公司董事会延期换届不会影响公司的正常运营。公司将积极推进相关工作， 尽快完成董事会的换届选举，并履行相应的信息披露义务。 特此公告。 证券代码：600765 证券简称：中航重机 公告编号：2025-066 中航重机股份有限公司董事会 2025 年 9 月 13 日 中航重机股份有限公司 关于董事会延期换届的提示性公告 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"）第七届董事会任期将于 2025 年 9 月 14 日届满。根据《关于新<公司法>配套制度规则实施相关过渡期安排》等 法律法规、规范性文件的要求，鉴于新一届董事会候选人提名工作仍在进行中， 为保证相关工作的连续性，公司董事会换届选举工作需适当延期，董事会及各专 门委员会、高级管理人员的任期相应顺延。 在换届选举工作完成前，公司第七届董事会及各专门委员会全体成员、高级 管理人员将依照法律、行政法规和《公司章程》的相关规定，继续履行职责。 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-065 中航重机股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 16 日 （星期二） 至 09 月 22 日 （星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhzjgk@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中航重机股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公 司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年上 半年经营成果、财务状况，公司计划于 2025 年 09 月 23 日（星期二）09:00-10:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互 ...

中航重机股份有限公司 2025 年第四次临时股东会 会 议 文 件 中航重机股份有限公司 2025 年 9 月 9 日 1 目 录 | 2025 年第四次临时股东会会议议程 3 | | | --- | --- | | 关于选举石永勇先生为公司董事的议案 | 4 | | 关于中航重机全资子公司宏远公司拟将已投入募集资金转增资本的 | | | 议案 | 5 | 2 中航重机股份有限公司 2025 年第四次临时股东会会议议程 一、会议时间：2025 年 9 月 15 日（星期一）上午 9:00 二、会议地点：贵州省贵阳市双龙航空港经济区机场路 16 号中 航重机股份有限公司 307 会议室 三、参加人：（1）公司股东及股东授权委托代表； （2）公司董事、高级管理人员； （3）公司董事会聘请的律师。 四、会议议程： | 时间 | 内 容 | | --- | --- | | 9:00～9:05 | 一、主持人介绍会议议程，宣读监票人、计票人名单,提请大会通过 | | | （举手表决） | | 9:05～9:45 | 二、全体股东逐项审议会议议案 | | | 1. 《关于选举石永勇先生为公司董事的议案》 | | | 2. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company's revenue for the first half of 2025 was 5.751 billion yuan, a year-on-year decrease of 4.51%, primarily due to product delivery schedules and adjustments in product structure. The net profit attributable to shareholders was 492 million yuan, down 32.59% year-on-year, mainly due to reduced interest income and decreased foreign exchange gains [1][2]. - In Q2 2025, the company saw a significant improvement with revenue of 3.444 billion yuan, up 11.20% year-on-year and 49.34% quarter-on-quarter. The net profit for the same quarter was 294 million yuan, down 27.50% year-on-year but up 48.74% quarter-on-quarter [1]. - The gross margin for the first half of 2025 was 29.27%, a decrease of 1.38 percentage points year-on-year, while the net margin was 10.42%, down 3.50 percentage points year-on-year [1]. Financial Performance - The company reported a period expense ratio of 13.20% for the first half of 2025, an increase of 0.91 percentage points year-on-year. The sales expense ratio increased to 0.86%, management expense ratio to 6.94%, while R&D expense ratio decreased to 4.87% [2]. - As of the end of the first half of 2025, accounts receivable and notes stood at 12.266 billion yuan, an increase of 13.77% from the beginning of the year, and inventory was 5.454 billion yuan, up 9.58% [2]. Order Growth and Market Expansion - The company signed new orders in the first half of 2025, showing a year-on-year increase of 9.39%, with a reserve order growth of 9.26%. The product bidding success rate improved by 10.11% compared to the same period last year [3]. - The company made breakthroughs in the shipbuilding sector, signing market orders worth 78.28 million yuan and developing overseas clients, which may contribute to future revenue growth [3]. Future Outlook - The company expects a significant increase in related procurement amounts for 2025, with sales of products and services projected at 5.5 billion yuan, a 31% increase from 4.2 billion yuan in 2024. The procurement of goods and services is expected to exceed 2.7 billion yuan, more than doubling from 1.2 billion yuan in 2024 [4]. - The report anticipates that the company's core capabilities will continue to strengthen, supporting its expansion into various fields, including commercial engines and marine equipment [4]. Financial Projections - The projected net profit attributable to shareholders for 2025 is 1.013 billion yuan, with estimates of 1.135 billion yuan for 2026 and 1.323 billion yuan for 2027. The corresponding price-to-earnings ratios are 25.27, 22.55, and 19.36, respectively [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company reported a revenue of 5.751 billion yuan in the first half of 2025, a year-on-year decrease of 4.51%, and a net profit attributable to shareholders of 492 million yuan, down 32.59% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 3.444 billion yuan, representing a year-on-year increase of 11.2% and a quarter-on-quarter increase of 49.34% [2][6] - The company is actively expanding its "Big National Defense" business and has a solid order backlog, with new product development increasing by 10.07% year-on-year [12] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 29.27%, a decrease of 1.38 percentage points year-on-year, and a net profit margin of 10.42%, down 3.5 percentage points year-on-year [12] - The company’s total revenue for 2025 is projected to reach 11.5 billion yuan, with a profit target of 1.3 billion yuan [12] - The company’s inventory balance at the end of H1 2025 was 5.454 billion yuan, an increase of 9.57% from the beginning of the period [12] Business Development and Market Position - The company has signed new orders worth 78.28 million yuan in the shipbuilding sector and has developed overseas clients, including a partnership with Italy's Iveco [12] - The company is focusing on expanding its domestic and international user base while developing new products [12]

Group 1 - The core viewpoint of the news is that AVIC Heavy Machinery has experienced a significant decline in stock price, dropping 1.8% to 15.81 CNY per share, with a total market capitalization of 24.909 billion CNY and a cumulative decline of 8.35% over four consecutive days [1] - AVIC Heavy Machinery's main business includes forging and casting (78.30% of revenue), radiators (12.73%), hydraulic products (5.07%), and other supplementary products (2.35%) [1] - The company is located in Guiyang, Guizhou Province, and was established on November 14, 1996, with its listing date on November 6, 1996 [1] Group 2 - The top circulating shareholder of AVIC Heavy Machinery is the Guotou Ruijin Fund, which increased its holdings in the AVIC Heavy Machinery stock by 3.3357 million shares in the second quarter, holding a total of 16.7541 million shares, accounting for 1.14% of circulating shares [2] - The Guotou Ruijin National Security Mixed A Fund has incurred a floating loss of approximately 4.8587 million CNY today and a cumulative floating loss of 24.1258 million CNY during the four-day decline [2][4] - The fund was established on December 2, 2015, with a current scale of 2.525 billion CNY, and has achieved a year-to-date return of 10.22% [2] Group 3 - The fund manager of Guotou Ruijin National Security Mixed A is Li Xuan, who has been in the position for 9 years and 280 days, with a total asset scale of 4.265 billion CNY [3] - During Li Xuan's tenure, the best fund return was 34.32%, while the worst return was -29.28% [3] Group 4 - Guotou Ruijin National Security Mixed A Fund holds AVIC Heavy Machinery as its sixth-largest heavy stock, with 6.63% of the fund's net value [4] - The fund has experienced a floating loss of approximately 4.8587 million CNY today and a cumulative floating loss of 24.1258 million CNY during the four-day decline [4]

Core Viewpoint - The report from Dongfang Securities indicates that AVIC Heavy Machinery experienced a decline in net profit for H1 2025, attributed to product delivery schedules and structural adjustments, but shows potential for recovery due to stable growth in various business segments [1] Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 492 million yuan, representing a decrease of 32.59% year-on-year [1] - In Q2 2025, the net profit attributable to shareholders was 294 million yuan, down 27.50% compared to the previous year [1] Business Development - The company maintains stable growth in commercial aviation, non-aviation civilian products, and "big national defense" sectors [1] - The company focused on both existing and new markets, expanding its domestic and international user base [1] - The development of new products reached 4,002 items, marking a year-on-year increase of 10.07% [1] - New signed orders increased by 9.39% year-on-year [1] Strategic Initiatives - The company is diversifying its business, with civil aviation and civil engineering entering a rapid development phase [1] - As defense product deliveries accelerate, the production capacity of large forging equipment is gradually being released, indicating potential for performance recovery [1] - The "Research Institute + Enterprise" operational model is being strengthened, enhancing the core competitiveness in technological innovation [1] Market Position - The company is recognized as a leader in aviation forging, entering a new phase of military-civilian collaborative development [1] - Based on comparable companies, a target price of 20.80 yuan is set, maintaining a "buy" rating with a reference PE of 32 times for 2025 [1]

Core Viewpoint - 中航重机's H1 2025 net profit attributable to shareholders was 492 million yuan, a decrease of 32.59%, while Q2 2025 net profit was 294 million yuan, down 27.50% due to product delivery progress and structural adjustments [1] Group 1: Financial Performance - H1 2025 net profit attributable to shareholders was 492 million yuan, reflecting a decline of 32.59% [1] - Q2 2025 net profit attributable to shareholders was 294 million yuan, showing a decrease of 27.50% [1] Group 2: Business Development - The company experienced a decline in performance due to product delivery progress and structural adjustments, but commercial aviation, non-aviation civil products, and "big national defense" businesses maintained stable growth [1] - The company focused on both existing and new markets, expanding domestic and international user bases, and developed 4,002 new products, a year-on-year increase of 10.07% [1] - New signed orders increased by 9.39% year-on-year, indicating diversified business development [1] Group 3: Future Outlook - The company is expected to see a recovery in performance as defense product deliveries accelerate and large forging equipment capacity gradually releases [1] - The "research institute + enterprise" operational model continues to strengthen, enhancing the core competitiveness in technological innovation [1] - As a leader in aviation forging, the company is entering a new phase of military-civilian collaborative development [1] Group 4: Valuation - Based on comparable companies, a target price of 20.80 yuan is set, maintaining a "buy" rating with a reference PE of 32 times for 2025 [1]

Core Viewpoint - The company, AVIC Heavy Machinery (600765.SH), is actively involved in foreign trade, primarily supplying engine forgings to major companies such as GE, Rolls-Royce, IHI, and ITP, and providing aircraft forgings for Boeing and Airbus [1] Group 1 - The company's foreign trade business mainly includes engine forgings for major clients [1] - The company provides aircraft forgings for leading manufacturers like Boeing and Airbus [1] - Detailed information regarding the business segment's contribution can be found in the company's financial disclosures [1]

Core Viewpoint - 中航重机's financial performance for the first half of 2025 shows a decline in revenue and net profit, indicating potential challenges in its business operations [1][3]. Financial Performance - The total revenue for the first half of 2025 was 5.751 billion yuan, a decrease of 4.51% compared to 2024 [1]. - The net profit attributable to shareholders was 492 million yuan, down 32.59% year-on-year [1]. - In Q2 2025, total revenue reached 3.444 billion yuan, reflecting an increase of 11.2% year-on-year, while net profit for the same period was 294 million yuan, a decrease of 27.5% [1]. - The gross margin was 29.27%, down 4.09% year-on-year, and the net margin was 10.42%, down 22.88% [1]. - Total expenses (selling, administrative, and financial) amounted to 479 million yuan, accounting for 8.33% of revenue, an increase of 12.43% [1]. - Earnings per share were 0.31 yuan, a decrease of 36.73% year-on-year [1]. Balance Sheet and Cash Flow - Cash and cash equivalents increased to 4.398 billion yuan, up 10.38% year-on-year [1]. - Accounts receivable rose to 10.298 billion yuan, a 26.65% increase [1]. - Interest-bearing debt increased to 3.948 billion yuan, up 6.80% [1]. - The cash flow per share was -0.43 yuan, a decrease of 7.41% year-on-year [1]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 4.42%, indicating weak capital returns [3]. - The historical median ROIC over the past decade was 4.6%, with two years of losses since its listing, suggesting a fragile business model [3]. Fund Holdings - The largest fund holding in 中航重机 is 国投瑞银国家安全混合A, with 16.7541 million shares, showing an increase in holdings [5]. - Other funds have maintained or increased their positions, indicating continued interest in the company despite recent performance challenges [5].