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： 证券代码： 688563 证券简称：航材股份 公告编号： 2025-032 北京航空材料研究院股份有限公司 关于参加2025年半年度科创板新材料行业 集体业绩说明会的公告 北京航空材料研究院股份有限公司（以下简称"公司"）已于 2025 年8月 29日 在上海证券交易所网站（www.sse.com.cn）披露了《2025年半年度报告》。为方便 广大投资者更全面、深入地了解公司的经营业绩、发展前景等情况，公司计划于 2025年9月18日 （星期四） 参加由上海证券交易所主办的2025年半年度科创板新 材料行业集体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动召开，公司将针对2025年半年度的经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1 会议召开时间：2025年9月18日(星期四)下午15:00-17:00 会 议 召 开 地 点 ...

证券代码：688563 证券简称：航材股份 公告编号：2025-031 北京航空材料研究院股份有限公司 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | 承诺 | | 颜悦 | 总经理 | 2025 年 9 | 2027 年 12 | 工作调整 | 是 | 重大攻关 项目总负 | 是 | | | | 月 8 日 | 月 26 日 | | | | | | | | | | | | 责人 | | (二) 离任对公司的影响 根据《公司法》及《公司章程》等有关规定，颜悦先生辞去总经理的报告自 送达董事会时生效，颜悦先生已按照相关法律法规及公司有关制度做好工作交接， 其辞职不会对公司生产经营产生影响。截至本公告披露日，颜悦先生通过员工持 股平台共青城航材壹号投资合伙企业（有限合伙）间接持有公司 276,672 股股份， 占公 ...

Core Viewpoint - The company announced the resignation of its general manager, Yan Yue, due to work adjustments, who will now lead a major project within the company [1] Group 1 - Yan Yue submitted a written report to the board of directors regarding his resignation from the position of general manager [1] - The resignation took effect upon delivery of the report to the board [1] - Following his resignation, Yan Yue will take on the role of head of significant project initiatives within the company [1]

人民财讯9月8日电，航材股份(688563)9月8日晚间公告，董事会于近日收到颜悦辞去总经理的书面报 告。因工作调整，颜悦申请辞去公司总经理职务。颜悦辞去公司总经理职务后，将担任公司重大攻关项 目总负责人。 ...

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]

Core Viewpoint - The company experienced a decline in revenue due to fluctuations in customer demand, but managed to maintain a stable gross profit margin in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.361 billion yuan, a year-on-year decrease of 9.87% [1]. - The net profit attributable to the parent company was 280 million yuan, down 9.92% year-on-year [1]. - The gross profit margin was 31.30%, an increase of 1.86 percentage points year-on-year [1]. - In Q2 2025, the company reported operating revenue of 708 million yuan, a year-on-year decrease of 14.83% but a quarter-on-quarter increase of 8.40% [2]. - The net profit for Q2 2025 was 146 million yuan, down 10.71% year-on-year but up 8.02% quarter-on-quarter [2]. Product Segment Analysis - Revenue from aviation finished products in the first half of 2025 was 633 million yuan, a decrease of 13.19% year-on-year, with a gross margin of 28.23%, down 9.74 percentage points [1][6]. - Revenue from basic materials was 607 million yuan, an increase of 6.22% year-on-year, with a gross margin of 34.39%, up 10.75 percentage points [1][6]. - Non-aviation finished products generated revenue of 57 million yuan, down 65.13% year-on-year, with a gross margin of 12.08%, up 0.19 percentage points [1][6]. - Processing service revenue was 54 million yuan, up 47.83% year-on-year, with a gross margin of 41.38%, an increase of 28.82 percentage points [1][6]. Strategic Initiatives - The company plans to enhance market development efforts in the gas turbine, trainer aircraft, and civil aircraft markets in the second half of 2025 [1]. - The company intends to use excess fundraising to acquire a 100% stake in Zhenjiang Titanium Alloy Company and to purchase intellectual property rights related to high-temperature alloy master alloys [3][4]. Future Outlook - The company anticipates rapid growth in its aviation products due to domestic aircraft upgrades, increased global demand for civil aircraft, and successful production certifications [4]. - Revenue projections for 2025-2027 are 3.091 billion yuan, 3.682 billion yuan, and 4.359 billion yuan, respectively, with corresponding net profits of 617 million yuan, 755 million yuan, and 893 million yuan [4][5].

Core Viewpoint - In the first half of 2025, the company experienced a decline in revenue due to fluctuations in customer demand, while maintaining a stable gross profit margin [1] Financial Performance - In H1 2025, the company reported operating revenue of 1.361 billion yuan, a year-on-year decrease of 9.87% - The net profit attributable to shareholders was 280 million yuan, down 9.92% year-on-year - The net profit excluding non-recurring items was 251 million yuan, a decrease of 7.64% year-on-year - The weighted average return on equity was 2.67%, down 0.40 percentage points year-on-year - The sales gross margin was 31.30%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 20.59%, a slight decrease of 0.01 percentage points year-on-year [1] Product Segmentation - In H1 2025, revenue from aviation finished products was 633 million yuan, a decrease of 13.19% year-on-year, with a gross margin of 28.23%, down 9.74 percentage points - Revenue from basic materials was 607 million yuan, an increase of 6.22% year-on-year, with a gross margin of 34.39%, up 10.75 percentage points - Revenue from non-aviation finished products was 57 million yuan, a decrease of 65.13% year-on-year, with a gross margin of 12.08%, up 0.19 percentage points - Revenue from processing services was 54 million yuan, an increase of 47.83% year-on-year, with a gross margin of 41.38%, up 28.82 percentage points - The company plans to enhance market development in the gas turbine, trainer, and civil aircraft markets in H2 2025 [2] Quarterly Performance - In Q2 2025, the company achieved operating revenue of 708 million yuan, a year-on-year decrease of 14.83% but an increase of 8.40% quarter-on-quarter - The net profit attributable to shareholders was 146 million yuan, down 10.71% year-on-year but up 8.02% quarter-on-quarter - The sales gross margin was 32.96%, an increase of 4.26 percentage points year-on-year and 3.45 percentage points quarter-on-quarter - The sales net margin was 20.56%, up 0.95 percentage points year-on-year but down 0.07 percentage points quarter-on-quarter [2] Expense Analysis - In Q2 2025, the sales expense ratio was 0.67%, up 0.26 percentage points year-on-year and 0.09 percentage points quarter-on-quarter - The management expense ratio was 2.95%, up 0.92 percentage points year-on-year but down 0.33 percentage points quarter-on-quarter - The R&D expense ratio was 6.83%, up 0.38 percentage points year-on-year and 0.66 percentage points quarter-on-quarter - The financial expense ratio was -1.27%, down 0.55 percentage points year-on-year but up 0.55 percentage points quarter-on-quarter [3] Investment Activities - The company plans to use excess raised funds to acquire 77% and 23% stakes in Zhenjiang Titanium Alloy Company from the Aviation Materials Institute and Zhenjiang Low-altitude Industry Investment Co., respectively, for 540 million yuan - The acquisition aims to integrate titanium alloy precision casting business assets and enhance processing capacity - The company also plans to acquire intellectual property rights for six types of high-temperature alloy master alloys for 184 million yuan - Additionally, the company intends to purchase a 3-ton vacuum induction melting furnace and related equipment for 18.1652 million yuan [4] Profit Forecast - The company anticipates rapid growth in aviation products due to domestic aircraft upgrades, increased global demand for civil aircraft, and production ramp-up after certification - Revenue projections for 2025-2027 are 3.091 billion yuan, 3.682 billion yuan, and 4.359 billion yuan, respectively - Expected net profits for the same period are 617 million yuan, 755 million yuan, and 893 million yuan, with corresponding P/E ratios of 39, 32, and 27 - The investment rating has been upgraded to "Buy" [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next 6 to 10 months [14]. Core Insights - The company reported a revenue of 1.361 billion yuan in H1 2025, a decrease of 10% year-on-year, with a net profit of 280 million yuan, also down by 10% [4][5]. - The company plans to enhance its material business layout through asset acquisitions, including the purchase of intellectual property rights for high-temperature alloy materials and equipment for titanium alloy production [7][8]. - The company aims for steady growth in 2025, projecting revenues between 2.99 billion and 3.22 billion yuan, representing a year-on-year growth of 2% to 10% [8]. Financial Performance - In H1 2025, the company achieved a gross margin of 31.30%, an increase of 1.86 percentage points year-on-year, with significant improvements in the gross margin of basic materials and processing services [6]. - The company expects net profits for 2025 to be between 590 million and 640 million yuan, reflecting a growth of 2% to 10% [8]. - The projected net profits for 2025-2027 are 638 million, 739 million, and 867 million yuan, corresponding to price-to-earnings ratios of 40, 34, and 29 times, respectively [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.361 billion yuan for the first half of 2025, a year-on-year decrease of 9.87%. The net profit attributable to the parent company was 280 million yuan, down 9.92% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 708 million yuan, a year-on-year decrease of 14.83%, but a quarter-on-quarter increase of 8.4%. The net profit attributable to the parent company was 146 million yuan, down 10.71% year-on-year, but up 8.02% quarter-on-quarter [2][6] - The gross profit margin showed resilience, with a sales gross margin of 31.3% for H1 2025, an increase of 1.86 percentage points year-on-year. The gross margin for Q2 2025 was 32.96%, up 4.26 percentage points year-on-year and 3.45 percentage points quarter-on-quarter [12] Summary by Sections Revenue and Profitability - H1 2025 revenue was 1.361 billion yuan, down 9.87% year-on-year. The net profit was 280 million yuan, down 9.92% year-on-year. Q2 2025 revenue was 708 million yuan, down 14.83% year-on-year but up 8.4% quarter-on-quarter [2][6] - The gross profit margin for H1 2025 was 31.3%, up 1.86 percentage points year-on-year. The sales net profit margin was 20.59%, a slight decrease of 0.01 percentage points year-on-year [12] Business Segments - In H1 2025, the revenue from the aviation finished parts business was 630 million yuan, down 13.2% year-on-year. The basic materials business revenue was 610 million yuan, up 6.2% year-on-year. The non-aviation finished parts revenue was 60 million yuan, down 65.1% year-on-year [12] - The processing service business revenue was 50 million yuan, up 47.8% year-on-year [12] Cash Flow and Financial Health - The company’s contract liabilities increased significantly, indicating a recovery trend in industry demand. The net cash flow from operating activities was 37 million yuan, a year-on-year increase of 121.55% [12] - As of the end of H1 2025, the inventory balance was 1.204 billion yuan, a decrease of 1.15% from the beginning of the period. Accounts receivable and notes balance was 2.33 billion yuan, an increase of 10.32% from the beginning of the period [12]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 63.6 CNY [6]. Core Views - The company reported a revenue of 1.36 billion CNY in H1 2025, a decrease of 9.87% year-on-year, with a net profit of 280 million CNY, also down by 9.92% [1]. - The decline in revenue is attributed to reduced income from aviation and non-aviation finished products, as well as changes in product sales structure [1]. - The company has signed contracts worth over 1.56 billion CNY, indicating potential demand recovery in the downstream market [2]. - The acquisition of high-temperature alloy intellectual property and the planned purchase of equipment to enhance production capacity are expected to strengthen the company's competitive position [3]. Financial Performance - The company's basic materials business saw a revenue increase of 6.22% year-on-year, with a gross margin of 34.39%, up by 10.75 percentage points [1]. - The gross margin for the overall company in H1 2025 was 31.3%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 20.59%, a slight decrease of 0.02 percentage points [1]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 613 million CNY, 716 million CNY, and 852 million CNY, respectively, with growth rates of 5.4%, 16.8%, and 19% [4]. Market Position and Comparables - The company is positioned as a leader in the aerospace materials sector, with ongoing asset integration and research collaboration advantages [4]. - Comparable companies in the sector include Steel Research High-Tech, Huayin Technology, and Tunan Co., with average PE ratios of 44 and 34 for 2025 and 2026, respectively [4]. Contractual Obligations - The company has a significant amount of unfulfilled contractual obligations, with 1.56 billion CNY expected to be recognized as revenue in 2025 and 639 million CNY in 2026 [2].