Group 1 - The board of directors of Aerospace Electronic Technology Co., Ltd. held its ninth meeting in 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and summary [1] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, with the voting results showing 3 votes in favor and 5 abstentions due to related party transactions [2] - A resolution regarding the continuous risk assessment of Aerospace Technology Financial Co., Ltd. was also passed, with independent directors conducting a prior review and expressing their consent [2][3] Group 2 - The board approved an investment project for the construction of the Daqiao Flag Unmanned Intelligent System Training Base (Phase I) by Aerospace Times Feihong Testing Technology Co., Ltd., with an investment amount of 199.47 million yuan [4] - A resolution was passed to increase capital and expand shares for Beijing Aerospace Feiteng Equipment Technology Co., Ltd., aiming to raise 49.5 million yuan by introducing a strategic investor [5] - Chongqing Aerospace Rocket Electronic Technology Co., Ltd. plans to raise 230 million yuan through capital increase and share expansion, reducing the company's ownership from 100% to 70.61% [6]

Core Insights - Aerospace Electronics (600879.SH) announced the approval of an investment project for the construction of the Daqi Flag Unmanned Intelligent System Training Base (Phase I) by Feihong Testing Company, amounting to 199.47 million yuan [1] Company Overview - Feihong Testing Company was established in October 2022 with a registered capital of 178 million yuan [1] - Aerospace Feihong Company holds a 55.06% stake in Feihong Testing Company, while the Daqi Flag Finance Bureau (State-owned Assets Supervision and Administration Commission) holds 44.94% [1] Business Focus - Feihong Testing Company specializes in various services including unmanned system air-ground collaborative tactics training, testing and certification, training and certification, research test flights, maintenance support, exhibition and display, competition measurement, unmanned transportation services, and disaster prevention and emergency rescue [1]

Core Viewpoint - Aerospace Electronics announced that its subsidiary, Aerospace Times Feihong Technology Co., Ltd., plans to invest 199 million yuan in the construction of the first phase of the Daqiaoqi Unmanned Intelligent System Training Base to enhance the testing capabilities for unmanned intelligent systems and low-altitude technology verification [1]. Group 1 - The investment amount for the Daqiaoqi project is 199 million yuan [1]. - The project aims to improve the testing and verification capabilities for unmanned intelligent systems [1]. - The initiative is part of the company's strategy to enhance its low-altitude technology verification capabilities [1].

Core Points - The company is increasing capital in its subsidiary, Aerospace Times Feihong Testing Technology Co., Ltd., to enhance its capabilities in the unmanned systems testing service industry, with a total investment of 291.0628 million yuan [1][2] - The capital increase does not constitute a related party transaction or a major asset restructuring as defined by regulations, and does not require shareholder approval [2][3] - The capital increase will be used to develop infrastructure for unmanned systems testing, including runway expansion and new facilities [7] Group 1: Capital Increase Details - The capital increase involves cash and asset contributions from Aerospace Feihong Company and Inner Mongolia Mingsheng Energy Co., Ltd., totaling 291.0628 million yuan [1][2] - The registered capital of Feihong Testing Company will increase from 178 million yuan to 450.2758 million yuan after the capital increase [5][6] - The ownership structure will change, with Aerospace Feihong Company increasing its stake from 55.06% to 62.91% [5][6] Group 2: Company Background - Feihong Testing Company was established on October 18, 2022, with a registered capital of 178 million yuan, focusing on unmanned intelligent systems training and testing [2][3] - Aerospace Feihong Company, founded on April 17, 2018, has a registered capital of 100 million yuan and is involved in the development, design, production, and sales of related technologies [2][3] Group 3: Financial and Operational Impact - The net asset valuation of Feihong Testing Company as of March 31, 2025, is 190.2733 million yuan, with a capital price of 1.0690 yuan per registered capital [5] - The capital increase is expected to enhance the company's core competitiveness and support the establishment of a comprehensive after-sales service system for unmanned intelligent systems [7]