迈信林公告，公司制定了2024-2026年股东回报规划。在符合分红条件的情况下，公司原则上每年度进 行一次现金分红。利润分配总额与当年归属于公司股东的净利润之比不低于10%。在公司发展阶段属成 熟期且无重大资金支出安排的，现金分红在本次利润分配中所占比例最低应达到80%。 ...

Investment Rating - The report maintains a "Buy" investment rating for the companies mentioned [10][57]. Core Insights - The AI application sector is expected to accelerate, with Kimi K2 demonstrating competitive capabilities and significant commercial potential [7][55]. - OpenAI has launched the ChatGPT Agent, marking a significant upgrade in AI capabilities, allowing for complex task management and integration with various tools [27][30]. - The AI financing landscape remains robust, highlighted by Thinking Machines Lab's record $2 billion seed round, indicating strong investor interest in AI technologies [42][44]. Summary by Sections Computing Power Dynamics - The report notes stable pricing in computing power rentals, with specific configurations priced at 28.64 CNY/hour for Tencent Cloud and 31.58 CNY/hour for Alibaba Cloud [15][17]. - The launch of RoboBrain 2.0 by Zhiyuan Research Institute showcases advancements in embodied intelligence, achieving state-of-the-art performance in multiple benchmarks [16][20]. AI Application Dynamics - Bing's average weekly stay duration increased by 166.21%, indicating growing user engagement [26]. - The ChatGPT Agent has achieved a score of 41.6% on the HLE benchmark, significantly outperforming previous models [27][31]. AI Financing Trends - Thinking Machines Lab completed a $2 billion seed round, achieving a valuation of $12 billion, reflecting the high demand for AI talent and innovation [42][44]. Investment Recommendations - Companies such as 嘉和美康 (688246.SH), 科大讯飞 (002230.SZ), and 寒武纪 (688256.SH) are highlighted as key investment opportunities due to their strong market positions and growth potential [8][56].

Core Viewpoint - The company has experienced significant growth in both aerospace and civilian precision component businesses, with notable increases in revenue and gross profit margins in 2024 compared to the previous year [1][2][3]. Aerospace and Civilian Component Business - The aerospace component business generated revenue of 324.28 million yuan, representing a year-on-year increase of 46.98%, with a gross profit margin improvement of 4.07 percentage points [1]. - The civilian precision component business saw revenue of 83.51 million yuan, a year-on-year growth of 21.57%, with a gross profit margin increase of 4.42 percentage points [1][3]. - The overall sales volume of key products such as structural components and high-precision shells grew at a rate lower than revenue growth, indicating a shift in sales dynamics [1]. Customer Dynamics and Revenue Recognition - The company has maintained stable relationships with its top five customers, with significant revenue contributions from long-term partners and new clients [2][3]. - The revenue recognition model for both aerospace and civilian components remains unchanged, relying on formal contracts and customer acceptance of goods [2][3]. Technical Strength and Market Expansion - The company has enhanced its technical capabilities, leading to increased orders from major clients, which has driven revenue growth in both sectors [2][3]. - The introduction of new products and the expansion into civilian markets have been pivotal in increasing sales, particularly in the semiconductor and renewable energy sectors [3]. Gross Margin Improvement - The overall gross margin improved due to higher margins on structural components and equipment, which saw significant revenue growth [4]. - The company’s gross margin trends differ from some competitors, primarily due to variations in product sales structures and pricing strategies [4][6]. Financial Performance Comparison - The company reported a total revenue of 407.85 million yuan, with a year-on-year increase of 40.94%, and a gross margin improvement of 5.13 percentage points [4]. - Compared to industry peers, the company’s revenue growth and gross margin trends are generally aligned, with specific differences attributed to product mix and pricing strategies [4][6].

立信会计师事务所(特殊普通合伙) 关于对江苏迈信林航空科技股份有限公司 2024 年年度报告的信息披露监管问询函的回复 信会师函字[2025]第 ZF191 号 上海证券交易所科创板公司管理部: 由江苏迈信林航空科技股份有限公司转来贵部《关于江苏迈信林航空科技股 份有限公司 2024年年度报告的信息披露监管问询函》(上证科创公函《2025》0173 号)(以下简称"问询函")已收悉。根据审核问询函的要求,立信会计师事务所 (特殊普通合伙)(以下简称"会计师"或"我们")对涉及年审会计师的相关问 题进行了逐项核查,有关情况回复如下: 如无特别说明,本审核问询问题的回复中简称与《江苏迈信林航空科技股份 有限公司 2024 年度报告》中的简称具有相同含义。本说明中如若明细项目金额 加计之和与合计数存在尾差,系四舍五入所致。 问题 1、关于经营业绩 1、关于航空航天及民用零部件业务。根据2024年年报,公司航天航空零部 件及工装业务营业收入32,428.2万元,同比增长46.98%,销售毛利率同比增加4.07 个百分点;民用多行业精密零部件业务营业收入8,351.19万元,同比增长21.57% ,销售毛利率同比增长4 ...

国泰海通证券股份有限公司关于江苏迈信林航空科技股份有限 公司 2024 年年度报告的信息披露监管问询函的核查意见 上海证券交易所： 根据贵所《关于对江苏迈信林航空科技股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证科创公函【2025】0173 号，以下简称"问询函"）的要 求，国泰海通证券股份有限公司（以下简称"国泰海通"或"持续督导机构"）作为 江苏迈信林航空科技股份有限公司（以下简称"迈信林"或"公司"）的持续督导机 构，对迈信林就问询函相关问题进行了逐项核查，现发表核查意见如下： 问题 1、关于航空航天及民用零部件业务 根据2024年年报，公司航天航空零部件及工装业务营业收入 32,428.2万元， 同比增长 46.98%，销售毛利率同比增加 4.07 个百分点；民用多行业精密零部件 业务营业收入 8,351.19 万元，同比增长 21.57%，销售毛利率同比增长 4.42 个百 分点。分产品看，整体结构件、高精度壳体、专用标准件及组件等产品本期销售 量增长幅度均明显低于营业收入增长幅度。 请公司：（1）结合上述业务前五大客户变动情况、对应收入、收入确认时 点、合同签订时点、合作历史、产 ...

证券代码：688685 证券简称：迈信林 公告编号：2025-028 江苏迈信林航空科技股份有限公司 关于上海证券交易所对公司 2024 年年度报告的 信息披露监管问询函的回复公告 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： 风险提示： 1.公司产品价格调整的风险 军方审价机制已形成常态化管理模式，随着行业政策、市场环境变化，未来 航空主机单位客户可能会对部分产品的采购价格进行调整，如果公司新导入批产 产品未来受到客户采购价格下浮的调整，而公司未能通过精益管理、降本增效方 式做好价格调整对冲，则可能导致公司产品的毛利率下降，公司的业绩可能存在 下滑的风险。 2.新业务开发与市场竞争风险 算力行业未来可能面临行业竞争激烈、整体产能过剩、技术迭代加速、产品 淘汰过快等风险，如出现市场竞争加剧，无法获取稳定的客户资源，后续算力服 务业务发展不及预期等情形，则可能对公司收益产生不利影响。公司存在新业务 拓展不及预期甚至亏损的风险。 3.算力业务业绩波动风险 公司算力租赁业务开展所需的技术种类、人才团队与公司现有 ...

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by major shareholders of Jiangsu Maxinlin Aviation Technology Co., Ltd, indicating a significant decrease in their holdings and the implications for the company's stock structure [1][2]. Shareholder Holdings Before Reduction - Before the reduction, Yili Su Xin Investment Fund held 4,859,934 shares, accounting for 3.3418% of the total shares, while its action partner, Nanjing Daofeng Investment Management Center, held 78,400 shares, or 0.0539%, totaling 4,938,334 shares, which is 3.3957% of the total shares [1][2][3]. - Yili Su Xin's shares included 3,738,411 shares acquired before the IPO and 1,121,523 shares obtained through the 2023 annual bonus share distribution [1][2]. Implementation Results of the Reduction Plan - During the reduction period, Yili Su Xin and Daofeng Investment collectively reduced their holdings by 1,454,266 shares, which is 1.0000% of the total shares [2][3]. - Post-reduction, Yili Su Xin holds 3,428,736 shares, and Daofeng Investment holds 55,332 shares, totaling 3,484,068 shares, or 2.3958% of the total shares [2][3]. Details of the Reduction - The reduction plan was first disclosed on March 5, 2025, with Yili Su Xin planning to reduce 1,431,198 shares and Daofeng Investment planning to reduce 23,068 shares [3]. - The reduction occurred through centralized bidding, with Yili Su Xin's shares sold at prices ranging from 57.00 to 70.99 CNY per share, totaling approximately 88.02 million CNY [3]. - Daofeng Investment's shares were sold at prices between 57.00 and 68.10 CNY per share, totaling approximately 1.41 million CNY [3]. Current Shareholding Status - After the reduction, Yili Su Xin's current holding is 3,428,736 shares, representing 2.3577% of the total shares, while Daofeng Investment holds 55,332 shares, or 0.0380% [3].

证券代码：688685 证券简称：迈信林 公告编号：2025-027 减持计划实施前，伊犁苏新投资基金合伙企业（有限合伙）（以下简称"伊 犁苏新"）持有江苏迈信林航空科技股份有限公司（以下简称"迈信林"或"公 司"）4,859,934 股，占公司总股本的 3.3418%；其一致行动人南京道丰投资管理 中心（普通合伙）（以下简称"道丰投资"）持有公司 78,400 股，占公司总股本 的 0.0539%，二者合计持有公司 4,938,334 股，占公司总股本的 3.3957%。其中 伊犁苏新持有的公司首发前股份数为 3,738,411 股，通过公司 2023 年年度派送 红股获得的股份数为 1,121,523 股，道丰投资持有的公司首发前股份数为 60,308 股，通过公司 2023 年年度派送红股获得的股份数为 18,092 股，上述股东持有的 公司首发前股份已于 2022 年 5 月 13 日解除限售并上市流通。 减持计划的实施结果情况 2025 年 3 月 5 日，公司披露了《江苏迈信林航空科技股份有限公司股东减持 股份计划公告》（公告编号：2025-005），伊犁苏新、道丰投资合计拟减持 2,908,53 ...

Key Points - The company Jiangsu Maxinlin Aviation Technology Co., Ltd. has announced a cash dividend distribution of 0.157 CNY per share, totaling approximately 22.83 million CNY [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 22, 2025 [1] - The total number of shares for the dividend calculation is 145,426,667 [1] Dividend Distribution Details - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [1] - The actual cash dividend for individual shareholders holding shares for more than one year is exempt from personal income tax, while those holding for less than one year will have tax withheld upon transfer [2] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.1413 CNY per share [3] - Other institutional investors and corporate shareholders will be responsible for their own tax declarations, with the actual cash dividend being 0.157 CNY per share [5]

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。 证券代码：688685 证券简称：迈信林 公告编号：2025-026 江苏迈信林航空科技股份有限公司 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/26 | 2025/6/27 | 2025/6/27 | | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/26 | 2025/6/27 | 2025/6/27 | 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 5月 22 日的2024年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。 3. 分配方案： 本次利润分配以方案实施前的公司总股本145,426,667股为基数，每股派发现 是否涉及差 ...