证券代码：600372 证券简称：中航机载 公告编号：2025-074 (一)股东会召开的时间：2025 年 11 月 14 日 (二)股东会召开的地点：北京市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,189 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,745,214,963 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 56.8851 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，公司董事长胡林平先生因公务原因不能现场 出席并主持本次会议，经公司过半数董事推举，本次股东会由公司董事、总经理 王树刚先生主持，以现场投票与网络投票相结合的方式进行表决，会议的召开程 序及表决方式符合法律法规的规定。 中航机载系统股份有限公司 2025年第五次临时股东会决议公告 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 ...

北京市嘉源律师事务所 关于中航机载系统股份有限公司 2025 年第五次临时股东会的 法律意见书 II. r 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源律师事务所 IA YUAN LAW OFFICES 北京 BEI JING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中航机载系统股份有限公司 北京市嘉源律师事务所 关于中航机载系统股份有限公司 2025年第五次临时股东会的法律息见书 嘉源(2025) -04-824 北京市嘉源律师事务所(以下简称"本所")受中航机载系统股份有限公司 (以下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司 法》"）、《上市公司股东会规则》(以下简称"《股东会规则》")等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 航机载系统股份有限公司章程》(以下简称"《公司章程》")的有关规定,指派 本所律师对公司 2025年第五次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律 ...

Core Viewpoint - The company, AVIC Aircraft, reported that as of October 31, 2025, it is expected to have 170,993 shareholders [2] Summary by Category - **Shareholder Information** - The company anticipates a total of 170,993 shareholders by the end of October 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved total revenue of 16.774 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.25%, while the net profit attributable to shareholders was 990 million yuan, a year-on-year decrease of 17.73% [8] - The decline in profit is primarily attributed to a reduction in non-recurring gains and losses, as well as an increase in credit impairment losses, which reached 171 million yuan, a year-on-year increase of 139.89% [8] - Despite the slight revenue increase, the gross profit margin improved to 27.94%, indicating progress in product structure optimization or cost control [8] - The company has maintained a strong focus on core technology, with R&D expenses reaching 1.574 billion yuan, a year-on-year increase of 14.50% [8] - The asset-liability ratio stood at 50.63%, reflecting a moderate increase in leverage, while short-term borrowing pressures have increased [8] Financial Summary - The company forecasts net profits attributable to shareholders of 1.152 billion yuan, 1.337 billion yuan, and 1.580 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 51, 44, and 37 times [8] - The report indicates that the company's operating cash flow for the first three quarters of 2025 was -1.377 billion yuan, although this represents a significant improvement of 62.29% year-on-year [8] - The company’s total assets are projected to reach 91.387 billion yuan by 2026, with a steady focus on capacity expansion [9]

Core Viewpoint - The company, AVIC Aircraft, announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own shares [1] Group 1 - As of October 31, 2025, the company has repurchased a total of 13,004,400 shares [1] - The repurchased shares represent 0.2687% of the company's total share capital [1]

Core Viewpoint - The company, AVIC Aircraft (600372.SH), has announced a share buyback program, indicating a commitment to returning value to shareholders through repurchasing shares at specified price ranges [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 13.0044 million shares [1] - The repurchased shares account for 0.2687% 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 11.70 per share [1] - The total amount spent on the buyback, excluding transaction fees, is RMB 160 million [1]

证券代码：600372 证券简称：中航机载 公告编号：2025-073 中航机载系统股份有限公司 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： 截至 2025 年 10 月 31 日，公司通过集中竞价方式累计回购股份数 量为 13,004,400 股，已回购股份占公司总股本的比例为 0.2687%，回 购的最高价为人民币 12.80 元/股，回购的最低价为人民币 11.70 元/ 股，累计支付的总金额为人民币 159,885,393.78 元（不含交易费用）。 上述回购进展符合相关法律法规、规范性文件的规定及公司本次 回购股份方案的要求。 三、 其他事项 | 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 | ...

Core Viewpoint - The company has announced a share buyback program, indicating a commitment to returning value to shareholders and potentially signaling confidence in its future performance [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 13.0044 million shares [1] - The repurchased shares represent 0.2687% 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 11.70 per share [1] - The total amount spent on the buyback, excluding transaction fees, is RMB 160 million [1]

Core Viewpoint - The company plans to repurchase shares using its own funds between 300 million and 500 million yuan by April 2025, aimed at employee stock ownership or equity incentives [1] Summary by Categories Share Repurchase Plan - The company intends to repurchase shares at a price not exceeding 17.06 yuan per share [1] - As of October 31, 2025, the company has repurchased a total of 13.0044 million shares, accounting for 0.27% of the total share capital [1] - The total amount spent on repurchases so far is approximately 159.8854 million yuan, with the highest repurchase price being 12.80 yuan per share and the lowest at 11.70 yuan per share [1]

Summary of the Conference Call Company and Industry Overview - **Company**: 中航机载 (AVIC Aircraft) - **Industry**: Aerospace and Defense Key Points and Arguments Financial Performance - For Q3, the company achieved a revenue of **16.7 billion** (167亿), completing **69%** of the annual target, showing a slight increase compared to the same period last year [3][4] - Q3 single-quarter revenue was **5.59 billion** (55.9亿), a **9.9%** increase year-over-year [3][4] - Total profit for Q3 was **480 million** (4.8亿), a **37.78%** increase year-over-year, while net profit attributable to shareholders was **347 million** (3.47亿), up **16.06%** [4][4] - Despite revenue growth, profit margins decreased due to factors such as increased bad debt provisions of approximately **150 million** (1.5亿) and higher R&D expenses, which rose by **200 million** (2亿) compared to last year [4][5][9] Revenue Structure and Growth Areas - The civil aviation sector saw a revenue increase of **36.83%**, indicating successful diversification efforts [5] - The modern industry segment also grew by **16%**, reflecting ongoing expansion into new business areas [5] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted gross profit margins despite a two-point decline year-over-year [6][6] Market Dynamics and Strategic Focus - The military products segment remains stable, accounting for **80-90%** of total revenue, with a recovery observed since Q2 [9][10] - The company is actively expanding into civilian markets, including automotive components and new energy sectors, which are expected to provide significant growth opportunities [10][11] - The company is also exploring applications in new energy technologies, such as solid-state batteries and GaN (Gallium Nitride) generation, which are anticipated to be major growth areas [29][30] Challenges and Risks - Increased financial expenses have been noted, with a doubling of financial costs compared to previous years, primarily due to reduced interest income from deposits [39][40] - The company faces pressure from military procurement pricing, which has stabilized but continues to challenge profit margins [16][19] - The potential for bad debt recovery exists, as the company is enhancing its receivables management, which could positively impact future profits [45] Future Outlook - The company remains optimistic about its annual performance, expecting continued improvement in Q4 based on current trends [12][13] - The focus on R&D is crucial, with significant investments being made to support new product development and technological advancements [22][23] - The company is also exploring opportunities in commercial aerospace and deep-sea projects, indicating a strategic diversification beyond traditional aerospace applications [50][51] Additional Insights - The company is leveraging AI technology to enhance operational efficiency and reduce costs, with applications already in product design and logistics [47][49] - The management emphasizes the importance of maintaining a balance between military and civilian product lines to ensure sustainable growth [10][12] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's financial performance, strategic initiatives, market dynamics, and future outlook.