Group 1 - The stock of AVIC High-Tech fell by 1.11%, closing at 21.39 yuan, with a significant block trade occurring, totaling 110,000 shares and a transaction amount of 2.145 million yuan [1] - The first transaction price was 19.50 yuan for 110,000 shares, resulting in a transaction amount of 2.145 million yuan, with a premium rate of -8.84%. The buyer was CITIC Securities Co., Ltd. and the seller was Caitong Securities Co., Ltd. [1] - Over the past three months, there has been one block trade for this stock, with a total transaction amount of 2.145 million yuan. In the last five trading days, the stock has declined by 3.26%, with a net outflow of 137 million yuan from main funds [1]

Core Viewpoint - The stock price of AVIC High-Tech (600862.SH) is at its lowest level since April 2025, despite a strong fundamental outlook and industry growth, presenting a potential opportunity for value reassessment [1][2]. Company Performance - The company's stock price has declined from a closing price of 27.81 yuan in July to its current low, influenced by market sentiment and technical adjustments [1]. - For 2024, the company expects revenue of 5.072 billion yuan and a net profit of 1.153 billion yuan, representing year-on-year growth of 6.12% and 11.75% respectively [1]. - In the first three quarters of 2025, revenue reached 3.761 billion yuan with a net profit of 806 million yuan, and operating cash flow increased significantly by 621.17% year-on-year, indicating improved profitability and risk resilience [1]. Industry Context - Global military spending is projected to reach 2.72 trillion USD in 2024, with China's defense expenditure expected to grow by 7.2% to 1.784665 trillion yuan in 2025, driven by the "14th Five-Year Plan" emphasizing new combat capabilities [2]. - AVIC High-Tech holds over 60% market share in military composite materials, supplying 70% of domestic military composite materials, and is involved in the development of materials for advanced military aircraft [2]. - The company is positioned to benefit from the acceleration of air force construction due to the commissioning of dual aircraft carriers, enhancing its growth prospects [2]. Product and Market Development - The lightweight and high-strength characteristics of composite materials are crucial for equipment performance upgrades, with AVIC High-Tech being the only domestic enterprise specializing in aerospace composite material engineering [2]. - The civil aviation sector is also expanding, with a 35% year-on-year increase in composite component deliveries for the C919 aircraft, and expectations for civil revenue to exceed 15% by 2025 [2]. - The company is backed by the Aviation Industry Corporation of China, ensuring stable orders and technical support, with over 60% of transactions being related [2]. Future Outlook - Analysts from 14 institutions have a positive outlook, with 10 recommending a buy rating and a target average price of 29.39 yuan, indicating confidence in the company's long-term value despite short-term stock price fluctuations [3]. - The combination of military and civil aviation growth, along with technological barriers and a comprehensive industry layout, positions AVIC High-Tech for potential value recovery and scale expansion [3].

一、部门拆分 （一）综合管理部/党委组织部/党委办公室拆分为综合管理部/ 党委办公室、人力资源部/党委干部部。 证券代码：600862 证券简称：中航高科 公告编号：临 2025-048 号 中航航空高科技股份有限公司 关于组织机构调整的公告 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。 中航航空高科技股份有限公司（以下简称"公司）于 2025 年 11 月 17 日召开第十一届董事会 2025 年第八次会议（临时会议），审议 通过了《关于调整公司组织机构设置的议案》。为进一步落实深化改 革工作部署，加快推进公司管理体系和管理能力现代化，根据公司改 革发展需要，对公司有关机构进行优化调整，具体如下： 调整后，规划发展部负责规划与改革，政策研究等业务；证券与 资本部负责投资管理，资本运营，信息披露，证券事务等业务。 二、部门增设 （一）成立质量安全部，负责公司质量，职业健康安全，环境及 能源，安全生产管理等业务。 调整后，综合管理部/党委办公室负责综合事务管理与服务，行 政文秘，决策机制建设，党办等业务；人力资源部/党委干部部 ...

表决情况：9 票同意，0 票反对，0 票弃权。 二、审议通过了《关于修订<中航高科规章制度管理规定>的议案》。 表决情况：9 票同意，0 票反对，0 票弃权。 特此公告。 中航航空高科技股份有限公司 第十一届董事会 2025 年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法律责任。 2025 年 11 月 11 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 年第八次会议（临时会议）以电子 邮件或书面方式通知，并于 11 月 17 日以通讯表决方式召开。应到董 事 9 人，实到董事 9 人，与会董事认真审议了所有议案，经书面投票 表决，形成了如下决议： 一、审议通过了《关于调整公司组织机构设置的议案》，内容详 见公司同日披露的 2025-048 号公告。 证券代码：600862 证券简称：中航高科 公告编号：临 2025-047 号 中航航空高科技股份有限公司董事会 2025 年 11 月 18 日 ...

Industry Overview - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025, marking a significant milestone in China's aviation industry with over 1000 domestic and international orders received [1] - The Dubai Airshow is referred to as the "Olympics of the aviation industry," with the Middle East market being a key growth area, where Boeing predicts a need for 3000 new passenger aircraft valued at over $500 billion in the next 20 years [1] - According to the China Commercial Aircraft Corporation's market forecast report (2024-2043), China's fleet is expected to grow at an annual rate of 4.4%, with 9323 jet aircraft to be received by the aviation market, leading to a total fleet size of 10061 aircraft by 2043, representing 20.6% of the global passenger aircraft fleet [1] Company Insights - AVIC Xi'an Aircraft Industry Group possesses significant advantages in core technologies for integrated manufacturing of fuselage and wing components, likely to expand its order reserve for C909, C919, and other new aircraft models, benefiting from the rapid development of the domestic civil aircraft industry [2] - AVIC High-Tech is responsible for the research and production of composite materials and raw materials for domestic large aircraft, serving as a primary supplier for the fuselage section of China Commercial Aircraft Corporation [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

证券代码：600862 证券简称：中航高科 公告编号：临 2025-046 号 变更项目合伙人：武云梅，注册会计师，从事审计工作 10 年以上，参与过多家上市公司和新三板挂牌公司年报审计 等证券服务业务。2022 年开始在利安达执业，近三年签署挂 牌公司审计报告 2 家，具备相应专业胜任能力。 （二）诚信记录 本次变更项目合伙人近三年未因执业行为受到刑事处 罚，未受到证监会及其派出机构、行业主管部门等的行政处 罚、监督管理措施，未受到证券交易所、行业协会等自律组 织的自律监管措施、纪律处分。 中航航空高科技股份有限公司 关于变更签字注册会计师的公告 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"）分 别于 2025 年 3 月 13 日、2025 年 6 月 6 日召开了第十一届董 事会 2025 年第一次会议及公司 2024 年年度股东大会，会议 审议通过了《关于续聘利安达为公司 2025 年度财务和内控 审计机构的议案》，同意聘请利安达会计师事务所（特殊普 通合伙）为公司 ...

Core Viewpoint - The report from Pacific Securities indicates that AVIC High-Tech's net profit attributable to shareholders for the period from January to September 2025 is 806 million yuan, a decrease of 11.59% compared to the same period last year, reflecting slight pressure on operational performance while maintaining a positive long-term growth outlook [1] Financial Performance - The company's R&D expenses amounted to 150 million yuan, representing a 50% increase year-on-year [1] - The overall gross profit margin is 38.24%, which is a decrease of 0.28 percentage points compared to the same period last year, indicating stable overall profitability [1] Market Position and Future Outlook - The share buyback reflects the management's confidence in the company's future development [1] - As a leading enterprise in China's aviation composite materials sector, the company is actively expanding into civil aviation and low-altitude economy markets, suggesting significant future growth potential [1] - The company maintains a "buy" rating, indicating a favorable investment outlook [1]

中航航空高科技股份有限公司 关于 2025 年三季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。 证券代码：600862 证券简称：中航高科 公告编号：临 2025-045 号 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 11 月 4 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 年第三季度业绩说明会"。 关于本次说明会的召开事项，公司已于 2025 年 10 月 25 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 年第三季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 2025 年 11 月 4 日，公司董事长王健先生、独立董事徐樑华先生、 独立董事陈恳先生、董事会秘书兼副总会计师朱清海先生、投资与证 券事务部有关人员出席了本次网上业绩说明会，与投资者进行了互动 交流和沟通，在信息披露允许的范围内就投 ...

Group 1: Jilin Chemical Fiber - The company achieved total operating revenue of 4.019 billion yuan in the first three quarters, a year-on-year increase of 43.62% [2] - The net profit attributable to shareholders was 32.6475 million yuan, a year-on-year decrease of 47.41% [2] - The net cash flow from operating activities was 103 million yuan, an increase of 58.47% year-on-year [2] Group 2: Jilin Carbon Valley - The company reported total operating revenue of 1.875 billion yuan, a year-on-year increase of 63.98% [3] - The net profit attributable to shareholders was 130 million yuan, a year-on-year increase of 61.39% [3] - The net cash flow from operating activities was -338 million yuan, an improvement from -422 million yuan in the same period last year [3] Group 3: Zhongfu Shenying - The company achieved total operating revenue of 1.537 billion yuan, a year-on-year increase of 37.39% [4] - The net profit attributable to shareholders turned positive at 62.9346 million yuan [4] - The net cash flow from operating activities was 33.9031 million yuan, a year-on-year decrease of 85.26% [4] Group 4: Zhongjian Technology - The company reported total operating revenue of 684 million yuan, a year-on-year increase of 28.46% [5] - The net profit attributable to shareholders was 290 million yuan, a year-on-year increase of 25.45% [5] - The net cash flow from operating activities was 356 million yuan, a significant increase of 240.36% year-on-year [5] Group 5: Jinggong Technology - The company achieved total operating revenue of 1.343 billion yuan, a year-on-year increase of 13.70% [6] - The net profit attributable to shareholders was 145 million yuan, a year-on-year increase of 98.18% [6] - The net cash flow from operating activities was -69.454 million yuan, compared to 60.4412 million yuan in the same period last year [6] Group 6: Guangwei Composites - The company reported total operating revenue of 1.986 billion yuan, a year-on-year increase of 4.40% [7] - The net profit attributable to shareholders was 415 million yuan, a year-on-year decrease of 32.55% [7] - The net cash flow from operating activities was 288 million yuan, an increase of 179.27% year-on-year [7] Group 7: Montai High-tech - The company achieved total operating revenue of 380 million yuan, a year-on-year increase of 10.93% [8] - The net profit attributable to shareholders was a loss of 51.1349 million yuan, worsening from a loss of 29.5147 million yuan in the same period last year [8] - The net cash flow from operating activities was 13.653 million yuan, an improvement from -50.6267 million yuan in the previous year [8] Group 8: Donghua Energy - The company reported total operating revenue of 23.307 billion yuan, a year-on-year decrease of 1.79% [9] - The net profit attributable to shareholders was 75.2882 million yuan, a year-on-year decrease of 42.64% [9] - The net cash flow from operating activities was 713 million yuan, a year-on-year decrease of 53.31% [9] Group 9: Heshun Technology - The company achieved total operating revenue of 452 million yuan, a year-on-year increase of 23.53% [10] - The net profit attributable to shareholders was a loss of 22.9551 million yuan, slightly worsening from a loss of 22.446 million yuan in the previous year [10] - The net cash flow from operating activities was 13.0025 million yuan, an improvement from -43.4998 million yuan in the same period last year [10] Group 10: Huayang Co., Ltd. - The company reported total operating revenue of 16.956 billion yuan, a year-on-year decrease of 8.85% [11] - The net profit attributable to shareholders was 1.124 billion yuan, a year-on-year decrease of 38.20% [11] - The net cash flow from operating activities was 715 million yuan, a year-on-year decrease of 61.62% [11] Group 11: Shanghai Petrochemical - The company achieved total operating revenue of 58.886 billion yuan, a year-on-year decrease of 10.77% [12] - The net profit attributable to shareholders was a loss of 432 million yuan, compared to a profit of 34.539 million yuan in the same period last year [12] - The net cash flow from operating activities was 2.667 billion yuan, a year-on-year decrease of 74.42% [12] Group 12: AVIC High-Tech - The company reported total operating revenue of 3.761 billion yuan, a year-on-year decrease of 1.56% [13] - The net profit attributable to shareholders was 806 million yuan, a year-on-year decrease of 11.59% [13] - The net cash flow from operating activities was 1.021 billion yuan, a year-on-year increase of 621.17% [13]