Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term potential [6][3]. Core Insights - The company reported a revenue of 229.12 billion yuan for the first three quarters of 2025, reflecting a year-over-year decline of 11.73%. The net profit attributable to shareholders was 1.08 billion yuan, down 85.13% year-over-year, primarily due to reduced revenue and increased financial and R&D expenses [1][2]. - In Q3 2025, the company achieved a revenue of 88.14 billion yuan, a year-over-year increase of 18.97%. However, the net profit was only 0.16 billion yuan, down 87.69% year-over-year, indicating significant pressure on profit margins due to impairment losses [1][2]. - The company has seen a substantial increase in contract liabilities, which grew by 85% compared to the beginning of the year, and inventory increased by 38% [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 10.74%, down 1.29 percentage points year-over-year, and a net margin of 0.83%, down 2.32 percentage points year-over-year. In Q3 2025, the gross margin was 10.40%, down 3.55 percentage points year-over-year, and the net margin was 0.44%, down 1.69 percentage points year-over-year [1][2]. - The company recorded a net cash flow from operating activities of -84.66 billion yuan for the first three quarters of 2025, an improvement from -172.76 billion yuan in the same period last year [2]. Business Strategy - The company aims to achieve a revenue of 476.63 billion yuan and a net profit of 5.92 billion yuan for the full year of 2025. As of Q3 2025, it has completed 48% of its revenue target and 18% of its net profit target [3]. - The company is actively expanding into the low-altitude and general aviation markets, focusing on developing various turbine engines. It has established long-term strategic partnerships with renowned global aircraft engine manufacturers, enhancing its competitive edge in the export market [3]. Financial Forecast - The company is projected to have a net profit of 5.00 billion yuan in 2025, with expected profits of 7.78 billion yuan and 11.43 billion yuan in 2026 and 2027, respectively. The corresponding price-to-earnings ratios are estimated to be 211x, 136x, and 92x for the respective years [3][5].

Core Viewpoint - The company, China Aviation Power Co., Ltd., has disclosed its third-quarter financial report for 2025, highlighting significant asset impairment losses and plans for an investor briefing to discuss its financial performance and operational status [10][18]. Financial Performance - The company reported an asset impairment provision of 155.29 million yuan for the first three quarters of 2025, which exceeds 10% of the audited net profit for 2024 [18]. - The impairment includes 147.03 million yuan for bad debt provisions and 8.26 million yuan for inventory depreciation [20][22]. Investor Communication - An investor briefing is scheduled for November 17, 2025, from 11:00 to 12:00, to discuss the third-quarter results and address investor inquiries [10][12]. - Investors can submit questions in advance through the Shanghai Stock Exchange's roadshow center website or via email [13]. Corporate Governance - The company’s board of directors has approved several resolutions, including the third-quarter report and the asset impairment loss announcement, ensuring compliance with relevant regulations [31][34]. - The board also approved the appointment of new vice presidents to support business development [38]. Shareholder Information - The company has provided details on its major shareholders and their voting rights, ensuring transparency in ownership structure [6]. Guarantee and Financing - The company has provided a guarantee of 20 million yuan for its wholly-owned subsidiary, China Aviation Guizhou Engine Maintenance Co., Ltd., to support its operational financing needs [24][26]. - The total amount of guarantees provided by the company’s subsidiaries for the year is 81 million yuan, which is 0.20% of the latest audited net assets [28].

Group 1 - The core viewpoint of the article highlights that航发动力 (Aero Engine Corporation) held its 11th Board of Directors meeting on October 29, 2025, to discuss the revision of certain management systems [1] - For the fiscal year 2024, the revenue composition of航发动力 is reported as follows: manufacturing accounts for 98.51%, other businesses for 1.28%, and services for 0.2% [1]

Core Viewpoint - The company announced that it has not provided guarantees for its controlling subsidiary, nor for its controlling shareholder and actual controller or their affiliates, and confirmed that there are no overdue guarantees [2] Summary by Relevant Sections - **Company Guarantees** - The company has not provided any guarantees to its controlling subsidiary [2] - The company has not provided guarantees to its controlling shareholder and actual controller or their affiliates [2] - The company confirmed that it has no overdue guarantees [2]

证券代码：600893 证券简称：航发动力 公告编号：2025-030 依据《企业会计准则》，对于应收款项无论是否存在重大融资成分，公司考 虑所有合理且有依据的信息，包括前瞻性信息，以单项或组合的方式对应收款项 预期信用损失进行估计，并采用预期信用损失的简化模型，始终按照整个存续期 的预期信用损失计提减值准备。 中国航发动力股份有限公司 关于 2025 年前三季度资产减值损失的公告 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。 一、本次计提资产减值准备概述 依据《企业会计准则》及相关会计政策，为客观地反映公司 2025 年前三季 度财务状况和经营成果，基于谨慎性原则，公司及子公司对可能发生减值损失的 资产计提减值准备。2025 年前三季度计提减值准备 15,529.17 万元，超过公司 2024 年度经审计净利润的 10%。 二、计提资产减值准备的具体情况说明 （一）应收款项坏账准备 1．计提依据 2．计提情况 本期计提应收款项坏账准备 14,703.32 万元，其中：按组合计提 15,820.26 万元，按单项计提-1,1 ...

证券代码：600893 证券简称：航发动力 公告编号：2025-032 中国航发动力股份有限公司 关于 2025 年度担保进展的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本月担保金额 | 2,000 | 万元 | 中国航发贵州航空发动机维修有限责任公司 | | --- | --- | --- | --- | --- | | 担保 | | | | | | 对象 | 实际为其提供的担保余额 | 8,100 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本月担保是否有反担保 | 是 | □否 | □不适用：_________ | 累计担保情况 （二）内部决策程序 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司实际提供担保总额（万元） | 8,100 | | 担保总额占上市公司最近一期经 审计净资产的比例（%） | 0.20 | ...

证券代码：600893 证券简称：航发动力 公告编号：2025-031 中国航发动力股份有限公司 关于召开 2025 年第三季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。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 17 日 11:00-12:00 三、 参加人员 公司董事长、独立董事、董事会秘书、总会计师及有关部门人员（根据实际 出席情况确定）。 四、 投资者参加方式 会议召开时间：2025 年 11 月 17 日(星期一)11:00-12:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 重要内容提示： 投资者可于 2025 年 10 月 31 日(星期五)至 11 月 17 日(星期一)11:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过邮箱 hfdl600893@apc.aecc.cn 进行提问。 中国航发动力股份有限公司（以下简称公司）已于 ...

中国航发动力股份有限公司 第十一届董事会第九次会议决议公告 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）第十一届董事会第九次会议（以 下简称本次会议）通知于 2025 年 10 月 23 日以邮件方式向公司全体董事发出。 本次会议于 2025 年 10 月 29 日以现场结合视频方式召开，应出席董事 10 人，亲 自出席 8 人，董事长牟欣先生委托董事孙洪伟先生代为出席并表决，独立董事刘 志猛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》（以 下简称《公司法》）和《中国航发动力股份有限公司章程》（以下简称《公司章 程》）的规定。 本次会议由副董事长李健先生主持。经与会董事认真审议，表决通过了以下 议案： 一、审议通过《关于 2025 年第三季度报告的议案》 证券代码：600893 证券简称：航发动力 公告编号：2025-029 为公平、及时、真实、准确、完整地披露信息，公司严格按照上海证 ...

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - The third quarter showed an increase in revenue but a significant drop in net profit year-on-year [1] Financial Performance - For the first three quarters, the company achieved a revenue of 22.912 billion, a year-on-year decrease of 11.73% [1] - The net profit attributable to shareholders for the same period was 108 million, reflecting a year-on-year decline of 85.13% [1] - In the third quarter alone, the company reported a revenue of 8.814 billion, which is a year-on-year increase of 18.97% [1] - The net profit attributable to shareholders in the third quarter was 16.1838 million, showing a year-on-year decrease of 87.69% [1]

Financial Performance - The company's operating revenue for the third quarter was approximately CNY 8.81 billion, representing an increase of 18.97% compared to the same period last year[3]. - The total profit for the third quarter decreased by 64.79% to approximately CNY 66.92 million, while the net profit attributable to shareholders dropped by 87.69% to approximately CNY 16.18 million[3]. - The basic earnings per share for the third quarter was CNY 0.01, reflecting a decrease of 80.00% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2025 was ¥22.91 billion, a decrease of 11.8% compared to ¥25.96 billion in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was ¥190.12 million, a decline of 76.8% from ¥817.19 million in 2024[19]. - Operating profit for the first three quarters of 2025 was ¥284.52 million, a decrease of 68.8% compared to ¥913.03 million in 2024[19]. - Basic earnings per share for the first three quarters of 2025 were ¥0.04, down from ¥0.27 in the same period of 2024[19]. - The company reported a total comprehensive income of ¥189.04 million for the first three quarters of 2025, significantly lower than ¥815.11 million in 2024[19]. - The company reported a total profit of approximately ¥360.25 million for the first three quarters of 2025, a decrease of 29% from ¥506.38 million in the same period of 2024[27]. Assets and Liabilities - Total assets increased by 9.87% to approximately CNY 127.36 billion compared to the end of the previous year[4]. - Total current assets as of September 30, 2025, amount to ¥94,622,573,730.24, an increase from ¥83,897,883,793.98 as of December 31, 2024[14]. - Total assets increased to ¥127,356,803,514.34 from ¥115,913,298,911.68, representing a growth of approximately 9.5%[15]. - The total liabilities as of the reporting date were ¥79.73 billion, an increase of 13.5% from ¥70.40 billion in the previous year[16]. - The company's total liabilities as of September 30, 2025, were ¥21.51 billion, up from ¥18.16 billion at the end of 2024, indicating a 12.9% increase[24]. - Total liabilities increased to ¥94,622,573,730.24, reflecting a significant rise in financial obligations[15]. Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net increase of 50.99% year-to-date[9]. - In the first three quarters of 2025, the cash inflow from operating activities reached ¥29.85 billion, a significant increase from ¥16.05 billion in the same period of 2024, representing an 86.5% growth[21]. - The net cash flow from operating activities for the first three quarters of 2025 was -¥8.47 billion, an improvement compared to -¥17.28 billion in the first three quarters of 2024[21]. - The company reported a net cash flow from operating activities of approximately -¥5.37 billion for the first three quarters of 2025, an improvement from -¥6.58 billion in the same period of 2024[29]. - Cash inflow from financing activities was approximately ¥12.39 billion in the first three quarters of 2025, compared to ¥6.25 billion in the same period of 2024, indicating a significant increase[29]. Research and Development - Research and development expenses rose by 21.70%, indicating increased investment in innovation and product development[8]. - Research and development expenses increased to ¥409.43 million in 2025, up 21.7% from ¥336.41 million in 2024[18]. - Research and development expenses remained stable at approximately ¥31.60 million in the first three quarters of 2025, compared to ¥31.46 million in the same period of 2024[27]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 130,791[11]. - The largest shareholder, China Aviation Engine Group Co., Ltd., holds 1,220,558,027 shares, accounting for 45.79% of total shares[11]. Inventory and Receivables - The company experienced a 37.83% increase in inventory, driven by increased production needs[8]. - Accounts receivable increased to ¥41,415,207,407.62 from ¥35,719,779,601.66, reflecting a growth of approximately 15.5%[14]. - Inventory rose significantly to ¥43,692,211,429.50 from ¥31,699,481,255.50, indicating a growth of about 37.8%[14]. - The accounts receivable increased to ¥13.12 billion as of September 30, 2025, from ¥10.20 billion at the end of 2024, representing a 28.5% rise[23]. - The inventory level as of September 30, 2025, was ¥9.79 billion, an increase from ¥8.41 billion at the end of 2024, reflecting a 16.4% growth[23]. Financial Expenses - Financial expenses rose to ¥440.81 million in 2025, compared to ¥299.25 million in 2024, reflecting an increase of 47.2%[18]. - The company incurred financial expenses of approximately ¥146.51 million in the first three quarters of 2025, significantly higher than ¥60.75 million in the same period of 2024[27]. Investment Income - The company reported a decrease in investment income by 28.62%, primarily due to declining profits from joint ventures[8]. - The company achieved investment income of approximately ¥192.96 million in the first three quarters of 2025, down from ¥358.64 million in the same period of 2024[27].