随着场景验证不断深入，基础设施、空域管理、商业模式等瓶颈逐步破解，低空经济正从"政策驱 动"向"市场驱动"转型，为产业升级注入持久动力。 ST惠伦复牌"一"字跌停 12月11日，ST惠伦（300460）复牌"一"字跌停，截至上午收盘，该股跌停板封单33.16万手。 12月9日晚间，ST惠伦（原简称"惠伦晶体"）发布公告称，因2021年、2022年年度报告存在虚假记载， 根据广东证监局的《行政处罚事先告知书》以及深交所相关规定，公司股票交易将被实施其他风险警 示。公司股票自12月10日开市起停牌1天，于12月11日开市起复牌并被实施其他风险警示。 据ST惠伦2025年半年报，公司专注压电石英晶体频率元器件行业超20年，目前已经发展成为国内最具 实力的MHz压电石英晶体元器件（简称"晶振"）生产企业之一，在小型化、高频化、高精度、器件规模 化，以及产品的设计方案平台认证进度等方面具备领先优势。自2022年起，公司净利润连续亏损，今年 前三季度公司净利润亏损0.76亿元。截至三季度末，公司股东户数为3.08万户。 多地"十五五"规划建议提出布局低空经济产业 重庆市提出，打造低空经济创新发展强市，做强做优低空飞行综合 ...

Core Viewpoint - The company focuses on aerospace products, satellite communication, and testing equipment, providing technical solutions and manufacturing services for research institutions and major units in the aerospace sector, and is recognized as a national high-tech enterprise and a national-level "little giant" enterprise [1] Financial Performance - In Q1-Q3 2025, the company achieved operating revenue of 304 million yuan (+10.44%) and a net profit attributable to shareholders of 51 million yuan (+0.56%), with a non-recurring net profit of 35 million yuan (+6.70%) [1] - For H1 2025, the gross margin for aerospace and communication products slightly increased to 48.38% (+3.34%), with revenue of 97 million yuan (+98.86%) [2] - The gross margin for aerospace manufacturing equipment slightly decreased to 35.01% (-0.69%), with revenue of 53 million yuan (-53.33%) [2] - The gross margin for aviation products was 33.47% (+12.71%), with revenue of 57 million yuan (+963.53%) [2] - The overall profitability of the company's main business remains strong [2] R&D and Profitability - R&D investment has significantly increased, but short-term profit release is hindered; the sales gross margin for Q1-Q3 2025 was 42.27% (-1.12 percentage points), and the net profit margin was 16.14% (-4.51 percentage points) [3] - The expense ratio was 28.52% (+1.33 percentage points), with R&D expense ratio at 18.33% (+3.54 percentage points) [3] - By the end of Q3 2025, accounts receivable amounted to 446 million yuan, an increase of 7.9% from the beginning of the period, while inventory was 208 million yuan, up 29.62% [3] Technological Advancements and Future Outlook - The company has developed multiple core technologies in the aerospace product field, achieving autonomy in key components and leading domestically [4] - In satellite communication and testing equipment, the company has delivered various products and ranks among the top tier in the domestic market [4] - In aviation products, the company has received approvals for special processes from major Chinese aviation entities and has successfully developed multiple composite material components [4] - The company has established unique intellectual property rights in aerospace manufacturing equipment, completing the design and manufacturing of key process equipment for large aircraft, thus achieving import substitution [4] - Profit forecasts indicate expected net profits of 105 million, 148 million, and 187 million yuan for 2025-2027, with corresponding EPS of 0.26, 0.36, and 0.46 yuan [4]

Market Performance - A-shares experienced a slight increase on November 24, with the Shanghai Composite Index rising by 0.05% to close at 3836.77 points, the Shenzhen Component Index increasing by 0.37% to 12585.08 points, and the ChiNext Index up by 0.31% to 2929.04 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 17,278 billion, a decrease of 2,379 billion compared to the previous trading day [1] Sector Performance - Most industry sectors saw gains, with the shipbuilding sector experiencing significant growth, while energy and metals sectors faced declines [1] - The best-performing sectors included military trade concepts and AI applications, driven by geopolitical uncertainties and strong market expectations [2] Individual Stock Highlights - Among the stocks, 4,228 rose, with 79 hitting the daily limit, while 1,104 declined, with 34 hitting the lower limit [1] - Aerospace company Hangtian HuanYu saw a notable increase of 20%, attributed to its military sector involvement and successful product deliveries in commercial aerospace [4] - The company reported earnings of 0.13 yuan per share and a net profit of 51.48 million yuan for the third quarter of 2025, reflecting a year-on-year growth of 0.56% [4] Market Sentiment and Technical Analysis - Investor sentiment improved as selling pressure decreased, with a notable reduction in capital outflow compared to previous weeks [2] - The market showed signs of potential bottoming out, with technical indicators suggesting a possible reversal if certain volume thresholds are met in the following days [3]

Core Viewpoint - The report outlines the continuous supervision and compliance of Hunan Aerospace Huanyu Communication Technology Co., Ltd. during its initial public offering and listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, emphasizing the absence of major violations and the company's adherence to regulatory requirements [1][4][26]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing oversight [2][4]. - During the supervision period, the company did not report any violations or breaches of commitments [5][6]. Compliance and Governance - The sponsor has ensured that the company and its management comply with laws, regulations, and business rules set by the Shanghai Stock Exchange [6][7]. - The company has established effective internal control systems, including financial management and auditing procedures, ensuring proper governance [7][8]. Financial Performance - For the first half of 2025, the company's operating income reached approximately 207 million yuan, a 23.44% increase from the same period in 2024 [21]. - The net profit attributable to shareholders was approximately 34.7 million yuan, reflecting a 52% increase year-on-year [21]. - The company's basic earnings per share rose by 52.58% to 0.0859 yuan [21]. Research and Development - The company invested approximately 37.7 million yuan in R&D during the first half of 2025, representing a 49% increase compared to the same period in 2024 [21][26]. - The R&D expenditure accounted for 18.22% of operating income, an increase of 3.12 percentage points from the previous year [21]. Core Competitiveness - The company has developed a comprehensive technical system in aerospace products, satellite communication, and testing equipment, which enhances its competitive edge [22][23]. - The company has established a high-level, professional R&D team, contributing to its innovation capabilities and future growth [22][23]. Industry Context - The aerospace industry is characterized by high technology and significant government support, with policies encouraging development in this strategic sector [23][24]. - The company faces competition from new entrants as the industry opens up, necessitating continuous innovation to maintain its market position [24][25]. Use of Raised Funds - The company raised approximately 893.6 million yuan from its IPO, with a net amount of about 823.1 million yuan after deducting issuance costs [26]. - The funds are being used in compliance with regulations, with no violations reported regarding their usage [26].

Core Viewpoint - The report outlines the continuous supervision and compliance of Hunan Aerospace Huanyu Communication Technology Co., Ltd. during its initial public offering and listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, emphasizing the company's adherence to regulations and the absence of major violations during the supervision period [1][3][29]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing oversight [2]. - A continuous supervision agreement was signed between the sponsor and the company, detailing the rights and obligations of both parties during the supervision period [3]. - Throughout the supervision period, the company did not disclose any violations or breaches of commitments [3][4]. Compliance and Governance - The sponsor has ensured that the company and its management comply with laws, regulations, and the business rules set by the Shanghai Stock Exchange [4]. - The company has established effective internal control systems, including financial management and auditing procedures, ensuring proper operational governance [6]. Financial Performance - In 2024, the company reported operating income of 508.04 million yuan, an increase of 11.36% from 2023 [22]. - The net profit attributable to shareholders decreased by 24.42% to 101.57 million yuan compared to the previous year [22]. - The net cash flow from operating activities increased by 45.93% to 57.29 million yuan [22]. Key Financial Indicators - The basic earnings per share decreased by 27.24% to 0.2508 yuan [22]. - The weighted average return on net assets fell by 4.47 percentage points to 6.19% [22]. - Research and development expenditure accounted for 11.90% of operating income, an increase of 1.35 percentage points from the previous year [22]. Core Competitiveness - The company has developed a comprehensive technical system in aerospace products, satellite communication, and related equipment, enabling it to optimize product processes and maintain quality [24][25]. - The company has a high-level, specialized research and development team, which is crucial for its ongoing development in the aerospace sector [25]. - The company has established a strict production management and quality control system to ensure product reliability and safety, which is critical in the aerospace industry [27]. Industry Context - The aerospace industry is characterized by high technology and significant government support, with policies encouraging its development [26]. - The company faces competition in the aerospace sector, particularly as more social capital enters the industry due to favorable government policies [21]. - The company’s products are subject to strict quality requirements, necessitating compliance with various certifications and audits to enter the aerospace market [28].

保荐人（主承销商） 湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层 股票简称：航天环宇 证券代码：688523 湖南航天环宇通信科技股份有限公司 Hunan Aerospace Huanyu Communication Technology Co.,LTD. 长沙市岳麓区杏康南路 6 号 首次公开发行股票科创板上市公告书 联席主承销商 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年六月一日 湖南航天环宇通信科技股份有限公司 上市公告书 特别提示 湖南航天环宇通信科技股份有限公司（以下简称"航天环宇""发行人""本公 司"或"公司"）股票将于 2023 年 6 月 2 日在上海证券交易所科创板上市。本公司提 醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市初期切忌盲目 跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中所引用数据，如合计数与各分项数直接相加之和存在差异,或小数 点后尾数与原始数据存在差异，可能系由精确位数不同或四舍五入形成的。 1 湖南航天环宇通信科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 ...

保荐机构（主承销商） 湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层 联席主承销商 投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等 特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 湖南航天环宇通信科技股份有限公司 Hunan Aerospace Huanyu Communication Technology Co.,LTD. 长沙市岳麓区杏康南路 6 号 首次公开发行股票并在科创板上市 招股说明书 重要声明 中国证监会、上海证券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。 1-1-1 湖南航天环 ...

科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高的 投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等 特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 湖南航天环宇通信科技股份有限公司 Hunan Aerospace Huanyu Communication Technology Co.,LTD. 长沙市岳麓区杏康南路 6 号 首次公开发行股票并在科创板上市 招股意向书 保荐机构（主承销商） 湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层 联席主承销商 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 湖南航天环宇通信科技股份有限公司 招股意向书 重要声明 中国证监会、上海证券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 ...

投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等 特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 湖南航天环宇通信科技股份有限公司 Hunan Aerospace Huanyu Communication Technology Co.,LTD. 长沙市岳麓区杏康南路 6 号 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） 湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高的 湖南航天环宇通信科技股份有限公司 招股说明书（注册稿） 重要声明 中国证监会、上海证券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 ...

投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等 特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 湖南航天环宇通信科技股份有限公司 Hunan Aerospace Huanyu Communication Technology Co.,LTD. 长沙市岳麓区杏康南路 6 号 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） 湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高的 湖南航天环宇通信科技股份有限公司 招股说明书（注册稿） 重要声明 中国证监会、上海证券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 ...