1月12日晚，*ST铖昌公告称，公司股票交易连续10个交易日内4次出现同向股票交易异常波动情形，属于股票交易严重异常波动的情况。为维护投资者利 益，公司申请股票自2026年1月13日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 同日，*ST铖昌还发布股票严重异常波动公告称，商业航天行业处于产业初期阶段，公司基本面未发生重大变化。 每经编辑｜黄胜 封面图片来源：每日经济新闻 值得一提的是，*ST铖昌股价自去年12月1日以来出现大幅拉升，至今累计涨幅达177%，近11个交易日收获10个涨停板。 截至今日，该股报收122.84元/股，总市值为253.2亿元。 | | | | *ST 钱昌 | | | | --- | --- | --- | --- | --- | --- | | | | | 001270 LT | | | | 122.84 | 高 | 122.84 市值 253.19亿 量比 | | | | | | ਜ਼ਿੰ | 122.84 流通 249.98亿 换 | | | 0.1 | | 5.85 5.00% | 井 | 122.84 市盈 278.93 | | 额 3244. ...

同日， *ST铖昌还发布股票严重异常波动公告称， 商业航天行业处于产业初期阶段，公司基本面未发生重大变化。 公开资料显示，*ST铖昌的 主营业务是微波毫米波相控阵T/R芯片的研发、生产、销售和技术服务。公司的主要产品是GaAs/GaN功率放大器 芯片、GaAs低噪声放大器芯片、GaAs收发前端芯片、收发多功能放大器芯片、幅相多功能芯片、模拟波束赋形芯片、数控移相器芯片、数 控衰减器芯片、功分器芯片、限幅器芯片。 值得一提的是， *ST铖昌股价自去年12月1日以来出现大幅拉升，至今累计涨幅达177%，近11个交易日收获10个涨停板。截至今日，该股报 收122.84元/股，总市值为253.2亿元。 *ST铖昌公告称，公司股票交易连续10个交易日内4次出现同向股票交易异常波动情形，属于股票交易严重异常波动的情况。为维护投资者 利益， 公司申请股票自2026年1月13日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 F F F 41.86 2025-11-18 2025-12-04 2025-12-22 下载财联社APP获取更多资讯 准确 快速 权威 专业 实时盯盘 头条新闻 7x24h电 ...

Core Viewpoint - The reduction plan announced by Liu Jianwei, the actual controller of Heertai, has caused stock price fluctuations, primarily aimed at alleviating debt pressure due to a high pledge ratio of over 55% [1][2][3] Group 1: Shareholding and Reduction Plan - Liu Jianwei plans to reduce his shareholding by up to 18,417,800 shares, accounting for no more than 2% of the company's total share capital, from January 28 to April 27, 2026 [2][3] - As of the announcement, Liu Jianwei holds approximately 139 million shares, representing 15.06% of the company's total share capital [2][3] - The reduction is intended to repay pledged financing debts and meet personal funding needs, with a total of 76.76 million shares pledged, exceeding 55% of his holdings [3][5] Group 2: Financial Performance and Market Reaction - Heertai's stock price fell by 4.69% on the first trading day following the reduction announcement, closing at 38.80 yuan, with a market capitalization of approximately 35.88 billion yuan [5] - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue of 8.27 billion yuan (up 17.47%) and net profit of 603 million yuan (up 69.66%) [8] - Heertai's investment in the chip company Moer Thread is noteworthy, with shares valued at over 2.5 billion yuan, contributing positively to its financial standing [8][9] Group 3: Corporate Structure and Management - Heertai's management structure is clearly defined, with Liu Jianwei overseeing financial, investment, and human resources, while the executive president, Qin Hongwu, manages the implementation of strategies and operational goals [9]

今日，卫星互联网板块表现强势，神剑股份、中国卫星、*ST铖昌、长江通信、盛路通信领涨，题材相 关企业整理如下： 神剑股份（002361.SZ） 最新股价：11.97元 日涨幅：+10.02% 亮点：在卫星零部件领域深耕多年，为"星网"项目提供卫星天线、反射器等核心零部件；在树脂基碳纤 维复合材料领域拥有自主技术，产品应用于卫星轻量化结构件。 中国卫星（600118.SH） 最新股价：72.73元 日涨幅：+10.00% 亮点：中国航天科技集团旗下卫星制造绝对龙头，成功发射超百颗小/微小卫星；2024年成功发射24颗 卫星，其研制的卫星互联网星座组网星载荷产品已完成组批生产。 亮点：国内微波毫米波相控阵T/R芯片领域稀缺龙头，星载领域国产化率高达80%；产品已应用于"千 帆"、"吉林一号"等多个低轨卫星星座，市占率超80%。 长江通信（600345.SH） 最新股价：32.73元 日涨幅：+3.74% 亮点：通过子公司迪雅斯深度参与低轨卫星地面站建设，已中标多个上海G60星座地面站项目，提供技 术壁垒较高的卫星地面运控中心网络管理和指挥系统。 盛路通信（002446.SZ） 最新股价：22.09元 日涨幅：+1 ...

具体来看，*ST铖昌今日换手率达12.81%，成交额19.20亿元创新高，而其股价实现"10天9板"或与近期商业航天热度升温有关。 *ST铖昌主营业务为微波毫米波相控阵T/R芯片的研发、生产、销售和技术服务，该公司产品T/R芯片是相控阵天线系统核心元器件之一， 其性能则直接影响整机的各项关键指标。 华西证券指出，随着国家加速推动商业航天建设，手机直连卫星、北斗短信等应用有望加速普及。卫星物联网商用试验将加速推动包括运 营商、卫星、模组与芯片厂商等产业协同，在海洋、应急、能源、交通、农业等行业构建广域连接能力。 *ST铖昌2025年第三季度业绩表现亮眼，营收同比增长266.57%，净利润同比增长565.20%，扭亏为盈。 *ST铖昌称，公司在相控阵T/R芯片领域具备核心技术，产品达宇航级质量标准，星载、机载、地面三大业务板块均快速增长，在手订单数 量与金额显著增长。 12月18日，A股ST板块整体火热，截至发稿，ST思科瑞、*ST沪科、*ST万方、ST尔雅等多只股票5%涨停。 | | 代码 | 名称 | 涨幅％v | 现价 | | --- | --- | --- | --- | --- | | 1 | 6880 ...

Core Viewpoint - *ST Chengchang has gained significant investor attention following its impressive performance in the first half of 2025, with multiple well-known funds, brokerages, and private equity firms conducting research on the company [1] Financial Performance - In the first half of 2025, *ST Chengchang achieved an operating income of 201 million yuan, representing a substantial year-on-year increase of 180.16% [1] - The net profit attributable to shareholders reached 56.63 million yuan, marking a successful turnaround from losses and a significant growth [1] Business Growth Drivers - The company's performance growth is primarily attributed to the recovery in downstream market demand and the accelerated delivery of key projects across multiple core business segments [1] - There has been a continuous release of orders in satellite, airborne, and ground applications, with both the number of orders on hand and major projects showing year-on-year double growth [1] Product and Market Position - *ST Chengchang specializes in the research, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips, covering a wide range of high-performance products applicable in various fields [2] - The company has established a strong reputation and recognition in the industry, being one of the few that can provide complete and advanced T/R chip solutions and aerospace-grade chip development [2] Project and Order Status - In the satellite phased array sector, the company's T/R chip products have been widely applied in multiple satellite series, with ongoing projects entering continuous bulk delivery phases [3] - The company maintains a close collaborative relationship with downstream users in the low Earth orbit satellite field, continuously iterating satellite communication T/R chip solutions based on customer needs [3] - The company emphasizes its commitment to expanding operational scale and achieving high profitability levels throughout the year, driven by the significant growth in downstream demand and product application penetration [3]

Core Viewpoint - *ST Chengchang has gained significant investor attention following its impressive performance in the first half of 2025, with major funds and institutions conducting research on the company due to its strong financial results and positive operational changes [1] Financial Performance - In the first half of 2025, *ST Chengchang achieved operating revenue of 201 million yuan, a substantial increase of 180.16% year-on-year [1] - The company reported a net profit attributable to shareholders of 56.63 million yuan, marking a successful turnaround and significant growth [1] Business Operations - The growth in performance is primarily attributed to the recovery in downstream market demand and the accelerated delivery of key projects across multiple core business segments [1] - The company has seen a continuous release of orders in satellite, airborne, and ground applications, with both the number of orders on hand and major projects experiencing year-on-year growth [1] Product and Market Position - *ST Chengchang specializes in the research, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips, covering a wide range of high-performance products applicable in various fields [2] - The company has established a strong reputation and recognition in the industry, focusing on the independent control of T/R chip solutions and promoting their low-cost, large-scale application [2] Project Development - In the satellite phased array sector, the company's T/R chip products have been widely applied in multiple satellite series, with ongoing projects entering continuous batch delivery phases [3] - The company maintains close cooperation with downstream users in the low Earth orbit satellite field, continuously iterating on satellite communication T/R chip solutions based on customer needs [3] - *ST Chengchang emphasizes its commitment to expanding operational scale and achieving high profitability levels, driven by the significant growth in downstream demand and product application penetration [3]

Core Viewpoint - The news highlights the recent share pledge by Liu Jianwei, a major shareholder of Heertai (002402), and provides insights into the company's financial performance and business operations. Group 1: Share Pledge Details - Liu Jianwei pledged a total of 20.49 million shares, accounting for 2.22% of the total share capital, to Xinyi International Trust and Guangzhou Bank [1] - The breakdown of the pledge includes 17.90 million shares to Xinyi International Trust (12.90% of his holdings, 1.94% of total share capital) and 2.59 million shares to Guangzhou Bank (1.87% of his holdings, 0.28% of total share capital) [1] - As of the announcement date, Liu Jianwei has cumulatively pledged 104 million shares, representing 74.7% of his total holdings [1] Group 2: Financial Performance - Heertai's mid-year report for 2025 shows a main revenue of 5.446 billion yuan, a year-on-year increase of 19.21% [3] - The net profit attributable to shareholders reached 354 million yuan, reflecting a significant year-on-year growth of 78.65% [3] - The company's net profit after deducting non-recurring items was 347 million yuan, up 97.24% year-on-year [3] - In Q2 2025, the company reported a single-quarter revenue of 2.861 billion yuan, a 10.6% increase year-on-year, and a net profit of 184 million yuan, up 81.73% year-on-year [3] - The debt ratio stands at 53.18%, with investment income recorded at -6.24 million yuan and financial expenses at -63.43 million yuan, while the gross profit margin is 19.13% [3] Group 3: Business Operations - Heertai's main business includes household appliances, power tools, industrial automation, automotive electronics, smart products, and AI service platforms [4] - The company is also involved in the research, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips [4]

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by technological innovation, global expansion, and cost efficiency strategies [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 5.446 billion yuan, a year-on-year increase of 19.21% [1]. - The net profit attributable to shareholders reached 354 million yuan, up 78.65% year-on-year [1]. - The overall gross margin improved by 1.66% due to optimization in customer and product structure [2]. Group 2: Business Segments - The home appliance segment generated sales of 3.563 billion yuan, growing 22.14% year-on-year, with a gross margin increase of 0.94% [2]. - The electric tools and industrial automation segment reported revenue of 535 million yuan, an 8.32% increase [3]. - The automotive electronics segment achieved revenue of 415 million yuan, up 5.20% year-on-year [3]. Group 3: Emerging Growth Areas - The smart products segment, focusing on "new intelligent controllers + AI service platforms," generated sales of 618 million yuan, a 9.92% increase, with a gross margin of 23.67% [4]. - The subsidiary, Chengchang Technology, saw its microwave and millimeter-wave phased array T/R chip business revenue reach 201 million yuan, a remarkable growth of 180.16% [4]. - The company anticipates net profits attributable to shareholders of 700 million yuan, 920 million yuan, and 1.18 billion yuan for 2025-2027, reflecting growth rates of 92%, 31%, and 28% respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's core business in home appliances is experiencing stable growth, while the strategic segments of power tools and automotive electronics are deepening their layouts. The smart product business and the T/R chip business of its subsidiary, Chengchang Technology, have become new growth drivers, with the latter showing rapid performance growth, providing significant space for future growth [3][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.446 billion yuan, a year-on-year increase of 19.21%. The net profit attributable to the parent company was 354 million yuan, up 78.65% year-on-year [3][9]. - The overall gross margin improved by 1.66% year-on-year, driven by the optimization of customer and product structure in the controller business and the increased gross margin of Chengchang Technology's products [9]. Business Segments - The home appliance segment, as the company's foundational business, achieved sales revenue of 3.563 billion yuan, a year-on-year increase of 22.14%, with a gross margin increase of 0.94% [9]. - The power tools and industrial automation business generated revenue of 535 million yuan, up 8.32% year-on-year. The automotive electronics segment reported revenue of 415 million yuan, a year-on-year increase of 5.20% [9]. - The smart product segment, positioned as a new strategic growth driver, achieved sales revenue of 618 million yuan, a year-on-year increase of 9.92%, with a gross margin of 23.67% [9]. - Chengchang Technology's T/R chip business reported revenue of 201 million yuan, a remarkable year-on-year increase of 180.16%, with net profit reaching 57 million yuan, up 333.23% [9]. Future Outlook - The company expects net profit attributable to the parent company to reach 700 million yuan, 916 million yuan, and 1.176 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 92%, 31%, and 28%, respectively [9].