公司报告 | 半年报点评 大锻件产能即将落地，民品迎来新增长点 事件：公司发布 2024 年半年报，2024 H1 公司实现营业收入 54.72 亿元，同比 -0.59%，与 2023 年同期基本持平；归母净利润 7.23 亿元，同比-7.02%；扣非 归母净利润 6.93 亿元，同比-11.27%。二季度单季实现营收 28.24 亿元，同比 -10.75%，环比+6.62%，主要受部分产品价格周期性波动影响；归母净利润 4.01 亿元，同比-20.81%，环比+24.85%，主要受产品价格周期波动和宏山公司并表 影响。24H1 宏山公司亏损金额 5,953 万元，剔除宏山并表影响后公司归母净利润 同口径同比下降 0.89%，与 2023 年同期基本持平；扣非归母净利润 4.04 亿元， 同比-21%，环比+40.41%。其中民航和民品业务保持一季度强劲增长势头，民 航收入同比+112.62%；民品收入同比+26.25%，公司业务逐渐实现多元化发展。 我们认为，公司 2024 上半年业绩内受部分产品价格周期波动影响。全年来看，公 司大型锻压设备取证验收进展顺利，公司预计产能有望于 24 年下半年逐步释放， 公 ...

投资者可于 2024 年 09 月 13 日(星期五) 至 09 月 23 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 2024 年 8 月 30 日发布公 司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年上半年 经营成果、财务状况，公司计划于 2024 年 09 月 24 日 上午 09:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：600765 证券简称：中航重机 公告编号：2024-067 中航重机股份有限公司 关于召开 2024 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： （一）投资者可在 2024 年 09 月 24 日 上午 09:00-10:00，通过互联网登录 上证路演中心（https://roadshow. ...

2 中航重机股份有限公司 中航重机股份有限公司 2024 年第三次临时股东大会 会 议 文 件 中航重机股份有限公司 2024 年 9 月 11 日 目 录 | 中航重机股份有限公司 2024 年第三次临时股东大会会议议程 | 1 | | --- | --- | | 中航重机关于前次募集资金使用情况的专项报告 | 2 | （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） | | 9:05～9:35 | 二、全体股东逐项审议上午的会议议案 | | | 1.《中航重机关于前次募集资金使用情况的专项报告》（20min） | | | 全体股东逐项审议上述议案（10min） | | 9:35～9:50 | 三、全体股东对各项议案进行表决 | | | 1．以书面方式对上述议案逐项进行表决； | | | 2．统计现场投票结果； | | | 3．监票人代表宣读表决结果； | | | 4．宣读 2024 年第三次临时股东大会决议； | | | 5．北京市嘉源律师事 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中航重机（600765.SH） [Table_Title] 均衡交付下业绩平稳，大锻造盈利拐点可期 | --- | --- | |------------------------------------------------------------------------------|-------| | | | | 受价格波动和大锻造初期盈利能力偏弱影响，公司收入增速放缓但表观业绩仍具韧性， | | 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SFC：BUX462 请阅读最后评级说明和重要声明 中航重机（600765.SH） cjzqdt11111 2024-09-03 相关研究 [Table_Title2] 均衡交付下业绩平稳，大锻造盈利拐点可期公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 年半年报，24H1 实现营收 54.72 亿，同比减少 0.59%；归母净利润 7.23 亿， 同比减少 7.02%；扣非归母净 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance remains stable, with a slight decline in revenue and net profit in the first half of 2024, attributed to cyclical price fluctuations of certain products. However, the company has maintained steady order volumes and product deliveries, with strong growth in civil aviation and civilian product sectors [3][4] - The company is actively engaged in new product development, having launched over 2,300 new products in the first half of 2024. It is also increasing its market presence and enhancing product quality while reducing delivery times [3] - The company holds a leading technological position in the aviation infrastructure sector, supported by strong technical innovation capabilities and partnerships with renowned domestic universities and research institutes [3] Financial Performance and Forecast - The company's total revenue for 2024 is projected to be 121.39 billion yuan, with a year-on-year growth of 14.76%. The net profit attributable to shareholders is expected to reach 15.39 billion yuan, reflecting a growth of 15.86% [2][4] - The earnings per share (EPS) for 2024 is estimated at 1.04 yuan, with a price-to-earnings (P/E) ratio of 16.58 [2][4] - The company’s total assets are expected to grow to 26.94 billion yuan by 2024, with a debt-to-asset ratio of 48.35% [8][9] Market Data - The closing price of the company's stock is 17.23 yuan, with a market capitalization of approximately 25.53 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.13, indicating its valuation relative to its book value [5] Research and Development - The company is focusing on enhancing its production capabilities and market competitiveness through significant investments in R&D and capacity expansion projects [3][4]

证券代码：600765 证券简称：中航重机 公告编号：2024-066 本次股份过户登记完成后，贵航集团成为公司第一大股东，公司控股股 东、实际控制人未发生变化。 一、本次控股股东权益变动的基本情况 公司已于 2024 年 4 月 29 日在上海证券交易所网站及《上海证券报》等媒体 上披露了《中航重机关于控股股东权益变动的提示性公告》（2024-030）。公司 控股股东贵航集团与公司第一大股东金江公司共同签署了《吸收合并协议》。贵 航集团拟吸收合并金江公司，金江公司注销，同时将其持有的 321,116,880 股公 司股票（占公司总股本的 21.67%）以非交易过户方式转让给贵航集团。 二、公司股权过户登记完成情况 2024 年 9 月 2 日，公司收到贵航集团提供的中国证券登记结算有限责任公 司出具的《证券过户登记确认书》。本次吸收合并涉及的公司股权变动事项已于 2024 年 8 月 29 日完成了过户登记，金江公司持有的 321,116,880 股公司股票已 全部过户至贵航集团。本次过户完成后，贵航集团直接持有公司 430,506,064 股 股份，占公司总股本比例的 29.06%（经四舍五入后），金江公 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 17.23 [1][5]. Core Insights - The company is expected to see significant capacity release in the second half of the year, driven by the successful implementation of two large forging machines, which will enhance its commercial and civil engineering projects [3][4]. - Despite a slight decline in revenue and net profit in the first half of 2024, the company’s profitability metrics, such as gross margin and net margin, have shown improvement, indicating a positive trend in operational efficiency [3][4]. - The company has secured long-term contracts with major clients, including Safran and Boeing, which are expected to contribute to revenue growth in the civil aviation sector [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 5.472 billion yuan, a decrease of 0.59% year-on-year, and a net profit of 723 million yuan, down 7.02% year-on-year [3]. - The second quarter of 2024 saw revenue of 2.824 billion yuan, a decline of 10.75% year-on-year, with a net profit of 401 million yuan, down 20.81% year-on-year [3]. - The company achieved 46% of its annual revenue and profit targets in the first half of 2024 [3]. Capacity and Orders - The company is set to release capacity from two large forging machines in the second half of 2024, which will support its growth in commercial and civil engineering projects [3][4]. - The company has signed long-term contracts worth approximately 70 million yuan with Safran, Baker Hughes, and Rolls-Royce, and has also established collaborations with Boeing for titanium alloy components [3][4]. Business Segments - The hydraulic and control business has shown stable growth, with revenue of 1.076 billion yuan in the first half of 2024, an increase of 8.65% year-on-year [3]. - The company’s civil aviation revenue grew by 112.62% year-on-year, while its civil products business revenue increased by 26.25% year-on-year, indicating diversification in its business operations [3][4]. Future Outlook - The company’s revenue projections for 2024-2026 are adjusted to 11.956 billion yuan, 13.798 billion yuan, and 15.649 billion yuan, respectively, with net profits expected to be 1.541 billion yuan, 1.779 billion yuan, and 2.095 billion yuan [5]. - The expected earnings per share (EPS) for 2024-2026 are 1.04 yuan, 1.20 yuan, and 1.41 yuan, with corresponding price-to-earnings (P/E) ratios of 17X, 14X, and 12X [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.05 CNY, based on a projected EPS of 1.05, 1.25, and 1.50 CNY for 2024-2026 [2][4]. Core Insights - The company reported a slight revenue decline of 0.59% year-on-year for H1 2024, with total revenue of 5.472 billion CNY and a net profit of 0.723 billion CNY, down 7.02% [1]. - The civil aviation and civilian product sectors showed strong growth, with revenues increasing by 112.62% and 26.25% respectively, indicating a diversification in business operations [1]. - Excluding the impact of the consolidation of Hongshan, the company's performance remained stable, with a net profit margin of 13.92% and a gross margin of 30.65% [1]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 5.472 billion CNY, with a net profit of 0.723 billion CNY, reflecting a decline of 0.59% and 7.02% respectively [1]. - The Q2 2024 results showed a revenue of 2.824 billion CNY, down 10.75%, and a net profit of 0.401 billion CNY, down 20.81% compared to the previous year [1]. - The gross margin decreased by 3.81 percentage points to 30.65%, while the expense ratio improved slightly to 12.29% [1]. Business Development Insights - The company is positioned as a leader in aerospace forging, benefiting from military aircraft upgrades and domestic engine replacements, which are expected to drive rapid growth in the aerospace forging sector [1]. - The company is actively pursuing new projects and products in the domestic civil aircraft market, aiming for comprehensive coverage of forging products [1]. - The international competitiveness of the company is steadily improving, supported by rapid growth in foreign trade outsourcing [1].

证券代码：600765 证券简称：中航重机 公告编号：2024-061 中航重机股份有限公司 第七届董事会第八次会议决议公告 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"）第七届董事会第八次会议于 2024年8月28日以现场方式召开。会议由董事长冉兴主持，应到董事9名，董事 现场出席8名，董事曾洁委托董事张育松参加会议。公司监事、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： 表决情况：9 票同意、0 票反对、0 票弃权。 1 表决结果：通过。 三、审议通过了《中航重机关于前次募集资金使用情况的专项报告》 该议案已经独立董事专门会议审议通过。 一、审议通过了《中航重机2024年半年度报告及摘要》 该议案已经审计与风险控制委员会审议通过。 表决情况：9 票同意、0 票反对、0 票弃权。 表决结果：通过。 二、审议通过了《中航重机关于2024年上半年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 ...

Financial Performance - Revenue for the first half of 2024 was RMB 5.472 billion, a decrease of 0.59% compared to the same period last year[20] - Net profit attributable to shareholders was RMB 722.75 million, down 7.02% year-on-year[20] - Basic earnings per share (EPS) for the reporting period was RMB 0.49, a decrease of 7.55% compared to the same period last year[21] - Weighted average return on equity (ROE) was 6.07%, down 1.17 percentage points year-on-year[22] - Operating cash flow for the reporting period was negative RMB 513.35 million, compared to positive RMB 197.61 million in the same period last year[20] - Net profit attributable to shareholders of the listed company for the reporting period was 722.7496 million yuan, a year-on-year decrease of 7.02%, with Q2 net profit of 401.3064 million yuan, a quarter-on-quarter increase of 24.85%, mainly affected by product price cycle fluctuations and the consolidation of Hongshan Company[23] - Basic earnings per share and diluted earnings per share decreased by 7.55% and 11.32% year-on-year, respectively, mainly due to the implementation of the second phase of the restricted stock incentive plan, which increased the share capital by 10.72 million shares[23] - Weighted average return on equity and diluted return on equity decreased by 1.17 percentage points and 1.45 percentage points year-on-year, respectively, due to the consolidation of Hongshan Company[23] - The company's total revenue for the first half of 2024 was 5.472 billion yuan, a slight decrease of 0.59% compared to the same period last year[43] - Operating income slightly decreased from 5,504,280,185.37 yuan to 5,472,030,947.41 yuan, showing a minor decline in revenue[149] - Net profit attributable to the parent company increased from 5,294,368,271.26 yuan to 5,618,537,604.64 yuan, indicating improved profitability[144] - Net profit attributable to parent company shareholders decreased to 722,749,603.18 yuan from 777,321,783.66 yuan, a decline of 7.02%[151] - Total comprehensive income for the period was 762,078,435.37 yuan, compared to 827,685,984.08 yuan in the previous year, a decrease of 7.93%[151] - Basic earnings per share (EPS) decreased to 0.49 yuan from 0.53 yuan, a drop of 7.55%[151] - Operating profit declined to 852,916,369.62 yuan from 960,365,870.12 yuan, a decrease of 11.19%[150] - Total revenue for the period was 4,317,473.25 yuan, down from 4,719,021.11 yuan, a decrease of 8.51%[153] - Investment income increased to 620,189,756.03 yuan from 546,088,006.90 yuan, a growth of 13.57%[154] - Management expenses rose to 343,273,618.94 yuan from 339,012,459.48 yuan, an increase of 1.26%[150] - Financial expenses surged to 16,616,033.35 yuan from 3,543,557.35 yuan, a significant increase of 369.06%[150] - Credit impairment losses improved to -139,075,528.20 yuan from -173,911,942.52 yuan, a reduction of 20.03%[150] - Operating cash flow from sales of goods and services decreased to 3.153 billion RMB in H1 2024 from 4.039 billion RMB in H1 2023, a decline of 21.9%[156] - Net cash flow from operating activities turned negative at -513.3 million RMB in H1 2024 compared to positive 197.6 million RMB in H1 2023[157] - Cash outflow for employee compensation increased by 14% to 707.0 million RMB in H1 2024 from 620.4 million RMB in H1 2023[157] - Investment cash inflow decreased significantly to 8.26 million RMB in H1 2024 from 30.51 million RMB in H1 2023, a 72.9% drop[157] - Cash outflow for fixed assets and intangible assets increased by 24.5% to 363.2 million RMB in H1 2024[157] - Net cash flow from financing activities was -317.5 million RMB in H1 2024, compared to positive 28.7 million RMB in H1 2023[158] - Cash and cash equivalents decreased by 1.191 billion RMB in H1 2024, ending at 3.955 billion RMB[158] - Parent company's investment cash inflow increased to 373.9 million RMB in H1 2024 from 354.2 million RMB in H1 2023[161] - Parent company's net cash flow from investment activities decreased to 169.7 million RMB in H1 2024 from 221.6 million RMB in H1 2023[161] - Parent company's cash and cash equivalents decreased by 173.3 million RMB in H1 2024, ending at 1.357 billion RMB[161] - Total comprehensive income for the first half of 2024 reached RMB 722,859,878.32, with a net profit attributable to the parent company of RMB 722,749,603.18[166] - Owner's equity increased by RMB 493,837,760.19 during the period, driven by capital contributions and retained earnings[164] - The company allocated RMB 398,580,269.80 for profit distribution, including dividends to shareholders[166] - Capital reserves increased by RMB 141,030,607.33, primarily due to equity investments and share-based payments[164][166] - Minority shareholders' equity increased by RMB 3,340,824.80, reflecting their share of the company's profits[164] - Special reserves increased by 17,807,544.34, reaching a total of 18,000,286.79[169] - Total comprehensive income for the period amounted to 777,321,783.66[170] - Owner's equity increased by 15,895,473.08, with a net increase of 15,590,023.99 after adjustments[170] - Profit distribution to owners (or shareholders) amounted to -242,888,099.85[171] - Total owner's equity at the end of the period was 12,752,267,604.68[169] - Capital reserve increased by 14,523,441.90[170] - General risk provision decreased by 34,052,010.18[171] - Total assets at the end of the period were 11,981,938,335.78[169] - Net profit attributable to the parent company was 534,433,683.81[170] - Minority interest decreased by 305,449.09[170] - Total comprehensive income for the period amounted to 580,460,126.08 RMB[176] - Owner's equity at the end of the period was 6,936,992,947.64 RMB[179] - Capital reserve increased by 140,917,377.88 RMB during the period[176] - Special reserve usage for the period was -9,107,088.57 RMB[173] - Total owner's equity at the beginning of the period was 6,603,475,713.48 RMB[176] - Profit distribution to owners amounted to -398,580,269.80 RMB[177] - Owner's investment in ordinary shares increased by 10,720,000.00 RMB[176] - Share-based payment included in owner's equity was 9,811,777.88 RMB[177] - Retained earnings at the end of the period were 966,124,761.88 RMB[179] - Special reserve balance at the end of the period was 13,933,672.32 RMB[173] - Total comprehensive income for the period increased by 497,054,000.35 RMB[180] - Owner's equity increased by 1,372,031.18 RMB due to capital contributions[180] - Profit distribution decreased owner's equity by 242,888,099.85 RMB[181] - Total owner's equity at the end of the period reached 6,402,134,082.58 RMB[183] Business Segments and Revenue - Civil aviation revenue increased by 112.62% year-on-year, while civil product revenue grew by 26.25%[22] - The company's business is gradually diversifying, with commercial and civil engineering entering a rapid development phase[22] - The company's forging business covers various industries including aviation, aerospace, power, and automotive, with domestic products including aircraft structural forgings and engine components, and international products including engine forgings for GE, Rolls-Royce, and aircraft forgings for Boeing and Airbus[30] - The company's hydraulic and thermal management business includes high-pressure piston pumps and motors, widely used in aviation, aerospace, and engineering machinery, with some products exported to Europe and the US, and thermal exchangers used in various military and civilian fields[32] - The forging and casting business revenue for the first half of 2024 was 4.396 billion yuan, a decrease of 2.61% year-on-year[39] - The hydraulic and environmental control business revenue for the first half of 2024 was 1.076 billion yuan, an increase of 8.65% year-on-year, with non-aviation business growing by 12.32%[40] - The company developed over 2,300 new products in the forging and casting business, a year-on-year increase of approximately 15%[39] - Shaanxi Hongyuan Aviation Forging Co., Ltd. achieved a 115% growth in civil aviation business orders and revenue in the first half of the year[57] - Guizhou Anda Aviation Forging Co., Ltd. doubled its business revenue by focusing on civil aviation opportunities[58] - Jiangxi Jinghang Aviation Forging Co., Ltd. successfully developed a high-pressure turbine shaft forging and achieved breakthroughs with 2 major customers[58] - Zhonghang Liyuan Hydraulic Co., Ltd. secured 3 million RMB in R&D funding for a UAV hydraulic subsystem project[59] - Guizhou Yonghong Aviation Machinery Co., Ltd. secured future orders exceeding 150 million RMB through strategic cooperation[59] Investments and Capital Expenditures - Two large forging equipment certifications are progressing smoothly, with capacity expected to be gradually released in the second half of 2024[22] - Hongshan Company completed the on-site inspection for production qualification in June 2024 and is expected to achieve production and delivery of related products in the second half of 2024[27] - Hongshan Company signed long-term agreements with Safran, Baker Hughes, and Rolls-Royce, adding approximately 70 million yuan in annual orders, and reached multiple R&D cooperation agreements with Boeing for titanium alloy structural parts, potentially adding 20 million yuan in annual orders upon mass production[27] - The company plans to invest 365.6 million yuan in cash to increase the capital of its wholly-owned subsidiary, Heavy Machinery Aerospace Materials Engineering (Guizhou) Co., Ltd., for capacity enhancement projects[47] - The investment price for the capital increase is 1.10 yuan per registered capital, with 332.36 million yuan added to registered capital and 33.24 million yuan as capital surplus[47] - The company invested 1.432 billion yuan in the construction of the Xi'an New District Advanced Forging Industry Base, with 68.05 million yuan from its own funds, and the project has been fully put into use[51] - The civil aviation ring forging production line project in Guizhou, with a total investment of 450 million yuan, has been completed and put into use[51] - The national key equipment hydraulic basic parts supporting production capacity construction project in Guiyang, with a total investment of 303.64 million yuan, has been completed and put into use[51] - The military-civilian dual-use aviation high-efficiency heat exchanger and integrated production capacity construction project in Guiyang, with a total investment of 69.8 million yuan, has been completed and put into use[51] - The aviation precision forging industry transformation and upgrading project in Xi'an, with a total investment of 805 million yuan, has seen the main equipment 450MN precision forging machine installed and put into use[52] - The special material isothermal forging production line project in Anshun, with a total investment of 640.45 million yuan, is facing delays due to import procurement issues and is exploring domestic alternatives[53] - The company's total raised funds amount to RMB 3,237,273,458.96, with a net amount of RMB 3,171,503,458.96 after deducting issuance costs. The cumulative investment in raised funds as of the reporting period is RMB 2,149,969,118.88[113] - The total amount of funds raised for specific projects is 317,150.35 million yuan, with 214,996.91 million yuan already invested, achieving an investment progress of 67.8%[118] - The advanced forging industrial base construction project in Xi'an New District has completed 100.05% of its planned investment, with a total investment of 75,154.35 million yuan[116] - The civil aviation ring forging production line construction project has completed 100% of its planned investment, with a total investment of 40,000 million yuan[116] - The national key equipment hydraulic foundation supporting production capacity construction project has completed 100.06% of its planned investment, with a total investment of 10,000 million yuan[118] - The military and civilian dual-use aviation high-efficiency heat exchanger and integrated production capacity construction project has completed 100% of its planned investment, with a total investment of 5,000 million yuan[118] - The aviation precision forging industry transformation and upgrading project has completed 52.60% of its planned investment, with a total investment of 80,500 million yuan[118] - The special material isothermal forging production line construction project has not started due to import procurement issues, with a planned investment of 64,044.92 million yuan[118] Shareholder and Equity Information - The company issued 10,720,000 restricted shares to 306 incentive objects as part of the A-share restricted stock incentive plan (second phase)[123] - Total number of ordinary shareholders at the end of the reporting period: 76,030[126] - Top shareholder: Guizhou Jinjiang Aviation Hydraulic Co., Ltd., holding 321,116,880 shares, accounting for 21.67% of total shares[128] - Second largest shareholder: China Guizhou Aviation Industry (Group) Co., Ltd., holding 90,354,320 shares, accounting for 6.1% of total shares[128] - Third largest shareholder: AVIC Industrial Financial Holdings Co., Ltd., holding 75,563,636 shares, accounting for 5.1% of total shares[128] - Central Enterprise Rural Industry Investment Fund Co., Ltd. holds 28,707,997 shares, accounting for 1.94% of total shares[128] - AVIC General Aircraft Co., Ltd. holds 24,618,992 shares, accounting for 1.66% of total shares[128] - Guizhou Gaike Aviation Electromechanical Co., Ltd. holds 19,034,864 shares, accounting for 1.28% of total shares[128] - National Social Security Fund 418 Portfolio holds 18,815,259 shares, accounting for 1.27% of total shares[128] - AVIC Aviation Technology Co., Ltd. holds 16,412,661 shares, accounting for 1.11% of total shares[128] - Hong Kong Securities Clearing Company Ltd. holds 14,255,364 shares, accounting for 0.96% of total shares[128] - The company's A-share restricted stock incentive plan (Phase II) granted a total of 690,000 restricted shares to directors and senior management on January 22, 2024[134] - Directors and senior management collectively increased their holdings by 110,400 shares through a share purchase plan implemented on February 2, 2024[135] - The company was established in 1996 with an initial total share capital of 51.10 million shares[186] - The company implemented a share reform in 2006, resulting in a total share capital of 108.543 million shares[187] - In 2007, the company issued additional shares, increasing the registered capital by 70.7914 million RMB[188] - The company's total share capital reached 358,668,800 shares after a capital reserve transfer in 2008[189] - The company changed its name to "AVIC Heavy Machinery Co., Ltd." and established a subsidiary "AVIC Liyuan Hydraulics Co., Ltd." with a 99.95% stake[190] - In 2009, the company issued 160 million new shares at RMB 10.50 per share, raising a total of RMB 1.68 billion, with net proceeds of RMB 1.607 billion[190] - In 2010, the company increased its share capital by 259.33 million shares through a capital reserve transfer, bringing the total share capital to 778 million shares[191] - In 2019, the company issued 155.6 million new shares at RMB 8.53 per share, raising RMB 1.327 billion, with net proceeds of RMB 1.302 billion[192] - As of 2019, the company's total share capital was 778 million shares, all of which were tradable[193] - In 2020, the company granted 7.77 million restricted shares to 115 incentive recipients at RMB 6.89 per share[195] - As of 2020, the company's total share capital was 939.68 million shares, with 161.68 million shares being restricted[196] - In 2021, the company issued 111.96 million new shares at RMB 17.06 per share, raising RMB 1.91 billion, with net proceeds of RMB 1.872 billion[197] - As of 2021, the company's total share capital was 1.052 billion shares, with 194.24 million shares being restricted[198] - In 2022, the company increased its share capital by 420.66 million shares through a capital reserve transfer, bringing the total share capital to 1.472 billion shares[200] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 25.979 billion, an increase of 2.