会议召开时间：2025 年 03 月 21 日（星期五）10:00-11:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2025 年 03 月 21 日前访问网址 https://eseb.cn/1mDcm1bj9mg 或使用微信扫描下方小程序码 进行会前提问，公司将通过本次业绩说明会，在信息披露允许 范围内就投资者普遍关注的问题进行回答。 略等情况，公司定于 2025 年 03 月 21 日（星期五）10:00- 11:30 在"价值在线"（www.ir-online.cn）举办公司 2024 年度业绩说明会，与投资者进行沟通和交流，广泛听取投资 者的意见和建议。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 03 月 21 日（星期五）10:00- 11:30 证券代码：600862 证券简称：中航高科 公告编号：临2025-007号 中航航空高科技股份有限公司 关于召开2024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 ...

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 二、中航工业财务风险管理的基本情况 （一）控制环境 中航 ...

中航航空高科技股份有限公司 2024 年度"提质增效重回报"行动方案的 评估报告 为深入贯彻党的二十大和中央金融工作会议精神，落实 国务院关于进一步提高上市公司质量的意见》，积极响应上 海证券交易所《关于开展沪市公司"提质增效重回报"专项 行动的倡议》，并持续提升中航航空高科技股份有限公司（以 下简称"公司"）的核心竞争力，实现公司业务的提质增效 和回报股东的目标，公司于 2024 年 8 月 23 日发布了 2024 年度"提质增效重回报"行动方案。自行动方案发布以来， 公司积极开展落实工作，公司于 2025 年 3 月 13 日召开第十 一届董事会 2025 年第一次会议审议通过了《公司 2024 年度 "提质增效重回报"行动方案的评估报告》，现将行动方案 的实施进展及评估情况报告如下： 一、提升经营质量，推动主业高质量发展 公司聚焦航空新材料和先进制造技术产业化核心主业， 锚定"十四五"规划目标，加强系统谋划和资源配置，确保 实现效益稳步增长，推动高质量发展迈上新台阶。2024 年公 司实现营业收入 507,220.18 万元，同比增长 6.12%；实现利 润总额 135,730.43 万元，同比增长 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－002 号 中航航空高科技股份有限公司 第十一届监事会 2025 年第一次会议决议公告 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 3 月 3 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 年第一次会议以电子邮件或 书面方式通知，并于 2025 年 3 月 13 日 16:00 在江苏省南通 市崇川区青年中路 59 号文峰饭店召开。应到监事 3 名,实到 3 名，监事会主席孙菲以视频方式参会。公司董事会秘书兼 副总会计师朱清海应邀列席会议，会议由监事会主席孙菲主 持。本次监事会的召集、召开和表决程序符合《公司法》及 《公司章程》的相关规定。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，形成了如下决议： 一、审议通过了《公司 2024 年年度报告》及摘要； 公司监事会根据上海证券交易所有关规定，对《公司 2024 年年度报告》及其摘要进行了认真严格的审核，并提出 了如下的书面审核意见，与会监事一致认 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－001 号 四、审议通过了《公司 2024 年度 ESG 报告》，该报告已 经战略委员会事前认可，并同意提交董事会审议，报告全文 详见上交所网站（http://www.sse.com.cn）； 中航航空高科技股份有限公司 第十一届董事会 2025 年第一次会议决议公告 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 3 月 3 日，中航航空高科技股份有限公司（简称 "公司"）第十一届董事会 2025 年第一次会议以电子邮件或 书面方式通知，并于 2025 年 3 月 13 日 14:00 在江苏省南通 市崇川区青年中路 59 号文峰饭店召开。应到董事 9 人，实 到 9 人，董事长姜波、董事肖世宏、独立董事王建新以视频 方式参会。公司监事和高管列席会议，公司纪委书记卢圣学 应邀参加本次会议，符合《公司法》和《公司章程》的有关 规定。在会议正式召开前，审计委员会委员陈恳向董事会通 报了审计委员会对利安达会计师事务 2024 年度履职情况的 评 ...

Financial Performance - The company's total revenue for 2024 reached ¥5,072,201,796.71, representing a year-on-year increase of 6.12% compared to ¥4,779,569,939.39 in 2023[22] - The net profit attributable to shareholders for 2024 was ¥1,152,682,648.58, an increase of 11.75% from ¥1,031,463,199.96 in 2023[22] - The total profit for 2024 was CNY 1,357.30 million, reflecting a year-on-year growth of 11.89%[34] - The company achieved a net profit attributable to shareholders of 1,152.68 million RMB, a year-on-year increase of 11.75% from 1,031.46 million RMB[27] - The total operating revenue for the period was 5,072.20 million RMB, reflecting a growth of 6.12% compared to 4,779.57 million RMB in the previous year[26] - Basic earnings per share rose to 0.83 RMB, marking a 12.16% increase from 0.74 RMB in the previous year[25] - The weighted average return on equity was 17.21%, slightly down from 17.68% in the previous year[25] - The net cash flow from operating activities was 496.11 million RMB, an increase of 16.74% from 424.96 million RMB[30] Dividend Distribution - The company plans to distribute a cash dividend of ¥2.49 per 10 shares, totaling ¥346,869,227.64, which accounts for 30.09% of the net profit attributable to shareholders[7] - The board of directors has approved the profit distribution plan, pending shareholder meeting approval[7] - The cumulative cash dividend over the last three accounting years amounts to 887,372,281.16 RMB, with an average net profit of 982,928,178.00 RMB, resulting in a cash dividend ratio of 90.28%[186] - The company has maintained a cash dividend payout ratio exceeding 30% for six consecutive years[180] Research and Development - R&D investment for the year reached CNY 197 million, with 37 patent applications filed and 11 patents granted[39] - Research and development expenses rose to CNY 197,872,620.64, marking an increase of 12.74% compared to the previous year[74] - The number of R&D personnel is 338, making up 31.94% of the total workforce[88] - The company has filed 37 new patents and received 11 authorized patents during the reporting period, totaling 322 valid patents[66] Market Expansion and Strategic Initiatives - The company maintains a strong focus on market expansion and strategic acquisitions to drive future growth[8] - The company is committed to ongoing research and development of new products and technologies to enhance market competitiveness[8] - The company is actively promoting the localization of aviation brake components and has completed certification for certain models[40] - The company aims to deepen institutional reforms and accelerate loss reduction efforts to ensure effective implementation of reform measures[56] - The company is focused on optimizing production strategies and enhancing customer satisfaction, leading to improved operational efficiency[35] Risk Management and Compliance - The company has not reported any significant risks affecting its production and operations during the reporting period[9] - The company has not experienced any major cybersecurity incidents or data loss throughout the year, demonstrating effective risk management practices[45] - The company emphasizes the importance of compliance management to mitigate risks associated with regulatory pressures in both domestic and international markets[140] - The company is committed to strengthening its risk management mechanisms and enhancing its supply chain capabilities to ensure production stability[141] Environmental and Governance Practices - The company invested 937.30 million RMB in environmental protection during the reporting period[193] - The internal control audit report received a standard unqualified opinion, indicating no significant issues were found[191] - The company has established a comprehensive emergency response plan system for environmental incidents, regularly conducting emergency drills[199] - The company has maintained a high level of information disclosure, receiving an A-level rating from the Shanghai Stock Exchange for six consecutive years[147] Future Outlook - The company aims for a total revenue of 5.8 billion RMB and a profit of 1.363 billion RMB for the year 2025[125] - The aviation new materials business is expected to achieve a revenue of 5.71 billion RMB and a profit of 1.432 billion RMB in 2025[125] - The company plans to enhance its core competitiveness and play a significant role in the industrialization of aviation new materials and advanced manufacturing technology by 2035[123] - The company aims to achieve carbon neutrality in its operations by 2025, aligning with industry sustainability trends[157]

证券代码：600862 证券简称：中航高科 公告编号：临 2025－003 号 中航航空高科技股份有限公司 2024 年度利润分配预案公告 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。 重要内容提示： ●本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确； ●在实施权益分派的股权登记日前若公司总股本发生变动的，维 持分配总额不变，相应调整每股分配比例，并将另行公告具体调整情 况； ●公司不触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示 的情形。 一、2024 年度利润分配预案内容 经利安达会计师事务所（特殊普通合伙）审计，2024 年 度 公 司 实 现 归 属 于 上 市 公 司 普 通 股 股 东 的 净 利 润 1,152,682,648.58 元，母公司实现净利润 470,337,103.36 元。母公司年初可供分配利润 619,804.54 元，扣除提取盈 余公积 47,033,710.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [9]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to mitigate short-term losses. This may lead to changes in the carbon fiber prepreg market structure, presenting growth opportunities for the company as a leading domestic player in the aerospace sector [1]. - The company is enhancing its upstream supply chain by acquiring a 20% stake in Changsheng Technology for 342 million yuan, which is expected to stabilize profit margins amid declining prepreg prices due to short-term demand fluctuations [2]. - The trend towards unmanned military equipment is expected to expand the market for carbon fiber, with the U.S. aiming for a fully unmanned fleet by 2033. This shift is anticipated to increase the carbon fiber usage in military drones by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is projected to grow, with a forecasted 3.8% increase in global passenger turnover and significant aircraft deliveries from Airbus and Boeing. The domestic C919 aircraft is expected to accelerate growth in carbon fiber demand as its delivery numbers increase [4][5]. - The low-altitude economy is emerging as a new growth engine, with a market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber, is anticipated to drive significant demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, down from previous estimates. Net profits are expected to be 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan for the same period [6]. - The report indicates a decrease in the company's price-to-earnings (P/E) ratio from 28.62 in 2024 to 21.09 in 2026, reflecting anticipated growth in profitability [6][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [9][21]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to address short-term operational losses. This shift may lead to changes in the market structure for carbon fiber prepregs, positioning the company as a leading domestic player in the aerospace sector for potential growth [1]. - The company has strategically invested 342 million yuan to acquire a 20% stake in Changsheng Technology, enhancing its position in the upstream supply chain. This move is expected to mitigate profit fluctuations in the downstream segment due to declining prepreg prices and strengthen its market leadership [2]. - The trend towards unmanned military equipment is gaining momentum, with the U.S. government increasing its air force budget and focusing on next-generation aircraft. This shift is anticipated to boost the demand for carbon fiber in unmanned systems, with usage expected to increase by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is robust, with global passenger turnover projected to grow at 3.8% annually. The domestic C919 aircraft is expected to significantly contribute to the carbon fiber market as its delivery ramps up, marking a transition from military to civilian applications [4][5]. - The low-altitude economy is emerging as a new growth engine, with its market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber for lightweight structures, is projected to drive substantial demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, reflecting a downward revision due to military delivery schedules. The expected net profits for the same period are projected at 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan, with corresponding P/E ratios of 28.62, 25.00, and 21.09 [6][8].

Summary of the Conference Call for 中航高科 Company Overview - 中航高科 is a comprehensive holding company under the Aviation Industry Corporation of China, primarily engaged in two main business segments: aerospace new materials and machine tool manufacturing. Over 90% of the company's revenue and profit come from the new materials business, while the machine tool segment is in a transformation phase towards profitability [3][8]. Key Points and Arguments - **Strategic Focus**: The company has undergone multiple rounds of asset restructuring to focus on the new materials sector, divesting from real estate and low-efficiency machine tool businesses [3][4]. - **Market Position**: 中航高科 holds a dominant position in the military prepreg market with over 90% market share, collaborating closely with its controlling shareholder's subsidiary for R&D and production [3][6]. - **Financial Performance**: For the first three quarters of 2024, the company reported a revenue increase of 5.48%, with the new materials segment growing by 6.19%. Profit also saw a year-on-year increase of approximately 5%, aligning with the company's operational goals [8][10]. - **Growth Drivers**: The demand for composite materials is expected to rise significantly due to the increase in military aircraft numbers and the introduction of new fourth-generation aircraft, with a projected annual growth rate of 26% for the domestic auxiliary materials market over the next decade [10][11]. - **Civil Aviation Market Potential**: The civil aviation sector is anticipated to require 8,000 to 9,000 new commercial aircraft over the next 20 years, with a market size for carbon fiber prepreg materials expected to reach 300 billion yuan. The domestic production of large aircraft like C919 and C929 will further stimulate demand [11][12]. - **Technological Advantages**: The company possesses a robust resin matrix system and has developed a proprietary composite materials database, enhancing its supply chain capabilities and reinforcing its competitive edge [15][19]. - **Cost Management**: The focus on reducing costs in the manufacturing and assembly stages, rather than just material prices, is crucial for maintaining competitiveness. Automation technologies are expected to significantly lower costs in these areas [18][22]. Additional Important Insights - **Future Development**: 中航高科 aims to enhance processing efficiency and reduce manufacturing costs through advanced processing techniques and a comprehensive data system. The company is positioned to maintain a strong market presence and achieve sustainable growth [19][23]. - **National Reform Impact**: The company has implemented various reforms to improve asset turnover rates and incentivize R&D personnel, which are expected to support long-term growth [22][23]. - **Competitive Landscape**: The barriers to entry in the aerospace materials industry are significant, with established companies benefiting from accumulated experience and data systems that facilitate quicker product development [16][20]. This summary encapsulates the essential aspects of 中航高科's business, market position, financial performance, and future outlook as discussed in the conference call.