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]

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预计52,600.00万元，较上年同期相比，同比增长约277%，故净 利润亏损金额同比大幅度减少。 格隆汇1月30日丨盟升电子(688311.SH)公布，经公司财务部门初步测算，预计2025年年度实现归属于母 公司所有者的净利润为-1,800.00万元到-1,200.00万元，与上年同期（法定披露数据，下同）相比，亏损 金额减少25,364.66万元到25,964.66万元。预计2025年年度实现归属于母公司所有者的扣除非经常性损益 的净利润为-4,500.00万元到-3,700.00万元，与上年同期相比，亏损金额减少22,419.06万元到23,219.06万 元。 ...

| 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2026-005 | | --- | --- | --- | | 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 关于"盟升转债"预计满足赎回条件的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 成都盟升电子技术股份有限公司（以下简称"公司"）股票自 2026 年 1 月 19 日至 2026 年 1 月 30 日已有 10 个交易日的收盘价不低于当期转股价格的 130%（即 27.22 元/股），若未来连续 20 个交易日内，公司股票有 5 个交易日的 收盘价格不低于当期转股价的 130%（含 130%），将触发《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并在科创板上市募集说明书》（以下 简称"《募集说明书》"）中规定的有条件赎回条款，公司有权决定按照债券面值 加当期应计利息的价格赎回全部或者部分未转股的"盟升转债"。 根据《上海证券交易所上市公司自律监管指引第 12 号— ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -18 million and -12 million CNY, a decrease in loss by approximately 25.36 million to 25.96 million CNY compared to the previous year [4]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -45 million and -37 million CNY, a decrease in loss by approximately 22.42 million to 23.22 million CNY compared to the previous year [4]. - The previous year's net profit attributable to shareholders was -271.65 million CNY, with a total profit of -324.68 million CNY [5]. - The basic earnings per share for the previous year were -1.70 CNY per share [5]. Revenue Expectations - The company anticipates a revenue of approximately 526 million CNY for 2025, representing a year-on-year growth of about 277% [6]. - The increase in orders is attributed to the recovery of previously suspended projects and increased demand from downstream customers [6]. Audit and Risk Considerations - The financial data in the performance forecast has not been audited by a registered accountant and is based on preliminary calculations by the company's finance department [8]. - The company has not identified any significant uncertainties that could affect the accuracy of this performance forecast [8]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report [9]. Announcement Details - The announcement was made by the board of directors of Chengdu Mingsheng Electronics Technology Co., Ltd. on January 31, 2026 [11].

Group 1 - The core viewpoint of the news is that Mengsheng Electronics has seen a stock price increase of 5.07%, reaching 49.16 CNY per share, with a trading volume of 264 million CNY and a turnover rate of 3.27%, resulting in a total market capitalization of 8.255 billion CNY [1] - Mengsheng Electronics, established on September 6, 2013, and listed on July 31, 2020, specializes in the research, development, manufacturing, and sales of satellite application technology products, focusing on satellite navigation and satellite communication terminal equipment [1] - The company's main business revenue composition includes satellite navigation at 78.22%, satellite communication at 20.66%, and leasing at 1.12% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Puyin Ansheng holds a significant position in Mengsheng Electronics, with the Puyin Ansheng Quantitative Multi-Strategy Mixed A Fund (005865) holding 10,800 shares, accounting for 2.54% of the fund's net value, ranking as the sixth largest heavy stock [2] - The Puyin Ansheng Quantitative Multi-Strategy Mixed A Fund was established on September 5, 2018, with a latest scale of 17.3113 million CNY, and has experienced a loss of 2.22% this year, ranking 8814 out of 8847 in its category; it has a one-year return of 3.55%, ranking 7550 out of 8099, and a total return of 48.9% since inception [2] Group 3 - The fund manager of Puyin Ansheng Quantitative Multi-Strategy Mixed A Fund is Luo Wen, who has been in the position for 8 years and 2 days, managing total assets of 1.815 billion CNY, with the best fund return during the tenure being 50.93% and the worst being -33.61% [3]

Core Viewpoint - The stock of Alliance Electronics has experienced fluctuations, with a recent decline of 2.04% and a total market capitalization of 8.134 billion yuan, while the company shows significant revenue growth but also reports a net loss [1][2]. Group 1: Stock Performance - As of January 20, Alliance Electronics' stock price is 48.44 yuan per share, with a trading volume of 1.03 billion yuan and a turnover rate of 1.25% [1]. - Year-to-date, the stock has increased by 6.23%, but it has decreased by 8.74% over the last five trading days [1]. - Over the past 20 days, the stock has risen by 22.20%, and over the past 60 days, it has increased by 41.47% [1]. Group 2: Financial Performance - For the period from January to September 2025, Alliance Electronics achieved a revenue of 248 million yuan, representing a year-on-year growth of 185.29% [2]. - The company reported a net profit attributable to shareholders of -47.55 million yuan, which is a year-on-year increase of 62.74% in losses [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Alliance Electronics is 9,404, an increase of 38.95% from the previous period [2]. - The average number of circulating shares per shareholder is 17,855, which has decreased by 28.03% compared to the previous period [2]. - The company has distributed a total of 81.20 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 4: Institutional Holdings - Among the top ten circulating shareholders, Changxin National Defense and Military Industry Quantitative Mixed A is the third largest, holding 6.7849 million shares as a new shareholder [3]. - Hong Kong Central Clearing Limited is the ninth largest shareholder with 1.8128 million shares, also a new shareholder [3]. - Bosera Science and Technology Innovation Board Three-Year Open Mixed Fund is the tenth largest shareholder with 1.5144 million shares, marking its entry into the top ten [3].

Core Insights - The commercial aerospace industry in China is experiencing significant growth, with an annual increase of over 20%, projected to reach between 7 trillion to 10 trillion yuan by 2030. The formal inclusion of commercial aerospace in the national space development plan by the end of 2025 highlights its strategic importance and potential [1]. Group 1: Industry Growth and Events - Major cities like Beijing, Shanghai, and Shenzhen are hosting commercial aerospace exhibitions, which serve as indicators of industry development and resource aggregation [1][2]. - The third Beijing Commercial Aerospace Industry High-Quality Development Conference and the 2026 Beijing International Commercial Aerospace Exhibition will take place from January 23 to 25, featuring over 300 global companies, including major domestic players [1][2]. Group 2: Regional Development and Policies - Beijing's Yizhuang area is a key hub for the commercial aerospace industry, housing over 180 companies, with a significant concentration of commercial rocket enterprises [2]. - Recent policies in Beijing and Shanghai aim to accelerate the development of the commercial aerospace sector, including action plans for innovation and advanced manufacturing clusters [3]. Group 3: Regional Strategies and Goals - Shaanxi and Sichuan provinces are leveraging their unique resources to develop differentiated paths in the commercial aerospace sector, with Shaanxi aiming to establish a 100 billion yuan industry by 2030 [4]. - Shaanxi's action plan includes the establishment of over 200 enterprises in the commercial aerospace sector by 2030, supported by a robust industrial ecosystem [4][5]. - Chengdu is also actively developing its commercial aerospace capabilities, with plans to reach a scale of 50 billion yuan by 2027, focusing on satellite applications and core electronic components [5][6].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth percentages noted for New Qianglian, Pudong Development Bank, and Angel Yeast, indicating strong market confidence in these sectors [1][2]. - New Qianglian has a target price increase of 35.75%, with a highest target price set at 60.00 CNY, categorized under the wind power equipment industry [2]. - Pudong Development Bank shows a target price increase of 33.45%, with a highest target price of 15.00 CNY, classified in the joint-stock banking sector [2]. - Angel Yeast has a target price increase of 27.12%, with a highest target price of 55.55 CNY, belonging to the seasoning and fermentation products industry [2]. Group 2 - On January 14, a total of 17 listed companies received broker recommendations, with Dongpeng Beverage receiving the highest number of recommendations at 3, followed by Pudong Development Bank with 2 [3]. - Dongpeng Beverage's closing price was 264.68 CNY, and it is categorized in the beverage and dairy industry [3]. - Pudong Development Bank's closing price was 11.24 CNY, and it is classified under the joint-stock banking sector [3]. Group 3 - On January 14, two companies received their first coverage from brokers, with Lingge Technology rated "Overweight" and Helin Micro-Nano rated "Buy" by Huayuan Securities [4][5]. - Lingge Technology is categorized under specialized equipment, while Helin Micro-Nano is classified in the semiconductor industry [5].

Core Viewpoint - The company is actively monitoring the StarNet bidding project and plans to participate based on its actual situation, while committing to fulfill information disclosure obligations as required [1]. Group 1 - The company is focused on the StarNet bidding project and is considering participation [1]. - The company emphasizes its commitment to comply with relevant information disclosure regulations [1].

Group 1 - The company, Mengsheng Electronics, stated that it will fulfill information disclosure obligations if there are significant project wins [1]