目 录 一、委托人、被评估单位和资产评估委托合同约定的其他评估报告使用者概况 ..... 5 北京天健兴业资产评估有限公司 三、本资产评估机构及资产评估师遵守法律、行政法规和资产评估准则，坚持 独立、客观和公正的原则，并对所出具的资产评估报告依法承担责任。 四、评估对象涉及的资产、负债清单以及企业未来预测资料由委托人、被评估 单位申报并经其采用签名、盖章或法律允许的其他方式确认；委托人和其他相关当 事人依法对其提供资料的真实性、完整性、合法性负责。 五、本资产评估机构及资产评估师与资产评估报告中的评估对象没有现存或 者预期的利益关系；与相关当事人没有现存或者预期的利益关系，对相关当事人不 存在偏见。 六、资产评估师已经对资产评估报告中的评估对象及其所涉及资产进行现场 调查；已经对评估对象及其所涉及资产的法律权属状况给予必要的关注，对评估对 象及其所涉及资产的法律权属资料进行了查验，对已经发现的问题进行了如实披 露。 七、本资产评估机构出具的资产评估报告中的分析、判断和结果受资产评估报 告中假设和限制条件的限制，资产评估报告使用人应当充分考虑资产评估报告中 载明的假设、限制条件、特别事项说明及其对评估结论的影响 ...

内蒙一机（600967.SH）2025 年半年报点评 资料来源：wind，民生证券研究院预测；（注：股价为 2025 年 08 月 26 日收盘价） 2Q25 营收同比增长 20%；军贸发展趋势持续向好 2025 年 08 月 26 日 ➢ 事件：8 月 25 日，公司发布 2025 年半年报，1H25 实现营收 57.3 亿元， YOY +19.6%；归母净利润 2.9 亿元，YOY +10.0%；扣非净利润 2.9 亿元，YOY +10.1%。业绩表现符合预期。根据经营计划，公司 2025 年预计实现主营业务 收入 110 亿元，上半年完成 51.2%，我们点评如下： ➢ 2Q25 营收同比增长 20%；1H25 盈利能力总体稳定。1）单季度：公司 2Q25 实现营收 30.0 亿元，YOY +19.6%；归母净利润 1.0 亿元，YOY +8.2%； 扣非净利润 1.0 亿元，YOY +5.5%。2）利润率：公司 1H25 毛利率同比下滑 0.5ppt 至 9.8%；净利率同比下滑 0.5ppt 至 5.0%。其中，2Q25 毛利率同比提升 1.1ppt 至 8.4%；净利率同比下滑 0.5ppt 至 ...

Core Viewpoint - Beijing Leike Defense Technology Co., Ltd. held its third meeting of the eighth board of directors, where significant resolutions were passed regarding the company's half-year report and a new investment project [1][2]. Group 1: Half-Year Report - The board approved the "2025 Half-Year Report and its Summary" with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1]. - The report and its summary will be published in major financial newspapers including "Securities Times," "China Securities Journal," "Shanghai Securities Journal," and "Securities Daily" [1]. Group 2: Investment Project - The board approved the proposal for the investment in the construction of the Hengda Microwave Equipment Intelligent Manufacturing Center, aimed at enhancing manufacturing capacity and product competitiveness [2]. - The total investment for the project is 300 million yuan, covering an area of 37.6 acres, and has received necessary administrative approvals [2]. - This investment does not constitute a related party transaction or a significant asset restructuring as per relevant regulations [2].

Group 1 - The company's stock experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from June 23 to June 25, 2025 [1] - The company conducted a verification of relevant matters and confirmed that there were no corrections or supplements needed for previously disclosed information [1][3] - The company has not identified any significant undisclosed information that could have impacted its stock price [1][2] Group 2 - The controlling shareholder, China Ordnance Equipment Group, is in the process of restructuring, which includes the separation of its automotive business into an independent central enterprise [2] - As of the announcement date, there are no undisclosed significant matters related to the company, and the controlling shareholder has not engaged in any stock trading during the abnormal fluctuation period [2][3]

Group 1: Stock Market Activity - On the day, 23 stocks were listed on the institutional trading leaderboard, with 12 seeing net purchases and 11 experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were Guoxuan High-Tech (3.97 billion), Zhinan Zhen (1.31 billion), and Dazhihui (65.62 million) [1][2] - Guoxuan High-Tech saw a price increase of 8.16%, Zhinan Zhen increased by 20.00%, and Dazhihui rose by 10.03% [2] Group 2: Financial Services and Technology - The financial information service provider Zhinan Zhen is changing its subsidiary name from Wangxin Securities to Maigao Securities [2] - The recent approval of virtual asset trading services by Guotai Junan International Holdings reflects a significant shift in the financial services landscape, with the stock experiencing a near 200% increase [3] - The new financial technology opportunities in Hong Kong, including the stablecoin legislation, indicate a proactive approach towards fintech innovation [4] Group 3: Military Industry - Beifang Changlong specializes in military vehicle interior systems, ammunition equipment, and communication equipment [5] - Wanlima serves as a supplier for the logistics support units of the People's Liberation Army and the armed police [5] - A significant military parade featuring domestically produced main battle equipment is scheduled for September 3 in Beijing [5]

Core Viewpoint - The company has announced a specific stock issuance to certain parties, which may dilute immediate returns for existing shareholders, and has outlined measures to mitigate this impact [1][2][4]. Financial Impact Analysis - The company analyzed the impact of the stock issuance on key financial metrics, assuming a maximum issuance of 180 million shares and a total fundraising of 600 million yuan [2][3]. - The projected net profit for 2025, based on different growth scenarios (10% increase, flat, and 10% decrease), shows varying impacts on earnings per share and return on equity [4][5]. Risk of Dilution - Post-issuance, the company's total share capital and net asset scale will significantly increase, potentially leading to a decrease in return on equity if net profit growth does not keep pace with net asset growth [4][6]. Necessity and Rationality of Issuance - The issuance is deemed necessary to optimize capital structure, alleviate working capital pressure, and enhance market confidence, thereby improving the company's risk resilience [6][7]. Measures to Mitigate Dilution - The company will implement strict dividend policies to ensure shareholder returns, enhance marketing and customer service capabilities, and ensure legal and rational use of raised funds [7][8]. - A three-party supervision agreement will be established to oversee the use of raised funds, ensuring compliance with regulatory requirements [8][9]. Commitments from Key Stakeholders - The controlling shareholders and management have committed to not interfere with the company's operations and to uphold the interests of shareholders, with penalties for any breaches of these commitments [9][10]. Approval Process - The board of directors and supervisory board have approved the analysis and measures related to the dilution of immediate returns, with ongoing disclosures planned for the implementation of these measures [10][11].

Core Insights - The article discusses the evolution of the U.S. semiconductor industry and its critical role in military modernization, highlighting the historical dependence of the U.S. defense system on commercial semiconductor markets [2][4][11] - The recent India-Pakistan air conflict showcases the effectiveness of China's advanced military technology, particularly the J-10C fighter jet and its integrated long-range combat systems, marking a significant moment for Chinese military exports [6][8][11] Semiconductor Industry and Military Dependence - The U.S. defense system has been aware of the impact of information technology on military capabilities since the 1970s, with a historical reliance on commercial semiconductor markets [1][2] - By the late 1980s, 90% of the U.S. semiconductor market was commercial, down from 70% military in the 1960s, indicating a shift in focus and dependency [2][3] Military Technology and Global Dynamics - The ability of a nation to develop advanced civilian technology correlates with its military strength, suggesting that countries with robust civilian tech sectors are likely to have strong military capabilities [3] - The recent air conflict between India and Pakistan demonstrated that modern air combat relies on integrated systems rather than just advanced aircraft, with China's systems proving effective [6][8] Impact of the India-Pakistan Air Conflict - The air conflict is expected to change the future landscape of military procurement, shifting demand from individual aircraft to integrated combat systems [8][11] - Price competition for military aircraft will increasingly depend on the pricing of comprehensive combat systems rather than just the aircraft themselves [9][11] - Compatibility and production capacity of integrated systems will dictate the real demand for advanced military technology [10][11] China's Competitive Advantage - China offers significant price advantages in the export of military technology, with its early warning systems priced at 40%-70% of European counterparts and fighter jets at one-third the price [7][11] - The current "high quality, low price" phase of China's military technology is likely to disrupt the markets of traditional military exporters like the U.S. and Russia [11][12] Future Considerations for Military Procurement - Most countries lack the capability to independently develop advanced military systems, leading to a reliance on either Western or Russian technology [12] - Future military procurement decisions will need to consider the compatibility of integrated systems, making the choice of supplier a critical strategic decision [12]