Core Viewpoint - Xirui (02507) has seen a stock price increase of over 4%, currently trading at 49.28 HKD with a transaction volume of 10.47 million HKD, following its inclusion in the MSCI Global Small Cap Index effective November 24 [1] Group 1: Company Performance - Xirui is a leading enterprise in the general aviation aircraft manufacturing industry, consistently holding the top market sales position for its representative products [1] - The company is gradually expanding its production capacity and service network, which is expected to enhance its delivery capabilities and product matrix diversity, leading to accelerated performance in the future [1] Group 2: Market Context - MSCI announced the results of its November index review, which included Xirui in the MSCI Global Small Cap Index [1] - BETA, a U.S. electric aircraft manufacturer, recently completed a successful IPO on the NYSE, raising a total of 1.017 billion USD and achieving a valuation of over 7.4 billion USD, marking the largest IPO in the low-altitude economy sector to date [1] Group 3: Industry Outlook - According to a report from Western Securities, the long-term competitive landscape of the industry remains stable, with Xirui's brand and manufacturing advantages being significant, suggesting that its market share is likely to be sustained [1]

Group 1 - The core point of the article is that Xirui (02507) has seen a stock price increase of over 4%, currently trading at 49.28 HKD, with a trading volume of 10.47 million HKD, following its inclusion in the MSCI Global Small Cap Index [1] - MSCI announced the results of its November index review on November 6, with changes effective after the market close on November 24 [1] - Xirui is recognized as a leading company in the general aviation aircraft manufacturing industry, consistently holding the top market share in sales of its representative products [1] Group 2 - Western Securities (002673) has published a research report indicating that the competitive landscape of the industry remains stable, with Xirui's brand and manufacturing advantages being significant [1] - The report suggests that Xirui's market share advantage is expected to be sustained, and the company is anticipated to achieve steady long-term growth [1] - Xirui is gradually expanding its production capacity and service network, which is expected to enhance its delivery capabilities and product matrix, leading to accelerated performance in the future [1]

Core Viewpoint - Cirrus Design, a wholly-owned subsidiary of the company, has entered into a related transaction to purchase extended warranty coverage from Continental, reflecting ongoing customer demand for such services [1] Group 1 - The board announced the signing of a main supply agreement for extended warranty coverage on November 3, 2025 [1] - The agreement allows Cirrus Design to purchase extended warranty coverage from Continental, effective from the date of the agreement until December 31, 2026 [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） 上市規則涵義 於本公告日期，航空工業及其附屬公司持有293,463,318股股份，佔本公司已 發行股本的約80.18%。因此，航空工業為本公司的控股股東。Continental為 大陸航空科技控股有限公司的全資附屬公司，截至本公告日期，大陸航空 科技控股有限公司由航空工業間接持有約46.40%。因此，根據上市規則第 14A章，Continental為航空工業的聯繫人及本公司的關連人士。 由於根據年度上限計算的一項或多項適用百分比（定義見上市規則）超過0.1% 但全部低於5%，訂立延長保修主供應協議及其項下擬進行的交易構成本公 司的持續關連交易，須遵守上市規則第14A章項下的申報及公告規定，惟可 獲豁免遵守獨立股東批准規定。 – 1 – 背景 茲提述本公司日期為2025年3月14日及2 ...

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 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 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 | | 0 | | 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 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 截至月份: ...

Group 1 - The stock of Xirui (02507.HK) increased by nearly 6%, reaching a price of 54.05 HKD at the time of reporting [1] - The trading volume amounted to 21.1299 million HKD [1]

Core Viewpoint - The stock of Xirui (02507) has increased nearly 6%, currently trading at 54.05 HKD with a transaction volume of 21.1299 million HKD, driven by supportive government policies for the low-altitude economy and the company's strong market position [1]. Group 1: Industry Developments - The Central Committee of the Communist Party of China has proposed to develop emerging pillar industries and accelerate the growth of strategic emerging industry clusters, including the low-altitude economy [1]. - Recent policies from Anhui and Henan provinces, as well as multiple support policies from Guangdong, aim to bolster the low-altitude economy [1]. Group 2: Company Performance - Western Securities has indicated that the long-term competitive landscape of the industry remains stable, with Xirui's brand and manufacturing advantages being significant [1]. - Xirui is expected to maintain its market share advantage, contributing to its long-term steady growth potential [1]. - The company is gradually expanding its production capacity and service network, which is anticipated to enhance its delivery capabilities and product matrix, leading to accelerated performance in the future [1].

Core Viewpoint - Jiangxi Ruijian Tongda Alloy Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on various manufacturing and sales activities related to non-ferrous metal alloys and other materials [1] Company Summary - The company is legally represented by Huang Gaoping [1] - The registered capital of the company is 10 million RMB [1] - The business scope includes manufacturing and processing of non-ferrous metal alloys, sales of non-ferrous metal alloys, and various metal materials [1] - The company is also involved in the recycling of renewable resources, including production waste metals [1] - Additional activities include the manufacturing and sales of household appliances, import and export of goods, and leasing of non-residential real estate [1] Industry Summary - The establishment of Jiangxi Ruijian Tongda Alloy Co., Ltd. indicates growth in the non-ferrous metal alloy manufacturing sector [1] - The company’s diverse business activities reflect a trend towards integrated operations in the metal and materials industry [1] - The focus on renewable resource recycling aligns with industry movements towards sustainability and resource efficiency [1]

I. 法定/註冊股本變動 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 | | | 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 呈交日期: 2025年10月6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 | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.5 USD | | 250,000,000 | II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 ...

Core Viewpoint - The article discusses the recent adjustments in the Hong Kong Stock Connect market, highlighting the inclusion and subsequent exclusion of certain stocks due to liquidity issues and regulatory loopholes. Group 1: Market Adjustments - As of September 2025, the Hong Kong Stock Connect has included 67 stocks and excluded 61 stocks, with the adjustments based on market capitalization and liquidity requirements [1] - The inclusion criteria for stocks in the Hang Seng Composite Index require meeting specific market capitalization and liquidity thresholds, particularly for small-cap stocks [1] Group 2: Case Studies of Anomalies - The case of Xirui Aircraft illustrates a contradiction where the stock was initially rejected for poor liquidity but was later included without significant improvement, only to be removed 125 days later due to historical liquidity issues [4][7] - Xirui Aircraft's average market capitalization was 83 billion HKD at the time of inclusion, but it dropped to 69 billion HKD by the review date, failing to meet the required thresholds [4] - The stock's trading volume was consistently low, with an average turnover rate of only 0.21% in July 2024, which did not meet the liquidity requirements [5][6] Group 3: Regulatory Concerns - The inclusion of Lukuang despite its suspension and financial risks raises questions about the adequacy of the current review mechanisms for the Hong Kong Stock Connect [8][10] - Lukuang's market capitalization reached 161 billion HKD by December 2024, allowing it to meet the inclusion criteria, but it faced significant risks shortly before its scheduled inclusion [10] - Despite known risks, Lukuang was included in the index on March 10, 2025, only to be removed 63 days later due to ongoing suspension, which prevented southbound investors from incurring losses [11]