泰和泰（贵阳）律师事务所 关于 贵州航宇科技发展股份有限公司 2025年第五次临时股东会 之 见证法律意见书 中国·贵阳 二零二五年十一月 泰和泰（贵阳）律师事务所 关于贵州航宇科技发展股份有限公司 2025年第五次临时股东会之见证法律意见书 致：贵州航宇科技发展股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）和中国证券 监督管理委员会《上市公司股东会规则》（以下简称《股东会规 则》）等法律、行政法规、规范性文件及《贵州航宇科技发展股 份有限公司章程》（以下简称《公司章程》）的要求，泰和泰（贵 阳）律师事务所（以下简称本所）接受贵州航宇科技发展股份有 限公司（以下简称公司）的委托，指派律师出席公司2025年第五 次临时股东会（以下简称本次股东会）。 本所律师根据《上市公司股东会规则》第五条的要求，按照 律师行业公认的业务标准、道德规范和勤勉尽责的精神，本所律 师仅对本次股东会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果等发表法律意见,不对本次股东 会审议的议案内容以及这些议案所表述的事实或数据的真实性、 准确性和完整 ...

Core Insights - The aviation equipment sector experienced a decline of 0.35% on November 14, with notable losses from Filihua, which dropped by 6.33% [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - ST Lihang (603261) saw a significant increase of 5.00%, closing at 27.31 with a trading volume of 10,700 lots [1] - Jiachitech (688708) and Maixinlin (688685) also reported gains of 2.62% and 2.43%, respectively, with closing prices of 64.34 and 63.70 [1] - Conversely, Filihua (300395) led the declines with a drop of 6.33%, closing at 74.98 and a trading volume of 218,300 lots [2] Capital Flow - The aviation equipment sector experienced a net outflow of 184 million yuan from major funds, while retail investors contributed a net inflow of 126 million yuan [2][3] - Major funds showed a net inflow in stocks like AVIC Shenyang Aircraft (600760) with 242.1 million yuan, while others like AVIC General (600038) had a net inflow of 39.9 million yuan [3]

Core Viewpoint - The stock of Hangyu Technology has experienced fluctuations, with a notable decline of 2.04% on November 14, 2023, despite a year-to-date increase of 83.11% [1] Financial Performance - For the period from January to September 2025, Hangyu Technology reported a revenue of 1.517 billion yuan, reflecting a year-on-year growth of 7.40%. However, the net profit attributable to shareholders decreased by 1.07% to 146 million yuan [2] - Cumulative cash dividends since the company's A-share listing amount to 132 million yuan, with 104 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 3.65% to 9,828, while the average circulating shares per person decreased by 3.52% to 19,396 shares [2] - Among the top ten circulating shareholders, E Fund Defense Industry Mixed A holds the second-largest position with 6.334 million shares, an increase of 2.4048 million shares compared to the previous period [3] Stock Market Activity - As of November 14, 2023, Hangyu Technology's stock price was 52.29 yuan per share, with a market capitalization of 9.968 billion yuan. The trading volume was 35.8611 million yuan, with a turnover rate of 0.36% [1] - The stock has seen a decline of 9.66% over the last five trading days, but a significant increase of 30.30% over the past 20 days and 48.26% over the last 60 days [1] Business Overview - Hangyu Technology, established on September 4, 2006, and listed on July 5, 2021, specializes in the research, production, and sales of aerospace non-deformable metal materials and ring forgings. The main revenue sources include aerospace forgings (75.41%), aerospace forgings (7.86%), and gas turbine forgings (6.49%) [1] - The company operates within the defense and military industry, specifically in the aviation equipment sector [1]

Group 1 - The company, Hangyu Technology, provided core high-temperature alloy and titanium alloy components for the Zhuque-3 rocket engine, including turbine disks and casings [1]

Core Viewpoint - The company, Aerospace Technology (688239), confirmed its role in providing critical high-temperature alloy and titanium alloy components for the Zhuque-3 rocket, including turbine disks and casings [1] Group 1 - The company specializes in manufacturing core components for rocket engines, specifically turbine pumps and rocket bodies [1] - The components provided include high-temperature alloys and titanium alloys, which are essential for the performance and reliability of rocket systems [1]

Core Viewpoint - The company provides key components for the Zhuque-3 rocket, including high-temperature alloy and titanium alloy parts [1] Company Summary - The company supplies core components such as turbine pumps and rocket body parts for the Zhuque-3 rocket engine [1] - Specific products mentioned include turbine disks and casings made from high-temperature alloys and titanium alloys [1]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Core Viewpoint - Aerospace Technology has signed a strategic cooperation agreement with Sichuan Aerospace Zhongtian Power Equipment Co., Ltd. to establish a deep strategic partnership in the field of aerospace precision forgings [1] Group 1 - Aerospace Technology and Sichuan Aerospace Zhongtian Power Equipment will collaborate in the aerospace precision forgings sector [1]

Core Points - The aviation equipment sector experienced a decline of 1.09% on November 11, with significant losses led by Hangyu Technology [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Hangxin Technology (300424) closed at 17.09, up 2.46% with a trading volume of 224,400 shares and a transaction value of 383 million [1] - Western Superconducting (688122) closed at 73.84, up 2.37% with a trading volume of 264,800 shares and a transaction value of 19.52 billion [1] - ST Lian Shi (000697) closed at 8.31, up 1.96% with a trading volume of 57,200 shares and a transaction value of 47.15 million [1] - Other notable stocks include Zongheng Co. (688070) at 51.71 (+1.08%), Boyun New Materials (002297) at 9.23 (+0.98%), and Andavil (300719) at 16.78 (+0.96%) [1] Capital Flow - The aviation equipment sector saw a net outflow of 783 million from main funds, while retail funds experienced a net inflow of 315 million [2] - Western Superconducting (688122) had a main fund net inflow of 269 million, but a net outflow from retail funds of 215 million [2] - Hangxin Technology (300424) recorded a main fund net inflow of 26.78 million, with retail funds seeing a net outflow of 40.57 million [2] - Other companies like Aerospace Rainbow (002389) and AVIC Heavy Machinery (600765) also showed mixed capital flows with varying net inflows and outflows [2]

工银中小盘混合（481010）基金经理为李昱。 截至发稿，李昱累计任职时间7年295天，现任基金资产总规模95.55亿元，任职期间最佳基金回报 159.44%， 任职期间最差基金回报-6.65%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 责任编辑：小浪快报 11月11日，航宇科技跌5.05%，截至发稿，报54.85元/股，成交2.86亿元，换手率2.66%，总市值104.56 亿元。 资料显示，贵州航宇科技发展股份有限公司位于贵州省贵阳市贵阳国家高新技术产业开发区金阳科技产 业园上坝山路5号，成立日期2006年9月4日，上市日期2021年7月5日，公司主营业务涉及主要从事航空 难变形金属材料环形锻件研发、生产和销售。主营业务收入构成为：航空锻件75.41%，航天锻件 7.86%，其他锻件7.23%，燃气轮机锻件6.49%，其他高端装备锻件3.00%。 从基金十大重仓股角度 数据显示，工银瑞信基金旗下1只基金重仓航宇科技。工银中小盘混合（481010）三季度持有股数 ...