股票简称：应流股份 股票代码：603308 安徽应流机电股份有限公司 （Anhui Yingliu Electromechanical Co.,Ltd.） （安徽省合肥市经济技术开发区繁华大道 566 号） 向不特定对象发行可转换公司债券 并在主板上市 募集说明书 （申报稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年五月 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-2 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、关于本次可转换公司债券发行符合发行条件 ...

股票简称：应流股份 股票代码：603308 安徽应流机电股份有限公司 与华泰联合证券有限责任公司 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2025 年 5 月 7-1-1 上海证券交易所： 安徽应流机电股份有限公司（以下简称"公司"、"发行人"或"应流股份"） 收到贵所于 2025 年 5 月 14 日下发的《关于安徽应流机电股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2025〕 145 号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司 （以下简称"华泰联合证券"或"保荐人"）、天健会计师事务所（特殊普通合 伙）（以下简称"会计师"）、安徽天禾律师事务所（以下简称"律师"）进行 了认真研究和落实，并按照问询函的要求对所涉及的事项进行了资料补充和问题 回复，现提交贵所，请予以审核。 除非文义另有所指，本问询函回复中的简称与《安徽应流机电股份有限公司 向不特定对象发行可转换公司债券并在主板上市募集 ...

天禾律师 应流股份可转债补充法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券之 补充法律意见书（一） 地址：安徽省合肥市怀宁路 288 号置地广场 A 座 35 楼 电话：（0551）62642792 传真：（0551）62620450 7-3-1 天禾律师 应流股份可转债补充法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券之 补充法律意见书（一） 天律证 2025 第 00793-1 号 致安徽应流机电股份有限公司： 根据《公司法》《证券法》《注册管理办法》《可转债管理办法》《编报规 则》等有关法律、法规及规范性文件的规定，安徽应流机电股份有限公司与安徽 天禾律师事务所签订了《聘请专项法律顾问合同》，委托本所律师陈明、洪雅娴 （以下简称"本所律师"）以特聘专项法律顾问的身份，参加应流股份本次向不 特定对象发行可转换公司债券工作。本所律师按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，出具本补充法律意见书。 本所律师已经按照《注册管理办法》等法律法规的要求，对应流股份就本次 发行批准授权、实质条件等有关事宜发表法律意 ...

| | | | 一、关于融资规模和效益测算………………………………………第 | | 1—18 | 页 | | --- | --- | --- | --- | | 二、关于业务及经营情况………………………………………… | 第 | 18—93 | 页 | | 三、关于财务性投资……………………………………………… | 第 | 93—97 | 页 | 11 1 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券审核 问询函中有关财务事项的说明 天健函〔2025〕5-28 号 上海证券交易所： 由华泰联合证券有限责任公司转来的《关于安徽应流机电股份有限公司向不 特定对象发行可转换公司债券申请文件的审核问询函》（上证上审(再融资)〔2025〕 145 号，以下简称审核问询函）奉悉。我们已对审核问询函所提及的安徽应流机 电股份有限公司（以下简称应流股份公司、应流股份或公司）财务事项进行了审 慎核查，现汇报如下。 本说明中涉及货币金额的单位，如无特别注明，均为人民币万元，部分合计 数与各单项数据之和在尾数上存在差异，这些差异是由于四舍五入原因所致。 本说明中，公司 2025 年 3 月 31 日/2025 年一 ...

安徽应流机电股份有限公司（以下简称"应流股份"或"公司"）于2025年5 月14日收到上海证券交易所（以下简称"上交所"）出具的《关于安徽应流机电股 份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证上审 （再融资）〔2025〕145 号）（以下简称"审核问询函"）。 公司收到审核问询函后，按照要求会同相关中介机构就审核问询函提出的问题 进行了认真研究和逐项落实，同时对募集说明书等相关文件进行了相应的补充和更 新。现依据有关规定，对审核问询函回复的具体内容以及募集说明书等相关文件进 行公开披露，具体内容详见公司在上海证券交易所网站（http://www.sse.com.cn）披 露的《关于安徽应流机电股份有限公司向不特定对象发行可转换公司债券申请文件 的审核问询函的回复》等相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得 中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可 实施。该事项最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时 间尚存在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广 大投资者注意投资风险 ...

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].

Core Viewpoint - The Chinese aviation engine industry has transitioned from imitation to independent research and development, demonstrating strong self-innovation capabilities and moving towards high-quality development supported by national policies [1]. Industry Overview - The aviation engine industry is a crucial segment of the national economy and security, with its comprehensive level reflecting a country's overall strength. Aviation engines can be categorized into various types based on thrust generation principles, oxidizer sources, and the presence of compressors [3]. Technical and Financial Barriers - The aviation engine industry is characterized by high technical and financial barriers, requiring expertise across multiple modern technology fields. The demanding operational conditions necessitate significant foundational research, engineering technology accumulation, and financial investment, making it challenging for new entrants to compete [5]. Engine Types and Applications - Different types of aviation engines serve distinct applications, with the turbofan engine being the most widely used due to its efficiency and low fuel consumption. A summary of various engine types and their applications includes: - Piston engines: Low cost and high fuel efficiency, primarily used in small low-speed aircraft and drones [9]. - Ramjet engines: Simple structure and high thrust, used in supersonic missiles and targets [9]. - Turbojet engines: High thrust but high fuel consumption, used in older fighter jets and ballistic missiles [9]. - Turbofan engines: High efficiency and low fuel consumption, used in modern military and civilian aircraft [9]. - Turboprop engines: High fuel economy at medium to low speeds, used in small transport and general aviation aircraft [9]. - Turboshaft engines: The only power source for helicopters [9]. - Propfan engines: Complex structure and high noise, with limited application [9]. Future Development Directions - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, improving quality and reliability, international cooperation, R&D investment, and sustainable development, positioning itself as a significant player in the global aviation sector [11].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The report highlights a positive outlook for Yingliu Co., driven by the rising demand in the "two machines" sector, with a projected average global gas turbine sales increase of 36% from 44.1 GW in 2023 to 60 GW from 2024 to 2026 [5][24]. - The nuclear fusion sector is expected to see accelerated bidding in 2025, with over 70 tenders reported for the Hefei BEST project this year, indicating a robust market environment [5][24]. - Huawei's collaboration with UBTECH in humanoid robotics and Tesla's advancements in their Optimus project signal a rapid development in the humanoid robotics industry [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index rose by 0.35% during the week of May 12-16, 2025, ranking 18th among 31 primary industry categories [3][13]. - Year-to-date, the SW Machinery Equipment Index has increased by 9.47%, ranking 3rd among the primary industry categories, while the CSI 300 Index has decreased by 1.16% [3][17]. Key Data Tracking General Machinery - The manufacturing PMI for April was reported at 49.0, indicating a slight decline, with new orders PMI at 49.2 [23]. Engineering Machinery - Excavator sales in April reached 22,100 units, a year-on-year increase of 17.6%, with exports growing by 19.3% [35]. Railway Equipment - Railway fixed asset investment and passenger volume showed year-on-year increases of 5.3% and 5.9%, respectively, indicating a recovery in demand [37]. Shipbuilding - The global new ship price index reached 187.43 in April, a year-on-year increase of 0.32%, suggesting improved profitability for shipbuilding companies [39]. Oilfield Equipment - Brent crude oil prices fluctuated around $65 per barrel, with ongoing monitoring of production increases and trade negotiations [42]. Industrial Gases - Industrial gas prices are experiencing fluctuations, with both liquid oxygen and nitrogen prices showing variability [45]. Industry Dynamics - The report notes significant developments in the nuclear sector, including the successful delivery of key components for nuclear power plants and advancements in oil and gas exploration technologies [46][47].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The report highlights a positive outlook for Yingliu Co., driven by the rising demand in the "two machines" sector, with a projected average global gas turbine sales increase of 36% from 44.1 GW in 2023 to 60 GW from 2024 to 2026 [5][25]. - The nuclear fusion sector is expected to see accelerated bidding activity in 2025, with over 70 tenders reported for the Hefei BEST project this year, indicating a robust market environment [5][25]. - Huawei's collaboration with UBTECH in humanoid robotics and Tesla's advancements in their Optimus project signal a rapid development in the humanoid robotics industry [5][25]. Summary by Sections Market Review - The SW Machinery Equipment Index rose by 0.35% during the week of May 12-16, 2025, ranking 18th among 31 primary industry categories, while the CSI 300 Index increased by 1.12% [3][13]. - Year-to-date, the SW Machinery Equipment Index has increased by 9.47%, ranking 3rd among the 31 primary industry categories, contrasting with a 1.16% decline in the CSI 300 Index [3][17]. Key Data Tracking General Machinery - The manufacturing PMI for April was reported at 49.0, indicating a slight decline, with new orders PMI at 49.2, reflecting a decrease of 2.6 percentage points [24]. Engineering Machinery - In April 2025, excavator sales reached 22,100 units, a year-on-year increase of 17.6%, with exports at 9,595 units, up 19.3% [38]. Railway Equipment - From January to April 2025, railway fixed asset investment and passenger volume increased by 5.3% and 5.9% respectively, indicating a recovery in railway equipment demand [40]. Shipbuilding - The global new ship price index reached 187.43 in April 2025, a year-on-year increase of 0.32%, suggesting improved profitability for shipbuilding companies [43]. Oilfield Equipment - Brent crude oil prices fluctuated around $65 per barrel, with ongoing monitoring of production increases and trade negotiations between China and the US [46]. Industrial Gases - Industrial gas prices are experiencing fluctuations, with both liquid oxygen and nitrogen prices showing variability [49]. Industry Dynamics - The report notes significant developments in the general machinery sector, including the delivery of key nuclear pump equipment and advancements in liquid cooling technology for data centers [50]. - The report also mentions a major breakthrough in natural gas exploration by Sinopec in Sichuan, which could enhance the region's production capabilities [51].

Summary of Key Points Core Viewpoint - The aviation engine industry in China is primarily dominated by a few key players, with a significant focus on innovation, research and development, and market expansion to enhance their competitive edge in both military and civilian sectors [1][18]. Group 1: Industry Overview - The aviation engine manufacturing segment includes four main types: turbojet, turbofan, turboshaft, and turboprop engines, largely monopolized by the China Aviation Engine Group [1]. - Key companies in the industry include Aviation Power (航发动力), Aviation Technology (航发科技), and Aviation Control (航发控制), among others [1][3]. Group 2: Company Performance - Aviation Power reported a revenue of 449.94 billion yuan in 2024, leading the industry in terms of revenue [16]. - The average gross margin for listed companies in the aviation engine sector is around 25%, with individual margins ranging from 10% to 35% [16]. - Aviation Control achieved a gross margin of 28.11% in 2024, reflecting its strong technological innovation capabilities [16]. Group 3: Business Layout and Market Position - Aviation Power and Aviation Technology have over 50% of their business focused on aviation engines, indicating a strong commitment to this sector [13]. - The regional distribution of companies shows that titanium alloy leaders are mainly located in Shaanxi, while other material representatives are concentrated in the East China region [5]. Group 4: Future Business Plans - Companies are focusing on innovation and R&D investments to expand their aviation engine business, with plans to enhance their capabilities in high-temperature alloy components and precision casting [19]. - Aviation Technology aims to participate in the development of the C919 aircraft's engines and expand its international subcontracting business [19]. Group 5: Key Financial Metrics - The largest revenue-generating company in the aluminum and high-strength steel sector is China Aluminum, with a revenue of 2370.66 billion yuan [4]. - The revenue of Aviation Power in the aviation engine sector is projected to exceed 400 billion yuan in 2024, highlighting its market leadership [4]. Group 6: Patent and Employee Information - China Aluminum and Aviation Power hold over 1000 patents, indicating a strong focus on innovation [8]. - Southern Airlines has the largest employee count among listed companies, exceeding 100,000 [8].