中信证券股份有限公司 关于贵州航宇科技发展股份有限公司 向控股子公司提供借款暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为贵州航 宇科技发展股份有限公司（以下简称"公司"或"航宇科技"）2022 年度向特定 对象发行 A 股股票、向不特定对象发行可转换公司债券的持续督导工作的保荐 人，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，对航 宇科技向控股子公司成都成航发通用动力设备有限公司（以下简称"成航发"） 提供借款暨关联交易事项进行了核查，并发表核查意见如下： 一、本次提供借款暨关联交易事项概述 为支持成航发建设精密加工及组件装配产线，公司拟在不影响自身生产经营 的情况下，使用自有资金向成航发提供不超过 5,000 万元借款额度，期限为自股 东会审议通过之后协议签订之日起 3 年，该额度在有效期内可循环使用。借款利 率将参考届时银行同期贷款利率，且不低于公司的综合债务融资成本水平（具体 以实际协议为准）。本 ...

贵州航宇科技发展股份有限公司 2025 年第三季度报告 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 贵州航宇科技发展股份有限公司 2025 年第三季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 证券代码：688239 证券简称：航宇科技 债券代码：118050 债券简称：航宇转债 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 末比上年同期 | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 603,3 ...

Core Points - The company announced that it will not exercise the early redemption rights for the "Hangyu Convertible Bonds" during the upcoming three-month period from October 30, 2025, to January 29, 2026 [1] - The board will reassess the situation after January 30, 2026, and will hold a meeting to decide on the early redemption rights if the conditional redemption clauses are triggered again [1] Summary by Sections - **Company Announcement** - The company will hold the 33rd meeting of the fifth board on October 29, 2025, to review the proposal regarding the early redemption of "Hangyu Convertible Bonds" [1] - The decision was made to not redeem the bonds early and to refrain from exercising this right for the next three months [1] - **Future Considerations** - After January 30, 2026, if the conditional redemption clauses are triggered again, the board will convene to determine whether to exercise the early redemption rights [1]

Group 1 - The core point of the article is that Hangyu Technology (SH 688239) held its 33rd board meeting on October 29, 2025, where it reviewed the proposal regarding the non-early redemption of "Hangyu Convertible Bonds" [1] - For the fiscal year 2024, Hangyu Technology's revenue composition is as follows: forging industry accounts for 93.11%, other businesses account for 6.55%, and other categories account for 0.34% [1] - As of the report, Hangyu Technology has a market capitalization of 9.7 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with the technology sector reshaping the market dynamics and initiating a "slow bull" new pattern [1]

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-087 | | --- | --- | --- | | 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 自 2025 年 10 月 9 日至 2025 年 10 月 29 日，公司股票连续三十个交易日中 至少有十五个交易日的收盘价不低于当期转股价格的 130%（即 32.45 元/股）， 根据公司《募集说明书》中有条件赎回条款的相关规定，已触发"航宇转债"有 条件赎回条款。 董事会结合当前市场情况及公司情况综合考虑，为保护投资者利益，决定 不行使"航宇转债"的提前赎回权利，同时决定未来 3 个月内（即 2025 年 10 月 30 日至 2026 年 1 月 29 日），如再次触发"航宇转债"上述有条件赎回条款时， 公司均不行使提前赎回权利。 1 第五届董事会第33次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 依据《中华人民共和国公司法》《贵州航宇科技发展股份有限公司章程》 ...

| 证券代码：688239 | 证券简称：航宇科技 | 公告编号：2025-088 | | --- | --- | --- | | 转债代码：118050 | 转债简称：航宇转债 | | 贵州航宇科技发展股份有限公司 关于不提前赎回"航宇转债"的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 自 2025 年 10 月 9 日至 2025 年 10 月 29 日已有 15 个交易日的收盘价不 低于当期转股价格的 130%（即 32.45 元/股），已触发"航宇转债"的有条件赎 回条款。 公司 2025 年 10 月 29 日召开第五届董事会第 33 次会议，审议通过了《关 于不提前赎回"航宇转债"的议案》，董事会决定本次不行使"航宇转债"的提 前赎回权利，不提前赎回"航宇转债"，且在未来 3 个月内（即 2025 年 10 月 30 日至 2026 年 1 月 29 日），如再次触及"航宇转债"上述有条件赎回条款时，公 司均不行使提前赎回权利。自 2026 年 1 月 30 日后首个交易日重新计算，若 ...

中信证券股份有限公司 关于贵州航宇科技发展股份有限公司 不提前赎回"航宇转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为贵州航 宇科技发展股份有限公司（以下简称"公司"或"航宇科技"）2022 年度向特定 对象发行 A 股股票、向不特定对象发行可转换公司债券的持续督导工作的保荐 人，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《可 转换公司债券管理办法》《上海证券交易所上市公司自律监管指引第 12 号——可 转换公司债券》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对航宇科技不提前赎回"航宇转债"的事项进行了审慎核查，核查 情况及核查意见如下： 一、可转债发行上市基本情况 经中国证券监督管理委员会出具的《关于同意贵州航宇科技发展股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可[2024]1069 号）同 意，公司向不特定对象发行 66,700.00 万元的可转换公司债券，期限 6 年，每张 面值为人民币 100 元，发行数量为 667, ...

Core Points - A new company, Beijing Keda Aerospace Technology Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Chen Weidong [1] - The company's business scope includes the development of artificial intelligence basic software, manufacturing of intelligent unmanned aerial vehicles, and sales of service consumer robots [1] - The shareholders of the company include Blue Angel Airport Management (Beijing) Co., Ltd. and Suzhou Keda (603660) [1]

Core Viewpoint - Hangyu Technology's stock price has increased by 5.14% on October 23, reaching 46.25 CNY per share, with a total market capitalization of 8.817 billion CNY, reflecting a cumulative increase of 9.62% over three consecutive days [1] Company Overview - Hangyu Technology, established on September 4, 2006, and listed on July 5, 2021, is located in Guiyang National High-tech Industrial Development Zone, Guizhou Province. The company specializes in the research, production, and sales of aerospace non-deformable metal materials and ring forgings [1] - The revenue composition of Hangyu Technology includes: aerospace forgings 75.41%, aerospace forgings 7.86%, other forgings 7.23%, gas turbine forgings 6.49%, and other high-end equipment forgings 3.00% [1] Shareholder Insights - Qianhai Kaiyuan Fund's public utility stock (005669) is among the top ten circulating shareholders of Hangyu Technology, having increased its holdings by 810,000 shares in Q2, totaling 2.7774 million shares, which represents 1.46% of the circulating shares. The estimated floating profit today is approximately 6.277 million CNY, with a total floating profit of 10.7208 million CNY over the three-day increase [2] - Qianhai Kaiyuan Public Utility Stock (005669) was established on March 23, 2018, with a current scale of 9.658 billion CNY. Year-to-date returns are 32.11%, ranking 1376 out of 4218 in its category; the one-year return is 28.34%, ranking 1475 out of 3875; and since inception, the return is 229.16% [2] Fund Performance - Qianhai Kaiyuan's mixed fund (001972) holds 54,800 shares of Hangyu Technology, accounting for 3.58% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is about 123,800 CNY, with a total floating profit of 211,500 CNY over the three-day increase [4] - Qianhai Kaiyuan's mixed fund (001972) was established on January 26, 2016, with a current scale of 53.5738 million CNY. Year-to-date returns are 25.36%, ranking 3375 out of 8159; the one-year return is 25.67%, ranking 2915 out of 8030; and since inception, the return is 54.7% [4]

Core Insights - The company has been actively expanding its market presence in the international commercial aviation engine sector, signing new long-term supply agreements with international clients, which enhances its brand influence and technical recognition in the global aviation forgings market [2][3]. Group 1: Company Performance - As of October 17, 2025, the company has a total order backlog of 5.968 billion yuan, with customer orders amounting to 2.938 billion yuan, reflecting a year-on-year growth of 8.13%. The estimated amount of long-term agreements in hand is approximately 3.030 billion yuan, which represents a year-on-year increase of 44.84%, with a significant portion being overseas customer orders [8]. Group 2: Industry Developments - In the gas turbine sector, the company has achieved a "one-stop" delivery model for overseas gas turbine clients, including a framework procurement agreement exceeding 100 million yuan with Baker Hughes. This model has been extended to existing forging models, demonstrating an extension of the industrial chain [3]. - The company has successfully delivered its first product in the nuclear power equipment sector to Electricité de France, receiving high recognition from the client, which establishes a foundation for future orders in the European nuclear power market [3]. Group 3: Technological Advancements - The company has made substantial progress in the research and industrialization of its self-developed NISP process, confirming a stable forming process scheme and optimizing key process parameters, which will enhance its competitive barriers and market influence in the high-end forging equipment sector [4]. - The company is preparing to submit its first semiconductor front-end equipment key component for client review, with small batch production expected to follow upon approval [5]. Group 4: Market Outlook - The future growth of the gas turbine market is anticipated to benefit from two main factors: the increase in electricity demand driven by AI development overseas and the significant enhancement in product categories and value [8].