2025 年 9 月 16 日 2025 年第三次临时股东大会会议资料 2025 年第三次临时股东大会会议资料 中航机载 中航机载系统股份有限公司 2025 年第三次临时股东大会会议资料 中航机载 会 议 议 题 议案一 关于审议修订《中航机载系统股份有限公司章程》及相关议 事规则的议案 议案二 关于审议取消监事会的议案 2025 年第三次临时股东大会会议资料 中航机载 议案一 关于审议修订《中航机载系统股份有限公司章程》 及相关议事规则的议案 各位股东及股东代表： 根据《中华人民共和国公司法》（2024 年 7 月 1 日起实施）、《上市公 司章程指引》（2025 年修订）等相关法律法规的规定及中国证券监督管理委 员会于 2024 年 12 月 27 日发布的《关于新〈公司法〉配套制度规则实施相关 过渡期安排》，结合公司的实际情况及需求，公司拟对《中航机载系统股份有 限公司章程》（以下简称《公司章程》）、《中航机载系统股份有限公司股东 大会议事规则》（以下简称《股东大会议事规则》）及《中航机载系统股份有 限公司董事会议事规则》（以下简称《董事会议事规则》）进行修订和完善。 主要修订内容如下： 一、《公司章程 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Group 1 - The company's revenue for the first half of 2025 was 11.18 billion yuan, a year-on-year decrease of 2.59%, while net profit attributable to shareholders was 642 million yuan, down 28.93% year-on-year, primarily due to industry cycle adjustments and unmet military product order expectations [1] - The company has seen a slight increase in the proportion of civil and non-aviation business, indicating successful expansion into civil aviation and low-altitude economy sectors [1] - The company is actively adjusting its order structure by reducing low-margin traditional military products and increasing high-value-added civil products and maintenance services to address intensified price competition in military products [1] Group 2 - The company's balance sheet shows accounts receivable of 26.68 billion yuan, an increase of 13.68% from the beginning of the year, mainly due to extended military product payment cycles; inventory reached 16.98 billion yuan, up 8.48%, reflecting increased order preparations [2] - The gross profit margin improved slightly from 25.51% in the first half of 2024 to 26.37% in the first half of 2025, but net profit margin was pressured due to an increase in R&D expense ratio to 8.79% and financial expense ratio rising to 0.65% [2] - The company reported a significant improvement in operating cash flow, with a net outflow of 60 million yuan compared to a net outflow of 1.16 billion yuan in the same period last year, benefiting from accelerated receivables collection [2] Group 3 - The company's core competitiveness is being strengthened through maintaining domestic leadership in aviation onboard technology, optimizing industrial layout with military, civil aircraft, and advanced manufacturing driving growth, and increasing market share in civil aircraft components like C919 [3] - The company has completed the re-signing of the management agreement with the onboard company to integrate related business resources and is advancing a share buyback plan of 300 to 500 million yuan for equity incentives [3] - The company invested 19 million yuan in rural revitalization, demonstrating its social responsibility, and is making progress in technology R&D projects such as electromagnetic valves and aviation power systems, which are expected to create new growth points upon reaching production capacity [3] Group 4 - The company's performance aligns with market expectations, but due to order uncertainties, profit forecasts for 2025-2026 have been revised down to 1.152 billion yuan and 1.339 billion yuan respectively, with a new forecast for 2027 at 1.582 billion yuan, corresponding to PE ratios of 54, 46, and 39 times [3] - The company is positioned as a leader in China's aviation onboard systems and is expected to benefit from the growth in aviation equipment demand and the continuous development of new production capacities in large aircraft [3]

Group 1 - The company plans to repurchase shares using its own funds ranging from 30 million to 50 million RMB, with a maximum repurchase price of 17.06 RMB per share after adjustments [2][3] - As of August 31, 2025, the company has repurchased a total of 4,757,100 shares, representing 0.10% of the total share capital, with a total expenditure of approximately 59.94 million RMB [3][4] - The repurchase progress complies with relevant laws and regulations, as well as the company's repurchase plan requirements [4] Group 2 - The company will make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [5]

证券日报网讯9月1日晚间，中航机载（600372）发布公告称，截至2025年8月31日，公司通过集中竞价 方式累计回购股份数量为4，757，100股，已回购股份占公司总股本的比例为0.10%。 ...

证券代码：600372 证券简称：中航机载 公告编号：临 2025-057 累计已回购金额 5,993.54万元 中航机载系统股份有限公司 关于股份回购进展公告 一、 回购股份的基本情况 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： 回购方案首次披露日 2025/4/19 回购方案实施期限 2025/4/21~2026/4/20 预计回购金额 30,000.00万元（含）~50,000.00万元（含） □减少注册资本 √用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 475.71万股 累计已回购股数占总股本比例 0.10% 二、 回购股份的进展情况 截至 2025 年 8 月 31 日，公司通过集中竞价方式累计回购股份数 量为 4,757,100 股，已回购股份占公司总股本的比例为 0.10%，回购的 最高价为人民币 12.80 元/股，回购的最低价为人民币 12.52 元/股， 累计支付的总金额为人民币 59,935,353.59 元（不含交易费用） ...

证券代码：600372 证券简称：中航机载 公告编号：临 2025-057 中航机载系统股份有限公司 二、 回购股份的进展情况 截至 2025 年 8 月 31 日，公司通过集中竞价方式累计回购股份数 量为 4,757,100 股，已回购股份占公司总股本的比例为 0.10%，回购的 最高价为人民币 12.80 元/股，回购的最低价为人民币 12.52 元/股， 累计支付的总金额为人民币 59,935,353.59 元（不含交易费用）。 关于股份回购进展公告 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： | 回购方案首次披露日 | 2025/4/19 | | --- | --- | | 回购方案实施期限 | 2025/4/21~2026/4/20 | | 预计回购金额 | 30,000.00万元（含）~50,000.00万元（含） | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 475.71万股 | | ...

Summary of Key Points Core Viewpoint - 中航机载 announced a share buyback program, indicating a commitment to returning value to shareholders and potentially signaling confidence in the company's future performance [1] Company Actions - The company has repurchased a total of 4,757,100 shares through a centralized bidding process [1] - The repurchased shares represent 0.10% of the company's total share capital [1] - The highest price paid for the repurchased shares was RMB 12.80 per share, while the lowest price was RMB 12.52 per share [1] - The total amount spent on the buyback was RMB 59.9354 million, excluding transaction fees [1]

Core Points - The company, AVIC Aircraft Systems Co., Ltd. (referred to as "AVIC"), reported its semi-annual results for 2025 on August 30, indicating a decline in key financial metrics due to industry cycle adjustments and intensified competition [1] - AVIC's operating revenue for the first half of the year was 11.18 billion yuan, a year-on-year decrease of 2.59% [1] - The total profit for AVIC was 771 million yuan, reflecting a year-on-year decline of 29% [1] - The net profit attributable to shareholders of the listed company was 642 million yuan, down 28.93% year-on-year [1] - The announcement noted that AVIC has basically completed its production balance and schedule targets for the first half of the year [1]

格隆汇8月29日丨中航机载(600372.SH)发布中报，2025上半年实现营业总收入111.8亿元，同比下降 2.59%；归属母公司股东净利润6.42亿元，同比下降28.93%；基本每股收益为0.1326元。 ...