Group 1 - The company held a half-year performance briefing on September 10, 2025, via the Shanghai Stock Exchange's online platform [1][2] - Key executives, including the chairman and general manager, participated in the briefing to discuss the company's performance and financial status with investors [2] Group 2 - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing an increase of 80.04% compared to the same period last year [4] - The net profit attributable to shareholders was 97 million yuan, reflecting a growth of 6.70% year-on-year [4] Group 3 - The company’s gasification technology has independent intellectual property rights and has been recognized as internationally leading in safety, stability, adaptability, economic operation, and environmental friendliness [3] - The company’s advanced gasification technology achieved international leading status and received a first-class scientific and technological award from the China Fertilizer Association [5] Group 4 - The company is actively working on coal chemical projects in the Xinjiang region, with financial accounting based on specific project progress [6]

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。 航天长征化学工程股份有限公司（以下简称公司）于 2025 年 9 月 10 日上午 11:00-12:00 通过上海证券交易所上证路演中心（网址：https://roadshow.sse info.com/）以网络互动形式举行 2025 年半年度业绩说明会，现将有关事项公告 如下： 一、 业绩说明会召开情况 2025 年 8 月 30 日，公司在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体披露了《航天长征化学工程股份有限公司关于召开 2025 年半年度 业绩说明会的公告》。 2025 年 9 月 10 日，公司董事长姜从斌，董事、总经理孙庆君，独立董事杨 鹃，副总经理（财务负责人）、董事会秘书王光辉出席了本次说明会。参会人员 就公司 2025 年半年度经营成果及财务状况与投资者进行沟通和交流，在信息披 露允许的范围内就投资者普遍关注的问题进行了回复。 证券代码：603698 证券简称：航天工程 公告编号：2025-024 航天长征化学工程股份有限公司 关 ...

（编辑 楚丽君） 证券日报网讯 9月9日晚间，航天工程发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.055元（含税），股权登记日为2025年9月17日，除权（息）日为2025年9月18日。 ...

航天长征化学工程股份有限公司 2025年半年度权益分派实施公告 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。 证券代码：603698 证券简称：航天工程 公告编号：2025-023 重要内容提示： 每股分配比例 A 股每股现金红利0.055元 1. 发放年度：2025年半年度 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/17 | － | 2025/9/18 | 2025/9/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经航天长征化学工程股份有限公司（以下简称公司）2025 年 4 月 25 日 的2024年年度股东大会审议通过，授权董事会根据公司实际情况，在符合利润分配条件、分 红上限的前提下制定并实施具体的 2025 年度中期分红方案，并经 2025 年 8 月 28 日召开的第 五届董事会第五次会议审议通过。 二、 分配方案 2. 分 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing a year-on-year increase of 80.04% [5][6]. - The net profit attributable to shareholders was 97 million yuan, up 6.70% year-on-year, while the net profit excluding non-recurring items was 95 million yuan, also up 6.63% year-on-year [5][6]. - In Q2 2025, the company achieved a revenue of 1.140 billion yuan, a year-on-year increase of 31.59% and a quarter-on-quarter increase of 34.55% [5][6]. - The net profit for Q2 2025 was 63 million yuan, down 19.18% year-on-year but up 86.07% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to reach 4.635 billion yuan, with a gross profit of 959 million yuan, indicating a gross margin of 21% [15]. - The net profit attributable to shareholders is expected to grow to 2.3 billion yuan by 2027, with corresponding PE ratios of 43.0X, 26.3X, and 21.7X for 2025, 2026, and 2027 respectively [10][15]. Market Position and Technology - The company has a leading position in the coal gasification market, holding over 50% market share with its gasification technology [10]. - The company has signed contracts for 71 coal chemical projects and sold 167 gasifiers, showcasing its strong market presence and technological advantages [10]. Policy and Industry Outlook - The company benefits from supportive national policies aimed at promoting coal chemical projects, particularly in regions like Xinjiang, which is expected to see over 800 billion yuan in investments [10]. - The coal gasification technology is evolving towards larger-scale production and cleaner processes, aligning with national energy strategies [10].

Core Insights - On September 1, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for Zhuhai Gree, Anhui Energy, and Fulian Precision, showing target price increases of 54.55%, 42.86%, and 40.28% respectively, all within the battery and power sectors [1]. Group 1: Target Price Increases - Zhuhai Gree (688772) received a target price of 34.00 yuan, reflecting a 54.55% increase [2]. - Anhui Energy (000543) has a target price of 10.30 yuan, indicating a 42.86% increase [2]. - Fulian Precision (300432) was assigned a target price of 21.00 yuan, showing a 40.28% increase [2]. Group 2: Additional Companies with Notable Increases - Double Star New Materials (002585) has a target price of 7.80 yuan, with a 39.78% increase [3]. - Zhonglun New Materials (301565) received a target price of 33.00 yuan, reflecting a 38.36% increase [3]. - Jack Shares (603337) has a target price of 66.00 yuan, indicating a 37.47% increase [3]. Group 3: Brokerage Recommendations - A total of 39 listed companies received brokerage recommendations on September 1, 2023, with Double Star New Materials, China National Freight, and Postal Savings Bank each receiving one recommendation [3]. - Zhonglun New Materials was given a "Buy" rating in its first coverage by Citic Securities [3].

Core Insights - The company reported a significant increase in total revenue and net profit for the first half of 2025, with total revenue reaching 1.988 billion yuan, up 80.04% year-on-year, and net profit of 96.87 million yuan, up 6.7% year-on-year [1] - However, the second quarter showed a decline in net profit compared to the previous year, with a net profit of 63.00 million yuan, down 19.18% year-on-year [1] - The company's accounts receivable are notably high, with accounts receivable amounting to 353.07% of the net profit for the latest annual report [1][3] Financial Performance - Total revenue for the first half of 2025 was 1.988 billion yuan, compared to 1.104 billion yuan in the same period of 2024, reflecting an 80.04% increase [1] - The net profit for the first half of 2025 was 96.87 million yuan, up from 90.79 million yuan in 2024, marking a 6.7% increase [1] - The gross margin decreased to 18.98%, down 28.47% year-on-year, while the net margin fell to 7.91%, down 11.31% year-on-year [1] - The total of selling, administrative, and financial expenses was 112 million yuan, accounting for 5.61% of revenue, a decrease of 28.21% year-on-year [1] Cash Flow and Debt - The company reported a negative operating cash flow per share of -0.93 yuan, a significant decrease of 93.39% year-on-year [1] - The company’s cash assets are considered healthy, indicating a strong ability to meet debt obligations [2] Investment Insights - The company's return on invested capital (ROIC) was 3.36% last year, indicating weak capital returns, with a historical median ROIC of 5.93% since its listing [1] - The company’s reliance on research and development as a primary driver of performance necessitates careful examination of the underlying factors [2] Fund Holdings - The largest fund holding the company’s shares is Zhuque Xiangxin One-Year Holding, with 3.6621 million shares, which has increased its position [4] - Other funds, such as Zhuque Enterprise Excellence A and Zhuque Carbon Neutral Three-Year Holding, have also increased their holdings in the company [4]

Core Viewpoint - Aerospace Engineering continues to drive innovation and industry integration, achieving significant revenue growth and maintaining profitability in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, Aerospace Engineering reported a revenue of 1.988 billion yuan, representing a year-on-year increase of 80.04% [1]. - The net profit attributable to shareholders reached 96.87 million yuan, reflecting a year-on-year growth of 6.7% [1]. Group 2: Technological Innovation - The company has made advancements in various fields, including advanced gasification, hydrogen energy, biomass gasification, and green metallurgy [1]. - The "Aerospace 6.5Mpa, 3500-ton semi-waste boiler coal pressurized gasification technology" received international recognition for its leading level and won the first prize from the China Fertilizer Association [1]. - Aerospace Engineering applied for 35 patents, including 25 invention patents, and received 15 patent authorizations, with 8 being invention authorizations [1]. Group 3: Business Development - The high-end equipment manufacturing sector is progressing well, with the valve subsidiary completing key valve prototype trials and advancing external market expansion [2]. - The environmental operation sector has seen significant progress in the 25,000 tons/year waste salt comprehensive utilization project, with major equipment procurement completed and 80% of key installations finished [2]. - The green hydrogen engineering technology sector is accelerating the series production and industrial upgrade of aerospace electrolysis hydrogen equipment, achieving breakthroughs in core technologies [2]. Group 4: Profit Distribution - Aerospace Engineering announced a profit distribution plan, proposing a cash dividend of 0.55 yuan per 10 shares, totaling 29.48 million yuan [3].

Group 1 - The company plans to distribute a cash dividend of 0.55 RMB per 10 shares, totaling approximately 29.48 million RMB, which represents 30.43% of the net profit attributable to shareholders for the first half of 2025 [8][21][30] - The company held its fifth board meeting on August 28, 2025, where the half-year report and dividend proposal were approved unanimously by all participating directors [4][5][6] - The company reported a total of 1.48 billion RMB in undistributed profits as of June 30, 2025 [21] Group 2 - The company is focusing on enhancing operational quality and has established five major business segments: modern coal chemical, hydrogen comprehensive utilization, energy conservation and environmental protection, high-end equipment manufacturing, and industrial gas operation [29][30] - The company aims to improve its governance structure and comply with regulatory requirements while enhancing its investor relations and communication strategies [33][34] Group 3 - The company plans to invest 280.5 million RMB to acquire a 51% stake in Xinjiang Juneng Gas Co., thereby becoming its controlling shareholder [55][56] - The investment is intended to expand the company's industrial gas operations and leverage its advanced gasification technology [69]

每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 （记者 张喜威） 2024年1至12月份，航天工程的营业收入构成为：专业技术服务业占比99.87%，其他业务占比0.13%。 每经AI快讯，航天工程（SH 603698，收盘价：18.34元）8月30日发布公告称，公司第五届第五次董事 会会议于2025年8月28日以现场结合通讯方式召开。会议审议了《关于公司2025年半年度报告及其摘要 的议案》等文件。 ...