中航航空高科技股份有限公司 2025 年度"提质增效重回报"行动方案 为深入贯彻党的二十大精神和中央金融工作会议部署， 落实国务院《关于进一步提高上市公司质量的意见》相关要 求，积极响应上海证券交易所《关于开展沪市上市公司"提 质增效重回报"专项行动的倡议》，切实推动上市公司高质 量发展与投资价值提升，有效保护投资者合法权益，促进资 本市场健康稳定发展，中航航空高科技股份有限公司（以下 简称"公司"）制定了《2025 年度"提质增效重回报"行动 方案》，该方案已经公司第十一届董事会第四次会议审议通 过。具体方案如下： 一、提升经营质量，推动主业高质量发展 公司始终坚持聚焦航空新材料及先进制造技术产业化核 心主业发展，深化战略谋划与资源统筹配置，持续提升经营 效益，推动高质量发展取得新突破。 2025 年，公司将深入推进均衡生产管理，全面贯彻精益 生产理念，高质量完成型号保障任务；加快民机产品产业化 进程，确保重大项目按期交付；持续优化生产运营体系，科 学组织生产计划，完善供应链管理机制，构建以市场需求为 导向的快速响应体系，切实提升产品交付质量与效率，保障 市场竞争力与经营效益稳步增长。同时，公司将强化战略规 ...

关于与中航工业集团财务有限责任公司 关联存贷款的风险持续评估报告 一、中航工业集团财务有限责任公司基本情况 中航工业集团财务有限责任公司（以下简称"中航工业财务"）是经国家金 融监督管理总局批准，在国家市场监督管理总局登记注册，具有企业法人地位的 非银行金融机构。 中航工业财务是在原西安飞机工业集团财务有限责任公司和原贵州航空工 业集团财务有限责任公司重组基础上，由中国航空工业集团有限公司及所属成员 单位共 12 家共同出资组建，于 2007 年 4 月正式成立。后经四次增资及股权变 更，现有注册资金 395,138 万元人民币，股东单位 4 家，其中，中国航空工业集 团有限公司出资额 262,938 万元，占注册资本的 66.54%；中航投资控股有限公 司出资额 111,250 万元，占注册资本的 28.16%；中航西安飞机工业集团股份有 限公司出资额 14,400 万元，占注册资本的 3.64%；贵州贵航汽车零部件股份有 限公司出资额 6,550 万元，占注册资本 1.66%。 金融许可证机构编码：L0081H211000001 法定代表人：周春华 注册地址：北京市朝阳区东三环中路乙 10 号 中航工业财 ...

中航航空高科技股份有限公司 关于撤销监事会、修订《公司章程》及部分公司治理制度的公告 证券代码：600862 证券简称：中航高科 公告编号：临 2025－031 号 公司拟根据《公司章程》的修订情况，同步修订《股东会议事规 则》《董事会议事规则》等制度的部分条款，具体情况如下： 公司拟撤销监事会，监事会职权由董事会审计委员会行使，《监 事会议事规则》予以废止。上述事项尚需提交公司 2025 年第一次临 时股东会审议。 在公司股东会审议通过该事项前，公司第十一届监事会及各位监 事仍将严格按照法律法规及《公司章程》的规定继续履行职责。自公 司股东会审议通过本议案后，公司第十一届监事会予以撤销、各位监 事的职务自然免除。 二、《公司章程》的修订情况 根据《公司法》《证券法》《上市公司章程指引》《上海证券交易 所股票上市规则》等有关法律法规、规范性文件的规定，结合公司的 实际情况，公司拟对《公司章程》部分条款进行修订。具体修订内容 详见同日在上海证券交易所网站（www.sse.com.cn）披露的《中航航 空高科技股份有限公司章程修订对照表》，除对照表修订的条款外， 《公司章程》中其他条款保持不变。 上述事项尚需提交 ...

章程修订对比表 根据《公司法》《证券法》《上市公司章程指引》等有关 法律、法规、规范性文件的规定，结合中航航空高科技股份 有限公司（以下简称"中航高科""公司"）实际情况，拟对 《中航高科章程》部分条款进行修订。具体修订内容如下： 1.删除"监事""监事会"相关描述，部分描述由"审计 委员会"代替； 2.将"股东大会"整体改为"股东会"； 3.除前述两类修订外，其他主要修订情况对比如下： | 修改前 | 修改后 | | --- | --- | | 第一条 为维护公司、股东和债权人的合法权 | 第一条 为维护中航航空高科技股份有限 | | | 公司（以下简称"公司"）、股东、职工和 | | 益，规范公司的组织和行为，坚持和加强党的 | | | 全面领导，坚持权责法定、权责透明、协调运 | 债权人的合法权益，规范公司的组织和行 | | | 为，坚持和加强党的全面领导，坚持权责法 | | 转、有效制衡的公司法人治理机制，完善公司 | 定、权责透明、协调运转、有效制衡的公司 | | 法人治理结构，建设中国特色现代国有企业制 | | | 度，根据《中华人民共和国公司法》（以下简 | 法人治理机制，完善公司法人治理结构， ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－030 号 中航航空高科技股份有限公司 第十一届监事会 2025 年第三次会议决议公告 本公司监事会及全体监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。 2025 年 8 月 12 日，中航航空高科技股份有限公司（简 称"公司"）第十一届监事会 2025 年第三次会议以电子邮件 或书面方式通知，并于 2025 年 8 月 22 日上午 11:30 在北京 市顺义区航空产业园中国航空工业集团复材一号科研楼一 层大厅东侧 1102 会议室召开。应到监事 3 名,实到 3 名，公 司董秘朱清海列席会议。符合《公司法》和《公司章程》的 有关规定。 会议由监事会主席孙菲主持。与会监事认真审议了所有 议案，并以举手表决的方式一致通过，形成如下决议： 一、审议通过了《公司 2025 年半年度报告》。 公司监事会根据《上海证券交易所股票上市规则》及相 关法律法规的规定，对公司《公司 2025 年半年度报告》进 行了认真严格的审核，并形成如下书面审核意见。与会监事 一致认为： （一）《公司 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－029 号 中航航空高科技股份有限公司 第十一届董事会 2025 年第五次会议决议公告 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。 2025 年 8 月 12 日，中航航空高科技股份有限公司（以下简称"公 司"）第十一届董事会 2025 年第五次会议以电子邮件或书面方式通 知，并于 2025 年 8 月 22 日上午 10 点在北京市顺义区航空产业园中 国航空工业集团复材一号科研楼一层大厅东侧 1102 会议室召开。应 到董事 7 人，实到 6 人，独立董事陈恳因公务委托独立董事徐樑华代 为表决，授权其对会议审议的所有议案投赞成票。公司监事和高管列 席会议，本次会议的召开符合《公司法》和《公司章程》的有关规定。 会议由董事长王健主持。与会董事认真审议了相关议案，经书面 投票表决，形成了如下决议： 一、审议通过了《公司 2025 年半年度报告》。 表决情况：7 票同意，0 票反对，0 票弃权。 二、审议通过了《2025 年度"提质增效重回报"行动方案》 ...

Financial Performance - The company achieved a total operating revenue of RMB 2,747,478,291.50 for the first half of 2025, representing a year-on-year increase of 7.87% compared to RMB 2,547,013,654.90 in the same period last year[23]. - The total profit for the reporting period was RMB 726,061,845.21, which is a 3.06% increase from RMB 704,510,659.04 in the previous year[23]. - The net profit attributable to shareholders of the listed company was RMB 605,022,587.13, showing a slight increase of 0.24% from RMB 603,598,782.67 in the same period last year[23]. - The net cash flow from operating activities reached RMB 894,392,012.70, a significant increase of 160.85% compared to RMB 342,871,818.35 in the previous year[23]. - The company's total assets at the end of the reporting period were RMB 10,437,614,080.96, reflecting an 11.13% increase from RMB 9,392,667,548.51 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company increased by 3.70% to RMB 7,345,455,332.01 from RMB 7,083,153,842.98 at the end of the previous year[23]. - The basic earnings per share remained stable at RMB 0.43, unchanged from the same period last year[22]. Business Segments - The revenue from the aviation new materials business was RMB 271,726.73 million, up 7.89% from RMB 251,846.50 million in the previous year, driven by increased deliveries of prepreg products[24]. - The net profit from the aviation new materials business was RMB 64,383.02 million, a 1.75% increase from RMB 63,273.62 million in the previous year[25]. - The company operates in the aviation new materials and advanced manufacturing technology sectors, with a focus on composite materials and key components for commercial engines[29]. - The company has five wholly-owned or controlled subsidiaries specializing in various strategic areas, including aviation composite materials and advanced manufacturing technology[30]. Strategic Goals and Market Outlook - The company aims to strengthen its position in military products while expanding into civilian aviation and low-altitude economic industries[32]. - The company is committed to developing new production capabilities and enhancing core competitiveness to achieve high-quality growth[32]. - The low-altitude economy market in China is projected to reach a scale of 3.5 trillion yuan by 2035, indicating significant growth potential[35]. - The global eVTOL annual production is expected to surge from 500 units in 2025 to 15,000 units by 2030, highlighting a substantial market opportunity[35]. - The company is focusing on key technology breakthroughs and establishing a large-scale production system during the "14th Five-Year Plan" period[36]. Research and Development - The company invested 10,219.29 million yuan in research and development during the reporting period, supporting sustainable high-quality development[50]. - The company added 14 new patent applications and received 8 new patents, bringing the total number of valid patents to 330, highlighting its focus on innovation[60]. - The company has completed the construction of advanced aviation prepreg production capacity and has entered the trial operation phase, which is expected to enhance production efficiency[64]. Financial Management and Governance - The company has improved its governance structure and enhanced its risk management capabilities, achieving a Wind ESG rating upgrade to AA[57]. - The company is focused on optimizing its investment management system, ensuring that investment projects progress as planned[53]. - The company has not proposed any profit distribution or capital reserve transfer plans for the current period[90]. - The company has committed to maintaining its independence post-restructuring, ensuring that its operations remain unaffected by related party transactions[93]. Related Party Transactions and Compliance - The company reported a related party transaction amounting to ¥28,964,408.04 for labor services, which represents a 1.81% deviation from market pricing[98]. - The company has pledged to minimize related party transactions during its control period, adhering to fair market principles[94]. - There are no significant lawsuits or arbitration matters reported during the period[97]. - The company has not engaged in any non-operational fund occupation by major shareholders or related parties[96]. Market Position and Competition - The company is the only specialized supplier of aviation composite materials in China, leading in R&D and engineering of composite materials[34]. - The company faces significant risks from macroeconomic fluctuations affecting its composite materials business in the domestic aviation market[81]. - Intense competition in the machine tool and rail transit brake markets limits the company's pricing power and profitability, impacting order acquisition[81]. Financial Position and Assets - The company's total equity attributable to shareholders increased to CNY 7,345,455,332.01 from CNY 7,083,153,842.98, showing a growth of about 3.7%[121]. - The total assets at the end of the reporting period were 3,910,550,000, indicating a stable asset base for future operations[152]. - The company’s total equity attributable to shareholders was reported at ¥2,420,265,35 at the end of the first half of 2025, reflecting a stable position compared to previous periods[141]. Accounting Policies and Compliance - The financial report was approved by the board on August 22, 2025, ensuring compliance with accounting standards[156]. - The financial statements comply with the requirements of the Accounting Standards for Enterprises, accurately reflecting the company's financial position as of June 30, 2025[158]. - The company follows a fiscal year from January 1 to December 31, with a normal operating cycle of 12 months[160][161].

Core Insights - The company reported a revenue of 2.747 billion yuan for the first half of 2025, representing a year-on-year growth of 7.87% [1] - The net profit for the same period was 605 million yuan, showing a slight increase of 0.24% year-on-year [1] - The company will not distribute profits or increase share capital from capital reserves for the first half of 2025 [1]

Investment Rating - The report maintains a "Positive" outlook on the satellite internet industry [2] Core Insights - The report highlights the rapid growth of commercial space launch sites in China, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [6][34] - It emphasizes the importance of the testing and launch command monitoring systems as critical technological platforms for launch sites [7][46] - The report identifies investment opportunities in the supply of refueling and gas systems, which are essential for rocket launches [7][69] Summary by Sections 1. Comparison with US Starlink - China's satellite internet is entering a construction phase, with the Starlink project by SpaceX being a benchmark, operating around 7,000 satellites [5][19] - As of July 2025, China has launched 6 groups of satellites totaling 47 for China Star Network and 5 groups totaling 72 for Qianfan constellation [23][26] 2. Growth of Commercial Launch Sites - The report notes the rapid increase in the number of commercial launch sites in China, with significant local government and industry support [6][34] - The report lists six major operational launch sites and additional sites in preparatory stages [34][35] 3. Testing and Launch Command Monitoring Systems - The testing and launch command monitoring system is crucial for tracking spacecraft and sending operational commands [7][46] - The report draws parallels with SpaceX's integrated monitoring systems, which include ground stations and a fleet of support ships [51] 4. Refueling and Gas Supply Systems - The refueling and gas supply systems are described as the "blood vessels" of launch sites, essential for providing propellants and gases during launches [7][69] - The report details the complexity and scale of these systems, which involve extensive pipeline networks and various components [69][70] 5. Investment Strategy - The report suggests that the demand for commercial launch sites exceeds supply, indicating a significant investment opportunity in this sector [7][69] - It highlights the ongoing interest from local policies and industry capital in expanding launch site capabilities [7][34] 6. Related Companies - The report lists several companies involved in ground monitoring stations, on-board monitoring equipment, and refueling systems, including: - Ground Monitoring Stations: Aerospace Universe, Zhongke Xingtu, and Leike Defense [8][56] - On-board Monitoring Equipment: Tianjian Technology, Guorui Technology, and Mengsheng Electronics [8][59] - Refueling and Gas Systems: Jiufeng Energy, Hangyang Co., and Aerospace Morning Glory [8][77]

Group 1 - The company announced the appointment of a new director and two vice presidents during the fourth meeting of the 11th Board of Directors held on August 15, 2025 [2][6] - Gao Yan was approved as a candidate for the Board of Directors, pending approval at the upcoming shareholders' meeting [2][7] - Luo Yunfeng and Shao Jie were appointed as vice presidents, with their terms lasting until the end of the current Board's tenure [2][5] Group 2 - Gao Yan, born in March 1976, holds a master's degree and has extensive experience in human resources and management within the aviation industry [4] - Luo Yunfeng, born in December 1983, is a doctoral graduate and has held various positions in the resin and prepreg division, currently serving as the general manager of a subsidiary [5] - Shao Jie, born in January 1980, has a master's degree and has worked in various engineering and management roles, currently serving as the deputy general manager of a subsidiary [5]