中国航发航空科技股份有限公司2025 年半年度报告 公司代码：600391 公司简称：航发科技 中国航发航空科技股份有限公司 2025 年半年度报告 1 / 145 中国航发航空科技股份有限公司2025 年半年度报告 无 六、 前瞻性陈述的风险声明 √适用 □不适用 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 独立董事 | 吴宝海 | 工作冲突 | 毛中根 | 三、 本半年度报告未经审计。 四、 公司负责人丛春义、主管会计工作负责人郑玲及会计机构负责人（会计主管人员）张丹声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其 ...

中国航发航空科技股份有限公司 股东会议事规则 1 总则 1.1 目的 为规范中国航发航空科技股份有限公司（以下简称"公司"） 行为,保证股东会依法行使职权,根据《中华人民共和国公司法》 (以下简称《公司法》)、《中华人民共和国证券法》(以下简称 《证券法》)、《上市公司股东会规则》、《中国航发航空科技 股份有限公司章程》（以下简称"公司章程"）等规定,制定本 规则。 1.2 原则 1.3 术语定义 （1）本规则所称公告、通知或股东会补充通知，是指在符 合中国证监会规定条件的媒体和上海证券交易所网站上公布有 关信息披露内容。公告或通知篇幅较长的，公司可以选择在符合 中国证监会规定条件的媒体上对有关内容作摘要性披露，但全文 应当同时在上海证券交易所网站上公布。 1.4 引用文件 （2）本规则所称的股东会补充通知应当在刊登会议通知的 同一符合中国证监会规定条件的媒体上公告。 （1）《中华人民共和国公司法》； （3）本规则所称累积投票制是指股东会选举董事时,每一股 份拥有与应选董事或者监事人数相同的表决权,股东拥有的表决 权可以集中使用。 1.5 适用范围 （4）本规则所称"以上"、 "内",含本数； "过"、"低 ...

中国航发航空科技股份有限公司 董事会议事规则 1 总则 1.1 目的 为了进一步规范本公司董事会的议事方式和决策程序，促使董 事和董事会有效地履行其职责，提高董事会规范运作和科学决策水 平，根据《公司法》、《证券法》、《上市公司治理准则》、《上 海证券交易所股票上市规则》等有关规定及公司章程，制订本规则。 1.2 引用文件 1.3 适用范围 本规则适用于公司董事会、董事会各专门委员会、董事及本 规则中涉及的有关部门及人员。 1.4 董事会办公室 董事会下设董事会办公室，处理董事会日常事务，负责组织 拟提交董事会各项提案的程序性、合规性初步审核，并形成书面 审核意见。 （1）《中华人民共和国公司法》； （2）《中华人民共和国证券法》； （3）《上市公司治理准则》； （4）《上海证券交易所股票上市规则》； （5）《中国航发航空科技股份有限公司章程》。 2 董事会会议的召集和召开 2.1 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 2.2 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当充分 征求董事会专门委员会、经营管理层及各董事的意见， ...

中国航发航空科技股份有限公司 章 程 目 录 | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 6 | | 第三章 | 股份 6 | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 | | | 第四章 股东和股东会 . | | 第二节 | 股东会的一般规定 . | | 第三节 | 股东会的召集 | | 第四节 | 股东会的提案与通知 . | | 第五节 | 股东会的召开 | | 第六节 | 股东会的表决和决议 . | | | 第五章 董事会 | | 第一节 | 董事 | | 第二节 | 独立董事 | | 第三节 | 董事会 | | 第四节 | 董事会专门委员会 . | | 第五节 | 总经理及其他高级管理人员 | | | 第六章 党的组织 . | | | 第七章 工会组织和共青团组织 . | | | 第八章 信息披露 . | | 第一节 | 公司的持续信息披露 . | | 第二节 | 公司治理信息的披露 . | | 第三节 | 股东权益的披露 . | | | 第九章 财务会计制度、利润分配和审计 | | 第一节 | 财务会 ...

中国航发航空科技股份有限公司 章 程 目 录 | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 6 | | 第三章 | 股份 6 | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 | | | 第四章 股东和股东会 . | | 第二节 | 股东会的一般规定 . | | 第三节 | 股东会的召集 | | 第四节 | 股东会的提案与通知 . | | 第五节 | 股东会的召开 | | 第六节 | 股东会的表决和决议 . | | | 第五章 董事会 | | 第一节 | 董事 | | 第二节 | 独立董事 | | 第三节 | 董事会 | | 第四节 | 董事会专门委员会 . | | 第五节 | 总经理及其他高级管理人员 | | | 第六章 党的组织 . | | | 第七章 工会组织和共青团组织 . | | | 第八章 信息披露 . | | 第一节 | 公司的持续信息披露 . | | 第二节 | 公司治理信息的披露 . | | 第三节 | 股东权益的披露 . | | | 第九章 财务会计制度、利润分配和审计 | | 第一节 | 财务会 ...

Group 1 - Military stocks experienced significant afternoon gains, with North China Longyun rising over 10% [1] - Other companies such as Great Wall Industry and AVIC Chengfei increased by more than 5% [1] - Additional stocks that saw upward movement include Tianqin Equipment, Lijun Shares, Jieqiang Equipment, Inner Mongolia First Machinery, Aerospace Technology, Aero Engine Corporation of China, and AVIC Xi'an Aircraft Industry [1]

Core Viewpoint - The financial performance of China Aviation Power Technology Co., Ltd. shows a mixed trend with a decline in revenue but a significant increase in net profit, indicating potential investment opportunities despite challenges in revenue growth [1][2]. Financial Performance - As of the first quarter of 2025, the company reported total operating revenue of 756 million yuan, a year-on-year decrease of 6.79% [1]. - The net profit attributable to shareholders was 3.57 million yuan, reflecting a year-on-year increase of 265.40% [1]. - The non-recurring net profit was 379,000 yuan, up 94.33% year-on-year [1]. - The current ratio stood at 1.150, while the quick ratio was 0.516, and the debt-to-asset ratio was 67.44% [1]. Stock Performance - As of August 25, 2025, the stock price closed at 32.61 yuan, with an increase of 1.12% [1]. - The turnover rate was 8.06%, with a trading volume of 266,000 hands and a transaction amount of 864 million yuan [1]. - The net inflow of main funds was 49.78 million yuan, accounting for 5.76% of the transaction amount [1]. Company Overview - China Aviation Power Technology Co., Ltd. was established in 1999 and is located in Chengdu, primarily engaged in general equipment manufacturing [2]. - The registered capital of the company is approximately 3.30 billion yuan, with a paid-in capital of about 1.30 billion yuan [1][2]. - The company has made investments in three enterprises and participated in 4,240 bidding projects, holding 3 trademarks and 339 patents [2].

Group 1 - The A-share market indices have risen again, with the Shanghai Composite Index stabilizing above 3800 points, driven by strong performances in sectors such as optical modules, optical chips, and real estate [1] - The aerospace ETF (159227), which has the highest military content in the market, reached a new high, with a trading volume of 140 million yuan, maintaining its position as the largest aerospace ETF since its inception, with a total scale of 1.021 billion yuan [1] - The military industry is significantly influenced by the five-year planning, with the 2025 "14th Five-Year Plan" marking a critical period for military construction, leading to an expected acceleration in order demand [1] Group 2 - Jianghai Securities maintains a long-term positive outlook on the military sector, citing three main reasons: qualitative changes in the defense industry fundamentals, ongoing regional instability driving military trade growth, and the low probability of significant adjustments in military stocks ahead of the upcoming military parade [2] - The aerospace ETF (159227) tracks the National Aerospace Index, with a high concentration of 97.86% in the primary military industry, focusing on the aerospace segment and covering leading companies across the entire industry chain, aligning with the "aerospace integration" strategic direction [2]

Group 1 - The A-share market indices continued to rise, with the Shanghai Composite Index stabilizing above 3800 points, driven by the defense and military sector, particularly the aerospace ETF (159227) which saw a 1.05% increase and a trading volume of 783.1 million yuan, leading its category [1] - The aerospace ETF has attracted significant capital attention ahead of the upcoming military parade on September 3, achieving a net inflow of funds for two consecutive trading days, with the latest scale reaching 1.021 billion yuan, a record high since its establishment [1] - The military construction plan for the "14th Five-Year Plan" is in a critical phase of capability integration delivery, with expected acceleration in order demand, while the "15th Five-Year Plan" will provide a clear development blueprint for the military industry over the next three to five years [1] Group 2 - Jianghai Securities maintains a long-term positive outlook on the military industry, citing three main reasons: qualitative changes in the fundamentals of national defense and military, ongoing regional instability driving military trade growth, and limited probability of significant adjustments in the military sector ahead of the parade [2] - The aerospace ETF closely tracks the National Aerospace Index, focusing on core areas of military aerospace, with a high concentration in the military industry, where the first-level military industry accounts for 97.86% of the index [2] - The component stocks of the aerospace ETF have a weight of 66.8% in aerospace equipment, significantly surpassing other military indices, indicating the ETF's high purity in military exposure [2]

Core Insights - The latest net value of the fund "交银国企改革灵活配置混合A" is 1.9213 yuan, with a growth of 0.84% [1] - The fund has shown a return of 2.05% over the past month, 12.46% over the past six months, and 12.73% year-to-date, with respective rankings of 1800/2327, 982/2295, and 1308/2284 [1] Fund Holdings - The top ten stock holdings of the fund account for a total of 44.29%, with the largest positions being: - 顺丰控股 (9.31%) - 航发动力 (8.63%) - XD中国化 (5.50%) - 航发科技 (3.22%) - 华电国际 (3.11%) - 云路股份 (3.11%) - 伊利股份 (3.07%) - 龙源电力 (2.85%) - XD东方电 (2.77%) - 华锦股份 (2.72%) [1] Fund Background - The fund "交银国企改革灵活配置混合A" was established on June 10, 2015, and as of June 30, 2025, it has a total scale of 2.133 billion yuan [1] - The fund manager is 沈楠, who has been in this role since the fund's inception [2]