证券代码：600765 证券简称：中航重机 公告编号：2025-023 二、取得金融机构股票回购贷款承诺函的具体情况 中航重机股份有限公司 关于取得金融机构股票回购贷款承诺函的公告 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个别及连带责任。 重要内容提示： 一、回购股份的基本情况 中航重机股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到公司董 事长冉兴先生《关于提议中航重机股份有限公司回购公司部分股份的函》，提议 公司拟使用不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含） 的自有资金或银行贷款，以集中竞价交易方式回购公司部分股份，用于减少注册 资本，本次回购方案最终以经公司董事会、股东大会同意并经上级单位批准的方 案为准。 《贷款承诺函》 近日，公司取得中国银行股份有限公司贵州省分行出具的《贷款承诺函》， 主要内容如下： 1、贷款金额：不超过人民币 36,000 万元 2、承诺函有效期：1 年 3、贷款用途：专项用于回购上市公司股票 三、对公司的影响 上述事项不构成关联交易，亦不构成 ...

实际上，军工行业因其特殊性，对关税战等外部因素影响相对较小。军工企业的主要客户为国家政府部 门和军队，其产品和服务的市场需求相对稳定，受国际贸易变化的冲击较小，具有一定的抗风险能力。 中航重机作为军工行业的骨干企业，其业务涵盖了航空锻造、液压环控等多个领域，为我国国防建设和 商用航空发展提供了重要支撑。 在回购提议的提振下，中航重机股价显现出更强韧劲。4月8日，中航重机股价报收于15.16元，较前一 交易日上涨3.69%，4月9日早盘，中航重机股价报收于15.85元，涨幅达4.55%，实现逆势增长。在当前 全球经济形势复杂多变，贸易摩擦不断升级，市场不确定性增加的形势下，中航重机当前涨势显示出投 资者对公司的发展信心和对行业的坚定看好。(郑渝川) 近期，全球市场因美国加征关税政策而出现剧烈波动，4月3日至4日，美国三大股指累计下跌约10%； 欧洲股市也应声下跌，4月4日，德国DAX指数、英国富时100指数、法国CAC40指数单日跌幅均超 4%。4月7日，A股市场也未能幸免，三大股指集体低开，上证指数跌7.34%，深证成指跌9.66%，创业 板指跌12.5%。 在市场波动的背景下，中航重机（600765）反应迅 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-022 中航重机股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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个别及连带责任。 中航重机股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到公司董 事长冉兴先生（以下简称提议人）《关于提议中航重机股份有限公司回购公司部 分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长冉兴先生 2、提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对 公司未来发展的信心，公司董事长冉兴先生提议公司通过集中竞价交易方式回购 部分公司股份，回购的股份将用于减少注册资本，优化公司资本结构，提升公司 股东价值。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份将用于减少注册资本。 3、回购股份的方式：通过上海证券交易所交易系统以集中竞价交易方式进 行股份 ...

公司代码：600765 公司简称：中航重机 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证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。 3、公司全体董事出席董事会会议。 4、大信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、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 2025年3月28日，公司召开第七届董事会第十次会议，审议通过了《2024年度利润分配预案》，经董事 审议的报告期利润分配预案或公积金转增股本预案：公司拟向全体股东每10股派发现金红利1.2180元 （含税），以2024年12月31日公司的总股本1,575,492,153股为基数，共计分配利润191,894,944.24元，母 公司剩余可供股东分配的利润661,745,946.09元将用于以后年度的利润分配。除前述现金分红外，本次 利润分配不送红股、不实施资本公积 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 10.355 billion, a year-on-year decrease of 10.55%, and a net profit attributable to shareholders of 640 million, down 52.19% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 2.831 billion, a year-on-year decrease of 21.56%, while the net profit was -373 million, a year-on-year decrease of 220.08% [2][6] - The company is facing short-term pressure on revenue and profit due to price adjustments from key customers, but its diversified business layout is expected to perform well in the long term [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.355 billion, with a net profit of 640 million and a non-recurring net profit of 574 million, reflecting decreases of 52.19% and 55.45% year-on-year respectively [2][6] - The fourth quarter results showed a significant decline in profitability, with a net profit of -373 million, marking a year-on-year decrease of 220.08% [2][6] Business Segments - The company’s forging products generated 8.111 billion in revenue, down 12.3% year-on-year, while hydraulic products and radiators saw slight increases and decreases respectively [6] - The company’s sales gross margin for 2024 was 23.69%, a decrease of 7.59 percentage points year-on-year, with a net margin of 7.37%, down 5.84 percentage points [6] Market Opportunities - The company is expanding its commercial engineering projects and has made significant progress in civil engineering, with a 71% year-on-year increase in civil aviation revenue [6] - The company is also exploring new markets, including electronic components for Huawei's supercharging stations and the wind power sector, which saw a 50% increase in orders [6] Capacity and Infrastructure - By the end of 2024, the company had fixed assets of 6.05 billion, an increase of 1.41 billion from the beginning of the year, and ongoing projects valued at 670 million [6] - The company’s new forging facility has reached full production capacity, generating 1.15 billion in revenue [6] Profit Forecast and Valuation - The company’s net profit is projected to reach 1.12 billion, 1.44 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 75%, 29%, and 29% [6]

Financial Performance - The company's operating revenue for 2024 was CNY 10,355,175,973.63, a decrease of 10.55% compared to CNY 11,576,493,778.30 in 2023[23] - The net profit attributable to shareholders of the listed company was CNY 639,730,786.39, down 52.19% from CNY 1,338,175,885.80 in the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 574,300,176.20, a decline of 55.45% compared to CNY 1,289,110,605.65 in 2023[23] - The net cash flow from operating activities was negative at CNY -78,694,784.09, contrasting with a positive CNY 700,474,948.36 in the previous year[23] - The company's total revenue for 2024 reached 10.355 billion RMB, a decrease of 10.55% compared to the previous year, primarily due to price adjustments by key customers[25] - Net profit for the period was 764 million RMB, a decline of 48.03% year-over-year, with net profit attributable to shareholders at 640 million RMB, down 52.19%[26] - The cash flow from operating activities was -79 million RMB, a decrease of 777 million RMB compared to the previous year, reflecting increased difficulties in sales collections[26] - Total profit amounted to 865 million RMB, down 48.71% year-on-year[46] - The main business revenue for the reporting period was 10.11 billion RMB, a decrease of 10.74% year-on-year[48] Assets and Liabilities - The total assets at the end of 2024 reached CNY 30,324,946,996.08, an increase of 10.93% from CNY 27,337,820,559.07 in 2023[24] - The net assets attributable to shareholders of the listed company increased by 20.82% to CNY 13,976,306,046.93 from CNY 11,567,830,679.46 in 2023[24] - The accounts receivable increased by 35.08% to CNY 8,347,681,739.72, primarily due to a decline in cash collection exceeding the decrease in operating revenue[63] - Inventory rose by 24.63% to CNY 4,977,216,121.20, mainly due to increased pre-production and material preparation[63] Research and Development - The company completed 48 research projects during the year, enhancing its technological innovation and industrial upgrade capabilities[35] - R&D investment reached 680 million CNY, with 275 patents filed, including 171 invention patents[42] - The total R&D investment for the reporting period reached CNY 679,643,236.69, accounting for 6.56% of the operating revenue[57] - The company achieved significant technological breakthroughs, filing 275 patents and completing 39 industry-university-research projects[60] Market Performance - The company achieved a significant increase in its market share in the aviation sector, with key model revenue accounting for 76% of total revenue[35] - Commercial aviation revenue exceeded 1 billion CNY, representing a 71% year-on-year growth[39] - The company secured a 50% increase in wind power market orders and achieved the largest domestic order for 72-inch nuclear power blades[40] Corporate Governance - The company held a total of 5 shareholder meetings during the reporting period, including 4 extraordinary meetings and 1 regular meeting, ensuring equal rights for all shareholders, especially minority shareholders[96] - The company convened 11 board meetings, adhering to legal and regulatory requirements, and established specialized committees to enhance governance and decision-making efficiency[99] - The supervisory board held 10 meetings, with members fulfilling their responsibilities to oversee financial and compliance matters[100] - The company revised several internal governance documents, including the Independent Director Work System and Debt Financing Management Measures, to strengthen corporate governance[101] Executive Compensation - Chairman Ran Xing's shareholding increased from 369,880 to 545,880 shares, a change of 176,000 shares due to stock incentive grants and market purchases, with a total pre-tax remuneration of 1,500,000 RMB[108] - General Manager Hu Linghong's shareholding rose from 80,360 to 256,860 shares, also a change of 176,000 shares, with a total pre-tax remuneration of 887,500 RMB[108] - The total pre-tax remuneration for executives reflects their increased responsibilities and contributions to the company's strategic direction[108][109] Environmental and Social Responsibility - The company invested 13.54 million yuan in environmental protection during the reporting period[154] - The company conducted 90 audit projects, covering assets worth 12.546 billion yuan, and identified 414 issues with a rectification completion rate of 41%[151] - The company has set up a three-tier analysis mechanism for performance monitoring, enhancing risk prevention and early warning capabilities[152] - The company invested a total of 4.8041 million yuan in poverty alleviation and rural revitalization projects, benefiting approximately 1,000 people[166] Future Outlook - The company expects to achieve a revenue of 11.5 billion in 2025, representing an increase of 11.06% compared to 2024[91] - The projected total profit for 2025 is 1.3 billion, which is a growth of 50.27% from 2024[91] - The company aims to optimize supply chain management and accelerate the domestic substitution of imported materials to mitigate risks from global economic uncertainties[91] - The company is exploring potential mergers and acquisitions to enhance its market position and diversify its product offerings[200]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 revenue was 10.355 billion yuan, a decrease of 10.55% year-on-year, and the net profit attributable to shareholders was 640 million yuan, down 52.19% year-on-year, indicating performance below market expectations [5] - The decline in revenue is attributed to demand fluctuations and price adjustments from key customers, particularly in the forging and casting product segments [5] - The company is focusing on an integrated industrial chain development, which is expected to open up growth opportunities [5] - The company has seen stable growth in commercial aviation and civilian products, with commercial aviation revenue reaching 1.06 billion yuan, up 71% year-on-year [5] - The report anticipates a recovery in the aviation market in 2025, which could lead to stable revenue growth for the company [5] Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected at 10.355 billion yuan, with a forecasted increase to 11.707 billion yuan in 2025, representing a year-on-year growth rate of 13.1% [5][7] - The net profit for 2024 is expected to be 640 million yuan, with a significant recovery to 1.171 billion yuan in 2025, reflecting an 83% year-on-year increase [5][7] - The gross margin for 2024 is reported at 23.7%, down from 31.3% in 2023, while the return on equity (ROE) is projected to improve from 4.6% in 2024 to 7.8% in 2025 [5][7] Market Data - The closing price of the stock is 15.94 yuan, with a market capitalization of 23.443 billion yuan [2] - The price-to-earnings (PE) ratio is projected to be 39 for 2024, decreasing to 21 in 2025 and further to 19 in 2026 [5][7] - The company’s net asset per share is 8.87 yuan, with a debt-to-asset ratio of 47.6% [2]

中航重机股份有限公司 2024 年年度报告 公司代码：600765 公司简称：中航重机 中航重机股份有限公司 2024 年年度报告 1 / 256 中航重机股份有限公司 2024 年年度报告 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、 公司全体董事出席董事会会议。 三、 大信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人冉兴、主管会计工作负责人宋贵奇及会计机构负责人（会计主管人员）李宇声明： 保证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 2025 年 3 月 28 日，公司召开第七届董事会第十次会议，审议通过了《2024 年度利润分配 预案》，经董事审议的报告期利润分配预案或公积金转增股本预案：公司拟向全体股东每 10 股 派发现金红利 1.2180 元（含税），以 2024 年 12 月 31 日公司的总股本 1,575,492,153 股为基 数，共计分配利润 191,8 ...

Group 1 - The core viewpoint of the news is that Huashuo New Power recently conducted research on a listed company, AVIC Heavy Machinery, highlighting its financial outlook and operational stability for 2024 and 2025 [1] - AVIC Heavy Machinery's credit impairment in 2024 is primarily due to historical price adjustments for engine sector clients, which will be fully absorbed in 2024 and will not significantly impact performance in 2025 and beyond [1] - The company's revenue target for 2025 is set at 11.5 billion yuan, with a total profit of 1.3 billion yuan, indicating stable demand and normal production organization in the first quarter [1] - The revenue from domestic large aircraft and international outsourcing business is expected to exceed 1 billion yuan in 2024, with the C919 forging component supply ratio reaching 40% [1] - AVIC Heavy Machinery aims to increase the proportion of commercial aviation and civil industries by 2025, and the integration of Anji Company is expected to strengthen its leading position and core competitiveness in the aviation forging sector [1] Group 2 - Huashuo New Power Asset Management Co., Ltd. is a well-known private equity firm with a registered capital of 60 million yuan, headquartered in Beijing [2] - The company is a joint initiative between a team and Jinling Huashuo Investment Group, which is the controlling shareholder of the listed company Tianma Chemical [2] - Huashuo New Power focuses on becoming a leading multi-asset and multi-strategy asset management institution in China's trading financial market, employing a robust configuration of fund products to provide low-risk and attractive investment returns [2]

Group 1: Maiwei Biotech - Maiwei Biotech has made significant progress in its ADC and TCE innovation platforms for cancer treatment, including the development of the new generation camptothecin toxin MF6 and drugs targeting AML and rrMM [1] - The company collaborates with Insilico Medicine to enhance ADC research efficiency using AI technology, aiming to discover new targets and improve the druggability of large molecules [1] - MW19, the first anti-ST2 monoclonal antibody to enter clinical research in China, has shown preliminary efficacy in COPD patients, with plans to expand its market presence and increase commercial sales revenue [1] Group 2: AVIC Heavy Machinery - AVIC Heavy Machinery's credit impairment in 2024 is primarily due to historical price adjustments in the engine sector, which will be fully absorbed in 2024 and will not significantly impact future performance [2] - The company targets a revenue of 11.5 billion yuan and a profit of 1.3 billion yuan for 2025, with stable demand and normal production in the first quarter [2] - The integration of Anji Company is expected to strengthen AVIC Heavy Machinery's leading position and core competitiveness in the aviation forging sector [2] Group 3: Semir Apparel - Semir Apparel achieved a total revenue of 14.626 billion yuan in 2024, a year-on-year increase of 7.06%, with a net profit of 1.137 billion yuan, up 1.42% [3] - Children's apparel accounted for 70.21% of revenue, growing by 9.55%, while online sales reached 6.672 billion yuan, increasing by 7.14% [3] - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares, totaling 943 million yuan, which represents 82.9% of its net profit [3]