Core Viewpoint - Tianhe Defense's stock price has decreased by 4.45% to 11.6 yuan as of May 23, 2025, with a total market capitalization of 6.005 billion yuan, ranking 37th in the military electronics sector [1] Shareholder Changes - As of May 20, 2025, the number of shareholders for Tianhe Defense is 62,400, a decrease of 1,159 or 1.82% from May 9, 2025 [2][4] - The average number of shares held per shareholder increased from 8,145 to 8,296, with an average shareholding value of 100,800 yuan [2] Institutional Research Highlights - Tianhe Defense has been actively involved in the low-altitude economy since 2001, leveraging its technical and research capabilities to develop various low-altitude safety products [3] - The company has introduced competitive products in the low-altitude economy sector, including a series of low-altitude monitoring systems and solutions, integrating new technologies such as smart sensing, cloud platforms, big data, and 5G [3] - The net cash flow from operating activities for 2024 decreased by approximately 50% year-on-year, primarily due to payments for sales contract procurement, with expectations of a reduction in accounts receivable and inventory as contracts are fulfilled [3][4]