Summary of the Conference Call for Hangcai Co., Ltd. Company Overview - **Company**: Hangcai Co., Ltd. - **Industry**: Aerospace materials and components Key Points Financial Performance - **Revenue**: For the first three quarters of 2025, revenue was 2.039 billion yuan, a decrease of 7% year-on-year [4] - **Net Profit**: Net profit was 400 million yuan, down 8.23% year-on-year [4] - **Segment Performance**: - Transparent components: Revenue of 210 million yuan, down 9% [4] - Rubber and sealing materials: Revenue of 680 million yuan, stable year-on-year [4] - High-temperature alloy mother alloy: Revenue of 656 million yuan, down 8% [4] - Cast titanium alloy: Revenue of 4.489 billion yuan, down 12% [4] Business Segments and Margins - **Gross Margins**: - Transparent components: Approximately 40%, slightly down due to new production line costs [5] - Rubber industry: Approximately 57%, up from 55% last year [5] - High-temperature alloy mother alloy: Approximately 14%, up from 13% last year [5] - Cast titanium alloy: Margins between 12% and 18%, slightly increased but facing price pressure [5] Market Dynamics - **Titanium Alloy Business**: - Downstream sectors include aerospace, aviation, and space, with significant revenue declines in aviation (down 40%) and aerospace (down 30%) [6] - Export market revenue increased by nearly 30% to 150 million yuan [6] - Domestic civil aircraft revenue grew by 40% to 15 million yuan [6] Strategic Developments - **Acquisition of Zhejiang Titanium Alloy**: The recovery of equity did not significantly enhance foreign market share due to existing long-term agreements with clients like Safran Group [7] - **High-Temperature Alloy Capacity**: Total melting capacity can reach 5,000-6,000 tons through leasing and purchasing equipment [14] - **Knowledge Transfer**: Ongoing knowledge transfer of intellectual property without impacting existing capacity [13] Product Development - **Transparent Components**: Increased revenue from fighter jets (195 million yuan) while helicopter revenue decreased [17] - **Large Aircraft Windshield Project**: Actively progressing, with technology comparable to overseas competitors [18] - **Rubber Sealing Business**: Significant revenue from various products, expected to grow with the aerospace industry [19] Future Outlook - **Financial Goals**: Despite pressures, there is hope to meet annual financial targets due to diverse business segments [22] - **Five-Year Plan**: Currently formulating the 15th Five-Year Plan, with clearer demand expected by mid-2026 [23] - **Employee Stock Plans**: Plans to avoid concentrated sell-offs post-employee stock expiration in 2026 [26] Market Trends - **Gas Turbine Alloy Market**: Domestic demand is growing, particularly in maintenance markets transitioning from imports to domestic products [27] - **International Gas Turbine Business**: Focus remains on domestic development while maintaining contact with foreign clients [28] Additional Insights - **Profitability Pressure**: No significant downward pressure on margins anticipated despite bulk purchasing price reductions [20] - **Domestic Replacement Value**: Estimated future value of domestic replacements for civil aircraft rubber sealing components is around 3 million yuan [21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.039 billion yuan for the first three quarters of 2025, a year-on-year decrease of 7.14%. The net profit attributable to the parent company was 400 million yuan, down 8.23% year-on-year. The net profit after deducting non-recurring gains and losses was 358 million yuan, a decrease of 6.2% year-on-year [2][6] - In Q3 2025, the company achieved a revenue of 679 million yuan, a year-on-year decrease of 1.14% and a quarter-on-quarter decrease of 4.09%. The net profit attributable to the parent company was 120 million yuan, down 4.01% year-on-year and down 17.62% quarter-on-quarter [2][6] - The company demonstrates strong operational resilience due to its technical advantages, allowing it to participate deeply in the development of new models despite fluctuations in downstream demand [10] Financial Performance - The gross profit margin for the first three quarters of 2025 was 31.14%, an increase of 0.57 percentage points year-on-year. The net profit margin was 19.62%, a decrease of 0.23 percentage points year-on-year. In Q3 2025, the gross profit margin was 30.82%, down 2.23 percentage points year-on-year and down 2.14 percentage points quarter-on-quarter [10] - As of the end of Q3 2025, the inventory balance was 1.257 billion yuan, an increase of 3.16% compared to the beginning of the period. Accounts receivable and notes balance was 2.636 billion yuan, an increase of 24.81% compared to the beginning of the period [10] Future Outlook - The company is actively promoting expansion projects to meet the anticipated recovery in industry demand, as indicated by a significant increase in contract liabilities [10] - The company’s financial forecasts for 2024 to 2027 show a gradual increase in total revenue, with projections of 2.932 billion yuan in 2024, 2.984 billion yuan in 2025, and reaching 4.207 billion yuan by 2027 [16]

Core Viewpoint - The company reported a decline in Q3 revenue and net profit due to delayed military product demand, but remains optimistic about returning to stable growth as a leading platform for specialty materials [1][2]. Financial Performance - Q3 revenue reached 679 million yuan, down 1.14% year-on-year and 4.09% quarter-on-quarter, with a net profit of 120 million yuan, down 4.01% year-on-year and 17.62% quarter-on-quarter [1]. - For the first three quarters of 2025, revenue totaled 2.039 billion yuan, a year-on-year decrease of 7.14%, while net profit was 400 million yuan, an 8.23% year-on-year increase [1]. - The gross margin for Q3 was 30.82%, a decrease of 2.23 percentage points year-on-year, attributed to changes in product mix [1]. Research and Development - R&D investment in Q3 was 53.31 million yuan, reflecting a year-on-year increase of 24.54%, indicating a commitment to innovation despite short-term profit declines [1][2]. Market Demand and Procurement - As of Q3 2025, accounts payable increased by 11.39% to 726 million yuan, and prepayments surged by 90% to 106 million yuan, suggesting resilient downstream demand [2]. - The company is actively exploring new growth areas, including low-altitude economy and advanced materials for military and civilian applications [2]. Business Development and Product Lines - The company is a key supplier of titanium alloy castings for international civil aviation, with a comprehensive product range [3]. - It has developed core technologies in rubber and sealing materials, achieving international advanced and domestic leading levels [3]. - The company is also involved in the production of transparent components for advanced fighter jets and is expanding its capacity in high-temperature alloy materials [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 estimates net profits of 615 million, 736 million, and 885 million yuan, respectively, with corresponding EPS of 1.37, 1.64, and 1.97 yuan [4]. - The target price has been adjusted to 59.04 yuan, based on a projected PE ratio of 36 for 2026, reflecting the company's technological advantages and strong resource backing [4].

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 ...