摘要 华测导航在高精度 GNSS 算法和软件建设方面优势显著，拥有高精度定 位芯片技术平台和全球星地一体增强网络服务平台，聚焦导航定位授时、 地理空间信息及封闭和半封闭场景的自动驾驶三大技术方向。 公司产品覆盖建筑施工、测量测绘、农业作业、位移监测及智能驾驶等 领域，通过先入布局和市场占有率提升，实现了不同产品体系之间增长 点的切换，并积极拓展海外市场，海外产品价格较国内高 15-20 个百分 点，提升整体毛利率。 华测导航建立了强大的国内外渠道网络，通过国际代理商大会和本地化 团队建设，不断提升海外市场渗透率。同时，公司对标天宝进行产品战 略规划，对标华为进行管理体系建设，确保稳健发展。 公司 2021 年至 2024 年营收复合增速为 19.5%，净利润复合增速达 25.6%。预计 2025 至 2027 年归母净利润分别为 7.6 亿元、9.9 亿元 和 12.9 亿元，对应增速分别为 30.4%、30.7%和 29.3%。 高精度卫星导航产业随着城市数字化、智能化需求增加而持续扩展应用 场景，包括自动驾驶、农业开发及新兴无人化场景等，这将带动相关设 备需求上升。公司与小米、百度等车企深度合作，在智能驾 ...

Group 1 - The stock price of Sinan Navigation has dropped by 5.06% on September 4, reaching 45.00 CNY per share, with a total market value of 3.621 billion CNY [1] - Sinan Navigation has experienced a cumulative decline of 8.9% over the past three days [1] - The company specializes in high-precision satellite navigation chips and differential positioning (RTK) technology, providing real-time positioning accuracy at centimeter and millimeter levels [1] Group 2 - Citic Securities Investment Fund holds a significant position in Sinan Navigation, with the Citic Securities Smart Life A fund reducing its holdings by 25,400 shares, now holding 70,000 shares, which constitutes 5.48% of the fund's net value [2] - The fund has incurred a floating loss of approximately 168,000 CNY today and a total floating loss of 324,100 CNY during the three-day decline [2] - The Citic Securities Smart Life A fund has reported a year-to-date loss of 9.97%, ranking 8174 out of 8180 in its category [2]

Core Viewpoint - The report outlines the ongoing supervision and compliance measures taken by Minsheng Securities for the initial public offering and listing of Sihan Navigation Technology Co., Ltd. on the Sci-Tech Innovation Board, covering the period from August 16, 2023, to December 31, 2026 [1]. Group 1: Supervision and Compliance - Minsheng Securities has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing supervision [1][2]. - A continuous supervision agreement was signed with Sihan Navigation, clarifying the rights and obligations of both parties during the supervision period [1]. - Sihan Navigation is required to report any violations or breaches of commitments within five working days of discovery, including details of the violations and the supervisory measures taken [1][2]. Group 2: Internal Control and Governance - The supervisory institution has urged Sihan Navigation to establish and effectively execute corporate governance systems, including rules for shareholder meetings, board meetings, and the conduct of directors and senior management [4]. - Sihan Navigation is also advised to enhance its internal control systems, including financial management and accounting systems, as well as procedures for major operational decisions [4]. - The institution emphasizes the importance of a robust information disclosure system, reviewing disclosure documents to ensure they do not contain false records or misleading statements [4][5]. Group 3: Financial Performance - For the first half of 2025, Sihan Navigation reported a revenue of 170.53 million yuan, a 41.82% increase compared to the previous year [17]. - The net profit attributable to shareholders was -2.72 million yuan, reflecting a significant decrease of 218.32% year-on-year [17]. - The company’s cash flow from operating activities was -60.66 million yuan, an 18.80% improvement from the previous period [17]. Group 4: Risks and Challenges - The company faces risks related to technological obsolescence, particularly with the rapid advancements in the BeiDou satellite navigation system and increasing market demands for high-precision navigation products [12]. - Inventory devaluation risks are present, with a provision for inventory impairment of 11.87 million yuan as of June 30, 2025, due to potential damages or obsolescence [13]. - The company is also exposed to risks from bad debts, with measures in place to enhance accounts receivable management and credit control [13]. Group 5: Competitive Position and R&D - Sihan Navigation maintains a leading position in the high-precision GNSS upstream sector, having broken through key technological barriers previously dominated by foreign companies [18][19]. - The company has a strong R&D team, with 186 personnel dedicated to innovation, representing 32.69% of the total workforce [20]. - R&D expenditures as a percentage of revenue were 20.49% in the first half of 2025, reflecting a commitment to maintaining technological leadership [20]. Group 6: Fundraising and Compliance - The company raised a total of 784.77 million yuan through its IPO, with a net amount of 785.77 million yuan after deducting issuance costs [27]. - Funds are stored in a dedicated account, and the company has complied with regulations regarding the management and use of raised funds [27][28]. - As of June 30, 2025, there were no violations in the use of raised funds, ensuring protection of shareholder interests [28].

Core Viewpoint - Zhonghaidah's stock price closed at 11.20 yuan on August 12, 2025, reflecting a decrease of 0.44% from the previous trading day, with a trading volume of 639 million yuan [1] Company Overview - Zhonghaidah operates in the computer equipment sector, focusing on high-precision satellite navigation and geographic information industries. The company's business encompasses spatial information, marine exploration, and unmanned intelligent carriers, providing relevant technical solutions [1] Technological Development - The company has been continuously investing in the domestic high-end marine equipment sector, having developed several core technologies including depth measurement and flow measurement. By the end of 2024, Zhonghaidah has accumulated 189 intellectual property rights in marine exploration technology, which includes 20 invention patents and 105 software copyrights [1] Financial Performance - On August 12, 2025, the net inflow of main funds was 38.39 million yuan, accounting for 0.57% of the circulating market value. However, over the past five trading days, the cumulative net outflow of main funds reached 41.77 million yuan [1]

上海司南卫星导航技术股份有限公司 ComNav Technology Ltd. （上海市嘉定区马陆镇澄浏中路 618 号 2 幢 3 楼） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 上海司南卫星导航技术股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露 资料不存在虚假记载、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。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈 述或 ...