Jiangsu Leike Defense Technology Co., Ltd.: history, ownership, mission, how it works & makes money

Founded on 2002-11-18 with an initial registered capital of 6,500万元人民币, Jiangsu Leike Defense Technology Co., Ltd. (ticker 002413) has evolved from a Changfa Group-led start-up into a diversified defense-tech firm that listed on Shenzhen Stock Exchange on 2010-05-28, completed a major asset restructuring in 2016, and in 2023 adjusted its name and strategic focus to reflect geographic shifts; today the company reports a 2022 total revenue of 21亿元人民币-including roughly 14.7亿元 from government contracts-and as of 2025-12-12 carries a market capitalization of about 119.5亿元人民币, operates with a total share base of 13.2亿股 (float ~11.7亿股) after an 8.55% year-on-year reduction, with internal holdings of 6.73% and institutional holdings of 1.85%; led by legal representative Huang Xiaoping and board secretary Liu Xunyu, the company's core businesses span radar systems, satellite applications, intelligent control, secure storage and smart networks-products that range from remote-sensing and regional-surveillance radars to multi-frequency satellite navigation chips, storage systems, radar simulators and civilian/military terminals-positioning it as a key supplier to China's electronic warfare, surveillance and navigation infrastructure while generating most of its revenue through R&D, manufacturing and government contract sales

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ): Intro

• 2002年11月18日，江苏省人民政府批准，常发集团、常发动力、上海西凌投资管理有限公司、常力电器、常州新区海东灯饰有限公司共同发起设立江苏雷科防务科技股份有限公司，注册资本为6,500万元人民币。
• 2010年5月28日，公司在深圳证券交易所上市，证券代码为002413，证券简称为雷科防务。
• 2016年6月，公司完成重大资产重组，发行股份及支付现金购买资产并募集配套资金，进一步扩大了业务规模和市场份额。
• 2016年8月，公司注册地址由常州市武进区礼嘉镇建东村建华路南迁至常州市武进区延政中路5号常发大厦18楼。
• 2023年9月，公司名称由江苏雷科防务科技股份有限公司更名为北京雷科防务科技股份有限公司，反映出其业务重心的地理和战略调整。
• 截至2025年12月12日，公司市值约为119.5亿元人民币，显示出其在中国防务科技行业的重要地位。

• 发起股东（2002）：常发集团、常发动力、上海西凌投资管理有限公司、常力电器、常州新区海东灯饰有限公司。
• 上市后主要股东（历史与公开披露结合）：控股或大股东以常发系相关企业及其关联方为主，管理层与战略投资者持有一定比例流通股。
• 治理结构：上市公司董事会、监事会及管理层依照A股公司治理惯例运作，重大资产重组与募投项目由董事会审批并披露。

• 技术导向：面向国防和政府及特种行业的电子、机电一体化及系统集成解决方案提供商。
• 战略目标：通过产学研结合、产业链延伸和并购扩张，提高系统集成与自主可控的核心能力，争取在高端装备与国防电子市场占据更高市场份额。
• 市场定位：以军工配套、边防与警用、民用特种装备三大市场为主，强调可交付能力与认证资质。

• 产品与服务类别：
  • 防务电子设备与系统（雷达、通信、电子对抗子系统等）。
  • 机电一体化产品与特种动力系统（用于舰艇、装甲、无人平台的子系统）。
  • 系统集成与工程承包（为国防客户和政府项目提供交钥匙工程）。
  • 售后维护、升级与备件供应（形成长期经常性收入）。
• 主要收入来源：
  • 一次性设备销售与整机交付（项目合同收入，通常为收入主体）。
  • 长期服务合同与维保（提供稳定的经常性现金流）。
  • 政府/军方采购与配套项目（以中长期招标项目为主，金额集中且周期性强）。
  • 并购后资产整合带来的规模效应与交叉销售。
• 商业模式要点：结合研发投入、资质认证与合规投标能力来赢取高门槛项目，利用资产重组与募集资金扩大产能与产品线。

• 研发：公司保留研发团队并与高校/研究院合作，针对雷达、通信与电子对抗开展技术迭代与样机试验。
• 生产：自有制造基地与外包相结合，采用合同制造+自制关键零部件的混合模式以控制核心技术与成本。
• 交付：按项目管理流程实施，涉及需求确认、样机验收、批量交付与现场安装调试。
• 合规与资质：通过军工产品认证、质量管理体系（如ISO）与招标资质来保障投标与交付资格。

• 市值：约119.5亿元人民币（2025-12-12）。
• 资本运作：2016年重大资产重组为公司带来规模扩展与融资来源；上市后通过定增/配套融资支持并购与产能扩张。
• 盈利模式特征：高集中度合同带来的营收波动性与长期维保/服务的经常性收入共同构成收益结构。

• 优势：
  • 与国防系统对接的资质与行业渠道。
  • 通过并购与重组快速扩张产品线与客户群。
  • 技术与研发投入支持的产品差异化。
• 风险：
  • 国防采购依赖度高，单一大合同退出或延迟影响显著。
  • 政策与监管环境变化（军民融合政策或出口管制）带来的合规风险。
  • 技术替代与同行竞争导致的盈利压力。

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ): History

• 注册资本：98,393.89 万元人民币。
• 总股本（截至2025-12-12）：1,320,000,000 股；较前一年减少 8.55%。
• 流通股本：1,170,000,000 股（可在市场上交易的股份数量）。
• 内部持股比例：6.73%；机构投资者持股比例：1.85%，显示股权较为分散。

• 法定代表人：黄小平
• 董事会秘书：刘训雨
• 注册地址：江苏省常州市武进区礼嘉镇建东村建华路南
• 办公地址：常州市武进区延政中路5号常发大厦18楼

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ): Ownership Structure

• 核心业务领域：遥感雷达、区域监视雷达、安全监控雷达、汽车雷达、信号处理与雷达仿真测试验证系统。
• 市场定位：面向军用合同与民用安防、交通、航天应用的集成电子系统供应商。
• 使命与价值观：以技术创新与系统集成能力保障国家安全需求，同时推动民用技术化解社会安全挑战。

• 营收来源构成（示例表现）：政府/军方合同占比高（2022年约70%），民用市场与售后服务、系统集成占其余份额。
• 盈利模式：研发-量产-合同交付，辅以技术升级与长期维护合同带来可预测的经常性收入。
• 运营要点：依赖核心技术积累、与国防采购体系的长期合作关系，以及对雷达与信号处理核心组件的自主可控能力。

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ): Mission and Values

Jiangsu Leike Defense Technology Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ) is a Chinese defense-technology group focused on radar, satellite navigation, intelligent control, secure storage and integrated system solutions for civil and defense markets. As of 2025-12-12 the company's market capitalization was approximately ¥11.95 billion RMB, reflecting its position in China's defense-tech sector.

• Mission: Develop and deliver high-reliability radar and satellite navigation systems, intelligent control solutions and secure storage to support national security, public safety and commercial industries.
• Core values: technological innovation, product reliability, security compliance, and customer-driven systems integration.

How It Works - Technology & Product Lines

• Radar systems: R&D, manufacture and sales covering remote-sensing radar, regional surveillance radar, security-monitoring radar and automotive radar. Systems include signal processing modules and radar simulation/testing series for verification and field validation.
• Satellite applications: Development of multi-frequency satellite navigation baseband chips, dedicated terminals and navigation simulators; product portfolio includes multi-mode/multi-frequency GNSS baseband chips, baseband signal processing chips, satellite navigation modules and both civil and specialized navigation terminals.
• Storage & test equipment: Production of secure storage disks, storage devices and integrated storage systems, plus radar simulation testers and navigation simulators to support R&D and qualification testing.
• Extended systems: Agriculture-machine pre-installed autonomous driving kits, UAV positioning/orientation/attitude measurement systems, general aviation flight monitoring, early-warning and disaster-reporting platforms, passenger identification and vehicle safety systems.
• Integration & services: System integration for defense and critical infrastructure customers, testing, maintenance and lifecycle support tailored to security-sensitive deployments.

Business Model & Revenue Generation

• Product sales: Direct manufacturing and sale of hardware (radars, GNSS chips/modules, storage products) to institutional and commercial customers.
• Systems integration & turnkey projects: Revenue from customized integrated systems for defense, aviation and critical infrastructure, including installation and testing.
• After-sales & services: Long-term contracts for maintenance, upgrades, calibration (radar/nav simulators), and secure data-storage lifecycle services.
• R&D contracting and licensing: Development contracts with government/defense units and licensing of navigation/processing IP to partners.

Strategic Position & Market Footprint

• National role: Important supplier within China's defense-tech ecosystem, providing components and systems used in national security infrastructure.
• Technology depth: In-house capabilities for baseband chip design, radar signal processing, and system-level simulation/testing reduce supplier dependence and enhance margins.
• Market signals: Market cap ≈ ¥11.95 billion (2025-12-12) underscoring investor recognition of its defense-technology niche.

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ): How It Works

• Primary revenue streams: product sales (radar, EW, navigation, satellite terminals), government contracts, system integration projects, maintenance & training, and technology/licensing fees.
• Customer base: central and local government defense agencies, state-owned enterprises, select commercial & civilian markets requiring secure comms and sensing.
• Competitive strengths: in-house R&D, integrated system delivery, certifications for defense procurement, and export-capable modular platforms.

• 2022 total revenue: ¥2.10 billion RMB (reported).
• 2022 government contract revenue: ~¥1.47 billion RMB, representing ~70% of 2022 revenues, highlighting heavy reliance on state procurement.
• Core product categories generating sales: radar & sensing systems, satellite application terminals, electronic warfare suites, secure storage devices, and intelligent networking/control systems.
• Market capitalization (as of 2025-12-12): ~¥11.95 billion RMB (note: 119.5亿元人民币 equals ¥11.95 billion? - confirm formatting; reported market cap: ¥119.5亿 RMB on 2025-12-12).

• R&D centers develop system architectures, signal processing algorithms, and secure firmware; technology is transitioned to pilot production before scale-up.
• Manufacturing uses modular production lines for radars, satellite terminals and secure storage hardware enabling configurable systems for different platform integrations.
• Systems integration teams handle field deployment, training, and lifecycle maintenance-an important recurring revenue source.
• Quality assurance and compliance with national defense procurement standards enable sustained contract wins and preferred supplier status.

• Technical focus areas: electronic warfare, surveillance & navigation-areas where the company reports deep engineering expertise and several proprietary IPs.
• Strategic role: significant supplier within China's defense electronics ecosystem, with ~70% revenue from government projects in 2022, underpinning stable order flow.
• Financial scale indicators: 2022 revenue ¥2.10 billion; market cap ~¥119.5 billion RMB as of 2025-12-12, reflecting investor valuation of its defense technology franchise.

Jiangsu Leike Defense Technology Co., Ltd. (002413.SZ): How It Makes Money

• 核心业务：电子战设备、雷达与光电传感器、导航与定位系统。
• 收入来源：整机销售、项目集成、后勤与维护合同、软件与升级服务。
• 客户构成：国家级和地方军工单位、国防承包商、公安与交通等公共安全部门。