江西新余国科科技股份有限公司 2025 年年度报告摘要深度解读

一、关键亮点与投资者应关注事项

• 利润分配方案： 公司拟以总股本 276,756,480 股为基数，向全体股东每 10 股派发现金红利 1.80 元（含税），不送红股，也不以资本公积金转增股本。此举反映公司现金流状况良好，并体现对股东回报的重视，或对公司股价形成一定支撑。
• 主营业务稳健增长： 公司聚焦于军用火工品及人工影响天气装备领域，2025 年营业收入 447,148,438.38 元，同比增长 0.46%；归母净利润 82,482,957.62 元，同比增长 4.17%；扣非归母净利润 83,455,125.40 元，同比增长 6.28%。整体业绩保持稳健增长，盈利能力持续提升。
• 现金流改善明显： 经营活动产生的现金流量净额为 86,348,693.96 元，同比提升 20.3%，显示公司经营质量持续向好，为后续发展提供坚实基础。
• 行业地位突出： 公司是国内品种最齐全的火工品专业企业之一，产品线覆盖陆海空火箭军、公安武警等全军种装备，并为全国 20 余省市自治区及近 1000 个县（区）气象部门提供服务，行业影响力大。
• 政策与行业机遇： 军用火工品受益于国防现代化和军费持续增长，人工影响天气装备则契合国家数字经济、生态文明、应急救援等战略方向。公司产品和业务布局深度响应国家政策导向，具备持续成长动力。
• 产业链及技术升级： 公司正加速推进第四代火工品研发，同时强化智能化、微型化、高可靠性产品，积极向“智慧人影”及数字气象等新兴领域延伸，提升核心竞争力。
• 股权结构稳固： 前两大股东分别为江西省军工控股集团（持股 37.84%）与江西省农业发展集团（持股 26.93%），均为国有法人，股权集中，有利于公司长期战略推进。
• 公司治理发生重大调整： 按新《公司法》要求，公司于 2025 年修订了公司章程及相关治理文件，并废止了监事会及监事设置，对公司治理架构进行重大调整。这一变动可能对公司治理效率及风险防控带来深远影响，需持续关注。
• 新设参股子公司： 2025 年 12 月，公司对外投资设立了西安国科动力科技有限公司，显示公司正在拓展新业务领域，或将开拓新的增长点。
• 更换审计机构： 2025 年度聘任中审众环会计师事务所为审计机构，保证了财务数据的独立性与权威性。

二、行业与公司业务结构详细分析

• 军工业务： 军用火工品包括各类火工元件（枪弹底火、炮弹底火、火帽、电底火、点火具等）和火工装置（推销器、拔销器、切割器、点火装置等），广泛应用于陆军、海军、空军、火箭军及公安、武警等军警装备。
  公司还开发军事训练器材及气象探空火箭、引雷火箭、灭火火箭等两用技术产品，并积极拓展军贸出口及技术服务。
• 民用业务： 集中于人工影响天气领域，包括特种燃爆器材、作业装备、监测设备、一体化作业车及相关信息化软件，构建了覆盖人影作业全链条的产品体系。2024 年公司更名并调整气象服务子公司，聚焦智慧气象、数字经济方向。
• 行业竞争与发展趋势： 军工行业头部企业资源整合加速，行业集中度提升，军贸出口向“装备+技术+服务”体系化方案升级。人工影响天气领域竞争激烈，政策推动作业模式向智能化、集成化转型，公司以集成化作业车等产品抢占市场先机。
  技术趋势方面，智能化、微型化、高可靠性成为火工品和人工影响天气装备的发展方向。
• 公司核心竞争力： 具备完善的科研、生产、检测手段，产品种类齐全，产能与市场占有率全国领先。南京国科依托大数据、云计算、人工智能等技术，为公司核心业务提供软硬件一体化和数据服务支撑。国科特装获专用车生产资质，提升量产能力。

三、财务数据与分红信息

• 资产与净资产： 2025 年末总资产 9.23 亿元，净资产 6.70 亿元，资产稳步增长。
• 盈利能力： 基本每股收益 0.30 元，加权平均净资产收益率 12.81%，盈利能力持续提升。
• 季度表现： 第四季度业绩突出，单季实现归母净利润 3,429 万元，占全年比重超过 41%，显示季节性波动显著。
• 股东结构： 股权高度集中，前十大股东持股比例合计超过 69%，有利于公司治理及战略执行。

四、潜在影响与风险提示

• 治理结构调整及监事会废止： 重大治理结构变动需持续关注，可能带来内部控制及合规风险。
• 行业竞争与市场风险： 人工影响天气装备市场竞争加剧，产能过剩风险上升；军工产业链内部竞争亦在加大。
• 技术升级与政策依赖： 产品升级与政策导向密切相关，需持续投入研发以保持竞争力。

五、结论与投资建议

公司主营业务稳健，行业地位突出，政策红利与技术创新带来持续成长动力。分红方案显示公司现金流健康，有望为股东创造可观回报。重大治理结构调整、新设子公司及行业新趋势，值得投资者高度关注。建议投资者密切跟踪公司治理优化、市场拓展及新产品布局进展，关注政策环境变化及行业竞争态势。

免责声明： 本文仅为信息披露与投资参考，不构成任何投资建议，股东及投资者应根据自身情况审慎决策，注意市场风险。

English Version

In-depth Analysis of Jiangxi Xinyu Guoke Technology Co., Ltd. 2025 Annual Report Summary

I. Key Highlights and Investor Focus Points

• Dividend Plan: The company plans to distribute a cash dividend of RMB 1.80 (tax included) per 10 shares to all shareholders, with no bonus shares or capital reserve transfer. This demonstrates solid cash flow and a shareholder-friendly stance, possibly supporting the share price.
• Steady Core Business Growth: The company focuses on military pyrotechnics and weather modification equipment. 2025 revenue reached RMB 447.15 million (up 0.46% YoY); net profit attributable to shareholders was RMB 82.48 million (up 4.17%); net profit after non-recurring items was RMB 83.46 million (up 6.28%). Overall, performance is stable and profitability is improving.
• Significant Improvement in Cash Flow: Operating cash flow reached RMB 86.35 million, up 20.3% YoY, reflecting healthy operations and a solid base for future growth.
• Industry-Leading Position: The company is one of the most comprehensive military pyrotechnics suppliers in China, serving all military branches, police, and weather modification agencies across more than 20 provinces and nearly 1,000 counties.
• Policy and Industry Tailwinds: Military products benefit from ongoing defense modernization and spending increases, while weather modification aligns with national strategies in digital economy, ecological civilization, and emergency response, providing strong growth momentum.
• Value Chain and Technology Upgrade: The company is accelerating development of 4th-generation products, and moving into smart, miniaturized, and highly reliable solutions, extending towards “Smart Weather Modification” and digital meteorology.
• Stable Shareholding Structure: The top two shareholders are state-owned—Jiangxi Military Industry Holding (37.84%) and Jiangxi Agricultural Development Group (26.93%)—providing governance stability and strategic continuity.
• Major Corporate Governance Reform: In line with the new Company Law, the company revised its articles, abolished the board of supervisors, and restructured governance—potentially affecting risk management and control, and worth ongoing attention.
• New Subsidiary Established: In December 2025, the company invested in Xi’an Guoke Power Technology Co., Ltd., signaling business expansion and potential new growth drivers.
• Change of Auditor: Zhongshen Zhonghuan Accounting Firm was appointed for the 2025 audit, ensuring data independence and reliability.

II. Industry and Business Structure Analysis

• Military Business: The company produces a full suite of pyrotechnic components and devices for all branches of the Chinese military and police, as well as dual-use products like meteorological rockets. It also pursues military export and technical services.
• Civil Business: Focused on weather modification, the company provides a complete product chain covering all aspects of weather operations, and is moving toward intelligent meteorology and digital economy fields.
• Industry Competition and Trends: The defense sector is consolidating, with a shift toward integrated “equipment + technology + services” exports. The weather modification market is competitive, with policy favoring smart, integrated solutions. The company’s integrated operational vehicles are ahead of the curve.
• Core Competitiveness: The company has strong R&D, production, and testing capabilities. Nanjing Guoke provides core software and technical support, while Guoke Special Equipment has won new production qualifications for special vehicles, boosting capacity.

III. Financial Data and Dividend Details

• Assets & Net Assets: End-2025 total assets: RMB 922.7 million; net assets: RMB 670.3 million.
• Profitability: Basic EPS: RMB 0.30; ROE: 12.81%.
• Quarterly Performance: Q4 net profit contributed over 41% of the annual total, showing marked seasonality.
• Shareholding Structure: Highly concentrated, with the top 10 shareholders holding over 69%.

IV. Potential Impacts and Risk Reminders

• Governance Reform: The abolition of the board of supervisors is significant and may impact risk management.
• Market and Competitive Risks: Heightened competition and possible overcapacity in the weather modification market; increased internal competition in the defense sector.
• Technology and Policy Risks: Success heavily depends on ongoing R&D and alignment with government policy.

V. Conclusion & Investor Advice

The company demonstrates steady core growth, strong industry positioning, and is well-aligned with strategic policy trends. The dividend plan and financial position are reassuring for shareholders. Major governance changes and business expansions are worth close investor attention. Monitor governance developments, market expansion, and new product launches, as well as policy and competitive dynamics.

Disclaimer: This report is for information and reference only. It does not constitute investment advice. Investors should exercise discretion and be aware of market risks.

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