Core Insights - The company reported a significant decline in revenue and net profit for Q3 2025, with revenue at 37.63 million yuan, down 46.14% year-on-year, and a net loss of 27.97 million yuan, a decrease of 2171.83% [2][3] - For the first three quarters of 2025, the company achieved revenue of 153 million yuan, a decline of 33.73%, and a net loss of 47.89 million yuan, down 536.43% [2][3] Financial Performance - Q3 2025 revenue was 37.63 million yuan, a decrease of 46.14% compared to the same period last year [3] - The total profit for Q3 2025 was -27.62 million yuan, reflecting a decline of 2437.51% year-on-year [3] - The net profit attributable to shareholders was -27.97 million yuan, down 2171.83% year-on-year [3] - The net profit after excluding non-recurring gains and losses was -30.10 million yuan, a decrease of 4995.07% [3] - Cash flow from operating activities for the first three quarters was -73.97 million yuan, a significant drop of 502.08% [5] Research and Development - The company invested 20.84 million yuan in R&D during Q3 2025, which accounted for 55.38% of its revenue, an increase of 40.03 percentage points [4] - Total assets at the end of the reporting period were approximately 733.74 million yuan, a slight decrease of 0.36% from the previous year [4] Strategic Initiatives - The company plans to use 99.4 million yuan of surplus raised funds to increase capital in its subsidiary Chengdu Shilangrui for the development and industrialization of a cooling infrared detector project, expected to be operational by November 2028 [5] - This project aims to enhance the company's supply chain and increase product value [5]

Core Viewpoint - Gaode Infrared (002414) reported significant growth in its third-quarter financial results, with a notable increase in both revenue and net profit compared to the previous year [1] Financial Performance - In Q3, the company achieved revenue of 1.134 billion yuan, a year-on-year increase of 71.07% [1] - The net profit attributable to shareholders reached 401 million yuan, reflecting a staggering year-on-year growth of 1143.72% [1] - For the first three quarters, total revenue was 3.068 billion yuan, up 69.27% year-on-year, while net profit attributable to shareholders was 582 million yuan, an increase of 1058.95% [1] - The net cash flow from operating activities surged nearly 55 times year-on-year due to increased cash receipts from sales [1] Business Operations - The company’s business includes infrared focal plane detector chips, infrared thermal imaging systems, and comprehensive optoelectronic systems [1] - Revenue growth is attributed to the resumption of delayed project deliveries and the completion of foreign acceptance for a contract with a trading company [1] - The company is actively expanding into the civilian product sector, with rapid demand growth in infrared chip applications [1][2] Market Strategy - The company has been focusing on enhancing its capabilities in emerging sectors within the infrared field and supporting digital transformation across industries [2] - It is also pursuing overseas business collaborations to expand its market presence, with successful deliveries of complete equipment systems to multiple countries in previous years [2] Stock Performance - Since July, Gaode Infrared's stock price has increased by approximately 31%, although institutional shareholders have been reducing their holdings [3] - As of the end of Q3, a new institutional shareholder, Changxin National Defense Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund, became the seventh-largest shareholder with a 0.56% stake [3]

Core Viewpoint - The report highlights the financial performance and operational strategies of Guoke Tianceng Technology Co., Ltd. for the first half of 2025, showcasing a growth in revenue and net profit, while emphasizing the company's focus on infrared thermal imaging and optical products as core business areas [1][8]. Financial Performance - The company achieved a revenue of approximately 406.54 million yuan, representing a year-on-year increase of 7.81% compared to 377.07 million yuan in the same period last year [2][8]. - The net profit attributable to shareholders was approximately 66.06 million yuan, reflecting a growth of 21.15% from 54.52 million yuan in the previous year [2][8]. - The basic earnings per share decreased by 11.63% to 0.38 yuan from 0.43 yuan [2][8]. - Total assets increased by 10.54% to approximately 2.77 billion yuan from 2.51 billion yuan at the end of the previous year [2][8]. Business Overview - The company primarily operates in the infrared thermal imaging and optical fields, with a focus on both cooled and uncooled infrared detectors [3][4]. - The cooled infrared products include antimony indium series and II-type superlattice series, with the former being widely recognized in the market [4][9]. - Non-cooled infrared products are also being developed, targeting applications in areas such as outdoor observation and security monitoring [4][5]. Competitive Advantages - Guoke Tianceng is one of the few private infrared manufacturers in China that possesses both cooled and uncooled infrared detector production capabilities, establishing a competitive edge in the market [3][9]. - The company has a comprehensive optical design and lens processing capability, having developed over 60 types of lenses, which positions it well in the mid-to-high-end market [5][10]. - The company has established partnerships with major clients in the defense and aerospace sectors, enhancing its market presence and customer base [10]. Operational Strategies - The company employs a sales model primarily based on direct sales, leveraging customer relationships and technical exchanges to secure orders [6][7]. - The production strategy is based on a sales-driven model, aligning production with market demand and customer orders [7]. - Research and development efforts are focused on optimizing existing products and developing new technologies, including avalanche photodetectors and semiconductor lasers [7][10].

Company Overview - Company has a comprehensive industrial layout and is expanding into upstream core areas, being one of the few private infrared manufacturers in China that masters core technologies for both cooled and uncooled infrared detectors, as well as precision infrared lenses [1] - The company emphasizes talent development and has a strong talent reserve advantage [1] - It has established extensive cooperative relationships with downstream customers across various application fields, providing a strong customer resource advantage [1] Industry Insights - The infrared thermal imaging industry benefits from national defense modernization and expanding demand in civilian sectors, with the domestic market expected to exceed 10 billion yuan in 2024, showing a compound annual growth rate of approximately 20% [1] - High-end products, such as cooled infrared detectors, are experiencing significant demand growth, with certain technical paths like InSb and T2SL gaining market recognition due to their performance advantages [1] Financial Performance - In 2024, the company achieved a total operating revenue growth of 36.93% year-on-year and a net profit attributable to shareholders growth of 36.18% year-on-year [2] - In the first quarter of 2025, revenue and net profit increased by 13.35% and 22.77% year-on-year, respectively [2] - The core business of cooled infrared products, such as InSb detectors, and the forward-looking T2SL technology supply chain continue to see incremental growth [2]

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分 了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 国科天成科技股份有限公司 （北京市海淀区北清路 81 号一区 4 号楼 9 层 901 室） 首次公开发行股票并在创业板上市 招股说明书 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股 说明书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资 者应当以正式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 发行人控股股东、实际控制人承诺本招股说明书不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中 财务会计资料真实、完整。 国科天成科技股份有限公司 招股说明书（申报稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见 ...