Core Viewpoint - The report outlines the ongoing supervision and compliance measures taken by Minsheng Securities for the initial public offering and listing of Sihan Navigation Technology Co., Ltd. on the Sci-Tech Innovation Board, covering the period from August 16, 2023, to December 31, 2026 [1]. Group 1: Supervision and Compliance - Minsheng Securities has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing supervision [1][2]. - A continuous supervision agreement was signed with Sihan Navigation, clarifying the rights and obligations of both parties during the supervision period [1]. - Sihan Navigation is required to report any violations or breaches of commitments within five working days of discovery, including details of the violations and the supervisory measures taken [1][2]. Group 2: Internal Control and Governance - The supervisory institution has urged Sihan Navigation to establish and effectively execute corporate governance systems, including rules for shareholder meetings, board meetings, and the conduct of directors and senior management [4]. - Sihan Navigation is also advised to enhance its internal control systems, including financial management and accounting systems, as well as procedures for major operational decisions [4]. - The institution emphasizes the importance of a robust information disclosure system, reviewing disclosure documents to ensure they do not contain false records or misleading statements [4][5]. Group 3: Financial Performance - For the first half of 2025, Sihan Navigation reported a revenue of 170.53 million yuan, a 41.82% increase compared to the previous year [17]. - The net profit attributable to shareholders was -2.72 million yuan, reflecting a significant decrease of 218.32% year-on-year [17]. - The company’s cash flow from operating activities was -60.66 million yuan, an 18.80% improvement from the previous period [17]. Group 4: Risks and Challenges - The company faces risks related to technological obsolescence, particularly with the rapid advancements in the BeiDou satellite navigation system and increasing market demands for high-precision navigation products [12]. - Inventory devaluation risks are present, with a provision for inventory impairment of 11.87 million yuan as of June 30, 2025, due to potential damages or obsolescence [13]. - The company is also exposed to risks from bad debts, with measures in place to enhance accounts receivable management and credit control [13]. Group 5: Competitive Position and R&D - Sihan Navigation maintains a leading position in the high-precision GNSS upstream sector, having broken through key technological barriers previously dominated by foreign companies [18][19]. - The company has a strong R&D team, with 186 personnel dedicated to innovation, representing 32.69% of the total workforce [20]. - R&D expenditures as a percentage of revenue were 20.49% in the first half of 2025, reflecting a commitment to maintaining technological leadership [20]. Group 6: Fundraising and Compliance - The company raised a total of 784.77 million yuan through its IPO, with a net amount of 785.77 million yuan after deducting issuance costs [27]. - Funds are stored in a dedicated account, and the company has complied with regulations regarding the management and use of raised funds [27][28]. - As of June 30, 2025, there were no violations in the use of raised funds, ensuring protection of shareholder interests [28].

Group 1 - The stock price of Sinan Navigation closed at 42.84 yuan on August 12, 2025, down by 1.17 yuan, a decrease of 2.66% from the previous trading day [1] - The trading volume for the day was 22,554 hands, with a transaction amount of 97.406 million yuan [1] - Sinan Navigation specializes in the satellite navigation field, offering products such as high-precision GNSS boards, receivers, and smart terminals, with applications in surveying, geographic information, intelligent transportation, and precision agriculture [1] Group 2 - On August 12, a block trade occurred involving 197,500 shares, with a transaction amount of 7.8214 million yuan at a price of 39.61 yuan, which was at a discount of 7.54% compared to the closing price [1] - The buyer was Changjiang Securities Shanghai Branch, and the seller was Guotai Junan Securities Shanghai Pudong New District Fushan Road Business Department [1] - On that day, the net outflow of main funds was 2.2722 million yuan, accounting for 0.14% of the circulating market value, with a cumulative net outflow of 40.1426 million yuan over the past five trading days, representing 2.5% of the circulating market value [1]

Core Points - Beijing Aofengyuan Technology Co., Ltd. (Aofengyuan) has disclosed its progress report on the guidance for its initial public offering (IPO) [2] - The IPO guidance was initiated in October 2023 and is expected to continue from April 2025 to June 2025 [2] Company Overview - Aofengyuan was established on June 30, 2004, with a registered capital of 35.926152 million yuan [3] - The company specializes in the research and development of microwave components, including power amplifiers, transceiver components, RF front-ends, high-power switch components, filters, duplexers, receivers, and frequency converters [3] - Aofengyuan's products are widely used in communications, telemetry, radar, and electronic countermeasure systems [3] Shareholding Structure - The controlling shareholders are Wang Xiaomei and Meng Jian, holding a combined stake of 71.41% [4] - Wang Xiaomei serves as the chairman and general manager, while Meng Jian is the director and deputy general manager [4] Management Background - Wang Xiaomei, born in March 1974, has a background in music education and has held various sales management positions before founding Aofengyuan [4] - Meng Jian, born in April 1983, holds a master's degree and has been involved in the company since its inception, focusing on core technology [5]