（编辑 楚丽君） 证券日报网讯 1月22日，新劲刚在互动平台回答投资者提问时表示，公司已具备TR组件相关产品研发 能力及技术储备，相关业务主要由旗下全资子公司开展，具体情况如下：全资子公司宽普科技深耕特殊 应用领域射频微波发射组件研发、生产二十余年，业务覆盖射频微波模块、组件、设备及系统全产业 链，产品广泛应用于通信、雷达、导航、电子对抗、指挥自动化等多个领域及各类配套平台。其多项产 品填补了国内技术空白，部分核心产品实现进口替代，在行业内确立了领先的市场地位，树立了"宽 普"优质品牌形象。下属企业仁健微波专注微波频率源组件领域十余年，在行业内拥有较高的知名度与 良好口碑，产品可应用于雷达、通信、导航、电子对抗、监测测向等多个场景，频率覆盖范围达DC- 50GHz。其中，高速捷变频率源的频率转换速度、超低相噪捷变频率源的相位噪声控制能力等核心指标 处于行业先进水平。 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making, focusing on the investment value of significant events and policy analysis [1] - The company is advancing the development of active phased array antennas in the Ka/Ku frequency bands, which is crucial for satellite internet and low-altitude economy [1] - Breakthroughs have been made in the field of RF microwave modules, including the innovative development of miniaturized ultra-wideband dual-band dual-polarization T/R components [1] Group 2 - The company has achieved mass production and delivery of GNSS dual-frequency multi-mode active technology across multiple projects, indicating strong operational capabilities [1] - In the low-altitude sector, the company has successfully begun mass supply to leading industry clients, showcasing its competitive position in the market [1]

Core Viewpoint - The company Xin Jing Gang, through its subsidiaries Kuan Pu Technology and Ren Jian Microwave, is focusing on the research and development of RF microwave products and related services in specific professional fields, particularly in low-orbit satellite modules and terminals, which are gaining market recognition and stable technical performance [1] Group 1 - The product line includes low-orbit satellite-related modules and terminals, effectively supporting customer application needs in relevant scenarios [1] - The increasing industry demands for communication channels and stability have led to a corresponding increase in product value [1] - The overall business is showing a positive trend, with the company committed to deepening its core business and providing high-quality products and services to customers [1]

Group 1 - The core viewpoint of the article is that the company's radio frequency and microwave products are currently not utilized for space computing capabilities, focusing instead on data link and communication-related fields [1]. Group 2 - The company responded to an investor inquiry on an interactive platform regarding the application of its products in space computing [1].

Core Viewpoint - Sichuan Jiuzhou is strategically upgrading its core RF business through an associated transaction, marking a significant step towards providing subsystem-level solutions [1][2] Group 1: Transaction Details - The company plans to establish a wholly-owned subsidiary to acquire the RF business asset group from its controlling shareholder, Sichuan Jiuzhou Electric Group, for a transaction price of 757.10 million yuan [1] - The asset group includes assets, liabilities, business, and personnel related to RF, primarily engaged in the R&D, production, and sales of microwave RF and power systems [1][2] - The asset group has a strong technical foundation with 66 authorized patents, including 28 invention patents, and has previously supported projects that won significant awards [1] Group 2: Financial Performance - As of September 30, 2025, the net assets of the target asset group are 487.17 million yuan, with projected revenues of 592.87 million yuan and 518.14 million yuan for 2024 and the first nine months of 2025, respectively [2] - The net profits for the same periods are expected to be 15.47 million yuan and 42.96 million yuan, with a performance commitment from the seller to achieve a total net profit of no less than 208.57 million yuan from 2026 to 2028 [2] Group 3: Industry Context and Strategy - The RF industry has a large market size but low concentration, with a CR10 of only 8.2%, indicating a period of professional consolidation [2] - The company's strategy focuses on "chip," "module," and "array" products, aiming to build integrated capabilities in electronic systems and RF front-end solutions, positioning itself as a leader in the domestic microwave RF industry [2] - The acquisition is seen as a core move in this strategy, extending the company's reach into the downstream RF subsystem field and enhancing its competitive edge [2][4] Group 4: Market Implications - The asset group, previously an internal supplier for Jiuzhou Electric, is expected to operate independently in the market, potentially unlocking its technical and R&D capabilities [3] - Following the transaction, the company's related sales are projected to increase from approximately 470 million yuan to about 992 million yuan, raising the proportion of related sales in total revenue from 11.26% to 20.81% [3] - The acquisition reflects a broader trend in the RF microwave industry towards consolidation driven by domestic substitution, supply chain security, and cost control pressures [3][4]

Core Viewpoint - The company has developed relevant products and technology reserves for TR components, establishing a leading position in the industry with a strong brand image [1] Group 1: Company Overview - The wholly-owned subsidiary, Kuanpu Technology, has over 20 years of experience in the field of special application RF microwave transmission components, covering research and production of modules, components, equipment, and systems [1] - The products are widely used in various fields such as communication, countermeasures, radar, navigation, command automation, and suppression, filling domestic technological gaps and achieving import substitution [1] Group 2: Product and Technology - The subsidiary, Renjian Microwave, has over 10 years of experience in the microwave frequency source component field, gaining industry recognition and reputation [1] - The product range covers radar, monitoring, direction finding, communication, navigation, and electronic countermeasures, with frequency ranges reaching DC-50GHz [1] - The high-speed agile frequency source has a frequency conversion speed and ultra-low phase noise agile frequency source has phase noise control capabilities that are at the leading level both domestically and internationally [1]

Core Viewpoint - The company is making progress on the acquisition of the Haikou Intelligent Technology Park project and is focused on the construction of its RF microwave industrialization base, which is expected to enhance production capacity in response to growing demand [1] Group 1: Project Development - The construction of the RF microwave industrialization base is steadily advancing, with the new factory building having completed its topping-out phase [1] - The factory has not yet been officially delivered, and once completed, the company will proceed with internal decoration, equipment procurement, and installation debugging [1] - The company aims to accelerate the project construction pace to meet increasing production capacity demands [1] Group 2: Performance Forecast - The company is unable to provide specific performance forecasts due to multiple influencing factors, including the recovery pace of downstream industries, order fulfillment efficiency, and payment progress [1]

Core Insights - Guangdong Xinjingang Technology Co., Ltd. held a significant investor research event on October 15, 2025, attended by 22 institutions, including the Foshan Listed Companies Association and China International Capital Corporation [1] Group 1: Event Details - The investor relations activity was categorized as a specific audience research and on-site visit, conducted in the multimedia conference room of Guangdong Xinjingang Technology Co., Ltd. The reception team included the board secretary Zhou Yibo and the investor relations director Wang Chong [2] Group 2: Financial Performance Analysis - During the Q&A session, institutions inquired about the reasons for the decline in the company's financial data for the first half of 2025. The company explained that the decrease in revenue was primarily due to concentrated demand from downstream customers disrupting production plans and capacity allocation, along with delays in material delivery from upstream suppliers. Although the second quarter revenue increased by 145.56% compared to the first quarter, it still decreased by 20.03% year-on-year, with total revenue for the first half of 2025 at 162.14 million yuan, a 41.01% decline from the previous year. Additionally, the slow payment processes from downstream customers led to a significant increase in credit impairment losses, resulting in a net profit of 7.60 million yuan, down 90.34% year-on-year [3] Group 3: Civilian Sector Strategy - The company is actively advancing its military-civilian integration strategy. Its RF power amplifier products have entered the C919 industrial chain with small batch deliveries. The establishment of Guangdong Kaiji Intelligent in July 2024 focuses on promoting RF microwave technology in civilian sectors such as low-altitude economy and satellite internet. In the new energy vehicle thermal management sector, the company has delivered samples, but future market performance will depend on industry demand and customer collaboration [4] Group 4: Accounts Receivable Situation - The company addressed the increase in accounts receivable and slow payment issues, attributing them to short-term changes in the specialized application sector. The delays in customer settlements and payment cycles are influenced by industry adjustments and cyclical fluctuations. However, the company's main clients are reputable large research institutions and manufacturers, indicating good quality of accounts receivable with low bad debt risk. The company plans to enhance customer tracking and communication to optimize management mechanisms for faster payment recovery [5] Group 5: Low-altitude Economy Business Progress - In the low-altitude economy sector, the company has won a bid for a micro-target detection radar project with a state-owned listed company in Shenzhen and is advancing equipment installation and delivery. Kaiji Intelligent has signed a strategic cooperation agreement with a drone system developer in Guangzhou to jointly develop drone countermeasure products. The company is also actively addressing low-altitude security needs in the Guangdong-Hong Kong-Macao Greater Bay Area. In the short term, the company will increase R&D investment and accelerate the transformation of technological achievements, aiming to establish a stable market share in the region and become a core supplier of RF microwave technology and solutions [6]

Financial Performance - The company's revenue for the first half of 2025 was CNY 162.14 million, a decrease of 41.01% compared to the same period last year [2] - The net profit attributable to shareholders for the same period was CNY 7.60 million, down 90.34% year-on-year [2] - The second quarter of 2025 saw a 145.56% increase in revenue compared to the first quarter, but a 20.03% decrease compared to the same quarter last year [2] Operational Challenges - The decline in revenue was attributed to concentrated demand from downstream customers, leading to challenges in production planning and capacity allocation [2] - Delays from upstream suppliers due to industry order concentration affected material availability, impacting overall delivery progress [2] - The company faced prolonged payment cycles from downstream customers, resulting in a high balance of accounts receivable and increased credit impairment losses [2][4] Strategic Initiatives - The company is actively pursuing a dual-use strategy, transitioning military technology to civilian applications, particularly in the low-altitude economy and satellite internet sectors [3] - Recent projects include the delivery of radar systems for low-altitude monitoring and strategic partnerships for drone countermeasures [5] - The company aims to establish a stable market share in the low-altitude economy, leveraging its technological advantages [5] Accounts Receivable Management - The increase in accounts receivable is attributed to industry fluctuations and extended settlement periods, typical for the sector [4] - The company maintains a good credit quality with major clients, primarily state-owned enterprises and listed companies, minimizing bad debt risks [4] - Ongoing efforts to enhance communication with clients and optimize accounts receivable management are in place to accelerate payment recovery [4] Mergers and Acquisitions Strategy - The company has a clear acquisition strategy focusing on enhancing its capabilities in special application RF microwave solutions through horizontal and vertical mergers [6] - Investment incubation and acquisitions are being pursued to build a leading position in special application thermal barrier and composite materials [6]

Core Viewpoint - The article discusses the transformation of urban development in China, focusing on the shift from large-scale expansion to quality improvement and efficiency enhancement, with a specific case study on the manufacturing city of Foshan and its district, Chancheng [1][2]. Group 1: Urban Development and Economic Transformation - Chancheng district in Foshan is undergoing a significant transformation, aiming to become a manufacturing center, service center, and cultural hub, moving from being merely a central urban area to a true city center [2][4]. - The district's GDP for 2024 is projected to be 242.1 billion yuan, ranking it highly among provincial and national districts, despite its previous lower visibility compared to neighboring manufacturing bases [2][4]. - The opening of the Guangfo South Ring and the construction of the Guangzhan high-speed railway station are expected to significantly reduce commuting times, enhancing connectivity and attracting more technology companies to invest in Chancheng [4][21]. Group 2: Land and Space Optimization - Chancheng faces a land space challenge, with a high development intensity of 82% on its 154 square kilometers, limiting its capacity for industrial growth [7][11]. - The district has initiated a "three-year million" action plan to construct over 10 million square meters of high-quality urban industrial space, addressing the previous land scarcity issues [11][14]. - The "collective to state" model is being implemented to optimize land use, allowing for legal circulation and value enhancement of land while maintaining ownership rights [11][12]. Group 3: Investment and Economic Growth - In 2023, Chancheng has seen a significant increase in industrial investment, with advanced manufacturing investment growing by 58.8% and high-tech industry investment increasing by 180% [15][18]. - The district has become a hotspot for investment, with numerous projects being signed, including a major semiconductor project and various high-tech initiatives [14][15]. - The local government is actively facilitating investment through the establishment of industrial funds and direct engagement with enterprises to enhance the local economic landscape [18][20]. Group 4: Cultural and Service Integration - Chancheng is integrating cultural elements into its urban renewal efforts, revitalizing historical areas and enhancing consumer experiences through arts and design [28][30]. - The district is also focusing on developing a service-oriented economy, leveraging its manufacturing base to create a rich ecosystem for production services [24][25]. - Collaborative initiatives with educational and research institutions aim to enhance innovation and support the local economy, fostering a more dynamic business environment [25][27].