关于董事辞职的公告 证券代码：600760 证券简称：中航沈飞 公告编号：2024-040 中航沈飞股份有限公司 2024 年 9 月 10 日 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。 1 特此公告。 中航沈飞股份有限公司董事会 中航沈飞股份有限公司（以下简称"公司"）董事会近日收到张虹秋先生的 书面辞职报告。张虹秋先生因工作原因申请辞去公司董事及董事会战略委员会委 员职务。张虹秋先生的辞职不会导致公司董事会人数低于法定人数，不影响公司 董事会的正常运作。根据《中华人民共和国公司法》及《公司章程》的规定，张 虹秋先生的辞职报告自送达董事会之日起生效。 张虹秋先生在任职期间恪尽职守、勤勉尽责，公司董事会对张虹秋先生为公 司发展所做出的贡献表示衷心感谢！ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company reported a revenue of 21.625 billion yuan for H1 2024, a decrease of 6.59% year-on-year, primarily due to delays in contract signing. However, the net profit attributable to shareholders increased by 8.39% year-on-year to 1.618 billion yuan [1][2]. - The company is expected to benefit from the increasing demand for national defense equipment and its leading position in the aviation sector, which should support long-term performance growth [3][4]. Financial Performance Summary - For H1 2024, the company's gross margin was 12.53%, up by 2.1 percentage points year-on-year, and the net profit margin was 7.47%, an increase of 1.11 percentage points year-on-year [2]. - The company’s cash and cash equivalents stood at 8.311 billion yuan, a decrease of 46.63% from the end of the previous year, while accounts receivable increased by 97.88% to 14.097 billion yuan [2]. - The company’s revenue projections for 2024-2026 are 55.96 billion yuan, 64.91 billion yuan, and 75.30 billion yuan, respectively, with net profits expected to be 3.775 billion yuan, 4.491 billion yuan, and 5.397 billion yuan [3][4]. Strategic Initiatives - The company has launched a "Quality Improvement and Efficiency Enhancement" action plan aimed at accelerating technological innovation and enhancing production capabilities [3]. - The focus will be on developing a collaborative growth model for military and civilian aircraft, leveraging its position as a key player in the national defense sector [3]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 29.78x, 25.04x, and 20.83x, respectively, indicating a favorable valuation trend as earnings grow [4][5].

Investment Rating - The report assigns a "Buy" rating for AVIC Shenyang Aircraft Corporation (600760) [10]. Core Views - The company is experiencing steady improvement in profitability, with ongoing cost reduction and efficiency enhancement efforts [3]. - The operational plan for the year is progressing smoothly, with significant completion rates for both revenue and net profit against annual targets [4]. - The company focuses on high-quality development in the aviation manufacturing sector, maintaining a stable revenue contribution from aviation products [5]. - As a key player in China's aviation industry, the company is advancing its defense equipment business and has made significant strides in developing next-generation aircraft [6]. - The company is a major supplier for the C919 aircraft project, positioning itself to benefit from the growing demand in the civil aviation market [9]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 21.625 billion yuan, a year-on-year decrease of 6.59%, while net profit attributable to shareholders was 1.618 billion yuan, an increase of 8.39% [3]. - The company's operating expenses ratio was 3.25%, an increase of 0.88 percentage points year-on-year, with R&D expenses rising significantly [3][9]. - The company completed 42.38% of its annual revenue target and 42.93% of its net profit target by the end of Q2 2024 [4]. R&D and Market Position - R&D expenses increased by 38.73% year-on-year, reflecting the company's commitment to enhancing core technologies and maintaining a competitive edge [9]. - The company has seen a steady increase in technical personnel, indicating a strong focus on talent development [9]. - The civil aviation market is projected to receive 9,284 aircraft over the next 20 years, with the company positioned to capture a significant share of this market [9]. Future Outlook - The company is expected to achieve net profits of 3.401 billion yuan, 4.010 billion yuan, and 4.751 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.23 yuan, 1.46 yuan, and 1.72 yuan [10].

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 03 日 中航沈飞 (600760) ——军民两端产品有序交付，2024H1 业绩符合市场预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 40.63 | | 一年内最高 / 最低（元） | 46.00/33.39 | | 市净率 | 7.1 | | 息率（分红/股价） | 0.98 | | 流通 A 股市值（百万元） | 111,519 | | 上证指数 / 深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.71 | | 资产负债率 % | 64.20 | | 总股本/流通 A 股（百万 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company experienced a short-term revenue decline due to delays in contract signings, but profit margins improved, with gross margin increasing by 2.1 percentage points to 12.53% and net margin rising by 1.11 percentage points to 7.47% in the first half of 2024 [1] - The demand for new and upgraded military aircraft in China's air force and navy is urgent, with the company positioned to benefit from the strong demand for its J-16 and J-35 fighter jets [1][2] - The company's R&D expenses grew by 38.73% year-on-year to 568 million yuan in the first half of 2024, indicating a commitment to technological advancement [1] Financial Performance - For the first half of 2024, the company reported revenue of 21.625 billion yuan, a decrease of 6.59% year-on-year, while net profit increased by 8.39% to 1.618 billion yuan [2] - The company's total liabilities decreased by 6.07% to 30.815 billion yuan, while cash and cash equivalents fell by 29.72% to 8.311 billion yuan [2] - The earnings per share (EPS) for 2024 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 30.3, 25.0, and 21.0 for 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 21.625 billion yuan in the first half of 2024, a year-on-year decline of 6.59%, while the net profit attributable to shareholders was 1.618 billion yuan, reflecting a year-on-year increase of 8.39% [2] - The company is focusing on key tasks and accelerating the construction of a first-class enterprise, despite facing challenges in contract signing that impacted revenue [3] - The company expects net profits for 2024-2026 to be 3.703 billion yuan, 4.505 billion yuan, and 5.420 billion yuan respectively, with year-on-year growth rates of 23.1%, 21.7%, and 20.3% [4] Financial Summary - For 2023A, the company reported an operating income of 46.248 billion yuan, with a projected increase to 53.155 billion yuan in 2024E, representing a year-on-year growth of 11.2% [5] - The net profit attributable to shareholders for 2023A was 3.009 billion yuan, expected to rise to 3.710 billion yuan in 2024E, indicating a growth of 30.5% [5] - The gross margin is projected to improve from 10.9% in 2023A to 12.2% by 2026E [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 21.625 billion yuan for the first half of 2024, a year-on-year decrease of 6.59%, while net profit increased by 8.39% to 1.618 billion yuan, indicating strong cost control capabilities despite declining revenue [1][2]. - The company's gross margin improved to 12.5%, up 2.1 percentage points year-on-year, reflecting its excellent cost management across the entire industry chain [1]. - The company plans to achieve a revenue target of 51.026 billion yuan and a net profit of 3.762 billion yuan for 2024, with current completion rates at 42.4% and 42.9% respectively [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.625 billion yuan, with a net profit of 1.618 billion yuan and a non-recurring net profit of 1.588 billion yuan, showing a year-on-year increase of 10.51% [1]. - The second quarter of 2024 saw a revenue of 12.132 billion yuan, a year-on-year decrease of 13.19% but a quarter-on-quarter increase of 27.79%, with a net profit of 900 million yuan, reflecting a year-on-year increase of 5.98% [2]. - The company expects to complete its annual revenue and profit targets successfully, with a potential for exceeding the net profit goal if the high gross margin from Q2 is maintained [2][3]. Financial Forecasts - The company is projected to achieve net profits of 3.752 billion yuan, 4.619 billion yuan, and 5.544 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.36 yuan, 1.68 yuan, and 2.01 yuan [3][7]. - The forecasted PE ratios for the next three years are 29.79, 24.20, and 20.16 respectively, indicating a favorable valuation trend [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [25]. Core Insights - The company achieved a revenue of 21.625 billion RMB in H1 2024, a year-on-year decrease of 6.6%, while the net profit attributable to shareholders was 1.618 billion RMB, reflecting an increase of 8.4% year-on-year [4][11]. - In Q2 2024, the company reported a revenue of 12.132 billion RMB, down 13.2% year-on-year but up 27.8% quarter-on-quarter, with a net profit of 902 million RMB, which is a 6.0% increase year-on-year and a 26.0% increase quarter-on-quarter [4][11]. - The company's gross margin improved to 12.5% in H1 2024, up 2.1 percentage points year-on-year, and the net profit margin was 7.5%, up 1.0 percentage point year-on-year [14]. Summary by Relevant Sections Performance Overview - The company’s revenue in H1 2024 was 21.625 billion RMB, down 6.6% year-on-year, while the net profit was 1.618 billion RMB, up 8.4% year-on-year. The decline in revenue was attributed to delays in contract signings affecting product demand [4][11]. - As of the end of Q2 2024, the company’s contract liabilities were 2.952 billion RMB, a decrease of 55.97% from the end of Q4 2023, mainly due to the recognition of revenue from previously received advance payments [21]. Profitability Analysis - The gross margin for H1 2024 was 12.5%, an increase of 2.1 percentage points year-on-year, while the net profit margin was 7.5%, up 1.0 percentage point year-on-year. In Q2 2024, the gross margin was 12.9%, up 3.0 percentage points year-on-year [14][18]. - The company’s operating cash flow improved significantly, with a net cash flow of -5.89 billion RMB in H1 2024, an increase of 3.58 billion RMB year-on-year [21]. Asset and Investment Insights - As of the end of Q2 2024, the company’s fixed assets amounted to 5.066 billion RMB, an increase of 11.70% from the beginning of the year, while construction in progress was 1.07 billion RMB, down 21.01% [18]. - The company’s intangible assets increased to 1.609 billion RMB, a rise of 65.03% from the beginning of the year, primarily due to the acquisition of land use rights [18].

经营计划完成度超过 40%；盈利能力有所提升 2024 年 08 月 29 日 事件：公司 8 月 28 日发布了 2024 年中报，1H24 实现营收 216.2 亿元， YoY-6.6%；归母净利润 16.2 亿元，YoY+8.4%；扣非归母净利润 15.9 亿元， YoY+10.5%。公司业绩基本符合市场预期。公司 1H24 收入下降主要受合同签 订进度影响，相关产品既定需求未能如期签订合同；归母净利润增长主要受益于 毛利率的提升。 连续 2 个季度利润同比增长；盈利能力有所提升。单季度看，公司 1Q24~2Q24 分别实现营收 94.9 亿元（YoY+3.5%）、121.3 亿元（YoY-13.2%）； 分别实现归母净利润 7.2 亿元（YoY+11.6%）、9.0 亿元（YoY+6.0%）。公司 季度收入同比有所波动（受合同签订进度影响），但归母净利润同比保持增长。 盈利能力方面，公司 2Q24 毛利率为 12.9%，同比增加 3.02ppt；净利率为 7.4%， 同比增加 1.46ppt。公司 1H24 综合毛利率同比增加 2.09ppt 至 12.5%；净利率 同比增加 1.11ppt 至 7. ...

Earnings Per Share and Profitability - Basic earnings per share for the reporting period (1-6 months) increased by 9.26% to 0.59 RMB per share compared to the same period last year[19] - Diluted earnings per share for the reporting period (1-6 months) increased by 9.26% to 0.59 RMB per share compared to the same period last year[19] - Basic earnings per share after deducting non-recurring gains and losses increased by 11.54% to 0.58 RMB per share compared to the same period last year[19] - Net profit attributable to shareholders of the listed company was RMB 1.62 billion, an increase of 8.39% year-on-year[21] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 1.59 billion, an increase of 10.51% year-on-year[21] - Net profit attributable to parent company shareholders increased to 1,618,348,252.70 RMB, up 8.4% from 1,493,066,408.17 RMB in the same period last year[93] - Basic and diluted earnings per share (EPS) both increased to 0.59 RMB, up 9.3% from 0.54 RMB in the previous year[93] - Total comprehensive income attributable to parent company shareholders reached 1,591,410,102.14 RMB, a 7.3% increase from 1,482,519,122.09 RMB in the same period last year[93] Return on Equity - Weighted average return on equity decreased by 0.83 percentage points to 10.16% compared to the same period last year[19] - Weighted average return on equity after deducting non-recurring gains and losses decreased by 0.60 percentage points to 9.97% compared to the same period last year[19] Revenue and Costs - Revenue for the reporting period (1-6 months) was RMB 21.62 billion, a decrease of 6.59% compared to the same period last year[21] - Revenue for the first half of the year was RMB 216.25 billion, a decrease of 6.59% year-on-year, primarily due to delays in contract signings affecting product demand[27] - Total revenue for the first half of 2024 was RMB 21,624,693,546.57, a decrease from RMB 23,150,071,290.54 in the same period of 2023[91] - Operating costs for the first half of 2024 were RMB 19,705,227,428.17, down from RMB 21,365,303,387.23 in the same period of 2023[92] Cash Flow and Financial Position - Net cash flow from operating activities was negative RMB 5.89 billion, an improvement from negative RMB 9.47 billion in the same period last year[21] - Total assets at the end of the reporting period were RMB 48.00 billion, a decrease of 13.46% compared to the end of the previous year[21] - Accounts receivable surged by 97.88% to RMB 140.97 billion, mainly due to delayed collection of sales proceeds[31] - Inventory decreased by 38.02% to RMB 72.21 billion, primarily due to a reduction in work-in-progress[31] - Monetary funds decreased by 46.63% to RMB 83.11 billion, mainly due to delayed collection of sales proceeds[31] - Contract liabilities decreased by 55.97% to RMB 29.52 billion, as prepayments were recognized as revenue upon product delivery[31] - Total assets decreased to 48.00 billion yuan from 55.47 billion yuan, a decline of 13.47%[87] - Current assets decreased to 38.79 billion yuan from 46.60 billion yuan, a decline of 16.75%[85] - Non-current assets increased to 9.22 billion yuan from 8.87 billion yuan, a growth of 3.92%[86] - Total liabilities decreased to 30.81 billion yuan from 39.21 billion yuan, a decline of 21.42%[87] - Current liabilities decreased to 28.16 billion yuan from 35.60 billion yuan, a decline of 20.89%[86] - Non-current liabilities decreased to 2.66 billion yuan from 3.61 billion yuan, a decline of 26.33%[87] - Shareholders' equity increased to 17.19 billion yuan from 16.26 billion yuan, a growth of 5.71%[87] - Accounts receivable increased to 14.10 billion yuan from 7.12 billion yuan, a growth of 98.03%[85] - Inventory decreased to 7.22 billion yuan from 11.65 billion yuan, a decline of 38.01%[85] - Fixed assets increased to 5.07 billion yuan from 4.54 billion yuan, a growth of 11.70%[86] - Total assets as of June 2024 were RMB 9,204,392,130.70, compared to RMB 8,934,397,787.76 in the same period of 2023[89] - Total liabilities as of June 2024 were RMB 352,392,447.68, slightly higher than RMB 351,740,255.86 in the same period of 2023[90] - Shareholders' equity as of June 2024 was RMB 8,851,999,683.02, up from RMB 8,582,657,531.90 in the same period of 2023[90] - Other receivables amounted to RMB 1,344,505,926.97 as of June 2024[89] - Long-term equity investments were RMB 6,467,105,040.26 as of June 2024, slightly higher than RMB 6,437,775,423.02 in the same period of 2023[89] - Interest income for the first half of 2024 was RMB 199,245,527.42, down from RMB 238,451,079.61 in the same period of 2023[92] - Cash received from sales of goods and services surged to 11,849,312,505.75 RMB, more than doubling from 5,129,055,882.18 RMB in the previous year[96] - Interest income decreased to 10,342,433.03 RMB, down 35.3% from 15,977,859.25 RMB in the same period last year[94] - Investment income from associates and joint ventures declined to -1,476,829.18 RMB, a 234.5% decrease from -441,415.31 RMB in the previous year[94] - Other comprehensive income after tax related to equity instrument investments decreased to -11,560,509.10 RMB, a significant drop from 13,375,788.54 RMB in the same period last year[95] - Total comprehensive income for the period stood at 1,336,430,429.90 RMB, a 2.9% decrease from 1,376,580,627.71 RMB in the previous year[95] - Operating cash flow for the first half of 2024 was -5.89 billion RMB, a significant improvement from -9.47 billion RMB in the same period last year[97] - Net cash used in investing activities was -551.63 million RMB, compared to -763.05 million RMB in the previous year[97] - Net cash used in financing activities was -815.71 million RMB, an increase from -431.82 million RMB in the prior year[98] - Cash and cash equivalents at the end of the period were 8.31 billion RMB, down from 15.57 billion RMB at the beginning of the period[98] - Parent company's operating cash flow was 4.17 million RMB, a decrease from 7.60 million RMB in the previous year[99] - Parent company's net cash used in investing activities was -96.46 million RMB, a significant improvement from -477.69 million RMB in the prior year[100] - Parent company's net cash used in financing activities was -1.10 billion RMB, compared to -534.69 million RMB in the previous year[100] - Parent company's cash and cash equivalents at the end of the period were 883.40 million RMB, down from 2.08 billion RMB at the beginning of the period[100] R&D and Innovation - R&D expenses increased by 38.73% to RMB 5.68 billion, reflecting higher investment in innovation[29] - R&D expenses increased to RMB 568,012,443.10 in the first half of 2024, up from RMB 409,446,288.68 in the same period of 2023[92] Subsidiaries and Investments - The company completed a capital increase and expansion for its subsidiary, Jihang Company, introducing two new investors, maintaining a controlling stake of over 51%[33] - The company's wholly-owned subsidiary, Shenfei Company, acquired a state-owned land use right for RMB 628.88 million for a partial relocation project[34] - The fair value of the company's stock investments decreased by RMB 15.41 million, resulting in a total fair value of RMB 203.55 million at the end of the period[35] - The company invested RMB 180 million in the non-public issuance of shares of AVIC Avionics Systems Co., Ltd., with a fair value of RMB 152.48 million at the end of the period[36][37] - Shenfei Company, a subsidiary, reported total assets of RMB 4.41 billion, net assets of RMB 1.39 billion, and operating income of RMB 2.13 billion[39] - Jihang Company, another subsidiary, reported total assets of RMB 263.31 million, net assets of RMB 56.47 million, and operating income of RMB 36.36 million[39] - Yangzhou Institute, a joint venture, reported total assets of RMB 56.16 million, net assets of RMB 19.97 million, and operating income of RMB 3 million[39] Environmental and Social Responsibility - Shenfei Company's chemical oxygen demand (COD) emissions in the first half of 2024 were 18.4 tons, and ammonia nitrogen emissions were 1.84 tons, both meeting discharge standards[50] - Shenfei Company's volatile organic compounds (VOCs) emissions in the first half of 2024 were 61.56 tons, meeting discharge standards[50] - Shenfei Company's hazardous waste disposal in the first half of 2024 was 1,398.95 tons, all entrusted to qualified units[50] - Jihang Company's chemical oxygen demand (COD) emissions in the first half of 2024 were 1.72 tons, and ammonia nitrogen emissions were 0.10 tons, both meeting discharge standards[51] - Jihang Company's volatile organic compounds (VOCs) emissions in the first half of 2024 were 10.25 tons, meeting discharge standards[51] - Jihang Company's hazardous waste disposal in the first half of 2024 was 75.86 tons, all entrusted to qualified units[51] - Shenfei Company implemented 6 environmental protection renovation projects in 2024, including sandblasting machine and supporting facility upgrades, and sewage station anti-corrosion layer renovation[52] - Shenfei Company and Jihang Company are currently undergoing multiple construction projects, including the 412 Metal Honeycomb Manufacturing Project and the Aircraft Maintenance Production Line Construction Project[54] - Both companies conducted emergency environmental incident drills during the reporting period, with no environmental incidents occurring[55] - Shenfei Company implemented automatic online monitoring for wastewater, heavy metals, and gas boilers, while Jihang Company monitored COD, ammonia nitrogen, pH, and VOCs emissions[56] - Shenfei Company disclosed environmental information in March 2024 as required by the Shenyang Ecological Environment Bureau, while Jihang Company was not required to disclose environmental information[57] - Shenfei Company developed an energy online monitoring system (Phase I) and is exploring an energy and environmental information platform to enhance digital pollution prevention[60] - Jihang Company conducted an emergency drill for hazardous waste leakage and improved its environmental management system by re-applying for a pollution discharge permit[61] - Shenfei Company achieved the AVIC Group's carbon emission reduction target for the first half of the year, with specific measures including optimizing the energy and carbon management system and developing an energy and environmental information system[62] - Jihang Company also met the AVIC Group's carbon emission reduction target, implementing measures such as energy-saving lighting system upgrades and replacing high-energy-consuming equipment[62] Corporate Governance and Shareholder Meetings - The company held its 2024 First Extraordinary General Meeting on February 29, 2024, passing 7 proposals including amendments to the Articles of Association and the election of the 10th Board of Directors[41] - The 2023 Annual General Meeting was held on April 26, 2024, approving 10 proposals including the 2023 financial report and 2024 financial budget[41] - The 2024 Second Extraordinary General Meeting on June 14, 2024 approved 15 proposals, including the issuance of A-shares to specific targets and related transactions[42] - The company completed the election of the 10th Board of Directors and Supervisory Committee on February 29, 2024, with Ji Ruidong elected as Chairman and Song Shuiyun as Chairman of the Supervisory Committee[43][44] - Liu Niancai was elected as a director at the 2024 Second Extraordinary General Meeting on June 14, 2024[44] - Wang Linfeng was appointed as Vice President at the 10th Board of Directors' fifth meeting on June 28, 2024[44] - Zuo Linxuan was appointed as Vice President at the 10th Board of Directors' sixth meeting on July 22, 2024[44] - No profit distribution or capital reserve to share capital conversion plan was proposed for the first half of 2024[45] - The company's 2023-2025 shareholder dividend return plan was approved at the 2024 Second Extraordinary General Meeting[42] - The company plans to issue A-shares to specific targets, with related feasibility analysis and demonstration reports approved[42] - The company granted 7.861 million restricted shares to 224 incentive recipients under the A-share restricted stock incentive plan (Phase II) on March 17, 2023[48] - The company completed the registration of 7.8305 million restricted shares for the first grant under the A-share restricted stock incentive plan (Phase II) on April 26, 2023[48] - The reserved 1.965 million restricted shares under the A-share restricted stock incentive plan (Phase II) expired on March 18, 2024[48] Related-Party Transactions - The company's actual related-party transactions in H1 2024 totaled 2.36 billion yuan, including 611.15 million yuan for purchasing raw materials and 144.50 million yuan for product sales[74] - The company's related-party transactions with AVIC Group and its subsidiaries included 1.52 billion yuan in deposits with AVIC Finance Company[74] - The company's 2024 H1 related-party transactions with AVIC Group and its subsidiaries included 84.86 million yuan for accepting labor services[74] - The company's 2024 H1 related-party transactions with AVIC Group and its subsidiaries included 2.07 million yuan for providing labor services[74] - The company's 2024 H1 related-party transactions with AVIC Group and its subsidiaries included 699.88 million yuan for accepting labor services[74] - The company's 2024 H1 related-party transactions with AVIC Group and its subsidiaries included 7.74 million yuan for providing labor services[74] - The maximum daily deposit limit with AVIC Finance Company is 27.5 billion RMB, with a deposit interest rate range of 0.205% to 4.125%[79] - The company's total deposits with AVIC Finance Company at the beginning of the period were 14.927 billion RMB, with a total deposit of 20.518 billion RMB and a total withdrawal of 27.987 billion RMB during the period, resulting in an ending balance of 7.458 billion RMB[79] Shareholder Structure - The company's total number of ordinary shareholders at the end of the reporting period was 81,436[81] - China Aviation Industry Corporation holds 1.814 billion shares, representing 65.84% of the total shares[82] - China CITIC Financial Asset Management holds 51.646 million shares, representing 1.87% of the total shares[82] - AVIC Electromechanical Systems Co., Ltd. holds 40.577 million shares, representing 1.47% of the total shares[82] - AECC Asset Management Co., Ltd. holds 28.731 million shares, representing 1.04% of the total shares[82] - Hong Kong Securities Clearing Company holds 25.757 million shares, representing 0.93% of the total shares[82] - AECC Asset Management Co., Ltd. - Special Account for Pledged Bonds holds 23.9 million shares, representing 0.87% of the total shares[82] - China Construction Bank - E Fund National Defense and Military Industry Mixed Securities Investment Fund holds 23.576 million shares, representing 0.86% of the total shares[82] Financial Instruments and Accounting Policies - The company's financial statements are prepared in accordance with Chinese Accounting Standards and the CSRC's disclosure rules[119] - The company's merger and acquisition activities are accounted for based on the fair value of identifiable net assets at the acquisition date, with any excess recognized as goodwill[127] - For non-controlling interests, the company recognizes minority shareholders' equity and minority shareholders' share of net profit separately in the consolidated financial statements[130] - The company re-measures the remaining equity at fair value when control over a subsidiary is lost, with any difference recognized in the investment income of the period[131] - The company includes the operating results and cash flows of subsidiaries from the date of obtaining control until the date of losing control in the consolidated financial statements[130] - The company adjusts the financial statements of subsidiaries acquired through non-controlling business combinations based on the fair value of identifiable net assets at the acquisition date[130] - The company classifies joint arrangements into joint operations and joint ventures, with joint operations involving shared assets and liabilities, and joint ventures involving rights to net assets[132] - For joint operations, the company recognizes its share of jointly held assets and liabilities, as well as revenue and expenses related to its share of the output[132] - The company uses the equity method to account for investments in joint ventures, following