证券代码：603261 证券简称：*ST 立航 公告编号：2025-025 成都立航科技股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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、准确性和完整性承担个别及连带责任。 问题 1： 请问贵公司一季度营业额里面，各个项目情况是如何增长的，尤 其是飞机地面保障设备.谢谢！ 答复：尊敬的投资者，您好！公司一季度业务相比同期增长主要是在飞机地 面保障设备及工艺装备业务板块。感谢您的支持与关注！ 问题 2： 1、截止 2025 年 5 月份，公司在手订单情况？交付情况是否符合 预期？谢谢。 2、做为国家高新技术企业，公司财务报告显示，2024 年开始研 发费用明显下降，请问 2025 年的预期情况？研发投入不足是否影响到未来公司 新产品的推出？ 答复：尊敬的投资者，您好!公司目前生产订单及交付情况正常；公司研发 投入分为费用化研发投入与受托研发投入，2024 年度研发投入总额为 1980.96 万元，占营业收入比例为 6.83%，与上年同期相比基本持平。同时，为提高研发 效率，将 ...

尽管低毛利产品收入同比增加，成都立航科技股份有限公司（603261.SH，以下简称"*ST立航"）2024 年营收仍低于3亿元。 年报显示，2024年度，*ST立航实现营收2.90亿元，同比增长23.54%；实现归属母公司股东的净利 润-0.94亿元，同比下降37.51%；实现扣非后归属母公司股东的净利润-0.99亿元，同比下滑59.02%。 值得注意的是，*ST立航近两年销售毛利率出现明显下滑，销售净利率也连续为负。 Wind数据显示，2023年及2024年，*ST立航销售毛利率分别为13.82%、6.21%，销售净利率分别 为-29.12%、-32.96%。 在此之前，*ST立航销售毛利率长期在40%以上，高点接近70%；销售净利率也长期在20%以上，高点 接近45%。 对于2024年度业绩情况，*ST立航方面解释称，受客户单位飞机型号研制及市场环境影响，公司当期主 营业务产品结构变化较大，整体呈现收入上升趋势，价格出现大幅下降，导致整体毛利率较低。 2024年度，营收同比增超20%的同时，*ST立航营业成本同比增长33.65%至2.72亿元。对此，*ST立航方 面解释称，当期主要受产品销售结构变化，毛利 ...

Core Viewpoint - The investigation of Liu Suiyang, the founder and chairman of Lihang Technology, due to serious job-related crimes, has triggered a significant decline in the company's stock price and raised concerns about its financial stability and governance issues [1][2][3]. Group 1: Company Overview - Lihang Technology, founded in 2003 by Liu Suiyang, specializes in high-end aviation manufacturing, providing ground support equipment and testing devices for aircraft, with major clients including AVIC and COMAC [2]. - The company went public on the Shanghai Stock Exchange in 2022 and has been recognized as a benchmark enterprise in the aviation manufacturing sector in Southwest China [2]. Group 2: Financial Performance - Lihang Technology has reported continuous financial deterioration since its IPO, with a loss of 68.31 million yuan in 2023 and an expected loss of 68 to 94 million yuan in 2024 [3]. - The company's revenue for 2024 is projected to be between 273 million and 293 million yuan, but its core business revenue is expected to fall below the 300 million yuan threshold after excluding non-core operations [3]. - The company's stock may face delisting risk due to failing to meet financial performance standards, with a warning expected after the annual report is released on April 26 [3]. Group 3: Governance and Management Issues - The investigation into Liu Suiyang raises significant governance concerns, as he is a key figure in the company and has been accused of corruption and dereliction of duty [2]. - The company's management instability and declining profit margins due to intensified price competition in the military industry have further strained its operational capabilities [3]. Group 4: Market Reaction - Following the announcement of the investigation, Lihang Technology's stock price fell sharply, with a nearly 25% market value loss by March 24 [1]. - Investor sentiment has deteriorated, with significant sell-offs observed in the secondary market, indicating a lack of confidence in the company's future [4]. Group 5: Industry Context - Lihang Technology's situation reflects broader challenges faced by specialized and innovative enterprises in China, which have encountered governance weaknesses and cyclical industry fluctuations post-IPO [5]. - The company must stabilize its management structure and divest inefficient assets to improve profitability while transitioning towards higher value-added sectors such as intelligent and digital aviation equipment [6].