浪管师事务院 YUAN LAW OFFICES 北京市嘉源律师事务所 关于中航工业产融控股股份有限公司 2025 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等资料均属真实、准确、完整及有效,有关复印件与原 件一致、副本与正本一致。 北京市嘉源律师事务所 关于中航工业产融控股股份有限公司 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-197 敬启者: 北京市嘉源律师事务所(以下简称"本所")接受中航工业产融控股股份有 限公司(以下简称"公司")的委托,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 ...

证券代码：600705 证券简称：中航产融 公告编号：2025-028 债券代码：185835、137510、138553、138914、115464、115561、115708、115965、 115966、240204、240209、240327、240484、240563、240683、240684、240866 债券简称：22 产融 02、22 产融 03、22 产融 Y2、23 产融 04、23 产融 05、23 产 融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 2025 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 30,675 | | --- | --- | | 2、出席会议的股东所持 ...

北京金诚同达律师事务所 关于 中航工业产融控股股份有限公司 董事会公开征集投票权的 法律意见书 北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于中航工业产融控股股份有限公司 董事会公开征集投票权的法律意见书 金证法意【2025】字 0414 第 270 号 致：中航工业产融控股股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受中航工业产融控股股份 有限公司（以下简称"公司"）的委托，就公司董事会向截止2025年4月2日交易 结束后在中国证券登记结算有限责任公司上海分公司登记在册的公司全体股东 征集2025年4月14日召开的公司2025年第二次临时股东大会投票权的相关事项 （以下简称"本次征集投票权"），依法出具本法律意见书。 本法律意见书系依据《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》（以 下简称"《股东会规则》"）、《公开征集上市公司股东权利管理暂行规定》（以下简 称"《暂行规定》 ...

中航产融：公司将申请股票终止上市交易 控股股东提供现金选择权 智通财经4月14日电，中航产融(600705.SH)公告称，公司以股东大会决议方式主动终止公司股票上市事 项已通过股东大会审议，公司将申请股票终止上市交易。公司设置异议股东及其他股东保护机制，由控 股股东中航工业向包括异议股东在内的、除中航工业及其下属单位外的全体A股股东提供现金选择权， 行权价格为3.54元/股。现金选择权股权登记日为2025年4月22日。 ...

本报记者 张文湘 贺王娟 4月14日，A股继续上涨，截至收盘全市超4500只个股上涨，万得微盘股指数、中证2000指数、北证50 指数纷纷涨超2%。 概念板块中，13：50，多元金融板块午后突然拉升，收盘时涨幅居前。整体板块指数大涨3.82%，成份 股中，昆吾九鼎投资控股股份有限公司（简称"九鼎投资"证券代码：600053）等个股午后拉涨停，截至 收盘整体板块22只个股，除中航工业产融控股股份有限公司（简称"中航产融"证券代码：600705）停 牌，仁东控股股份有限公司（简称"*ST仁东"证券代码：002647）下跌外，其余个股悉数翻红。 多元金融 BK0738 544.34 ** 526.97 最高 544.39 最低 526.88 1.58% 总手 1155万 金额 74.80亿 20.02 换手 3.82% 更多 20/0/1 涨跌停 3/0 净流入 3.03亿 涨跌家数 分时 五日 日K 围K 月 K 童零 <0> 均价: 534.53 最新: 544.34 20.02 3.82% 544.39 524-32 504.25 -3.83% 成交量 1155万 A 82.2万 ll Homathold o ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - The off - market redemption of AVIC Industry Finance reflects that the essence of credit bond risk research is not only the default risk affected by solvency but also the bond valuation fluctuations and liquidity risks caused by short - term risk events of bond - issuing enterprises. In the economic downturn cycle, the importance of fundamental research is highlighted. The risk events of AVIC Industry Finance may not be an isolated case, and the possibility of a new round of credit risks should be noted. If risk events accumulate, the new credit bond pricing logic may shift from "belief - driven" to "cash - flow verification", forming a new trend of expanding the weight of fundamental pricing [5][38]. 3. Summary According to the Table of Contents 3.1 How to Understand "Off - market Redemption"? 3.1.1 Definition and Regulatory Basis - "Off - market redemption" refers to the act where the issuer and bondholders reach an agreement and directly transfer funds to complete the redemption without going through the bond custody and settlement institution. After off - market redemption, the bond will be cancelled, and a new borrowing relationship will be established based on the relevant agreement. If all shares of the corresponding bond are cancelled due to off - market redemption, the issuer can apply for delisting [12]. - In the inter - bank market, the clearing house and the dealer association have regulations on off - market redemption. For off - market redemption, a bondholders' meeting needs to be held for voting. As a special motion, it requires more than two - thirds of the voting rights of the participating bondholders and more than half of the total voting rights of the debt financing instruments. If the motion is passed, the issuer should sign an agreement with the bondholders who agree to cancel, and the shares of the debt financing instruments held by the bondholders who choose not to cancel can continue to exist [13][15]. - The exchange has not issued separate requirements for off - market redemption and mainly relies on the relevant regulations of the bondholders' meeting. If off - market redemption is recognized as a major event, it requires more than two - thirds of the voting rights of all bondholders with voting rights to take effect; if it is a general matter, the corresponding proportion is one - half [15]. 3.1.2 What are the Impacts of Off - market Redemption? - For the issuer, off - market redemption helps maintain the market image and financing ability and relieve short - term liquidity pressure. It can avoid public bond defaults and reduce the negative impact on financing channels [17]. - For investors, off - market redemption may bring risks of reduced liquidity and valuation fluctuations. However, it also helps avoid the issuer's liquidity crisis and substantial bond defaults, which could cause greater losses to investors [17]. 3.2 Analysis of Historical Cases of "Off - market Redemption" - There have been 14 historical cases of off - market redemption, mainly occurring from 2019 to 2022. Most of the cases are due to companies' liquidity shortages, and the triggering entities are mainly private enterprises. The probability of substantial default of off - market redemption entities is relatively high, with 11 out of 14 cases experiencing bond defaults [4][18]. - The common characteristics of off - market redemption cases are: the issuer may not reach an agreement with bondholders before the announcement; the redemption consideration is generally "face value + coupon interest"; usually, not all outstanding bonds are redeemed off - market; off - market redemption does not necessarily trigger an immediate substantial default, but for entities with a large scale of outstanding bonds, the probability of subsequent substantial default is relatively high. However, for central enterprises with strong shareholder backgrounds, the probability of default is relatively small [20][21][22]. 3.3 How to View the "Off - market Redemption" of AVIC Industry Finance? 3.3.1 AVIC Industry Finance's Announcement on Converting its Bonds to "Off - market Redemption" - AVIC Industry Finance announced that it plans to hold a bondholders' meeting to discuss bond cancellation and then convert to off - market redemption. It has also promised to ensure timely and full repayment without default [24]. 3.3.2 Some Bonds in the AVIC Industry Finance System Face Certain Upward Pressure on Valuation - Since the announcement of the proposed off - market delisting on April 1, as of April 7, the valuations of AVIC Industry Finance's outstanding and non - suspended inter - bank bonds have generally increased by about 30bp [27]. - Among other bond - issuing enterprises in the AVIC Industry Finance system, the valuations of ordinary credit bonds of AVIC Leasing have increased significantly, while other entities are relatively stable. The increase in AVIC Leasing's valuation may be related to its large bond outstanding and the uncertainty of shareholder support [28]. 3.3.3 What Key Points are Worth Paying Attention to in the Future? - For AVIC Industry Finance investors, there is currently no default risk in the subsequent off - market redemption, but they need to pay attention to the details of the final redemption plan, such as the specific redemption time and price. There are also issues such as limited liquidity during the period from bond suspension to delisting and redemption, uncertainty about whether all bonds will be redeemed early, and potential losses in capital gains [32]. - The off - market redemption event of AVIC Industry Finance, a central enterprise subsidiary, may trigger the market to actively pay attention to the credit risks of similar non - bank financial bonds of central enterprise subsidiaries. In the future, the credit risk analysis of such bonds may need to be more based on the enterprise's fundamentals. Although the default risk of non - bank financial bonds of central enterprise subsidiaries is controllable in the short term, more attention should be paid to their credit risks [5][35].

证券代码：600705 证券简称：中航产融 公告编号：2025-027 债券代码：185835、137510、138553、138914、115464、115561、115708、115965、 115966、240204、240209、240327、240484、240563、240683、240684、240866 债券简称：22 产融 02、22 产融 03、22 产融 Y2、23 产融 04、23 产融 05、23 产 融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航产融股东将不能获得现金选择权。 中航工业产融控股股份有限公司 关于本次终止上市事项的 第四次提示性公告 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： 1 若 2025 年 4 月 14 日召开的中航工业产融控股股份有限公司（以下简 称"中航产融"或"公司"）2025 年第二次临 ...

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

证券代码：600705 证券简称：中航产融 公告编号：2025-026 债券代码：185835、137510、138553、138914、115464、115561、115708、115965、 115966、240204、240209、240327、240484、240563、240683、240684、240866 债券简称：22 产融 02、22 产融 03、22 产融 Y2、23 产融 04、23 产融 05、23 产 融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 关于本次终止上市事项的 第三次提示性公告 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： 1 中航产融股东将不能获得现金选择权。 中航产融于2025年3月28日召开公司第九届董事会第四十一次会议，审议通 过《关于以股东大会决议方式主动终止公司股票上市事项 ...

证券代码：600705 证券简称：中航产融 公告编号：2025-025 债券代码：185835、137510、138553、138914、115464、115561、115708、 115965、115966、240204、240209、240327、240484、240563、240683、 240684、240866 债券简称：22 产融 02、22 产融 03、22 产融 Y2、23 产融 04、23 产融 05、23 产融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、 24 产融 02、24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 关于本次终止上市事项的停牌公告 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： 证券停复牌情况：适用 因中航工业产融控股股份有限公司（以下简称"公司"）拟以股东大会决议方 式主动撤回 A 股股票在上海证券交易所的上市交易，并转而申请在全国中小企业 股份 ...