Core Viewpoint - Jianghang Equipment (688586.SH) announced the resignation of its Vice General Manager and Chief Accountant, Sun Jun, due to work arrangement reasons, while he will continue to serve as the Chairman and Director of the wholly-owned subsidiary Hefei Swan Refrigeration Technology Co., Ltd [1] Summary by Category - **Company Leadership Changes** - Sun Jun submitted a written resignation report to the board on November 4, 2025, requesting to resign from his positions as Vice General Manager and Chief Accountant [1] - Post-resignation, Sun Jun will maintain his role as Chairman and Director of Hefei Swan Refrigeration Technology Co., Ltd, a wholly-owned subsidiary of the company [1]

证券代码：688586 证券简称：江航装备 公告编号：2025-040 重要内容提示： 合肥江航飞机装备股份有限公司（以下简称"公司"）董事会于 2025 年 11 月 4 日收到公司副总经理、总会计师孙军先生递交的书面《辞职报告》，因工作 安排原因，孙军先生申请辞去公司副总经理、总会计师职务，辞职后继续担任公 司全资子公司合肥天鹅制冷科技有限公司董事长、董事职务。 | | | | | 离任 | 是否继续在 上市公司及 | | 是否存 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期到期日 | 原因 | 其控股子公 | 具体职务 | 在未履 行完毕 的公开 | | | | | | | 司任职 | | 承诺 | | | | | | | | 合肥天鹅制 | | | | 副总经理、总 | | | 工作 | | 冷科技有限 | | | 孙军 | | 2025 年 11 月 4 日 | 2028 年 8 月 13 日 | | 是 | | 否 | | | 会计师 | | | 安排 | | 公司董事长、 | | | | ...

Company Overview - Jianghang Equipment (SH 688586) announced on November 4 that Vice General Manager and Chief Accountant Sun Jun submitted his resignation due to work arrangements, but will continue to serve as Chairman and Director of its wholly-owned subsidiary Hefei Swan Refrigeration Technology Co., Ltd [1] Financial Performance - For the year 2024, Jianghang Equipment's revenue composition is as follows: 82.51% from aviation-related equipment manufacturing, 16.1% from refrigeration and air conditioning equipment manufacturing, and 1.39% from other businesses [1] Market Position - As of the report, Jianghang Equipment has a market capitalization of 8.7 billion yuan [1] Industry Insights - A significant increase in overseas orders by 246% has been reported in a related industry, covering over 50 countries and regions, with warnings about potential predatory pricing and unhealthy competition emerging in the overseas market [1]

Core Points - The company announced the resignation of its Deputy General Manager and Chief Accountant, Sun Jun, due to work arrangement reasons [1] - Sun Jun will continue to serve as the Chairman and Director of the company's wholly-owned subsidiary, Hefei Swan Refrigeration Technology Co., Ltd. after his resignation [1] - The responsibilities handled by Sun Jun have been properly transitioned, and his resignation will not affect the company's normal operations [1] - The company plans to complete the appointment of a new Chief Accountant as soon as possible [1] - Sun Jun holds 467,800 shares in the company, accounting for 0.06% of the total share capital [1]

Core Points - The company ensures the authenticity, accuracy, and completeness of the quarterly report, with all board members and senior management bearing legal responsibility for any misrepresentation or omissions [2][3][5] Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][5] - The company reported a net profit of 0 yuan for the merged entity prior to consolidation, consistent with the previous period [5] Shareholder Information - There are no changes in the top ten shareholders or significant shareholders due to share lending activities [4][5] Other Important Information - There are no additional significant reminders regarding the company's operational performance during the reporting period [5]

Core Insights - Jianghang Equipment (688586.SH) reported a total operating revenue of 165 million yuan for Q3 2025, representing a year-on-year decline of 16.85% [1] - The net profit attributable to shareholders of the listed company was 5.79 million yuan, down 82.16% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.05 million yuan, a decrease of 94.12% year-on-year [1]

Group 1 - The core viewpoint of the news is that Jianghang Equipment reported a significant decline in its third-quarter performance for 2025, with revenue and net profit both decreasing substantially compared to the previous year [1] Group 2 - Jianghang Equipment's revenue for the first three quarters of 2025 was approximately 637 million yuan, representing a year-on-year decrease of 19.51% [1] - The net profit attributable to shareholders of the listed company was about 42.39 million yuan, down 68.97% year-on-year [1] - The basic earnings per share were 0.05 yuan, reflecting a decrease of 70.59% compared to the same period last year [1] - As of the report date, Jianghang Equipment's market capitalization was 8.9 billion yuan [2]

Financial Performance - The company's operating revenue for Q3 2025 was ¥165,097,702.29, a decrease of 16.85% compared to the same period last year[3] - The total profit for the period was ¥3,280,701.71, reflecting a significant decline of 90.43% year-over-year[3] - Net profit attributable to shareholders was ¥5,792,195.64, down 82.16% from the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥1,048,863.53, a decrease of 94.12% compared to the same period last year[3] - The basic earnings per share for the period was ¥0.01, a drop of 75.00% year-over-year[3] - Total operating revenue for the first three quarters of 2025 was CNY 637,037,882.59, a decrease of 19.4% compared to CNY 791,412,180.66 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was CNY 42,393,607.98, a decline of 69.0% from CNY 136,616,889.18 in 2024[18] - Operating profit for the first three quarters of 2025 was CNY 43,802,156.67, a decrease of 70.7% compared to CNY 149,215,188.79 in 2024[17] - Basic earnings per share for the first three quarters of 2025 were CNY 0.05, down from CNY 0.17 in 2024[19] Cash Flow and Investments - The net cash flow from operating activities was not applicable for the current period, with a cumulative negative cash flow of ¥175,504,745.90 year-to-date[3] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 175,504,745.90, slightly improved from -CNY 180,425,793.84 in 2024[20] - Net cash flow from investing activities was -$14.27 million, a decrease from $352.54 million in the previous period, indicating a significant decline in investment performance[21] - The net cash flow from financing activities was -$65.03 million, an improvement from -$95.31 million, indicating a narrowing of losses[21] - The ending cash and cash equivalents balance decreased to $550.21 million from $1.08 billion, a decline of 48.9%[21] - The company reported a significant cash decrease of $254.80 million in the current period compared to an increase of $76.80 million previously[21] - The initial cash and cash equivalents balance was $805.01 million, down from $1.00 billion, reflecting a 19.5% decrease[21] Assets and Liabilities - Total assets at the end of the period were ¥3,604,984,241.64, a slight decrease of 0.39% from the end of the previous year[4] - Total liabilities as of the end of the reporting period were CNY 1,137,671,180.55, compared to CNY 1,123,815,074.15 at the end of 2024[15] - Total equity attributable to shareholders of the parent company was CNY 2,467,313,061.09, a decrease of 1.1% from CNY 2,495,421,481.44 in 2024[15] - The company's cash and cash equivalents decreased to ¥569,232,653.41 from ¥834,004,018.42, a decline of approximately 31.8%[13] - Accounts receivable increased to ¥1,209,487,923.60 from ¥979,542,532.19, reflecting a growth of about 23.4%[13] - Inventory rose to ¥648,514,498.95 from ¥550,361,841.60, indicating an increase of approximately 17.8%[13] - Accounts payable increased to ¥720,550,015.60 from ¥569,730,964.13, showing a rise of approximately 26.4%[14] Research and Development - Research and development expenses totaled ¥47,922,807.26, accounting for 29.03% of operating revenue, an increase of 3.31 percentage points[4] - Research and development expenses for the first three quarters of 2025 were CNY 53,663,309.26, a slight decrease of 3.1% from CNY 55,411,796.19 in 2024[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,609[10] - The largest shareholder, AVIC Aircraft Systems Co., Ltd., holds 324,592,366 shares, representing 41.02% of total shares[11] - The company has no significant changes in the top ten shareholders or their shareholding status[12] Operational Changes - The company experienced a significant decline in profit margins due to changes in order delivery schedules and product sales structure, leading to a decrease in net profit[7] - There are no new strategies or significant operational changes reported for the current period[12] - The company will not apply new accounting standards starting from 2025, as per the announcement[22]

江航装备公告，第三季度营收为1.65亿元，同比下降16.85%；净利润为579.22万元，同比下降82.16%。 前三季度营收为6.37亿元，同比下降19.51%；净利润为4239.36万元，同比下降68.97%。 ...

会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 30 日(星期四)至 11 月 5 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hkgy@jianghang.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 证券代码：688586 证券简称：江航装备 公告编号：2025-039 合肥江航飞机装备股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 6 日(星期四)上午 9:00-10:00 副总经理、总会计师：孙 军 董事会秘书：袁乃国 合肥江航飞机装备股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn ...