摘要 华测导航在高精度 GNSS 算法和软件建设方面优势显著，拥有高精度定 位芯片技术平台和全球星地一体增强网络服务平台，聚焦导航定位授时、 地理空间信息及封闭和半封闭场景的自动驾驶三大技术方向。 公司产品覆盖建筑施工、测量测绘、农业作业、位移监测及智能驾驶等 领域，通过先入布局和市场占有率提升，实现了不同产品体系之间增长 点的切换，并积极拓展海外市场，海外产品价格较国内高 15-20 个百分 点，提升整体毛利率。 华测导航建立了强大的国内外渠道网络，通过国际代理商大会和本地化 团队建设，不断提升海外市场渗透率。同时，公司对标天宝进行产品战 略规划，对标华为进行管理体系建设，确保稳健发展。 公司 2021 年至 2024 年营收复合增速为 19.5%，净利润复合增速达 25.6%。预计 2025 至 2027 年归母净利润分别为 7.6 亿元、9.9 亿元 和 12.9 亿元，对应增速分别为 30.4%、30.7%和 29.3%。 高精度卫星导航产业随着城市数字化、智能化需求增加而持续扩展应用 场景，包括自动驾驶、农业开发及新兴无人化场景等，这将带动相关设 备需求上升。公司与小米、百度等车企深度合作，在智能驾 ...

聆听着激动人心的奋进篇章，解码环北广西工程的"水脉密码"，观众兴致勃勃，不时驻足观看，相 互交流心得体会。 9月27日，环北部湾广西水资源配置工程举行国企开放日活动。来自社会各界的热心市民齐聚国家 水网骨干工程，感受重大水利工程的建设脉动。 本次活动在环北广西工程西津泵站观景平台举行。活动现场，观众通过实地参观、现场讲解、实操 演示等多种形式，深入了解环北广西工程基本概况和综合效益，感受TBM（隧洞硬岩掘进机）等"大国 重器"、数字孪生环北广西工程等智能化技术对重大水利工程建设的助力。 通过互动问答环节，参与者们与工程技术人员深入交流，更进一步加深了对环北广西工程的认识。 "没想到这项工程里藏着这么多奥秘，这次活动让我更加懂得了发展水利事业对推动区域发展的重 大意义。"站在西津泵站观景平台，看着基坑内忙碌运转的工程设备，一名参与者感慨地说。 作为西部陆海新通道保障性工程，环北广西工程是广西迄今投资最高、输水线路最长的跨流域调水 工程。截至9月20日，环北广西工程累计完成投资89.97亿元，占批复概算总投资278.39亿元的32.32%。 （王克础 龙婷妮） 活动现场还展示了机器狗、无人机、无人船、智能巡检平台 ...

Core Viewpoint - The company Zhonghaidah (300177) has developed various products based on acoustic detection technology, which are widely used in marine engineering and surveying applications [1] Product Development - The company has independently developed single-beam and multi-beam echo sounders, as well as single and dual-frequency ADCP acoustic Doppler current profilers [1] - The product lineup also includes unmanned vessels, field data collection software, and post-processing software for internal use [1] Application Areas - The products are applied in various fields such as marine construction, marine surveying, underwater topographic measurement, hydrological surveying, hydrological flow measurement, emergency rescue, underwater archaeology, and reservoir capacity measurement [1]

Group 1 - Guanglian Aviation held a roadshow on September 2, 2025, with participation from various investors, showcasing its involvement in major aircraft manufacturing projects approved by the state, including being a supplier for the C919 large passenger aircraft and the AG600 amphibious aircraft assembly line [1] - The company has established a comprehensive production base in key aviation provinces such as Harbin, Shenyang, Xi'an, and Chengdu, embedding itself deeply into the regional aviation industry ecosystem and aligning with local manufacturers' R&D needs [1] - In the first half of 2025, Guanglian Aviation reported stable growth, achieving operating revenue of 577 million yuan, a year-on-year increase of 26.64%, and a net profit attributable to shareholders of 55.84 million yuan, up 36.97%, with R&D investment reaching 33.59 million yuan [1] Group 2 - The company focuses on high-end, intelligent, and green transformation in manufacturing, emphasizing a dual-driven approach with aerospace tooling and components, as well as drone business, while also expanding into emerging fields like marine and commercial aerospace [2] - Guanglian Aviation leverages its precision manufacturing technology and integrated R&D capabilities to deepen its industrial layout and resource integration, particularly in the commercial aerospace sector, developing key components for launch vehicles and spacecraft [2] - The company aims to enhance its core technological advantages and optimize its business structure to capture industry development dividends, striving for a synergistic increase in operational scale and profitability [2] Group 3 - The marine business is a key area for expansion in 2025, focusing on unmanned vessels and underwater vehicles, utilizing lightweight design and composite materials for innovative applications in hull structures [3] - Guanglian Aviation's competitive advantage stems from its dual barriers of cross-domain technology transfer and full-chain capability construction, applying aerospace technology to marine equipment to improve performance and reduce development cycles [3] - The company plans to enhance its research and development investment in line with business progression, aiming to overcome material and process bottlenecks in lightweight and corrosion-resistant marine structures, supporting the upgrade of national marine equipment towards high-end and intelligent solutions [3]

Core Insights - Guanglian Aviation announced on September 3 that its marine business will be a key area of expansion by 2025, focusing on cutting-edge fields such as unmanned ships and unmanned submersibles [1] Group 1 - The company aims to explore lightweight design and innovative applications of composite materials in hull structures and superstructures [1] - It has already developed capabilities in the research and manufacturing of surface and underwater vessel structural components [1]

Core Viewpoint - Guanglian Aviation Industry Co., Ltd. reported stable growth in its operating performance for the first half of 2025, achieving revenue of 577 million yuan, a year-on-year increase of 26.64% [1] Group 1: Business Performance and Core Strategy - The company focuses on high-end, intelligent, and green transformation in manufacturing, emphasizing a comprehensive equipment system across air, land, sea, and space [1] - The dual drivers of the company's strategy are the aviation tooling and aerospace components, along with the drone business, targeting high value-added sectors and expanding into emerging fields like marine and commercial aerospace [1] Group 2: Marine Business Expansion - The marine business is a key focus for 2025, concentrating on unmanned surface vessels and underwater vehicles, with established R&D capabilities for surface and underwater vessel components [2] - The competitive advantage lies in "cross-domain technology transfer + full-chain capability construction," applying aerospace technology to marine equipment to address traditional metal hull challenges [2] - The company collaborates with authoritative domestic shipbuilding institutions to establish joint innovation centers, enhancing industry-academia-research collaboration [2] Group 3: Commercial Aerospace Sector - In the first half of 2025, the company leveraged its aerospace technology to engage in technical breakthroughs and product development in the commercial aerospace sector, establishing integrated business capabilities and adaptive service systems [3] - Future plans include strengthening technological advantages to capture industry benefits and enhance operational scale and profitability [3] Group 4: Revenue and Profit Margin Analysis - The company has experienced revenue growth over the past four years, but profit margins have declined due to changes in industry competition, increased investment in new business R&D, and capacity construction [4] - This decline is characterized as a transitional phase during the scaling-up of production capacity, with expectations for improved profitability as core technology conversion efficiency increases and the proportion of high value-added products optimizes [4] Group 5: Smart Factory and Green Production Initiatives - The company adheres to national manufacturing transformation guidelines, utilizing technological foundations to introduce digital control systems, automation equipment, and intelligent detection technologies to enhance production efficiency and flexible manufacturing capabilities [5] - Efforts include optimizing processes, promoting energy-saving equipment, and applying environmentally friendly materials to strengthen resource recycling and pollution control, embodying the green production philosophy [5]

Financial Performance - In the first half of 2025, the company achieved an operating revenue of 577 million yuan, representing a year-on-year growth of 26.64% [2] - The net profit attributable to shareholders reached 55.84 million yuan, with a year-on-year increase of 36.97% [2] - R&D investment amounted to 33.59 million yuan, indicating a commitment to innovation [2] Business Strategy - The company focuses on high-end, intelligent, and green transformation in manufacturing, aligning with national requirements [3][6] - It aims to expand into emerging fields such as unmanned ships and underwater vehicles, leveraging lightweight design and composite materials [3] - The core competitive advantage lies in "cross-domain technology transfer + full-chain capability construction," enhancing product performance and customization [4] Market Expansion - The company is actively developing its marine business, targeting unmanned vessels and underwater vehicles as key areas for growth [3] - In the commercial aerospace sector, it is enhancing its integrated capabilities in design, production, and testing of rocket components and spacecraft [5] - The company plans to optimize its business structure and leverage industry development opportunities to improve operational scale and profitability [5] Profitability and Cost Management - Despite stable revenue growth, the company has experienced a decline in gross margin due to increased competition and upfront investments in new business segments [5] - Future profitability is expected to improve through enhanced efficiency in technology transfer and a focus on high-value products [5] Sustainable Development Initiatives - The company is implementing digital control systems and automated production equipment to enhance production efficiency and reduce environmental impact [6] - Efforts include optimizing production processes, promoting energy-saving equipment, and improving resource recycling [6]

Group 1 - The event on August 29 marked the 22nd National Surveying and Mapping Law Publicity Day, organized by the Guangdong Provincial Natural Resources Department and Zhuhai City Government, focusing on the theme "Standardize Map Usage, Not a Single Mistake" [1] - The event featured the debut of an AI virtual host named "Xiaoshanhai" and introduced a "Polar Video Connection" segment to explore the Chinese Arctic Yellow River Station research site [1][3] - A public initiative was launched by children from Guangdong, Hong Kong, and Macau to promote national territorial awareness and the correct use of maps, emphasizing the importance of not spreading false map information [3] Group 2 - The "14th Five-Year Plan" achievements in Guangdong's surveying and mapping sector were showcased, highlighting the transition from manual to automated mapping techniques and the extensive applications of mapping data in various fields such as aerospace, ecological protection, smart city governance, digital government, and intelligent transportation [5] - Since the beginning of the "14th Five-Year Plan," Guangdong's surveying and mapping industry has maintained a leading position in high-quality development, covering 139 key projects and 31 marine projects, providing basic maps for approximately 20,000 administrative villages [5] - The "Yuezhengtu" platform has released geographic spatial data services for 842 projects, supporting 467 application systems across 237 units in the province, with over 1.5 billion public navigation services and 5.12 million public map accesses [5] - A technology exhibition titled "From Mountain Top to Ocean" was launched simultaneously, featuring marine technology innovations and showcasing significant achievements in various fields, including deep earth exploration and ecological protection [7]

Core Viewpoint - The article emphasizes the importance of enhancing collaboration between government and key industries to foster economic growth and innovation, particularly in the fields of artificial intelligence and digital economy [2][3][4]. Group 1: Government Initiatives - The Guangzhou municipal government is actively engaging with major companies like China Mobile to understand their operational challenges and to strengthen partnerships for economic development [2][3]. - The government is focusing on implementing policies that support enterprise growth, project expansion, and the cultivation of new economic drivers, particularly in the context of the "14th Five-Year Plan" [4]. Group 2: Industry Development - There is a strong emphasis on the development of the artificial intelligence industry, with plans to enhance infrastructure and support services in the China Artificial Intelligence (Guangzhou) Industrial Park [3][4]. - The government aims to attract leading and high-growth companies in the AI sector, enhancing the supply of critical resources such as computing power, data, and talent [3][4]. Group 3: Economic Strategy - The strategy includes accelerating project construction during the "golden period" of investment, with a focus on expanding effective investment and creating new growth points for the economy [4]. - The article highlights the need for a modern industrial system, specifically the "12218" plan, to drive the transformation and upgrading of traditional industries while promoting the growth of emerging sectors like low-altitude economy and digital economy [4].

Core Viewpoint - Guanglian Aviation reported a significant increase in revenue and net profit for the first half of 2025, reflecting its active engagement in national strategic emerging industries and commitment to high-quality manufacturing development [1] Group 1: Financial Performance - The company achieved an operating income of 577 million yuan, representing a year-on-year increase of 26.64% [1] - The net profit attributable to shareholders reached 55.84 million yuan, marking a growth of 36.97% compared to the previous year [1] Group 2: Strategic Focus Areas - The company is deeply focused on unmanned vessels and underwater vehicles, aiming to enhance national defense modernization through innovative applications of composite materials [2] - Guanglian Aviation collaborates with Harbin Institute of Technology to establish an industrial research institute, promoting a collaborative innovation model that integrates academic research with industrial application [3] - The company is actively engaged in the low-altitude economy, optimizing the design and manufacturing of unmanned aerial vehicles to support various applications such as agriculture, logistics, and emergency rescue [4] - Guanglian Aviation has transitioned from being a key component supplier to a comprehensive service provider in commercial aerospace, establishing an integrated industrial system covering design, precision processing, and testing services [5]