Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company is expected to see steady revenue growth in 2024, with a projected revenue of 2.932 billion yuan, representing a year-on-year increase of 4.62%. The net profit is expected to reach 581 million yuan, a 0.84% increase year-on-year [1][6] - For Q1 2025, the company reported a revenue of 653 million yuan, down 3.79% year-on-year, and a net profit of 135 million yuan, down 9.05% year-on-year, indicating short-term pressure on performance [1][6] - The company is focusing on expanding its production capacity in the aerospace materials sector, with significant growth in construction projects [6] Financial Performance Summary - In 2024, the company achieved a total revenue of 2.932 billion yuan, with a breakdown of revenue sources: - Basic materials: 1.219 billion yuan (down 7.83%) - Aerospace finished products: 1.351 billion yuan (up 9.09%) - Non-aerospace finished products: 180 million yuan (up 44.63%) - Processing services: 159 million yuan (up 97.25%) [1][6] - The company’s gross profit margin for 2024 was 29.64%, a decrease of 1.91 percentage points year-on-year [6] - The financial forecast for 2025 estimates revenue between 2.99 billion and 3.22 billion yuan, with net profit expected to be between 590 million and 640 million yuan [1][6] Shareholder Information - The major shareholder is China Aviation Materials Research Institute, holding a 60.14% stake in the company [2] Market Performance - The current stock price is 56.9 yuan, with a total market capitalization of 25.6 billion yuan [2]

Core Points - The company announced a cash dividend distribution of 0.302 CNY per share, totaling 135.9 million CNY for all shareholders [1][2][5] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 29, 2025 [1] - The record date for shareholders is set, and the cash dividend will be distributed through the China Securities Depository and Clearing Corporation [1][5] Dividend Distribution Details - The total number of shares for the dividend calculation is 450 million [1] - The cash dividend will be distributed to shareholders registered by the end of the trading day on the record date [1] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository until the trading is completed [1] Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.302 CNY per share [2][3] - For shares held for less than one year, a tax rate of 20% applies for holdings of one month or less, and 10% for holdings between one month and one year [3] - Non-resident enterprises and qualified foreign institutional investors (QFII) will have a 10% withholding tax applied, resulting in a net distribution of 0.2718 CNY per share [4][5]

证券代码：688563 证券简称：航材股份 公告编号：2025-014 北京航空材料研究院股份有限公司2024年年度权益分派实施 公告 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/15 | 2025/5/16 | 2025/5/16 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 四、 分配实施办法 1. 实施办法 除公司自行发放对象外，公司其他股东的红利委托中国结算上海分公司通过 其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易 所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发放日 在其指定的证券营业部领取现金红 ...

Core Viewpoint - The company, Beijing Aerospace Materials Research Institute Co., Ltd., has released its quarterly report for the first quarter of 2025, confirming the accuracy and completeness of the financial data presented [3][5][13]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, with the company confirming that there were no significant profits or losses from mergers with controlled entities [5][13]. - The company has not applied new accounting standards or interpretations that would affect the financial statements for the year [5]. Shareholder Information - The company held its annual general meeting on April 29, 2025, where all proposed resolutions were passed without any objections [7][9]. - The meeting was attended by 8 out of 9 directors and 3 out of 5 supervisors, with the procedures conforming to legal requirements [7][11]. Meeting Resolutions - Resolutions passed during the meeting included the approval of the 2024 annual report, financial statements, and profit distribution plan [9][11]. - The company plans to establish new departments, namely the Development Planning Department and the Operations Support Department [12]. Monitoring and Legal Compliance - The company’s board and supervisory committee confirmed that all meeting procedures and resolutions complied with the Company Law and the company's articles of association [11][15]. - Legal opinions were provided by Beijing Jiayuan Law Firm, confirming the legality of the meeting and its resolutions [10][11].

证券代码：688563 证券简称：航材股份 公告编号：2025-011 北京航空材料研究院股份有限公司 2024年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 29 日 （二） 股东大会召开的地点：北京航空材料研究院股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 200 | | --- | --- | | 普通股股东人数 | 200 | | 2、出席会议的股东所持有的表决权数量 | 359,319,953 | | 普通股股东所持有表决权数量 | 359,319,953 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 79.8488 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 79.8488 | （四） 表决方式 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-013 北京航空材料研究院股份有限公司 第二届监事会第三次会议决议公告 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"）第二届监事会第三次 会议（以下简称"会议"）于2025年4月23日以电子邮件发出通知，并于2025年4月 29日下午在公司会议室以现场方式召开。会议应出席监事5人，实际出席监事5人（ 其中委托出席2名，监事会主席吴文生因其他公务，书面委托监事张晓出席会议并代 为行使表决权、主持会议；监事李兴无因其他公务，书面委托监事李佩桓出席会议 并代为行使表决权）。会议由监事张晓主持，公司董事会秘书列席了会议。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 （二）审议通过《关于公司<2025年第一季度报告>的议案》 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 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-012 北京航空材料研究院股份有限公司 第二届董事会第三次会议决议公告 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"）第二届董事会第三 次会议（以下简称"会议"）于2025年4月23日以电子邮件发出通知，并于2025年 4月29日下午在公司会议室以现场结合通讯方式召开。会议应出席董事9人，实际 出席董事9人（其中以通讯方式出席1名，董事刘晓光因其他公务以通讯方式出席） 。会议由董事长杨晖主持，部分监事、董事会秘书及其他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 1 （一）审议通过《关于公司组织机构调整的议案》 公司拟新设发展计划部和运营保障部。 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战略与可持续发展委员会预审通过。 （二 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 652,886,115.69, a decrease of 3.79% compared to CNY 678,614,155.44 in the same period last year[4] - The net profit attributable to shareholders was CNY 134,710,642.30, down 9.05% from CNY 148,119,541.27 year-on-year[4] - Total revenue for Q1 2025 was approximately $652.89 million, a decrease of 3.4% compared to $678.61 million in Q1 2024[18] - Net profit for Q1 2025 was approximately $134.71 million, a decrease of 9.0% compared to $148.12 million in Q1 2024[20] - Earnings per share for Q1 2025 was $0.30, down from $0.33 in Q1 2024[20] Cash Flow - The net cash flow from operating activities improved significantly, reaching CNY 121,893,046.50, a 167.81% increase compared to a negative cash flow of CNY -179,746,037.48 in the previous year[4] - In Q1 2025, the cash inflow from operating activities was CNY 637,634,498.72, a 36.0% increase compared to CNY 468,653,528.39 in Q1 2024[21] - The net cash flow from operating activities turned positive at CNY 121,893,046.50 in Q1 2025, compared to a negative CNY 179,746,037.48 in Q1 2024[22] - The net increase in cash and cash equivalents for Q1 2025 was CNY 309,170,699.80, compared to CNY 538,174,061.27 in Q1 2024[22] - The ending balance of cash and cash equivalents was CNY 1,588,523,625.64 in Q1 2025, down from CNY 4,595,763,931.67 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,106,736,792.98, an increase of 3.17% from CNY 11,734,820,256.82 at the end of the previous year[5] - Total assets as of March 31, 2025, were approximately $12.11 billion, an increase from $11.73 billion as of December 31, 2024[16] - Total liabilities as of March 31, 2025, were approximately $1.61 billion, up from $1.37 billion as of December 31, 2024[16] - The total current assets as of March 31, 2025, amounted to CNY 10,763,509,323.28, an increase from CNY 10,566,546,347.10 as of December 31, 2024, reflecting a growth of approximately 1.86%[13] Research and Development - Research and development (R&D) expenses totaled CNY 40,274,625.33, representing a decrease of 18.35% from CNY 49,326,288.34 year-on-year[4] - The proportion of R&D expenses to operating revenue decreased to 6.17%, down 1.1 percentage points from 7.27% in the previous year[5] - Research and development expenses for Q1 2025 were approximately $40.27 million, down from $49.33 million in Q1 2024[19] Shareholder Information - The equity attributable to shareholders increased to CNY 10,496,904,862.62, up 1.31% from CNY 10,361,105,649.05 at the end of the previous year[5] - The total equity attributable to shareholders as of March 31, 2025, was approximately $10.50 billion, an increase from $10.36 billion as of December 31, 2024[16] - The total number of ordinary shareholders at the end of the reporting period was 23,110[10] Future Outlook and Strategy - The company is actively monitoring market trends to identify potential areas for expansion and investment opportunities[12] - Future outlook includes continued investment in technology and product development to enhance competitive advantage[12] - The company emphasizes the importance of strategic partnerships and potential mergers to drive growth and market presence[12] Other Financial Metrics - The weighted average return on net assets decreased to 1.29%, down 0.18 percentage points from 1.47% in the previous year[4] - The company reported non-recurring gains of CNY 14,352,720.84 for the period, after accounting for tax effects[8] - Total operating costs for Q1 2025 were approximately $519.49 million, down 4.1% from $541.75 million in Q1 2024[18] - The company reported a financial income of approximately $13.30 million in Q1 2025, compared to $11.86 million in Q1 2024[19] Investment Activities - Cash inflow from investment activities was CNY 1,907,512,133.38 in Q1 2025, up 26.5% from CNY 1,508,581,917.82 in Q1 2024[22] - The net cash flow from investment activities decreased to CNY 196,186,435.23 in Q1 2025 from CNY 724,782,655.54 in Q1 2024[22] - The cash outflow for purchasing fixed assets and other long-term assets was CNY 11,325,698.15 in Q1 2025, down from CNY 18,799,262.28 in Q1 2024[22] Accounting Standards - The company did not apply new accounting standards starting from 2025[23]

北京市嘉源律师事务所 关于北京航空材料研究院股份有限公司 2024 年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 关于北京航空材料研究院股份有限公司 航材股份 2024 年度股东大会 嘉源 · 法律意见书 喜源律师事务所 IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致:北京航空材料研究院股份有限公司 北京市嘉源律师事务所 2024 年度股东大会的 法律意见书 嘉源(2025)-04-255 北京市嘉源律师事务所(以下简称"本所")接受北京航空材料研究院股份 有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》（以下 简称"《公司法》")、《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《北京航空材料研究院股份有限公司章程》(以下简称"《公司章程》") 的有关规定,指派本所律师对公司 2024年度股东大会(以下简称"本次股东大 会")进行见证, ...

北京航空材料研究院股份有限公司 2024 年度股东大会会议材料 证券代码：688563 证券简称：航材股份 北京航空材料研究院股份有限公司 2024 年度股东大会会议材料 2025 年 4 月 | 2024 | 年度股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年度股东大会会议议程 | 3 | | 2024 | 年度股东大会会议议案 | 5 | | 议案一 | 关于公司《2024 年度董事会工作报告》的议案 | 5 | | 议案二 | 关于公司《2024 年度监事会工作报告》的议案 | 14 | | 议案三 | 关于公司《2024 年年度报告》全文及摘要的议案 | 20 | | 议案四 | 关于公司《2024 年度财务决算报告》的议案 | 21 | | 议案五 | 关于公司《2024 年度利润分配方案》的议案 | 29 | | 议案六 | 关于公司董事 年度报酬总额的议案 2024 | 30 | | 议案七 | 关于公司监事 2024 年度报酬总额的议案 | 31 | | 议案八 | 关于公司《2025 年度财务预算报告》的议案 | 32 | | 议案九 | 关于公司 ...