聯席公司秘書、授權代表及法律程序文件代理人變更 西銳飛機有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈，黃凱婷女士（「黃女士」）基於工作變動，已辭任本公司 聯席公司秘書（「聯席公司秘書」）、香港聯合交易所有限公司證券上市規則（「上 市規則」）第3.05條項下的授權代表（「授權代表」）及香港法例第622章公司條例 第16部項下於香港接收法律程序文件及通知的本公司的授權代表（「法律程序 文件代理人」），自2026年2月10日起生效。 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的內容概不負責，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 依賴該等內容而引致的任何損失承擔任何責任。 Cirrus Aircraft Limited 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） (1)聯席公司秘書、授權代表及法律程序文件代理人變更； (2)豁免嚴格遵守上市規則第3.28條及第8.17條； 及 (3)香港主要營業地點變更 黃女士已確認，彼與董事會並無意見分歧，亦無其他任何事宜須提請本公 ...

Core Insights - The article discusses the significant upgrade of the VisionJet series by the company, highlighting improvements in consumer orientation, spaciousness, and performance [1] Group 1: Product Upgrades - The VisionJet G3 features comprehensive upgrades in avionics, including the CPDLC system for electronic flight communication, eliminating the need for manual input [1] - Enhanced cabin space and quality, along with improved maximum flight speed, payload capacity, and altitude, as well as increased engine resistance to crosswinds [1] Group 2: Market Position and Orders - The target customer base is high-net-worth individuals rather than professional pilots, focusing on smart and safe performance upgrades to address pain points during flights [1] - The company has been expanding production capacity, which is expected to improve delivery rates and order fulfillment, with new models likely to command higher prices compared to older products [1] Group 3: Financial Outlook - The company anticipates improved product structure and profitability with the introduction of the VisionJet G3 and SRG7+, projecting net profits of $160 million, $190 million, and $240 million for 2025, 2026, and 2027, respectively [1] - The company maintains a strong competitive position in the industry, with expectations for continued steady growth and valuation recovery, supported by expanding delivery capabilities and service network [1]

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Insights - The company has launched the visionJet G3, which features significant upgrades in consumer orientation, including a fully upgraded avionics system, enhanced cabin comfort, and improved performance metrics such as maximum flight speed and payload capacity [1][4]. - The target customer base is high-net-worth individuals rather than professional pilots, focusing on smart and safe performance upgrades to address pain points during flights, which is expected to enhance customer acquisition and market penetration [1]. - The company is expanding its production capacity and improving its delivery structure, which is anticipated to lead to better order fulfillment and increased revenue from new product lines [1][4]. Financial Projections - Revenue is projected to grow from $1,068 million in 2023 to $1,902 million in 2027, with a compound annual growth rate (CAGR) of approximately 17.1% [3][8]. - Net profit is expected to increase from $91 million in 2023 to $237 million in 2027, reflecting a CAGR of about 22.8% [3][8]. - Earnings per share (EPS) is forecasted to rise from $0.59 in 2023 to $0.65 in 2027, with a decreasing price-to-earnings (P/E) ratio from 32.4 in 2023 to 12.4 in 2027, indicating potential valuation recovery [3][8].

Group 1 - The core viewpoint is that Western Securities (002673) believes in the long-term competitive stability of the industry and sees significant advantages in the brand and manufacturing of Cirrus Aircraft (02507), expecting sustained market share and robust growth capabilities [1] - The company is gradually expanding production capacity and enhancing its service network, which is anticipated to accelerate performance as delivery capabilities and product matrix diversity improve [1] - Net profit projections for the company are estimated at $160 million, $190 million, and $240 million for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18.4, 15.3, and 12.4, indicating a positive outlook for valuation recovery and maintaining a "buy" rating [1] Group 2 - Cirrus Aircraft has launched the VisionJet G3, marking a significant upgrade after five years, focusing on consumer-oriented features such as upgraded avionics, enhanced cabin space, and improved performance metrics [2] - The target customer base for Cirrus is high-net-worth individuals rather than professional pilots, emphasizing the importance of smart and safety performance upgrades to address pain points during flights [2] - The company expects to improve order acquisition and delivery capabilities due to increased production capacity and the introduction of new models, which will enhance the overall product structure and profitability [2]

Core Viewpoint - The long-term competitive landscape of the industry is stable, and the brand and manufacturing advantages of the company are significant, which is expected to maintain its market share and support steady growth in the long term [1]. Group 1: Financial Performance and Projections - The company is gradually expanding its production capacity and service network, which is expected to enhance its delivery capabilities and product matrix, leading to accelerated performance [1]. - Projected net profits for the company are estimated at $160 million, $190 million, and $240 million for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.4, 15.3, and 12.4 [1]. Group 2: Product Development and Market Strategy - The company launched the VisionJet G3, which features significant upgrades in consumer orientation, including a fully upgraded avionics system and enhanced cabin comfort [2]. - The target customer base is high-net-worth individuals rather than professional pilots, focusing on smart and safe performance upgrades to address pain points during flights [2]. - The delivery structure is expected to improve with the expansion of production capacity and the introduction of new products, leading to better order fulfillment and higher profitability [2].

Market Overview - The Hang Seng Index opened lower but managed to close up by 0.14% [1] - The geopolitical situation remains stable, with Iran set to negotiate nuclear issues with the U.S. on February 6 [1] - Gold and silver prices fell significantly, with silver dropping over 14% and gold falling more than 2% to below $4,900 per ounce [1] International Relations - Russian President Putin plans to visit China in the first half of 2026 following a video call with Chinese leaders [2] - U.S. and Chinese leaders had a positive discussion regarding regional issues and economic cooperation, with a planned visit by Trump to China in April [2] - China has requested state-owned enterprises to pause new investment projects in Panama [2] Technology Sector - Despite declines in U.S. tech stocks, some Chinese tech companies like Naxin Micro (02676) reported strong earnings and plan to raise product prices by 10%-25% [3] - Baidu (09888) announced a stock buyback plan of up to $5 billion and plans to introduce a dividend policy by 2026, leading to a nearly 3% increase in its stock price [3] - Xiaomi (01810) repurchased shares worth HKD 146 million, also seeing a nearly 3% rise [3] - Tencent (00700) is expected to maintain double-digit growth in its gaming business by 2026, with advertising revenue projected to grow around 20% [3] Consumer Sector - Kweichow Moutai (600519.SH) has shown strong performance, boosting consumer valuations [4] - Oriental Selection (01797) surged over 10% due to its unique brand and membership model [4] - Pop Mart (09992) reported significant demand for its new products, with resale prices on secondary markets showing substantial premiums [4] Restaurant Sector - Yum China (09987) reported total revenue of $11.797 billion for 2025, a 4% increase year-on-year, with net profit rising by 2% [5] - Haidilao (06862) is seeing positive impacts from the return of its founder, with plans for expansion and new brand growth [5] - Brainstorm Aurora-B (06681) announced a strategic partnership to promote digital health products in Southeast Asia, with a significant stock price increase of over 15% [6] Energy Sector - The U.S. is experiencing a surge in natural gas power generation capacity, with over 29 GW under construction, but many projects may face delays due to a lack of available gas turbines [7] - Companies like Eagle Precision (01286) and Dongfang Electric (01072) are positioned to benefit from this trend, with expectations of increased demand for gas turbine components [7] Aviation Sector - Cirrus Aircraft (02507) launched the new G3 Vision Jet, enhancing its product line and expected to improve profit margins [8] - The new jet model is designed for private and corporate users, featuring significant upgrades in safety and comfort [8] - Cirrus is projected to deliver approximately 800 aircraft in 2025, with new orders expected to reach around 600 units [9]

致：香港交易及結算所有限公司 公司名稱: 西銳飛機有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 呈交日期: 2026年2月5日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02507 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.5 | USD | | 250,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.5 | USD | | 250,000,000 | 本月底法定/註冊股本總額： USD 250,000,000 第 1 頁 共 10 頁 v 1 ...

Core Viewpoint - The recent launch of the third-generation Vision Jet (G3 Vision Jet) by Cirrus Aircraft has positively impacted its stock price, which rose over 4% and is currently trading at 65.1 HKD with a transaction volume of 38.75 million HKD [1] Group 1: Product Development - Cirrus Aircraft has introduced the G3 Vision Jet, which features a redesigned cabin using premium materials and can accommodate six adults with an expanded seating arrangement [1] - The new jet is equipped with an ATC data link and over 30 optimized features, marking a significant evolution in its jet product line [1] Group 2: Market Expectations - Haitong International forecasts that Cirrus Aircraft will deliver approximately 800 jets in 2025, with an expectation of around 600 new orders [1] - The firm expresses optimism regarding the company's overall performance for the year [1] Group 3: Index Inclusion - An index company is expected to announce a new adjustment list in mid to late February, which may benefit Cirrus Aircraft [1] - By the end of 2025, Cirrus Aircraft is projected to meet the requirements for market capitalization, trading volume, and turnover rate set by the index company [1]

消息面上，西锐飞机近日推出全新第三代愿景喷气机(G3Vision Jet)，属喷气机产品线的最新演进版本。 该机型采用顶级材料焕新机舱内饰设计，新增可容纳6名成人的扩展座椅，并配备ATC数据链及30多项 优化改进功能。 海通国际此前指出，预计西锐飞机2025年全年交付~800架，新增订单~600架。对于公司全年业绩，该 行较为乐观。交易层面，指数公司预计2月中下旬公布新调整名单。对于公司而言，截至2025年年底， 公司在市值、交易量、换手率等指标上均满足指数公司的要求。 西锐(02507)涨超4%，截至发稿，涨3.83%，报65.1港元，成交额3875.3万港元。 ...

Core Viewpoint - Haitong International maintains an "outperform" rating for the company, based on expected improvements in product updates, shipments, and profitability, projecting revenues of $1.394 billion, $1.674 billion, and $1.951 billion for 2025-2027, respectively, with net profits of $159 million, $183 million, and $204 million for the same period [1] Group 1 - The company has a strong service and training network, with approximately 260 service points globally, including 193 authorized service centers, enhancing its competitive edge [1] - The company is expected to deliver around 800 aircraft in 2025, with a projected 10% year-on-year increase in SR2X series deliveries and a 4% increase in Vision Jet deliveries [2] - The average selling price for the SR2X series is expected to rise to approximately $1.19 million, while the Vision Jet's average price is projected to increase to $3.45 million, contributing to improved profit margins [2] Group 2 - The company is anticipated to meet the requirements for market capitalization, trading volume, and turnover rate set by index companies by the end of 2025 [3]