Core Viewpoint - The company has approved a proposal for its subsidiary to transfer shares to its controlling shareholder through a block trade [1] Group 1 - The company held its 11th board meeting on November 14, 2025, where the proposal was reviewed and approved [1] - The subsidiary, China Aviation Power Southern Industry Co., Ltd., plans to transfer up to 25 million shares [1] - The transfer will be conducted via a block trade to the company's controlling shareholder, China Aviation Power [1]

Core Viewpoint - The company announced that its subsidiary, Southern Company, will transfer up to 25 million shares of Aviation Power to its controlling shareholder, China Aviation Power, through a block trade [1] Group 1: Company Actions - The board of directors approved the transfer of shares at the tenth meeting of the eleventh session on November 14, 2025 [1] - Southern Company currently holds 18.12 million shares of Aviation Power, accounting for 13.78% of the total share capital [1] Group 2: Financial Performance - Aviation Power reported a revenue of 5.481 billion yuan and a net profit of 755 million yuan for the year 2024 [1] - For the first nine months of 2025, the company achieved a revenue of 3.968 billion yuan and a net profit of 405 million yuan [1] Group 3: Transaction Details - The share transfer does not constitute a major asset restructuring [1] - There are risks associated with the transaction, including the possibility of it not being implemented or fully executed due to market price fluctuations [1]

中国航发动研所总师办主任米栋表示，本次单发飞行试验成功，表明发动机在更高飞行高度和更复杂环境下的可靠性得到了进一步验证， 检验了发动机与飞行器的适配性，可为巡飞弹、无人机、靶机等平台提供新型动力解决方案，展现出良好的应用前景。 据介绍，该款发动机采用3D打印制造技术，整机超过四分之三重量的零件均采用3D打印制造，大幅减少了零件数量，实现了轻量化、高 性能的设计目标，为下步更高高度与速度飞行打下坚实基础。 记者今天（13日）从中国航发集团获悉，由中国航发自主研制的3D打印极简涡喷发动机，圆满完成首次飞行试验，标志着3D打印发动机 在工程应用领域取得重要突破。 本次飞行试验持续30分钟，飞行高度达6000米，最大飞行速度0.75马赫，发动机全状态工作，各项工作参数无异常，圆满完成我国自主研 制3D打印极简涡喷发动机，首次唯一动力单发飞行试验。 （总台央视记者 崔霞 李宁 吴天白） ...

转自：北京日报客户端 图为3D打 印极简轻质微型涡喷发动机。（中国航空发动机集团有限公司供图） 记者11月13日从中国航空发动机集团有限公司获悉，由此集团动研所自主研制的3D打印极简轻质微型 涡喷发动机近日圆满完成首次单发飞行试验。本次配装靶机持续飞行30分钟，飞行高度达到6000米，飞 行速度达到0.75马赫，发动机全程正常稳定工作。 中国航发专家介绍，这是继今年7月该发动机完成首次挂飞验证后取得的又一成果。本次单发飞行试验 成功，表明发动机在更高飞行高度和更复杂环境下的可靠性得到进一步验证，检验了发动机与飞行器的 适配性，展现出良好的应用前景。 这款发动机是国内首台完成飞行验证的160公斤推力级3D打印极简轻质微型涡喷发动机，采用多学科拓 扑优化设计技术与3D打印制造技术，实现了轻量化、高性能的设计目标。发动机所有转子件及整机超 过四分之三重量的零件均采用3D打印制造，零件数量减少，发动机重量减轻，使用维护更加简便。 此次成功飞行试验标志着3D打印极简轻质微型涡喷发动机在工程应用领域取得突破，为后续实现更高 高度和更大速度的飞行打下基础。 据介绍，随着设计优化及3D打印技术在航空发动机领域的深入应用，未来 ...

Core Viewpoint - The successful flight test of China's self-developed 3D-printed turbojet engine marks a significant breakthrough in the engineering application of 3D-printed engines [1]. Group 1: Flight Test Details - The flight test lasted 30 minutes, reached an altitude of 6000 meters, and achieved a maximum speed of 0.75 Mach, with all operational parameters functioning normally [3]. - This test represents the first single-engine flight test of the self-developed 3D-printed turbojet engine, confirming its operational reliability [3]. Group 2: Engine Development and Applications - The engine's reliability has been further validated for higher altitudes and more complex environments, demonstrating its compatibility with various platforms such as cruise missiles, drones, and target aircraft [4]. - Over 75% of the engine's components are manufactured using 3D printing technology, significantly reducing the number of parts and achieving lightweight, high-performance design goals [6].

Core Viewpoint - The successful completion of the first single-engine flight test of the 3D-printed simplified turbojet engine by China Aviation Engine Group marks a significant breakthrough in the engineering application of 3D-printed engines [1][3]. Group 1: Flight Test Details - The flight test lasted 30 minutes, reached an altitude of 6000 meters, and achieved a maximum speed of 0.75 Mach, with all operational parameters functioning normally [1]. - This test demonstrates the engine's reliability at higher altitudes and in more complex environments, validating its compatibility with various platforms such as cruise missiles, drones, and target aircraft [3]. Group 2: Engine Manufacturing and Design - The engine utilizes 3D printing technology, with over 75% of its components manufactured using this method, significantly reducing the number of parts and achieving lightweight, high-performance design goals [5]. - This design lays a solid foundation for future flights at higher altitudes and speeds [5]. Group 3: Future Plans - The company plans to focus on two main areas: conducting more challenging flight tests to verify adaptability in extreme environments and expanding the range of flight platforms [7]. - Additionally, there is an emphasis on optimizing mass production processes to transition from technical success to product success [7].

Core Viewpoint - The successful flight test of the 3D-printed simplified turbojet engine developed by China Aviation Engine Group marks a significant breakthrough in the engineering application of 3D-printed engines [1][3]. Group 1: Flight Test Details - The flight test lasted 30 minutes, reached an altitude of 6000 meters, and achieved a maximum speed of 0.75 Mach, with all operational parameters functioning normally [3]. - This test was the first single-engine flight test of the domestically developed 3D-printed turbojet engine, demonstrating its reliability at higher altitudes and in more complex environments [3]. Group 2: Engine Design and Manufacturing - The engine utilizes 3D printing technology, with over 75% of its components manufactured using this method, significantly reducing the number of parts and achieving lightweight, high-performance design goals [5]. - This design lays a solid foundation for future flights at higher altitudes and speeds [5]. Group 3: Application Prospects - The successful test indicates that the engine can provide new power solutions for platforms such as cruise missiles, drones, and target aircraft, showcasing promising application prospects [3].

记者今天（13日）从中国航发集团获悉，由中国航发自主研制的3D打印极简涡喷发动机，圆满完成首次飞行试验，标志着3D打印发动机在工程应用领域取 得重要突破。 中国航发动研所总师办主任米栋表示，本次单发飞行试验成功，表明发动机在更高飞行高度和更复杂环境下的可靠性得到了进一步验证，检验了发动机与飞 行器的适配性，可为巡飞弹、无人机、靶机等平台提供新型动力解决方案，展现出良好的应用前景。 据介绍，该款发动机采用3D打印制造技术，整机超过四分之三重量的零件均采用3D打印制造，大幅减少了零件数量，实现了轻量化、高性能的设计目标， 为下步更高高度与速度飞行打下坚实基础。 四幕体验。 《 The Red Read H (180) 11 180 11 180 11 180 11 180 11 180 11 180 11 180 11 11 18 11 12 407 本次飞行试验持续30分钟，飞行高度达6000米，最大飞行速度0.75马赫，发动机全状态工作，各项工作参数无异常，圆满完成我国自主研制3D打印极简涡喷 发动机，首次唯一动力单发飞行试验。 （文章来源：央视新闻） ...

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].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The defense equipment industry is expected to enter a new order-driven growth cycle as the "14th Five-Year Plan" becomes clearer and is implemented, leading to a recovery in performance and a revaluation phase for the military sector [2][38]. - The military aviation equipment, particularly military aircraft and engines, remains a core strength of the military sector, while new domains characterized by smart technology and unmanned equipment are anticipated to become key growth areas under the "14th Five-Year Plan" [2][38]. - The military trade is expected to provide sustained momentum for the domestic military industry [2][38]. Summary by Sections Fund Holdings - As of Q3 2025, public funds' total market value in the defense and military industry reached 101.36 billion, a quarter-on-quarter increase of 1.66%, ranking 14th among 31 industries [4][12][17]. - The concentration of holdings has increased, with the top ten stocks accounting for 54.14% of total holdings, reflecting a trend of capital flowing towards leading companies [22][25]. - The holdings of state-owned enterprises decreased to 68.49%, while private enterprises increased to 31.51%, marking a two-year high for private holdings [22][25]. Fund Preferences - Public funds show a preference for heavyweights in military electronics, materials, and leading manufacturers in the aviation sector, with significant investments in companies like AVIC Shenyang Aircraft Corporation and AVIC Engine [25][29]. - Active funds particularly favor upstream electronic and material companies, as well as downstream aviation assembly enterprises, with a notable focus on military electronics as a core foundation for future warfare [29][30]. Investment Recommendations - The report suggests focusing on several key areas for investment: 1. Aviation Equipment: AVIC Shenyang, AVIC Engine, AVIC Chengfei, AVIC Xi'an, etc. 2. Military New Materials: Feilihua, Guangwei Composite, Tunan Co., Guangqi Technology, etc. 3. Military Electronics: Fudan Microelectronics, Hongda Electronics, AVIC Optoelectronics, Ruichuang Micro-Nano, Newray, etc. 4. New Domains: Zhenlei Technology, Mingsheng Electronics, Zhongke Xingtai, Jingpin Special Equipment, Lianchuang Optoelectronics, Zhongwu Drone, Ruike Laser, etc. 5. Military Trade: AVIC Shenyang, Guangdong Hongda, Gaode Infrared, Inner Mongolia First Machinery, etc. [2][38].