Core Viewpoint - The company, established in 2000 and listed in 2023, is a significant player in the aerospace and defense sector, showcasing strong investment potential due to its full industry chain advantages and high technical barriers [1] Financial Performance - For Q3 2025, the company's revenue reached 2.039 billion, ranking 15th among 48 companies in the industry, while net profit was 400 million, placing it 10th [2] - The main business segments include aviation finished parts (633 million, 46.54%), basic materials (607 million, 44.60%), non-aviation finished parts (56.88 million, 4.18%), processing services (53.87 million, 3.96%), and others (9.81 million, 0.72%) [2] Financial Ratios - The company's debt-to-asset ratio stood at 12.20% in Q3 2025, lower than the industry average of 39.42% [3] - The gross profit margin was 31.14%, higher than the industry average of 30.54% [3] Management and Shareholder Structure - The chairman, Yang Hui, has extensive industry experience, while the general manager, Liu Qiguang, saw a significant salary increase to 790,800, up from 67,200 in 2023 [4] - The largest shareholder is the Beijing Aeronautical Materials Research Institute, controlled by the China Aviation Engine Group [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 0.30% to 23,200, with an average holding of 5,050.03 shares, an increase of 1.87% [5] - Major shareholders include various ETFs, with notable changes in holdings among the top ten [5] Market Outlook - The company experienced a revenue decline in the first half of 2025 due to fluctuating customer demand, but the gross margin remained stable [6] - Plans for the second half of 2025 include expanding into the gas turbine, trainer aircraft, and civil aircraft markets, along with completing acquisitions and utilizing excess funds for strategic investments [6] - Revenue projections for 2025-2027 are 3.091 billion, 3.682 billion, and 4.359 billion, with net profits of 617 million, 755 million, and 893 million respectively [6]

Core Viewpoint - The company has appointed Liu Qiguang as the new General Manager, with unanimous approval from all board members [2] Group 1 - The announcement was made on the evening of October 30 [2] - The decision reflects a consensus among the company's board of directors [2]

证券代码： 688563 证券简称：航材股份 公告编号： 2025-039 经公司董事长提名、董事会提名委员会审议通过，公司于2025年10月30日召 开第二届董事会第六次会议，审议通过了《关于聘任公司总经理的议案》，全体 董事一致同意聘任刘其广先生担任公司总经理（简历详见附件），任期自本次公 司董事会审议通过之日起至第二届董事会届满之日止。 北京航空材料研究院股份有限公司（以下简称"公司"）于2025年10月30日 召开第二届董事会第六次会议，审议通过了《关于聘任公司总经理的议案》。具 体情况如下： 北京航空材料研究院股份有限公司 关于聘任总经理的公告 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。 刘其广先生不存在《公司法》规定的禁止任职或被中国证监会处以证券市场 禁入处罚的情形，其任职资格符合《公司法》等法律、行政法规及《公司章程》 的有关规定，并具备与其所聘职务以及行使职权相适应的任职经历、履历能力和 条件。 特此公告。 北京航空材料研究院股份有限公司董事会 2025年10月31日 附件： 刘其广先生简历 刘其广先生， ...

证券代码：688563 证券简称：航材股份 公告编号： 2025-040 北京航空材料研究院股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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。 北京航空材料研究院股份有限公司（以下简称"公司"）于2025年10月30日召 开第二届董事会第六次会议、第二届监事会第六次会议，审议通过了《关于使用 部分暂时闲置募集资金进行现金管理的议案》，同意公司在保证不影响募集资金 投资计划正常进行的前提下，拟使用最高不超过37亿元（含本数，含前次使用部 分暂时闲置募集资金进行现金管理尚未到期的部分）的暂时闲置募集资金进行现 金管理。公司将按照相关规定严格控制风险，拟将暂时闲置募集资金用于购买安 全性高、流动性好、有保本承诺的理财产品或存款类产品（包括但不限于协定存 款、结构性存款、大额存单、通知存款等），使用期限自公司董事会审议通过之 日起12个月内有效。在前述额度及期限范围内，资金可以循环滚动使用。 上述事项在公司董事会审批权限范围内，无需提交公司股东大会审议。保荐 机构中信证券股份有 ...

表决结果：同意票为5票，反对票为0票，弃权票为0票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《2025年第三季度报告》。 北京航空材料研究院股份有限公司 第二届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 北京航空材料研究院股份有限公司（以下简称"公司"）第二届监事会第六次 会议（以下简称"会议"）会议通知于2025年10月24日以电子邮件发出，并于2025 年10月30日上午在公司会议室以通讯方式召开。会议应出席监事5人，实际出席监事 5人。会议由监事会主席吴文生主持，公司董事会秘书及高级管理人员列席了会议。 会议的召集及召开程序符合《中华人民共和国公司法》等法律、法规和《北京航空 材料研究院股份有限公司章程》的有关规定，合法有效。 二、监事会会议审议情况 （一）审议通过《关于公司<2025年第三季度报告>的议案》 证券代码： 688563 证券简称：航材股份 公告编号： 2025-038 1 （二）审议通过《关于使用部分暂时闲置 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-037 北京航空材料研究院股份有限公司 第二届董事会第六次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 北京航空材料研究院股份有限公司（以下简称"公司"）第二届董事会第六 次会议（以下简称"会议"）于2025年10月24日以电子邮件发出通知，并于2025 年10月30日上午以通讯方式召开。会议应出席董事9人，实际出席董事9人。会议 由董事长杨晖主持，监事、董事会秘书及高级管理人员列席了会议。会议的召集 及召开程序符合《中华人民共和国公司法》等法律、法规和《北京航空材料研究 院股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 （二）审议通过《关于公司<2025年第三季度报告>的议案》 表决结果：同意票为9票，反对票为0票，弃权票为0票。 本议案已经公司董事会审计委员会预审通过。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《2025年第三季度报告》。 （三）审议通过《关 ...

中信证券股份有限公司 关于北京航空材料研究院股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为北京航空材 料研究院股份有限公司（以下简称"航材股份"或"发行人"或"公司"）首次公开发 行股票并在科创板上市的保荐人，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》《上市公司募集资金监管规则》等相关规定，对航材 股份使用部分暂时闲置募集资金进行现金管理事项进行了审慎核查，核查情况及 意见如下： 一、募集资金基本情况 经中国证券监督管理委员会于2023年5月23日出具的《关于同意北京航空材 料研究院股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1151 号）同意注册，航材股份获准向社会公开发行人民币普通股9,000万股，每股发 行价格为78.99元，募集资金总额为710,910.00万元；扣除承销及保荐费用、发行 登记费以及累计发生的其它相关发行费用后实际募集资金净额为人民币 689,563.39万元。前述资金已全部到位，经中审众环会计师事 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥678,788,750.35, a decrease of 1.14% compared to the same period last year[3]. - The total profit for the period was ¥132,294,794.51, down 2.16% year-on-year[3]. - Net profit attributable to shareholders was ¥119,873,270.99, reflecting a decline of 4.01% compared to the previous year[3]. - The basic earnings per share for the period was ¥0.27, down 3.57% from the same period last year[3]. - Total operating revenue for the first three quarters of 2025 was CNY 2,039,415,111.57, a decrease of 7.15% compared to CNY 2,196,144,667.20 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was CNY 400,092,176.31, a decrease of 8.20% compared to CNY 435,972,324.76 in 2024[20]. - Earnings per share for the first three quarters of 2025 were CNY 0.89, down from CNY 0.97 in the same period of 2024[20]. Cash Flow - The net cash flow from operating activities showed a significant negative figure of -¥98,215,174.76, indicating a decrease of 71.38% year-on-year[3][8]. - Cash generated from operating activities in the first three quarters of 2025 was CNY 1,651,901,124.21, an increase from CNY 1,425,756,500.98 in 2024[21]. - The net cash flow from operating activities was -98,215,174.76, an improvement from -343,149,030.75 in the previous period, indicating a significant reduction in cash outflow[22]. - The total cash inflow from operating activities was 1,679,687,400.71, compared to 1,474,086,602.76 in the previous period, indicating growth in operational cash generation[22]. - The total cash outflow from operating activities was 1,777,902,575.47, slightly lower than 1,817,235,633.51, showing improved cost control[22]. - The company received tax refunds amounting to 17,927,709.11, contributing positively to cash flow[22]. - The cash inflow from other operating activities was 30,402,392.67, compared to 27,786,276.50 previously, indicating an increase in operational efficiency[22]. Assets and Liabilities - Total assets increased to ¥11,988,246,160.00, representing a growth of 2.16% compared to the end of the previous year[4]. - Total liabilities increased to CNY 1,462,749,235.97 in 2025 from CNY 1,373,714,607.77 in 2024, representing a rise of 6.49%[16]. - Total assets reached CNY 11,988,246,160.00 in 2025, compared to CNY 11,734,820,256.82 in 2024, marking an increase of 2.17%[16]. - The total current assets amounted to approximately CNY 10.60 billion, slightly up from CNY 10.57 billion at the end of 2024, indicating a growth of 1.1%[14]. - The total non-current assets remained stable at CNY 60 million for long-term equity investments[14]. Research and Development - Research and development expenses totaled ¥53,307,336.70, accounting for 7.85% of operating revenue, a decrease of 2.43 percentage points from the previous year[4]. - Research and development expenses for the first three quarters of 2025 were CNY 141,910,215.32, down from CNY 173,539,018.20 in 2024, indicating a decrease of 18.25%[19]. Shareholder Information - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12]. - There are no applicable reminders for investors regarding the company's operational situation during the reporting period[13]. - The company has not engaged in any financing or margin trading activities that would affect the shareholding structure[12]. Other Financial Metrics - The weighted average return on net assets decreased by 0.09 percentage points to 1.15%[3]. - The company reported non-recurring gains of ¥12,968,959.40 for the period, with a total of ¥41,772,106.35 for the year-to-date[6]. - Cash and cash equivalents decreased to CNY 2.85 billion from CNY 3.32 billion, representing a decline of 14.2%[14]. - Accounts receivable increased significantly to CNY 2.23 billion, up from CNY 1.65 billion, reflecting a growth of 35.6%[14]. - Inventory levels rose to CNY 1.26 billion, compared to CNY 1.22 billion, marking an increase of 3.6%[14]. - The company reported a total of CNY 2.56 billion in trading financial assets, down from CNY 2.94 billion, a decrease of 12.8%[14]. - Deferred income tax assets increased to CNY 51,762,231.09 in 2025 from CNY 46,516,568.18 in 2024, showing an increase of 11.67%[16]. - Cash inflow from investment activities totaled 6,918,266,583.69, compared to 6,972,869,025.13 in the prior period, showing a slight decrease[22]. - The net cash flow from investment activities was 1,182,947,571.88, a substantial increase from -4,839,445.88 previously, reflecting a positive turnaround[22]. - Cash outflow from financing activities amounted to 165,760,414.18, down from 245,695,619.27, indicating reduced financing costs[24]. - The net cash flow from financing activities was -162,322,642.83, an improvement from -242,623,627.82 in the previous period, suggesting better management of financing[24]. - The cash and cash equivalents at the end of the period stood at 2,201,918,143.00, down from 3,466,178,665.31, reflecting a decrease in liquidity[24].

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].

Core Points - The company announced a cash dividend of 0.23045 CNY per share for the first half of 2025, totaling 103,702,500 CNY to be distributed to shareholders [2][4][10] - The dividend distribution plan was approved at the second extraordinary general meeting of shareholders held on September 29, 2025 [2][6] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the dividend record date [3][4] Distribution Details - The total number of shares for the dividend distribution is based on the company's total share capital of 450,000,000 shares [4] - The distribution method involves the company issuing dividends through the clearing system of the China Securities Depository and Clearing Corporation, with specific arrangements for shareholders who have not completed designated trading [4][5] - The company will not implement differentiated dividend distribution policies [5] Taxation Information - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 0.23045 CNY per share [7][8] - For shares held for less than one year, the tax will be calculated upon the transfer of shares, with the actual cash dividend remaining at 0.23045 CNY per share until then [7][8] - For foreign institutional investors, a 10% corporate income tax will be withheld, leading to a net cash dividend of 0.20741 CNY per share [9][10]