Core Viewpoint - Despite a decline in revenue and net profit, certain business segments show growth, indicating positive future demand signals [1][2]. Financial Performance - In the first half of 2025, the company reported total revenue of 811 million yuan, a year-on-year decrease of 20.43%, and a net profit of -489,600 yuan, marking a 100.74% decline [2][3]. - The second quarter revenue was 496 million yuan, down 10.69% year-on-year, while net profit was 30.40 million yuan, a 52.1% decrease [3]. - The company's gross margin was 23.15%, down 6.5 percentage points year-on-year, and the net margin was -0.15%, a decrease of 102.35 percentage points [4]. Business Segments - The company's main business consists of UAVs and new materials, with UAV-related revenue at 305 million yuan, down 44.39% year-on-year, while technical service revenue surged by 13,622.60% to 122 million yuan [5][6]. - The new materials segment generated 361 million yuan, a decline of 17.82% [5]. Market Position and Outlook - The company has a comprehensive UAV product line and is actively preparing for a market upturn, as indicated by a 392% increase in contract liabilities and significant growth in inventory and prepayments [6][9]. - The company is recognized as the largest exporter of UAVs in China, with a robust pipeline of products under development, including advanced UAVs and missile systems [7][9]. - Analysts predict a potential turning point in UAV demand, driven by domestic market stabilization and increased global military spending [9][10].

国内外需求向好，全年业绩有望高增 证券研究报告 航天彩虹 (002389 CH) 2025 年 8 月 22 日│中国内地 航空航天 航天彩虹发布半年报，2025 年 H1 实现营收 8.11 亿元（yoy-20.43%），归 母净利 -48.96 万元（ yoy-100.74% ） ， 扣 非 净 利 -1221.74 万 元 （yoy-122.76%）。其中 Q2实现营收 4.96亿元（yoy-10.69%，qoq+57.35%）， 归母净利 3039.52 万元（yoy-52.10%，qoq+198.41%）。无人作战及无人 装备已成为当前国防力量的重点建设方向，其中无人机作为相对成熟的产 品，国内外需求量提升明显。公司作为我国少有的无人机及机载武器供应商， 有望享受到国内无人机批量列装和海外军贸需求高增的双重拉动，无人机产 值有望突破历史新高，维持公司"买入"评级。 交付和确收节奏导致业绩下滑，全年业绩有望实现增长 25H1 公司无人机及相关产品实现收入 3.05 亿元，同比下滑 44.39%，毛利 率为 39.04%，同比减少 1.48pct；技术服务实现收入 1.22 亿元，同比增长 13622. ...