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.

Core Insights - The aerospace ETF Tianhong (159241) has seen significant trading activity, with a turnover of 14.57% and a transaction volume of 67.25 million yuan as of October 30, 2025, indicating a vibrant market engagement [3] - The fund has attracted substantial capital inflow, with a net subscription of 13 million shares and a total net inflow of 15.27 million yuan on the same day, reflecting strong investor interest [4] - Over the past five trading days, the fund has recorded net inflows on four occasions, totaling 17.53 million yuan, showcasing a consistent demand for aerospace-related investments [4] Company Performance - AVIC Aircraft's third-quarter net profit reached 348 million yuan, marking a year-on-year increase of 16.06%. The company's revenue for the same period was 5.594 billion yuan, up 9.92% year-on-year, indicating robust growth in both revenue and profit [5] - The company's net profit excluding non-recurring gains surged by 51.91% year-on-year to 327 million yuan, highlighting an improvement in core profitability [5] Industry Developments - The successful maiden flight of the large-load, long-endurance T1400 vertical unmanned helicopter by the United Aircraft Group on October 30, 2025, signifies a breakthrough in technology and the potential to reshape the global low-altitude industry [5] - China Galaxy Securities emphasizes the strong demand for military equipment driven by increasing military budgets, with expectations for active procurement in the upcoming quarters, particularly as the 2027 centenary of the military approaches [5] - The military industry is anticipated to benefit from enhanced asset securitization and improved management capabilities, which could lead to a more efficient and collaborative industrial chain [5]

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

Core Viewpoint - 中航科工 reported its performance for 中航机载 for the first three quarters of 2025, showing a slight increase in revenue but a significant decrease in net profit [1] Financial Performance - The operating revenue for 中航机载 reached approximately 16.774 billion yuan, reflecting a year-on-year growth of 1.25% [1] - The net profit attributable to shareholders of the listed company was about 990 million yuan, representing a year-on-year decrease of 17.73% [1] - The basic earnings per share stood at 0.2045 yuan [1]

Core Viewpoint - 中航科工's subsidiary 中航机载 reported a slight increase in revenue but a significant decline in net profit for the first three quarters of 2025 [1] Financial Performance - The company's operating revenue reached approximately 16.774 billion yuan, reflecting a year-on-year growth of 1.25% [1] - The net profit attributable to shareholders was about 990 million yuan, showing a year-on-year decrease of 17.73% [1] - The basic earnings per share stood at 0.2045 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* 承董事會命 中國航空科技工業股份有限公司 公司秘書 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 (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。 以下爲中航機載系統股份有限公司於上海證券交易所網站刊發之公告。 中航机载系统股份有限公司 2025 年第三季度报告 证券代码：600372 证券简称：中航机载 中航机载系统股份有限公司 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 ...