Meeting Details - The shareholders' meeting was held on June 6, 2025, at Beijing Aiveke Hotel [1] - The attendance rate of shareholders was 56.4429% [1] - The meeting was chaired by the company's chairman, Wang Jian, and followed legal and procedural requirements [1] Voting Results - All non-cumulative voting proposals were approved with high support from A-shareholders, with votes in favor ranging from 99.9454% to 99.9498% [1][2] - Specific voting results included: - Proposal 1: 785,866,605 votes in favor (99.9476%) [1] - Proposal 2: 785,863,205 votes in favor (99.9472%) [1] - Proposal 3: 785,867,005 votes in favor (99.9477%) [1] - Proposal 4: 785,865,705 votes in favor (99.9475%) [1] - Proposal 5: 785,883,705 votes in favor (99.9498%) [1] Legal Compliance - The meeting's procedures and voting results were confirmed as legal and valid by the attending lawyers, Yan Yu and Huang Na [2][3] - The meeting adhered to the regulations set forth by the Company Law and the company's articles of association [2]

证券代码：600862 证券简称：中航高科 公告编号：临 2025-021 号 中航航空高科技股份有限公司 2024年年度股东大会决议公告 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)股东大会召开的时间：2025 年 6 月 6 日 (二)股东大会召开的地点：北京市朝阳区东三环中路乙 10 号北京艾维克酒店四 层第一会议室 (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 | 801 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 786,278,005 | | 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（%） | 56.4429 | 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票 ...

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 2024 年年度股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年六月 IA 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 2024年年度股东大会的法律复见书 嘉源(2025)-04-402 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 2024年年度股东大会(以下简称"本次股东大会")进行见证, 并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现 ...

三、其他事项 | 回购方案首次披露日 | 2025/4/26 | | --- | --- | | 回购方案实施期限 | 2025/4/28-2026/4/27 | | 预计回购金额 | 10,000.00 万元(含)-20,000.00 万元(含) | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 0.00 万股 | | 累计已回购股数占总股本比例 | 0.00% | | 累计已回购金额 | 0.00 万元 | 一、回购股份的基本情况 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第十一届董事会 2025 年第二次会议，审议通过了《公 司关于以集中竞价方式回购公司股份的方案》，公司拟使用自有资金 10,000 万元（含）-20,000 万元（含），通过上海证券交易所交易系 统以集中竞价交易方式进行股份回购（以下简称"本次回购股份"）， 本次回购股份的价格不超过 36 元/股（含），本次回购的股份将全部 用于股权激励计划。具体内容详见公司于 2 ...

Core Viewpoint - The collaboration between AVIC High-Tech and Guangwei Composites aims to enhance the synergy in the aerospace materials industry, particularly focusing on carbon fiber as a key material for aerospace applications [1][2]. Group 1: AVIC High-Tech - AVIC High-Tech is the only domestic company specializing in the engineering development of aerospace composite materials, with core products including carbon fiber prepregs and resin-based composites [1]. - The company has a projected revenue share of 96.89% from its aerospace new materials business in 2024, with a gross margin of 39% [1]. - AVIC High-Tech leads the military aviation composite market with a market share exceeding 60%, supplying critical components for military aircraft like the J-20 and Y-20, as well as civilian aircraft such as the C919 and C929 [1]. Group 2: Guangwei Composites - Guangwei Composites specializes in the design and development of carbon fiber, woven fabrics, resin systems, and composite components, achieving a revenue of 2.45 billion yuan in 2024, which is roughly flat year-on-year [2]. - The company reported a non-recurring net profit of 668 million yuan in 2024, reflecting a slight decline of 6.15% year-on-year [2]. - Guangwei has made significant advancements in carbon fiber research, including the successful development of T1100-grade carbon fiber using a dry spray wet spinning process, which has been validated in relevant projects [2].

Core Viewpoint - The aerospace sector is experiencing a significant surge, with key stocks and ETFs showing strong performance, driven by recent successful satellite launches and a positive outlook for the industry [1][2]. Group 1: Market Performance - As of May 29, 2025, the CN5082 aerospace industry index rose by 1.71%, with notable stock increases including Guangqi Technology (7.39%) and Shanghai Hanyun (5.39%) [1]. - The Aerospace ETF Tianhong (159241) increased by 1.51%, leading its category, with a trading volume of 100 million yuan and a turnover rate of 29.06% [1][2]. Group 2: Fee Structure - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [2]. Group 3: Recent Launches - In May 2025, several successful satellite launches occurred, including: - Long March 6 rocket launched the Remote Sensing Satellite 40 on May 11 [2]. - Long March 3B rocket successfully launched Communication Technology Test Satellite 19 on May 13 [2]. - Long March 2D rocket launched a constellation of twelve satellites on May 14 [2]. - Blue Arrow Aerospace's Zhuque-2 rocket successfully launched six satellites on May 17 [2]. Group 4: Industry Outlook - According to a report by CICC, the aerospace technology sector is gradually bottoming out due to demand, with strong demand rigidity and long-term certainty expected to drive recovery in the industry [2]. - The sector is anticipated to experience compensatory growth in 2025, supported by a low base and the easing of industry disruptions [2]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 52.89% of the index, including Guangqi Technology and AVIC Shenyang Aircraft [3].

Core Viewpoint - The article emphasizes the increasing military expenditure and geopolitical tensions globally, particularly highlighting the growth in China's military trade and the potential investment opportunities in the aerospace and defense sectors due to these dynamics [2][3][4]. Group 1: Military Expenditure and Geopolitical Tensions - The U.S. has raised its defense spending to over $1 trillion, a year-on-year increase of approximately 13% [2]. - The global arms race is expected to escalate as countries respond to geopolitical conflicts, with China showcasing its military capabilities during recent conflicts [3][4]. Group 2: Growth in Military Trade - China's military trade exports from 2015 to 2024 reached $17.254 billion TIV, a 56.48% increase compared to the previous decade [4]. - Over 60% of China's military exports are directed towards South Asia and Southeast Asia, particularly Pakistan [5]. Group 3: Domestic Military Demand - The upcoming years are expected to see a surge in domestic military equipment orders, driven by the "14th Five-Year Plan" and the centenary of the military [11]. - Major military groups in China are prioritizing military trade as a core business, indicating a strategic shift towards international market competition [8]. Group 4: Aerospace Industry Growth - The C919 aircraft symbolizes China's advancements in the aerospace sector, with nearly 1,500 orders received as of February 2025 [12]. - The market for large aircraft is projected to be valued at approximately $1.4 trillion over the next 20 years, with significant growth expected in satellite internet and low-altitude economy sectors [12]. Group 5: Market Dynamics and Valuation - The aerospace and defense sector is characterized by a focus on mergers and acquisitions, with notable recent transactions aimed at resource integration [14][15]. - The National Aerospace and Aviation Index has shown a strong performance, with a 19.74% annualized return since its inception, indicating robust long-term growth potential [26]. Group 6: Investment Strategies - The aerospace and defense sector is currently at a relatively low valuation, with the latest price-to-book ratio around 3.2, suggesting potential for investment [28]. - Investors are encouraged to consider strategies such as dollar-cost averaging to navigate market volatility while aiming for satisfactory returns [31].

Group 1 - The core index, the China Securities National New Central Enterprise Technology Index, experienced a decline of 0.83%, closing at 1177.14 points with a trading volume of 14.126 billion yuan [1] - Over the past month, the index has increased by 0.94%, but it has decreased by 9.04% over the last three months and by 6.20% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., selecting 50 listed companies from industries such as aerospace, defense, computer, electronics, semiconductors, and communication equipment to reflect the overall performance of central enterprise technology theme listed companies [1] Group 2 - The top ten weighted stocks in the index include Hikvision (9.63%), AVIC Shenyang Aircraft (7.43%), AVIC Optoelectronics (6.74%), Aero Engine Corporation of China (5.91%), Shenzhen South Circuit (4.35%), Shanghai Beiling (4.22%), AVIC Aircraft (4.12%), Baoxin Software (3.6%), AVIC High-Tech (3.2%), and Guangxun Technology (3.12%) [1] - The market segments of the index holdings show that the Shanghai Stock Exchange accounts for 52.18% and the Shenzhen Stock Exchange accounts for 47.82% [1] Group 3 - The industry composition of the index holdings indicates that industrial companies make up 46.32%, information technology companies account for 42.73%, and communication services represent 10.95% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Public funds tracking the central enterprise technology index include various funds from E Fund, Yinhua, and Southern Asset Management [2]

Summary of the Conference Call for AVIC High-Tech Company Overview - AVIC High-Tech is part of the China Shipbuilding Industry Corporation, leveraging strong channel advantages with major clients including Shenyang Aircraft Corporation, Chengdu Aircraft Industry Group, and Xi'an Aircraft Industry Group. The company benefits from R&D support from manufacturing institutes within the group, establishing R&D barriers and first-mover advantages [2][4][5]. Core Business and Financial Performance - The company focuses on aerospace new materials, particularly composite materials, with the prepreg platform being a significant revenue and profit contributor. The establishment of a joint venture in Shenzhen aims to expand into low-altitude economy products [3]. - Financial reports indicate steady growth in revenue and profit, with the core business in new materials showing improved profitability driven by scale effects and product iterations. The company has remained unaffected by fluctuations in the aviation industry over the past two years due to its R&D and channel barriers [2][10]. Market Position and Competitive Advantages - AVIC High-Tech holds a quasi-monopoly in the military materials sector, particularly in carbon fiber composite materials, allowing for good pricing power and supporting its profitability. The company maintains a high annual R&D expenditure, around 3-4% of revenue, underscoring the importance of technological barriers [2][11][12]. - The demand for carbon fiber composites is expected to grow, especially in military aircraft and domestic commercial aircraft like the C919 and CR929, which are projected to have a significant increase in carbon fiber usage [4][17]. Strategic Initiatives and Capacity Expansion - The company has made strategic moves, including a cash increase to acquire a 20% stake in Changsheng Technology, extending its industrial chain and improving upstream resource access. Production capacity is expected to expand by at least 50% to meet future application demands [6][19]. - The integration of the industrial chain helps address product certification issues, with the establishment of joint ventures aimed at future scenario expansion [8]. Future Growth Prospects - AVIC High-Tech is expected to maintain a compound growth rate of 15-20% over the next two years, driven by military aircraft carbon fiber demand, the introduction of domestic commercial aircraft, and the expansion into low-altitude economy applications [7][19]. - The company is well-positioned to capitalize on trends in commercial aviation engines and low-altitude flying vehicles, which will further increase the demand for composite materials [18]. Industry Trends - The use of carbon fiber materials in aviation is on the rise, with significant increases in their application in military and commercial aircraft. The trend is evident in the U.S. military aircraft, where the carbon fiber content has increased from 24% to 36% in newer models [15][16]. - The domestic market is expected to follow a similar trajectory, with increasing carbon fiber usage in next-generation military aircraft and commercial aviation [17]. Conclusion - AVIC High-Tech's strong market position, strategic initiatives, and focus on R&D provide a solid foundation for future growth in the aerospace materials sector, particularly in carbon fiber composites, which are critical for lightweight aircraft design and performance [2][19].

Core Viewpoint - AVIC High-Tech (中航高科) is enhancing its composite materials project with a planned investment of 918 million yuan to improve its capabilities in manufacturing large-sized composite components for civil aviation [1][2]. Financial Performance - AVIC High-Tech has experienced continuous growth in revenue and net profit for four consecutive years, with total revenue increasing from 3.808 billion yuan in 2021 to 5.072 billion yuan in 2024, and net profit rising from 591 million yuan to 1.153 billion yuan during the same period [5]. - In Q1 2025, the company achieved a record high quarterly revenue of 1.401 billion yuan, representing a year-on-year increase of 6.38%, and a net profit of 358 million yuan, up 1.93% year-on-year [5]. - The company's total assets reached 10.15 billion yuan in Q1 2025, marking a significant milestone as it surpassed the 10 billion yuan mark [5]. Debt Management - The company's debt-to-asset ratio has improved significantly, decreasing from 32.56% at the end of 2020 to 20.11% at the end of 2024, a reduction of 12.45 percentage points over four years [5]. Business Segmentation - AVIC High-Tech's main business segments include "Aerospace New Materials" and "Aerospace Advanced Manufacturing Technology Industrialization," with a focus on aerospace new materials, key components for commercial engines, and composite materials for civil aviation [2][3]. - The subsidiary AVIC Composite Materials (中航复材) is a core part of the company, contributing approximately 95.9% of the revenue from the aerospace new materials segment and about 94% of the overall revenue in 2024 [2]. Project Development - The new project aims to enhance the manufacturing capabilities for large-sized composite components, including the addition of 12 new sets of automated laying systems and the construction of a new facility covering 57,000 square meters, with a project duration of 36 months [2].