Core Viewpoint - The report outlines the share transfer agreement involving Hubei Chaozhuo Aviation Technology Co., Ltd., where the current shareholders will transfer a total of 18,758,420 shares, representing 20.93% of the company's total share capital, to Jiang Investment Capital, a wholly-owned subsidiary of Jiangtou Group, which is a state-owned enterprise in Hubei Province [8][10][54]. Group 1 - The share transfer agreement was signed on November 28, 2025, and involves three shareholders: Li Guangping, Wang Chunxiao, and Li Yihan [8][55]. - The transfer price is set at 41.16 yuan per share, totaling approximately 772.1 million yuan for the entire transaction [10][54]. - Following the transfer, Jiang Investment Capital will become the controlling shareholder, with the actual control shifting to the Hubei Provincial Government's State-owned Assets Supervision and Administration Commission [8][54]. Group 2 - The purpose of the equity change is to support the company's strategic expansion needs, leveraging Jiang Investment Capital's resources for future financing and mergers [5][53]. - There are no plans for the shareholders to increase or decrease their holdings in the next 12 months, aside from this transaction [6][54]. - The shareholders have committed not to seek control of the company during Jiang Investment Capital's ownership [35][55]. Group 3 - The report confirms that the shares involved in the transfer are not subject to any restrictions such as pledges or freezes [36]. - The transaction is subject to approval from relevant state-owned asset supervision authorities and compliance checks by the Shanghai Stock Exchange [37][56]. - The shareholders have agreed to relinquish their voting rights on the remaining shares they hold for a period of 60 months following the transfer [17][31].

Core Insights - The enthusiasm of local state-owned enterprises (SOEs) in acquiring control of listed companies has become a focal point in the capital market, particularly in Hubei province, where the number of companies controlled by the Hubei State-owned Assets Supervision and Administration Commission has reached 15 [2][4] Group 1: Recent Acquisitions - On December 2, 2023, Junting Hotel announced that Hubei Cultural Tourism acquired 29.99% of its shares for a total price of 1.499 billion yuan, changing the controlling shareholder to Hubei Cultural Tourism and the actual controller to the Hubei State-owned Assets Supervision and Administration Commission [2][4] - Just five days prior, the actual controller of Chaozhuo Aerospace also changed to the Hubei State-owned Assets Supervision and Administration Commission, indicating a trend of increasing control by Hubei SOEs [3] Group 2: Strategic Focus and Business Integration - Hubei Cultural Tourism's main business includes cultural tourism, commercial trade, and sports health, with assets exceeding 100 billion yuan and ownership of 44 scenic spots and 46 hotels [4] - Following the acquisition, Hubei Cultural Tourism plans to inject quality lodging assets into Junting Hotel and support its financing activities, aiming to establish it as a benchmark in the hotel industry and cultural tourism integration [4] Group 3: Broader Trends in Hubei SOEs - The acquisition wave by Hubei SOEs began in 2023, with significant control gained over companies like Tianfeng Securities and Shuanghuan Technology through various means [6] - Hubei SOEs are diversifying their investments into traditional sectors like chemicals and energy, as well as emerging industries such as semiconductors and new energy, enhancing their strategic positioning [5][6] Group 4: Future Opportunities and Reforms - The change in actual controllers to the Hubei State-owned Assets Supervision and Administration Commission is expected to provide new development opportunities under the "Three Assets" reform, which focuses on resource assetization, asset securitization, and financial leverage [7] - Companies like Chutian Expressway and Junting Hotel may leverage their assets for financing through real estate investment trusts (REITs) or commercial mortgage-backed securities (CMBS), enhancing their operational efficiency and capital utilization [7]

Core Viewpoint - The enthusiasm of local state-owned enterprises (SOEs) in acquiring control of listed companies has surged, particularly in Hubei province, where the number of companies controlled by the Hubei State-owned Assets Supervision and Administration Commission has reached 15 [3][4]. Group 1: Recent Acquisitions - On December 2, 2023, Junting Hotel announced that Hubei Cultural Tourism acquired 29.99% of its shares for a total of 1.499 billion yuan, changing its controlling shareholder to Hubei Cultural Tourism and its actual controller to the Hubei State-owned Assets Supervision and Administration Commission [3][5]. - Just five days prior, the actual controller of Chaozhuo Aerospace also changed to the Hubei State-owned Assets Supervision and Administration Commission [4]. Group 2: Strategic Goals and Future Plans - Hubei Cultural Tourism plans to inject high-quality hospitality assets into Junting Hotel and support its financing activities, aiming to establish it as a benchmark enterprise in the hotel industry and cultural tourism integration [5]. - The Hubei State-owned Assets Supervision and Administration Commission aims to have Hubei's listed companies rank among the top in the country by 2030, with over 50% of companies listed on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [4]. Group 3: Industry Focus and Expansion - Hubei SOEs are diversifying their investments beyond traditional sectors like chemicals and energy into emerging industries such as semiconductors, new energy, and aerospace [6]. - The acquisition trend began in 2023, with Hubei SOEs gaining control of multiple listed companies through capital increases and mergers, making them one of the most active local SOEs in terms of acquisitions [7][8]. Group 4: Resource Optimization and Financial Strategies - The Hubei "Three Assets" reform encourages the optimization of state-owned resources, allowing listed companies to leverage idle assets for financing and operational efficiency [8][9]. - Companies like Chutian Expressway and Junting Hotel are expected to utilize asset securitization to realize the value of their existing assets, enhancing their financial capabilities [9].

湖北超卓航空科技股份有限公司 简式权益变动报告书 上市公司名称：湖北超卓航空科技股份有限公司 股票上市地点：上海证券交易所 股票简称：超卓航科 股票代码：688237 信息披露义务人：李光平、王春晓、李羿含 住所：湖北省襄阳市襄城区檀溪路*** 通讯地址：湖北省襄阳市高新区台子湾路 118 号 股份变动性质：减少 签署日期：2025 年 12 月 3 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称为"《证券 法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《公 开发行证券的公司信息披露内容与格式准则第 15 号-权益变动报告书》（以下简 称"《准则 15 号》"）及其他相关的法律法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》、《收购管理办法》、《准则 15 号》的规定，本报告 书已全面披露信息披露义务人在湖北超卓航空科技股份有限公司中拥有权益的 股份变动情况。 四、截止本报告书签署之日，除本报告书披露的持股信息外，信息 ...

湖北超卓航空科技股份有限公司 详式权益变动报告书 湖北超卓航空科技股份有限公司 详式权益变动报告书 上市公司名称：湖北超卓航空科技股份有限公司 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容 与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与 格式准则第 16 号——上市公司收购报告书》等相关法律、法规和规范性文件编制。 股票上市地点：上海证券交易所 股票简称：超卓航科 股票代码：688237 信息披露义务人：湖北交投资本投资有限公司 住所及通讯地址：湖北省武汉市汉阳区四新大道 26 号湖北国展中心广场 B4 地块 东塔栋 9 层 股份变动性质：股份增加（协议受让） 签署日期：二〇二五年十二月三日 1 湖北超卓航空科技股份有限公司 详式权益变动报告书 信息披露义务人声明 二、截至本报告书签署日，信息披露义务人签署本报告书已获得必要的授权 和批准，其履行亦不违反其章程及内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息 ...

招商证券股份有限公司 关于 湖北超卓航空科技股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 2、本财务顾问核查意见所依据的文件、资料及其他相关材料由信息披露义务 人提供，信息披露义务人已保证其所提供的出具本财务顾问核查意见所依据的所 有书面材料、文件或口头证言的真实、准确、完整、及时，不存在重大遗漏、虚 假记载或误导性陈述，并对其真实性、准确性、完整性、及时性和合法性承担全 部责任。 本财务顾问核查意见是在假设信息披露义务人全面和及时履行本次交易相关 声明或承诺的基础上出具；若上述假设不成立，本财务顾问不承担由此引起的任 何风险责任。 3、对于对本财务顾问核查意见至关重要而又无法得到独立证据支持或需要法 律、审计、评估等专业知识来识别的事实，本财务顾问主要依据有关政府部门、 律师事务所、会计师事务所、资产评估机构及其他有关单位出具的意见、说明及 其他文件做出判断。 1 湖北超卓航空科技股份有限公司详式权益变动报告书之财务顾问核查意见 4、如本财务顾问核查意见中结论性意见利用其他证券服务机构专业意见的， 财务顾问已进行了必要的审慎核查。除上述核查责任之外，财务顾问并不对其他 中介机构的工作过程 ...

超卓航科公告，信息披露义务人李光平、王春晓、李羿含拟向交投资本协议转让合计持有的公司 1875.84万股股份，占公司目前总股本的20.93%。本次权益变动后，李光平持股数量为1059.54万股，占 11.82%；王春晓持股数量为0，占0.00%；李羿含持股数量为1523.64万股，占17.01%。转让价格为每股 41.16元，转让价款总额为7.72亿元。 ...

Core Viewpoint - The commercial aerospace sector is experiencing active trading, with stocks like Super Aerospace Technology (688237.SH) facing significant volatility due to a change in control and ongoing financial struggles [2][4]. Group 1: Company Control Change - Super Aerospace Technology's controlling shareholder and actual controller plan to transfer a total of 18.7584 million shares (approximately 20.93% of total shares) to Hubei Jiaotong Investment Co., Ltd. [3][4] - The share transfer price is set at 41.16 yuan per share, which represents a 20% discount compared to the last trading day before suspension [4]. - Following the transfer, the new controlling shareholder will be Hubei Jiaotong Investment, while the previous shareholders will see their holdings significantly reduced [4][6]. Group 2: Financial Performance - Super Aerospace Technology's revenue has shown fluctuations, with 2022 revenue at 140 million yuan, a year-on-year decline of 1.13%, and a net profit of 59 million yuan, down approximately 17% [7]. - The company projected revenues of 270 million yuan in 2023 and 404 million yuan in 2024, but net profits have been inconsistent, with significant year-on-year changes [7]. - For the first three quarters of this year, revenue increased slightly by 0.74% to 271 million yuan, but net profit fell by 44.28% to 11 million yuan, with a nearly 69% drop in net profit after deducting non-recurring items [7]. Group 3: Legal and Regulatory Issues - The company has faced regulatory scrutiny, including a 59.95 million yuan dispute with a bank, leading to an investigation by the China Securities Regulatory Commission [8]. - The company is involved in ongoing legal proceedings related to a fraud case, which is pending resolution before it can assert its rights [8].

Group 1 - The acquisition enthusiasm of local state-owned assets for controlling listed companies has surged, becoming a focal point in the capital market [1] - Hubei state-owned assets have accelerated their purchasing pace in the A-share market, with the number of listed companies under their actual control reaching 15 [1] - Hubei Wenlv acquired a 29.99% stake in Junting Hotel for a total price of 1.499 billion yuan, changing the controlling shareholder to Hubei Wenlv and the actual controller to Hubei Provincial State-owned Assets Supervision and Administration Commission [1][2] Group 2 - Hubei Wenlv's main business includes cultural tourism, commercial trade, and sports health, with assets exceeding 100 billion yuan [2] - After the acquisition, Hubei Wenlv plans to inject quality lodging assets into Junting Hotel and support its financing activities, aiming to make it a benchmark in the hotel industry and cultural tourism integration [2] - Hubei Jiaotou Group, a major state-owned enterprise, has also gained control of three listed companies, expanding its influence in various sectors including traditional and emerging industries [3] Group 3 - The acquisition wave of Hubei state-owned assets began in 2023, with several strategic acquisitions completed, making it one of the most active local state-owned entities in terms of acquiring listed companies [4] - Hubei state-owned assets are diversifying their investments into traditional sectors like chemicals and energy, as well as emerging sectors such as semiconductors and new energy [3][4] Group 4 - Hubei Provincial State-owned Assets Supervision and Administration Commission is promoting the concentration of quality state-owned resources into listed companies, with future expectations for semiconductor and digital economy assets to be injected into companies like Taiji Co. and Wanrun Technology [6] - The "Three Assets" reform in Hubei aims to optimize the use of idle assets, allowing companies to leverage their resources for financing and development [5][6]

Group 1 - The acquisition enthusiasm of local state-owned assets for listed companies is rising, with Hubei state-owned enterprises controlling 15 listed companies through various means [1] - Hubei Wenlv acquired 29.99% of Junting Hotel's shares for a total price of 1.499 billion yuan, changing the controlling shareholder to Hubei Wenlv and the actual controller to Hubei Provincial State-owned Assets Supervision and Administration Commission [1][2] - Hubei Wenlv plans to inject quality hospitality assets into Junting Hotel and support its financing activities, aiming to make it a benchmark in the hotel industry and cultural tourism integration [2] Group 2 - Hubei Jiaotou Group, a large state-owned enterprise, has now controlled three listed companies, including Chutian Expressway and Weichuang Optoelectronics, after acquiring Super Zhi Hang Ke [3] - Hubei state-owned assets are diversifying into traditional sectors like chemicals and energy, as well as emerging sectors such as semiconductors and new energy [3] - The acquisition wave of Hubei state-owned enterprises began in 2023, with multiple strategic acquisitions completed, making it one of the most active local state-owned entities in terms of acquiring listed companies [4] Group 3 - Hubei Provincial State-owned Assets Supervision and Administration Commission is utilizing specialized platforms to achieve precise industrial layout, with different groups focusing on technology, new energy, and cultural tourism [5] - The change in actual controllers to Hubei Provincial State-owned Assets Supervision and Administration Commission is expected to provide new development opportunities for these listed companies under the "Three Assets" reform [5] - Future asset injections into companies like Taiji Co. and Wanrun Technology are anticipated, particularly in the semiconductor and digital economy sectors [6]