Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][4]. Group 1: A-Share Index Adjustments - New additions to the MSCI China A-share index include stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4]. - Stocks removed from the index include Zhongzhi Co., Ltd. (600038.SH), Berteli (603596.SH), and Dong'a Ejiao (000423.SZ) [4]. Group 2: Hong Kong Stock Adjustments - In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks, including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Group 3: Global Index Adjustments - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable new additions including CoreWeave, Nebius Group, and Insmed [5]. - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, Zijin Mining International, and GF Securities [5]. Group 4: Adjustment Frequency and Impact - MSCI conducts four routine adjustments to its indices annually, with the May and November adjustments typically having a larger impact compared to the February and August adjustments [6]. - Adjustments are based on objective quantitative indicators such as market capitalization and liquidity, and historical analysis suggests that the overall market impact of MSCI's routine adjustments is manageable [6].

Core Viewpoint - Dongwu Securities report indicates that Zhongzhong Co., Ltd. achieved a net profit attributable to shareholders of 373 million yuan in the first three quarters of 2025, representing a year-on-year increase of 4.32% [1] Financial Performance - The overall profitability quality is stable, and the profit structure continues to optimize, although facing short-term pressures [1] - The asset-liability structure is generally stable, with good operational efficiency and asset quality maintained [1] Cash Flow and Future Outlook - Excluding seasonal factors and the settlement characteristics of the military industry, the overall cash flow matching is gradually improving, laying a foundation for future performance release [1] - The rating is maintained at "Buy" [1]

Core Viewpoint - The company, Zhongzhihang, is a leading player in the domestic helicopter manufacturing industry, focusing on the development, design, production, and sales of aviation products and components, with significant growth in revenue and contracts indicating strong market demand [1][6]. Group 1: Business Performance - As of Q3 2025, Zhongzhihang reported a revenue of 15.047 billion, ranking 5th in the industry, surpassing the industry average of 3.456 billion and the median of 1.171 billion [2]. - The main business revenue from aviation products reached 10.18 billion, accounting for 99.41% of total revenue, while advanced manufacturing and other segments contributed minimally [2]. - The net profit for the same period was 326 million, ranking 12th in the industry, above the average of 224 million and the median of 89.7 million [2]. Group 2: Financial Ratios - The company's debt-to-asset ratio stood at 67.23% in Q3 2025, a decrease from 69.08% year-on-year, but still above the industry average of 39.42% [3]. - The gross profit margin was reported at 7.75%, down from 8.60% year-on-year, and significantly lower than the industry average of 30.54% [3]. Group 3: Corporate Governance - The chairman, Yan Lingxi, has a background in various leadership roles within the aviation industry, while the general manager, Xu Bin, received a salary of 351,600 for 2024 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.43% to 58,800, with an average holding of 11,400 shares, a decrease of 0.43% [5]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in shareholdings among the top ten shareholders [5]. Group 5: Future Outlook - According to招商证券, the projected net profits for 2025, 2026, and 2027 are 612 million, 723 million, and 850 million respectively, with corresponding valuations of 49, 41, and 35 times [6]. - The company is experiencing a significant increase in contract liabilities, up 32.77% year-on-year, indicating strong demand and ongoing investment in production capacity [6].

Core Insights - The company reported a total operating revenue of 15.047 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 13.02% [1] - The net profit attributable to shareholders of the parent company was 373 million yuan, showing a year-on-year increase of 4.32% [1] - The basic earnings per share stood at 0.4546 yuan [1]

Core Viewpoint - 中航科工's subsidiary 中直股份 reported a decline in revenue for the first three quarters of 2025, while net profit showed a slight increase [1] Financial Performance - 中直股份 achieved an operating revenue of approximately 15.047 billion yuan, representing a year-on-year decrease of 13.02% [1] - The net profit attributable to shareholders of the listed company was about 373 million yuan, reflecting a year-on-year growth of 4.32% [1] - Basic earnings per share stood at 0.4546 yuan [1]

Core Viewpoint - AVIC's subsidiary, Zhongzhi Co., reported a decline in revenue for the first three quarters of 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - Zhongzhi Co. achieved operating revenue of 15.047 billion yuan, a year-on-year decrease of 13.02% [1] - The net profit attributable to shareholders was 373 million yuan, reflecting a year-on-year increase of 4.32% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 282 million yuan, which represents a year-on-year decrease of 12.50% [1] - Basic earnings per share stood at 0.4546 yuan [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份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下爲中航直升機股份有限公司於上海證券交易所網站刊發之公告。 吳筠 北京，二零二五年十月二十九日 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生和胡世偉女士，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先生組成。 *僅供識別 中航直升机股份有限公司 2025 年第三季度报告 证券代码：600038 证券简称：中直股份 中航直升机股份有限公司 2025 年第三季度报告 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 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-048 中航直升机股份有限公司 关于更换公司董事的公告 在提交本次董事会审议前，该议案已经公司董事会提名委员会审 议通过。董事会提名委员会认为：上述非独立董事候选人不存在《公 司法》第一百七十八条规定的情形，亦不存在被中国证监会确定为市 场禁入者并且尚未解除等情况，其任职资格符合有关法律、行政法规、 部门规章等规范性文件的规定。 上述事项尚需提交股东会审议。 特此公告。 中航直升机股份有限公司董事会 2025 年 10 月 30 日 附件：非独立董事候选人 赵卓：中国国籍，无境外永久居留权，1973 年 9 月出生，中共 党员，硕士研究生，研究员级高级工程师。历任中国航空科技工业股 份有限公司综合管理部副部长、内部审计部部长、证券市场部部长、 资本市场部部长，中航直升机股份有限公司副总经理、董事会秘书， 现任中国航空科技工业股份有限公司董事会秘书。 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"）于 2025 年 10 月 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-046 中航直升机股份有限公司 第九届董事会第十一次会议决议公告 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")第九届董事会第十一 次会议于 2025 年 10 月 18 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 10 月 28 日上午 10:00 以通讯表决方式召开。 出席本次会议的董事应到九人，实到八人，董事闫灵喜、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，董事曹 生利因个人原因未能出席本次会议。本次会议由董事长闫灵喜先生主持。 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 门规章等规范性文件及《中航直升机股份有限公司章程》的规定。 会议议程如下： 1、审议《中航直升机股份有限公司 2025 年第三季度报告》； 2、审议《关于调整 2025 年度日常关联交易预计情况的议案》； 3、审议《关于更换公司董事的议案》； 4、审议《关于修订<中航直升 ...

公 开 中航直升机股份有限公司 董事会薪酬与考核委员会 实施细则 （本实施细则经 2025 年 10 月 28 日召开的中航直升机股份有限 公司第九届董事会第十一次会议审议通过，并于同日生效） 二〇二五年十月二十八日 第一章 总 则 第一条 为进一步建立健全中航直升机股份有限公司 （以下简称"公司"）董事及高级管理人员的薪酬与考核管 理制度，完善公司治理结构，根据《中华人民共和国公司法》 《上市公司治理准则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》《中航直升机股份有限公司公司 章程》（以下简称"《公司章程》"）及其他有关规定，公司特 设立董事会薪酬与考核委员会，并制定本实施细则。 第二条 董事会薪酬与考核委员会是董事会下设专门工 作机构，主要负责制定公司董事及高级管理人员的考核标准 并进行考核；负责制定、审查公司董事及高级管理人员的薪 酬政策与方案，对董事会负责。 第三条 本实施细则所称董事是指在公司领取薪酬的董 事，高级管理人员是指董事会聘任的总经理、副总经理、财 务总监、董事会秘书。 第二章 人员组成与运行 第四条 薪酬与考核委员会成员由三名董事组成，独立 董事应当过半数并担任主任委 ...