航天电子 （600879）9月12日晚间公告，控股股东航天时代正在围绕公司筹划一系列资产置换事项，交 易资产账面价值大约为8亿元至10亿元。航天电子预期，本次交易聚焦航天电子信息主业，进一步完善 集成电路 产业链体系。 具体来看，本次资产置换涉及四个部分： 第一，西安微电子技术研究所（航天时代所管理的事业单位）拟将其持有的西安太乙电子有限公司（简 称"西安太乙"）的67%股权（暂定）与公司控股子公司北京时代光电有限公司持有的北京航天兴华科技 有限公司100%股权进行资产置换； 第二，北京遥测技术研究所（航天时代所管理的事业单位）拟将其持有的相关技改资产与公司控股子公 司航天长征火箭技术有限公司密码与 信息安全 类业务相关资产进行资产置换； 第三，上海 科学仪器 厂有限公司（航天时代的全资子公司）拟将其持有的相关技改资产与公司控股子 公司上海航天电子有限公司深空探测类业务相关资产进行资产置换； 航天电子方面强调，本次交易尚处于筹划阶段。据悉，本次交易所涉资产具体范围、股权比例和交易价 格将在尽职调查、审计及评估备案完成后由交易各方协商确定。经初步测算，交易资产账面价值大约为 8亿元至10亿元，交易价格将依据净资 ...

Core Viewpoint - The company, Xicetest, has shown significant improvement in cash flow despite reporting a net loss in the first half of 2025, indicating potential for future growth in the aerospace and military sectors driven by national strategies [1][2]. Financial Performance - In the first half of 2025, Xicetest achieved operating revenue of 148 million yuan, with a net profit attributable to shareholders of -61.24 million yuan. However, cash flow from operating activities improved by 114.07% compared to the same period last year [1]. Business Segments - Xicetest's revenue breakdown for the first half of the year includes: - Environmental and reliability testing: 73.19 million yuan - Electromagnetic compatibility testing: 15.98 million yuan - Electronic assembly services: 43.44 million yuan - Electronic component testing and selection: 12.09 million yuan - The business structure reflects a dual-driven model from military and commercial aerospace sectors [2]. Strategic Initiatives - The company has established a wholly-owned subsidiary in Wenchang, Hainan, to align with national commercial aerospace strategies and integrate into the Wenchang International Aerospace City industrial cluster [3]. - Xicetest has introduced the concept of "Equipment Hospital," extending testing services to the maintenance phase of military equipment, thereby enhancing reliability testing across the entire lifecycle of military and aerospace equipment [4]. Collaborations and Innovations - A strategic partnership has been formed with Xi'an Jiaotong University to establish a research institute focused on military and aerospace equipment reliability, addressing challenges under various environmental conditions [5]. - The company has recently obtained AS9100 certification, which is recognized as a prerequisite for entering the aerospace industry, thereby solidifying its position in the low-altitude economy and commercial aerospace sectors [4]. Long-term Vision - Xicetest is committed to supporting the "China Intelligent Manufacturing" initiative, aiming to enhance production quality and contribute to the development of new productive forces during the 14th Five-Year Plan [6][7]. - The company anticipates significant growth opportunities in the commercial aerospace market, projecting that the market will exceed one trillion yuan, with potential for multiple billion-yuan industry clusters to emerge [7][8].