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]

东方证券研报指出，中航重机25H1实现归母净利润4.92亿元（-32.59%）；25Q2实现归母净利润2.94亿 元（-27.50%）。受产品配套交付进度及产品结构调整影响，25年H1业绩出现一定程度下滑。但从订单 层面看，商用航空、非航空民品与"大国防"业务保持稳定增长，公司聚焦存量、增量市场，拓展国内、 国外用户，开发新产品4002项，同比增长10.07%，新签订单同比增长9.39%。公司业务实现多元化发 展，民机、民用工程逐步迈入快速发展快车道；同时随着防务产品交付加快，公司大型锻造设备产能逐 步释放，公司业绩有望回升。公司"研究院+企业"新业态运营模式持续加强，科技创新核心竞争力进一 步增强。航空锻造龙头，开启军民协同发展新阶段。参考可比公司25年32倍PE，给予目标价20.80元， 维持"买入"评级。 ...

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].

Meeting Information - The fourth extraordinary general meeting of shareholders will be held on September 15, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The meeting will take place at 9:00 AM at the airport road in Muto Village, Guizhou Province [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with specific time slots for trading system and internet platform voting [2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3] - Duplicate voting through different methods will be counted based on the first vote cast [4] Meeting Agenda - The meeting will review proposals including the capital increase from raised funds, which has been approved in previous board meetings [2] - Shareholders must complete voting on all proposals before submission [4] Attendance Requirements - Only shareholders registered by the close of trading on the record date are eligible to attend the meeting [6] - Shareholders can appoint a proxy to attend and vote on their behalf [6]

Group 1 - The company reported a revenue of 5.751 billion yuan for the first half of 2025, representing a year-on-year decrease of 4.51% [1] - The net profit attributable to shareholders was 492 million yuan, showing a year-on-year decline of 32.59% [1] - The basic earnings per share stood at 0.31 yuan [1]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 5.751 billion yuan, a year-on-year decrease of 4.51% [1] - The net profit attributable to shareholders was 492 million yuan, reflecting a year-on-year decline of 32.59% [1] - The basic earnings per share stood at 0.31 yuan [1]

证券代码：600765 证券简称：中航重机 公告编号：2025-063 中航重机股份有限公司 关于召开2025年第四次临时股东会的通知 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。 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第四次临时股东会。 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 15 日 9 点 00 分 召开地点：贵州省贵阳市双龙航空港经济区小碧布依族苗族乡木头村机场路 16 号 股东会召开日期：2025年9月15日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 重要内容提示： (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-060 中航重机股份有限公司 第七届董事会第十二次会议决议公告 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"）第七届董事会第十二次会议于 2025年8月27日以现场加视频方式在公司会议室召开。会议由董事长冉兴主持， 应到董事9名，实到董事9名。公司高级管理人员列席会议。本次会议的召开符合 《公司法》和《公司章程》等有关规定。 会议以书面表决方式审议通过如下事项： 一、审议通过了《中航重机2025年半年度报告》 经审议，董事会同意通过《中航重机 2025 年半年度报告》。 表决情况：9 票同意、0 票反对、0 票弃权。 表决结果：通过。 该议案已经审计与风险控制委员会审议通过。 二、审议通过了《中航重机关于2025年半年度募集资金存放与使用情况的专 项报告》 经审议，董事会认为，公司募集资金的存放及使用符合相关法律法规、上海 证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《中 航重机股份有限公 ...

每经AI快讯，8月27日，中航重机(600765.SH)公告称，上半年营业收入57.51亿元，同比下降4.51%。净 利润为4.92亿元，同比下降32.59%。 ...