Core Viewpoint - The company emphasizes that its simulation testing business is one of its core operations, successfully applied in the aerospace sector [1] Group 1: Business Operations - The company has developed proprietary semi-physical simulation systems, SIVB and HRT, which provide a high-reliability ground verification environment for the design, development, and testing of satellites and rockets [1] - The company possesses the capability to offer customized simulation testing solutions for aerospace clients [1]

12月26日，华力创通涨6.67%，截至发稿，报28.16元/股，成交2.92亿元，换手率2.05%，总市值186.61 亿元。 资料显示，北京华力创通科技股份有限公司位于北京市海淀区东北旺西路8号院乙18号楼，成立日期 2001年6月1日，上市日期2010年1月20日，公司主营业务涉及卫星导航系统应用,雷达模拟测试设备、宽 带信号记录与发生器、通用信号处理平台,机电系统的计算机仿真测试平台以及计算机仿真应用开发仿 真测试等多元化业务;城市轨道交通装备业务。主营业务收入构成为：卫星应用48.32%，机电仿真测试 21.90%，仿真应用集成12.01%，雷达信号处理10.70%，代理及其他5.77%，轨道交通应用1.30%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓华力创通。易方达国证通用航空产业ETF（159255）三季度持 有股数11.72万股，占基金净值比例为2.91%，位居第六大重仓股。根据测算，今日浮盈赚取约20.63万 元。 易方达国证通用航空产业ETF（159255）成立日期2025年7月25日，最新规模9191.86万。成立以来收益 9.25%。 截至发稿，张泽峰累计任职时间1 ...

截至12月10日，华力创通股东户数9.85万，较上期增加5.41%；人均流通股5244股，较上期减少5.13%。 2025年1月-9月，华力创通实现营业收入5.64亿元，同比增长26.32%；归母净利润938.81万元，同比增长 132.60%。 融券方面，华力创通12月19日融券偿还3600.00股，融券卖出1.20万股，按当日收盘价计算，卖出金额 29.72万元；融券余量12.99万股，融券余额321.76万元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，华力创通十大流通股东中，国泰中证军工ETF（512660）位居第 四大流通股东，持股516.92万股，相比上期减少96.81万股。南方中证1000ETF（512100）位居第五大流 通股东，持股484.94万股，相比上期减少5.20万股。香港中央结算有限公司位居第七大流通股东，持股 322.46万股，相比上期减少129.41万股。华夏中证1000ETF（159845）位居第八大流通股东，持股 288.10万股，相比上期减少5900.00股。广发中证军工ETF（512680）位居第九大流通股东，持股284.75 万股，为新 ...

Group 1 - The core viewpoint of the news is that Huali Chuangtong's stock price increased by 5.11% to 25.71 CNY per share, with a trading volume of 889 million CNY and a turnover rate of 6.87%, resulting in a total market capitalization of 17.037 billion CNY [1] - Huali Chuangtong, established on June 1, 2001, and listed on January 20, 2010, is based in Beijing and operates in various sectors including satellite navigation systems, radar simulation testing equipment, broadband signal recording and generation, general signal processing platforms, and urban rail transit equipment [1] - The company's main business revenue composition includes satellite applications (48.32%), electromechanical simulation testing (21.90%), simulation application integration (12.01%), radar signal processing (10.70%), agency and others (5.77%), and rail transit applications (1.30%) [1] Group 2 - Among the top ten circulating shareholders of Huali Chuangtong, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 52,000 shares in the third quarter, now holding 4.8494 million shares, accounting for 0.94% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY, achieving a year-to-date return of 23.99% and a one-year return of 20.22% [2]

Group 1 - The core point of the news is that Huali Chuangtong's stock price increased by 5.05% to 22.89 CNY per share, with a trading volume of 4.97 billion CNY and a turnover rate of 4.28%, resulting in a total market capitalization of 151.69 billion CNY [1] - Huali Chuangtong, established on June 1, 2001, and listed on January 20, 2010, is based in Beijing and specializes in satellite navigation system applications, radar simulation testing equipment, broadband signal recording and generation, general signal processing platforms, and computer simulation testing platforms [1] - The company's main business revenue composition includes satellite applications (48.32%), electromechanical simulation testing (21.90%), simulation application integration (12.01%), radar signal processing (10.70%), agency and others (5.77%), and urban rail transit applications (1.30%) [1] Group 2 - Among the top ten circulating shareholders of Huali Chuangtong, a fund under Southern Fund has increased its holdings in the Southern CSI 1000 ETF (512100) by 930,900 shares, now holding 4,901,400 shares, which accounts for 0.95% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 649.53 billion CNY, achieving a year-to-date return of 27.27% and a one-year return of 47.41% [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 329 days, with a total fund asset scale of 949.76 billion CNY and a best fund return of 145.53% during the tenure [3]

Company Overview - Beijing Huali Chuangtong Technology Co., Ltd. was established on June 1, 2001, and listed on January 20, 2010. The company specializes in satellite navigation system applications, radar simulation testing equipment, broadband signal recording and generation, general signal processing platforms, and computer simulation testing platforms [2][3] - The main business revenue composition includes: satellite applications 48.32%, electromechanical simulation testing 21.90%, simulation application integration 12.01%, radar signal processing 10.70%, agency and others 5.77%, and urban rail transit applications 1.30% [2] Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 332 million yuan, a year-on-year decrease of 9.56%. The net profit attributable to the parent company was 2.97 million yuan, a year-on-year increase of 4.93% [2] - Cumulative cash dividends since the company's A-share listing amount to 97.81 million yuan, with no dividends distributed in the past three years [3] Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders include Guotai CSI Military Industry ETF (512660) as the fourth largest shareholder with 6.14 million shares, an increase of 947,700 shares compared to the previous period. Other notable shareholders include Southern CSI 1000 ETF (512100) and Hong Kong Central Clearing Limited [3] Market Activity - On September 17, Huali Chuangtong's stock fell by 2.42%, with a trading volume of 695 million yuan. The margin trading data shows a financing purchase amount of 73.36 million yuan and a financing repayment of 76.95 million yuan, resulting in a net financing buy of -3.58 million yuan [1] - The total margin trading balance as of September 17 is 834 million yuan, with the financing balance accounting for 5.36% of the circulating market value, indicating a high level compared to the past year [1]

Financial Performance - In 2024, the company achieved a revenue of CNY 547 million, a year-on-year decrease of 22.93%, reflecting a common trend in the industry due to increased market competition and delayed project deliveries [3][4]. - In Q1 2025, the company reported a revenue of CNY 137,304,928.23 and a net loss of CNY 17,363,634.83 [4]. Industry Challenges and Strategies - The overall industry performance in 2024 was under pressure, with most companies experiencing declines in revenue and net profit due to intensified competition and adjustments in order delivery schedules [2][3]. - The company plans to adhere to a "military-civilian integration" development strategy, focusing on expanding into new civilian market areas to enhance its risk resistance and market competitiveness [3]. Product Development and Market Expansion - The company has developed satellite communication baseband chips for the consumer electronics sector and is actively exploring applications in automotive and low-altitude economies [3][5]. - In the unmanned systems sector, the company is developing a range of products, including vertical take-off fixed-wing drones and small multi-rotor drone clusters, leveraging its comprehensive capabilities in design, integration, and testing [5][8]. Supply Chain and Quality Management - The company has established a quality management system for procurement, including a classified management system for qualified suppliers and the use of ERP systems for monitoring raw material procurement [6]. - Investment activities primarily focus on acquiring fixed assets and intangible assets to drive technological innovation and enhance market competitiveness [6]. Future Outlook and Strategic Initiatives - The company is positioned to benefit from the growing demand in the satellite internet and simulation testing markets, with expectations of sustained market growth [13]. - Plans to expand into overseas markets are underway, with the establishment of a sales team targeting international clients and the development of an English-language website [14]. Research and Development Focus - The company has maintained a research and development investment exceeding 20% of its revenue over the past three years, emphasizing the importance of innovation in maintaining industry leadership [8]. - Future product innovations will focus on enhancing performance parameters and integrating new functionalities to meet diverse application needs in the low-altitude economy [9][10].

Financial Performance - In 2024, the company achieved a revenue of 547 million, a year-on-year decrease of 22.93%, reflecting a common trend in the industry [3] - In Q1 2025, the company reported a revenue of approximately 137.3 million and a net loss of approximately 17.4 million [4] Industry Context - The overall performance of the industry is under pressure due to intensified market competition and delays in order deliveries [3] - The military electronics industry is expected to maintain an average growth rate of around 9% during the "14th Five-Year Plan" period, driven by domestic substitution and technological integration [5] Strategic Initiatives - The company plans to adhere to a "military-civilian integration" development strategy, focusing on expanding into new civilian market areas [3] - Investment activities are primarily directed towards acquiring fixed assets and intangible assets to support future business growth [6] Product Development - The company has developed satellite communication baseband chips for consumer electronics and is actively expanding applications in automotive and low-altitude economy sectors [3] - The company is advancing its product offerings in the unmanned systems sector, including various types of drones and related services [6][9] Supply Chain Management - The company has established a quality control system for procurement management and utilizes ERP systems for comprehensive management and monitoring of raw material procurement [6] Market Expansion - The company is focusing on the low-altitude economy and commercial aerospace sectors, leveraging its expertise in satellite communication and navigation [12][13] - Plans are in place to establish a sales team targeting international markets and to enhance communication with overseas clients [13] Future Outlook - The industry is expected to see continued growth driven by government support for satellite applications and increasing market demand for satellite internet and simulation testing [12] - The company aims to balance technological innovation with market expansion, ensuring a sustainable growth cycle [13][14]