Summary of Key Points from the Conference Call Industry Overview - The aviation engine industry is on an upward trend, with revenue increasing from over 30 billion RMB in 2019 to over 80 billion RMB by 2024. However, profits are expected to decline in 2024 due to changes in the competitive landscape and one-time pricing adjustments leading to lower gross margins [1][3] - 2025 is anticipated to be a pivotal year for the aviation engine industry, with new models gradually ramping up production to offset declines in main models, alongside growth in the maintenance and commercial engine markets [1][6] Company Insights Huqin Technology - Huqin Technology, a leader in special stealth materials, has not performed as expected in stock price but remains technically advanced. It is projected to see significant changes by 2026, with revenue in the first half of this year already matching last year's total [1][7][13] - The company has actively diversified its business through the establishment and acquisition of subsidiaries, aiming to reduce reliance on a single revenue source [1][9] AVIC Heavy Machinery - AVIC Heavy Machinery has seen stable revenue but increased operating costs, leading to a significant one-time provision and a decline in net profit. The company is currently undergoing an adjustment period, but long-term prospects remain optimistic [1][8] - The company’s operating profit dropped from 1.6 billion RMB to 860 million RMB, indicating challenges in the current market environment [5][8] Aero Engine Corporation of China (AECC) - AECC reported total revenue of 47.88 billion RMB in 2024, with core factory revenues totaling approximately 56 billion RMB, indicating internal offsets. Financial expenses have significantly increased, reflecting a weaker position in the industry, but improvements are expected [4][18] - The company faces high contract liabilities and is gradually digesting prepayments, with inventory issues expected to be resolved this year. Future profitability is anticipated to come from aftermarket maintenance and refurbishment services [4][19] Financial Performance - The aviation engine industry has experienced a divergence between revenue and profit due to changes in the competitive landscape and one-time pricing adjustments. For instance, AVIC Heavy Machinery's operating costs increased by about 1 billion RMB in 2024, leading to a drop in net profit margin [5][8] - Huqin Technology's revenue has grown from less than 50 million RMB in 2018 to over 1.1 billion RMB in 2024, despite experiencing fluctuations in profit [12][13] Future Outlook - The aviation engine industry is expected to rejuvenate by 2030, driven by new model demand and growth in the commercial engine market [6] - Huqin Technology is projected to break through its current bottleneck and achieve rapid growth starting in 2026, with expectations of maintaining a growth rate of over 30% [13][14] - AECC's stock performance has lagged behind indices, but it is still considered to have significant research value and investment potential, with a market cap expected to rise from 18 billion RMB to 30-50 billion RMB [14][20] Conclusion - Despite facing challenges in recent years, both Huqin Technology and AECC are viewed as having strong long-term investment potential due to their strategic positioning and market demand growth [20]

Core Viewpoint - The stock of Aviation Power has experienced a decline of 9.68% year-to-date, with recent trading showing mixed performance, indicating potential volatility in the market [1][2]. Company Overview - Aviation Power, established on December 23, 1993, and listed on April 8, 1996, is located in Xi'an, Shaanxi Province. The company specializes in the manufacturing of aircraft engines and related products, with 91.55% of its revenue coming from aircraft engines and derivatives, 6.17% from foreign trade exports, and 2.28% from non-aerospace products [1][2]. Financial Performance - For the first half of 2025, Aviation Power reported a revenue of 14.098 billion yuan, a year-on-year decrease of 23.99%. The net profit attributable to shareholders was 91.778 million yuan, down 84.57% compared to the previous year [2][3]. - Cumulatively, the company has distributed 4.057 billion yuan in dividends since its A-share listing, with 1.072 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Aviation Power reached 149,900, an increase of 6.41% from the previous period. The average number of tradable shares per shareholder decreased by 6.03% to 17,778 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 73.4625 million shares, an increase of 15.3358 million shares from the previous period. The new shareholder, Fortune China Securities Military Industry Leader ETF, holds 25.5778 million shares [3].

Core Viewpoint - The successful training of multiple advanced carrier-based aircraft on China's Fujian aircraft carrier marks a significant advancement in naval capabilities, enhancing operational range and combat effectiveness [1][2]. Group 1: Military Capabilities - The Fujian aircraft carrier's strike range can cover the second island chain, with the electromagnetic catapult system enabling carrier-based aircraft to take off with full fuel and armament, thus increasing operational radius and strike power [1]. - The electromagnetic catapult system has a fast response time, improving the sortie efficiency of carrier-based aircraft and allowing for a high-intensity combat mode known as "full deck launch" [2]. - The introduction of various aircraft types, such as the KJ-600 and J-35, highlights the systemic operational advantages of the Fujian carrier, significantly enhancing its comprehensive combat capabilities against air, sea, and land targets [2]. Group 2: Market Performance - The defense and military industry is steadily rising, with the CSI Defense Index experiencing a slight increase of 0.30%, although trading volume has significantly decreased to 24.3 billion [2]. - The market's reaction to the Bashar joint defense agreement has been relatively muted, with a focus on the lack of substantial orders, indicating that breakthroughs in advanced fighter aircraft military trade orders are crucial [2]. - The CSI Defense Index's PH value has recently risen from around 10% to approximately 33%, suggesting a positive trend, while monitoring single transaction volume or transaction volume ratio may provide more effective insights at market peaks [2]. Group 3: ETF and Index Tracking - The National Defense ETF closely tracks the CSI Defense Index, which includes listed companies under the ten major military industrial groups and those providing weaponry to the armed forces [3]. - Among the 13 ETFs tracking the defense and military sector, the National Defense ETF has the lowest management and custody fees at 0.40%, making it unique in its category [3]. - As of August 29, 2025, the top ten weighted stocks in the CSI Defense Index account for 43.88%, with companies like AVIC Shenyang Aircraft (600760) and AVIC Xi'an Aircraft (000768) among the leaders [3].

Core Insights - Emergency rescue capability is a key indicator of a country's social service level and modernization, with a focus on developing aviation rescue to enhance China's emergency rescue system [1][10] - The Chinese aviation emergency rescue market is experiencing rapid growth, with the market size projected to increase from 500 million yuan in 2015 to 1.259 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 10.81% [11] - The market is expected to reach 1.332 billion yuan by 2025, driven by increased government investment and rising societal demand for rescue services [11] Industry Overview - Aviation rescue refers to the use of aircraft for rescue operations, providing rapid and efficient assistance in remote or difficult terrains [3] - The industry has evolved through various stages, including initial development, establishment of a comprehensive system, and enhancement of capabilities [6] Policy Framework - Recent policies have integrated aviation rescue into the national emergency management system, emphasizing its importance for public safety and emergency management [6][10] - Key policies include the "14th Five-Year Plan for Emergency Rescue Force Construction" and the "Green Aviation Manufacturing Development Outline (2023-2035)" [6] Market Dynamics - The aviation emergency rescue market is segmented into aviation medical emergency rescue and other aviation emergency rescue, with the medical segment expected to grow from 37 million yuan in 2015 to 183 million yuan in 2024, a CAGR of 19.44% [11] - Other segments are projected to grow from 463 million yuan in 2015 to 1.076 billion yuan in 2024, with a CAGR of 9.82% [11] Competitive Landscape - The market features a variety of players, including listed companies like CITIC Offshore Helicopter (000099) and AVIC Shenyang Aircraft (600760), as well as numerous private firms [2][12] - Companies are increasingly participating in the aviation rescue sector, driven by policy support and market potential [12] Future Trends - The industry is expected to see technological upgrades, including the introduction of high-performance helicopters and drones, enhancing response capabilities in complex environments [15] - Application scenarios are expanding beyond natural disaster response to include urban firefighting, maritime search and rescue, and cross-border rescue collaboration [16] - The focus will be on improving response speed and operational efficiency through optimized processes and the integration of artificial intelligence for decision-making [18]

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 19, 2025, at the Dalian International Cultural Exchange Center, Liaoning Province [2] - The meeting was presided over by Chairman Mr. Mu Xin, and voting was conducted through a combination of on-site and online methods, complying with the Company Law and Articles of Association [2][3] Attendance - Out of 10 current directors, only 1 attended the meeting, with Chairman Mu Xin present [3] - Among 3 current supervisors, only 1 attended, with employee supervisor Mr. Tang Hongwei present [3] - The Vice General Manager, Chief Accountant, and Secretary of the Board, Mr. Ren Lixin, also attended the meeting [3] Resolutions - The following resolutions were passed: 1. Resolution on the reappointment of the accounting firm [4] 2. Resolution to abolish the supervisory board and amend the Articles of Association and rules of procedure [4][5] - The second resolution required a special resolution, which was approved by more than two-thirds of the voting rights held by shareholders present at the meeting [5] Legal Verification - The meeting was witnessed by Beijing Jiayuan Law Firm, with lawyers Mr. Lai Yi and Mr. Xiong Jingkun present [6] - The lawyers concluded that the meeting's convening, attendance, voting procedures, and results were in compliance with relevant laws, regulations, and the Articles of Association, making the resolutions legal and valid [6]

Core Viewpoint - The China Aviation Engine Group Co., Ltd. made its debut at the Air Force Aviation Open Day and Changchun Aviation Expo, showcasing several key products including the AEF1200 engine and the "Taihang" series engines [1] Group 1: Product Showcase - The company presented the AEF1200 engine, which is part of its advanced engine lineup [1] - The "Taihang" series engines were also highlighted, indicating the company's focus on high-performance aviation technology [1] - A 60-kilowatt hybrid power system was publicly displayed for the first time, featuring a turbojet hybrid system with a maximum power output of 80 kilowatts, aimed at eVTOL applications [1] Group 2: Market Focus - The hybrid power system is designed for extended-range eVTOL power supply pods and serves as the main power source for 1-ton class eVTOLs, reflecting the industry's shift towards innovative aerial mobility solutions [1]

Core Insights - The China Aviation Engine Group made its debut at the 2025 Air Force Aviation Open Day and Changchun Airshow, showcasing its latest achievements in independent innovation and development of aviation engines [1] - A large domestic engine, the first large bypass dual-rotor turbofan engine in China, was prominently displayed, featuring a fully digital control system and health management system [1] - The "Taihang" series engines, developed independently by the company, have undergone significant upgrades in performance reliability, safety, stealth, and thrust vectoring capabilities, enhancing the combat and survival capabilities of aircraft [5] Product Highlights - The exhibition featured three models of the domestic "Taihang" engines prominently displayed at the center of the booth [3] - The F918 engine, which was publicly showcased for the first time, has a thrust of 2000 kg and can operate at altitudes of up to 20 kilometers, suitable for high-altitude, high-speed reconnaissance and strike drones [8] - The AEP50, a 500 kW turboprop engine, is designed for the Wing Loong II drone and has undergone various modifications to meet diverse customer needs for all-weather and multi-regional tasks [10]

证券代码：600893 证券简称：航发动力 公告编号：2025-028 中国航发动力股份有限公司 2025年第二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 董事长牟欣先生主持本次会议。会议采用现场投票和网络投票相 结合的方式进行表决，会议的召开和表决程序符合《公司法》和《公 司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 1.公司在任董事10人，出席1人。其中，董事长牟欣先生出席并 主持会议，副董事长李健先生、董事孙洪伟先生、董事杨先锋先生、 董事刘辉先生、董事沈鹏先生、独立董事刘志猛先生、独立董事李金 林先生、独立董事杜剑先生、独立董事王占学先生因工作原因未出席 本次股东会； 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 9 月 19 日 (二) 股东会召开的地点：辽宁省大连市大外国际文化交流中心一楼 毓秀会议室 (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 ...

航发动力 2025 年第二次临时股东会 法律意见书 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 一、本次股东会的召集与召开程序 本次股东会由公司董事会召集。本次股东会会议通知及变更会议地点的通知 已分别于 2025 年 8 月 28 日和 2025 年 9 月 12 日在中国证券监督管理委员会指定 网站公告。上述公告载明了本次股东会召开的日期、地点、表决方式、提交会议 审议的事项、出席会议的对象及登记办法、联系人等。 致：中国航发动力股份有限公司 北京市嘉源律师事务所 关于中国航发动力股份有限公司 2025 年第二次临时股东会的法律意见书 嘉源(2025)-04-695 受中国航发动力股份有限公司（以下简称"公司"）委托，北京市嘉源律师 事务所（以下简称"本所"）指派律师现场出席了公司 2025 年第二次临时股东 会（以下简称"本次股东会"），并依据《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》"） 及《中国航发动力股份有限公司章程》（以下简称"《公司章程》"） ...

Core Viewpoint - The high-end equipment sector is experiencing significant growth, with the 中证高端装备细分50指数 rising by 1.97% and notable increases in key stocks such as 国睿科技 and 中航沈飞 [1][2] Group 1: Market Performance - The high-end equipment ETF (159638) saw a rise of 1.85%, with intraday gains exceeding 2% [1] - The ETF recorded a turnover of 3.27% and a transaction volume of 35.76 million yuan during the trading session [2] - Over the past month, the ETF has averaged a daily transaction volume of 58.85 million yuan [2] - The latest scale of the high-end equipment ETF reached 1.073 billion yuan [2] - In the last 14 trading days, there were 8 days of net capital inflow, totaling 13.32 million yuan [2] - The ETF's net value increased by 42.86% over the past year [2] Group 2: Industry Outlook - The military industry is expected to see an order turning point as the "建军百年奋斗目标" enters its second half, with new technologies and products driving market direction [3] - The top ten weighted stocks in the 中证高端装备细分50指数 account for 45.6% of the index, with 中航沈飞 and 航发动力 being the most significant contributors [3][5] - The upcoming "十四五" equipment procurement tail orders are anticipated to be finalized soon, with an expected increase in upstream order growth [2]