中航航空高科技股份有限公司 关联交易管理制度 (2025 年 9 月 15 日修订) 第一章 总 则 第一条 为规范中航航空高科技股份有限公司（以下简称"公 司"）及子公司的关联交易行为，提高公司规范运作水平，保护公司 和全体股东的合法权益，根据《中华人民共和国公司法》《中华人民 共和国证券法》（以下简称《证券法》）《上海证券交易所股票上市 规则》（以下简称《股票上市规则》）《上海证券交易所上市公司自 律监管指引第 5 号——交易与关联交易》等法律法规及《中航航空高 科技股份有限公司章程》（以下简称《公司章程》）有关规定，制定 本制度。 第二条 公司关联交易应当定价公允、决策程序合规、信息披露 规范。 第三条 公司关联交易行为应当合法合规，不得隐瞒关联关系， 不得通过将关联交易非关联化规避相关审议程序和信息披露义务。相 关关联交易不得存在导致或者可能导致公司出现被控股股东、实际控 制人及其他关联人非经营性资金占用、为关联人违规提供担保或者其 他被关联人侵占利益的情形。 （五）中国证监会、上海证券交易所（以下简称"上交所"）或 者公司可以根据实质重于形式的原则，认定其他与公司有特殊关系， 可能或者已经造成公司对 ...

中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开 2025 年第一次临时股东会，审议通过《关于修订< 公司章程>部分条款的议案》，同意公司设 1 名职工董事，由公司职 工通过职工代表大会、职工大会或者其他形式民主选举产生，无需提 交股东会审议。 公司于 2025 年 9 月 15 日召开第七届职工代表大会联席会 议，一致推选唐慧女士为公司第十一届董事会职工董事，任期自职工 代表大会通过之日起至公司第十一届董事会任期届满之日止。唐慧女 士简历如下： 唐慧女士，1988 年 10 月生人，中共党员，硕士研究生，高级人 力资源管理师。历任中国大唐新能源股份有限公司安徽分公司综合管 理部人力资源专责兼政工、文秘，高级主管，中航航空高科技股份有 限公司综合管理部/党委组织部/党委办公室人事专员、部长助理/主任 助理、副部长/副主任、副部长（主持工作）/副主任（主持工作）、 直属一党支部书记。现任中航航空高科技股份有限公司综合管理部/ 党委组织部/党委办公室部长/主任，中航复合材料有限责任公司党建 工作部/人力资源部部长、党支部书记。 本次选举的职工董事符合《公司法》《公司章程》等法律 ...

北京市嘉源律师事务所 关于中航航空高科技股份有限公司 2025年第一次临时股东会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年九月 E * JIA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中航航空高科技股份有限公司 北京市嘉源律师事务所 关于中航航空高科技股份有限公司 2025年第一次临时股东会的法律意见书 嘉源(2025)-04-672 北京市嘉源律师事务所(以下简称"本所")受中航航空高科技股份有限公 司(以下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效 的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中航 航空高科技股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025年第一次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律意见书。 为出具本法律意 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025-036 号 中航航空高科技股份有限公司 2025年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 15 日 (二)股东会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 765 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 810,366,952 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.1721 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，现场会议由董事长王健主持。会议采用现场 投 票和网络投票相结合 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－037 号 中航航空高科技股份有限公司 第十一届董事会 2025 年第六次会议决议公告 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 9 月 4 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 年第六次会议以电子邮件或书面方式通 知，并于 2025 年 9 月 15 日下午 4 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 8 人，实到 6 人，董事肖世宏、张建均因公务，分别委托董事田 铁兵、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《关于修订<董事会审计委员会实施细则>部分条 款的议案》。 表决情况：8 票同意，0 票反对，0 票弃权。 二、审议通过了《关 ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [11]. Core Insights - The next generation of aerospace engines is reaching the thermal limits of metal materials, while ceramic matrix composites (CMCs) offer excellent high-temperature performance and lightweight advantages, indicating significant application potential [2][5]. - The market for CMCs in China's military and civilian aerospace engines is projected to exceed 10 billion yuan annually over the next decade, driven by deep integration of production and research [2][7]. - The global CMC market is expected to maintain a compound annual growth rate (CAGR) of 10% over the next ten years, with the aerospace and defense sector accounting for approximately 39.6% of the market [7][28]. Summary by Sections CMC Overview - CMCs are identified as a new structural material for advanced aerospace engine hot-end components, with a working temperature of up to 1650°C, significantly higher than that of metal alloys [5][28]. - The main types of CMCs currently applied in aerospace engines include silicon carbide fiber-reinforced silicon carbide composites (SiC/SiC) and oxide fiber-reinforced oxide composites (Ox/Ox) [36][41]. International Landscape - The CMC industry in Europe and the U.S. is well-established, with significant investments and advancements in production capabilities, including the successful application of CMCs in various engine components [6][59]. - Companies like GE and Pratt & Whitney have made substantial progress in integrating CMCs into their engine designs, enhancing performance metrics such as thrust-to-weight ratio and fuel efficiency [6][59]. Domestic Development - China's CMC industry is in its early stages, with a focus on integrating research and production, exemplified by partnerships between companies like Huayin Technology and research institutions [8][21]. - Key domestic players include Huayin Technology, Torch Electronics, and AVIC High-Tech, which are actively developing CMC technologies and applications [12][21]. Market Potential - The report estimates that the CMC market in China could exceed 10 billion yuan annually, with significant demand driven by military and civilian aerospace applications [7][28]. - The demand for CMCs is expected to be further propelled by advancements in gas turbine technology, with projected cumulative demand exceeding 68 billion yuan from 2024 to 2027 [7][28].

Summary of the Conference Call on Aerospace Composite Materials Industry Overview - The military aerospace auxiliary materials market is experiencing stable growth, driven by the development and mass production of new military aircraft. Over the next decade, the demand for composite materials in Chinese military aircraft is expected to reach 18,000 tons, excluding the demand for drones, indicating a potentially larger market space [2][5]. - The demand for composite materials in the civil aviation sector significantly exceeds that of military applications. New civil aircraft like Boeing 787 and Airbus A350 have a composite material usage ratio exceeding 50%. It is projected that over the next 20 years, the demand for composite materials in China's civil aviation market will reach 108,000 tons, several times that of the military market [2][6]. - In the low-altitude economy sector, general aviation and eVTOL (electric Vertical Take-Off and Landing) aircraft show substantial potential for carbon fiber composite material demand. It is estimated that the demand for carbon fiber in general aviation will be around 20,000 tons over the next 20 years, with eVTOL requiring 2,600 tons annually by 2030 in China [2][7]. Key Companies and Competitive Landscape - Domestic companies are gradually maturing through technological iterations and experience accumulation. Projects like C919 are expected to adopt more domestic auxiliary materials, aiming for over 50% usage rate, indicating significant potential for domestic substitution [2][8]. - The competitive landscape of the domestic carbon fiber industry is clear, with Guangwei Composite and Zhongjian Technology being the main players in the military aerospace sector. AVIC High-Tech dominates the prepreg segment, while aircraft manufacturers and their auxiliary material suppliers are responsible for the forming of auxiliary materials and structural components [2][10]. Market Trends and Future Outlook - During the "14th Five-Year Plan" period, the aerospace auxiliary materials market experienced explosive growth, particularly in the first few years. Major companies in the industry, such as AVIC High-Tech, Guangwei Composite, and Zhongjian Technology, achieved significant performance growth. The military aerospace auxiliary materials market is expected to continue stable growth, with civil aviation emerging as a second growth curve [3][9]. - The demand for composite materials in the military aviation sector is rapidly increasing, with the "14th Five-Year Plan" serving as a starting point. The market is expected to significantly expand in the coming years as domestic replacement processes and new model equipment are introduced [9][15]. Technological Developments - Key breakthroughs in composite materials technology are focused on the upstream fiber segment and downstream resin applications. Improvements in fiber performance are foundational for the application of composite materials, with significant advancements in high-performance carbon fiber technology achieved domestically [11][14]. - Cost control potential for carbon fiber auxiliary materials is primarily concentrated in the upstream carbon fiber production and downstream auxiliary material component forming segments. Scale effects and automation in production can effectively reduce costs [12][16]. International Comparison - There are notable differences in the application of military aerospace composite materials between domestic and international markets. For instance, the composite material usage in the U.S. fourth-generation fighter jets like F-22 and F-35 is 25% and 35%, respectively, with future sixth-generation aircraft expected to increase this ratio further [4][6]. - The global leaders in carbon fiber auxiliary materials, such as Hexcel and Toray, have distinct development paths. Hexcel has a strong focus on the U.S. market, while Toray has a more extensive global presence, indicating varying strategies in international competition [17][20]. Conclusion - The domestic aerospace composite materials market is poised for significant growth, driven by advancements in technology, increasing demand in civil aviation, and the successful implementation of domestic projects like C919. Companies that strategically position themselves in the civil aviation sector and leverage technological advancements are likely to benefit from the expanding market opportunities [2][28].

证券代码：600862 证券简称：中航高科 公告编号：临 2025-035 号 中航航空高科技股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 9 月 5 日上午 10:00-11:00 在价值在线（网址：www.ir-online.cn）以"网 络文字互动"方式召开了"公司 2025 年半年度业绩说明会"。关于本 次说明会的召开事项，公司已于 2025 年 8 月 27 日在《中国证券报》 《上海证券报》《证券时报》及上海证券交易所网站披露了《公司关 于召开 2025 年半年度业绩说明会的公告》。 现将网上业绩说明会召开情况公告如下： 一、说明会召开情况 为充分彰显对公司未来发展的坚定信心，切实维护全体股东利益， 公司已启动股份回购计划。计划使用自有资金 1 至 2 亿元，以集中竞 价交易方式回购部分股份。截至 2025 年 8 月 31 日，已累计回购股份 3,539,700 股，累计支付资金 ...

Core Viewpoint - The stock of AVIC High-Tech has experienced fluctuations, with a recent decline in share price and significant net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - For the first half of 2025, AVIC High-Tech reported revenue of 2.747 billion yuan, representing a year-on-year growth of 7.87%, while the net profit attributable to shareholders was 605 million yuan, showing a slight increase of 0.24% [2]. - The company has distributed a total of 1.625 billion yuan in dividends since its A-share listing, with 887 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 3, the stock price of AVIC High-Tech was 24.87 yuan per share, with a market capitalization of 34.645 billion yuan. The stock has seen a year-to-date decline of 0.56% and a 7.85% drop over the past 20 trading days [1]. - The company experienced a net outflow of 19.576 million yuan in principal funds, with significant selling pressure observed in large orders [1]. Shareholder Structure - As of August 20, the number of shareholders for AVIC High-Tech increased to 71,500, a rise of 14.29%, while the average number of circulating shares per person decreased by 12.51% to 19,492 shares [2]. - Notable institutional shareholders include Huaxia Military Industry Safety Mixed Fund and Southern Military Industry Reform Flexible Allocation Mixed Fund, with changes in their holdings reflecting varying levels of confidence in the company [3].

Core Viewpoint - The Chinese government is actively promoting the development of the industrial mother machine sector, aiming to establish a high-quality standard system by 2026 and achieve world-leading standards by 2030 [1][2]. Industry Overview - The industrial mother machine is crucial for high-end manufacturing, influencing precision, efficiency, and safety in production [1]. - China has been the largest producer and consumer of machine tools globally for 15 consecutive years, with the market size expected to grow from 631.36 billion yuan in 2019 to 712.89 billion yuan in 2024, and to exceed 800 billion yuan by 2029 [1]. Policy Support - The Chinese government has implemented various policies to support the high-quality development of the industrial mother machine industry, including the "Industrial Mother Machine+" initiative and financial support for key manufacturing sectors [2]. - Recent activities have focused on promoting domestic substitution and upgrading the industry to meet the demands of emerging sectors such as new energy vehicles and humanoid robots [2]. Company Performance - In the first half of 2025, 21 industrial mother machine concept stocks reported profits exceeding 10 million yuan, with seven companies achieving profits over 100 million yuan [3]. - Notable performers include AVIC High-tech, which reported a revenue of 2.747 billion yuan, a year-on-year increase of 7.87%, and a net profit of 605 million yuan, up 0.24% [3]. - Companies like East China CNC and Qiaofeng Intelligent saw significant net profit growth, exceeding 30% year-on-year [3]. Market Reaction - Following positive news, the industrial mother machine sector saw a surge in stock prices, with companies like Qin Chuan Machine Tool and East China CNC hitting their daily limit up [2]. Institutional Attention - Companies such as AVIC High-tech, Haitan Precision, and Huari Precision are receiving significant institutional attention, indicating strong market interest [5]. - Haitan Precision specializes in CNC machine tool manufacturing and has developed advanced products to address the needs of the new energy vehicle industry [5].