Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company's revenue for the first half of 2025 was 14.098 billion yuan, a year-on-year decrease of 23.99%, primarily due to changes in customer demand and delivery not meeting expectations. The net profit attributable to shareholders was 92 million yuan, down 84.57% year-on-year [1]. - For 2025, the company aims to achieve a revenue of 47.663 billion yuan, which is roughly flat compared to the actual revenue in 2024, with expected net profit of 592 million yuan, a decrease of 31.16% from 2024 [2]. - The report highlights that the adjustment in delivery pace has put pressure on performance, while the revenue of Liyang Company has shown rapid growth [1]. Financial Performance - The company's gross margin for the first half of 2025 was 10.96%, a decrease of 0.31 percentage points year-on-year. The period expense ratio increased by 2.01 percentage points to 9.13% [1]. - The company reported a significant increase in financial expenses, which rose by 71.12% to 256 million yuan due to an expansion in interest-bearing liabilities [1]. - The company's total revenue is projected to grow at a modest rate, with expected revenues of 48.651 billion yuan in 2025, 53.780 billion yuan in 2026, and 59.328 billion yuan in 2027, reflecting growth rates of 2%, 11%, and 10% respectively [8][14]. Business Expansion - The company's contract liabilities at the end of the reporting period were 6.254 billion yuan, an increase of 39.42% compared to the end of the previous year. Accounts receivable rose to 38.377 billion yuan, up 7.4% [1]. - The report indicates that the company is expected to increase its procurement from related parties to 13.5 billion yuan in 2025, a growth of 23.0% compared to 2024 [1]. Profit Forecast - The forecast for net profit attributable to shareholders is 662 million yuan for 2025, 884 million yuan for 2026, and 1.225 billion yuan for 2027, corresponding to price-to-earnings ratios of 160, 120, and 86 respectively [1][8].

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 14.098 billion yuan, representing a year-on-year decrease of 23.99% [1] - The net profit attributable to shareholders was 91.78 million yuan, down 84.57% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 38.41 million yuan, reflecting a year-on-year decline of 92.97% [1] - The basic earnings per share stood at 0.03 yuan [1]

Group 1 - The company announced the reappointment of Daixin Certified Public Accountants (Special General Partnership) for the audit of its financial report and internal control for the year 2025 [2]

Market Overview - The market experienced increased volatility on August 27, with the Shanghai Composite Index closing at 3800.35 points and the ChiNext Index retreating nearly 3% [1] - Trading volume surged to 3.2 trillion yuan, marking the second-highest volume in history [1] Defense and Military Industry - The defense and military sector saw a significant drop in the afternoon, with the high-profile Defense and Military ETF (512810) falling by 1.87% and experiencing a volatility of 2.67% [1] - Notably, the trading volume for the ETF surged to 194 million yuan, the highest in five months, with 12 consecutive trading days achieving over 100 million yuan in transactions [1] - The ETF covers 79 military stocks, with only 6 stocks rising, while major stocks like China Great Wall and Inner Mongolia First Machinery fell over 4% [3] Earnings and Performance - The defense and military sector's earnings have shown significant recovery, with 39 out of 50 ETF component stocks reporting profits in the first half of 2025, and half of them showing positive net profit growth [5] - Noteworthy is the 30% year-on-year growth in net profit for 11 stocks, with Aerospace Science and Technology leading with a staggering increase of over 21 times [5] Upcoming Events and Market Sentiment - Analysts suggest that the recent market adjustments are influenced by external risks, particularly long-term bond risks, and the recent significant gains in the A-share market [4] - The upcoming military parade is expected to catalyze interest in the defense sector, with expectations of new equipment being showcased [6] - Historical data indicates that the defense and military sector typically experiences excess returns before major military parades, with past events showing significant index gains [6]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 19, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1][2] - The on-site meeting will take place at 11:00 AM at Century Jin Yuan Hotel, Beijing [1][5] - Online voting will be conducted through the Shanghai Stock Exchange's voting system from 9:15 AM to 3:00 PM on the same day [1][2] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system or through designated trading securities companies [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4] - Invalid votes will occur if the number of votes exceeds the shareholder's entitled votes [4] Meeting Agenda - The meeting will review the proposal to cancel the supervisory board and amend the company's articles of association and rules of procedure [3] - The proposal has been approved by the company's board of directors and was disclosed on the Shanghai Stock Exchange website [3] Attendance Requirements - Shareholders registered by the close of trading on September 12, 2025, are eligible to attend the meeting [5] - Registration for attendance requires identification and, if applicable, a power of attorney [5][6] - The registration period is from 8:30 AM to 11:00 AM on the day of the meeting [5] Additional Information - Contact details for inquiries regarding the meeting are provided, including a phone number and address [6] - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [6]

Core Points - The company held its 11th Supervisory Board's 8th meeting on August 27, 2025, with three supervisors present, fulfilling the required quorum [1][2]. - The meeting approved several key proposals, including the 2025 semi-annual report, risk assessment report regarding financial dealings with China Aviation Group Financial Co., Ltd., and the reappointment of the accounting firm [2][3]. - A new wholly-owned subsidiary, China Aviation Power Xi'an Hongqi Aircraft Engine Co., Ltd., was established with an investment of 1 million yuan, focusing on aircraft engines and related products [3]. Proposal Summaries - The 2025 semi-annual report was prepared in compliance with the Shanghai Stock Exchange's regulations and was approved unanimously [2]. - A risk assessment report concerning ongoing financial transactions with China Aviation Group Financial Co., Ltd. was also approved, ensuring adherence to regulatory guidelines [2]. - The proposal for the reappointment of the accounting firm was passed and will be submitted for shareholder approval [3]. - The establishment of a new subsidiary was approved, aimed at expanding the company's operations in the aircraft engine sector [3]. - A proposal to cancel the Supervisory Board and amend the company's articles of association was also approved, pending shareholder review [3].

中国航发动力股份有限公司 2025 年上半年 对中国航发集团财务有限公司风险持续评估的报告 按照中国证劵监督管理委员会《关于规范上市公司与企业集团财务 公司业务往来的通知》（证监会发〔2022〕48 号）和上海证券交易所《上 市公司自律监管指引第 5 号—交易与关联交易》（上证发〔2023〕6 号） 的规定，中国航发动力股份有限公司（以下简称公司）通过审查中国航 发集团财务有限公司（以下简称中国航发财务公司）《营业执照》《金融 许可证》等证照资料，审阅中国航发财务公司的财务报告及风险指标等 信息，对其经营资质、业务和风险状况进行评估，现将有关风险评估情 况报告如下： 一、中国航发财务公司基本情况 中国航发财务公司成立于 2018 年 12 月 10 日，是经金融监管机构 批准，在国家工商行政管理总局登记注册，具有企业法人地位的非银行 金融机构。 注册地址：北京市海淀区西三环北路甲 2 号院 7 号楼 7 层 法定代表人：管见礼 统一社会信用代码：91110108MA01G3070M 注册资本：20 亿元人民币 股权结构：中国航空发动机集团有限公司（以下简称中国航发）持 有其 100%股权 经营范围：许可项目： ...

证券代码：600893 证券简称：航发动力 公告编号：2025-022 中国航发动力股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 拟续聘的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以下简 称大信会计师事务所） 中国航发动力股份有限公司（以下简称公司）于 2025 年 8 月 27 日召开第十 一届董事会第八次会议，审议通过了《关于续聘会计师事务所的议案》，同意续 聘大信会计师事务所为公司 2025 年度财务报告审计及内部控制审计机构。该议 案尚须提交公司股东会审议。现将相关事宜公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 机构名称：大信会计师事务所（特殊普通合伙） 成立日期：1985 年，2012 年 3 月转制为特殊普通合伙制事务所 组织形式：特殊普通合伙 注册地址：北京市海淀区知春路 1 号 22 层 2206 首席合伙人：谢泽敏 截至 2024 年 12 月 31 日，大信会计师事务所全国设有 33 家分支机构，从业 ...

证券代码：600893 证券简称：航发动力 公告编号：2025-023 中国航发动力股份有限公司 关于取消监事会并修订《公司章程》及议事规则的公告 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。 中国航发动力股份有限公司（以下简称公司）于 2025 年 8 月 27 日召开第十 一届董事会第八次会议，审议通过了《关于取消监事会并修订<公司章程>及议 事规则的议案》，同意取消监事会并修订《公司章程》及其附件《股东会议事规 则》《董事会议事规则》（以下简称议事规则）。现将具体情况公告如下： 一、关于取消监事会的情况 根据《中华人民共和国公司法》（以下简称《公司法》）、《关于新<公司 法>配套制度规则实施相关过渡期安排》《上市公司章程指引》等法律法规，并 结合公司实际情况，拟取消监事会，并解任监事职务，由审计委员会行使《公司 法》规定的监事会的职权。 在公司股东会审议通过《关于取消监事会并修订<公司章程>及议事规则的 议案》前，公司第十一届监事会仍将严格按照《公司法》等法律法规的要求，勤 勉尽责履行监督职能，维护公司及全体股东 ...

关于召开 2025 年半年度业绩说明会的公告 证券代码：600893 证券简称：航发动力 公告编号：2025-025 中国航发动力股份有限公司 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。 重要内容提示： 投资者可于 2025 年 8 月 29 日(星期五) 至 9 月 4 日(星期 四)12:00 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 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 4 日 14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心 的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通。 二、 说明会召开的时间、地点 （一） 会 ...