2025国际低空经济博览会展前新闻发布会7月8日在上海举行。发布会上介绍，2025国际低空经济博览会 将于7月23日至7月26日举办，展会面积6万平米，30多场论坛活动，预计吸引参观人数超5万人次。 此次参展商数量近300家，大疆、普宙、兵器集团、腾盾科创、中国邮政速递物流、联合飞机、沃飞长 空、合肥合翼等知名企业将亮相。低空产业链上，上海碳纤维复合材料创新研究院等新材料展商、宗申 航发等新能源动力展商、华测导航等新技术展商将参展。 *风险提示：股市有风险，入市需谨慎 华创证券认为，低空经济作为新质生产力典型代表之一，未来产业趋势逐步明晰，顶层设计是重要驱 动，机制清晰保障实施推进。预计2025年低空经济有望开启第三阶段行情，核心驱动是订单放量。 公司方面，据上市公司互动平台表示， 深城交：公司向香港等地申请包括低空基础设施装置及RFID跨境低空物流已获首批试点。 中信海直：公司运营直升机、无人机等航空器。 *免责声明：文章内容仅供参考，不构成投资建议 据中国民航报公众号消息，7月4日，民航局成立通用航空和低空经济工作领导小组，加强对通用航空、 无人驾驶航空、低空经济等相关工作的组织领导和协调统筹。下一步，民 ...

2024 年环境、社会及公司治理报告 1 | 关于本报告 | 4 | | --- | --- | | 走进中信海直 | 5 | | 公司文化 | 6 | | 企业荣誉 | 7 | | ESG 关键绩效 | 8 | | ESG 重要性议题 | 10 | 前言 低空经济专题 社会篇 治理篇 环境篇 开拓低空未来，争做通航栋梁 秉持责任担当，助力社会发展 优化公司治理，绘就发展蓝图 坚持绿色发展，践行环保承诺 | 体系创新，完善环境管理 | 24 | | --- | --- | | 多维举措，坚持绿色运营 | 27 | | 节能降碳，引领绿色发展 | 32 | | 严格监测，保护极地生态 | 35 | | 系统识别，控制环境风险 | 36 | | 坚持党建引领，明确发展方向 | 86 | | --- | --- | | 规范公司治理，提高管理效率 | 89 | | 依法合规经营，紧抓风险管控 | 94 | | 厉行反腐倡廉，落实廉洁建设 | 99 | | 加强信息披露，树立市场形象 | 103 | | 未来展望 | 106 | | --- | --- | | 指标索引 | 108 | | 意见反馈 | 111 | ...

证券代码：000099 证券简称：中信海直 公告编号：2025-020 中信海洋直升机股份有限公司 第八届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2025 年 7 月 9 日 中信海洋直升机股份有限公司（以下简称"公司"）第八届董事会第十三次 会议于 2025 年 7 月 7 日（星期一）以通讯表决方式召开。本次会议通知及材料 已于 2025 年 6 月 30 日发送各位董事。会议应出席的董事 15 名，实际出席的董 事 15 名。会议符合有关法律、行政法规、部门规章、规范性文件及公司《章程》 的规定。 二、董事会会议审议情况 （一）审议通过关于公司 2024 年度环境、社会及公司治理（ESG）报告的 议案 （同意 15 票，反对 0 票，弃权 0 票） 三、备查文件 第八届董事会第十三次会议决议 中信海洋直升机股份有限公司董事会 一、董事会会议召开情况 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]

Core Viewpoint - The company, CITIC Offshore Helicopter, has demonstrated strong performance in the aviation sector, with a focus on expanding its service offerings and maintaining safety standards while increasing profitability through strategic measures. Group 1: Financial Performance - The company's gross margin for 2024 is 23.04%, an increase of 1.88% compared to the same period last year, with plans to further enhance this through fleet upgrades and cost management [2][4]. Group 2: Operational Highlights - The company has opened regular flight routes including Shenzhen-Zhuhai and Zhoushan-Dongji Island, as well as multiple sightseeing routes within Shenzhen [1][4]. - The company has accumulated over 500,000 safe flight hours, establishing an excellent safety record within the industry [3][4]. Group 3: Competitive Advantages - The company possesses comprehensive brand influence, stable service capabilities, high safety production standards, and a skilled workforce, which are key competitive advantages in the market [2][3]. - The company operates the largest civilian helicopter fleet in Asia, featuring models from Airbus, Sikorsky, and Leonardo, and has deployed 14 drones in various locations [3]. Group 4: Market Strategy - The company is committed to supporting national marine oil and gas development and plans to continue providing high-quality offshore oil flight services while maintaining market share [2]. - The company is also monitoring opportunities in Southeast Asia and the Middle East markets [2]. Group 5: Industry Context - The low-altitude economy encompasses various segments including aircraft manufacturing, operational services, and maintenance, providing significant growth potential for the general aviation industry [1].

| | ☐分析师会议 特定对象调研 | | | --- | --- | --- | | | ☐媒体采访 | ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | | ☐现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名称及人员姓名 | 前海铂棁投资周珍；光影资本余双宏；跨越基金梁纯杰；雷天海 | | | | 泰私募冯政伟；华承控股邓学勇；瑞业资产裴海亮；墨山基金李 | | | | 艳平；汇杰投资王福清；黄石基金罗志军；亿方富投资陈健富； | | | | 瑞联私募郑传国；坚石投资刘靖；可乐兄弟投资孙永青；蓝海基 | | | | 金张俊；玖金私募苏将；东方财富证券康卫荣；个人投资者杨尧 | | | | 尧、曹湾、卢崇元、张家忠、康亚保、龙旭东、谭洲田、赵海陆、 | | | | 张钊荣、郭志军。 | | | 时间 | 2025年5月26日 15:00-17:00 | | | 地点 | 深圳直升机场 | | | 上市公司接待人员姓名 | 副总经理李刚，证券事务代表刘蔚然 | | | | 1.公司的人员结构以及核心竞争力如何？ | | | | 答: 公司拥 ...

2.自权益分派方案披露至实施期间公司股本总额未发生变化。 3.本次实施的权益分派方案与股东大会审议通过的权益分派方案一致。 4.本次实施权益分派方案距离股东大会审议通过的时间未超过两个月。 证券代码：000099 证券简称：中信海直 公告编号：2025-019 中信海洋直升机股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股东大会审议通过的权益分派方案 1.中信海洋直升机股份有限公司（以下简称"中信海直"、"本公司"）2024 年度权益分派方案已经2025年4月10日召开的2024年度股东大会审议通过，2024 年度权益分派方案为：以截至2024年12月31日公司总股本775,770,137股为基数， 拟每10股派发1.25元现金红利（含税），预计分配红利96,971,267.13元。2024 年度不送股、不进行资本公积转增股本。 二、本次实施的权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本775,770,137股为基 数，向全体股东每10股派1.250000元人民币现金（含税；扣税后，通 ...

Core Insights - Kunshan Fengfei Aviation signed a strategic cooperation agreement with CITIC Heli and CITIC Jinzhong for the procurement of 100 eVTOL aircraft, aiming to accelerate the commercial application of eVTOL in real scenarios [1][2] Group 1: Company Collaboration - The collaboration includes the procurement of 100 eVTOL aircraft, consisting of the 2-ton cargo aircraft "Kairui Ou" and the 5-seat passenger aircraft "Shengshi Long" [1] - "Kairui Ou" is the only eVTOL in the world to have received a Type Certificate (TC) and Production Certificate (PC) for aircraft over 1 ton, utilizing advanced electric propulsion and intelligent flight control technology [1] - "Shengshi Long," referred to as an "air taxi," can carry 5 people, has a range of 200 kilometers, and a cruising speed of 200 kilometers per hour [1] Group 2: Application Scenarios - "Kairui Ou" will focus on transportation services for offshore oil platforms, low-altitude logistics, emergency material transport, and emergency rescue scenarios [1] - "Shengshi Long" aims to explore local characteristics and resources, developing low-altitude sightseeing, intercity travel, urban commuting, and transportation connections [1] - The three parties will also collaborate with Shenzhen Luohu Urban Development Co., Ltd. to launch new low-altitude products and services, creating a "low-altitude application + ecosystem" [1] Group 3: Industry Context - CITIC Heli is the largest general aviation company in China and the only publicly listed general aviation company in the country [2] - CITIC Jinzhong, a wholly-owned subsidiary of CITIC Bank, has achieved significant results in mainstream leasing businesses such as ships and aircraft [2] - The low-altitude economy is emerging as a new industry globally, with Kunshan actively attracting quality enterprises and developing an airspace management service platform to promote breakthroughs in the low-altitude economy [2]

公司研究 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日收盘价 航空 2025 年 05 月 02 日 当前价：22.19 元 华创证券研究所 证券分析师：吴一凡 证 券 研 究 报 告 中信海直（000099）2025 年一季报点评 推荐（维持） 最佳一季度业绩表现，与中信金租、峰飞航空展开 eVTOL 领域合作 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,163 | 2,378 | 2,634 | 2,923 | | 同比增速(%) | 9.8% | 9.9% | 10.8% | 11.0% | | 归母净利润(百万) | 303 | 360 | 400 | 436 | | 同比增速(%) | 26.8% | 18.7% | 11.1% | 9.0% | | 每股盈利(元) | 0.39 | 0.46 | 0.52 | 0.56 | | 市盈率(倍) | 57 | 48 | 43 | 39 | ...