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%。 ...

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 - The article discusses the upcoming judicial auction of shares held by Yibin Zhiyi Liquor Co., Ltd. in A-share company Mengsheng Electronics, highlighting potential arbitrage opportunities due to the difference between the auction starting price and the market value of the shares [3][5]. Group 1: Company Overview - Yibin Zhiyi Liquor Co., Ltd. was established in 2001 with a registered capital of 50 million yuan, and its shareholders include Li Songtao, Liu Nan, and Zhang Chunyi [6]. - The company was once a well-known liquor distributor and has made significant donations to educational institutions, including over 1,000 boxes of liquor to universities [6]. Group 2: Financial Situation - Zhiyi Liquor has faced severe operational crises in recent years, with numerous lawsuits and a total amount involved in execution reaching nearly 200 million yuan [3][12]. - The company was listed as an executed person by the Chengdu Intermediate People's Court in May 2022, with an execution amount of 367 million yuan [12][14]. Group 3: Shareholding and Investment - Zhiyi Liquor's investment in Mengsheng Electronics began in 2019, with a cumulative investment of approximately 50 million yuan, and it held 2.9656 million shares at the time of the company's IPO [9]. - Following a stock split in 2022, Zhiyi Liquor's holdings increased to 4.1518 million shares, with a current market value exceeding 240 million yuan [9]. Group 4: Auction Details - The judicial auction for the shares is set to take place from January 23 to January 24, with a starting price of 87.4369 million yuan and a market valuation of 105 million yuan [5]. - As of now, there have been no registrations for the auction [5]. Group 5: Market Performance - Mengsheng Electronics has been performing well in the market, with its stock price increasing by over 90% since late November of the previous year [7].

Core Viewpoint - The judicial auction of 2,965,600 shares of Alliance Electronics (688311) held by Yibin Zhiyi Liquor Co., Ltd. is set to begin, with a starting price of 87.4369 million yuan and a market valuation of 105 million yuan, indicating potential arbitrage opportunities due to the current market value exceeding 174 million yuan [1][3]. Group 1: Company Background - Yibin Zhiyi Liquor Co., Ltd. was established in 2001 with a registered capital of 50 million yuan, primarily engaged in the sales and services of products like Wuliangchun liquor [4]. - The company has a history of significant charitable contributions, including donations of over 1,000 boxes of liquor to universities and a total of more than 400,000 yuan in scholarships since 2007 [4]. Group 2: Financial Situation - Yibin Zhiyi Liquor has faced severe operational crises in recent years, accumulating debts and becoming a defendant in multiple lawsuits, with total amounts involved nearing 200 million yuan [1][12]. - The company was listed as a defendant by the Chengdu Intermediate People's Court in May 2022, with an execution amount of 367 million yuan, and was later included in the tax non-compliance list due to tax arrears [11][12]. Group 3: Investment History - The company initially invested approximately 50 million yuan in Alliance Electronics starting in 2019, holding 2,965,600 shares at the time of the IPO, which had a market value of about 123 million yuan based on the initial offering price [7]. - Following a stock split in 2022, the company's holdings increased to 4,151,800 shares, with a current market value exceeding 240 million yuan, although all shares have been frozen [7]. Group 4: Market Performance - Alliance Electronics has been performing well in the market, with its stock price increasing by over 90% since late November of the previous year [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.94 RMB [7][5]. Core Insights - The company has experienced rapid revenue growth driven by a recovery in military product demand, with Q3 revenue reaching 128 million RMB, a year-on-year increase of 1727.32% and a quarter-on-quarter increase of 30.25% [1][2]. - The military product segment is seeing a resurgence, particularly in precision-guided munitions and electronic countermeasures, while the civil product segment is expanding with advancements in aviation satellite communication and low-orbit satellite networks [2][3]. - The strategic investment from Sichuan Development, acquiring a 6.25% stake, is expected to enhance the company's capabilities in the aerospace and satellite industries [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 248 million RMB, a year-on-year increase of 185.29%, while the net profit attributable to the parent company was a loss of 47.54 million RMB, improving by 62.74% year-on-year [1][4]. - The gross margin for the first nine months of 2025 was 34.64%, a decrease of 10.78 percentage points year-on-year, while the net profit margin was -19.15%, an increase of 127.51 percentage points year-on-year [4]. Business Outlook - The company is expected to benefit from a strong order backlog and growth in demand for military and civil products during the 14th Five-Year Plan period [2]. - The civil product business is actively pursuing market opportunities, particularly in the C919 domestic aircraft and satellite internet sectors, which are anticipated to see significant growth [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 50.41 million RMB, 149.74 million RMB, and 236.75 million RMB respectively, reflecting a downward revision due to slower-than-expected profit recovery [5][11]. - The company is assigned a 2026 PE valuation of 56 times, with a target price adjustment to 49.94 RMB [5][11].

Core Viewpoint - The company achieved significant growth in revenue and net profit in the first half of 2025, driven by favorable market conditions and strategic positioning in emerging industries [1] Financial Performance - The company reported operating revenue of 205 million yuan, representing a year-on-year increase of 73.64% [1] - The net profit attributable to shareholders reached 62.32 million yuan, marking a substantial year-on-year growth of 1006.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 52.89 million yuan [1] - Basic earnings per share stood at 0.29 yuan [1] Market Position and Strategy - The company capitalized on the recovery of downstream industries and sustained demand, strengthening its advantages in specialized fields such as data chains, electronic countermeasures, wireless communication terminals, next-generation radios, and phased array communications [1] - The company experienced a significant increase in orders and projects on hand compared to the previous year, supported by strong technical capabilities, a good industry reputation, and high-quality customer service [1] - The company is actively pursuing opportunities in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, leveraging its advanced research layout and technological barriers to align closely with customer needs [1]