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。 中国航发动力股份有限公司（以下简称公司）第十一届董事会第十一次会议 （以下简称本次会议）通知于 2025 年 12 月 25 日以邮件形式向公司全体董事发 出。本次会议于 2025 年 12 月 30 日以现场结合视频方式召开。本次会议应出席 董事 10 人，亲自出席 9 人，独立董事王占学先生委托独立董事李金林先生代为 出席并表决。本次会议合计可履行董事权利义务 10 人。本次会议的召集、召开 程序符合《中华人民共和国公司法》和《中国航发动力股份有限公司章程》的规 定。 本次会议由董事长牟欣先生主持。经与会董事认真审议，表决并通过了以下 议案： 一、审议通过《关于申请 2026 年度融资额度的议案》 因经营发展需要，公司本部拟在 2026 年度申请借款额度 1,775,000 万元， 银行承兑汇票和票据贴现、信用证开证及保函、应收账款保理额度 1,000,000 万元。在上述融资额度内，董事会授权副董事长李健先生对外签订相关合同和协 议。 各子公司及其下属单位拟在 202 ...

Core Viewpoint - The company announced that its subsidiary, China Aviation Engine Corporation Southern Industrial Co., Ltd., plans to invest 931 million yuan to establish a joint venture named AVIC General Aviation Power Technology (Shanghai) Co., Ltd. with several related and unrelated parties, with a registered capital of 3.5 billion yuan [1] Group 1 - The subsidiary will hold a 26.5938% stake in the new joint venture [1] - The joint venture will involve three related entities: China Aviation Engine Corporation Hunan Power Machinery Research Institute, China Aviation Engine Asset Management Co., Ltd., and Guizhou Guofa Aviation Engine Industry Development Equity Investment Partnership (Limited Partnership) [1] - Additionally, the joint venture will include six unrelated entities, including Shanghai Chanchuang No. 1 Private Equity Fund Partnership (Limited Partnership) [1]

Core Viewpoint - The company is establishing a new subsidiary, Aviation Power General Aviation Power Technology (Shanghai) Co., Ltd., with a registered capital of 3.5 billion yuan to enhance its competitiveness in the aviation engine and related products market [1] Group 1: Investment Details - The subsidiary will be jointly funded by six institutions, including both related and non-related parties, with the company contributing 931 million yuan in cash and intangible assets for a 26.5938% stake [1] - The investment aims to support the national low-altitude economy development strategy and promote the industrialization and marketization of general aviation power [1] Group 2: Operational Impact - The new company will focus on the research, development, manufacturing, sales, and related technical services of aviation engines and derivative products, as well as aviation aircraft [1] - The investment has been approved by the company's board and military-related review, and it is expected to have a positive impact on the company's future operations without harming the interests of minority shareholders or causing industry competition [1]

Investment Rating - The report assigns an "Accumulate" rating to the company with a current price of 39.95 CNY and a fair value of 44.47 CNY [4]. Core Views - The company is a leading domestic manufacturer of aviation engines, focusing on both military and civilian applications, with a comprehensive product range including complete engines and components, as well as maintenance services [8][17]. - The investment logic is based on sustained demand growth in the military sector due to aircraft upgrades and the increasing maturity of aviation engine technology, which drives demand in the civil aviation market [8][17]. - The aftermarket for engine maintenance is highlighted as having a superior business model with stable cash flows and lower risks associated with downstream models [8][43]. - The report forecasts significant growth in revenue and profit margins, driven by product diversification and increasing maintenance service volumes, with a projected revenue of 64.18 billion CNY by 2027 [2][8]. Summary by Sections Company Overview - The company is a major player in the aviation engine manufacturing sector, producing a wide range of military and civilian engines, with a significant portion of revenue coming from engine and derivative product sales [17][25]. - The company has a history of over 20 years and has undergone significant restructuring to become a publicly listed entity [20][21]. Aftermarket Maintenance Opportunities - The global aviation engine maintenance market is expected to exceed 500 billion USD over the next decade, with maintenance revenues being at least four times that of new engine sales [43][49]. - The report emphasizes the importance of the maintenance market, which is characterized by stable cash flows and lower sunk costs, making it an attractive segment for the company [8][43]. Financial Projections and Investment Recommendations - The company is projected to achieve a revenue of 64.18 billion CNY by 2027, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2027 [2]. - The report maintains a fair value estimate of 44.47 CNY per share, corresponding to a price-to-earnings ratio of 128 times for 2026, supporting the "Accumulate" rating [4][8].

Core Viewpoint - The successful rollout of the HH-200 commercial unmanned transport system by China Aviation Industry Corporation marks a significant technological breakthrough in the application of "low-altitude + logistics" unmanned transport systems in China [1] Group 1: Product Features - The HH-200 system has full-flight capabilities, covering major continents and maritime areas within 800 kilometers from land, excluding the polar regions [1] - It features strong environmental adaptability and short-distance takeoff and landing capabilities of no more than 500 meters, allowing seamless operation at all general aviation airport conditions [1] - The system's flexible platform architecture enables comprehensive functionality, including emergency rescue material delivery, air-drop missions, and excellent firefighting and environmental control capabilities [1] Group 2: Future Applications - The HH-200 can further expand its operational capabilities to include agricultural and forestry operations, as well as remote sensing tasks [1] - The aircraft has completed the acceptance of the type certificate application, entering a new phase of airworthiness certification [1]

Core Viewpoint - The AS700 manned airship, developed independently by China, has received the first production license issued by the Civil Aviation Administration of China, marking its entry into mass production and laying a solid foundation for large-scale delivery and commercial operation of domestic manned airships [1][4]. Group 1 - The AS700 airship has successfully completed over 187 flight tests, accumulating 602 hours of safe flight time, demonstrating its core capabilities for industrialization [4]. - The airship has established a comprehensive quality control system covering raw material procurement, component manufacturing, complete assembly, and factory testing [4]. - The mass production of this practical aircraft is expected to enhance China's civil aviation manufacturing ecosystem and provide innovative solutions for various scenarios such as low-altitude tourism, urban security, and cultural tourism consumption [4]. Group 2 - The type certificate (TC) and production certificate (PC) together form a complete regulatory closed-loop system from design approval to production approval [3]. - The AS700 airship successfully obtained the TC certificate in December 2023, prior to receiving the PC certificate [3].

Summary of Key Points from Conference Call Records Industry Overview: Commercial Aerospace - The domestic commercial aerospace industry is experiencing rapid capitalization, with several companies initiating IPO preparations, potentially accelerating listings to Q2 and Q3 of 2026 [1][5] - Reusable rocket technology is deemed crucial for the development of domestic commercial aerospace, with companies like Interstellar Glory and CAS Space planning their maiden flights and attempting first-stage recovery [1][6] - The domestic market is integrating market-oriented approaches with national systems to catch up with international standards, aiming to achieve global leadership in reusable technology [1][8] Key Developments and Predictions - The Shanghai Stock Exchange has introduced favorable listing standards for high-quality commercial aerospace companies, particularly those utilizing reusable rocket technology, requiring a minimum market value of 4 billion [2] - SpaceX's internal valuation is reported at $800 billion, with Ark Invest predicting a post-IPO market cap of $2.5 trillion, driven by expectations from Starlink and Starship [1][7] - Major satellite constellation projects, GW and Qianfan, are advancing rapidly, with Qianfan aiming to deploy 15,000 satellites by 2030 and GW planning at least 1,300 launches by 2030 [1][9] Technological Impact and Challenges - The success of reusable rocket technology is expected to significantly lower launch costs, thereby increasing market demand and frequency of commercial space missions [12] - The complexity and risks associated with technological innovation necessitate a degree of tolerance for potential failures during initial attempts at recovery [6] - Security challenges are emerging with the increasing intelligence of satellite payloads, necessitating enhanced management and protection measures [17] Infrastructure and Market Dynamics - The domestic capacity for satellite manufacturing has exceeded 3,000 units, supported by multiple state-owned and private enterprises [16] - Infrastructure developments include the establishment of commercial launch sites and demand-side investments in specialized networks, enhancing the overall commercial aerospace ecosystem [18] Investment Opportunities - Companies such as Aerospace Electronics, Fudan Microelectronics, China Satellite, and China Satcom are recommended for investment due to their strong market positions and liquidity [26] - The domestic market for large aircraft and engine manufacturing is identified as a significant investment theme for 2026, with companies like AVIC Xi'an Aircraft and Aero Engine Corporation of China presenting good opportunities [4][22] - The focus on military-to-civilian transitions and military trade is expected to drive growth, with specific recommendations for quartz fiber leaders and key players in the aerospace sector [28][29] Conclusion - The commercial aerospace sector is poised for significant growth driven by technological advancements in reusable rockets and satellite constellations, with various investment opportunities emerging as companies prepare for IPOs and expand their operational capabilities [1][26][29]

Core Viewpoint - The commercial aerospace sector has emerged as a strong theme in the A-share market since December, with multiple stocks experiencing significant price increases and trading volume, indicating strong investor interest [2]. Group 1: Stock Performance - Several commercial aerospace stocks have seen substantial gains in December, with notable performers including: - Tianli Composite: +191.95% - Western Materials: +165.34% - Guosheng Technology: +163.64% - Wo Technology: +136.47% - Aerospace Development: +108.44% [2][5]. - China Satellite has achieved a three-day consecutive limit-up, highlighting the level of capital inflow into the sector [2]. Group 2: Market Dynamics - The total financing balance in the two markets has exceeded 2.5 trillion yuan, with an increase of nearly 700 billion yuan since the beginning of the year, indicating that leveraged funds are a major source of new capital driving stock price increases [8]. - 30 commercial aerospace stocks have seen net financing purchases exceeding 200 million yuan since December, with Aerospace Electronics and Aerospace Development being significant contributors [8][9]. Group 3: Institutional Interest - 28 commercial aerospace stocks have been held by public funds with a market value exceeding 100 million yuan, indicating strong institutional interest in the sector [11]. - 20 commercial aerospace stocks have been held by northbound funds (primarily foreign capital) with holdings exceeding 100 million yuan, further demonstrating the attractiveness of this sector to institutional investors [13]. Group 4: IPO Developments - Blue Arrow Aerospace has completed its IPO counseling work and is expected to become the first commercial aerospace company listed on the Sci-Tech Innovation Board [6]. - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to apply for IPOs, which may accelerate the listing of several companies in the sector [5]. Group 5: Company Collaborations and Innovations - Companies are increasingly collaborating on various aerospace projects, with significant advancements in reusable rocket technology expected to enhance launch capacity and reduce costs [4]. - The successful test flights of several reusable rockets are anticipated to further stimulate the growth of the commercial aerospace sector [4].

Core Viewpoint - The "2025 Securities Market Annual Conference" was successfully held in Beijing, focusing on the theme of "Reform and Innovation in Capital Markets" to discuss the paths for deepening reforms and future innovations in the context of high-quality development [1] Group 1: Event Overview - The conference gathered key figures including industry association leaders, economists, and executives from listed companies and financial institutions [1] - The event featured the "2025 Golden Horse Award Ceremony," recognizing outstanding contributions to the healthy development of the capital market [1] Group 2: Awards and Recognitions - A total of 11 significant awards were presented, covering various dimensions such as listed companies, financial institutions, and professional teams [1] - Four companies from Shaanxi province received awards: - China Aviation Engine Group Co., Ltd. won the "2025 Golden Horse Industry Leading Enterprise" award - Shaanxi Light Optical Materials Co., Ltd. received the "2025 Golden Horse Most Breakthrough Innovation Enterprise" award - Shaanxi International Trust Co., Ltd. was honored as the "2025 Golden Horse Excellent Service Entity" - Xu Zirai, Deputy General Manager and Secretary of the Board of Shaanxi Energy Investment Co., Ltd., won the "2025 Golden Horse Gold Medal Secretary" award [1]

Core Viewpoint - The successful maiden flight of the AES100 engine equipped on the R6000 tilt-rotor aircraft marks a significant milestone in China's aviation industry, showcasing advancements in domestic engine technology and its application in general aviation [1][3][5]. Group 1: Engine and Aircraft Development - The AES100 engine is China's first independently developed 1000 kW class advanced civil turboshaft engine, which was successfully tested on the R6000 tilt-rotor aircraft [1][3]. - The successful flight demonstrates the effective collaboration between advanced power systems and aircraft design, highlighting a breakthrough in the domestic aviation power sector [3][4]. - The engine's design considers the complex operational requirements of tilt-rotor aircraft, balancing high power output during hover and efficient operation during cruise [3][4]. Group 2: Market and Future Prospects - The AES100 engine project targets the urgent demand for high-performance power in the general aviation market, with plans to obtain the Type Certificate (TC) by August 2024 and the Production Certificate (PC) by June 2025 [3][4]. - The successful maiden flight of the R6000 validates the compatibility of the AES100 engine with the tilt-rotor transmission and rotor systems, indicating a significant advancement in domestic aviation technology [4][5]. - The AES100 engine is expected to be equipped on multiple aircraft models, setting a record for three aircraft maiden flights within a year, showcasing its adaptability and technological maturity [7].