公司实控人为中国航天科技集团，旗下子公司开展细分领域业务。公司背 靠中国航天电子技术研究院（航天九 院），拥有 16 家控股子公司，中国航天 科技集团有限公司为实控人。公司业务主要包括航天电子信息产品、无 人系 统及高端装备、电线电缆三大类，主要由旗下子公司开展各业务。公司于 2024 年 6 月 20 日发布公告通过公 开挂牌方式转让全资子公司航天电工 51% 股权，股权转让完成后，公司将不再对航天电工公司合并报表。电线电 缆属 于资金密集型产业，其与公司航天电子领域其他业务在科研生产模式、用户 市场等方面有较大差异，本次股 权转让有利于公司主业更加聚焦。 航天电子产品业务：主要包括惯性与导航、测控通信与网络信息、微电子、 机 电组件与传感系统、精导对抗与有效载荷等领域，产品主要应用于运载火 箭、飞船、卫星等航天领域。近年来， 公司航天电子信息产品始终保持国内 领先水平，并保持较高配套比例，营收稳步提升，占总营收约 70%，由于产 品毛利率相对较高，是公司净利润主要来源。 无人系统装备产品业务：主要包括无人机系统、精确制导系统等无 人系统装 备，主要应用于国防装备、物流运输国防和国民经济领域。公司无人系统装 ...

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable decrease in revenue and net profit compared to the same period in the previous year, attributed to reduced deliveries of aerospace products and market challenges [2][3][4]. Company Overview and Financial Indicators - Company Name: China Aerospace Times Electronics Co., Ltd. (航天时代电子技术股份有限公司) [2] - Stock Code: 600879 [2] - Total Revenue: CNY 5.82 billion, a decrease of 24.51% year-on-year [2] - Total Profit: CNY 198.38 million, down 38.13% year-on-year [2] - Net Profit Attributable to Shareholders: CNY 173.69 million, a decline of 30.37% year-on-year [2] - Total Assets: CNY 47.83 billion, an increase of 3.40% from the end of the previous year [2] - Total Liabilities: CNY 23.65 billion, an increase of 6.87% from the beginning of the year [14] Industry Context - The aerospace industry is a crucial part of national defense modernization, with increasing government investment and demand for aerospace technology and products [4][5]. - The market for unmanned systems is expected to grow significantly, driven by both military and civilian applications, with a projected increase in demand during the 14th Five-Year Plan period [4][5]. Main Business Activities - The company focuses on the research, development, production, and sales of aerospace electronic information and unmanned system equipment [4][5]. - Key product areas include inertial navigation, communication networks, microelectronics, and unmanned systems such as drones [4][5]. Sales and Procurement Models - The sales model is characterized by a focus on system engineering, with the company primarily acting as a supporting unit in the aerospace supply chain [5][6]. - The procurement model involves a rigorous selection process for suppliers, ensuring compliance with quality standards and market price fluctuations [5][6]. Research and Development - The company has established a robust technical innovation system and multiple production bases to support aerospace missions [6][7]. - Significant advancements in technology have been made, including breakthroughs in unmanned systems and components for smart vehicles [9][10]. Market Position and Competitive Advantage - The company maintains a leading position in the domestic aerospace electronic information sector, with a strong market share and a focus on quality and innovation [15][16]. - The company is recognized as a key player in the unmanned systems market, with ongoing projects and collaborations to enhance its capabilities [10][11].