Summary of Conference Call for Hangcai Co., Ltd. Company Overview - **Company**: Hangcai Co., Ltd. - **Industry**: Aerospace materials Key Financial Performance - **Sales Revenue**: 13.6 billion CNY in H1 2025, a decrease of 1.48 billion CNY or 9.87% YoY [2] - **Net Profit**: 2.8 billion CNY, down approximately 9% YoY [2] - **Segment Revenue**: - Transparent components: 1.52 billion CNY, stable YoY - Rubber materials: 4.75 billion CNY, up nearly 2% YoY - High-temperature alloy mother alloy: 4.12 billion CNY, down 15% YoY - Titanium alloy: 3.16 billion CNY, down nearly 20% YoY [2] Margin and Profitability - **Overall Gross Margin**: Remained stable YoY, but specific segments experienced fluctuations: - Transparent components' margin decreased due to new production line costs, expected to recover in H2 [1] - Rubber materials maintained a gross margin around 50% [6] - Titanium alloy margins declined due to price concessions on new models [7] Titanium Alloy Business Insights - **Export Forecast**: Expected to accelerate in H2 2025, with an annual export target of 2.3 billion CNY [7] - **Market Share Goal**: Aim to achieve over 20% market share in titanium alloy exports [7] - **Challenges**: Significant decline in aerospace titanium alloy business due to price drops and increased competition [5] Strategic Acquisitions - **Acquisition of Zhenjiang Titanium Alloy Company**: Expected to enhance capacity and reduce costs, with profits directly integrated into the company [9] - **High-Temperature Alloy Furnace Purchase**: Anticipated to lower amortization costs by 15 million CNY annually [9] International Aerospace Business - **Sales Expectations**: Projected international aerospace sales of 2.3 billion CNY, with significant contributions from Safran [11] - **Customer Investments**: Airbus invests over 30 million CNY annually, while Rolls-Royce and Honeywell are still in the development phase [12] Future Outlook - **H2 2025 Projections**: Overall scale expected to increase by up to 10%, with specific segments like high-temperature alloys anticipated to decline slightly [8] - **Production Capacity**: Zhenjiang factory expected to reach close to 2,000 tons, up from 1,700 tons in 2024 [14] Research and Development - **Large Aircraft Windshield Project**: Delayed due to funding and research costs, with expected progress in early next year [23] - **New Product Development**: Focus on enhancing production capabilities and exploring new markets as part of the "14th Five-Year Plan" [32] Market Dynamics - **Low Altitude Economy**: Limited current value in transparent components for low-altitude vehicles, but future market potential is significant [24] - **Civil Market Independence**: Civil market operations remain under current divisions due to insufficient scale for independence [25] Conclusion - **Overall Strategy**: Hangcai Co., Ltd. is navigating a challenging market environment with strategic acquisitions and a focus on enhancing production capabilities while maintaining cautious financial projections for the coming years [32][33]

Core Viewpoint - The recent financial report of Hangcai Co., Ltd. (688563) indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1][2]. Financial Performance - Total revenue for the first half of 2025 was 1.361 billion yuan, a decrease of 9.87% year-on-year [1]. - The net profit attributable to shareholders was 280 million yuan, down 9.92% from the previous year [1]. - In Q2 2025, total revenue was 708 million yuan, reflecting a 14.83% decline year-on-year [1]. - The net profit for Q2 2025 was 146 million yuan, a decrease of 10.71% compared to the same quarter last year [1]. Key Financial Ratios - Gross margin improved to 31.3%, an increase of 6.32% year-on-year [1]. - Net margin slightly decreased to 20.59%, down 0.06% year-on-year [1]. - The ratio of selling, general, and administrative expenses to revenue was 2.19%, an increase of 8.25% year-on-year [1]. - Earnings per share (EPS) fell to 0.62 yuan, a decrease of 10.14% year-on-year [1]. Cash Flow and Assets - Operating cash flow per share was 0.08 yuan, a significant increase of 121.55% year-on-year [1]. - The company's cash and cash equivalents decreased to 3.218 billion yuan, down 14.80% year-on-year [1]. - Accounts receivable increased to 2.026 billion yuan, a rise of 16.91% year-on-year, with accounts receivable to net profit ratio reaching 348.69% [1][2]. Investment Insights - The company's return on invested capital (ROIC) for the previous year was 5.03%, indicating average capital returns [1]. - Analysts project that the company's performance for 2025 will reach 609 million yuan, with an average EPS forecast of 1.35 yuan [2]. Fund Holdings - The largest fund holding Hangcai Co., Ltd. shares is the Bosera SSE Sci-Tech Innovation Board New Materials ETF, with 117,000 shares, which has seen a decrease in holdings [3]. - Other funds have also shown varied changes in their positions, with some increasing their holdings in the company [3].

Core Viewpoint - The company plans to distribute a cash dividend of 2.3045 RMB per 10 shares to shareholders, reflecting 37.01% of the net profit for the first half of 2025, which amounts to approximately 280.22 million RMB [1][2]. Profit Distribution Plan - The profit distribution plan includes a cash dividend of 2.3045 RMB per 10 shares, with no stock dividends or capital reserve transfers [1][2]. - The total distributable profit for the first half of 2025, after deducting the statutory surplus reserve, is 280,218,905.32 RMB [1]. - The remaining undistributed profits will be carried forward to future years [2]. Decision-Making Process - The company's board of directors approved the profit distribution plan during the fifth regular meeting on August 27, 2025, and it will be submitted for shareholder approval [2]. - The supervisory board also reviewed and approved the plan, confirming its compliance with legal regulations and the company's dividend policy [2].

Meeting Overview - The second supervisory board meeting of Beijing Aeronautical Materials Research Institute Co., Ltd. was held on August 27, 2025, with all five supervisors present [1] - The meeting was legally convened in accordance with relevant laws and regulations [1] Resolutions Passed - The proposal to waive the 10-day notice requirement for the meeting was approved unanimously with 5 votes in favor [2] - The full and summary report for the first half of 2025 was approved unanimously with 5 votes in favor [2] - The interim profit distribution plan for 2025 was approved unanimously with 5 votes in favor, pending submission to the shareholders' meeting [2] - The risk assessment report for China Aviation Engine Group Finance Co., Ltd. for the first half of 2025 was approved unanimously with 5 votes in favor [2] - The special report on the storage and actual use of raised funds for the first half of 2025 was approved unanimously with 5 votes in favor [3] - The proposal to use excess raised funds for equity acquisition and related transactions was approved unanimously with 5 votes in favor, pending submission to the shareholders' meeting [3] - The proposal to purchase assets from Aviation Materials (Zhenjiang) High-Temperature Alloy Co., Ltd. and related transactions was approved unanimously with 5 votes in favor, pending submission to the shareholders' meeting [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to fluctuating customer demand, while continuing to enhance operational quality and market expansion efforts [1][2]. Financial Performance - The company achieved operating revenue of 1.361 billion yuan, a year-on-year decrease of 9.87% [1]. - Net profit for the period was 280 million yuan, down 9.92% compared to the previous year [1]. - A cash dividend of 2.3045 yuan per 10 shares is proposed, totaling 104 million yuan, which represents 37.01% of the net profit attributable to ordinary shareholders [1]. Operational Highlights - The company strengthened production organization and process control, significantly improving delivery assurance capabilities [1]. - It faced challenges with new product technical indicators and tight schedules but managed to support national aerospace equipment construction [1]. - The company is actively engaging with downstream customer needs and has initiated the development of multiple self-researched products [1]. Strategic Initiatives - The company is expanding its presence in the low-altitude economy sector and has signed contracts for supplying transparent components for low-altitude aircraft [1]. - R&D investment amounted to 89 million yuan, accounting for 6.51% of operating revenue [2]. - The company was approved for two key national technology projects related to new materials, enhancing its R&D capabilities [2]. - It is accelerating the development of large aircraft transparent components and enhancing its development system for these products [2]. - The company acquired intellectual property rights for six types of high-temperature alloy master alloys, aiming for industrialization and strengthening its core competitiveness [2]. - Efforts are being made to localize the deployment of the DeepSeek model to improve automation and efficiency in research and production [2].

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 航材股份（688563.SH） 25H1 业绩短期承压，钛合金、高温合金资产逐步理顺 中游制造/军工 公司实现营业收入 13.61 亿元（同比-9.87%），实现归属母公司净利润 2.80 亿 元（同比-9.92%），实现扣非归母净利润 2.51 亿元（同比-7.64%）。 强烈推荐（维持） 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 S1090525070011 zhanyongzhuang@cmschina.com. cn ❑ 业绩短期承压，加工服务增长快速，毛利率大幅提升。公司实现营业收入 13.61 亿元（同比-9.87%），实现归属母公司净利润 2.80 亿元（同比-9.92%），实 现扣非归母净利润 2.51 亿元（同比-7.64%），主要系本期航空成品件和非航 空成品件收入减少和销售产品结构变化。单季度来看，Q2 实现营收 7.08 亿 元（Yoy-14.83%，Qoq+8.40%），实现归母净利润 1.46 亿元（Yoy-10.71%， Qoq+8.02%）。2025 年度财 ...

Group 1 - The company plans to distribute a cash dividend of RMB 2.3045 per 10 shares (including tax), totaling RMB 103,702,500, which accounts for 37.01% of the net profit attributable to ordinary shareholders for the first half of 2025 [4][5][6] - The total share capital as of June 30, 2025, is 450,000,000 shares, and the remaining undistributed profits will be carried forward to future years without issuing bonus shares or converting capital reserves into share capital [5][6] - The profit distribution plan requires approval from the shareholders' meeting [6] Group 2 - The company intends to use excess raised funds amounting to RMB 54,011.48 million to acquire 77% of the equity in Zhenjiang Titanium Alloy Precision Forming Co., Ltd. from its controlling shareholder [14][26] - This acquisition is part of the company's strategy to avoid competition with its controlling shareholder and enhance its titanium alloy precision casting business [14][27] - The transaction has been approved by the company's board and supervisory board, but it still requires approval from the shareholders' meeting and relevant government authorities [33][38] Group 3 - The company raised a total of RMB 710,910.00 million from its initial public offering, with a net amount of RMB 689,563.39 million after deducting related expenses [15][71] - As of June 30, 2025, the company has used RMB 229,776.13 million of the raised funds for investment projects, leaving a balance of RMB 459,787.26 million [72] - The company has established a special account for the management of raised funds, ensuring strict compliance with regulations regarding the use of these funds [73][74]

每经AI快讯，航材股份（SH 688563，收盘价：57.96元）8月28日晚间发布公告称，公司第二届第五次 董事会会议于2025年8月27日在公司会议室以现场方式召开。会议审议了《关于公司<2025年度中期利 润分配方案>的议案》等文件。 （记者 张喜威） 2024年1至12月份，航材股份的营业收入构成为：制造业占比93.78%，加工服务占比5.41%，其他业务 占比0.81%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-026 北京航空材料研究院股份有限公司 第二届监事会第五次会议（定期会议）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"）第二届监事会第五次 会议（定期会议）（以下简称"会议"）于2025年8月27日下午在公司会议室以现场 方式召开。会议通知于2025年8月18日以电子邮件发出，并于2025年8月20日发出补 充通知，对本次会议召开时间和审议事项进行调整。会议应出席监事5人，实际出席 监事5人（其中委托出席1名，监事会主席吴文生因其他公务，书面委托监事李兴无 出席会议并代为行使表决权、主持会议）。会议由监事李兴无主持，公司董事会秘 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、监事会会议审议情况 （一）审议通过《关于豁免北京航空材料研究院股份有限公司提前10日通 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-025 北京航空材料研究院股份有限公司 第二届董事会第五次会议（定期会议）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"）第二届董事会第五 次会议（定期会议）（以下简称"会议"）于2025年8月27日下午在公司会议室以 现场方式召开。会议通知于2025年8月18日以电子邮件发出，并于2025年8月20日 发出补充通知，对本次会议召开时间和审议事项进行调整。会议应出席董事9人， 实际出席9人。会议由董事长杨晖主持，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 （一）审议通过《关于豁免北京航空材料研究院股份有限公司提前10日通 知召开本次董事会会议的议案》 表决结果：同意票为9票，反对票为0票，弃权票为0票。 （二）审议通过《关于公 ...