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Jiangxi Guoke Defence Group Co. Ltd. A

Jiangxi Guoke Defence Group Co., Ltd. produces and sells military products through its subsidiaries in China and internationally. Its offerings include missiles, rockets, solid engine power modules, safety and control modules, ammunition equipment, and fuze and intelligent control products, as well as civilian products. These products are used in air defense and anti-missile, armored assault, counter-terrorism and emergency response, marine survey, and fire suppression, among other fields. The company was founded in 2007 and is headquartered in Nanchang, China.

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Defense & Geopolitical Fragmentation

Guoke Military Industry's 466 million yuan military trade order expected to be delivered within 2026

Guoke Military Industry's management responded on September 17 at the 2026 semi-annual results briefing to market concerns about the delivery progress of the 466 million yuan military trade order and the shift of operating cash flow from positive to negative. Vice Chairman and General Manager Huang Junhua said that the wholly-owned subsidiary Aerospace Jingwei signed a contract last October for 466 million yuan of military trade product engine charge, with a performance period until December 25, 2026. As of the end of 2025, revenue of 32 million yuan had been recognized, and the remaining 434 million yuan is being organized for production, testing, and delivery acceptance in batches, with delivery planned to be completed within 2026. However, the order's implementation is subject to uncertainty from factors such as the international geopolitical environment, overseas demand, procedural compliance approvals, and business negotiation cycles. In the first half of this year, the company's ammunition and equipment segment was under pressure. Net profit of subsidiaries Xianfeng Company and Jiujiang Guoke fell 98% year-on-year and turned from profit to loss respectively. Huang Junhua said this was mainly due to delayed signing of order contracts, with multiple intelligent and new-type ammunition and fuzes still in the research, trial production, and appraisal stage, and that the performance pressure was a phased fluctuation. Net operating cash flow turned from positive to negative year-on-year, mainly because delayed contract signing postponed the disbursement of commencement payments. There has been no trend-based adjustment in the military prepayment model. Contract liabilities surged 232% from the beginning of the period, and inventory growth was due to production and stockpiling organized according to orders in hand. The power expansion project has fully commenced. Once completed, it will expand solid power charge and power module production capacity, taking into account military products, military trade, and commercial aerospace supporting demand. In terms of performance, the company achieved operating revenue of 384 million yuan in the first half of 2026, down 8.02% year-on-year, and net profit attributable to shareholders of the listed company of 59.0569 million yuan, down 23.41% year-on-year.
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Guoke Military Industry shareholder plans to cut stake by no more than 3%

Guoke Military Industry announced that Nanchang Jiahui Investment Management Center, a shareholder holding more than 5% of the company, plans to reduce its holdings by no more than 7,518,300 shares through centralized bidding and block trading, representing no more than 3% of the company's total share capital. The reduction period is from October 8, 2026 to January 7, 2027, and the reason for the reduction is the shareholder's own operational needs.
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Guoke Military Industry R&D Investment Exceeds 13% of Revenue, Military Trade Business Keeps Breaking Through

Guoke Military Industry released its 2026 semi-annual report. During the reporting period, it achieved operating revenue of 384 million yuan, a year-on-year decrease of 8.02%; net profit attributable to shareholders of the listed company was 59.06 million yuan, a year-on-year decrease of 23.41%; and non-GAAP net profit was 57.54 million yuan, a year-on-year decrease of 6.99%. From the business structure perspective, high-prosperity segments such as solid engine charges and military trade supporting services achieved substantial growth, while ammunition orders declined somewhat. Relying on mature solid power modules and standard ammunition equipment products, the company deepened its military trade supporting layout, and the scale of its military trade business continued to expand, becoming an important second growth curve. In the first half of the year, civilian product revenue was 49.79 million yuan, exceeding the full-year 2025 scale of 41.72 million yuan. In terms of R&D investment, R&D spending in the first half of 2026 was 50.19 million yuan, accounting for 13.07% of revenue; as of the end of June, there were 107 major projects under research, with an estimated total investment scale of 486 million yuan. In terms of capacity building, the power module construction project has fully commenced, subsidiary Aerospace Jingwei completed production line upgrades and transformation, increasing production capacity by more than 20%, and the aerospace power supporting industry project completed land acquisition.
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