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 ...

无锡航亚科技股份有限公司 证券代码：688510 证券简称：航亚科技 公告编号：2025-038 经与会董事认真审议，认为公司《2025 年第三季度报告》的编制和审核程 序符合相关法律法规和内部管理制度的规定。编制过程中，未发现参与编制和审 议的人员有违反内幕信息规定的行为，公司严格按照上市公司相关财务制度规范 运作。《2025 年第三季度报告》所记载事项不存在虚假记载、误导性陈述或重大 遗漏，所披露的信息真实、准确、完整。全体董事一致同意通过此报告。 审议结果：9 票赞成，0 票反对，0 票弃权。 本议案已经公司第四届董事会审计委员会第三次会议审议通过。 具体内容详见公司披露于上海证券交易所网站（ www.sse.com.cn） 的《无 锡航亚科技股份有限公司 2025 年第三季度报告》。 特此公告。 第四届董事会第四次会议决议公告 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。 一、董事会会议召开和出席情况 无锡航亚科技股份有限公司（以下简称"公司"）第四届董事会第四次会议 于 2025 年 10 月 29 日以现场及 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥160,832,164.08, a decrease of 10.87% compared to the same period last year[3] - The total profit for the period was ¥17,761,620.86, down 28.81% year-on-year[3] - Net profit attributable to shareholders was ¥16,656,525.67, reflecting a decline of 34.78% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥11,354,968.98, a decrease of 53.72% year-on-year[3] - The basic earnings per share for the period was ¥0.0645, down 34.72% from the same period last year[3] - Net profit for the first three quarters of 2025 was ¥78,442,806.33, a decrease of 14.29% from ¥91,571,395.58 in the previous year[19] - The total comprehensive income for the first three quarters was ¥78,442,806.33, down from ¥91,571,395.58 year-over-year[19] Research and Development - Research and development expenses totaled ¥14,850,155.53, accounting for 9.23% of operating revenue, an increase of 0.5 percentage points[4] - Research and development expenses for the first three quarters were ¥44,073,683.48, an increase of 13.36% compared to ¥38,982,101.97 in the same period last year[18] Assets and Liabilities - The total assets at the end of the period were ¥2,006,988,781.69, an increase of 4.69% compared to the end of the previous year[4] - The company's total liabilities amounted to ¥778,033,985.91, an increase from ¥734,836,899.85 in the previous year[15] - Total current assets as of September 30, 2025, amount to ¥944,400,675.74, an increase from ¥862,227,464.92 in the previous year[13] - Total non-current assets as of September 30, 2025, amount to ¥1,062,588,105.95, compared to ¥1,054,807,529.28 in the previous year[13] - Total assets as of September 30, 2025, are ¥2,006,988,781.69, up from ¥1,917,034,994.20 in the previous year[13] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥118,979,536.93, an increase of 47.58%[9] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥547,898,358.56, a 48.6% increase compared to ¥368,813,219.16 in the same period of 2024[21] - The net cash flow from operating activities for the first three quarters of 2025 was ¥118,979,536.93, up 47.5% from ¥80,621,634.38 in 2024[21] - The total cash outflow from operating activities in the first three quarters of 2025 was ¥428,918,821.63, an increase from ¥288,191,584.78 in 2024[21] - The total cash outflow from investing activities in the first three quarters of 2025 was ¥94,223,472.07, a decrease of 41.6% from ¥161,451,871.20 in 2024[22] - The net cash flow from investing activities for the first three quarters of 2025 was -¥93,799,934.57, an improvement compared to -¥161,451,871.20 in 2024[22] - The cash inflow from financing activities in the first three quarters of 2025 was ¥145,537,600.00, down 19.6% from ¥181,100,000.00 in 2024[22] - The net cash flow from financing activities for the first three quarters of 2025 was -¥36,040,420.36, compared to a positive net cash flow of ¥61,501,952.77 in 2024[22] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2025 was ¥262,614,713.74, an increase from ¥177,070,956.16 at the end of the same period in 2024[22] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 9,849[11] - The largest shareholder, Yan Qi, holds 37,317,391 shares, representing 14.44% of total shares[11] Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to drive future growth[20] - The company’s cash flow management strategies are under review to enhance liquidity and operational efficiency[20] Accounting Standards - The company has not adopted new accounting standards for the year 2025[23]

Core Insights - The company reported a third-quarter revenue of 161 million yuan, representing a year-on-year decline of 10.87% [1] - The net profit for the third quarter was 16.66 million yuan, down 34.78% year-on-year [1] - For the first three quarters, the company achieved a revenue of 530 million yuan, which is a year-on-year increase of 1.95% [1] - The net profit for the first three quarters was 77.87 million yuan, reflecting a year-on-year decrease of 16.04% [1] Financial Performance - Third-quarter revenue: 161 million yuan, down 10.87% year-on-year [1] - Third-quarter net profit: 16.66 million yuan, down 34.78% year-on-year [1] - Year-to-date revenue (first three quarters): 530 million yuan, up 1.95% year-on-year [1] - Year-to-date net profit (first three quarters): 77.87 million yuan, down 16.04% year-on-year [1]

Core Viewpoint - The aviation equipment sector experienced a rise of 1.11% on October 28, with Tongyi Aerospace leading the gains, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22%, and the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. - Key stocks in the aviation equipment sector showed significant gains, with Tongyi Aerospace rising by 6.00% to a closing price of 17.15 [1]. Group 2: Stock Performance - Notable performers included: - Filihua, which increased by 5.47% to 88.00, with a trading volume of 444,000 shares and a transaction value of 3.838 billion [1]. - Maixinlin, up 5.02% to 65.69, with a trading volume of 81,700 shares and a transaction value of 536 million [1]. - Chengxi Aviation, which rose by 4.91% to 17.31, with a trading volume of 430,300 shares and a transaction value of 739 million [1]. Group 3: Capital Flow - The aviation equipment sector saw a net inflow of 308 million from institutional investors, while retail investors experienced a net outflow of 360 million [2][3]. - Key stocks with significant capital inflows included: - Filihua with a net inflow of 318 million, accounting for 8.30% of its trading volume [3]. - Zhonghang Shenfei with a net inflow of 284 million, representing 11.17% of its trading volume [3].

Group 1 - The core point of the news is the performance and changes in the top holdings of the招商信用增强债券型基金, which reported a net value growth rate of 7.78% over the past year [1] - The fund's top ten holdings saw the addition of new stocks including 海康威视, 中国国航, 东方钽业, 佰维存储, 航亚科技, 华鲁恒升, and 漫步者 [1] - 盛达资源 became the fund's largest holding with an increase of 137.4 million shares, while several stocks like 赛轮轮胎 and 国联股份 exited the top ten holdings [1] Group 2 - The detailed data of the top holdings includes the number of shares held and their market value, with 海康威视 holding 199.49 thousand shares valued at 0.63 billion, and 盛达资源 holding 277.37 thousand shares valued at 0.73 billion [1] - The fund's strategy reflects a significant increase in positions for stocks like 盛达资源 and 卫星化学, with increases of 98.16% and 103.52% respectively [1] - The report indicates a shift in investment focus, as several previous top holdings have been removed from the list, suggesting a reallocation of assets [1]

Investment Rating - The report provides a strong recommendation for several companies in the military industry, indicating a positive outlook for their stock performance [9]. Core Insights - The recent Fourth Plenary Session of the 20th Central Committee emphasized new goals for national defense capabilities, including the enhancement of "national defense strength" and "international influence" [21]. - The report highlights the aerospace sector as a key focus area for military investment, particularly in the context of the newly stated goal of becoming a "space power" [21]. - Upcoming quarterly reports are expected to show a turning point in industry performance, with several companies already reporting significant year-on-year revenue and profit growth [24]. Industry Overview - The military industry consists of 118 listed companies with a total market capitalization of 2,092.9 billion and a circulating market value of 1,736.7 billion [4]. - The SW National Defense and Military Industry Index has shown a performance increase of 16.47% year-to-date, although it has underperformed compared to the CSI 300 Index by 1.97% [12][20]. - The industry is currently valued at a PE (TTM) of 85.77 times, with a five-year percentile of 78.63% [20]. Key Events - The Fourth Plenary Session concluded with new national defense goals, including a focus on high-quality military modernization and the integration of advanced combat capabilities [21]. - The report notes that the aerospace equipment sector has been particularly responsive to the recent policy announcements, showing strong performance [16][21]. Performance Summary - The report identifies several companies with notable performance, including North Navigation with a revenue increase of 210% and a net profit increase of 268.8% [25]. - The top-performing stocks in the military sector include North Shares (+25.20%) and Feili Hua (+17.92%) [19].

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 32.32 CNY [5][11][15]. Core Insights - The company is a leading manufacturer of advanced components for aviation engines, benefiting from strong global demand and industry chain shifts, with expected performance growth exceeding expectations [2][11][19]. - The company is positioned to capitalize on the booming civil aviation market, with a projected market value of nearly 6.5 trillion USD over the next 20 years, leading to a significant increase in commercial aviation engine demand [11][19]. - The company has established strong relationships with major global engine manufacturers, enhancing its business prospects through advanced manufacturing techniques and customer loyalty [11][19]. Financial Summary - Total revenue is projected to grow from 544 million CNY in 2023 to 1.522 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 27.2% [4][12]. - Net profit attributable to the parent company is expected to increase from 90 million CNY in 2023 to 313 million CNY in 2027, reflecting a CAGR of about 29.4% [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.35 CNY in 2023 to 1.21 CNY in 2027, indicating strong profitability growth [4][12]. Business Overview - The company specializes in key components for aviation engines and medical orthopedic implants, having undertaken significant research and development projects in advanced manufacturing techniques [27][29]. - The company has established itself as a supplier to major international engine manufacturers, leveraging its expertise in precision forging technology [27][29]. - The company is expanding its business into the orthopedic implant sector, anticipating long-term demand growth due to an aging population and increasing joint replacement rates [11][19]. Market Position and Growth Drivers - The company is well-positioned to benefit from the ongoing global shift in the aviation industry supply chain, with a focus on deepening collaborations with domestic manufacturers [11][19]. - The civil aviation sector is experiencing a robust recovery, with the company expected to capture a significant share of the growing market for commercial aviation engines [11][19]. - The company’s advanced manufacturing capabilities create high barriers to entry, ensuring a competitive advantage in the market [11][19].

Macroeconomic Insights - In September 2025, the total social financing (TSF) stock growth rate slightly decreased to 8.7%, down from 8.8% in the previous month, with new TSF amounting to 3.53 trillion yuan, a year-on-year decrease of 229.7 billion yuan[5] - The M2 growth rate fell to 8.4% in September, compared to 8.8% previously, while M1 growth rebounded to 7.2% from 6.0%[6] - The loan balance decreased to a year-on-year growth of 6.6%, down from 6.8%[5] Credit and Financing Trends - New credit in September was 1.29 trillion yuan, a year-on-year decrease of 300 billion yuan, with both corporate and household loans continuing to decline[6] - Corporate short-term loans were the main support, reflecting a trend where local governments used short-term loans to settle debts owed to enterprises[6] - The issuance of government bonds slowed, reducing fiscal support for monetary growth, while corporate foreign exchange settlements also slowed down[7] Automotive Industry Performance - In September 2025, domestic heavy truck sales reached 106,700 units, a year-on-year increase of 18%, with September sales of 106,000 units representing an 83% increase year-on-year[19] - The penetration rate of new energy heavy trucks is expected to reach 15% by 2025, driven by technological advancements and cost reductions[19] - The average retail price of passenger cars in September was 176,000 yuan, reflecting a year-on-year increase of 6.8% and a month-on-month increase of 3.6%[26] Investment and Profitability Outlook - China Pacific Insurance expects a net profit growth of 40%-60% year-on-year for the first three quarters of 2025, driven by underwriting profits and investment income[33] - TSMC's revenue forecast for FY2025 is adjusted to 3.7979 trillion NTD, with a GAAP net profit of 1.6817 trillion NTD, reflecting strong demand for advanced processes[38] - Huatai Securities has launched the AI Zhilue APP, enhancing customer interaction and potentially increasing market share in brokerage services[41]