部分已授予尚未归属的限制性股票的公告 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。 上海华测导航技术股份有限公司（以下简称"华测导航"或"公司"）于2025年 4月24日召开的第四届董事会第十五次会议、第四届监事会第十五次会议审议通过了 关于《作废2023年限制性股票激励计划部分已授予尚未归属的限制性股票》的议案， 现将相关事项公告如下： 一、本次限制性股票授予已履行的决策程序和信息披露情况 1、2023年12月7日，公司召开第三届董事会第三十次会议，审议通过关于《公 司<2023年限制性股票激励计划（草案）>及其摘要》的议案、关于《公司<2023年限 制性股票激励计划实施考核管理办法>》的议案、关于《提请股东大会授权董事会办 理公司2023年限制性股票激励计划相关事项》的议案。公司独立董事就本激励计划 相关议案发表了同意的独立意见。 同日，公司召开第三届监事会第三十次会议，审议通过关于《公司<2023年限制 性股票激励计划（草案）>及其摘要》的议案、关于《公司<2023年限制性股票激励 计划实施考核管理办法>》的议案、关于《核实公司<2023年限制性股票激 ...

国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 2023 年限制性股票激励计划 首次授予部分第一个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年四月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 2023 年限制性股票激励计划 首次授予部分第一个归属期归属条件成就 及部分限制性股票作废事项 之 法律意见书 致：上海华测导航技术股份有限公司 国浩律师（杭州）事务所（以下 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥789,117,634.13, representing a 27.91% increase compared to ¥616,910,878.96 in the same period last year[5] - Net profit attributable to shareholders was ¥142,744,778.78, up 38.50% from ¥103,064,182.42 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥123,345,037.52, reflecting a 42.09% increase from ¥86,805,497.34 in the previous year[5] - The basic earnings per share increased to ¥0.2600, a rise of 36.91% compared to ¥0.1899 in the same period last year[5] - Total operating revenue for the current period reached ¥789.12 million, a 27.8% increase from ¥616.91 million in the previous period[23] - Net profit for the current period was ¥147.28 million, representing a 46.5% increase compared to ¥100.51 million in the previous period[24] - Basic earnings per share rose to ¥0.2600, up from ¥0.1899 in the previous period, reflecting a 37.0% increase[25] - The company reported a total comprehensive income of ¥162.74 million, up from ¥98.66 million in the previous period, marking a 64.9% increase[25] Cash Flow and Assets - The net cash flow from operating activities improved by 44.25%, reaching -¥126,808,172.24, compared to -¥227,476,446.44 in the previous year[5] - The company reported a cash balance of 1,141,380,097.44 RMB, down from 1,246,153,212.94 RMB at the beginning of the period[19] - Cash flow from operating activities showed a net outflow of ¥126.81 million, an improvement from a net outflow of ¥227.48 million in the previous period[26] - The cash and cash equivalents at the end of the period totaled ¥1,110.94 million, compared to ¥955.07 million at the end of the previous period[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,658[11] - The largest shareholder, Zhao Yanping, holds 20.16% of the shares, amounting to 110,787,524 shares, with 27,240,000 shares pledged[11] - The top 10 unrestricted shareholders hold a total of 63,411,709 shares, with Shanghai Taihexing Enterprise Development Partnership (Limited Partnership) being the largest shareholder[12] - Ningbo Shangyu Venture Capital Partnership (Limited Partnership) holds 29,353,831 shares, accounting for 5.34% of total shares[12] - Zhao Yanping, a significant shareholder, holds 27,696,881 shares, representing 4.46% of total shares[12] - The total number of shares held by the top 10 unrestricted shareholders amounts to 96,009,864 shares[14] - The company has a total of 83,090,643 restricted shares held by Zhao Yanping, which are subject to a lock-up period[13] - The company has released 152,310 restricted shares during the reporting period, reducing the total restricted shares to 95,857,554[14] - The company’s major shareholders include financial institutions such as China Industrial Bank and various investment funds[12] - The company has not reported any changes in the lending or borrowing of shares among the top shareholders during the reporting period[13] Liabilities and Equity - Total assets at the end of the reporting period were ¥5,048,716,195.47, a decrease of 1.48% from ¥5,124,410,823.89 at the end of the previous year[5] - The company's total equity attributable to shareholders increased by 5.01% to ¥3,693,124,928.56 from ¥3,516,956,347.39 at the end of the previous year[5] - The company's current liabilities totaled 1,145,591,520.48 RMB, down from 1,412,810,806.03 RMB at the start of the period[21] - The company’s non-current liabilities totaled 197,049,480.94 RMB, slightly up from 188,211,694.29 RMB[21] - The company’s total liabilities decreased to 1,342,641,001.42 RMB from 1,601,022,500.32 RMB, reflecting improved financial health[21] Investment and Development - The company reported a significant increase in investment income, which rose by 121.82% to ¥7,980,527.87 from ¥3,597,715.05 in the previous year[9] - Research and development expenses increased to ¥131.27 million, up 22.1% from ¥107.48 million in the previous period[23] - The company plans to implement the 2025 First Phase Restricted Stock Incentive Plan, which was approved by the board and shareholders[16] - The company completed the vesting of 369,125 shares under the 2021 Restricted Stock Incentive Plan, with 104 participants successfully vesting their shares[15] - A total of 512,700 shares were donated by a major shareholder, valued at approximately 20 million RMB, with an average price of 39.01 RMB per share[18] Sales and Revenue - The company experienced a significant increase in sales revenue from services, with cash received from sales reaching ¥719.00 million, up from ¥433.27 million in the previous period[26] - Total operating costs increased to ¥655.41 million, up 23.6% from ¥529.97 million in the previous period[23] - Investment activities generated a net cash inflow of ¥45.74 million, compared to a net outflow of ¥4.75 million in the previous period[28] Management and Strategy - The company’s management team includes several key executives with locked shares, which will be released at a rate of 25% annually during their tenure[13] - The company has not disclosed any new product developments or market expansion strategies in the current reporting period[12]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company achieved a total revenue of 3.25 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [6]. - The company aims for a net profit of 730 million yuan in 2025, which is approximately a 25% increase from the previous year [6]. - The gross margin for 2024 was 58.1%, showing a gradual upward trend due to cost optimization strategies [6]. - The geographic information (Geo-information) segment showed significant growth, with a revenue increase of 38.4% year-on-year [6]. - The company is expanding its overseas business, which accounted for 28.8% of total revenue in 2024, with a high gross margin of 77.6% [6]. Financial Summary - Projected total revenue for the company is expected to reach 4.04 billion yuan in 2025, with a year-on-year growth rate of 24.4% [5]. - The net profit attributable to shareholders is forecasted to be 750 million yuan in 2025, reflecting a growth rate of 28.5% [5]. - The company's return on equity (ROE) is projected to increase to 19.2% in 2025 [5]. - The price-to-earnings (PE) ratio is expected to be 30 for 2025, indicating a favorable valuation compared to historical performance [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%. The net profit attributable to shareholders was 583 million yuan, with a year-on-year increase of 29.89% [5][8] - The company is a leading player in the domestic high-precision satellite navigation and positioning industry, with competitive advantages in various high-precision positioning navigation intelligent equipment and multi-application system solutions [8] Financial Performance Summary - Revenue Breakdown: - Resource and Public Utilities: 1.425 billion yuan, up 26.41% - Construction and Infrastructure: 1.053 billion yuan, up 8.97% - Geospatial Information: 589 million yuan, up 38.44% - Robotics and Autonomous Driving: 185 million yuan, up 15.53% [5][8] - Profitability Metrics: - Overall gross margin for the year was 58.13%, an increase of 1.07 percentage points year-on-year - Domestic market revenue was 2.313 billion yuan, up 18.07% - International market revenue was 938 million yuan, up 30.39%, with an international business gross margin of 77.60%, an increase of 5.64 percentage points year-on-year [8] Earnings Forecast - The projected earnings per share (EPS) for 2025 and 2026 are 1.35 yuan and 1.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 30 and 23 times [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a robust revenue growth of 21.38% year-on-year, reaching 3.251 billion yuan in 2024, with a net profit of 583 million yuan, reflecting a 29.89% increase [4] - The company is a leading domestic high-precision satellite navigation positioning enterprise, with core technology advantages and continuous market expansion [4] - The forecast for net profit from 2025 to 2027 is 759 million yuan, 951 million yuan, and 1.194 billion yuan respectively, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share [4] Financial Performance - In 2024, the company generated revenue of 3.251 billion yuan, with a gross margin of 58.13% and a net margin of 17.94%, showing improvements in profitability [5] - The company’s revenue from domestic and international markets was 2.313 billion yuan and 938 million yuan respectively, with year-on-year growth of 18.07% and 30.39% [5] - R&D expenses amounted to 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Business Expansion - The company has strengthened its market position in agricultural machinery autonomous driving and disaster monitoring equipment, with over 80,000 units deployed [6] - New business opportunities are being explored in the low-altitude economy and autonomous driving sectors, with partnerships established across various applications [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.218 billion yuan, with a year-on-year growth of 29.7% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.6, and 18.8 respectively [7] - The company’s return on equity (ROE) is expected to increase from 16.6% in 2024 to 19.3% in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [4] - The company is a leading domestic high-precision satellite navigation positioning enterprise with core technology advantages and continuous market expansion [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 759 million, 951 million, and 1.194 billion yuan respectively, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share [4] Financial Performance - In 2024, the company achieved a gross margin of 58.13% and a net margin of 17.94%, with improvements of 0.36 and 1.37 percentage points year-on-year respectively [5] - The company’s revenue from various application sectors includes 1.425 billion yuan from resources and public utilities, 1.053 billion yuan from construction and infrastructure, 589 million yuan from geographic information, and 185 million yuan from robotics and autonomous driving, with year-on-year growth rates of 26.41%, 8.97%, 38.44%, and 15.53% respectively [5] - The company’s R&D investment reached 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Market Expansion - The company has seen significant growth in overseas markets, with revenue from international operations reaching 938 million yuan, a year-on-year increase of 30.39% [5] - The company is actively expanding its applications in high-precision positioning technology, with notable achievements in agricultural machinery autonomous driving and disaster monitoring equipment [6] - The company has established partnerships in various sectors, including low-speed robotics and logistics, indicating a broad market potential [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.218 billion yuan, with a year-on-year growth of 29.7% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.6, and 18.8 respectively [7] - The company’s return on equity (ROE) is expected to increase from 16.6% in 2024 to 19.3% in 2027 [9]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89%, closely aligning with the forecast range [1] - The gross margin for the year was 58.13%, reflecting a steady increase due to cost optimization strategies [1] - The company expects a net profit of 135 million to 143 million yuan for Q1 2025, representing a year-on-year growth of 30.99% to 38.75% [1] Revenue Breakdown - The Resources and Public Utilities segment generated revenue of 1.425 billion yuan, up 26.41%, with a gross margin of 54.71% [2] - The Construction and Infrastructure segment reported revenue of 1.053 billion yuan, an increase of 8.97%, with a gross margin of 68.41% [2] - The Geospatial Information segment achieved revenue of 589 million yuan, a growth of 38.44%, with a gross margin of 53.1% [2] - The Robotics and Autonomous Driving segment had revenue of 185 million yuan, up 15.53%, with a gross margin of 41.95% [2] R&D and Global Expansion - The company invested 469 million yuan in R&D, accounting for 14.43% of revenue, focusing on high-precision positioning chips and autonomous driving products [4] - The overseas business revenue reached 938 million yuan, a growth of 30%, representing 28.8% of total revenue, indicating significant growth potential in international markets [4] Profit Forecast and Valuation - The company forecasts net profits of 760 million yuan, 970 million yuan, and 1.26 billion yuan for 2025, 2026, and 2027, respectively, with a PE ratio of 29 times for 2025 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 3.25 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [4] - The company aims for a net profit target of 730 million yuan in 2025, representing a 25% year-on-year growth [2][10] - The report highlights significant improvements in overseas business gross margins, driven by self-research of core components and an increase in the proportion of high-end products [2][10] Financial Performance - The company reported a Q4 2024 operating revenue of 983 million yuan, a year-on-year increase of 15.30%, and a net profit of 194 million yuan, up 16.39% year-on-year [4] - Revenue from the resource and public utility sector reached 1.43 billion yuan, a year-on-year increase of 26.41% [10] - The geographical revenue breakdown shows domestic revenue of 2.31 billion yuan, up 18.07% year-on-year, and overseas revenue of 940 million yuan, up 30.39% year-on-year, accounting for approximately 29% of total revenue [10] Business Segments - The company is focusing on four main growth areas: overseas expansion, three-dimensional intelligence, precision agriculture, and intelligent driving [10] - The precision agriculture segment has expanded from controlling agricultural machinery to controlling tools, further broadening application scenarios [2][10] - The passenger vehicle business has progressed smoothly, with a delivery volume reaching 300,000 units [2] Research and Development - R&D expenses for 2024 were 469 million yuan, a year-on-year increase of 1.49%, accounting for 14.43% of total revenue [10] - The company is developing a new generation of self-researched high-precision navigation components, which are expected to be launched soon [10] Future Outlook - The company is expected to achieve net profits of 747 million yuan, 938 million yuan, and 1.18 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 26% [10] - The projected valuation for the company is 30x, 24x, and 19x for the years 2025, 2026, and 2027, respectively [10]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [7]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 3.251 billion yuan in 2024, representing a year-over-year increase of 21.38%, and a net profit of 583 million yuan, up 29.89% year-over-year [1]. - The company is positioned as a leading high-precision navigation service provider with accelerated global expansion plans, expecting net profits of 777 million yuan, 1.006 billion yuan, and 1.273 billion yuan for 2025, 2026, and 2027, respectively [7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.251 billion yuan (yoy +21.38%) and a net profit of 583 million yuan (yoy +29.89%), with a basic earnings per share of 1.07 yuan (yoy +28.02%) [1]. - The fourth quarter of 2024 saw a revenue of 983 million yuan (yoy +15.30%) and a net profit of 194 million yuan (yoy +16.39%) [1]. Industry Segmentation - The resource and public utilities sector reported a revenue of 1.425 billion yuan (yoy +26.41%), driven by strong sales of agricultural machinery automation systems [2]. - The geographic information sector achieved a revenue of 589 million yuan (yoy +38.44%), benefiting from successful overseas market expansion [2]. - The construction and infrastructure sector generated 1.053 billion yuan (yoy +8.97%), with global sales of RTK products exceeding 100,000 units [2]. - The robotics and autonomous driving sector reported a revenue of 185 million yuan (yoy +15.53%), with cumulative deliveries of passenger vehicle-grade products surpassing 300,000 sets [2]. Cost and Efficiency - The company's expense ratio for 2024 was 41.12% (yoy -3.19pct), with a sales expense ratio of 18.45% (yoy -1.29pct) and a management expense ratio of 7.92% (yoy +0.56pct) [3]. - Research and development expenses for 2024 were 469 million yuan (yoy +1.49%), maintaining a high level of investment in strategic projects [3]. Cash Flow and Profitability - The operating cash flow for 2024 reached 659 million yuan (yoy +47.99%), reflecting improved internal management of receivables, inventory, and payables [3]. - The company achieved a gross margin of 58.13% (yoy +0.36pct) and a net margin of 17.94% (yoy +1.37pct) in 2024, driven by cost reduction strategies and optimized product design [6]. Market Performance - The company’s stock price is currently at 40.85 yuan, with a market capitalization of 22.4 billion yuan [3]. - The report indicates a strong performance relative to the market, with a 12-month absolute performance of 59% [5].