集团2024年度航空整机业务实现收入为人民币284.72亿元，较上年同期航空整机业务收入人民币222.52 亿元增加人民币62.20亿元，增幅为27.95%，主要原因是本期直升机产品销量同比增长。2024年度航空 整机业务收入占集团收入的比重为32.74%，较上年同期增长6.48个百分点。 集团2024年度航空配套系统及相关业务实现收入为人民币485.04亿元，较上年同期航空配套系统及相关 业务收入人民币548.19亿元减少人民币63.15亿元，降幅为11.52%，主要原因是本期航电产品收入同比 下降。2024年度航空配套系统及相关业务业务收入占集团收入的比重为55.77%，较上年同期下降8.91个 百分点。 集团2024年度航空工程服务业务实现收入为人民币99.95亿元，较上年同期航空工程服务业务收入人民 币76.81亿元增加人民币23.14亿元，增幅为30.13%，主要原因是工程建造收入同比增长。2024年度航空 工程服务业务收入占集团收入的比重为11.49%，较上年同期增长2.43个百分点。 智通财经APP讯，中航科工(02357)发布2024年度业绩，收入869.71亿元(人民币，下同)，同比增长 2 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 86.97 billion, an increase of RMB 2.22 billion or 2.62% compared to RMB 84.75 billion in the previous year[3]. - The net profit attributable to the parent company for the fiscal year was RMB 2.19 billion, a decrease of RMB 0.26 billion or 10.63% from RMB 2.45 billion in the previous year[3]. - The total operating costs for the fiscal year were RMB 81.42 billion, up from RMB 78.07 billion in the previous year, reflecting an increase of RMB 3.35 billion[5]. - The company reported a total comprehensive income of RMB 6.10 billion for the fiscal year, compared to RMB 6.85 billion in the previous year[6]. - The basic and diluted earnings per share for the fiscal year were RMB 0.274, a decrease from RMB 0.311 in the previous year[6]. - The company's gross profit margin for 2024 was approximately 21.5%, compared to 24.8% in 2023, showing a decline in profitability[17]. Dividends and Shareholder Returns - The company proposed a final dividend of RMB 645.80 million, translating to RMB 0.081 per share, down from RMB 0.088 per share in the previous year[3]. - The proposed final dividend per share is RMB 0.081, down from RMB 0.088 in the previous year, representing a decrease of about 7.9%[34]. - The board proposed a final dividend of RMB 645,801,194 for the fiscal year 2024, equivalent to RMB 0.081 per share, compared to RMB 0.088 per share for the fiscal year 2023[95]. Assets and Liabilities - The company's total assets as of December 31, 2024, amounted to RMB 158.76 billion, compared to RMB 144.77 billion as of December 31, 2023[7]. - Total liabilities reached RMB 105.40 billion, up from RMB 96.97 billion, which is an increase of approximately 8.8%[10]. - Current liabilities rose to RMB 95.73 billion from RMB 85.55 billion, reflecting an increase of approximately 11.4%[9]. - Total assets as of December 31, 2024, were ¥202,044,106,950, an increase from ¥185,073,721,109 in 2023[19]. - The total liabilities as of December 31, 2024, were ¥105,395,895,072, compared to ¥96,974,617,928 in 2023, indicating an increase of about 8.8%[20]. Cash Flow and Investments - The net cash inflow from operating activities for 2024 is RMB 2.170 billion, a significant increase of RMB 6.251 billion compared to a net outflow of RMB 4.080 billion in the previous year, reflecting improved customer payment recovery[72]. - The net cash outflow from investment activities for 2024 is RMB 5.367 billion, an increase of RMB 1.753 billion from RMB 3.614 billion in 2023, mainly due to the purchase of structured deposits[72]. - The net cash inflow from financing activities for 2024 is RMB 5.336 billion, up by RMB 1.786 billion from RMB 3.550 billion in the previous year, attributed to increased borrowings from subsidiaries[72]. Research and Development - Research and development expenses for the fiscal year were RMB 6.66 billion, down from RMB 7.57 billion in the previous year, indicating a reduction of RMB 0.91 billion[5]. - R&D expenses totaled CNY 6,660,912,151, down from CNY 7,573,007,040, reflecting a decrease of about 12.0% compared to the previous year[23]. - The company aims to focus on strategic emerging industries and accelerate technological innovation to enhance sustainable competitive advantages[63]. Employee and Operational Metrics - Employee costs for the year ended December 31, 2024, amounted to RMB 17.809 billion, an increase of RMB 210 million or 1.19% compared to RMB 17.599 billion in the same period last year[84]. - The total number of employees as of the reporting date was 71,847, with 21.91% in the aircraft manufacturing business, 74.72% in aviation support systems and related businesses, and 3.37% in aviation engineering services and others[83]. - The group employs 71,847 staff as of December 31, 2024, providing appropriate compensation, benefits, and training[82]. Corporate Governance and Compliance - The company has adopted the corporate governance code and believes it has met the principles and requirements outlined in the code as of December 31, 2024[99]. - All directors confirmed compliance with the standard code for securities trading in 2024[100]. - The audit and risk management committee is responsible for overseeing the company's financial operations and audit procedures, ensuring effective internal controls and risk management[98]. Market and Strategic Initiatives - The company plans to expand its market presence in the aviation sector, focusing on both domestic and international markets[18]. - The company successfully raised approximately RMB 3 billion to advance the construction of a world-class helicopter enterprise[64]. - The company signed multiple contracts for helicopter sales and leases, including a procurement intention contract for 30 helicopters during the Zhuhai Airshow[65].

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Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 33.62 billion, a decrease of RMB 7.26 billion or 17.75% compared to RMB 40.87 billion in the same period last year[4]. - The net profit attributable to the parent company for the same period was RMB 1.25 billion, down RMB 292 million or 18.92% from RMB 1.54 billion year-on-year[4]. - The company achieved a total profit of RMB 3.73 billion, compared to RMB 4.31 billion in the previous year, reflecting a decline of 13.5%[5]. - The basic earnings per share for the period were RMB 0.157, down from RMB 0.199 in the same period last year[6]. - The total comprehensive income for the period was RMB 3.28 billion, down from RMB 4.18 billion year-on-year[6]. Operating Costs and Expenses - Total operating costs for the six months were RMB 30.22 billion, a reduction from RMB 36.66 billion in the previous year[5]. - Research and development expenses amounted to RMB 2.03 billion, down from RMB 2.55 billion, indicating a decrease of 20.4%[5]. - Sales expenses for the first half of 2024 totaled RMB 426,116,463, a decrease of 9.8% from RMB 472,509,574 in the first half of 2023[24]. - Management expenses for the first half of 2024 were RMB 2,156,611,852, down 11.3% from RMB 2,432,695,722 in the same period of 2023[25]. - The company reported a significant reduction in employee compensation expenses, with sales staff costs decreasing from RMB 232,194,271 in 2023 to RMB 157,364,803 in 2024[24]. Assets and Liabilities - As of June 30, 2024, the total assets amounted to RMB 185.63 billion, a slight increase from RMB 185.02 billion as of December 31, 2023[8]. - Current assets totaled RMB 144.27 billion, showing a decrease of 0.31% from RMB 144.72 billion at the end of 2023[8]. - Current liabilities totaled RMB 86.72 billion, an increase of 1.38% from RMB 85.54 billion[9]. - Short-term borrowings surged to RMB 8.90 billion, a 77.5% increase from RMB 4.99 billion[9]. - Shareholders' equity increased to RMB 89.78 billion, up from RMB 88.06 billion, reflecting a growth of 1.95%[10]. Revenue Segmentation - The aviation complete machine segment generated revenue of RMB 7.655 billion, down 21.46% year-on-year, primarily due to a decline in helicopter product sales; this segment accounted for 22.77% of total revenue[55]. - The aviation supporting systems and related businesses segment reported revenue of RMB 21.382 billion, a decrease of 20.49% year-on-year, mainly due to a decline in airborne product revenue; this segment represented 63.60% of total revenue[55]. - The aviation engineering services segment saw revenue growth of 8.20%, reaching RMB 4.580 billion, which accounted for 13.63% of total revenue[55]. Future Outlook and Strategy - Future outlook includes potential strategies for market expansion and new product development to enhance performance[4]. - The company is focusing on the low-altitude economy, aiming to become a leader in technology and manufacturing within this emerging industry, leveraging China's large market demand and favorable policies[51]. - The company plans to advance the construction of a world-class helicopter enterprise by promoting research and production investment projects and establishing a civil helicopter base[52]. Governance and Corporate Structure - The board of directors is composed of both executive and non-executive members, ensuring a diverse governance structure[83]. - The company is committed to enhancing its governance capabilities and modernizing its governance system, while integrating green development concepts into its overall high-quality development strategy[52]. Employee and Compensation - As of June 30, 2024, the group had 70,946 employees, with employee costs amounting to RMB 6.632 billion, a decrease of RMB 0.673 billion or 9.21% compared to RMB 7.305 billion in the same period last year[70].

Investment Rating - Buy rating initiated for AVIC Aircraft (2357 HK) [5] Core Views - AVIC Aircraft is a key listed platform for AVIC's aviation equipment high-tech industry in Hong Kong, with a complete aviation industry chain covering upstream, midstream, and downstream businesses [5] - The company has been undergoing continuous professional integration, forming core competitiveness in the aviation industry [5] - The gap in aviation equipment quantity and structure between China and the US is significant, which is expected to drive sustained high demand for helicopters, trainer aircraft, and supporting systems [2] - The domestic large aircraft C919 is expected to accelerate mass production, and the company is deeply involved in the construction of mass production capabilities [2] - Low-altitude economy policies are being intensively introduced, and the company is leveraging its general aviation advantages to jointly develop vertical takeoff and landing aircraft, while also participating in the construction of general aviation infrastructure [2] Business Overview - AVIC Aircraft has formed a complete aviation industry chain, including aviation aircraft, supporting systems, engineering services, and aviation-related investments [5] - The company holds controlling stakes in four A-share listed companies: AVIC Helicopter, Hongdu Aviation, AVIC Electromechanical Systems, and AVIC Optoelectronics, covering various businesses across the aviation industry chain [5] - The company has been integrating its subsidiaries, such as the merger of AVIC Electronics and AVIC Electromechanical in 2022, and the acquisition of Harbin Aircraft Industry Group and Changhe Aircraft Industry Group by AVIC Helicopter in 2023 [5] - From 2018 to 2023, the company's revenue and net profit attributable to the parent company have grown steadily, with the revenue proportion of supporting systems and related businesses increasing, and the gross profit margin of the aircraft business improving significantly [5] Helicopters and Trainer Aircraft - China's armed helicopter fleet is significantly smaller than that of the US, with a lack of 10-ton and above helicopters, indicating substantial room for optimization in both quantity and structure [6] - AVIC Helicopter, a subsidiary of AVIC Aircraft, is the only listed platform for AVIC's helicopter business, with a product line that is expected to benefit from the accelerated deployment of helicopters [6] - China's trainer aircraft fleet is relatively small compared to its fighter aircraft fleet, with a significant gap to be filled [6] - Hongdu Aviation, another subsidiary, has a complete spectrum of primary, intermediate, and advanced trainer aircraft, which is expected to benefit from the increasing demand for pilot training [6] Supporting Systems and Services - The gap in aviation equipment between China and the US is expected to drive sustained high demand for avionics and electromechanical systems [7] - AVIC Electromechanical Systems, a subsidiary, has achieved airworthiness certification for some systems of the C919, and the results are expected to be applied to other civil aircraft, enhancing the company's capabilities in civil aircraft supporting systems [7] - AVIC Optoelectronics has expanded its presence in both military and civilian markets, with its products being used in smart connected vehicles, communications, and civil aircraft, which is expected to elevate the company's growth ceiling [7] Infrastructure Construction - Over the next 20 years, China is expected to add 9,284 new commercial aircraft, which will drive the demand for infrastructure construction [7] - The number of general aviation airports in China increased by 12 5% year-on-year in 2023, and the demand for general aviation infrastructure construction is expected to grow rapidly under the national policy of developing the low-altitude economy [7] - AVIC Planning & Design Institute, a subsidiary, is expected to benefit from the construction of infrastructure in the civil and general aviation sectors [7] Financial Forecasts - The company is expected to achieve net profit attributable to the parent company of 3 068/3 689/4 338 billion RMB in 2024-2026, with year-on-year growth of 25%/20%/18% [8] - The corresponding EPS is expected to be 0 38/0 46/0 54 RMB, and the PE ratio based on the market value as of June 13, 2024, is 10/8/7 times [8] - Based on the historical valuation center of 14 times since 2019, the company is given a "Buy" rating [8]

Financial Performance - The company's revenue for the fiscal year ending December 31, 2023, was RMB 84.725 billion, representing a 7.57% increase from RMB 78.761 billion in 2022[8] - The total profit for the year was RMB 7.069 billion, up 13.25% from RMB 6.242 billion in the previous year[8] - Net profit attributable to the parent company's shareholders was RMB 2.447 billion, reflecting a 5.47% increase from RMB 2.320 billion in 2022[8] - The gross profit margin improved to 25.18%, an increase of 1.27 percentage points from 23.91% in the prior year[8] - The company reported a net cash outflow from operating activities of RMB 4.083 billion for the fiscal year 2023, a decrease from a net inflow of RMB 10.221 billion in the previous year[41] - Operating profit for the fiscal year 2023 was RMB 6.989 billion, an increase of RMB 804 million or 13.00% compared to the previous year[33] - The company's revenue from aviation engineering services for the fiscal year 2023 was RMB 7.681 billion, a decrease of RMB 847 million or 9.93% compared to the previous year[28] - Sales expenses for the fiscal year 2023 amounted to RMB 1.109 billion, an increase of RMB 181 million or 19.50% year-on-year[29] - Management expenses for the fiscal year 2023 totaled RMB 5.647 billion, an increase of RMB 281 million or 5.24% compared to the previous year[30] - Research and development expenses for the fiscal year 2023 were RMB 7.573 billion, an increase of RMB 1.577 billion or 26.30% year-on-year[31] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 185.018 billion, a 3.29% increase from RMB 179.122 billion in 2022[9] - Total liabilities decreased to RMB 96.962 billion, down 6.41% from RMB 103.603 billion in the previous year[9] - The equity attributable to shareholders of the parent company rose to RMB 31.572 billion, a 5.61% increase from RMB 29.894 billion in 2022[9] - The total borrowings of the company as of December 31, 2023, amounted to RMB 13.156 billion, with short-term borrowings of RMB 5.260 billion[42] - The company's capital debt ratio as of December 31, 2023, was 7.11%, down from 8.12% the previous year[44] Revenue Breakdown - The revenue from the aviation complete machine business reached RMB 22.252 billion, a growth of RMB 1.950 billion or 9.60% compared to RMB 20.302 billion in the previous year[27] - The revenue from aviation supporting systems and related businesses was RMB 54.792 billion, an increase of RMB 4.861 billion or 9.74% from RMB 49.931 billion in the previous year[27] - Revenue from aviation supporting systems and related businesses reached RMB 54.792 billion in 2023, a growth of 9.74% year-on-year, with the avionics business contributing RMB 45.525 billion, up RMB 6.333 billion or 16.16%, accounting for 83.09% of the segment's revenue[48] - Revenue from aviation engineering services was RMB 7.681 billion in 2023, a decline of 9.93% year-on-year, representing 9.07% of the company's total revenue, down 1.75 percentage points from the previous year[50] Strategic Initiatives - The company successfully obtained airworthiness certificates for the AS700 and AG100 aircraft, enhancing its product offerings[17] - The company initiated an aviation emergency rescue system project and conducted comprehensive drills for emergency rescue equipment[17] - The company is actively promoting the construction of a civil helicopter base in Tianjin to enhance the industrialization development platform for helicopters[18] - The company plans to strengthen its strategic goals in 2024, focusing on technological innovation and the development of the low-altitude economy[21] - The company aims to enhance its competitive edge in key areas of the supply chain and deepen cooperation with domestic aviation research institutions[21] - The company is committed to advancing green low-carbon technology innovation and promoting high-end, intelligent, and green development in the aviation industry[21] Awards and Recognition - The company has received several awards, including "Outstanding High-Quality Development Listed Company" and "Top 100 Chinese Enterprises"[19] - China Aviation Industry ranked 150th in the Fortune Global 500 and 2nd in the aerospace and defense sector globally[17] Workforce and Employee Costs - As of December 31, 2023, the company has a total of 74,584 employees, with an employee cost of RMB 17.53 billion, an increase of RMB 1.34 billion or 8.27% compared to the previous year[61] - The company has a significant workforce in the aviation supporting systems and related businesses, accounting for 75.72% of total employees[61] - The company continues to enhance its core competitiveness through training programs aimed at young employees[63] Corporate Governance - The company has implemented internal controls to ensure compliance with relevant laws and regulations in China, with no significant violations reported[152] - The supervisory board held two meetings in 2023, reviewing eight proposals, including the annual report and profit distribution plans[159] - The supervisory board believes that the financial reports submitted to the shareholders accurately reflect the company's financial status and operational performance[160] - The company has established a nomination committee to ensure transparency and appropriateness in the appointment of new directors[171] - The governance report has been reviewed by the board to ensure compliance with the relevant requirements of the Hong Kong listing rules[168] Related Party Transactions - The actual expenditure for related party transactions with AVIC Industrial was RMB 12,686 million, while the revenue was RMB 25,378 million, against an annual cap of RMB 23,640 million and RMB 34,516 million respectively[124] - The company continues to engage in ongoing related transactions with AVIC and its subsidiaries, which hold over 10% equity in the company[106] Future Outlook - The company provided an optimistic outlook for Q4 2023, projecting revenue growth of 25% compared to the previous quarter[3] - The company plans to focus on new opportunities in the low-altitude economy, accelerate the development of new aircraft, and enhance its core competitiveness through strategic partnerships and technological innovation in 2024[56] - Future guidance indicates a commitment to sustainable practices, with a goal to reduce carbon emissions by 25% by 2025[10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its growth potential and financial performance [2][3]. Core Viewpoints - The company aims to become a world-class aerospace high-tech industrial group, with steady growth in both complete aircraft and supporting systems, achieving a revenue of 84.725 billion yuan in 2023, a year-on-year increase of 7.57% [2]. - The increase in revenue is primarily driven by the growth in helicopter and avionics product sales, with a notable rise in gross profit margins across various business segments [2]. - The company is focusing on enhancing its research and development capabilities to strengthen its competitive edge across different sectors, with a significant increase in R&D expenditure [2]. Financial Performance Summary - **Revenue and Profit**: In 2023, the company reported a total revenue of 84.725 billion yuan, with a net profit attributable to shareholders of 2.447 billion yuan, reflecting year-on-year growth rates of 7.57% and 5.47%, respectively [2]. - **Business Segments**: - **Aerospace Complete Aircraft**: Revenue reached 22.252 billion yuan, up 9.60% year-on-year, with helicopter products contributing 21.271 billion yuan, a 21.61% increase [2]. - **Aerospace Supporting Systems**: Revenue was 54.792 billion yuan, a 9.74% increase, with avionics contributing 45.525 billion yuan, up 16.16% [2]. - **Aerospace Engineering Services**: Revenue decreased to 7.681 billion yuan, down 9.93%, due to structural improvements in the business [2]. - **Profitability Metrics**: The overall gross margin improved to 25.18%, with a net profit margin of 7.89% [2]. Future Projections - The company forecasts net profits attributable to shareholders of 2.937 billion yuan, 3.509 billion yuan, and 4.178 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 8x, 7x, and 6x [2][3].

Financial Performance - For the fiscal year ending December 31, 2023, the company achieved a revenue of RMB 84.72 billion, representing a growth of RMB 5.96 billion or 7.57% compared to RMB 78.76 billion in the previous year[3]. - The net profit attributable to the parent company for the same period was RMB 2.45 billion, an increase of RMB 127 million or 5.47% from RMB 2.32 billion in the prior year[3]. - The total operating costs for the year were RMB 78.05 billion, up from RMB 72.59 billion, indicating an increase of RMB 5.46 billion or 7.52%[4]. - The company reported a total profit of RMB 7.07 billion, up from RMB 6.24 billion, reflecting a growth of RMB 830 million or 13.31%[4]. - The earnings per share for the year were RMB 0.311, slightly up from RMB 0.301 in the previous year, indicating a growth of 3.32%[5]. - The company’s total comprehensive income for the year was RMB 6.85 billion, compared to RMB 5.76 billion, reflecting an increase of RMB 1.09 billion or 18.93%[5]. - The operating profit for 2023 was reported at ¥6.19 billion, up from ¥5.19 billion in 2022, indicating a growth of approximately 19.2%[24]. - The net profit attributable to shareholders for 2023 was approximately ¥2.32 billion, compared to ¥2.22 billion in 2022, reflecting a growth of about 4.5%[24]. - Net profit for 2023 was CNY 6.69 billion, compared to CNY 5.87 billion in 2022, reflecting a year-on-year increase of about 13.8%[31][33]. Research and Development - Research and development expenses rose significantly to RMB 7.57 billion, compared to RMB 5.99 billion in the previous year, marking an increase of RMB 1.58 billion or 26.36%[4]. - The company continues to focus on research, development, and production of aviation products, indicating ongoing investment in innovation and market expansion strategies[15]. - Research and development expenses amounted to RMB 7.573 billion, an increase of RMB 1.577 billion or 26.30% year-on-year, reflecting a commitment to enhancing technological innovation[75]. Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 144.72 billion, compared to RMB 140.93 billion at the end of 2022, showing an increase of RMB 3.79 billion or 2.69%[7]. - The company’s cash and cash equivalents decreased to RMB 39.50 billion from RMB 43.77 billion, a decline of RMB 4.27 billion or 9.75%[7]. - As of December 31, 2023, total assets amounted to RMB 185,018,195,632, an increase from RMB 179,122,036,966 as of December 31, 2022, reflecting a growth of approximately 5.0%[9]. - The total liabilities amounted to RMB 96,962,393,426, down from RMB 103,602,752,288, showing a decrease of about 6.2%[13]. - Current liabilities decreased to RMB 85,536,323,784 from RMB 96,107,490,004, representing a reduction of approximately 11.6%[13]. - Long-term borrowings rose significantly to RMB 6,067,549,104 from RMB 2,121,629,735, marking an increase of about 186.5%[13]. - Shareholders' equity totaled RMB 88,055,802,206, compared to RMB 75,519,284,678, reflecting an increase of approximately 16.5%[13]. Cash Flow - The company reported a cash flow from operating activities of approximately ¥10.22 billion for 2022, slightly down from ¥10.36 billion in 2021[24]. - In 2023, the company's net cash outflow from operating activities was RMB 4.083 billion, a decrease of RMB 14.304 billion compared to a net inflow of RMB 10.221 billion in 2022, representing a change rate of -139.95%[94]. - The net cash outflow from investing activities in 2023 was RMB 3.614 billion, an increase of RMB 699 million from RMB 2.915 billion in 2022, with a change rate of -23.98%[94]. - The net cash inflow from financing activities in 2023 was RMB 3.548 billion, an increase of RMB 136 million from RMB 3.412 billion in 2022, reflecting a change rate of 3.99%[94]. Market Strategy and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3]. - The company plans to expand its market presence in mainland China, with significant revenue contributions from both aircraft and supporting systems[26]. - The company aims to accelerate the development of new aircraft and expand its international market presence, with the Y-12F aircraft receiving certification from the European Union Aviation Safety Agency (EASA)[88]. - The company plans to enhance its core competitiveness and promote high-quality development by focusing on technological innovation and strategic industry integration in 2024[91]. Dividends and Shareholder Information - The proposed final dividend per share is RMB 0.088, an increase from RMB 0.08 in the previous year[53]. - The board proposed a final dividend of RMB 701,611,173 for the fiscal year 2023, equating to RMB 0.088 per share, an increase from RMB 0.08 per share in 2022[118]. - The final dividend will be distributed to shareholders listed by June 5, 2024, with a record date set for May 31, 2024[118]. - The company will hold its annual general meeting on May 21, 2024, where shareholders will vote on the proposed dividend[120]. Corporate Governance - The company has established an Audit and Risk Management Committee to oversee financial operations and audit procedures[121]. - The Audit and Risk Management Committee has reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[122]. - The company has confirmed compliance with the corporate governance code as of the fiscal year ending December 31, 2023[123]. - All directors and supervisors have confirmed adherence to the standard code for securities trading in 2023[124].

Financial Performance - The company reported a revenue of RMB 40.873 billion for the six months ended June 30, 2023, with a net profit attributable to the parent company of RMB 1.543 billion, resulting in an earnings per share of RMB 0.199[6]. - For the six months ended June 30, 2023, the company achieved revenue of RMB 40.873 billion, an increase of RMB 7.358 billion or 21.95% compared to RMB 33.515 billion in the same period last year, primarily driven by growth in helicopter and avionics product sales[23]. - The company reported a total comprehensive income of RMB 4.18 billion for the first half of 2023, compared to RMB 2.55 billion in the same period of 2022, marking a 64% increase[94]. - Operating profit for the first half of 2023 was RMB 4.28 billion, up 22% from RMB 3.51 billion in the first half of 2022[92]. - The company reported a total sales revenue of RMB 26,747,768,760 for the first half of 2023, up from RMB 19,837,701,079 in the first half of 2022, representing a growth of 34.5%[101]. - The company recorded a total cash inflow from operating activities of RMB 29,370,362,085 for the first half of 2023, an increase of 33.4% compared to RMB 22,042,607,683 in the same period of 2022[101]. Market Positioning - The company ranked 150th in the Fortune Global 500 and 212th in the Fortune China 500, indicating strong market positioning despite economic challenges[8]. - The company plans to leverage the Tianjin Helicopter Expo to expand its influence and support the development of the civil helicopter industry[16]. Business Development - The company successfully integrated its helicopter business, enhancing core competitiveness, and raised approximately RMB 5 billion to optimize its capital structure[9]. - The company achieved a breakthrough by obtaining EASA certification for the Y12F aircraft, marking the first European certification for a domestically produced aircraft[13]. - The company will continue to optimize its industrial layout and pursue acquisition opportunities in the domestic and international aviation industry[16]. - The company has initiated projects to promote green aviation and enhance compliance and risk management capabilities[14]. Research and Development - Research and development expenses for the period were RMB 2.551 billion, an increase of RMB 539 million or 26.79% year-on-year, representing 6.24% of total revenue[37]. - The company is committed to enhancing its technological innovation and supply chain stability in the second half of 2023, focusing on high-quality development[16]. Financial Structure - As of June 30, 2023, the company's cash and cash equivalents amounted to RMB 28.613 billion, with total borrowings of RMB 14.046 billion[40]. - The company's debt-to-equity ratio was 7.88% as of June 30, 2023, down from 8.12% as of December 31, 2022[43]. - The company has completed the use of RMB 1 billion raised from the private placement of domestic shares for working capital[51]. - The company plans to fully utilize the remaining RMB 2.39 billion from the H-share placement for investment in aviation product business by 2024 or earlier[51]. Shareholder Information - The board of directors proposed not to declare an interim dividend for the six months ended June 30, 2023[6]. - The total share capital of the company increased from 1,917,798,835 shares to 4,838,896,630 shares due to a merger and subscription of new shares[46]. - Major shareholders include China Aviation Industry with 83.36% of domestic shares and Tianjin Free Trade Zone Investment Co., Ltd. with 16.64% of domestic shares[61]. Employee and Operational Metrics - The company has a total of 67,121 employees as of June 30, 2023[54]. - Employee costs for the six months ended June 30, 2023, amounted to RMB 7.305 billion, representing a 9.77% increase from RMB 6.655 billion in the same period last year[54]. Asset and Liability Management - As of June 30, 2023, the company's current assets totaled approximately RMB 139.85 billion, a slight decrease from RMB 140.93 billion as of December 31, 2022[74]. - The company's total liabilities decreased from RMB 96.20 billion to RMB 83.96 billion, reflecting a decline of approximately 12.6%[79]. - The total assets of the company were RMB 178,282,884,866, slightly down from RMB 179,122,036,966 as of December 31, 2022[81]. Cash Flow Analysis - The net cash outflow from operating activities was RMB -15,239,468,346, worsening from RMB -10,691,405,585 year-on-year[102]. - The company raised RMB 13,805,974,179 from financing activities, significantly up from RMB 5,727,653,424 in the same period last year[104]. - The total cash and cash equivalents at the end of June 2023 were RMB 28,613,459,627, an increase from RMB 18,694,356,703 at the end of June 2022[107]. Equity and Share Capital Changes - The company’s total equity attributable to shareholders reached RMB 30,885,499,633 as of June 2023, reflecting a decrease from the previous year[113]. - The company’s total liabilities and equity amounted to 84,803,852,725 RMB as of June 2023, indicating a comprehensive view of its financial position[113]. - The company recorded a profit distribution of RMB -663,832,981, indicating a loss in shareholder returns for the period[115]. Investment and Asset Management - The company has a total of RMB 7,812,442 in receivable dividends as of June 30, 2023, down from RMB 11,812,442 at the end of 2022[175]. - The total contract assets reached RMB 9,200,802,252 as of June 30, 2023, compared to RMB 4,150,444,429 at the end of 2022, indicating a significant increase of about 121.5%[195]. - The company reported a total increase in contract assets of RMB 5,024,835,132 during the period[198].

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） 二零二三年中期業績公告 財務摘要 本公司董事會欣然宣佈，二零二三年上 半年本公司業績實現良好增長。  截至二零二三年六月三十日止六個月期間，本集團實現收入為人民幣 408.73 億元，較上年同期收入人民幣 335.15 億元（經重列）增加人民幣 73.58 億元，增幅為 21.95%。  截至二零二三年六月三十日止六個月期間，本公司歸屬於母公司所有者的 ...