Core Viewpoint - Hangya Technology, established in 2013 and listed in 2020, is a leading manufacturer of aircraft engine blades in China, focusing on advanced manufacturing processes and R&D capabilities [1] Group 1: Business Performance - In Q3 2025, Hangya Technology reported revenue of 530 million yuan, ranking 35th among 48 companies in the industry, significantly lower than the top competitors AVIC Xi'an Aircraft and AVIC Engine, which reported revenues of 30.244 billion yuan and 22.912 billion yuan respectively [2] - The net profit for the same period was 78.4428 million yuan, ranking 26th in the industry, again far below the leaders AVIC Shenyang Aircraft and AVIC Aircraft, which had net profits of 1.369 billion yuan and 1.162 billion yuan respectively [2] Group 2: Financial Ratios - As of Q3 2025, Hangya Technology's debt-to-asset ratio was 38.77%, slightly below the industry average of 39.42%, indicating stable solvency [3] - The gross profit margin was reported at 38.32%, down from 41.91% year-on-year, but still above the industry average of 30.54%, suggesting a competitive edge in profitability [3] Group 3: Executive Compensation - The chairman, Yan Qi, received a salary of 1.37 million yuan in 2024, a decrease of 367,500 yuan from 2023 [4] - The general manager, Zhu Hongda, earned 1.27 million yuan in 2024, down 186,400 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 19.08% to 9,849, while the average number of circulating A-shares held per account increased by 23.58% to 26,200 [5] Group 5: Market Outlook - Analysts from Changjiang Securities noted that Hangya Technology's revenue and performance are under short-term pressure due to changes in domestic and international delivery schedules, with a decline in the proportion of high-margin products affecting profitability [5] - Guohai Securities projected revenue growth for 2025 to 2027, estimating revenues of 779 million yuan, 1.105 billion yuan, and 1.498 billion yuan respectively, with corresponding net profits of 132 million yuan, 202 million yuan, and 290 million yuan [5]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨航亚科技（688510.SH） [Table_Title] 交付节奏导致短期业绩波动，内外贸高景气趋势 延续 报告要点 [Table_Summary] 公司发布三季报，25Q1-3 实现营收 5.3 亿，同比增长 1.95%；归母净利润 0.78 亿，同比减少 16.04%；扣非归母净利润 0.65 亿，同比减少 27.93%。25Q3 实现营收 1.61 亿，同比减少 10.87%，环比减少 17.68%；归母净利润 0.17 亿，同比减少 34.78%，环比减少 45.46%；扣 非归母净利润 0.11 亿，同比减少 53.72%，环比减少 59.77%。 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SAC：S0490525040001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 航亚科技（688510.SH） cjzqdt11111 [Table_Title 交付节奏 ...

Group 1 - The report highlights that Q3 performance met expectations with a continuous increase in membership numbers for Focus Technology, achieving a revenue of 490 million yuan, a year-on-year increase of 17% [4][5] - The report indicates that the company’s net profit for Q3 was 122 million yuan, showing a year-on-year decrease of 2%, while the net profit excluding non-recurring items was 118 million yuan, down 3.4% year-on-year [5][6] - The report notes that the company’s gross margin was 78.5%, a decrease of 1.4 percentage points year-on-year, and the net profit margin was 24.5%, down 5.2 percentage points year-on-year [5][6] Group 2 - The report states that Kuaijiao's revenue for the first three quarters was 3.174 billion yuan, a year-on-year decrease of 27.24%, with a net profit of 742 million yuan, down 43.39% year-on-year [10][11] - In Q3, Kuaijiao's revenue was 643 million yuan, a year-on-year decrease of 46.23%, and the net profit was 27 million yuan, down 92.55% year-on-year [10][11] - The report indicates that the decline in high-end and mid-range liquor sales was significant, while low-end liquor saw a growth of 117.28% year-on-year [12] Group 3 - The report mentions that Jinshi Resources achieved a revenue of 2.758 billion yuan in the first three quarters, a year-on-year increase of 50.73%, while the net profit was 236 million yuan, down 5.88% year-on-year [15][17] - In Q3, the company reported a revenue of 1.033 billion yuan, a year-on-year increase of 45.21%, and a net profit of 109 million yuan, up 32.29% year-on-year [16][18] - The report highlights that the company’s cash flow from operating activities for the first three quarters was 462 million yuan, an increase of 24.80% year-on-year [15][17] Group 4 - The report indicates that Wanze Co. achieved a revenue of 941 million yuan in the first three quarters, a year-on-year increase of 21%, with a net profit of 170 million yuan, up 22.45% year-on-year [22][23] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [24][43] - The report notes that the company has significant production capacity in high-temperature alloy components, with various agreements in place for further expansion [23][26] Group 5 - The report states that Lu'an Huanneng's revenue for the first three quarters was 21.1 billion yuan, a year-on-year decrease of 20.8%, with a net profit of 1.55 billion yuan, down 44.45% year-on-year [28][29] - In Q3, the company reported a revenue of 7.03 billion yuan, a year-on-year decrease of 21.8%, and a net profit of 210 million yuan, down 64% year-on-year [28][29] - The report highlights that the company plans to shut down its Xidong Coal Mine to improve operational efficiency and reduce losses [30][31] Group 6 - The report indicates that Mango Super Media's Q3 revenue was 3.099 billion yuan, a year-on-year decrease of 6.58%, with a net profit of 252 million yuan, down 33.47% year-on-year [32][33] - The report notes that increased content and R&D investments led to higher costs, impacting profitability [33][34] - The report highlights that advertising revenue returned to positive growth in Q3, with new shows expected to drive further engagement [35][36] Group 7 - The report states that Hangya Technology achieved a revenue of 530 million yuan in the first three quarters, a year-on-year increase of 1.95%, with a net profit of 78 million yuan, down 16.04% year-on-year [38][39] - In Q3, the company reported a revenue of 161 million yuan, a year-on-year decrease of 10.87%, and a net profit of 17 million yuan, down 34.78% year-on-year [40][41] - The report indicates that the company is focusing on new product development to drive future growth [39][41] Group 8 - The report mentions that Shandong Weida achieved a revenue of 1.439 billion yuan in the first three quarters, a year-on-year decrease of 11%, with a net profit of 230 million yuan, up 15% year-on-year [43][44] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [43][44] - The report highlights the company's strong cash flow and potential for growth in new business areas [44][45] Group 9 - The report indicates that Dinglong Co. achieved a revenue of 2.698 billion yuan in the first three quarters, a year-on-year increase of 11.2%, with a net profit of 519 million yuan, up 38% year-on-year [46][47] - In Q3, the company reported a revenue of 967 million yuan, a year-on-year increase of 6.6%, and a net profit of 208 million yuan, up 31.5% year-on-year [47][48] - The report highlights the strong performance of the semiconductor business, contributing significantly to overall growth [48]

| 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 王鹏 S0350525090001 | | | wangp05@ghzq.com.cn | [Table_Title] Q3 业绩短期承压，赛峰转动件结构件有望助力 成长加速 ——航亚科技（688510）2025 年三季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/10/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 航亚科技 | -4.3% | -2.7% | 51.2% | | 沪深 300 | 2.8% | 14.3% | 21.0% | | 市场数据 | 2025/10/29 | | --- | --- | | 当前价格（元） | 25.17 | | 52 周价格区间（元） | 14.50-28.10 | | 总市值（ ...

证券之星消息，10月30日航空装备板块较上一交易日下跌1.98%，航亚科技领跌。当日上证指数报收于 3986.9，下跌0.73%。深证成指报收于13532.13，下跌1.16%。航空装备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688685 | 迈信林 | 1722.11万 | 8.67% | 36.14万 | 0.18% | -1758.25万 | -8.85% | | 688708 | 佳驰科技 | 704.22万 | 6.18% | -303.92万 | -2.67% | -400.30万 | -3.51% | | 300719 | 安达维尔 | 283.66万 | 3.31% | -1261.92万 | -14.72% | 978.26万 | 11.41% | | 688287 | *ST观曲 | 140.66万 | 9.10% | -134.58万 | -8.70% | -6. ...

对于社保基金，本期新披露持有航亚科技的社保基金共计2个，包括全国社保基金-六组合、全国社保基 金六零四组合。 2025年10月30日，航亚科技(688510.SH)发布2025年第三季报。截至2025年10月29日，共有20个机构投 资者披露持有航亚科技A股股份，合计持股量达4410.15万股，占航亚科技总股本的17.07%。其中，前 十大机构投资者包括无锡华航科创投资中心(有限合伙)、国联证券资管-无锡通汇投资有限公司-国联定 新50号单一资产管理计划、江苏新苏投资发展集团有限公司、中国航发资产管理有限公司、全国社保基 金-六组合、全国社保基金六零四组合、招商信用增强债券A、招商享诚增强债券A、诺安研究精选股 票、前海开源大海洋混合，前十大机构投资者合计持股比例达16.72%。相较于上一季度，前十大机构 持股比例合计下跌了3.69个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括招商信用增强债券A、前海开源大海 洋混合、招商中证800指数增强A、上银未来生活灵活配置混合A，持股增加占比达0.45%。本期较上一 季度新披露的公募基金共计10个，主要包括招商享诚增强债券A、诺安研究精选股票、 ...

格隆汇10月29日丨航亚科技(688510.SH)发布三季报，2025年前三季度实现营业总收入5.3亿元，同比增 长1.95%；归属母公司股东净利润7786.93万元，同比下降16.04%；基本每股收益为0.3014元。 ...

（编辑 楚丽君） 证券日报网讯 10月29日晚间，航亚科技发布公告称，公司副总经理丁立先生因个人身体健康原因，不 再担任公司副总经理职务。公司按照岗位职责和制度规范，不再认定丁立先生为公司核心技术人员。 ...

重要内容提示： 副总经理离任：无锡航亚科技股份有限公司（以下简称"公司"）副总经 理丁立先生因个人身体健康原因，不再担任公司副总经理职务。 核心技术人员调整：公司按照岗位职责和制度规范，不再认定丁立先生 为公司核心技术人员。 影响说明：丁立先生不再担任副总经理职务及公司本次核心技术人员调 整事项，不会影响公司拥有的核心技术及其专利权属完整性，亦不会对公司的核 心竞争力、持续经营能力、业务及产品创新能力产生重大不利影响。 证券代码：688510 证券简称：航亚科技 公告编号：2025-039 无锡航亚科技股份有限公司 关于高级管理人员离任、核心技术人员调整的公告 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、准确性和完整性承担法律责任。 (二) 高级管理人员离任对公司的影响 丁立先生已按照公司相关制度做好交接工作，其辞去公司副总经理职务后， 仍继续在公司任职。离任后，丁立先生将继续遵守《上海证券交易所科创板股票 上市规则》《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、 高级管理人员减持股份》等相关法律法规的规定及公司首次公开发行股票时所作 ...

关于参加 2025 无锡上市公司投资者集体接待日活动暨 召开 2025 年第三季度业绩说明会的公告 无锡航亚科技股份有限公司 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。 重要内容提示： 会议召开时间：2025 年 11 月 4 日（星期二）下午 15:30-17:00 证券代码：688510 证券简称：航亚科技 公告编号：2025-040 （二） 平台：全景路演（http://rs.p5w.net）或关注微信公众号（名称：全景 财经）或下载全景路演 APP （三） 方式：网络互动 三、 参加人员 董事长：严奇先生 投资者可于 2025 年 11 月 3 日 （星期一）16:00 前通过公司邮箱 IRM@hyatech.cn 进行提问，公司将在活动上对投资者普遍关注的问题进行回答。 无锡航亚科技股份有限公司（以下简称"公司"）已于本公告同日发布公司 2025 年第三季度报告，为进一步加强与投资者的互动交流，公司将参加 2025 无 锡上市公司投资者集体接待日活动暨召开 2025 年第三季度业绩说明会，就投资 者关心的问题进行 ...