Guandian Defense Technology Co., Ltd. board transfer listing announcement stock abbreviation: Guandian defense Stock Code: 688287 Guandian Defense Technology Co., Ltd, Ltd. (301306, 3 / F, main building, No. 22, Baiqiao street, Dongcheng District, Beijing) announcement on the transfer listing of science and Innovation Board sponsor: Guandian Defense Technology Co., Ltd. (hereinafter referred to as “Guandian defense”, “the company” and “transfer company”) on May 24, 2002, North block, excellence Times Square (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong Province Or “the company”) shares will be listed on the science and Innovation Board of Shanghai Stock Exchange on May 25, 2022. The trading matters of Guandian defense after listing shall be subject to the relevant provisions of Shanghai Stock Exchange on companies listed on the science and innovation board. There shall be no limit on the rise and fall in the first five trading days after listing, and the opening reference price on the first day of listing is 21.88 yuan / share. The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of “speculation” in the early stage of board listing, and make prudent decisions and invest rationally. The value of this listing announcement is usually reserved to two decimal places. If the total number is inconsistent with the mantissa of the sum of the values of each sub item, it is caused by rounding. Guandian Defense Technology Co., Ltd. board transfer announcement 2 Section 1 important statement and Tips 1. Important statement the company and all directors, supervisors and senior managers guarantee that the information disclosed in the board transfer announcement is true, accurate and complete, promise that there are no false records, misleading statements or major omissions in the board transfer announcement, and bear legal liabilities according to law. The opinions of Shanghai Stock Exchange and relevant government authorities on the listing of the shares of the board transfer company and relevant matters do not indicate any guarantee to the board transfer company. The company reminds investors to carefully read and publish on the website of Shanghai Stock Exchange（ http://www.sse.com.cn. ）The contents of the “risk factors” chapter of the company’s board transfer listing report, pay attention to risks, make prudent decisions and make rational investment. The company reminds the majority of investors that investors are invited to consult the full text of the company’s board transfer listing report for relevant contents not involved in this board transfer listing announcement. Unless otherwise specified, the definitions of abbreviations or terms in this announcement on board transfer listing are the same as those in the report on board transfer listing of the company. The company reminds the majority of investors to pay attention to the investment risk in the early stage of board transfer listing. The majority of investors should fully understand the risk and rationally participate in board transfer trading. 2、 The investment risk at the initial stage of board transfer listing is particularly reminded that the company’s shares will be listed on the science and Innovation Board of Shanghai Stock Exchange on May 25, 2022. The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of “speculation” in the early stage of board listing, and make prudent decisions and rational investment. The company’s special tips on relevant risks are as follows: (I) the risk of increased stock price fluctuation after the end of the restricted sale period. 112.35 million non tradable shares were listed on the board, accounting for about 473033% of the total share capital after the board transfer. The main restrictions on the sale of the relevant shareholders of the board transfer company are as follows: “the controlling shareholders, actual controllers and persons acting in concert of the board transfer company shall not transfer or entrust others to manage the shares issued before the board transfer listing of the company directly and indirectly held by them (hereinafter referred to as the shares before the board transfer listing) within 312 months from the date of the board transfer listing of the company , it is not allowed to propose that the board transfer company buy back this part of the shares; The reduction of shares within 6 months after the expiration of the sales restriction period shall not lead to the change of the company’s control. Within 12 months prior to the transfer of the shares held by the company’s directors or supervisors to the listed company’s board of directors or management. Within 4 years from the date of listing, the core technicians of the board transfer company shall not transfer more than 25% of the total number of pre listing shares of the company held by the company at the time of listing, and the reduction proportion can be used cumulatively. If the shares held by the shareholders of the transfer board company are subject to the limited sale conditions when the transfer board company applies for the transfer board listing and the sale period of the transfer board listing time limit has not expired, the remaining restricted sale period of the shares shall be continuously calculated from the date of the transfer board company’s transfer board listing until the expiration of the restricted sale period. ” After the end of the restricted sale period, the number of tradable shares of the company increases, and there is a risk of increased stock price volatility. (II) the relevant provisions of Shanghai Stock Exchange on companies listed on the science and Innovation Board shall apply to the trading matters after the listing of the science and innovation board. A wide range of price limits shall be set for the competitive trading of stocks on the science and innovation board. Within the first five trading days after the listing of stocks transferred to the board, the stock trading price shall not be subject to price limits; Five trading days after listing, the price limit ratio is 20%. On the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange, the increase limit ratio on the first day of listing is 44%, the decrease limit ratio is 36%, and then the increase limit ratio is 10%. The sci tech Innovation Board relaxed the restrictions on the rise and fall of stocks in the initial stage of listing, which increased the stock trading risk of board transfer companies. （3） Risk that the P / E ratio of the company’s board transfer is higher than the average level of the same industry. According to the board transfer measures, the opening reference price of the company’s shares on the first day of listing on the science and innovation board is, in principle, the closing price of the company’s shares on the last trading day in the national stock transfer system. Therefore, the opening reference price after this board transfer listing is 21.88 yuan / share, The price earnings ratio corresponding to this price is 72.08 times (calculated by dividing the market value of the company calculated according to the stock opening reference price on the first day of listing by the deduction of non net profit in 2021). According to the industry classification guidelines for listed companies (revised in 2012) of the CSRC, the company belongs to the “science and technology promotion and application service industry” in the “scientific research and technology service industry”, and the industry code is “M75”. As of May 20, 2022 (t day, which is the date when the cross market transfer registration data information of the company’s shares is switched), the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd. is 41.26 times (Note: China Securities Index Co., Ltd. has not released the relevant value of M75, which shall be subject to the data of M scientific research and technical service industry). The corresponding P / E ratio of the board transfer is 72.08 times (calculated by dividing the market value of the company calculated according to the stock opening reference price on the first day of the board transfer listing by the deduction of non net profit in 2021), which is higher than the average static P / E ratio of the industry in the latest month published by China Securities Index Co., Ltd., and there is a risk that the decline of stock price will bring losses to investors in the future. （4） The risk of abnormal stock fluctuation can be used as the subject of margin trading on the first day of listing, which increases the risk that the stock price will plummet due to increased leveraged margin trading at the initial stage of listing. However, the main board market of Shanghai stock exchange requires that it can be used as the subject of margin trading after more than three months. In addition, the stock verification system for temporary suspension and serious abnormal fluctuations in the stock trading session of the science and innovation board is different from that of the main board market of the Shanghai Stock Exchange.
Draw investors’ attention to relevant risks. After listing on the board, in addition to the operation and financial status, the stock price of the company will also be affected by many factors such as the macroeconomic situation outside China, industry conditions, capital market trends, market psychology and various major emergencies. When considering investing in the company’s shares, investors should anticipate the possible investment risks caused by the above factors and make prudent judgments. （5） The first day of stock listing can be used as the subject of margin trading. The first day of stock listing on the science and innovation board can be used as the subject of margin trading, which may produce certain price fluctuation risk, market risk, margin increase risk and liquidity risk. Price fluctuation risk refers to that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the change of the original stock price, but also the risks caused by the change of the new investment stock price, and pay the corresponding interest; Margin call risk means that investors need to monitor the level of guarantee ratio in the whole process of trading to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. In addition, the stock verification system for temporary suspension and serious abnormal fluctuations in the stock trading session of the science and innovation board is different from that of the main board market of the Shanghai Stock Exchange. Draw investors’ attention to relevant risks. Guandian Defense Technology Co., Ltd.’s announcement on board transfer Listing 5 III. special risk tips the company reminds investors to carefully read the “section III Risk Factors” of the report on board transfer listing, and pay special attention to the following matters: (I) UAV drug control service revenue accounts for a relatively high proportion, which largely depends on the financial investment of government departments in the field of drug control in 2019, 2020 and 2021 (hereinafter referred to as “the reporting period”), The company’s UAV anti drug service business revenue was 543127 million yuan, 622529 million yuan and 644658 million yuan respectively, accounting for a high proportion of UAV flight service and data processing business revenue, which were 73.31%, 67.86% and 57.97% respectively. The market space of UAV anti drug industry depends on the government’s financial budget in the field of anti drug. If the government’s financial budget in the field of anti drug is reduced in the future, or the strength of policy support is reduced, the growth rate of the company’s future anti drug service revenue may slow down and the growth space may be limited, which will have an adverse impact on the overall development of the company. （2） Compared with the leading enterprises in the defense technology industry, the gross profit margin of the company is RMB 718200, and the gross profit margin of UAV and intelligent equipment is expected to be further improved during the reporting period, which is 18.882 million, respectively. During the reporting period, the comparable company Chengdu Jouav Automation Tech Co.Ltd(688070) achieved revenue of 2107603 million yuan, 2718088 million yuan and 2503411 million yuan, while the comparable company 3009 achieved revenue of 268474 million yuan, 31.47 million yuan and 237366 million yuan. Compared with the above comparable companies, the company’s UAV system and intelligent defense equipment business scale is small; Since its establishment, the company has mainly taken UAV anti drug service as its core business. In recent years, through continuous R & D investment, the company has realized the business of independent production and sales of UAV products. However, compared with the leading enterprises in the same industry, the technical level still needs to be improved. During the reporting period, the gross profit margin of UAV system and intelligent defense equipment business was 42.94%, 33.09% and 38.17% respectively. The gross profit margin fluctuated to some extent, mainly due to the company’s provision of customized products. At the same time, by the end of 2021, the company had 13 invention patents and 60 utility model patents in UAV system and intelligent defense equipment. Compared with leading enterprises in the same industry, the technical level needs to be further improved, and the related products are facing great competitive pressure. Guandian Defense Technology Co., Ltd. board listing announcement 6 (III) UAV technology and products have the characteristics of rapid renewal. The company has fewer R & D team personnel, and the R & D capacity and continuous investment need to be further improved. As a knowledge intensive enterprise, the R & D of technology and new products largely depends on professional and technical talents, and the iteration speed of technology and products is fast. During the reporting period, the R & D investment of the company was 175801 million yuan, 201059 million yuan and 246132 million yuan respectively, accounting for 12.05%, 11.18% and 10.71% of the operating revenue respectively. At the end of each reporting period, the company’s R & D personnel were 28, 27 and 33 respectively, and the number of separations in each period were 0, 7 and 2 respectively. Except for resignation, they were all job transfer changes. As of December 31, 2021, the number of R & D personnel of the company has increased to 33, accounting for 23.91% of the total number of the company. The R & D capacity and continuous investment of the company still need to be further improved. If the company fails to attract high-end talents required in various fields, the loss of core technical personnel or the failure of R & D projects in business expansion, it may have an adverse impact on the company’s business development. （4） During the risk reporting period of market development of other service businesses, the company’s UAV service business is mainly used in the field of drug control. In addition to the field of drug control, the company’s other services include resource investigation, environmental monitoring and other businesses. In the future, based on the stable growth of drug control business, the company will gradually expand in other UAV service fields, including power patrol inspection, forest fire prevention, security patrol inspection, etc. In each period of the reporting period, the company’s service revenue in the field of non drug control was RMB 197728 million, RMB 294871 million and RMB 467457 million respectively, accounting for 26.69%, 32.14% and 42.03% of the company’s service revenue respectively. However, the technical requirements in the above fields are slightly different from those in the field of drug control, and the market competition is fierce and there are many competitors. The company may have the risk of market development when entering new business fields. （5） At the end of the risk reporting period with a long collection cycle of accounts receivable, the balance of accounts receivable of the company was 695712 million yuan, 663372 million yuan and 954886 million yuan respectively, accounting for 18.52%, 7.28% and 10.00% of the total assets at the end of each period, which is an important part of the assets of the company. The main customers of the company’s UAV service business are drug control departments at all levels, and the main customers of UAV product business are aerospace enterprises. The above customers belong to government departments or state-owned enterprises, and their payment approval process is long, which may prolong the recovery cycle of accounts receivable. On average, the extension time is usually about 6 months, which may have an adverse impact on the company’s sustainable profitability. Guandian Defense Technology Co., Ltd
