证券代码：600038 证券简称：中直股份 公告编号：2025-031 中航直升机股份有限公司 关于继续使用暂时闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"或"中直股份"）于2025年6 月6日分别召开第九届董事会第九次会议、第九届监事会第八次会议，审议通过 了《关于继续使用暂时闲置募集资金进行现金管理的议案》，同意在确保不影响 募集资金投资计划的前提下，对最高额度不超过人民币25亿元（包含本数）的闲 置募集资金进行现金管理，在该额度内，资金可以滚动使用，本次现金管理授权 的使用期限自董事会审议通过之日起12个月内有效。详细情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意中航直升机股份有限公司发行股份 购买资产并募集配套资金注册的批复》（证监许可〔2024〕173号），公司发行 股份募集配套资金不超过30亿元。 公司本次向特定对象发行股票的数量为88,287,227股，发行价格为33.98元/股， 实际募集资金总额为人民币2,99 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-030 中航直升机股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司(以下简称"公司")第九届董事会第八次 会议于 2025 年 5 月 30 日以直接送达或电子邮件等方式发出会议通知及 会议资料，于 2025 年 6 月 6 日以通讯表决方式召开。出席本次会议的 监事应到三人，实到三人，监事康颖蕾、刘震宇、江山巍以通讯表决方 式参会。本次会议的召集、召开和表决程序及方式符合有关法律、行政 法规、部门规章、规范性文件及《中航直升机股份有限公司章程》的规 定。 本次会议由监事会主席康颖蕾女士主持。 会议议程如下： 审议《关于继续使用暂时闲置募集资金进行现金管理的议案》。 经监事会会议表决，通过了以下决议： 会议以 3 票同意，0 票反对，0 票弃权，通过了《关于继续使用暂时 闲置募集资金进行现金管理的议案》，同意在确保不影响募集资金投资 计划的前提下，使用不超过人民币 25 亿元（包含本数）的暂时闲置 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-029 中航直升机股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"）第九届董事会第九次会议 于 2025 年 5 月 30 日以直接送达或电子邮件等方式发出会议通知及会议资料， 于 2025 年 6 月 6 日以通讯表决方式召开。出席本次会议的董事应到九人，实 到九人，董事闫灵喜、曹生利、周国臣、许建华、徐滨、余小林、王猛、刘 振、赵慧侠以通讯表决方式参会。本次会议的召集、召开和表决程序及方式 符合有关法律、行政法规、部门规章、规范性文件及《中航直升机股份有限 公司章程》的规定。 会议由董事长闫灵喜先生主持。 会议议程如下： 1、审议《关于继续使用暂时闲置募集资金进行现金管理的议案》； 2、审议《关于制定<中航直升机股份有限公司法人授权委托管理办法>的 议案》。 经董事会会议表决，通过了以下决议： 1、会议以 9 票同意，0 票反对，0 票弃权，通过了《关于继续使用暂时闲 置募集资金进行现金管理的议案》，同意在 ...

Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]

Core Viewpoint - The company anticipates a revenue of 30.2 billion and a net profit of 604 million for 2025, indicating a positive growth trajectory in its financial performance [1] Financial Performance - As of the end of 2024, the company has an order backlog exceeding 20 billion [1] - The projected revenue for 2024 is 29.766 billion, with a net profit of 555.6 million [1] - Year-on-year growth for 2025 is expected to be 1.46% in revenue and 8.63% in net profit compared to 2024 [1]

Core Viewpoint - The military drone company Zhongyun Drone is experiencing significant growth in Q1, with a 55.12% increase in net profit year-on-year, and is expected to achieve substantial growth in operational scale by 2025, driven by a recovery in market demand and strategic initiatives in foreign trade [1][3]. Group 1: Company Performance - Zhongyun Drone's Q1 net profit increased by 55.12% year-on-year, while its revenue grew over 200% due to a turnaround in performance [1]. - The company anticipates a significant increase in operational scale by 2025, with a focus on high-quality development [1][2]. - In Q1, Zhongyun Drone's revenue was primarily driven by an increase in the delivery of drone systems, leading to a rise in operating income compared to the previous year [2]. Group 2: Market Outlook - The military drone market is expected to recover by 2025, with Zhongyun Drone planning to actively engage in customer outreach and product promotion to capitalize on this trend [2]. - The company holds a significant market share in the military drone sector, with mid-altitude and high-altitude long-endurance drone systems accounting for approximately 48% of the military drone market [2]. - Tianfeng Securities predicts a notable recovery in downstream demand for Zhongyun Drone, as indicated by the expected increase in related transactions in 2025 [3]. Group 3: Strategic Initiatives - Zhongyun Drone is focusing on expanding its foreign trade business and enhancing its product offerings to meet market demands [1][4]. - The company has secured over 200 billion yuan in orders as of the end of 2024, with projected revenues of 30.2 billion yuan and a net profit of 604 million yuan for 2025 [3]. - The company is also advancing its civil helicopter business, with a steady increase in deliveries and a focus on low-altitude economic development [4].

证券代码：600038 证券简称：中直股份 公告编号：2025-028 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.204元 ? 相关日期 | | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 819,893,213 股为基数，每股派发现金红利 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | | 四、 分配实施办法 （1）无限售条件流通股的 ...

中航直升机股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.204元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 证券代码：600038 证券简称：中直股份 公告编号：2025-028 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]