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].

5月16日，A股三大指数涨跌不一。国证通用航空产业指数走势震荡，截至发稿涨0.72%。成分股中，利 君股份涨停，国睿科技、联创光电、应流股份、珠海冠宇、中海达、航天电子等股涨幅居前。 相关产品中，跟踪国证通用航空产业指数的通用航空ETF基金（159230）正在发行中。根据公司公告， 通用航空ETF基金（159230）于5月7日至5月16日进行发售。该ETF即将于今日结束募集。 消息面上，据央广网，2025年5月10日，中国低空经济产业发展联盟（以下简称"联盟"）在三亚正式成 立。这一联盟的成立，标志着我国低空经济产业迈入以产业协同、场景创新为核心驱动力的高质量发展 新阶段。该联盟致力于为全球低空经济发展贡献"中国智慧"与"海南方案"。联盟宣布将以海南为创新试 验田，重点推动无人机物流、城市空中交通（UAM）、低空文旅等场景落地，并展示电力巡检无人 机、医疗急救运输机等前沿应用。中国低空经济产业发展联盟创始发起人、联席理事长焦涌表示，未来 三年，联盟将联动低空经济领域上下游企业，计划推动100个标志性场景落地，孵化50家独角兽企业， 并助力海南低空经济规模突破千亿。联盟成立后，将通过产业协同、场景创新与国际合作 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is experiencing significant growth in its two-machine business, with a 102.8% increase in orders for gas turbine products in 2024. The total orders on hand for this segment exceed 1.2 billion [3] - The company is making progress in the low-altitude economy sector, covering various areas such as turboshaft engines, hybrid power systems, and general aviation airports. It has established a comprehensive operational platform with the certification of its Liu'an Jin'an Airport as the third A1 class general aviation airport in Anhui Province [3] - The company maintains a leading position in the nuclear power sector, with a focus on advanced nuclear fusion technology. It has delivered 10 units of the "Hualong One" nuclear primary pump shell in 2024 and established a joint venture for nuclear fusion materials and components [3] Financial Performance - In 2024, the company achieved an operating revenue of 2.513 billion, a year-on-year increase of 4.21%, while the net profit attributable to the parent company was 286 million, a decrease of 5.57% [1] - The gross margin and net margin for 2024 were 34.24% and 10.09%, respectively, showing a slight decline compared to the previous year. However, the gross margin is expected to improve starting from Q4 2024 due to the increased proportion of high-margin two-machine business [2] - The company has maintained a high R&D investment ratio, with R&D expenses accounting for 12.13% of total expenses in 2024 [2] Profit Forecast - The profit forecast for the company remains unchanged for 2025-2026, with net profits projected at 423 million, 568 million, and 751 million for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are 33, 25, and 19 [4]

证券代码：603308 证券简称：应流股份 公告编号：2025-017 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公 开发行，募集资金主要用于补充营运资金、偿还银行借款。 特此公告。 安徽应流机电股份有限公司 董事会 二零二五年五月十五日 1 安徽应流机电股份有限公司 2025 年度第一期超短期融资券发行结果公告 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。 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 日发行了 2025 年度第一期超短期融资券（科技创新债），现将发行结果 公告如下： | 债务融资工具 | 安徽应流机电股份有限 SCP001（科 | | | 债务融资工具 | 25 应流 | | --- | --- | --- | --- | --- | --- | | 名称 | 2025 技创新债券 | 公司 | 年度第一期科 | 简称 | 创债） | | 代码 | 012581120 | | | 债务融资工具 期限 | 180 日 | | 计息方式 | ...

Core Insights - The Chinese aviation engine industry has achieved significant technological breakthroughs, focusing on three main areas: material processing, component manufacturing, and complete engine production [1][3]. Group 1: Technological Breakthroughs - Major companies in the aviation engine materials processing sector include Beijing Steel Research Technology Co., Ltd., which produces high-temperature alloys and precision castings for aerospace applications [2]. - In the component manufacturing sector, companies like Sichuan Chengfa Aviation Technology Co., Ltd. and Xi'an Aero Engine (Group) Co., Ltd. have developed various engine components, including turbine engines and combustion chamber parts [2][3]. - The complete engine manufacturing sector is represented by companies such as Guizhou Liyang Aviation Engine (Group) Co., Ltd., which has produced over 20 models of aviation turbine engines [3]. Group 2: Domestic Production and Development - China has established a relatively complete aviation engine research and production system, capable of developing various types of engines, including turboprop, turbojet, turbofan, and turboshaft engines [3]. - The domestically developed WS-20 engine is now used in the Y-20 transport aircraft, marking a significant step towards the complete domestic production of military aircraft engines [4]. Group 3: Market Position and Future Outlook - In the global military aircraft market, China ranks third with 3,309 military aircraft, accounting for 6% of the total, following the United States and Russia [6]. - The global fleet size is projected to grow from 20,563 aircraft in 2021 to 47,531 by 2041, with a shift towards the Chinese and Asia-Pacific markets [9].

Investment Rating - The report gives a "Buy" rating for the company [11]. Core Views - The company has extended its main business to include high-temperature alloy products, precision cast steel parts, nuclear power and other medium to large cast steel parts, and new materials and equipment, covering three major fields: high-end components, aerospace technology, and advanced materials [4][7]. - The company is accelerating the construction of high-end production capacity, forming a high-end product and capacity industrial system, which is expected to drive rapid growth in orders and revenue [11]. - The company has a strong position in the gas turbine market, benefiting from both overseas demand and domestic substitution, with significant growth in new orders for gas turbine components [8][11]. Summary by Sections High-end Casting Leading Enterprise - The company has established a complete production system for high-end components, focusing on the research, manufacturing, and sales of core components for high-end equipment [24][27]. - Revenue has shown steady growth since 2015, with a CAGR of 7.2% expected from 2015 to 2024 [7][11]. Gas Turbine Market - The gas turbine market is projected to grow significantly, with the global gas turbine service market expected to reach approximately $86.84 billion by 2033, with a CAGR of 8.72% from 2024 to 2033 [8][11]. - The company has received over 600 million yuan in new orders for gas turbines in 2023, marking a record high, with a projected increase of 102.8% in orders for 2024 [8][11]. Aerospace Engine Components - The turbine blades are core components in aerospace engines, with a market space of approximately 217.8 billion yuan for military aviation engines over the next five years and around 3.1 trillion yuan for civil aviation engines over the next 20 years [9][11]. Low-altitude Economy - The low-altitude economy is supported by national policies, with the company signing cooperation agreements with various aviation and airport entities [10][11]. Globalization and R&D Investment - The company has accelerated its globalization strategy, with overseas revenue expected to reach 1.124 billion yuan in 2024, showing an average annual growth rate of 8% from 2020 to 2024 [11]. - The company has maintained high R&D investment, exceeding 300 million yuan annually since 2018, and is entering a harvest period for its investments [11].

Core Viewpoint - The launch of the Technology Innovation Bonds in China's interbank market has received a positive response, with significant participation from various technology companies and investment institutions, indicating a strong demand for innovative financing solutions in the tech sector [1][3]. Group 1: Market Response and Participation - The Technology Innovation Bonds were officially launched on May 9, with 36 companies announcing a total issuance of 21 billion yuan, and 14 companies registering for an additional 18 billion yuan [1][3]. - The event featured a centralized roadshow with participation from multiple technology firms and investment institutions, highlighting the collaborative effort to promote these bonds [1][3]. - The initial response from institutional investors has been enthusiastic, suggesting a robust market appetite for these bonds [1]. Group 2: Issuer Details - Among the first 50 issuers, 26 technology companies are expected to issue bonds totaling 23.5 billion yuan, while 24 investment institutions plan to issue bonds worth 15.5 billion yuan [3][4]. - Notable issuers include both private enterprises like Luxshare Precision and public companies such as BOE Technology Group, covering a wide range of sectors including artificial intelligence and biomedicine [4][5]. - The geographical distribution of issuers spans 13 provinces, indicating a nationwide interest in the bonds [4]. Group 3: Fund Utilization - The funds raised through these bonds are primarily aimed at enhancing liquidity, supporting R&D, and facilitating comprehensive operational development for the issuing companies [3][7]. - Investment institutions are expected to use the funds for equity investments in technology sectors, ensuring that at least 50% of the raised capital is directed towards technology-focused enterprises [7][8]. - The flexibility in fund usage is a key feature of the Technology Innovation Bonds, allowing issuers to address specific financial needs [6][7]. Group 4: Risk Mitigation and Support Mechanisms - The issuance of Technology Innovation Bonds is supported by various risk-sharing mechanisms, including credit enhancement tools provided by financial institutions [10][12]. - The central bank has introduced a risk-sharing tool to support long-term financing for equity investment institutions, enhancing the credibility and market acceptance of these bonds [13][14]. - The involvement of diverse underwriting teams and the introduction of innovative credit risk mitigation measures are expected to improve the attractiveness of these bonds to investors [10][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Views - The company is experiencing a steep growth curve in its two-machine business, with significant order and revenue growth. The total orders in hand exceed 1.2 billion yuan, and the company has signed strategic agreements with major international players [3]. - The low-altitude economy business is gradually forming orders, with steady progress in aircraft assembly and testing. The company has also obtained a general airport usage permit for its subsidiary, enhancing its operational capabilities [4]. - The financial forecast has been adjusted, with expected net profits for 2025-2027 projected at 420 million, 574 million, and 801 million yuan respectively [4]. Financial Performance Summary - For 2024, the company is expected to achieve revenue of 2.513 billion yuan, a year-on-year increase of 4.21%, and a net profit of 286.38 million yuan, a decrease of 5.57% [5]. - In Q1 2025, the company reported revenue of 663 million yuan, a slight increase of 0.03% year-on-year, and a net profit of 92 million yuan, up 1.65% year-on-year [2]. - The gross profit margin for 2024 is projected at 34.24%, down 1.93 percentage points year-on-year, while the net profit margin is expected to be 11.39%, down 1.18 percentage points [5]. Business Development - The company has developed 736 types of "two-machine" products and is currently working on 166 more. The strong growth in gas turbine blade orders is driven by global energy transitions and AI data center construction [3]. - The company has expanded its product offerings in the aviation sector, including the assembly and testing of engines and the development of hybrid power systems for drones [4].