reach approximately 46.24 billion yuan by 2025, reflecting ongoing growth driven by technological advancements and market demand [1][11] - The global connector market is projected to grow from 60.1 billion USD in 2017 to 85 billion USD in 2024, with a CAGR of 5.08%. By 2025, it is expected to reach 93.28 billion USD [8][10] Competitive Landscape - The terminal connector market is characterized by a competitive landscape where international giants like TE Connectivity, Molex, and Amphenol dominate the high-end market, while domestic companies such as Luxshare Precision, AVIC Optoelectronics, and Derun Electronics are rapidly emerging through technological innovation and market expansion [12][11] - Domestic companies are gaining market share by leveraging cost advantages and localized service capabilities, aiming to compete in high-end applications [11][12] Key Companies - Luxshare Precision, established in 2004, focuses on precision smart manufacturing across various sectors, including consumer electronics, automotive, and communication. The company reported significant revenue growth across its business segments in the first half of 2025 [13][14] - AVIC Optoelectronics specializes in high-end interconnection solutions and has a strong presence in defense, aerospace, and high-end manufacturing sectors. The company reported a 21.57% increase in revenue in the first half of 2025 [15][16] Industry Trends - The terminal connector industry is moving towards miniaturization and high-density designs to meet the demands of increasingly compact electronic products [16] - There is a growing emphasis on high-speed performance to support the increasing data transmission needs, with innovations in materials and signal transmission paths [17] - The industry is also witnessing a shift towards smart connectors that integrate sensors and data processing units for real-time monitoring and predictive maintenance [18][19]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Core Viewpoint - The optical module concept stocks are experiencing a strong rally, with major players like Zhongji Xuchuang reaching historical highs and significant market capitalization growth [1] Company Performance - Zhongji Xuchuang (300308) opened high and rose by 4.25% to 515 yuan, marking its first-ever breach of the 500 yuan threshold, with a market capitalization exceeding 570 billion yuan and a year-to-date increase of 320% [1] - Xinyi Technology (300502) saw an intraday increase of over 10%, reaching a new historical high, while Tianfu Communication (300394) rose by over 6% [1] - Other companies such as Shijia Photonics and Dongtian Micro (301183) increased by over 14%, and Jingwang Electronics (603228) hit the daily limit, with several others like Shengyi Technology (300476) and Yihua Co. (002897) rising by over 5% [1] Market Outlook - As of October 26, 2023, nine companies in the optical module sector listed on the A-share market reported their Q3 2025 results, with eight companies showing a year-on-year increase in net profit attributable to shareholders [1] - Companies like Huagong Technology (000988) and AVIC Optoelectronics (002179) have been vocal about their optimism regarding future market demand for optical modules [1]

Core Insights - The report highlights the strong performance of the gaming industry, with the game "Escape from Duckkov" selling over 1 million copies within a week, indicating sustained high demand in the sector [5] - The aerospace industry is expected to experience significant growth opportunities following the announcement of "Aerospace Power" in the Fourth Plenary Session, with related stocks such as China Satellite Communications and China Satellite being highlighted [5] - The storage chip sector in the US has seen a substantial increase, with a continued upward trend in storage prices expected in Q4, pointing to potential investment opportunities in related companies like Purun Technology and Yake Technology [5] Industry Dynamics - The macroeconomic environment is being shaped by the 18th meeting of the 14th National People's Congress, which is reviewing significant legislative changes, including the revision of maritime laws and the establishment of Taiwan Recovery Day [4] - The State Council is planning major policies and reforms aimed at stimulating economic growth, which could positively impact various sectors [4] - The central bank is focused on maintaining stability in financial markets, including stock, bond, and foreign exchange markets, by carefully managing monetary policy [4] Company Focus - Guoxuan High-Tech reported a net profit of 2.533 billion yuan for the first three quarters, marking a remarkable year-on-year growth of 514.35% [6] - Taihe Intelligent's net profit for the same period reached 28.7793 million yuan, reflecting a year-on-year increase of 46.28% [6] - Longjing Environmental Protection plans to raise no more than 2 billion yuan through a private placement, aimed entirely at replenishing working capital [6] - AVIC Optoelectronics is actively pursuing research and development needs in the controllable nuclear fusion industry chain, particularly in valve systems and complete machine research [6] Market Review and Outlook - On October 24, the market experienced a rebound, with the Shanghai Composite Index reaching a new high for the year, and the ChiNext Index leading the gains [7] - The total trading volume in the Shanghai and Shenzhen markets was 1.97 trillion yuan, an increase of 330.3 billion yuan from the previous trading day [7] - The report suggests that the A-share market may continue to exhibit a pattern of steady fluctuations, supported by rising policy expectations and the verification of Q3 earnings [7] - Investors are advised to maintain strategic focus and actively seek quality assets during this volatile market phase, with technology growth remaining a long-term market theme [7]