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分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 楊雷先生 Cirrus Aircraft Limited 承董事會命 西銳飛機有限公司 主席兼非執行董事 西銳飛機有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2507） 董事委員會組成變動 西銳飛機有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，自2025年 8月26日起，本公司提名委員會（「提名委員會」）及本公司薪酬委員會（「薪酬委 員會」）的組成變動如下： 香港，2025年8月26日 於本公告日期，董事會包括主席兼非執行董事楊雷先生；副主席兼執行董事王暉先生；非執 行董事宋慶春先生、劉亮先生及李屹暉先生；執行董事Zean Hoffmeister Vang NIELSEN先生； 及獨立非執行董事張仁爀先生、劉仲文先生及Ferheen MAHOMED女士（別名：馬穎欣）。 (a) 非執行董事劉亮先生不再擔任薪酬委員會成員； (b) 獨立非執行董事劉仲文先生不再擔任提名委員會成員 ...

Financial Performance - Cirrus Aircraft Limited reported its unaudited consolidated interim results for the six months ended June 30, 2025[3]. - The company’s revenue for the reporting period was $XX million, reflecting a YY% increase compared to the previous period[3]. - For the six months ended June 30, 2025, revenue increased by approximately $119.1 million to $594.5 million, a 25.1% increase from $475.4 million in the same period last year, driven by increased aircraft deliveries and pricing[17]. - The company recorded revenue of $594.5 million for the six months ended June 30, 2025, compared to $475.4 million for the same period in 2024, representing an increase of approximately 25.1%[28]. - The revenue from the "Sierra Services and Aircraft" segment was $498.279 million for the six months ended June 30, 2025, compared to $397.923 million in 2024, indicating a year-over-year increase of about 25%[124]. - Net profit for the period increased by approximately 82.5% to $64.966 million, up from $35.607 million in the same period last year, driven by aircraft production and delivery improvements[18]. - Net profit for the six months ended June 30, 2025, increased to $65.0 million from $35.6 million in the same period of 2024[37]. - The company reported a net profit attributable to shareholders of $64.966 million for the six months ended June 30, 2025, compared to $35.607 million in 2024, marking an increase of about 83%[133]. - Basic and diluted earnings per share rose to $0.18, up from $0.11 in the same period last year, marking a 63.6% increase[102]. - Operating profit increased to $84.08 million, compared to $46.76 million in the previous year, reflecting a growth of 79.6%[102]. Operational Highlights - The total number of aircraft orders, including the SR2X series and Vision Jet, reached ZZ units, with a backlog of orders valued at $AA million[3]. - The company delivered 350 aircraft during the six months ended June 30, 2025, an increase from 287 aircraft delivered in the same period in 2024, reflecting a growth of 21.9%[27]. - The company produced 411 aircraft during the six months ended June 30, 2025, compared to 330 aircraft in the same period in 2024, indicating a production increase of 24.6%[27]. - The company aims to smooth seasonal delivery patterns to better meet customer demand throughout the fiscal year[27]. - The company has delivered over 10,000 SR2X series aircraft and over 600 Vision Jets since its establishment in 1984[21]. Financial Position - Total assets as of June 30, 2025, increased by 5.4% to $1,437.072 million from $1,363.221 million as of December 31, 2024[19]. - Total liabilities increased by 7.8% to $626.751 million from $581.270 million as of December 31, 2024[19]. - Total equity as of June 30, 2025, is $810,321 thousand, an increase of 3.4% from $781,951 thousand as of December 31, 2024[106]. - The company’s retained earnings increased to $617,084 thousand as of June 30, 2025, up from $552,118 thousand as of December 31, 2024, reflecting strong profit retention[106]. - Cash and bank balances decreased to $340.4 million as of June 30, 2025, down from $391.8 million at the end of 2024, mainly due to increased inventory and capital expenditures[38]. - The company reported accounts receivable of $11.2 million as of June 30, 2025, down from $14.1 million as of December 31, 2024, representing a decrease of approximately 20.5%[143]. - Accounts payable increased to $76.9 million as of June 30, 2025, compared to $50.7 million as of December 31, 2024, showing a significant rise of about 51.6%[144]. Strategic Initiatives - Cirrus Aircraft is focusing on expanding its market presence in Asia, particularly in China, to leverage the growing demand for general aviation[3]. - The company is investing in R&D for new technologies, including the Safe Return Emergency Autoland System, aimed at enhancing flight safety[11]. - Cirrus Aircraft plans to launch a new digital platform, Cirrus IQ, to provide pilots with real-time flight data and analytics[9]. - The company is exploring potential acquisitions to enhance its service offerings and expand its product portfolio[3]. - Cirrus Aircraft aims to improve operational efficiency through strategic partnerships and collaborations within the aviation industry[3]. - The company plans to focus on improving production consistency and predictability, enhancing product upgrades, and integrating new technologies to maintain industry leadership[64]. Expenses and Costs - The company’s sales and marketing expenses increased to $63.6 million for the six months ended June 30, 2025, compared to $57.0 million for the same period in 2024[28]. - General and administrative expenses rose by 16.1% to $70.0 million for the six months ended June 30, 2025, up from $60.3 million in the prior year, primarily due to increased R&D costs[35]. - Employee benefit expenses rose to $155.703 million in the first half of 2025, up from $136.735 million in 2024, reflecting an increase of approximately 14%[125]. - The total operating expenses for the first half of 2025 amounted to $513.085 million, compared to $429.230 million in 2024, which is an increase of about 20%[125]. Compliance and Governance - The Audit, Risk, and Compliance Committee is responsible for reviewing the financial reporting processes and risk management systems[74]. - The company has established a Nomination Committee and a Remuneration Committee in accordance with listing rules[76]. - The company has confirmed that all directors complied with the standards set forth in the code of conduct for securities transactions during the reporting period[73]. - The company maintained compliance with public float requirements as per the Stock Exchange regulations[88]. Shareholder Information - As of June 30, 2025, the major shareholder, AVIC General Aviation, holds 310,963,318 shares, representing 84.97% of the company's equity[80]. - The company declared dividends of $36,600 thousand during the six months ended June 30, 2025[108]. - The company declared a dividend of $0.1 per share for the fiscal year ending December 31, 2024, totaling approximately $36.6 million, which has been recognized as a liability in the consolidated financial statements as of June 30, 2025[135]. Future Outlook - The management has provided guidance for the next quarter, expecting revenue growth of DD% driven by increased aircraft deliveries[3]. - The company plans to use the proceeds from the loan to repay existing borrowings, optimizing its capital structure and reducing financing costs[153]. - The company anticipates that the recent tax law changes will not have a significant impact on total tax expenses, but will affect the timing of certain deductions[153].

Group 1 - The core point of the article is that WestJet (02507) experienced a significant drop in stock price, falling nearly 15% after being removed from the Hang Seng Composite Index, raising concerns about its potential exclusion from the Hong Kong Stock Connect list [1] - As of the report, WestJet's stock price was down 14.85%, trading at 57.9 HKD, with a trading volume of 26.53 million HKD [1] - The company is set to hold a board meeting on August 26 to approve its interim results [1] Group 2 - Zheshang Securities released a research report stating that WestJet is a leader in the global private jet market, highlighting stable growth in demand for private jets [1] - The report emphasizes WestJet's competitive advantage through differentiated products and personalized services, which have helped it increase market share and attract high-end clientele [1] - The company has a robust order backlog that supports its performance over the next two years, and it continues to expand its service offerings, showcasing superior pricing power and repurchase rates, indicative of its luxury brand status [1]

Group 1 - The core point of the article is that WestJet (02507) experienced a significant drop in stock price, falling nearly 15% after being removed from the Hang Seng Composite Index, raising concerns about its potential exclusion from the Hong Kong Stock Connect list [1] - As of the report, WestJet's stock price was at 57.9 HKD with a trading volume of 26.53 million HKD [1] - The company is set to hold a board meeting on August 26 to approve its interim results [1] Group 2 - Zheshang Securities (601878) released a research report stating that WestJet is a leader in the global private jet market, highlighting stable growth in demand for private jets [1] - The report emphasizes WestJet's competitive edge through differentiated products and personalized services, which have helped increase its market share and attract high-end clientele [1] - The company has a robust order backlog that supports its performance over the next two years, and it continues to expand its service business, showcasing superior pricing power and repurchase rates, reflecting its luxury brand attributes [1]

Summary of the Conference Call for Xirui Company Industry Overview - Xirui Company holds a leading position in the global general aviation aircraft market, with a market share of 23% in 2024, surpassing Cessna and Diamond Aircraft [2][3] - The general aviation market is experiencing unexpected growth in 2025 due to factors such as the North American replacement cycle, post-pandemic demand recovery, wealth effects from the U.S. stock market, and favorable tax policies [2][9] Company Performance - In Q1 2025, Xirui delivered 150 aircraft, doubling its year-on-year growth, contributing to a total expected delivery of over 870 aircraft for the year, a 19% increase [6][19] - The S2 series piston aircraft has been the best-selling model globally for 23 consecutive years, while the Vision Jet has also maintained a leading position since its first delivery in 2016 [3][4] Financial Metrics - Xirui's revenue structure consists of approximately 85% from aircraft sales and 15% from service operations, with service business showing significant growth potential [4][14] - The company's gross margin has increased from 32.8% in 2021 to 34.5% in 2024, with a stable net margin around 10% [4][14] Pricing Strategy - Xirui employs a differentiated pricing strategy, with the average price of the S2 series around $1.1 million and the Vision Jet at approximately $3.4 million, reflecting a price increase that outpaces U.S. inflation [2][7][8] - From 2020 to 2024, the price of the S2 series increased by 26%, while the Vision Jet saw a 24% increase [8] Competitive Advantages - Xirui maintains its leading position in the private jet market through safety features like a patented whole-aircraft parachute system and convenience features such as a one-button return function [4][13] - The company has established a strong brand effect among consumers, with an accident rate significantly lower than the industry average [4][13] Shareholder Structure - Xirui is primarily controlled by AVIC General Aviation, which holds 80.1% of the shares, making it a Chinese enterprise with production lines mainly located in the U.S. [5] Market Positioning and Growth Potential - Xirui is positioned as a high-end equipment manufacturer with significant barriers to entry, reflecting its strong brand premium and competitive edge [10][17] - The company’s valuation is currently below that of similar U.S. companies, indicating substantial room for valuation improvement [4][18] Future Outlook - The North American general aviation market is expected to continue outperforming, while the Chinese market, despite its current limitations, shows potential for future growth as infrastructure improves [15][16] - Xirui's business model and luxury attributes suggest a positive growth trajectory, with an optimistic outlook for its valuation and market performance [18][20] Investment Consideration - Xirui is considered a rare and growth-oriented asset in the Hong Kong stock market, making it a compelling investment opportunity at this time [20]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The private jet industry is experiencing stable demand growth, with the company leveraging its differentiated product competitiveness and personalized services to continuously enhance market share and attract high-end clientele. The robust order backlog supports performance over the next two years, and the company's ability to raise prices and high repurchase rates highlight its luxury brand attributes, suggesting significant potential for valuation improvement [1][4]. Company Overview - The company, established in 1984 in the United States, is a leader in the global private jet market, with a product matrix that includes the SR series (SR20, SR22, SR22T) and Vision Jet. It is projected to achieve a revenue growth of 12.1% year-on-year in 2024, driven by stable growth in aircraft sales and services, with a gross margin of 34.6% and a net margin of 10.1% [1][16]. Private Jet Industry - The global private jet fleet remains stable at approximately 140,000 aircraft, with a projected delivery of 3,050 general aviation aircraft in 2023, reflecting an 8% year-on-year increase. The compound annual growth rate (CAGR) for aircraft deliveries from 2019 to 2023 is 3.5%, supported by the growth of high-net-worth individuals and infrastructure expansion [2][27]. Competitive Analysis - The company has a strong product offering with leading safety features and a focus on customization. It boasts a total accident rate that is three times lower than the industry average. The service ecosystem is expanding, with a comprehensive range of lifecycle services, and the brand's ability to increase prices and achieve high repurchase rates underscores its luxury positioning [3][4]. Financial Forecast and Valuation - The company is expected to achieve revenues of $1.398 billion, $1.633 billion, and $1.913 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 16.8%, and 17.2%. The projected net profit for the same years is $155 million, $195 million, and $245 million, with corresponding growth rates of 28.0%, 26.1%, and 25.9%. The current market valuation corresponds to a price-to-earnings (P/E) ratio of 22, 18, and 14 for the next three years, indicating significant room for valuation enhancement compared to luxury car brands like Ferrari [4][10].

Group 1 - The stock price of Xirui (02507) reached a historical high of 75.65 HKD, with a current increase of 12.02% to 72.25 HKD and a trading volume of 463 million HKD [1] - Xirui plans to hold a board meeting on August 26 to approve its interim results, with expectations of exceeding previous profit forecasts due to strong first-quarter deliveries and anticipated natural growth in subsequent quarters [1] - Huachuang Securities projects that Xirui will achieve net profits attributable to shareholders of 1.15 billion, 1.33 billion, and 1.54 billion RMB for the years 2025-2027, with a growth rate exceeding 30% in 2025 [1] Group 2 - Haitong International highlights Xirui's comprehensive product system covering the mid-to-high-end market, driven by its SR2X series single-engine piston aircraft and Vision Jet [1] - The private aviation market is expected to experience rapid growth due to an increase in high-net-worth individuals, regional market expansion, technological innovations enhancing flight experiences, and supportive policies promoting industry development [1]

Core Viewpoint - Xirui (02507) reached a new historical high of 75.65 HKD during trading, reflecting a 12.02% increase, with a trading volume of 463 million HKD [1] Company Summary - Xirui plans to hold a board meeting on August 26 to approve its interim results [1] - Huachuang Securities noted that Xirui's first-quarter deliveries exceeded expectations, and with natural growth in subsequent quarters and an increase in unit prices, there is potential beyond previous forecasts [1] - The company is expected to achieve net profits attributable to shareholders of 1.15 billion, 1.33 billion, and 1.54 billion RMB for the years 2025-2027, with a projected growth rate of over 30% in 2025 [1] Industry Summary - Haitong International stated that Xirui has established a complete product system covering the mid-to-high-end market with its SR2X series single-engine piston aircraft and Vision Jet [1] - The private aviation market is anticipated to experience rapid growth due to an increase in high-net-worth individuals, regional market expansion, technological innovations enhancing flight experiences, and policy support promoting industry development [1]

Group 1 - The core point of the article highlights that Xirui (2507.HK) continues its strong upward trend, with a significant increase of over 12%, reaching a new high of 65.1 HKD, and a year-to-date increase of 230%, resulting in a total market capitalization of 23.8 billion HKD [1] - Xirui is a globally recognized private aircraft manufacturer, known for designing, developing, manufacturing, and selling high-quality aircraft in the private aviation sector [1] - The company recently announced the launch of the SR series seventh generation + (G7+) aircraft, which is the world's first single-engine piston aircraft equipped with the Safe Return emergency automatic landing system approved by the FAA [1] Group 2 - The low-altitude economy sector is experiencing intensive catalysts, with the Civil Aviation Administration of China establishing a leadership group for general aviation and low-altitude economy to coordinate cross-departmental and cross-regional issues by July 2025 [1] - Haitong International's research report indicates that Xirui has built a complete product system covering the mid-to-high-end market with its core product lines, the SR2X series single-engine piston aircraft and Vision Jet [1] - The private aviation market is expected to experience rapid growth due to the increasing number of high-net-worth individuals, regional market expansion, technological innovations enhancing flight experiences, and policy support promoting industry development [1]

Group 1 - The stock of Xirui (02507) has seen significant growth, with a year-to-date increase of over 200%, and it rose by 8.2% to HKD 62.7, with a trading volume of HKD 179 million [1] - The low-altitude economy sector is experiencing rapid developments, highlighted by the establishment of a leadership group by the Civil Aviation Administration to address cross-departmental issues [1] - Xirui has secured a procurement agreement with Autocraft from the UAE for 350 units of the E20eVTOL, amounting to USD 1 billion, indicating strong international demand [1] Group 2 - Haitong International's report emphasizes that Xirui has built a comprehensive product system covering both mid-low and high-end markets with its SR2X series single-engine piston aircraft and Vision Jet [1] - The private aviation market is expected to grow rapidly due to an increase in high-net-worth individuals, market expansion, technological innovations enhancing flight experiences, and supportive policies [1] - Huachuang Securities projects that Xirui's performance will maintain a growth rate of over 30% by 2025, with a current price-to-earnings ratio of just over 12, significantly lower than comparable companies [1]