证券代码：688311 证券简称：盟升电子 公告编号：2025-059 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 专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》、上海证券交 易所《上海证券交易所科创板股票上市规则》和《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》等有关规定，成都盟升电子技术股份有限 公司（以下简称"盟升电子"或"公司"）董事会对 2025 年半年度募集资金存 放和实际使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金情况 经中国证券监督管理委员会核发的《关于同意成都盟升电子技术股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1352 号）， 公司向不特定对象发行可转换公司债券 300.00 万张，每张面值为人民币 100.00 元，募集资金总额为人民币 300,000,000.00 元，扣除发行费用 5,272,641.51 元 （不含增值税）后 ...

Core Viewpoint - The funds in the special account for the issuance of convertible bonds by Chengdu Mengsheng Electronics Technology Co., Ltd. have been partially frozen due to a legal dispute with Sichuan First Construction Engineering Co., Ltd. [1][2] Group 1: Account Information - The frozen account has a balance of 83,245,566.72 yuan, with 4,679,530.29 yuan frozen [3][4] - The account is held at CITIC Bank Chengdu Wuhou Branch [3] Group 2: Reason for Freezing - The freezing of funds is a result of a dispute over a construction contract, where Sichuan First Construction is seeking property preservation through the court [4][5] - The frozen amount represents 1.59% of the net proceeds from the convertible bond issuance and 1.40% of the company's audited cash as of December 31, 2024 [4][6] Group 3: Company Actions and Legal Proceedings - The company is actively gathering evidence and preparing to defend itself in court [4][5] - A property preservation replacement application has been submitted to the court, which has been accepted [4][6] Group 4: Impact of Freezing - The frozen funds are not expected to significantly impact the company's operations or the implementation of investment projects, as the amount is relatively small [5][6] - The funds in the special account are specifically for the "Research and Production Center for Electronic Countermeasure Equipment" project [5][6] Group 5: Resolution of Freezing - As of July 25, 2025, the frozen funds have been released and the account is back to normal usage [6] - The company continues to monitor the situation and fulfill its disclosure obligations [6]

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. has announced that a portion of its convertible bond fundraising account has been frozen by the Sichuan Tianfu New District People's Court due to a dispute with Sichuan First Construction Engineering Co., Ltd. regarding a construction contract [1][2]. Group 1: Financial Impact - The frozen amount of 4,679,530.29 yuan represents 1.59% of the net amount raised from the convertible bonds and 0.29% of the company's audited net assets as of December 31, 2024 [2][4]. - The frozen funds account for 1.40% of the company's audited cash holdings as of December 31, 2024, and 2.80% of the cash holdings as of the end of the first quarter of 2025 [2][4]. - The remaining balance in the account is 78,566,036.43 yuan, indicating that the majority of the funds remain accessible for project implementation [2][3]. Group 2: Legal Proceedings - The court's freezing of funds is a procedural measure in response to a lawsuit filed by Sichuan First Construction Engineering Co., Ltd. regarding the payment of project warranty funds [2]. - The case has been filed but has not yet gone to trial, and the company is actively gathering evidence and preparing to defend its position [2][4]. - The company has submitted a request to the court for the replacement of the frozen assets and has received acceptance of this application [2]. Group 3: Operational Impact - The frozen funds are part of a dedicated account for the "Electronic Countermeasure Equipment Research and Production Center Construction Project," and the company asserts that the freezing will not significantly impact the project's implementation or the company's normal operations [3][4].

Summary of Military Industry Conference Call Industry Overview - The military industry is experiencing significant investment opportunities due to global geopolitical tensions and an arms race, particularly highlighted by China's military equipment performance in the India-Pakistan air conflict, which has increased international recognition of Chinese military products [1][2]. Key Points and Arguments - **Investment Opportunities**: The military sector is expected to benefit from increased order delivery tolerance from institutions, driven by geopolitical tensions and high-end equipment exports [1][2]. - **Market Events**: The upcoming 93rd anniversary military parade is anticipated to boost market activity, alongside the conclusion of the 14th Five-Year Plan and the initiation of the 15th plan, which may lead to expedited orders [3][5]. - **Performance Metrics**: In the first half of 2025, the defense industry index outperformed the broader market, driven by a reversal in industry sentiment and concentrated order issuance [1][10]. - **Valuation Trends**: The military industry's valuation has risen to the 75th percentile, indicating potential for further growth, shifting from EPS-driven to PE-driven factors due to increased global asset allocation demand [8][21]. - **Contract Liabilities**: A 12.7% increase in contract liabilities in Q1 2025 suggests a pre-order phenomenon, indicating future performance improvements [11][9]. Important but Overlooked Content - **Geopolitical Context**: The ongoing geopolitical tensions, including conflicts in Ukraine and the Middle East, are expected to sustain demand for military equipment, with countries like South Korea and Japan increasing their defense budgets [19][16]. - **Technological Advancements**: The military sector is focusing on new combat capabilities, including unmanned systems and high-speed weapons, which are crucial for future military strategies [7][29]. - **Investment Recommendations**: Key investment areas include military trade exports, military electronics, and ammunition, with specific companies highlighted for their potential [5][30][31]. Future Outlook - The military industry is poised for continued growth, driven by strategic security asset allocation and the global expansion of Chinese military assets, particularly in the arms trade [21][22]. - The upcoming 15th Five-Year Plan is expected to clarify future directions for the military sector, enhancing market confidence and potentially leading to increased order flows [15][13]. This summary encapsulates the critical insights from the military industry conference call, highlighting the current landscape, investment opportunities, and future trends.