Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.55 billion yuan to repay the company's bonds [1] - Yidelong reported a net profit of 41.77 million yuan for Q1 2025, a year-on-year increase of 34.19% [1] - Overseas Chinese Town A achieved a contract sales amount of 1.78 billion yuan in April, a year-on-year increase of 10% [1][2] Group 2 - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1 billion yuan for an offshore wind power project with a European energy company [4] - Liao Port Co. announced the resignation of Chairman Wang Zhixian due to reaching retirement age [4] - China Energy Construction's application for a specific stock issuance has been approved by the Shanghai Stock Exchange [6] Group 3 - Xinhua Insurance reported a 27% year-on-year increase in premium income from January to April, totaling 85.38 billion yuan [11] - 吉祥航空's passenger turnover increased by 6.34% in April, with a seat occupancy rate of 86.16% [13] - New City Holdings reported a contract sales amount of approximately 1.76 billion yuan in April, a year-on-year decrease of 52.46% [28] Group 4 - Three Yuan Bio announced a preliminary ruling of a 3.49% countervailing duty on its products in the U.S. [23] - Shanghai Pharmaceutical's product, Wengjing Decoction Granules, has been approved for production [20] - A strategic cooperation agreement was signed between *ST Dali and Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the development of intelligent unmanned equipment [22] Group 5 - The construction of the automotive lightweight forging precision processing project by Sanlian Forging has been completed [25] - The company Tianma Technology reported an output of approximately 1,480.16 tons of eel in April [18][19] - The company Victory Technology plans to invest up to 3 billion yuan for share repurchase [42]

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 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Group 1 - The A-share airport and shipping sector experienced a significant rise in the afternoon, with Huaxia Airlines increasing by nearly 7.5% [1] - China National Airlines saw an increase of over 5%, while Southern Airlines rose nearly 5% [1] - Other companies such as China Eastern Airlines, Juneyao Airlines, Hainan Airlines, Spring Airlines, CITIC Offshore Helicopter, and Hainan Airport also reported gains of over 2% [1]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing rapid commercialization, with significant government support and investment in infrastructure and projects [21][26][28] - By 2030, the drone industry in China is expected to exceed 1 trillion yuan, with eVTOLs likely becoming a mainstream choice for urban air mobility [32] Summary by Sections Industry Overview - The low-altitude economy is gaining momentum with various local governments implementing supportive measures and funding initiatives [21][28][31] - Recent projects include a 500 million yuan investment by Dongfang Hope Group in Chongqing for urban air traffic operations [29] Company Dynamics - Zhongke Xingtou has secured low-altitude projects in four cities and plans to raise 650 million yuan for platform construction [33] - Wan Feng Aowei has acquired core assets from global eVTOL pioneer Volocopter to enhance urban air transport solutions [36] - Shencheng Jiao is actively involved in over 20 cities for low-altitude economic planning and consulting projects [38] Market Performance - The average stock price change for low-altitude economy-related A-shares was +0.5% from April 28 to April 30, with notable gains from companies like Blue Ocean Huateng (+13.7%) and Guanglian Aviation (+9.6%) [12][24] - In the US market, Yihang Intelligent saw a significant increase of +11.1% [19][24]

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]

Investment Rating - The report maintains a "Recommend" rating for CITIC Heli [1] Core Views - The company achieved its best quarterly performance in Q1 2025, with a revenue of 496 million yuan, representing a year-on-year growth of 8.37% and a net profit attributable to shareholders of 91 million yuan, up 9.2% year-on-year [6] - The company is deepening its cooperation in the eVTOL field with CITIC Financial Leasing and Fengfei Aviation, including a strategic cooperation agreement for the intention to purchase 100 large eVTOL aircraft [6] - The report emphasizes the company's strong position in the low-altitude economy and its potential to benefit from three key areas: expanding consumer markets, participating in new low-altitude operational network standards, and leveraging opportunities from being a state-owned enterprise [6] Financial Summary - Total revenue is projected to grow from 2,163 million yuan in 2024 to 2,923 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11% [2] - Net profit attributable to shareholders is expected to increase from 303 million yuan in 2024 to 436 million yuan in 2027, with a CAGR of about 9% [2] - Earnings per share (EPS) is forecasted to rise from 0.39 yuan in 2024 to 0.56 yuan in 2027 [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 57 times in 2024 to 39 times in 2027 [2] Quarterly Performance - In Q1 2025, the company reported a gross margin of 21.85%, an increase of 2.3 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 18.4%, consistent with the previous quarters [7] - The company’s performance in Q1 2025 was the highest for the same period in its history, second only to Q4 2024 [6] Strategic Developments - The company is actively innovating in the general aviation sector, with the recent acquisition of a specialized drone system, marking a significant step in the low-altitude economy [6] - The strategic partnership with Fengfei Aviation is expected to enhance service offerings in low-altitude sightseeing and transportation [6]

Financial Performance - The company's operating revenue for Q1 2025 was ¥495,699,157.42, representing an increase of 8.37% compared to ¥457,407,939.62 in the same period last year[5] - Net profit attributable to shareholders was ¥91,211,281.47, up 9.18% from ¥83,542,174.18 year-on-year[5] - Basic and diluted earnings per share increased by 9.19% to ¥0.1176, compared to ¥0.1077 in the same period last year[5] - Total operating revenue for the current period reached ¥495,699,157.42, an increase of 8.3% compared to ¥457,407,939.62 in the previous period[23] - Net profit for the current period was ¥89,009,242.33, compared to ¥84,259,512.65 in the previous period, indicating a growth of 5.2%[24] - The total comprehensive income for the current period was ¥89,009,242.33, compared to ¥84,259,512.65 in the previous period, showing a growth of 5.2%[25] Cash Flow - The net cash flow from operating activities decreased by 17.47% to ¥349,990,228.46, down from ¥424,082,477.77 in the previous year[5] - Cash flow from operating activities was ¥693,227,609.77, down from ¥728,568,079.88, a decrease of 4.8%[26] - Operating cash inflow totaled $778.46 million, a slight decrease from $788.18 million in the previous period[27] - Net cash flow from operating activities was $349.99 million, down from $424.08 million[27] - Cash outflow from investment activities amounted to $275.37 million, compared to $39.92 million previously[27] - Net cash flow from investment activities was -$69.87 million, worsening from -$39.47 million[27] - The net increase in cash and cash equivalents was $220.58 million, compared to $298.90 million in the prior period[27] - The ending balance of cash and cash equivalents was $729.15 million, significantly lower than $1.52 billion at the end of the previous period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,159,989,741.16, reflecting a 1.25% increase from ¥7,071,877,990.36 at the end of the previous year[5] - Total liabilities increased slightly to ¥1,635,764,377.49 from ¥1,636,661,869.02, showing a decrease of 0.1%[21] - The company reported a total current asset of ¥3,356,168,612.13, an increase from ¥3,268,961,652.13, indicating a growth of approximately 2.7%[20] - The company’s total liabilities decreased slightly, with accounts payable reducing to ¥192,677,338.03 from ¥206,918,211.59, a decline of about 6.9%[20] Investments - Long-term equity investments increased by 52.51% to ¥26,599,500.00, primarily due to new investments in Zhejiang General Aviation Co., Ltd.[9] - The company's long-term equity investments increased to ¥26,599,508.36 from ¥17,440,673.75, reflecting a growth of approximately 52.4%[20] Expenses - Financial expenses rose by 70.78% to ¥7,163,100.00, attributed to increased exchange losses and unrecognized financing costs related to helicopter leasing[10] - Total operating costs amounted to ¥432,030,927.61, up from ¥405,060,542.15, reflecting a rise of 6.7%[23] - Research and development expenses were ¥1,049,868.50, slightly down from ¥1,095,008.01, indicating a decrease of 4.1%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 149,988[13] Government Subsidies - The company received government subsidies amounting to ¥10,000.00 during the reporting period, related to normal business operations[6] - The company received government subsidies amounting to ¥29,730,000.00 in January 2025 and ¥30,040,000.00 in April 2025[17] Other Information - The company has not yet audited the first quarter report[28] - The new accounting standards will be implemented starting in 2025[29] - The estimated amount for daily related transactions with affiliates in 2025 is projected to be no more than ¥102,900,000.00[17]