证券代码：600879 证券简称：航天电子公告编号：临2025-065. 航天时代电子技术股份有限公司 关于召开2025年第二次临时股东会的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 航天时代电子技术股份有限公司（以下简称"公司"）于2025年9月30日在中国证券报、上海证券报、证 券时报及上海证券交易所网站（www.sse.com.cn）上披露了《关于召开2025 年第二次临时股东会的通 知》，本次股东会将通过上海证券交易所股东会网络投票系统向社会公众股股东提供网络投票，现发布 公司2025年第二次临时股东会的提示性公告。 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 召开的日期时间：2025年10月15日 14 点45 分 召开地点：朗丽兹西山花园酒店（北京市海淀区丰智东路13号）会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年10月15日 至2025年 ...

证券代码：600879 证券简称：航天电子 公告编号：临2025-061 航天时代电子技术股份有限公司 董事会2025年第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2、公司于2025年9月24日发出召开董事会会议的书面通知。 3、本次董事会会议于2025年9月29日（星期一）以通讯表决方式召开。 4、本次董事会会议应出席董事8人，实际出席董事8人。公司董事姜梁先生、阎俊武先生、戴利民先 生、杨雨先生、陈建国先生，独立董事张松岩先生、唐水源先生、胡文华女士全部亲自参加投票表决。 二、董事会会议审议情况 1、关于聘请 2025年度公司财务报告审计机构的议案 本议案同意8票，反对0票，弃权0票。 会议以投票表决方式通过关于聘请2025年度公司财务报告审计机构的议案。 公司董事会审计委员会审核认为，中证天通会计师事务所（特殊普通合伙）较好的完成了2024年度公司 财务报告审计工作，具备作为公司财务报告审计机构所必需的专业胜任能力、投资者保护能力，其独立 性和诚信状况等符合有关规定。建议继续聘请中证天通会计师事 ...

Core Viewpoint - The company is planning an asset swap with its controlling shareholder, China Aerospace Times Electronics Co., Ltd., to enhance operational quality and focus on the aerospace electronic information core business, while optimizing the integrated circuit industry chain [2][4][12]. Group 1: Transaction Overview - The company received a notice on September 12, 2025, regarding the planned asset swap, which involves the exchange of a 67% stake in Xi'an Taiyi Electronics Co., Ltd. and 100% stake in Beijing Aerospace Xinghua Technology Co., Ltd. [2][4]. - The transaction will also include the exchange of related technological transformation assets between various subsidiaries, with cash adjustments for any differences [2][4][5]. - The estimated book value of the assets involved in the transaction is approximately 800-1,000 million yuan, with the final transaction price to be determined based on net asset evaluations [2][5][12]. Group 2: Impact of the Transaction - The divestment of Aerospace Xinghua's mechanical inertial navigation platform business is expected to improve asset quality and profitability, allowing for better synergy under the controlling shareholder [12]. - The integration of Xi'an Taiyi, which specializes in electronic component testing and reliability services, is anticipated to enhance the company's product line in the integrated circuit sector and improve overall profitability [12]. - The transaction does not involve issuing new shares and will not affect the company's equity structure [13].

Overview - The company is planning an asset swap and related transactions to enhance operational quality and focus on its core business in aerospace electronic information [2][4][12] Transaction Details - The controlling shareholder, China Aerospace Times Electronics Co., Ltd., has proposed to swap 67% equity of Xi'an Taiyi Electronics Co., Ltd. with 100% equity of Beijing Aerospace Xinghua Technology Co., Ltd. held by the company's subsidiary [2][4] - The transaction involves the exchange of related technological improvement assets between various subsidiaries, with cash adjustments for any differences [2][4][5] - The estimated book value of the assets involved in the transaction is approximately 800-1,000 million yuan, with the final transaction price to be determined based on net asset evaluations [2][5][12] Asset Characteristics - The assets to be acquired include the 67% equity of Xi'an Taiyi Electronics Co., Ltd., which specializes in reliability technology services for electronic components, and related technological improvement assets [8][9][12] - The assets to be disposed of include 100% equity of Beijing Aerospace Xinghua Technology Co., Ltd. and related assets from other subsidiaries, which are primarily involved in security and deep space exploration [10][11][12] Strategic Impact - The asset swap is expected to improve the quality and profitability of the company's operations by focusing on core business areas and optimizing asset structure [12] - The integration of Xi'an Taiyi Electronics Co., Ltd. is anticipated to enhance the product line in the integrated circuit industry, thereby increasing the company's profitability [12]

Core Viewpoint - Aerospace Electronics (航天电子) is planning a series of asset swaps to enhance its core business in aerospace electronic information and improve its integrated circuit industry chain [1][2]. Group 1: Asset Swap Details - The asset swap involves four main components, including the exchange of 67% equity in Xi'an Taiyi Electronics Co., Ltd. for 100% equity in Beijing Aerospace Xinghua Technology Co., Ltd. [2] - Other swaps include the exchange of technology improvement assets from Beijing Telemetry Technology Research Institute and Shanghai Scientific Instrument Factory with related assets from Aerospace Electronics' subsidiaries [2]. - The total book value of the assets involved in the swap is estimated to be between 800 million to 1 billion yuan [2]. Group 2: Strategic Implications - The inclusion of Xi'an Taiyi, a certified quality inspection and analysis station for imported semiconductor devices, is expected to enrich the product line in the integrated circuit sector and enhance profitability [3]. - The asset swap is anticipated to reduce related party transaction amounts associated with technology improvement assets currently leased by other aerospace companies [3]. - The divestment of certain assets, particularly in mechanical inertial navigation platforms, is aimed at improving asset quality and business profitability, while allowing for better collaboration under the control of shareholder units [3][4]. Group 3: Financial and Operational Impact - The company expects that the asset swap will optimize its asset structure, improve financial conditions, and lower the debt-to-asset ratio [4]. - By focusing on core businesses such as aerospace electronic information and unmanned systems equipment, the company aims to enhance its core competitiveness [4].

格隆汇9月12日丨航天电子(600879.SH)公布，公司于2025年9月12日收到控股股东中国航天时代电子有 限公司的《关于筹划资产置换事项的告知函》，经协商，西安微电子技术研究所（航天时代公司所管理 的事业单位）拟将其持有的西安太乙电子有限公司67%股权（暂定，最终股权比例在交易方案中确定） 与公司控股子公司北京时代光电有限公司持有的北京航天兴华科技有限公司100%股权进行资产置换； 北京遥测技术研究所（航天时代公司所管理的事业单位）拟将其持有的相关技改资产与公司控股子公司 航天长征火箭技术有限公司密码与信息安全类业务相关资产进行资产置换；上海科学仪器厂有限公司 （航天时代公司之全资子公司）拟将其持有的相关技改资产与公司控股子公司上海航天电子有限公司深 空探测类业务相关资产进行资产置换。差额部分由一方分别向另一方支付现金。 本次交易所涉资产具体范围、股权比例和交易价格将在尽职调查、审计及评估备案完成后由交易各方协 商确定，本次交易构成关联交易。经初步测算，交易资产账面价值大约为8-10亿元，交易价格将依据净 资产评估值确定，本次交易预计不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ...

Core Viewpoint - Aerospace Electronics (600879.SH) announced a series of asset swaps involving its subsidiaries and related entities, indicating strategic restructuring efforts to enhance operational efficiency and focus on core business areas [1] Group 1: Asset Swap Details - The controlling shareholder, China Aerospace Times Electronics Co., Ltd., plans to swap its 67% stake in Xi'an Taiyi Electronics Co., Ltd. with Beijing Times Optoelectronics Co., Ltd.'s 100% stake in Beijing Aerospace Xinghua Technology Co., Ltd. [1] - Beijing Telemetry Technology Research Institute intends to exchange its related technological renovation assets with Aerospace Long March Rocket Technology Co., Ltd.'s assets related to cryptography and information security [1] - Shanghai Scientific Instrument Factory Co., Ltd. will swap its technological renovation assets with Aerospace Electronics Co., Ltd.'s assets related to deep space exploration [1] Group 2: Financial Implications - The book value of the assets involved in these transactions is estimated to be around 800-1,000 million yuan, with the transaction price to be determined based on net asset evaluations [1] - The company expects that these transactions will not constitute a significant asset restructuring [1]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a revenue of 5.822 billion yuan for the first half of 2025, a year-on-year decrease of 24.51%, and a net profit attributable to shareholders of 174 million yuan, down 30.37% year-on-year [1][6] - The gross margin slightly increased to 20.51%, while the net margin decreased to 2.67% [6] - The company is focusing on expanding its unmanned systems business and optimizing its product portfolio to adapt to emerging market opportunities [6][7] Financial Data and Valuation - Revenue projections for 2025-2027 are 15.959 billion yuan, 19.421 billion yuan, and 22.788 billion yuan, respectively, with corresponding net profits of 642 million yuan, 823 million yuan, and 978 million yuan [2][6] - The company’s PE ratios for the same period are projected to be 52.4X, 40.9X, and 34.4X [2][6] - The total market capitalization is approximately 33.9 billion yuan, with a current share price of 10.28 yuan [3] Performance Analysis - The company experienced a revenue decline primarily due to reduced deliveries of aerospace products, with a notable recovery in Q2 2025, where revenue grew by 5.73% year-on-year [6][7] - Cost control measures have led to a decrease in financial and management expenses, contributing to a slight improvement in gross margin [6][7] - The company is actively pursuing opportunities in commercial aerospace, low-altitude economy, and satellite internet sectors, enhancing its market position [6][7]

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 Viewpoint - The company plans to raise 230 million yuan through a capital increase and share expansion for its wholly-owned subsidiary, Chongqing Aerospace Rocket Electronic Technology Co., Ltd., to meet funding needs for smart manufacturing and R&D [1][2]. Group 1: Capital Increase Details - Chongqing Aerospace Company will publicly introduce one strategic investor through the Beijing Property Exchange, with a maximum share release of 29.39% [1][3]. - The capital increase does not constitute a related party transaction or a major asset restructuring as defined by regulations [2][3]. - The board of directors approved the capital increase on August 27, 2025, and it does not require shareholder meeting approval [1][2]. Group 2: Company Background - Chongqing Aerospace Company was established in 2006, with a registered capital of 218.83 million yuan, focusing on the R&D and production of telemetry, unmanned aerial vehicle data links, and satellite communication systems [2]. Group 3: Financial Assessment - As of January 31, 2025, the net asset book value of Chongqing Aerospace Company was 462.99 million yuan, while the assessed net asset value was 552.50 million yuan [3]. - The capital increase price is based on the assessed net asset value, with each 1 yuan of registered capital priced at 2.5248 yuan [4]. Group 4: Use of Funds - The 230 million yuan raised will be used for advanced technology research in areas such as measurement and control communication, satellite applications, and smart manufacturing [6]. - The capital increase aims to enhance technical capabilities, expand industry scale and efficiency, and optimize financial indicators [6].