| 2025 | 飞龙汽车部件股份有限公司 | | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | --- | | 证券代码：002536 | 证券简称：飞龙股份 | | 公告编号：2025-059 | | | | 飞龙汽车部件股份有限公司 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | 资者应当到证监会指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 ?不适用 | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | □适用 ?不适用 | | | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | | | □适用 ?不适用 | ...

Fundraising Plan - The company plans to issue up to 67,131,773 shares to raise a maximum of 1.3 billion yuan, with net proceeds primarily allocated to various testing platform projects and working capital [1][2] Project Summaries Aviation Equipment Testing Platform - The project aims to enhance the testing capabilities for general aviation and low-altitude flight equipment, which are crucial for industry upgrades and safety assessments [3][4] - The project aligns with national policies promoting the development of aviation standards and safety verification systems [6][7] New Generation AI Chip Testing Platform - The project focuses on establishing a public service platform for testing AI chips, addressing the need for reliable standards and testing capabilities in the AI sector [9][10] - The AI chip market in China is rapidly growing, with a significant increase in registered companies from 14,700 in 2021 to 20,600 in 2024, indicating a compound annual growth rate of 11.93% [11] Satellite Internet Quality Assurance Platform - The project aims to develop testing and certification capabilities for satellite internet technologies, which are essential for ensuring the quality and reliability of satellite systems [13][14] - The global satellite internet market is projected to reach over $600 billion by 2040, highlighting the significant growth potential in this sector [14][15] Data Intelligence Quality Safety Testing Platform - This project seeks to enhance the company's digital testing capabilities, focusing on the integration of digital services and AI to support the digital economy [16][17] - The initiative aims to create a comprehensive digital transformation platform that includes software evaluation, cybersecurity, and AI services [17] Xi'an Measurement Testing Laboratory Upgrade - The upgrade of the Xi'an laboratory is intended to support the high-quality development of the aerospace and manufacturing industries in the region [19][20] - The laboratory aims to become a leading third-party testing institution in the northwest, enhancing the company's service capabilities and market presence [21][26] Financial Impact - The fundraising will enhance the company's capital strength, improve asset structure, and support sustainable business growth [27]

Core Viewpoint - The issuance of the first operational certificate (OC) for manned unmanned aerial vehicles (UAVs) in China marks the beginning of the low-altitude economy's "manned era," with companies like EHang actively promoting safety and operational standards in the aviation industry [1][2]. Group 1: Industry Development - The Civil Aviation Administration of China (CAAC) has granted the first batch of operational certificates for manned UAVs to Hefei Huying Aviation Co., Ltd. and Guangdong EHang General Aviation Co., Ltd., indicating a significant milestone in the industry [1]. - The development of urban air mobility is expected to progress through three phases: awareness, popularization, and accessibility, with the next 1-2 years focused on foundational investments in aircraft manufacturing, certification, infrastructure, and regulatory standards [2]. Group 2: Company Strategy - EHang has established over 20 operational demonstration sites and E-port takeoff and landing areas across 16 cities in China, including Hefei, Guangzhou, and Shanghai, aiming to create operational models in key cities [3]. - The company plans to initially focus on tourism as the first operational scenario to quickly accumulate operational experience, with a gradual transition to urban air transportation services [3]. - EHang aims to achieve an annual revenue target of 900 million yuan by 2025, emphasizing a dual strategy of operations and sales to diversify its income sources [3].

Core Insights - Shenzhen is leading the development of the low-altitude economy in China, integrating traditional logistics with low-altitude logistics to provide comprehensive services for smart city operations [1][2] - The city has made significant progress in low-altitude infrastructure construction, with various districts launching differentiated projects to support the low-altitude economy [1][2] - The development of low-altitude economy faces challenges such as airspace resource allocation and sustainable business models [1][2] Infrastructure Development - Shenzhen has fully initiated low-altitude infrastructure construction, with Nanshan District being the first to advance related projects [1] - Other districts like Longhua and Longgang are also starting their own projects, focusing on unique local characteristics [1][2] Policy and Regulation - The government needs to play a guiding role in infrastructure investment, as low-altitude flight heavily relies on systematic construction of takeoff and landing facilities [2] - Strengthening the central-local coordination mechanism is essential to overcome management barriers in cross-border logistics and transportation [2] Communication Networks - The debate between using dedicated networks versus public networks for low-altitude communication is ongoing, with dedicated networks showing significant cost advantages [3] - A dedicated network can cover a radius of 10 kilometers with only a few hundred base stations, compared to thousands needed for a public network [3] Market Expectations - The low-altitude economy is recognized as a national strategic emerging industry, requiring patient capital for cultivation [5] - The market's early optimism has been tempered, with a shift towards rational development and a focus on safety as a primary concern [5] Investment Focus - Investment should prioritize electric vertical takeoff and landing (eVTOL) technology, while addressing technical bottlenecks such as battery energy density and lightweight materials [6] - Infrastructure investment should concentrate on five key areas: perception, communication, navigation, monitoring, and meteorology [6] Commercial Viability - Open airspace is a core prerequisite for establishing a sustainable commercial ecosystem in low-altitude logistics [7] - The successful implementation of drone delivery services by companies like SF Express demonstrates the potential for cost-effective long-distance delivery [7]

Core Viewpoint - The military industry has shown a downward trend since the second half of 2024, primarily driven by valuation factors. The defense and military index rose by 37.24% from September 24, 2024, to July 21, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 27.17% during the same period [1]. Group 1: Market Performance - The military sector has experienced heightened activity in themes such as low-altitude economy, large aircraft, and military intelligence, driven by ongoing geopolitical conflicts [1]. - The performance of military-related funds has also improved, with the Fangzheng Fubon Core Advantage Mixed Fund heavily investing in core enterprises within the military industry chain [1]. Group 2: Fund Holdings - The top ten holdings of the Fangzheng Fubon Core Advantage Mixed Fund include companies like Zhong无人机 (8.95%), 中航沈飞 (7.97%), and 中航成飞 (7.94%), all within the aerospace sector, reflecting a focus on the military supply chain [2]. - New additions to the fund's holdings include 中兵红箭 (7.34%) and 北方导航 (7.26%), with significant year-to-date price increases of 51.49% and 60.01%, respectively [2]. Group 3: Future Outlook - The fund manager believes that the military sector holds explosive growth opportunities, especially with the upcoming military parade on September 3 potentially boosting military stocks [3]. - The military industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear long-term development goal set for 2035 and 2050 [3].

Group 1 - The core viewpoint is that the low-altitude economy is a significant growth sector in the new productivity landscape, with China leading globally in technology and standards, and the market potential is vast, projected to exceed 30 trillion yuan by 2035 for the unmanned low-altitude industry alone [1][8] - The low-altitude economy encompasses various applications below 3,000 meters, including both manned and unmanned scenarios, and has gained attention since its inclusion in national transportation planning in 2021, highlighting its strategic importance [2][11] - The government has set clear policies and strategic goals for the low-altitude economy, with a focus on commercial applications in urban air transport, logistics, and emergency rescue, marking the beginning of a rapid development phase [2][11] Group 2 - The low-altitude economy addresses challenges such as large usage areas and dispersed targets, providing new experiences in agriculture, power line inspection, emergency rescue, tourism, and logistics, thus opening up a trillion-yuan market [5][6] - The economic viability of low-altitude applications is evident, with drone usage in agriculture increasing daily operational efficiency by 60 times and reducing labor costs by 80%, leading to significant improvements in crop yield and pesticide utilization [6][7] - By 2035, the scale of drone applications is expected to reach 3.1 trillion yuan, indicating a transition to a trillion-yuan market starting in 2029 [8] Group 3 - China is at the forefront of the global low-altitude economy, having issued the world's first four certifications necessary for the commercial operation of eVTOL aircraft, which are already being utilized in tourism [10] - The establishment of pilot cities for eVTOL in 2024 marks a significant step towards nationwide adoption, with plans for infrastructure development and regulatory frameworks to support the low-altitude industry [11][12] - The low-altitude economy requires a comprehensive industrial chain, including infrastructure, aircraft manufacturing, operational services, and flight safety, to ensure its successful development [12] Group 4 - The National General Aviation Industry Index focuses on various sectors of the low-altitude economy, providing a representative measure of the industry, with a balanced coverage of components, manufacturing, and operational services [14] - Historical performance of the National General Aviation Index shows a return of 215.51%, significantly outperforming the Shanghai Composite Index, especially as the low-altitude economy enters a high-growth phase [17] - The E Fund General Aviation ETF (159255) is identified as a suitable tool for investors looking to capitalize on the low-altitude economy during this critical window of opportunity [19]

沪深两市全天成交额1.89万亿，较上个交易日放量1931亿。全市场超2700只个股下跌，连续两日逾百股 涨停。 沪深两市全天成交额1.89万亿，较上个交易日放量1931亿。全市场超2700只个股下跌，连续两日逾百股 涨停。 7月22日，A股三大指数均创出年内新高。截至收盘，上证指数涨0.62%，深证成指涨0.84%，创业板指 涨0.61%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | N Status Canadian Carder | 3581.86 | 22.07 | 0.62% | | 399001 | 深证成指 | 5 | 11099.83 | 92.34 | 0.84% | | 399006 | 创业板指 | ج | 2310.86 | 13.97 | 0.61% | | 代码 | 名称 | 涨幅量 | 现价 | | --- | --- | --- | --- | | 835174 | 五新隧装 | +29.99% | 82.27 | | 830879 | 基康技术 ...

Core Viewpoint - The recent developments in the central state-owned enterprises (SOEs) innovation-driven index and related ETFs indicate a positive trend in the market, driven by significant infrastructure projects and favorable policies in the defense and low-altitude economy sectors [3][4][5]. Group 1: Market Performance - As of July 22, 2025, the Central SOE Innovation-Driven Index (000861) increased by 0.85%, with notable gains from companies such as China Railway Construction Heavy Industry (688425) up by 20.04% and China Energy Engineering (601868) up by 10.20% [3]. - The Central SOE Innovation-Driven ETF (515900) rose by 0.78%, marking its fourth consecutive increase, with a latest price of 1.55 yuan [3]. - Over the past week, the ETF has accumulated a rise of 3.77% [3]. Group 2: Infrastructure Projects - The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost infrastructure development in the western region and promote clean energy initiatives [4]. - This project represents six times the annual investment amount in Tibet and is projected to account for 88.7% of China's total water conservancy investment in 2024 [4]. Group 3: Fund Performance and Metrics - The Central SOE Innovation-Driven ETF has reached a new high in scale at 3.486 billion yuan, ranking in the top quarter among comparable funds [4]. - The ETF has shown a net value increase of 10.42% over the past two years, with a maximum monthly return of 15.05% since inception [4][5]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, both of which are the lowest among comparable funds [5]. Group 4: Industry Outlook - The defense and military industry is experiencing a dual boost from policy and market conditions, with the low-altitude economy meeting injecting new momentum into the sector [4]. - The hydropower project is expected to benefit various sectors, including civil explosives, tunneling, and power equipment, enhancing the overall industry outlook [4].

Group 1 - The defense and military industry sector is experiencing localized activity, with significant gains in concepts such as large aircraft and military information technology [1] - The defense military ETF (512810) reached an 8-month high, with real-time transactions exceeding 47 million yuan [1] - Key stocks within the defense military ETF, including Changcheng Military Industry, have hit historical highs [1] Group 2 - Analysts indicate that the defense and military sector is currently in a layout window, with expectations for improved Q2 financial reports [3] - Q1 order volume has increased, leading to potential performance improvements for mid-to-upstream companies in Q2, with a turnaround in military component orders observed in June [3] - Anticipation of a busy Q3 with catalysts as the September 3 military parade approaches, likely increasing attention and trading activity in the sector [3] Group 3 - The defense military ETF (512810) covers a range of themes including commercial aerospace, low-altitude economy, large aircraft, deep-sea technology, and military AI [4] - The ETF has undergone a share split in June, reducing the investment threshold by half, making it more accessible for investors [4] - The ETF is a financing and margin trading target, as well as an interconnectivity target [4]

Core Insights - The meeting emphasized the importance of accelerating economic recovery and achieving growth targets for the second half of the year, aligning with national and provincial directives [2][3][5] Economic Performance and Strategy - The city has focused on stabilizing employment, businesses, markets, and expectations while promoting high-quality development [2][3] - Key sectors identified for recovery include automotive, pharmaceuticals, wholesale, and real estate [3] - Initiatives to boost effective demand include special actions to stimulate consumption and policies for trade-in programs [3] Project and Investment Focus - There is a strong emphasis on accelerating project construction and utilizing various policy funds to support high-quality projects [3][5] - The city aims to enhance its industrial technology innovation and attract investments to upgrade traditional industries and develop emerging sectors [3][5] Urban Development and Reform - The strategy includes promoting high-quality urban development and implementing significant urban renewal projects [3] - The city plans to deepen reforms and improve the business environment to support enterprise development [3][4] Leadership and Coordination - Strong organizational leadership and accountability are highlighted as essential for achieving economic goals [4][5] - Collaboration among city leaders and departments is crucial for addressing challenges faced by businesses [5]