Core Viewpoint - AVIC (中航科工) is a holding company in the aerospace high-tech industry, with a market capitalization of HKD 33 billion (approximately CNY 29.3 billion) and a low P/S ratio of 0.34, indicating potential undervaluation despite its stable revenue growth [3][4][14]. Group 1: Company Structure and Valuation - AVIC is primarily a holding platform with its actual controller being the Aviation Industry Corporation of China, holding 57.05% of shares [7]. - The company has nine first-level subsidiaries, including four listed companies: AVIC Helicopter, AVIC Aircraft, Hongdu Aviation, and AVIC Optoelectronics, which contribute significantly to its revenue [9][19]. - The valuation method using P/S is deemed inappropriate due to the varying ownership stakes in subsidiaries, suggesting a weighted sum of subsidiary market values for a more accurate assessment [14][15]. Group 2: Financial Performance - In 2024, AVIC's revenue is projected to be CNY 869 billion, with a net profit of CNY 21.87 billion, resulting in a PE ratio of 13.4 for 2024 and 15.66 for 2025 [3][18]. - The company experienced a revenue increase of 11.43% in the first half of 2025, but a decline in net profit by 23.78%, indicating potential challenges ahead [18][21]. - The overall gross margin decreased from 22.5% in 2024 to 20.22% in 2025, primarily due to a decline in the profitability of the aviation support systems segment [21]. Group 3: Business Segments and Growth Potential - AVIC's strategic layout includes three main business areas: helicopters, trainer aircraft, and aviation support systems, with a focus on R&D investment [12][22]. - The company is involved in the C919 large passenger aircraft project, contributing to various components, which may enhance its market position in the civil aviation sector [24]. - Despite the potential of the low-altitude economy, the stock price remains stable due to market perceptions and the company's specific business focus, which is not directly aligned with the broader aerospace and satellite trends [26][28].

Core Viewpoint - AVIC Optoelectronics reported a stable revenue growth for the fiscal year 2025, but experienced significant declines in net profit due to external market pressures and rising material costs [1] Financial Performance - Total revenue for AVIC Optoelectronics reached RMB 21.301 billion, maintaining stable growth [1] - Profit before tax amounted to RMB 2.664 billion, while net profit attributable to shareholders was RMB 2.124 billion, reflecting year-on-year declines of 29.24% and 36.69% respectively [1] - The decline in net profit is attributed to ongoing price pressures in certain business sectors and increases in upstream commodity prices [1]

Core Viewpoint - AVIC's subsidiary, AVIC Optoelectronics, reported a total operating revenue of RMB 21.301 billion for the fiscal year 2025, reflecting a year-on-year growth of 2.98%. However, the net profit attributable to shareholders decreased significantly by 36.69% to RMB 2.124 billion, primarily due to external market price pressures and rising costs of raw materials [1]. Financial Performance - Total operating revenue reached RMB 21.301 billion, marking a 2.98% increase compared to the previous year [1] - Profit before tax amounted to RMB 2.664 billion, showing a decline of 29.24% year-on-year [1] - Net profit attributable to shareholders was RMB 2.124 billion, down 36.69% from the previous year [1] Market Conditions - The decline in net profit is attributed to ongoing external market price pressures and the rising costs of upstream bulk materials [1]

Core Viewpoint - AVIC's subsidiary, AVIC Optoelectronics, reported a total operating revenue of RMB 21.301 billion for the fiscal year 2025, reflecting a year-on-year increase of 2.98%. However, the net profit attributable to shareholders decreased significantly by 36.69% to RMB 2.124 billion, primarily due to external market price pressures and rising costs of raw materials [1]. Financial Performance - Total operating revenue reached RMB 21.301 billion, marking a 2.98% increase compared to the previous year [1] - Total profit amounted to RMB 2.664 billion, showing a decline of 29.24% year-on-year [1] - Net profit attributable to shareholders was RMB 2.124 billion, down 36.69% from the previous year [1] Market Conditions - The decline in net profit is attributed to ongoing external market price pressures and the rising costs of upstream bulk materials [1]

公告 中航光電 2025 年度業績快報 本公告所載中國航空科技工業股份有限公司（「本公司」）之非全資附屬公司，中航光電科技 股份有限公司（「中航光電」，其股票於深圳證券交易所上市）2025 年度（「本報告期」）主 要財務數據和指標均未經審計，請投資者注意投資風險。 1.中航光電 2025 年度主要財務數據和指標 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* （於中華人民共和國註冊成立之股份有限公司） （股份代號：2357） | 項目 | 本報告期 | 上年同期 | 增減變動幅度（％） | | --- | --- | --- | --- | | 營業總收入 | 21,301,291,936.45 | 20,685,528,503.12 | 2.98% | | 營業利潤 | 2,636,618,971.03 | 3,729,367 ...

Company News - Beijing Capital International Airport Co., Ltd. (00694.HK) expects a net loss of approximately RMB 6.0 billion to RMB 7.6 billion in 2025, a year-on-year reduction of about 45.3% to 56.8%, benefiting from the recovery in aviation market demand and enhanced cost control [1] - Times Electric (03898.HK) anticipates total operating revenue of approximately RMB 28.761 billion in 2025, a year-on-year increase of 15.46%, with a net profit of about RMB 4.105 billion, up 10.88% year-on-year [1] - Hong Kong Tong Holdings (00032.HK) issued a profit warning, expecting a year-on-year increase in profit attributable to shareholders to approximately HKD 660 million for the fiscal year 2025 [1] - Datang Environment Industry Group (01272.HK) issued a profit warning, expecting pre-tax profit to rise to approximately RMB 700 million to RMB 710 million in 2025 [1] Power Generation - Datang New Energy (01798.HK) completed power generation of 3.272 million MWh in January, a year-on-year increase of 6.69% [2] - Longyuan Power (00916.HK) achieved power generation of 7.1627 million MWh in January, a year-on-year growth of 12.05%, with wind power generation increasing by 8.11% and solar power generation rising by 42.25% [2] - Jiangshan Holdings (00295.HK) reported total power generation of approximately 18.3 thousand MWh in January, a year-on-year decrease of 22.13% [4] Real Estate - Yuexiu Property (00123.HK) reported contract sales of approximately RMB 4.201 billion in January, a year-on-year decline of about 36.4% [2] - Poly Real Estate (01238.HK) recorded total contract sales of approximately RMB 470 million in January, a year-on-year decrease of 31.98% [2] - Greenland Hong Kong (00337.HK) reported contract sales of approximately RMB 508 million in January, a year-on-year increase of about 287.79% [3] Other Developments - CloudTop New Drug (01952) received approval for the new drug application of Vedolizumab for treating moderate to severe ulcerative colitis in adults in China [4] - Zhonghang Science and Technology (02357.HK) plans to invest RMB 58 million to acquire a 10% stake in Zhonghang Jierui [4] - Kelun-Biotech (06990.HK) received approval for the fourth indication of its core product TROP2ADC for treating 2L+ HR+/HER2- breast cancer [4] Financing and Buyback Activities - Kingsoft Corporation (03888.HK) repurchased approximately 1.1142 million shares for about HKD 29.9994 million, with repurchase prices ranging from HKD 26.8 to HKD 27 [7] - Geely Automobile (00175.HK) repurchased approximately 1.665 million shares for about HKD 27.1612 million, with repurchase prices between HKD 15.94 and HKD 16.44 [7] - October Rice Field (09676.HK) repurchased 780,000 shares for approximately HKD 7.3357 million, with repurchase prices between HKD 9.3 and HKD 9.46 [7] - China Galaxy (06881.HK) completed the issuance of corporate bonds totaling RMB 6 billion [7]

Group 1 - The core point of the article is that AVIC (02357.HK) is strengthening its airborne industry chain and enhancing product R&D collaboration through equity transfer agreements involving its subsidiary QY Instrument and other entities [1] - QY Instrument has agreed to purchase a 3.7805% stake in AVIC Jierui from the Aviation Industry Fund for a consideration of RMB 21.9269 million [1] - Additionally, QY Instrument will acquire a 6.2195% stake in AVIC Jierui from Ruite New for RMB 36.0731 million [1] Group 2 - As of February 6, 2026, AVIC's stock closed at HKD 4.1, down 0.97%, with a trading volume of 17.4997 million shares and a turnover of HKD 71.8331 million [1] - The investment banking community has shown low interest in AVIC, with no ratings provided in the last 90 days [1] - AVIC has a market capitalization of HKD 25.712 billion, ranking first in the aerospace equipment industry [1]

Core Viewpoint - AVIC Industry (中航科工) aims to strengthen its airborne industry chain and enhance product R&D collaboration through equity transfer agreements involving its subsidiary QY Instrument and AVIC Industry Fund [1] Group 1: Equity Transfer Agreements - QY Instrument signed two equity transfer agreements with AVIC Industry Fund and Ruitex New, agreeing to purchase a total of 9% equity in AVIC Jierui [1] - QY Instrument will acquire 3.7805% equity from AVIC Industry Fund for RMB 21.9269 million and 6.2195% equity from Ruitex New for RMB 36.0731 million [1] - After the completion of these transactions, QY Instrument will hold a total of 10% equity in AVIC Jierui, which remains a non-wholly owned subsidiary of AVIC [1] Group 2: Company Profile - AVIC Jierui primarily focuses on the R&D, production, and sales of sensing products, particularly fiber optic gyroscopes [1]

Core Viewpoint - AVIC (中航科工) aims to strengthen its airborne industry chain and enhance product R&D collaboration through equity transfer agreements involving its subsidiary QY Instrument and other entities [1] Group 1: Equity Transfer Agreements - QY Instrument has signed two equity transfer agreements with Aviation Industry Fund and Ruitex New to acquire stakes in AVIC Jierui [1] - QY Instrument will purchase 3.7805% of AVIC Jierui's shares from Aviation Industry Fund for RMB 21.9269 million [1] - QY Instrument will also acquire 6.2195% of AVIC Jierui's shares from Ruitex New for RMB 36.0731 million [1] Group 2: Ownership Structure - After the completion of these transactions, QY Instrument will hold a total of 10% equity in AVIC Jierui [1] - AVIC Jierui will continue to operate as a non-wholly-owned subsidiary of China Aviation Industry Group [1] Group 3: Company Profile - AVIC Jierui primarily focuses on the R&D, production, and sales of sensor products, particularly fiber optic gyroscopes [1]

關連交易 收購中航捷銳股權 收購事項 為進一步強化本集團機載產業鏈並增強產品研發協同作用，於二零二六年二月六日， （i）青雲儀錶（本公司之非全資附屬公司）、航空工業產業基金與中航捷銳簽署了股 權轉讓協議一；及（ii）青雲儀錶、瑞特新與中航捷銳簽署了股權轉讓協議二。根據該 等股權轉讓協議，青雲儀錶同意購買航空工業產業基金持有的中航捷銳 3.7805%之股 權 ， 對 價 為 人 民 幣 2,192.69 萬 元 ； 及 青 雲 儀 錶 同 意 購 買 瑞 特 新 持 有 的 中 航 捷 銳 6.2195%之股權，對價為人民幣 3,607.31 萬元。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* （於中華人民共和國註冊成立之股份有限公司） （股份代號：2357） 完成後，青雲儀錶將持有中航捷銳 10%之股權，中航捷銳仍為中國航空 ...