证券代码：600893 证券简称：航发动力 公告编号：2025-013 中国航发动力股份有限公司 2024年年度股东会决议公告 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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,815 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,562,600,128 | | 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（%） | 58.6210 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 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11人，出席7人，其中现场出席 2 人，视频出席 5 人。董事长 牟欣先生出席并主持会议，董事刘辉先生、董事沈鹏先生、独立董事李金林先 ...

航发动力 2024 年年度股东会 法律意见书 ESREUT ■ 务 F A YUAN LAW OFFICES 致:中国射 式力股份有限公司 比京市嘉源律师事务所 中国航发动力股份有限公司 24 年年度股东会的法律意见书 嘉源(2025)-04-308 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 2024年年度股东会(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》")的相关规定,就 本次股东会的召集与召开程序、召集人及出席会议人员的资格、表决程序、表决 结果等事项出具律师见证意见如下: 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已于 2025年 4 月 2 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。 本次股东会采取现场投票与网络投票相结合的方 ...

2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压 5月12日，A股航天军工板块"空中加油"，中船系、中航系、商业航天、大飞机等军工概念指数领涨沪 深两市，个股掀起涨停潮。 资本市场对军工行业的关注热度从上周开始明显升温，军工ETF上周的累计涨幅达4.91%,当时有分析认 为，印巴对抗强化国产装备性能端优势认知推升了资金炒作情绪。到本周，印巴冲突局势有所缓和，军 工板块依然走强。早盘军工ETF放量涨逾6%，午后涨幅收窄，收涨4.68%，截至收盘，中航成飞 （302132.SZ）、晨曦航空（300581.SZ）均录得"20CM"涨停；成飞集成（002190.SZ）连续四个交易日 涨停；中航沈飞（600760.SH）、中国船舶（600150.SH）、洪都航空（600316.SH）的涨幅均超过8%。 2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压，而整个板块的盈利能力仍出现在上一轮周期以来的低点。多家 机构研报指出，军工股基本面没有更多利空因素， ...

证券代码：600893 证券简称：航发动力 公告编号：2025-012 中国航发动力股份有限公司 关于参加"2025 年陕西辖区上市公司 董事会 活动时间：2025 年 5 月 20 日（星期三）15:00-17:00 活动地址："全景路演" 网址：http://rs.p5w.net 为尊重投资者意见并提升交流效率，公司将提前向投资者公开征集问题。投 资者可将问题以邮件方式发送至公司指定邮箱 hkdl2008@XAE.AECC.CN，公司将 在 2024 年度业绩说明会对投资者关注的问题进行解答。 特此公告。 中国航发动力股份有限公司 投资者集体接待日暨 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、准确性和完整性承担个别及连带责任。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平,陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市公司 投资者集体接待日暨 2024 年度业绩说明会"。 届时，中国航发动力股份有 ...

中国航发动力股份有限公司 关于股东会开设网络投票提示服务的公告 证券代码：600893 证券简称：航发动力 公告编号：2025-011 特此公告。 中国航发动力股份有限公司 董事会 2025 年 5 月 13 日 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)于 2025 年 4 月 2 日披露《关于 召开 2024 年年度股东会的通知》，公司定于 2025 年 5 月 16 日 14:00 召开 2024 年年度股东会，本次会议采用现场投票和网络投票相结合的表决方式。详见公司 披露于上海证券交易所网站(http://www.sse.com.cn/)和指定媒体的《中国航发 动力股份有限公司关于召开 2024 年年度股东会的通知》(公告编号:2025-009)。 为更好地服务广大中小投资者,确保有投票意愿的中小投资者能够参会并及 时投票，公司拟使用上证所信息网络有限公司(以下简称上证信息)提供的股东会 提醒服务，委托上证信息通过短信形式，根据股权登记日的股东名册主动提醒股 东参会投 ...

Group 1 - The military industry sector is leading the A-share market, with the military ETF (512660) rising over 6% and achieving a trading volume exceeding 1.3 billion yuan within the first hour of trading [1] - The top ten holdings of the military ETF include companies like China Shipbuilding, AVIC Shenyang Aircraft, and China Heavy Industry, with gains exceeding 8% for some stocks [1] - The recent India-Pakistan conflict has catalyzed strong performance in the military sector, with increased media attention on military capabilities [1] Group 2 - The military ETF (512660) has seen a significant increase in scale, reaching 13.7 billion yuan, up 3.7 billion yuan from the end of last year [2] - The India-Pakistan conflict is expected to have a direct impact on military trade, enhancing global military trade logic and potentially increasing the defense market ceiling [2] - China's military trade is anticipated to grow in the short term due to improved product competitiveness and production capacity, alongside a shift in domestic production focus [2] Group 3 - A report indicates that 20 out of 62 military listed companies reported year-on-year growth in Q1 2025, suggesting a potential turning point for military orders [3] - The military industry is expected to benefit from new technologies and market directions, particularly in enhancing equipment performance and reducing costs [3] - The military ETF (512660) is positioned to capitalize on the anticipated growth in the military sector, with institutions optimistic about the upcoming order cycle [3]

Meeting Overview - The annual shareholders' meeting of China Aviation Engine Corporation is scheduled for May 16, 2025, at 14:00 in Xi'an [1] - The meeting will cover various agenda items including the board of directors' work report, financial statements, and profit distribution plan for 2024 [3][4] Key Proposals - Proposal one: Review of the 2024 Board of Directors' Work Report [3] - Proposal two: Review of the 2024 Supervisory Board Work Report [3] - Proposal three: Review of the 2024 Independent Directors' Work Report [3] - Proposal four: Review of the 2024 Annual Report and Summary [3] - Proposal five: Review of the 2024 Financial Settlement Report [3] - Proposal six: Review of the 2024 Profit Distribution Plan [3] - Proposal seven: Review of the 2025 Financial Budget [3] - Proposal eight: Review of the 2024 Internal Director Compensation [3] - Proposal nine: Discussion on shareholder return plans for the next three years (2025-2027) [3] Financial Performance - The company reported a profit of 860 million yuan in 2024, a decrease of 39.48% year-on-year [8] - Revenue from the main business segments included: - Aviation engine and derivative products: 44.994 billion yuan, an increase of 10.03% [8] - Foreign trade export subcontracting: 2.074 billion yuan, an increase of 6.45% [8] - Non-aviation products and other businesses: 197 million yuan, a decrease of 24.91% [8] Governance and Management - The Board of Directors consists of 11 members, with 5 internal and 6 external directors [9] - The Board held 4 meetings in person and 1 via communication, addressing various proposals including financial budgets and performance evaluations [9][11] - The Supervisory Board conducted 8 meetings, reviewing 37 proposals, and ensuring compliance with governance standards [32] Shareholder Returns - The company distributed a cash dividend of 1.60 yuan per 10 shares, totaling approximately 426.5 million yuan, which represents 30% of the net profit attributable to shareholders [27] - The cash dividend policy is outlined in the company's articles of association and shareholder return plan for 2022-2024 [27] Future Plans - The Board aims to enhance internal growth and innovation, improve governance, and ensure compliance with regulations [28] - Key meetings for 2025 are planned to discuss annual reports, financial budgets, and strategic management [28]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - In 2024, the 71 tracked military industry stocks achieved a total revenue of 566.27 billion yuan, a year-on-year growth of 0.76%, while the net profit attributable to shareholders decreased by 26.24% to 23.90 billion yuan, primarily due to a decline in overall gross margin [4][20] - The shipbuilding sector showed significant performance growth, with a revenue of 190.05 billion yuan, up 11.25%, and a net profit of 6.55 billion yuan, up 115.10% [4][37] - The total contract liabilities for the 71 military stocks reached 198.56 billion yuan at the end of 2024, a year-on-year increase of 5.91% [5][58] Summary by Sections 1. Military Industry Performance in 2024 - The overall performance of the military industry in 2024 showed a slowdown in revenue growth and profit pressure, with a total revenue of 566.27 billion yuan and a net profit of 23.90 billion yuan [20] - The overall gross margin for the 71 military stocks was 17.67%, down 1.80 percentage points year-on-year [23] 2. Q1 2025 Performance Analysis - In Q1 2025, the 71 military stocks reported a total revenue of 106.75 billion yuan, a decrease of 3.15% year-on-year, and a net profit of 5.61 billion yuan, down 4.40% [6][19] - The shipbuilding sector led the growth with a revenue of 40.99 billion yuan, up 9.81%, and a net profit of 2.05 billion yuan, up 232.11% [6][38] 3. Valuation and Index Performance - As of April 30, 2025, the military industry index had decreased by 4.21%, with a PE-TTM valuation of 96.49 times and a PB valuation of 3.27 times [7][49] - Historically, 74.88% of the time since January 1, 2014, the military sector's PE-TTM valuation has been below the current level [7] 4. Investment Recommendations - The report suggests focusing on two main investment themes: the ongoing demand for aerospace and the new technologies, products, and markets that may offer greater elasticity [10][11] - Key companies to watch include those in the aerospace sector such as AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group, as well as companies involved in missile technology and new market opportunities [10][12] 5. Contract Liabilities and Future Outlook - The total contract liabilities for military stocks remained high, with significant increases in the shipbuilding sector [5][60] - The report anticipates a turning point in military orders as the "Centenary of the Army Building" goals progress, indicating potential growth in the military industry [8]

截至2025年5月9日 10:20，中证高端装备细分50指数下跌2.46%。成分股方面涨跌互现，航天南湖领涨 1.50%，四创电子上涨0.23%，天奥电子上涨0.14%；中无人机领跌，中航沈飞、国睿科技跟跌。高端装 备ETF(159638)回调整固。拉长时间看，截至2025年5月8日，高端装备ETF近2周累计上涨8.55%。 流动性方面，高端装备ETF盘中换手3.05%，成交3615.54万元。拉长时间看，截至5月8日，高端装备 ETF近1周日均成交9783.79万元。 华泰证券指出，我国已进入"自研装备为主"的军贸净顺差阶段。内需方面，2025-2027年多重催化下内 需增长幅度巨大，国防军工行业有望迎来高景气周期。 场外投资者可通过中证高端装备细分50ETF联接基金（018028）布局行业轮动机会。 规模方面，高端装备ETF最新规模达12.37亿元，创今年以来新高。份额方面，高端装备ETF最新份额达 15.47亿份，创近1年新高。资金流入方面，高端装备ETF最新资金净流入3063.30万元。 数据显示，截至2025年4月30日，中证高端装备细分50指数前十大权重股分别为中航光电、中航沈飞、 航发动力、中航 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 6.165 billion in Q1 2025, a year-on-year decrease of 1.71% and a quarter-on-quarter decrease of 71.88%. The net profit attributable to the parent company was 0.08 billion, down 95.15% year-on-year and down 94.4% quarter-on-quarter. The net profit excluding non-recurring items was 0.19 billion, a decrease of 81.7% year-on-year and 82.25% quarter-on-quarter [2][6]. - The revenue situation in Q1 aligns with the annual guidance expectations, with a sales structure change causing short-term profit fluctuations. The gross profit margin for Q1 was 9.77%, a decrease of 1.87 percentage points year-on-year, but an increase of 2.06 percentage points quarter-on-quarter [10]. - The company experienced a significant improvement in operating cash flow due to increased sales collections, with a net cash flow from operating activities of 2.063 billion in Q1, showing marked improvement compared to the previous year [10]. - The company’s inventory balance at the end of Q1 was 37.247 billion, an increase of 17.5% compared to the beginning of the period, indicating a wait for further demand recovery [10]. - Profit forecasts for the company indicate expected net profits attributable to the parent company of 0.762 billion, 0.990 billion, and 1.323 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -11%, 30%, and 34% [10]. Summary by Sections Financial Performance - Q1 2025 revenue was 61.65 billion, a decrease of 1.71% year-on-year and 71.88% quarter-on-quarter. Net profit attributable to the parent company was 0.08 billion, down 95.15% year-on-year and 94.4% quarter-on-quarter. The net profit excluding non-recurring items was 0.19 billion, a decrease of 81.7% year-on-year and 82.25% quarter-on-quarter [2][6]. Cash Flow and Financial Health - The company’s operating cash flow improved significantly, with a net cash flow of 20.63 billion in Q1, reflecting better sales collections. The financial expense ratio was 1.88%, up 0.94 percentage points year-on-year and 1.16 percentage points quarter-on-quarter [10]. Inventory and Contracts - The inventory balance at the end of Q1 was 37.247 billion, up 17.5% from the beginning of the period. The contract liabilities increased significantly, indicating a robust order book [10]. Profit Forecasts - Expected net profits for 2025, 2026, and 2027 are projected at 0.762 billion, 0.990 billion, and 1.323 billion respectively, with corresponding year-on-year growth rates of -11%, 30%, and 34% [10].