关于 贵州航宇科技发展股份有限公司 法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12楼 邮政编 码：518038 电话（Tel.）：(86-755) 88265288 传真（Fax.）：(86-755)88265537 电子邮箱（E-mail）：info@sundiallawfirm.com 网址（Website）：www.sundiallawfirm.com 法律意见书 释 义 在本法律意见书内，除非文义另有所指，下列简称和词语具有以下含义： 公司/本公司 指 贵州航宇科技发展股份有限公司 指 贵州航宇科技发展股份有限公司 2022 年第二期限制性股票 本激励计划/本计划 激励计划 指 符合本次激励计划授予条件的激励对象，在满足相应归属条 限制性股票 件后分次获得并登记的本公司股票 本 次 调 整 回 购 价 格及 指 调整本激励计划回购价格及回购数量 回购数量 本次回购注销 指 回购注销本激励计划部分限制性股票 按照本激励计划规定，获得限制性股票的董事、高级管理人 激励对象 指 员、核心技术人员及董事会认为需要激励的其他人员 公司向激励对象授予限制性股票的日期，授予日必须为交易 授予日 ...

回购注销决策历程回顾 登录新浪财经APP 搜索【信披】查看更多考评等级 2025年6月17日至7月4日期间，贵州航宇科技发展股份有限公司董事会、监事会及股东大会审议通过一 系列议案，决定对2022年第二期限制性股票激励计划部分限制性股票进行回购注销。此次回购注销，源 于2024年度公司业绩考核未达标，涉及133名首次授予激励对象和24名预留授予激励对象。 此次回购注销是公司基于业绩考核情况做出的决策，后续公司需按规定履行信息披露义务，并完成相关 注销登记及减资程序。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 自2022年7月27日起，贵州航宇科技就该激励计划陆续召开多次董事会、监事会及股东大会。其中， 2025年6月17日，公司第五届董事会 ...

关于 贵州航宇科技发展股份有限公司 2022 年第二期限制性股票激励计划回购注销相关事项的 法律意见书 法律意见书 释 义 在本法律意见书内，除非文义另有所指，下列简称和词语具有以下含义： | 公司/本公司 | 指 | 贵州航宇科技发展股份有限公司 | | --- | --- | --- | | 本激励计划/本计划 | 指 | 2022 贵州航宇科技发展股份有限公司 年第二期限制性股票 | | | | 激励计划 | | 限制性股票 | 指 | 符合本次激励计划授予条件的激励对象，在满足相应归属条 | | | | 件后分次获得并登记的本公司股票 | | 本次调整回购价格及 | 指 | 调整本激励计划回购价格及回购数量 | | 回购数量 | | | | 本次回购注销 | 指 | 回购注销本激励计划部分限制性股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的董事、高级管理人 | | | | 员、核心技术人员及董事会认为需要激励的其他人员 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期，授予日必须为交易 | | | 日 | | | 授予价格 | 指 | 公司授予激励对象每一股限制 ...

●回购注销原因：因公司 2024 年度的实现年度扣除非经常性损益后的净利润 为 15,475.32 万元，未达到首次授予第三个解除限售期的触发值，亦未达到预留 授予第二个解除限售期的触发值，公司根据相关规定有权单方面回购注销本次股 权激励授予的限制性股票，故公司本次对 133 名首次授予的激励对象已经授予尚 未解禁的2022年第二期限制性股票及24名预留授予激励对象已经授予尚未解禁 的 2022 年第二期限制性股票合计 1,280,136 股全部回购注销。 ●本次注销股份的有关情况。 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 1,280,136 股 | 1,280,136 股 | 2025 9 | 年 | 月 | 8 日 | 重要内容提示: 证券代码：688239 证券简称：航宇科技 公告编号：2025-076 债券代码：118050 债券简称：航宇转债 贵州航宇科技发展股份有限公司 关于 2022 年第二期限制性股票激励计划部分第一类 限制性股票回购注销实施公告 一、本次限制性股票回购注销的决策与信息披露 ...

Group 1: Commercial Aerospace Industry - The commercial aerospace market in China is experiencing significant growth, with private rocket companies making notable advancements in rocket engines and reusable technology, leading to a transition from "single breakthroughs" to "mass production" in the propulsion system sector [2][3] - Aerospace companies like Hangyu Technology have successfully developed partnerships with multiple commercial aerospace clients, resulting in a nearly 30% year-on-year increase in revenue from aerospace forging business [2] - The company Plater is focusing on metal 3D printing technology, which has inherent advantages in processing large, complex, and high-temperature resistant components for commercial aerospace applications [2][3] Group 2: Rail Transportation Industry - Companies in the rail transportation sector are enhancing their innovation capabilities through continuous R&D investment, with Iron Science focusing on high-speed rail fastening systems and new materials [4][5] - Jiao Control Technology emphasizes the importance of sustained R&D investment to maintain core competitiveness and is directing funds towards developing autonomous virtual grouping systems and train control systems for wet track environments [4][5] - Haite Technology is expanding its international market presence, securing contracts for projects in Malaysia and Kazakhstan, and is also making strides in the urban rail market by targeting intelligent maintenance needs [5]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but has a strong order backlog and is expanding into emerging sectors [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 914 million, a year-on-year decrease of 8.71% [1] - The net profit attributable to shareholders was 90 million, down 12.76% year-on-year [1] - The net profit after deducting non-recurring items was 73 million, a decrease of 21.93% year-on-year [1] - Total liabilities reached 2.522 billion, an increase of 45.30% year-on-year [1] - Cash and cash equivalents amounted to 539 million, up 66.56% year-on-year [1] - Accounts receivable stood at 1.139 billion, a year-on-year increase of 4.78% [1] - Inventory was 1.037 billion, reflecting a year-on-year growth of 38.50% [1] Order Backlog and Market Position - The slight revenue decline was attributed to adjustments in the delivery schedule of orders from some downstream aviation customers [2] - Revenue from aviation forgings was 689 million, down 8.93% year-on-year, while aerospace forgings saw revenue of 72 million, up 29.84% [2] - Gas turbine forgings generated revenue of 59 million, a decrease of 37.23% year-on-year [2] - The company signed multiple long-term supply agreements, with total orders on hand amounting to 2.938 billion, an increase of 8.13% year-on-year [2] - Including estimated orders during the long-term agreements, the total order backlog is approximately 5.968 billion [2] Strategic Initiatives - The company is focusing on deepening its presence in the aerospace sector while accelerating its expansion into emerging fields [2] - Key areas of focus include gas turbines, nuclear power, and marine engineering equipment [2] - The company has successfully undertaken its first batch of precision processing and R&D orders for critical components in semiconductor front-end equipment, indicating early success in its expansion into new sectors [2] Investment Outlook - The company is projected to have EPS of 1.23, 1.50, and 1.82 for 2025-2027, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 on August 29 [3] - The investment rating is maintained at "Buy-A" [3]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has seen a continuous increase in its order backlog, indicating strong future revenue potential despite a slight decline in revenue due to adjustments in delivery schedules from some downstream aviation customers [5]. - The company is actively expanding into emerging fields such as gas turbines, nuclear power, and marine engineering equipment, with initial success in securing orders for semiconductor equipment components [5]. Financial Performance - For the first half of 2025, the company's revenue was 914 million yuan, a year-on-year decrease of 8.71%, while the net profit attributable to the parent company was 90 million yuan, down 12.76% year-on-year [4]. - The company’s total liabilities reached 2.522 billion yuan, an increase of 45.30% year-on-year, while cash and cash equivalents grew by 66.56% to 539 million yuan [4]. - The order backlog totaled 2.938 billion yuan, reflecting an 8.13% year-on-year increase, with a combined order estimate of approximately 5.968 billion yuan [5]. Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 1.23 yuan, 1.50 yuan, and 1.82 yuan respectively, with corresponding PE ratios of 30.9, 25.3, and 20.9 based on the closing price of 37.91 yuan on August 29 [6][8].

中国银河（601881）证券股份有限公司李良,胡浩淼近期对航宇科技进行研究并发布了研究报告《航宇科 技点评报告：在手订单储备充足，产能释放支撑增长》，给予航宇科技买入评级。 航宇科技(688239) 事件：公司发布25年半年报，实现营收9.14亿元(YoY-8.7%)，归母净利0.90亿元(YoY-12.8%)，扣非后归母 净利0.73亿(YoY-21.9%)。 Q2环比业绩向好，毛利率微降。2025H1公司营收9.14亿元(YoY-8.7%)，主要系国内航空客户交付节奏延 后，部分产品价格调整，国内航空锻件收入下降所致。归母净利0.90亿元，同比下降12.8%。单季来看， 25Q2收入4.92亿元(YoY+16.2%，QoQ+16.6%)，结束下行态势实现增长，归母净利润0.47亿(YoY-0.56%， QoQ+10.8%)，主因毛利率下行，同比增收不增利。 航天锻件毛利率承压：1)25H1毛利率26.6%(YoY-0.92pct)，其中航天锻件毛利率承压最为明显，为17.3%， 同比下降10.3pct，而航空锻件和燃机锻件毛利率维持良好，分别为28.3%(YoY-0.57pct)和26.8%(YoY- 0 ...

费用率保持在较低水平；原材料采购增加影响现金流。1H25，公司期间费用率同比增加1.2ppt 至 12.8%：1）销售费用率同比增加0.2ppt 至1.8%；2）管理费用率同比增加0.7ppt 至5.6%；3）财务费用率 为1.1%，去年同期为0.8%；4）研发费用率同比减少0.003ppt 至4.3%。截至2Q25 末，公司：1）应收账 款及票据12.5 亿元，较年初增加4.9%；2）存货10.4 亿元，较年初增加16.7%。 1H25，公司经营活动净现金流为-0.03 亿元，去年同期为0.03 亿元。 投资建议：公司是我国航空航天领域环锻细分龙头之一，长期受益于国内外"两机"需求高景气，具有长 期发展潜力。未来，公司将持续深耕航空航天领域，加速新兴领域布局，目标成为全球一流的高端装备 精密制造解决方案供应商。我们预计，公司2025~2027 年归母净利润分别为2.46 亿元、3.13 亿元、3.85 亿元，对应PE 分别为30x/23x/19x。我们考虑到公司产能逐步释放和下游多行业中长期高景气，维持"推 荐"评级。 风险提示：下游需求不及预期、产品价格波动等。 事件：8 月28 日，公司发布2025 年 ...

Financial Performance - The company reported total revenue of 914 million yuan for the first half of 2025, a decrease of 8.71% year-on-year [1] - The net profit attributable to shareholders was 90.30 million yuan, down 12.76% compared to the previous year [1] - The gross margin was 26.62%, a decline of 3.34% year-on-year, while the net margin was 10.28%, down 0.27% [1] - The company experienced a significant increase in inventory, with a year-on-year growth of 38.5% [1] Key Financial Metrics - The company's operating expenses, including sales, management, and financial costs, totaled 77.74 million yuan, accounting for 8.51% of revenue, an increase of 16.93% year-on-year [1] - Earnings per share decreased to 0.59 yuan, down 16.90% from the previous year [1] - The company reported a negative operating cash flow per share of -0.01 yuan, a decline of 171.17% year-on-year [1] Changes in Financial Items - Accounts receivable financing increased by 38.57% due to an increase in bank acceptance bills expected to be discounted [3] - Other receivables rose by 43.37% due to an increase in government subsidy receivables [3] - Long-term equity investments decreased by 82.0% as the company included its joint venture, Deyu Testing, in its consolidated financials [3] - The company’s cash flow from operating activities saw a significant decline of 192.33% due to increased raw material procurement expenses [6] Investment Activity - The net cash flow from investing activities decreased by 345.2% due to increased payments for ongoing projects [7] - The net cash flow from financing activities also dropped by 158.24% as the company used idle funds to temporarily supplement working capital [8] Fund Holdings - The largest fund holding in the company is the Xin'ao Advanced Manufacturing Equity Fund, which has increased its position [10] - Other funds have also increased their holdings, indicating a growing interest in the company despite its recent financial challenges [10]