编号：2025-002 证券代码：300034 证券简称：钢研高纳 北京钢研高纳科技股份有限公司投资者关系活动记录表 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 西部证券:温晓 鹏华基金:张卓然 时间 2025 年 9 月 18 日 地点 钢研高纳会议室 公司接待人员 姓名 财务总监、董事会秘书:刘彬 规划证券投资部:何晓珂 投资者关系活动 主要内容介绍 一、公司高温合金业务主要分为哪几类？ 答：公司高温合金业务主要分为三大类别，分别是铸造合金制品、变形 合金制品和新型合金制品，其中新型合金制品包含粉末高温合金、精细 高温合金、金属间化合物等。 二、公司民品和军品的收入占比大概是多少？ 答：从收入结构上看，公司军品业务收入占比约 60%左右，民品业务收 入占比约 40%左右。 三、请介绍下控股子公司青岛新力通未来发展 答：青岛新力通以"专业化、品牌化、国际化"为核心导向，聚焦战略 性新兴业务突破，不仅持续稳固国内石化市场龙头地位，更着力加快国 际市场布局步伐。20 ...

Core Viewpoint - Aerospace Software (688562) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - The total revenue for the first half of 2025 was 323 million yuan, a decrease of 24.2% year-on-year [1]. - The net profit attributable to shareholders was -61.80 million yuan, reflecting a year-on-year decline of 21.59% [1]. - In Q2 2025, total revenue was 257 million yuan, down 25.99% year-on-year, while the net profit attributable to shareholders was -17.26 million yuan, an increase of 41.52% compared to the previous quarter [1]. - The gross profit margin improved to 23.08%, up 31.87% year-on-year, but the net profit margin was -18.84%, a decrease of 62.02% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 66.69 million yuan, accounting for 20.64% of revenue, which is an increase of 7.31% year-on-year [1]. - The company reported a per-share net asset value of 4.19 yuan, down 4.15% year-on-year, and a per-share operating cash flow of -0.85 yuan, an increase of 20.08% year-on-year [1]. Investment Returns - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -0.29% since its listing, and a particularly low ROIC of -38.79% in 2019 [3]. - The company has experienced three years of losses since its listing, indicating a fragile business model [3]. Debt and Cash Flow - The company has a healthy cash position, but the average operating cash flow over the past three years has been negative, at -8.86% of current liabilities [3]. - Financial expenses have also been a concern, with the average net cash flow from operating activities being negative over the past three years [3]. Shareholder Engagement - The largest fund holding Aerospace Software shares is the China Merchants National Index 2000 Enhanced A, which has reduced its holdings recently [4]. - The company is actively addressing concerns regarding the extension of accounts receivable cycles and is implementing measures to improve collection efficiency [4].