Core Viewpoint - The company has approved the continued use of temporarily idle raised funds for cash management, with a maximum amount not exceeding RMB 2.5 billion, ensuring that it does not affect the investment plans of the raised funds [1][4]. Summary by Sections Fundraising Overview - The company raised a total of RMB 2,999,999,973.46 through the issuance of 88,287,227 shares at a price of RMB 33.98 per share, with a net amount of RMB 2,968,265,742.11 after deducting related issuance costs [2]. - The total amount of raised funds approved for investment is up to RMB 3 billion [1]. Investment Project Details - The raised funds are intended for specific projects, including the construction of a maintenance base to enhance comprehensive maintenance capabilities [2]. - As of December 31, 2024, the company has invested a total of RMB 300.25 million from the raised funds, with a remaining balance of RMB 34.65 million in the special account [2]. Cash Management Plan - The company aims to utilize temporarily idle raised funds for cash management to improve efficiency and increase returns for shareholders, without impacting the ongoing projects [3][4]. - The cash management will involve investing in low-risk, highly liquid, and principal-protected products with a maturity of no more than 12 months [4]. Approval Process - The board of directors and the supervisory board have approved the cash management plan, ensuring compliance with relevant regulations and safeguarding shareholder interests [6][8]. - Independent financial advisors have confirmed that the cash management plan adheres to regulatory requirements and does not alter the intended use of the raised funds [7][8].

Core Points - The company held the eighth meeting of the ninth Supervisory Board on June 6, 2025, via communication voting, with all three supervisors present [1]. - The meeting approved a proposal to continue using temporarily idle raised funds for cash management, allowing up to RMB 2.5 billion for investment in safe, liquid, and principal-protected products with a maturity of no more than 12 months [1]. Summary by Sections - **Meeting Details** - The meeting was convened with proper notification and procedures, attended by all three supervisors [1]. - The meeting was chaired by the Supervisory Board Chairwoman, Ms. Kang Yinglei [1]. - **Resolution Passed** - The Supervisory Board unanimously approved the proposal to use temporarily idle raised funds for cash management [1]. - The approved amount for cash management is capped at RMB 2.5 billion, ensuring it does not affect the investment plans of the raised funds [1].

中国国际金融股份有限公司 关于中航直升机股份有限公司 继续使用暂时闲置募集资金进行现金管理的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"独立财务顾问"）作为 中航直升机股份有限公司（以下简称"中直股份"或"公司"）发行股份购买资产并 募集配套资金暨关联交易之独立财务顾问，中直股份前次现金管理事项授权期限 的有效期将于 2025 年 7 月 26 日到期， 根据《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等相关法律法 规及规范性文件，中金公司对中直股份继续使用部分暂时闲置募集资金进行现金 管理相关事项进行了核查，核查情况如下： 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 2,999,999,97 ...

中航证券有限公司 关于中航直升机股份有限公司 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2,999,999,973.46元，扣除相关发行费用（不含 增值税）人民币31,734,231.35元后，募集资金净额为人民币2,968,265,742.11元。 上述募集资金于2024年7月17日全部到位。 上述募集资金到账后，公司对募集资金进行专户存储，并与募集资金专户 监管银行、独立财务顾问中国国际金融股份有限公司以及财务顾问中航证券有 限公司签署募集资金专户存储监管协议。 二、募集资金投资项目的基本情况 本次募集配套资金在扣除相关发行费用（不含增值税）后，拟投入以下项 - 1 - 目： | 序号 | 项目名称 | 募集资金 投资额 （亿元） | 根据募集资 金净额调整 后拟投入金 额（亿元） | 实施主体 | | --- | --- | --- | --- | --- ...

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]

"十四五"规划收官之年，军工低空公司一季度迎来开门红。 今年Q1，中直股份（600038）归母净利润同比增长55.12%，中无人机则实现扭亏为盈，营收同比增长 超2倍。 5月28日盘后，在业绩交流会上，中无人机董事长张晓军透露，"目前公司在手订单充足。预计2025年经 营规模较上年有大幅增长，实现扭亏为盈。" 中直股份董事长闫灵喜则表示，"公司(今年将)积极开展外贸业务，投资者可以有所期待！"2025年需求 或迎来大反转 近年来，国际局势动荡，军用无人机市场规模快速增长。不过，在市场节奏及重点订单等影响下，中无 人机去年业绩不及预期。 "(营收、净利双降)受市场需求变动、国内市场节奏调整及重点客户采购计划延后等影响。"中无人机董 事长张晓军在4月15日业绩交流会上表示。 天风证券（601162）认为，2025年作为"十四五"规划的收官之年，行业需求或有望逐步复苏，中无人机 也明确提出2025年将以"高质量发展"为引领，推动经营规模同比显著提升，且中无人机作为中航工业集 团旗下无人机上市平台，在信息化智能化无人化发展大背景下，未来前景或较好。 资料显示，中无人机的主要产品大型固定翼长航时无人机系统属于统计数据中 ...