688776.SH上海证券交易所 · 科创板 STAR
Chengdu Guoguang Electronics 国光电气
Defence Electronics 军工电子Ⅱ
¥54.25+¥2.25 · +4.33%
Open 开盘
¥52.52
High 最高
¥55.93
Low 最低
¥51.52
Prev Close 昨收
¥52.00
Volume 成交量
846.7万股
Turnover 成交额
¥4.60亿
Mkt Cap 总市值
¥59亿
P/E 市盈率
−37.0×
Recent Activity 近期动态All Filings 全部公告 →
3 significant filings since 30 May 2026: 2 on regulatory inquiry and 1 on major holder selling. The latest, on 22 Jul 2026: 国光电气股东减持股份结果公告.
自 30 May 2026 起有 3 份重大公告：regulatory inquiry 2 份、major holder selling 1 份。最新一份（22 Jul 2026）：国光电气股东减持股份结果公告。
46.0048.0050.0052.0054.00
Volume 成交量
846.7万
26 Aug02 Sep09 Sep17 Sep24 Sep
Overview 概览Deep Report 深度报告Financials 财务Valuation 估值Ownership 股东Analysts 券商Estimates 预测News 动态Events 事件Peers 同业
As of 27 Sep 2026 截至2026年9月27日
Assessment 评估
Chengdu Guoguang Electronics 国光电气 is a defence electronics company listed on the Shanghai Stock Exchange since 31 Aug 2021. The company reported a wider attributable net loss of -RMB98.8m in 2025, with revenue down 48.5% to RMB276.4m. Operating cash flow per share was -RMB0.13 in 2025. Receivables took 897 days to collect as of 30 Jun 2026. The share price fell 42.2% over one year. A regulatory inquiry into the 2025 annual report was filed, and the former general manager was subject to detention, later released and changed to a different status. The company remains loss-making with weak revenue trends and extended receivables collection, raising operational and liquidity concerns.
国光电气是一家军工电子公司，2021年8月31日在上交所上市。公司2025年归母净利润亏损扩大至-9,876.1万元，营业收入同比下降48.5%至2.76亿元。2025年每股经营现金流为-0.13元。截至2026年6月30日，应收账款周转天数为897天。过去一年股价下跌42.2%。公司收到关于2025年年报的监管问询，总经理曾被留置，后解除并变更为责令候查。公司持续亏损，收入下滑，回款周期极长，经营与流动性风险显著。
Risk Register 风险登记
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Detention or investigation 留置或立案调查 | The company's general manager was subject to detention, later released and changed to a different supervisory status. 公司总经理曾被采取留置措施，后解除并变更为责令候查。 | Detention of a senior executive may disrupt management continuity and operational decision-making. The regulatory scrutiny may delay reporting or affect investor confidence. 高管被留置可能影响管理层稳定与经营决策。相关监管关注可能延缓信息披露或削弱投资者信心。 |
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported an attributable net loss of -RMB98.8m in 2025, a wider loss than the prior year. 公司2025年归母净利润为-9,876.1万元，亏损较上年扩大。 | A widening net loss erodes equity and may impair the company's ability to invest or withstand downturns. It reflects weak profitability despite a 19.0% gross margin. 亏损扩大持续侵蚀净资产，削弱投资与抗风险能力。尽管毛利率为19.0%，但整体盈利能力严重不足。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow per share was negative at -RMB0.13 in 2025. 2025年每股经营现金流为-0.13元，呈现金流出。 | Negative operating cash flow indicates the core business consumed more cash than it generated, increasing reliance on financing or asset sales. 经营现金流为负表明主业现金消耗大于创造，公司更依赖外部融资或资产变现维持运营。 |
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined by 48.5% in 2025 to RMB276.4m. 2025年营业收入同比下降48.5%至2.76亿元。 | A sharp revenue drop suggests weakening demand, loss of contracts, or operational issues, which may further pressure margins and cash flow. 收入大幅下滑反映市场需求疲软、订单流失或经营问题，可能进一步挤压利润与现金流。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivable days were 897 as of 30 Jun 2026. 截至2026年6月30日，应收账款周转天数为897天。 | Extremely long receivable days indicate poor collections, high credit risk, and potential bad debts, tying up working capital. 回款周期极长反映收款困难，信用风险高，可能存在坏账，严重占用营运资金。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price fell 42.2% over one year, from RMB93.92 to RMB54.25. 过去一年股价下跌42.2%，从93.92元降至54.25元。 | The share price declined from RMB93.92 to RMB54.25 over one year. A regulatory inquiry and executive detention were reported in filings during this period. 过去一年股价从93.92元降至54.25元。此期间公司公告了监管问询及高管被留置事项。 |
What to Watch 关注要点
- Change in attributable net profit for the full year 2026, to see if the loss narrows or turns to profit.
2026年全年归母净利润变动，观察亏损是否收窄或转盈。 - Operating cash flow per share in 2026, to assess if cash generation improves from -RMB0.13.
2026年每股经营现金流，判断现金创造能力是否较-0.13元改善。 - Receivable days as of 31 Dec 2026, to see if collection efficiency improves from 897 days.
截至2026年12月31日的应收账款周转天数，观察回款效率是否较897天提升。 - Status update on the former general manager under 'ordered to await investigation', to confirm no further action is taken.
原总经理责令候查状态是否解除，确认无进一步措施。 - Revenue change in 2026, to see if the decline of 48.5% in 2025 reverses.
2026年营业收入变动，观察2025年48.5%的下滑趋势是否逆转。 - Next filing on the regulatory inquiry, to confirm if the exchange closes the matter.
关于监管问询的下一份公告，确认交易所是否结案。
Facts 事实
- Company: Chengdu Guoguang Electronics 国光电气, Shanghai Stock Exchange 688776; industry Defence Electronics; listed 31 Aug 2021.
公司：国光电气，上海证券交易所 688776；行业：军工电子；上市日期：2021年8月31日。 - Close on 24 Sep 2026 RMB54.25; close on 24 Sep 2025 RMB93.92; one-year change -42.2%.
2026年9月24日收盘价54.25元；2025年9月24日收盘价93.92元；一年涨跌幅-42.2%。 - 52-week range RMB44.20 to RMB138.35.
52周区间44.20元至138.35元。 - In the last 12 months 7 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 16 Dec 2025 -10.5%; 12 Jan 2026 +18.2%; 29 May 2026 -9.5%; 13 Jul 2026 -10.3%; 23 Sep 2026 +10.3%. No two of the 7 fell on consecutive trading days.
近12个月共有7个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2025年12月16日 -10.5%；2026年1月12日 +18.2%；2026年5月29日 -9.5%；2026年7月13日 -10.3%；2026年9月23日 +10.3%。其中任意两个交易日均不相邻。 - Market capitalisation RMB5.88bn; P/E TTM not meaningful (loss-making); price to book 3.51x.
总市值58.80亿元；市盈率（TTM）不适用（亏损）；市净率3.51倍。 - Revenue 2025 RMB276.4m; change -48.5%.
营业收入2025年2.76亿元；同比-48.5%。 - Attributable net profit 2025 -RMB98.8m; change -309.9% (a wider loss, or a turn from a profit to a loss).
归属于母公司股东的净利润2025年-9,876.1万元；同比-309.9%（亏损扩大或由盈转亏）。 - Net profit excluding non-recurring items, 2025 change -334.8%.
2025年扣除非经常性损益后的净利润同比-334.8%。 - Basic EPS 2025 -RMB0.91.
基本每股收益2025年-0.91元。 - Operating cash flow per share 2025 -RMB0.13.
每股经营现金流2025年-0.13元。 - 2025 gross margin 19.0%; net margin -35.7%; ROE -5.5%.
2025年毛利率19.0%；净利率-35.7%；净资产收益率-5.5%。 - At 30 Jun 2026: liabilities to assets 25.2%; current ratio 3.91; quick ratio 3.37; receivable days 897; inventory days 406.
截至2026年6月30日：资产负债率25.2%；流动比率3.91；速动比率3.37；应收账款周转天数897；存货周转天数406。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB137.6m, change -40.4%; attributable net profit -RMB72.6m, change -492.4% (a wider loss, or a turn from a profit to a loss); operating cash flow per share -RMB0.30.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入1.38亿元，同比-40.4%；归母净利润-7,259.9万元，同比-492.4%（亏损扩大或由盈转亏）；每股经营现金流-0.30元。 - In the 12 months to 27 Sep 2026: 3 distinct filings classed critical, high or as a lift; by class: 2 filings classed Regulatory Inquiry; 1 filing classed Detention or Investigation; 1 filing classed Released from Detention. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月27日的近12个月：被归为重大、较高级别或解除类的公告共3份；按类别：归为监管问询的公告2份；归为留置/立案调查的公告1份；归为解除留置的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 5 Jan 2026, Detention or Investigation (critical): filing titled 《国光电气关于总经理解除留置并变更为责令候查的公告》.
2026年1月5日，留置/立案调查：公告《国光电气关于总经理解除留置并变更为责令候查的公告》。 - 5 Jan 2026, Released from Detention (medium): filing titled 《国光电气关于总经理解除留置并变更为责令候查的公告》.
2026年1月5日，解除留置：公告《国光电气关于总经理解除留置并变更为责令候查的公告》。 - 16 Jul 2026, Regulatory Inquiry (high): filing titled 《中汇会计师事务所关于上海证券交易所《关于对成都国光电气股份有限公司2025年年度报告的信息披露监管问询函》有关财务问题回复的专项说明》.
2026年7月16日，监管问询：公告《中汇会计师事务所关于上海证券交易所《关于对成都国光电气股份有限公司2025年年度报告的信息披露监管问询函》有关财务问题回复的专项说明》。 - 16 Jul 2026, Regulatory Inquiry (high): filing titled 《中信证券股份有限公司关于对成都国光电气股份有限公司2025年年度报告的信息披露监管问询函回复的核查意见》.
2026年7月16日，监管问询：公告《中信证券股份有限公司关于对成都国光电气股份有限公司2025年年度报告的信息披露监管问询函回复的核查意见》。 - Ownership: controlling shareholder 新余环亚诺金企业管理有限公司; actual controller 张亚,周文梅; largest holder at 30 Jun 2026: 新余环亚诺金企业管理有限公司, 50.79%.
股权：控股股东：新余环亚诺金企业管理有限公司；实际控制人：张亚,周文梅；2026年6月30日第一大股东：新余环亚诺金企业管理有限公司，持股50.79%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade E, score 24.6 of 100, graded within a peer group of 61 companies in its industry; no rank among peers is given.
金源评级E，得分24.6（满分100），于行业同业61家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。