上海华测导航技术股份有限公司 2025 年第三期限制性股票激励计划实施考核管理办法 上海华测导航技术股份有限公司（以下简称"公司"）为进一步完善公司法 人治理结构，建立、健全公司长效激励约束机制，形成良好均衡的价值分配体系， 吸引与留住优秀人才，充分调动公司董事、高级管理人员及核心骨干的积极性， 使其更诚信勤勉地开展工作，以促进公司业绩稳步持续提升，确保远期发展战略 及经营目标的实现，拟实施 2025 年第三期限制性股票激励计划（以下简称"本 激励计划"）。 为保证本激励计划的顺利实施和规范运行，现根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业 务办理》等有关法律、法规和规范性文件以及《上海华测导航技术股份有限公司 章程》、本激励计划的相关规定，并结合公司实际情况，特制定《上海华测导航 技术股份有限公司 2025 年第三期限制性股票激励计划实施考核管理办法》（以下 简称"本办法"）。 一、考核目的 进一步完善公司现代企业法人治理结构，建立和完善公司长效激励约束机 制，保证本激励计 ...

上海华测导航技术股份有限公司 关于召开 2025 年第四次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 证券代码：300627 证券简称：华测导航 公告编号：2025-102 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规 范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 28 日 14:45 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 28 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 11 月 28 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：20 ...

上海华测导航技术股份有限公司（以下简称"公司"）第四届董事会第二十 三次会议的通知于2025年10月22日以书面或电子邮件的形式发出，会议于2025 年 10 月 27 日在上海市青浦区崧盈路 577 号华测时空智能产业园 C 座二楼会议 室以现场结合通讯方式召开。本次会议应出席董事 8 名，实际出席董事 8 名。本 次会议由公司董事长赵延平先生主持，公司部分高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》（以下简称"《公 司法》"）等有关法律、行政法规、部门规章、规范性文件和《上海华测导航技术 股份有限公司章程》的规定。 二、董事会会议审议情况 证券代码：300627 证券简称：华测导航 公告编号：2025-101 上海华测导航技术股份有限公司 第四届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 经与会董事审议，以记名投票表决方式通过如下议案： 1、以 6 票同意，0 票反对，0 票弃权，2 票回避，审议通过关于《公司<2025 年第三期限制性股票激励计划（草案）>及其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue growth is expected to accelerate, with a projected increase in net profit and gross margin due to strong overseas performance and effective cost management [4][3] - The company is experiencing a decline in domestic displacement monitoring business, but this is offset by rapid growth in overseas markets, particularly in robotics and autonomous driving sectors [4] - The report maintains a positive outlook on the company's profitability, forecasting significant growth in net profit over the next few years [4] Financial Summary - As of October 24, 2025, the company's closing price is 32.39 yuan, with a total market capitalization of 254.33 billion yuan and total shares outstanding of 7.85 billion [2] - Key financial metrics for the upcoming years are as follows: - Total revenue is projected to grow from 32.51 billion yuan in 2024 to 58.11 billion yuan in 2027, with year-on-year growth rates of 21.4%, 16.5%, 24.6%, and 23.1% respectively [3] - Net profit attributable to shareholders is expected to increase from 5.83 billion yuan in 2024 to 12.12 billion yuan in 2027, with growth rates of 29.9%, 26.2%, 30.2%, and 26.3% respectively [3] - The gross margin is forecasted to remain strong, with values of 58.1%, 57.7%, 58.4%, and 58.8% from 2024 to 2027 [3] - Return on equity (ROE) is projected to rise from 16.6% in 2024 to 23.4% in 2027 [3] - Earnings per share (EPS) is expected to grow from 0.74 yuan in 2024 to 1.54 yuan in 2027 [3]

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications sector, including ZTE Corporation, China Telecom, Ruijie Networks, Hengtong Optic-Electric, Huace Navigation, China Mobile, and Xinyi Technology, while China Unicom is rated as "Hold" [9][49]. Core Insights - The commercial aerospace sector is experiencing a triple inflection point in policy, performance, and technology, with the 14th Five-Year Plan highlighting the goal of building a strong aerospace nation, which is expected to elevate the focus on commercial aerospace and related industries [2][3][12]. - Performance-wise, China Star Network has accelerated its satellite launch schedule, and Shanghai Yanjin has resumed launches, which is anticipated to boost the performance of upstream satellite manufacturing and related sectors [3][13][18]. - Technologically, domestic commercial rocket companies are speeding up their IPO processes, with significant progress made on new rockets like Zhuque-3 and Tianlong-3, indicating advancements in reusable rocket technology [3][15][18]. Summary by Sections Policy Perspective - The 14th Five-Year Plan has officially introduced the goal of building a strong aerospace nation, marking a significant elevation of the aerospace industry to a core national strategy [13][14]. - The Ministry of Industry and Information Technology has granted satellite mobile communication business licenses to major operators, enabling them to legally conduct satellite direct connection services [13][14]. Performance Perspective - China Star Network has completed its ninth launch of the year, with plans to deploy approximately 1,300 satellites by the end of 2029, achieving 10% of its overall deployment goal within the next five years [14][18]. - Shanghai Yanjin's "Qianfan Constellation" successfully launched 18 satellites, bringing the total number of satellites in orbit to 108, marking a significant milestone in its network deployment [14][18]. Technology Perspective - The IPO process for domestic rocket companies is accelerating, with Zhuque-3 completing key tests and preparations for its launch, showcasing advancements in reusable rocket technology [15][18]. - Multiple types of reusable rockets are currently undergoing validation, indicating imminent advancements in rocket recovery technology [15][18].

Company Overview - Shanghai Huace Navigation Technology Co., Ltd. focuses on high-precision navigation and positioning technologies since its establishment in 2003 [1] - The company aims to build an intelligent world using precise temporal and spatial information, developing core technologies in high-precision positioning chips and global satellite-ground integrated enhancement services [1] Financial Performance (Q1-Q3 2025) - Total revenue reached CNY 261,827.71 million, a year-on-year increase of 15.47% [2] - Net profit attributable to shareholders was CNY 49,260.58 million, up 26.41% year-on-year [2] - Net profit excluding non-recurring gains was CNY 45,257.38 million, reflecting a 32.49% increase [2] Q3 2025 Performance - Revenue for Q3 was CNY 78,490.60 million, with a slight growth of 0.19% [2] - Net profit for Q3 was CNY 16,613.77 million, a 20.00% increase [2] - Net profit excluding non-recurring gains was CNY 15,351.43 million, up 17.47% [2] Business Strategy and Goals - The company aims for a net profit of CNY 730 million for 2025, targeting a 25% increase from the previous year [2] - The strategy emphasizes globalization and robust operational management to achieve annual targets [2] Challenges and Market Outlook - Q3 revenue growth slowed due to the displacement monitoring business, influenced by project timelines and contract quality [2] - Despite uncertainties in the displacement monitoring sector, other business areas are expected to perform well, aiding overall growth [2] Gross Margin Insights - The increase in gross margin for Q3 is attributed to rapid growth in overseas business and improved domestic product revenue structure [3] - The company aims for a healthy gross margin through cost reduction and appropriate market pricing [3] Sector-Specific Growth 3D Intelligent Business - The geospatial information sector, including 3D intelligent business, is expected to grow faster than the overall company revenue [4][5] - Continuous investment in high-precision technologies and products is anticipated to enhance market competitiveness [5][6] Precision Agriculture - The precision agriculture sector has shown rapid growth, with products like automated driving systems gaining international recognition [6][7] - Future growth is expected through the introduction of new products and solutions tailored to various agricultural processes [7] Robotics and Autonomous Driving - The passenger vehicle sector is experiencing rapid growth, although product pricing remains low, limiting immediate revenue impact [8] - The company is expanding its applications in non-passenger vehicle sectors, including mining and logistics [8] International Business Development - Overseas business has seen significant growth, with revenue share increasing and products being sold in over 100 countries [9] - The company is enhancing its global dealer network and local operational capabilities to better meet international market demands [9]

Core Viewpoint - The article highlights the recent movements of social security funds in the A-share market, revealing that they have newly entered the top ten circulating shareholders of 63 companies in the third quarter of 2025, indicating a strategic investment shift towards certain sectors and companies [1]. Group 1: New Holdings by Social Security Funds - Social security funds have newly entered the top ten shareholders of companies such as Huace Navigation, Enhua Pharmaceutical, Zhuoyi Information, Huazheng New Materials, Sankeshu, and Xinmei Shares, with each having two new holdings [1]. - A total of 63 companies saw new investments from social security funds, with notable mentions including Dazhu Laser, Zhongke Environmental Protection, Shenhuo Co., Ltd., and others, each having one new holding [1]. Group 2: Financial Performance of Key Companies - Huace Navigation reported a revenue of 2.618 billion yuan for the first three quarters, a year-on-year increase of 15.47%, and a net profit of 493 million yuan, up 26.41% [4]. - Enhua Pharmaceutical achieved a revenue of 4.471 billion yuan, reflecting a 7.85% year-on-year growth, and a net profit of 1.106 billion yuan, which is an 8.42% increase [5]. - Dazhu Laser's revenue for the first three quarters reached 12.713 billion yuan, marking a 25.51% increase, while its net profit was 863 million yuan, a decrease of 39.46% [6]. Group 3: Sector Insights - The sectors represented by the newly invested companies include satellite applications, chemical preparations, industry application software, electronic components, coatings, and network television, indicating a diverse investment strategy by social security funds [2][3]. - The pharmaceutical sector, particularly CNS (central nervous system) drugs, is highlighted as having significant market potential, with Enhua Pharmaceutical's pipeline being compared to overseas blockbuster products [5].

Core Viewpoint - The Social Security Fund's third-quarter investment strategy shows a clear trend of favoring leading companies and technology sectors, indicating a balanced asset allocation approach between traditional industries and emerging sectors [1][3][12]. Group 1: Investment Holdings - As of October 22, the Social Security Fund appeared in the top ten shareholders of 43 companies, with a total holding of 738 million shares valued at 15.52 billion [2][3]. - The top ten holdings by market value include Hai Da Group (1.83 billion), China Jushi (1.48 billion), and Cangge Mining (1.05 billion) [2]. - The fund's holdings are primarily concentrated in the pharmaceutical, high-end manufacturing, and consumer sectors, with some extension into basic chemicals and agriculture [3][5]. Group 2: Stock Changes - In the third quarter, the Social Security Fund initiated positions in 14 stocks, increased holdings in 12 stocks, reduced holdings in 8 stocks, and maintained positions in 9 stocks [7][9]. - New additions include stocks like Dazhu Laser and Electric Connection Technology, while increased holdings feature companies such as Poly Development and Hai Da Group [9][10]. - The fund's strategy reflects a preference for stocks in communication equipment, electronics, and high-end manufacturing, aligning with policy support for emerging industries [7][10]. Group 3: Future Outlook - The Social Security Fund is expected to continue a "core assets-technology growth" dual strategy, focusing on long-term holdings of core assets while dynamically adjusting its portfolio [12]. - The fund aims to enhance its allocation in sectors aligned with national strategies, particularly in technology innovation and industrial upgrades [12]. - Analysts predict that the fund will maintain long-term positions in leading stocks while dynamically adjusting based on performance metrics [12].

Group 1 - High-speed Electric achieved a revenue of 810 million yuan, a year-on-year increase of 30.33%, and a net profit of 36.33 million yuan, up 54.32% year-on-year for the first three quarters [1] - Huaguang Bio reported a revenue of 868 million yuan, a year-on-year increase of 17.98%, and a net profit of 16.33 million yuan, up 146.55% year-on-year for the first three quarters [2] - North Navigation turned a profit with a net profit of 125 million yuan for the first three quarters, compared to a loss in the previous year, with a revenue of 2.468 billion yuan, up 210.01% year-on-year [3] Group 2 - Wukuang New Energy reported a revenue of 5.054 billion yuan, a year-on-year increase of 33.96%, but a net loss of 20.1 million yuan for the first three quarters [4] - Century Rui Er achieved a revenue of 5.110 billion yuan, a year-on-year increase of 5.21%, and a net profit of 41.64 million yuan, up 27.23% year-on-year for the first three quarters [5] - Jiejie Micro reported a revenue of 2.502 billion yuan, a year-on-year increase of 24.70%, and a net profit of 34.7 million yuan, up 4.30% year-on-year for the first three quarters [6] Group 3 - Zhejiang Huaye achieved a revenue of 739 million yuan, a year-on-year increase of 11.08%, and a net profit of 181 million yuan, up 143.68% year-on-year for the first three quarters [7] - Lege Co. reported a revenue of 4.846 billion yuan, a year-on-year increase of 21.92%, but a net profit of 16.9 million yuan, down 36.33% year-on-year for the first three quarters [8] - Huichuan Technology achieved a revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, and a net profit of 4.254 billion yuan, up 26.84% year-on-year for the first three quarters [9] Group 4 - Jieya Co. reported a revenue of 565 million yuan, a year-on-year increase of 38.44%, and a net profit of 67.9 million yuan, up 95.78% year-on-year for the first three quarters [10] - Hengtian Hailong reported a revenue of 829 million yuan, a year-on-year increase of 0.89%, but a net profit of 274,780 yuan, down 93% year-on-year for the first three quarters [11] - Baolidi achieved a revenue of 1.058 billion yuan, a year-on-year increase of 4.57%, and a net profit of 106 million yuan, up 31.25% year-on-year for the first three quarters [12] Group 5 - Feitian Chengxin reported a revenue of 520 million yuan, a year-on-year increase of 3.10%, and a net profit of 10.38 million yuan, up 146.05% year-on-year for the first three quarters [13] - Xiangqiang Co. reported a revenue of 1.237 billion yuan, a year-on-year increase of 9.19%, but a net profit of 171 million yuan, down 5.90% year-on-year for the first three quarters [14] - Guangzheng Eye Care reported a revenue of 663 million yuan, a year-on-year decrease of 5.05%, but a net profit of 17,340 yuan, turning from loss to profit for the first three quarters [15] Group 6 - Sand Technology achieved a revenue of 430 million yuan, a year-on-year increase of 26.94%, and a net profit of 115 million yuan, up 47.52% year-on-year for the first three quarters [16] - Tianhao Energy reported a revenue of 1.941 billion yuan, a year-on-year decrease of 36.05%, and a net profit of 95.74 million yuan, down 27.25% year-on-year for the first three quarters [17] - Yiyuan Communication achieved a revenue of 17.877 billion yuan, a year-on-year increase of 34.96%, and a net profit of 733 million yuan, up 105.65% year-on-year for the first three quarters [18] Group 7 - Zhenhai Co. reported a revenue of 295 million yuan, a year-on-year decrease of 9.96%, and a net profit of 51.69 million yuan, down 8% year-on-year for the first three quarters [19] - Xinda Securities received approval to issue up to 10 billion yuan in corporate bonds for technology innovation [20] - Jingong Steel Structure signed a contract worth 1.23 billion yuan for an overseas project [21] Group 8 - Chuanfa Longmang plans to invest 366 million yuan in a lithium dihydrogen phosphate project [22] - Ningbo Energy plans to invest 58.5 million yuan to establish a joint venture [23] - China Unicom plans to spin off its subsidiary for listing on the Growth Enterprise Market [24] Group 9 - China Unicom reported a revenue of 292.985 billion yuan, a year-on-year increase of 1%, and a net profit of 8.772 billion yuan, up 5.2% year-on-year for the first three quarters [25] - Haigang Co. announced a plan to reduce its shareholding by 0.9965% [26] - Jintongling's subsidiary is facing bankruptcy liquidation [27] Group 10 - Lanshi Heavy Industry plans to transfer 51.02% of its environmental company shares for 14.39 million yuan [28] - Lanshi Heavy Industry's shareholder plans to reduce its stake by 1% [29] - Dongtian Micro reported a revenue of 637 million yuan, a year-on-year increase of 53.91%, and a net profit of 80.03 million yuan, up 99.20% year-on-year for the first three quarters [30] Group 11 - Siling Co. reported a revenue of 581 million yuan, a year-on-year increase of 4.38%, and a net profit of 14 million yuan, up 2.17% year-on-year for the first three quarters [31] - Hanrui Cobalt achieved a revenue of 4.871 billion yuan, a year-on-year increase of 16.49%, and a net profit of 238 million yuan, up 42.57% year-on-year for the first three quarters [32] - Ganfeng Lithium's vice president plans to reduce his stake by 40,000 shares [33] Group 12 - Kaile Co. plans to acquire at least 50% of Kesheng Machinery [34] - Huace Navigation achieved a revenue of 2.618 billion yuan, a year-on-year increase of 15.47%, and a net profit of 493 million yuan, up 26.41% year-on-year for the first three quarters [35] - Jingbeifang reported a revenue of 3.613 billion yuan, a year-on-year increase of 5.14%, and a net profit of 243 million yuan, up 7.94% year-on-year for the first three quarters [36] Group 13 - Weiergao achieved a revenue of 1.122 billion yuan, a year-on-year increase of 51.93%, and a net profit of 69.79 million yuan, up 48.11% year-on-year for the first three quarters [37] - Hanyi Co. reported a revenue of 139 million yuan, a year-on-year increase of 1.10%, and a net profit of 904,470 yuan, up 78.52% year-on-year for the first three quarters [38] - Boya Precision achieved a revenue of 387 million yuan, a year-on-year increase of 47.27%, and a net profit of 66.11 million yuan, up 82.87% year-on-year for the first three quarters [39] Group 14 - Qianfang Technology achieved a revenue of 5.256 billion yuan, a year-on-year decrease of 2.82%, and a net profit of 189 million yuan, up 1098.97% year-on-year for the first three quarters [40] - Binhua Co. submitted an application for H-share listing [41] - Chengde Lulu reported a revenue of 1.956 billion yuan, a year-on-year decrease of 9.42%, and a net profit of 384 million yuan, down 8.47% year-on-year for the first three quarters [42] Group 15 - Beifang Changlong reported a revenue of 122 million yuan, a year-on-year increase of 159.21%, but a net profit of 11.29 million yuan, turning from profit to loss for the first three quarters [43]

Core Insights - The company reported a revenue of 2.618 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.47% [2] - The net profit attributable to shareholders reached 493 million yuan, an increase of 26.41% compared to the same period last year [2] - The net profit excluding non-recurring items was 453 million yuan, with a year-on-year growth of 32.49% [2] Financial Performance - In Q3 2025, the company achieved a revenue of 785 million yuan, showing a slight increase of 0.19% year-on-year [2] - The net profit attributable to shareholders for Q3 was 166 million yuan, reflecting a year-on-year growth of 20% [2] - The net profit after excluding non-recurring items for Q3 was 154 million yuan, up 17.47% year-on-year [2] Asset and Equity Structure - As of the end of the reporting period, total assets reached 5.347 billion yuan, a growth of 4.34% from the end of the previous year [2] - Shareholders' equity attributable to the company was 3.98 billion yuan, increasing by 13.18% compared to the end of last year [2] - The company's asset-liability structure has continued to improve [2] Cash Flow and Management - The net cash flow from operating activities for the first three quarters was 51.51 million yuan, a significant improvement from -50.95 million yuan in the same period last year, representing a year-on-year increase of 201.11% [2] - This improvement is primarily attributed to enhanced management of accounts receivable and better collection performance [2] Significant Changes in Financial Items - Accounts receivable increased by 36.20% year-on-year, mainly due to the expansion of revenue scale [3] - Other non-current financial assets grew by 151.32%, resulting from new external investments [3] - Deferred income rose by 43.67%, attributed to an increase in government subsidies received [3] Profit and Expense Changes - Financial expenses decreased by 500.13% year-on-year, mainly due to increased foreign exchange gains [3] - Investment income fell by 47.85%, due to one-time gains from the disposal of subsidiaries in the same period last year [3] - Operating expenses increased by 67.01%, primarily due to higher losses from the disposal of non-current assets [3]