非执行董事刘亮先生不再担任薪酬委员会成员;独立非执行董事刘仲文先生不再担任提名委员会成员;独 立非执行董事Ferheen MAHOMED女士(别名：马颖欣)获委任为提名委员会成员及不再担任薪酬委员会 成员。 智通财经APP讯，西锐(02507)发布公告，自2025年8月26日起，公司提名委员会及公司薪酬委员会的组 成变动如下： ...

Core Viewpoint - Xirui (02507) reported a significant increase in its mid-term performance for the six months ending June 30, 2025, showcasing strong revenue growth and profitability [1] Financial Performance - The company's revenue reached $594 million, representing a year-on-year increase of 25.1% [1] - Gross profit amounted to $215 million, reflecting a year-on-year growth of 31.5% [1] - Net profit was $64.966 million, which is a substantial year-on-year increase of 82.5% [1] Product Development - In the first half of 2025, the company launched the latest SR series model, the SR series G7+, which includes the Safety Return™ emergency automatic landing system as standard equipment [1] - The SR series G7+ features new functionalities such as automatic database updates supported by Xirui IQ PRO™, runway occupancy awareness, and intelligent pitot tube heating [1]

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 ） （「本公司」） （股份代號：2507） 董事名單及其角色與職能 本公司董事會（「董事會」）成員載列如下： 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 李屹暉先生 執行董事： Zean Hoffmeister Vang NIELSEN先生 （行政總裁） 獨立非執行董事： 張仁爀先生 劉仲文先生 Ferheen MAHOMED女士 （別名：馬穎欣） – 1 – 董事會下設三個董事會委員會。下表提供若干董事會成員在該等董事會委員 會中所擔任的職位： | | 董事會委員會 | 審計、 風險、 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | 合規委員會 | | | | 楊雷先生 | | | | C | | 王暉先生 | | | | | | 宋慶春先生 | | | M | | | 劉亮先生 | | M | | | | 李屹暉先生 | | | | | | Zean Hoffm ...

Core Viewpoint - Xirui (02507) reported a significant increase in its mid-term performance for the six months ending June 30, 2025, showcasing strong revenue growth and profitability [1] Financial Performance - The group's revenue reached $594 million, representing a year-on-year increase of 25.1% [1] - Gross profit amounted to $215 million, reflecting a year-on-year growth of 31.5% [1] - Net profit was $64.966 million, which is an impressive year-on-year increase of 82.5% [1] Product Development - In the first half of 2025, Xirui launched the latest SR series model, the SR series G7+, which includes a standard emergency automatic landing system for safe return [1] - The SR series G7+ features new functionalities such as automatic database updates supported by Xirui IQ PRO, runway occupancy awareness, and intelligent pitot heating [1]

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 ...

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 倚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） 2025年中期業績公告 西銳飛機有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及 其附屬公司截至2025年6月30日止六個月之未經審核簡明合併中期業績。本公 告列載本公司2025年中報（「2025年中報」）全文，符合香港聯合交易所有限公司 （「聯交所」）證券上市規則有關中期業績初步公告所附資料的相關規定。 該等中期業績已由董事會審計、風險控制、合規委員會審閱。 本中期業績公告將刊載於聯交所網站 www.hkexnews.hk 及本公司網 站 https://cirrusaircraft.com 。2025年中報將適時刊載於同一網站。 承董事會命 西銳飛機有限公司 主席兼非執行董事 楊雷先生 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 ...

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].