本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年 年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币元 ■ 注：1、本报告期初数同法定披露的上年年末数。 证券代码：688311 证券简称：盟升电子 公告编号：2026-007 转债代码：118045 转债简称：盟升转债 成都盟升电子技术股份有限公司2025年年度业绩快报公告 2、影响经营业绩的主要因素 公司产品主要包括卫星导航、数据链、电子对抗、卫星通信等，广泛应用于国内特种行业和民用领域。 报告期内，受国内特种行业影响，公司原暂停、暂缓项目订单逐渐恢复执行，下游客户需求增加，公司 订单增加，2025年度公司实现营业收入同比增加，净利润同比亏损金额大幅度减少。 （二）上表中有关项目增减变动幅度达30%以上的主要原因 1、报告期内，公司营业总收入同比增加276.78%，主要原因系：公司产品主要包括卫星导航、数据 ...

公司产品主要包括卫星导航、数据链、电子对抗、卫星通信等，广泛应用于国内特种行业和民用领域。 报告期内，受国内特种行业影响，公司原暂停、暂缓项目订单逐渐恢复执行，下游客户需求增加，公司 订单增加，2025年度公司实现营业收入同比增加，净利润同比亏损金额大幅度减少。 格隆汇2月27日丨盟升电子(688311.SH)公布2025年年度业绩快报，2025年度，公司实现营业总收入 52,509.70万元，较上年同期增加276.78%；营业利润-3,456.81万元，较上年同期亏损金额减少89.40%； 归属于上市公司股东的净利润-1,616.83万元，较上年同期亏损金额减少94.05%；归属于上市公司股东的 扣除非经常性损益的净利润-4,063.32万元，较上年同期亏损金额减少84.91%。 ...

【国泰海通军工】航天电子：增资航天火箭公司，积极融入商业航天新格局 2）经过近二十年发展，航天火箭公司在地面测运控、数据链组网和空间信息网络等专业领域攻克了多项关键技术 并具有一定的行业领先地位。 增资航天火箭公司，积极融入商业航天发展新格局。 【国泰海通军工】航天电子：增资航天火箭公司，积极融入商业航天新格局 为进一步提升公司控股子公司航天长征火箭技术有限公司（下称"航天火箭公司"）综合能力建设，解决关键技术 攻关研发资金需求并理顺母子公司财务关系，公司拟以现金方式对航天火箭公司增资72，750万元（其中12，750 万元为公司2017年再融资项目"天地一体化测控通信系统及产品应用项目"投入的募集资金 匹配航天市场旺盛需求，推动关键技术研发攻关。 1）航天火箭公司的航天电子信息业务主要为测控系统、空间网络信息系统等领域，涉及地面测控设备、数据链、 激光终端等产品种类。 预计"十五五"期间航天火箭公司产品在航天相关产业领域持续保持旺盛需求，本次增资部分资金将用于提升航天 火箭公司航天电子信息相关业务的批产能力。 增资航天火箭公司，积极融入商业航天发展新格局。 为进一步提升公司控股子公司航天长征火箭技术有限公司 ...

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. (referred to as "Mingsheng Electronics") expects a significant reduction in net profit loss for the year 2025, projecting a loss of between 12 million to 18 million yuan, with a non-recurring net profit loss estimated between 45 million to 37 million yuan, compared to the previous year [1] Group 1: Financial Performance - For 2025, Mingsheng Electronics anticipates a revenue of 526 million yuan, representing a year-on-year growth of approximately 277% [1] - The expected reduction in net profit loss is attributed to the recovery of project orders that were previously suspended, driven by increased demand from downstream customers in the domestic special industry [1] Group 2: Product and Market Application - Mingsheng Electronics' products include satellite navigation, data links, electronic countermeasures, and satellite communications, which are widely used in domestic special industries and civilian sectors [1]

Core Viewpoint - The company, Alliance Electronics (688311.SH), anticipates a significant reduction in net losses for the fiscal year 2025, with projected losses narrowing compared to the previous year [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of the parent company ranging from -18 million to -12 million yuan for the year 2025, representing a decrease in losses by approximately 253.65 million to 259.65 million yuan compared to the previous year [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between -45 million and -37 million yuan, with a reduction in losses of about 224.19 million to 232.19 million yuan year-on-year [1] Revenue Growth - The company forecasts an operating revenue of approximately 526 million yuan for the fiscal year 2025, which indicates a year-on-year growth of about 277% [1] - The increase in revenue is attributed to the recovery of previously suspended projects and a rise in demand from downstream customers in the domestic special industries [1] Product Offering - The company's product portfolio includes satellite navigation, data links, electronic countermeasures, and satellite communications, which are widely used in both domestic special industries and civilian sectors [1]

Core Viewpoint - The company, Alliance Electronics (688311.SH), anticipates a significant reduction in net losses for the fiscal year 2025, with projected losses narrowing compared to the previous year [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of the parent company ranging from -18 million to -12 million yuan for the year 2025, representing a decrease in losses by approximately 253.65 million to 259.65 million yuan compared to the previous year [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between -45 million and -37 million yuan, with a reduction in losses of about 224.19 million to 232.19 million yuan year-on-year [1] Revenue Growth - The company forecasts an operating revenue of approximately 526 million yuan for the fiscal year 2025, which indicates a year-on-year growth of about 277% [1] - The increase in revenue is attributed to the recovery of previously suspended projects and a rise in demand from downstream customers in the domestic special industries [1] Product Offering - The company's product portfolio includes satellite navigation, data links, electronic countermeasures, and satellite communications, which are widely used in both domestic special industries and civilian sectors [1]

Core Viewpoint - Aerospace Electronics plans to increase capital for its subsidiary Aerospace Rocket, actively integrating into the new landscape of commercial aerospace development [1] Group 1: Company Development - The subsidiary Aerospace Rocket provides ground measurement and control equipment, data links, laser terminals, and other core products in fields such as measurement and control systems and space network information systems [1] - This capital increase is expected to enhance Aerospace Electronics' production capacity to better meet the strong demand in the aerospace industry during the 14th Five-Year Plan [1] - The subsidiary will continue to focus on key technological advancements in large-scale inter-satellite links, flexible networking technology, space dynamic cluster networking data link technology, and high-performance chip design [1] Group 2: Industry Position - Aerospace Electronics, as a subsidiary of the Aerospace Science and Technology Group, has extensive technical accumulation and engineering experience, supporting key missions of the Long March and Shenzhou series [1] - The company is positioned as a leader in commercial aerospace and the unmanned systems industry chain, entering a rapid development phase [1] - The target price is set at 18.72 yuan based on a comparable company PE of 78 times for 2026, maintaining a "buy" rating [1]

Core Viewpoint - Aerospace Electronics plans to increase capital for its subsidiary Aerospace Rocket, actively integrating into the new landscape of commercial aerospace development [1] Company Summary - The subsidiary Aerospace Rocket specializes in ground measurement and control equipment, data links, and laser terminals, providing core products in measurement and control systems and space network information systems [1] - The capital increase will enhance Aerospace Electronics' production capacity to better meet the strong demand in the aerospace industry during the 14th Five-Year Plan period [1] - The subsidiary will continue to focus on key technological advancements in large-scale inter-satellite links, flexible networking technology, space dynamic cluster networking data link technology, and high-performance chip design [1] - Aerospace Electronics, as a subsidiary of the Aerospace Science and Technology Group, has extensive technical accumulation and engineering experience, supporting key missions of the Long March and Shenzhou series [1] Industry Summary - The company is positioned as a leader in commercial aerospace and the unmanned systems industry chain, entering a rapid development phase [1] - The target price is set at 18.72 yuan, based on a comparable company PE of 78 times for 2026, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.77 CNY, indicating an expected performance that exceeds the benchmark index by more than 15% [11][19]. Core Insights - The company plans to increase its investment in its subsidiary, China Aerospace Long March Rocket Technology Co., Ltd., by 727.5 million CNY to enhance its capabilities in aerospace electronic information and to engage in key technology research and development, aligning with the new commercial aerospace landscape [3][11]. - The investment will primarily support the production capacity of aerospace electronic information-related businesses, including telemetry and control systems, and is expected to meet the growing demand in the aerospace industry during the 14th Five-Year Plan period [11]. - The company has achieved significant technological advancements over the past two decades, positioning itself as a leader in ground measurement and control, data link networking, and space information networks, which will be further strengthened by this capital increase [11]. Financial Summary - Total revenue is projected to be 18.727 billion CNY in 2023, with a decrease to 14.280 billion CNY in 2024, followed by a recovery to 21.469 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 7.7% from 2023 to 2027 [5][12]. - Net profit attributable to shareholders is expected to grow from 525 million CNY in 2023 to 846 million CNY in 2027, with a notable increase of 39.9% in 2026 [5][12]. - The earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.26 CNY in 2027, indicating a positive trend in profitability [5][12]. Market Data - The company's stock has a 52-week price range of 8.14 CNY to 15.82 CNY, with a current market capitalization of 52.195 billion CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 99.45 in 2023 to 61.72 in 2027, suggesting an improving valuation as earnings grow [5][12]. - The company has a net asset return rate (ROE) projected to increase from 2.6% in 2023 to 3.8% in 2027, reflecting enhanced efficiency in generating profits from equity [7][12].

Core Viewpoint - Aerospace Electronics (航天电子) plans to increase capital by 728 million yuan in its subsidiary, Aerospace Long March Rocket Technology Co., Ltd. (航天火箭公司), to enhance its capabilities in aerospace information and technology, while maintaining its controlling stake in the subsidiary [1][2]. Group 1: Capital Increase Details - The capital increase will raise the registered capital of Aerospace Rocket Company from 675 million yuan to 1.498 billion yuan, with Aerospace Electronics retaining an 88.43% stake [2]. - The funding includes 127.5 million yuan from a 2017 refinancing project, aimed at resolving financial relationships between the parent and subsidiary companies [1][3]. Group 2: Business Impact - The capital increase is expected to enhance Aerospace Electronics' capabilities in aerospace information-related business, particularly in ground control equipment and data link products [2][3]. - It will support ongoing research and development in key technologies, ensuring Aerospace Rocket Company maintains its leading position in the aerospace information sector [3]. - The funding will facilitate the company's integration into the commercial aerospace development landscape, allowing for rapid product iteration and upgrades in production models [3]. Group 3: Market Context - The commercial aerospace sector is gaining momentum, with significant developments in satellite manufacturing and ground applications, indicating a favorable investment environment [4][5]. - The satellite industry is at a critical turning point, with potential for extensive market applications, including consumer-facing services [5].