证券代码：920640 证券简称：富士达 公告编号：2026-001 中航富士达科技股份有限公司 第八届董事会第十六次会议决议公告 6.会议列席人员：公司全体高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 31 日 2.会议召开地点：中航富士达科技股份有限公司五楼会议室 3.会议召开方式：现场与视频会议相结合方式 4.发出董事会会议通知的时间和方式：2025 年 12 月 27 日以电子邮件方式发 出 5.会议主持人：董事长武向文先生 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于预计 2026 年日常性关联交易的议案》 1.议案内容： 具体内容详见公司于 2026 年 1 月 5 日在北京证券交易所指定信 ...

Investment Rating - The report assigns a rating of "Buy" to the company [4]. Core Insights - The company is the second-largest global supplier of high-end aramid paper, with significant growth potential in various downstream sectors [9]. - The core investment logic includes the company's strong market position, strategic supplier role in commercial aerospace, benefits from overseas power grid upgrades, and the increasing demand in the aviation sector due to new aircraft and maintenance cycles [9]. - The company is expected to achieve substantial earnings growth, with projected EPS of 0.84, 1.21, and 1.93 CNY per share for 2025, 2026, and 2027 respectively, leading to a target price of 54.34 CNY per share based on a 45x PE valuation for 2026 [9]. Summary by Sections Company Overview - The company specializes in aramid paper, a key strategic material for manufacturing, with applications in various critical sectors such as electrical power, aerospace, rail transportation, new energy, and electronic communications [16][17]. Competitive Landscape - The company ranks second in global market share for aramid paper, following DuPont, which has exited the market, potentially allowing the company to capture more market share [38][39]. Power Equipment - Aramid paper is widely used in transformers and other electrical equipment due to its superior thermal insulation properties, which enhance the reliability and safety of electrical devices [41]. Aviation Sector - The demand for aramid paper in the aviation industry is driven by new aircraft and maintenance needs, with the global aviation market expected to recover significantly [56][57]. Commercial Aerospace - The company is positioned as a key supplier of materials for commercial aerospace, benefiting from the increasing requirements for high-performance materials in extreme environments [9]. Earnings Forecast and Valuation - The company is projected to see revenue growth from 340 million CNY in 2023 to 960 million CNY by 2027, with a CAGR of 49.2% [3]. The EBITDA is expected to grow from 105 million CNY in 2023 to 373 million CNY in 2027 [3].

Investment Highlights - The commercial aerospace sector is entering a demand realization phase, with low Earth orbit (LEO) satellite constellations becoming the core driver. The transition from planning to implementation of LEO communication constellations is expected to create a long-term and continuous demand curve for rocket launches, satellite manufacturing, and related systems [8][20][21] - The industry focus is shifting from "capability" to "stable, high-frequency, and low-cost delivery," benefiting companies with engineering and large-scale delivery capabilities [8][20] - The industry chain structure shows clear logic, with upstream manufacturing and midstream launch services exhibiting significant elasticity. Upstream components such as rocket manufacturing and satellite platforms are foundational, while midstream commercial launch services are critical for the successful advancement of satellite constellations [8][27][34] Policy-Driven Growth - Recent policies have intensified support for the commercial aerospace industry, integrating it into national space development plans and encouraging private sector participation in satellite manufacturing and launch services [15][17][18] - Local governments are also implementing supportive policies, with Beijing aiming for large-scale satellite construction by 2028 and Guangdong targeting a commercial aerospace industry scale of 300 billion yuan by 2026 [16][18] Industry Chain Overview - The upstream segment includes rocket manufacturing, satellite platform and complete satellite manufacturing, and core component supply, which are essential for the safety, reliability, and scalability of the entire industry chain [27][31] - The midstream segment is characterized by the emergence of commercial launch services, which are becoming a key constraint for the successful deployment of satellite constellations. The focus is shifting towards the ability to deliver at controlled costs and stable frequencies [34][35] - The downstream segment is evolving towards smaller, more integrated satellite communication modules and terminal devices, expanding into various applications such as emergency communication and remote monitoring [38][40] Key Companies in the North Exchange - Star Map Control is a leading company in commercial aerospace measurement and control services, focusing on providing full lifecycle management and digital simulation for satellites. The company has developed an AI-based control system capable of managing large-scale satellite constellations [41][42] - Tianli Composite specializes in layered metal composite materials and has established itself as a leader in the domestic market, with a strong focus on high-end applications in aerospace and nuclear industries [46][47] - Fujida is a high-tech enterprise focusing on RF coaxial connectors and related products, with a strong presence in the aerospace and commercial satellite sectors, and is actively expanding into new applications [49][50] Investment Recommendations - The commercial aerospace sector is characterized by long industry cycles and clear demand sources, making it suitable for medium to long-term investment perspectives. Companies with strong engineering capabilities, scalable manufacturing, and mature business models are expected to benefit from increased launch frequencies and order volumes [53]

Group 1: Policy and Industry Development - The Shanghai Stock Exchange has introduced new listing standards for commercial rocket companies, facilitating their entry into the Sci-Tech Innovation Board during a critical period of commercialization [6][7]. - The National Space Administration has issued a plan to promote high-quality and safe development of commercial aerospace, outlining 22 key measures to support the industry [7][9]. - In Q1-Q3 2025, China conducted 17 commercial space launches, with projections indicating that the commercial aerospace market could exceed 9 trillion yuan by 2030 [16][28]. Group 2: Market Performance and Trends - The average stock price change for technology growth stocks on the Beijing Stock Exchange was -2.24% from December 22 to December 26, 2025, with notable increases in companies like Guangdao Tui (+74.8%) and Fangsheng Co. (+15.97%) [2][3]. - The average price-to-earnings (P/E) ratio for the automotive industry on the Beijing Stock Exchange decreased to 30.6X, while the electronic equipment sector's P/E ratio fell to 55.9X [2][3]. - The commercial aerospace industry is experiencing a structural shift, with the proportion of commercial launches increasing from approximately 13% in 2020 to over 60% in 2024, indicating a growing role of commercial entities in driving industry growth [27][32]. Group 3: Key Companies in Commercial Aerospace - The report identifies 13 core companies in the commercial aerospace sector on the Beijing Stock Exchange, including software systems like Xingtou Measurement and Control, and component manufacturers such as Tianli Composite and Fujida [50][56]. - Notable companies in the aerospace materials sector include Jilin Carbon Valley, Minshida, and Kelong New Materials, which are contributing to advancements in high-performance materials [56]. - The report highlights the competitive landscape, with private companies like Blue Arrow Aerospace and Xingshe Power making significant strides in rocket development and launch services [42][45].

Core Viewpoint - Tianjin Fushida Bicycle Industrial Co., Ltd. (Fushida) has submitted an IPO application to the Shanghai Stock Exchange, aiming to raise funds for various projects despite experiencing fluctuating financial performance and increasing accounts receivable [2][10]. Group 1: Company Overview - Fushida specializes in the research, design, production, and sales of bicycles, electric bicycles, and shared bicycles, with a production capacity of 7 million bicycles annually [3][4]. - The company ranks among the top three in bicycle sales in mainland China for three consecutive years [2][4]. - Fushida's products are sold in nearly 100 countries, serving well-known brands like Specialized, Decathlon, and Panasonic, as well as shared bicycle operators like Hello and Meituan [3][4]. Group 2: Financial Performance - Fushida's revenue for the years 2022 to 2025 (first half) was approximately 43.71 billion, 36.21 billion, 48.8 billion, and 25.92 billion respectively, with a notable 17.15% decline in 2023 and a 34.77% increase in 2024 [4][5]. - The net profit attributable to shareholders for the same periods was 3.48 billion, 2.85 billion, 4.08 billion, and 1.95 billion, reflecting an 18.14% decrease in 2023 and a 43.30% increase in 2024 [4][5]. - Accounts receivable surged to 12.75 billion by mid-2025, representing 49.19% of revenue, with a 53.99% increase from the beginning of the year [5][6]. Group 3: Market Dependency and Risks - Fushida relies heavily on overseas markets, with 70% of its revenue coming from international sales, which poses risks related to currency fluctuations and international trade policies [6][7]. - The top five customers contribute nearly half of Fushida's revenue, indicating a high customer concentration risk [7][8]. - The company has faced challenges in the shared bicycle market, with production utilization dropping to 19.7% in 2022 due to external factors [8]. Group 4: IPO and Fundraising - Fushida plans to raise 7.73 billion through its IPO, targeting investments in electric bicycles, smart manufacturing, and brand development [10][11]. - Despite a solid financial position, with a debt ratio of 42.12% and cash and financial products totaling 17.55 billion, the company seeks additional funds for growth [11][12]. - The actual controllers of Fushida hold 94.96% of the shares, raising concerns about governance risks [12][13].

当周还有一件事引发市场关注，商业火箭企业适用科创板第五套标准的指引发布。就在近期，蓝箭航天 空间科技股份有限公司（下称"蓝箭航天"）完成IPO辅导工作，被称将冲刺"商业航天第一股"。还有多 家商业航天企业启动了IPO辅导，目前处于辅导备案登记受理阶段。 一周新增受理27单IPO申请 继12月25日一天有8单IPO申请获得受理后，12月26日又有10单IPO申请集中获得受理，这2天就受理了 18单IPO申请。 在当周受理的27单IPO申请中，逾四成来自创业板。其中，优邦科技、尼索科、猎奇智能、鸿富诚、腾 励传动、墨库股份、九安智能、思仪科技、千分一9家拟IPO企业申请采用创业板第一套标准上市， 即"最近两年净利润均为正，累计净利润不低于1亿元，且最近一年净利润不低于6000万元"。 博迈医疗、托伦斯2家拟IPO企业申请采用创业板第二套标准上市，即"预计市值不低于15亿元，最近一 年净利润为正且营业收入不低于4亿元"。 这是今年下半年以来交易所受理IPO申请数量最多的一周。 年末IPO掀起受理高潮，12月22日～12月28日当周（下同），沪深北交易所新增受理27单IPO申请，成 为今年下半年以来受理IPO申请数量 ...

Group 1 - The market sentiment is positive, with the North Exchange 50 Index rising by 1.19% and a total of 76 stocks increasing in value, while 209 stocks declined, resulting in a rise-fall ratio of 0.36 [2][8][30] - Key market themes include commercial aerospace, Hainan's "closure" theme, liquid cooling, rising lithium battery material prices, and record copper prices, indicating active thematic investments in future industries such as quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion [8][9][12] - The report emphasizes the importance of timing in thematic investments, particularly in the context of the upcoming "14th Five-Year Plan" and suggests focusing on North Exchange stocks related to future industries [9][10] Group 2 - The North Exchange's new stock quality is expected to improve, with attention on changes in new stock allocation policies for 2026 and upcoming listings, including Wei Dongguang [10][21][27] - This week, one new stock, Jiangtian Technology, was listed with a first-day increase of 180.58%, bringing the total number of listed companies on the North Exchange to 287 [21][27] - The report highlights the potential for significant returns from low-valuation stocks such as Tongli Co., KAIT Co., and others, as new funds are expected to return in early 2026 [10][12][40]

Group 1 - The market sentiment is positive, with the North Exchange 50 index rising by 1.19% and the trading volume decreasing by 11.69% compared to the previous week [2][12][16] - Key market themes include commercial aerospace, Hainan "closure" theme, liquid cooling, lithium battery material price increases, and rising copper prices, indicating active thematic investments in future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [12][13][14] - The report maintains a positive outlook on the North Exchange thematic market during the spring rally, emphasizing the importance of timing in thematic investments and highlighting specific stocks to watch, including Fujida, Xingtou Measurement and Control, and others in emerging technology sectors [13][14] Group 2 - The North Exchange saw one new stock listed this week, Jiangtian Technology, which had a significant first-day increase of 180.58% [26][7] - The report notes that the quality of new stocks on the North Exchange is expected to continue improving, with attention on the upcoming listing of Hengtong Light [14][26] - The new three-board market saw 10 new listings and 42 delistings this week, with a total of 5,956 companies currently listed [47][49]

Core Insights - A-share listed companies are actively investing in the satellite industry chain and collaborating with domestic rocket companies, with 95 companies disclosing their involvement since November [1] - These 95 companies have seen a significant increase in financing, with a total financing balance of 69.055 billion yuan as of December 25, representing an increase of over 45% compared to the end of last year [1] - More than 30 companies within this group have experienced financing balance increases exceeding 100%, including companies like Aerospace Huanyu, Shunhao Co., and Guoji Precision [1] Financing and Institutional Research - Among the 95 companies, 20 have received over 50 institutional research inquiries this year, with leading companies in terms of institutional inquiries being Huafeng Technology, Suochen Technology, and Kede CNC [1] - As of December 25, the financing balance of these companies increased by over 50% compared to the end of last year [1] Performance of Key Companies - Notable companies with significant financing balance changes include: - Guoji Precision: 362.11% increase in financing balance [2] - Huafeng Technology: 195.28% increase in financing balance [2] - Aerospace Huanyu: 95.02% increase in financing balance [2] - The year-to-date performance of some companies includes: - Tongyu Communications: 182.64% increase [2] - Guocai Materials: 67.40% increase [2] - Xindong Lian Ke: 36.39% increase [2]

Group 1 - The National Development and Reform Commission emphasizes the need to accelerate the development of long-duration energy storage, green hydrogen production, and nuclear fusion technologies [2] - The article highlights the importance of developing renewable energy resources in energy-rich areas and enhancing cross-regional energy transmission [2] - It encourages the collaborative construction of national computing hubs and clean energy bases, as well as the innovation of zero-carbon parks and smart microgrids [2] Group 2 - The Defense Science and Technology University has set a world record in superconducting magnetic levitation by accelerating a ton-class test vehicle to 700 km/h in just two seconds [3] - This achievement marks a significant advancement in high-speed electromagnetic propulsion and electric levitation guidance technologies [3] - The successful test was conducted on a 400-meter magnetic levitation test line, showcasing China's leadership in the field of high-speed maglev technology [3] Group 3 - The China Meteorological Administration released the first Climate Resource Economic Blue Book, focusing on converting climate resources into economic value through policy, market mechanisms, and technological innovation [4] - The report emphasizes the sustainable utilization of climate resources to promote economic growth and environmental protection [4] - It highlights the significance of climate resource economic transformation for food security, industrial upgrading, and improving public welfare [4] Group 4 - Beijing aims to implement 100 industry-specific large models as part of its open-source ecosystem development plan from 2026 to 2028 [5] - The plan includes nurturing 10 internationally influential open-source projects, with at least 5 being globally leading [5] - It also targets the cultivation of 30 domestic star open-source projects, including at least 10 in the artificial intelligence sector [5] Group 5 - Hainan Free Trade Port reported over 400 million yuan in zero-tariff imports during its first week of full closure [6] - The region saw a significant increase in foreign trade registration, with 1,972 new enterprises registered, a 2.3-fold year-on-year increase [6] - The total number of newly registered customs declaration units for the year exceeded 30,000, reflecting over 40% growth [6] Group 6 - Shanghai is establishing a national 6G comprehensive testing base to promote the research and development of 6G technology [6] - The initiative includes financial support of up to 30% of total investment, with a maximum of 30 million yuan [6] - This effort is part of a broader strategy to foster future industry clusters in the Yangtze River Delta region [6] Group 7 - SHEIN's Bay Area West Smart Industrial Park in Guangdong has been completed with a total investment of 3.5 billion yuan [7] - The park features over 600,000 square meters of space, including smart sorting and order distribution centers [7] - It is designed to enhance SHEIN's automated operations and supply chain efficiency [7] Group 8 - The Qianwen App achieved over 40 million monthly active users within 30 days of its public testing [8] - The app has integrated with Gaode, enhancing its local service capabilities [8] - This rapid growth indicates a successful transition from a conversational AI to a more functional service platform [8] Group 9 - Deep Blue Automotive announced the completion of a C-round financing totaling 6.122 billion yuan, with investments from Chang'an Automobile and others [9] - This funding will support the company's growth and development in the automotive sector [9] Group 10 - Counterpoint Research forecasts that global spending on generative AI will grow from 225 billion dollars in 2023 to 699 billion dollars by 2030, with a compound annual growth rate of 21% [14] - The AI dialogue platform is expected to be the fastest-growing segment, with significant expansion in personal assistant AI and content generation tools [14] - By 2030, the number of monthly active users for global AI dialogue platforms is projected to exceed 5 billion [14]