中信海洋直升机股份有限公司（以下简称"公司"）第八届董事会第二十一 次会议于 2026 年 3 月 13 日（星期五）以现场加通讯会议形式召开。本次会议通 知及材料已于 2026 年 3 月 3 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。会议的召集与召开符合有关法律、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 证券代码：000099 证券简称：中信海直 公告编号：2026-005 中信海洋直升机股份有限公司 第八届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 （一）审议通过关于 2025 年年度报告全文及摘要的议案 审议通过公司 2025 年年度报告全文及摘要，并同意提交 2025 年度股东会审 议。公司 2025 年年度报告全文同日在巨潮资讯网（www.cninfo.com.cn，下同） 披露，2025 年年度报告摘要同日在《证券时报》《上海证券报》和巨潮资讯网披 露。 （同意 15 票，反对 0 票，弃权 0 票） （二）审议通过关于 ...

临时公告 证券代码：000099 证券简称：中信海直 公告编号：2026-008 中信海洋直升机股份有限公司 关于 2025 年度利润分配预案的公告 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、审议程序 经中信海洋直升机股份有限公司（下称"公司"）于 2026 年 3 月 13 日召开第八届董事会第二十一 次会议，通过了《关于 2025 年利润分配的议案》。本议案尚需提交公司 2025 年度股东会审议。 二、利润分配和资本公积金转增股本方案的基本情况 经信永中和会计师事务所（特殊普通合伙）审计，2025 年公司合并口径实现归属于母公司股东净 利润 308,669,167.81 元，其中，母公司实现净利润 347,455,129.81 元。截至 2025 年 12 月 31 日，母 公司可供分配利润为 2,312,571,034.17 元。 按照《公司章程》利润分配政策，结合公司 2026 年度生产经营、投融资情况和现金安排，为回报 股东，董事会提请股东大会审议的公司 2025 年度利润分配预案是：以截至 2025 年 12 月 31 日公司总股 本 7 ...

中信海洋直升机股份有限公司 2025 年年度报告全文 证券代码：000099 证券简称：中信海直 公告编号：2026-006 中信海洋直升机股份有限公司 2025 年年度报告 2026 年 3 月 1 中信海洋直升机股份有限公司 2025 年年度报告全文 奋楫争先立潮头 向新而行谱新篇 ——中信海直董事长致全体股东的一封信 尊敬的各位股东： 岁月铭刻奋斗足迹，时光绘就发展画卷。很高兴通过这份年度报告，向各位股东正式汇报中信海 直 2025 年度经营成果，共同展望充满希望的美好未来。 2025 年，是"十四五"规划的收官之年，也是公司发展史上具有里程碑意义的一年。面对复杂严峻 的外部环境和深刻变革的行业变局，全体海直人迎难而上、砥砺前行，圆满完成年度各项目标任务， 为"十四五"画上了圆满句号。这些成绩的取得，归功于中信集团党委的坚强领导、广大股东和客户的 信任支持、全体干部员工的拼搏奉献。在此，我谨代表公司董事会，向长期以来关心支持中信海直发 展的各级领导、各位股东、广大客户及合作伙伴，向奋战在各条战线的全体同仁，致以最衷心的感谢 和最崇高的敬意！ 一、2025 年：砥砺前行，再创佳绩 党建引领，把准航向。过去 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is achieving "time-saving, labor-saving, worry-free, and more profitable" results, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang Intelligent expects to achieve full-year GAAP profitability in 2026, with order volume, production capacity, and profitability milestones validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have launched an eVTOL integration pilot program, with eight projects selected to commence real operational testing in the summer of 2026 [3][16] - Cathay Pacific has raised fuel surcharges, reflecting the transmission of oil price shocks to ticket prices [3][18] - Shipping traffic through the Strait of Hormuz is nearly stagnant due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector shows an increase in container shipping rates and dry bulk freight rates, while oil shipping rates have decreased [4][43] - In express logistics, the volume of express deliveries increased by 2.30% year-on-year in December 2025, with revenue up by 0.70% [4] - In aviation, the average daily international flights in the second week of March 2026 were 1,750.29, down 2.92% month-on-month but up 7.12% year-on-year [4] - The number of trucks passing through national highways increased by 40.64% week-on-week from March 2 to March 8 [4] Investment Recommendations - Focus on low-altitude economy and autonomous driving trends, recommending companies like CITIC Heli and Cao Cao Mobility [5] - Monitor opportunities in the shipping sector, particularly in oil, dry bulk, and container shipping, recommending companies like China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on investment opportunities in high-speed rail and highways, recommending Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of aviation investment opportunities, recommending China Southern Airlines and China Eastern Airlines [5]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The battery swapping model is expected to enhance efficiency and profitability, with Cao Cao Mobility planning to deploy 100,000 Robotaxi vehicles by 2030 [3][13] - EHang is projected to achieve full-year GAAP profitability in 2026, with significant growth in orders and production validating the commercialization of eVTOL [3][15] - The U.S. Department of Transportation and FAA have initiated an eVTOL integration pilot program, with eight projects set to begin real-world operational testing in summer 2026 [3][16] - Cathay Pacific has raised fuel surcharges due to soaring oil prices, reflecting the impact of geopolitical tensions on ticket pricing [3][18] - Shipping traffic through the Strait of Hormuz has nearly halted due to escalating U.S.-Iran conflicts, increasing shipping risks and oil prices [3][29] Industry Dynamics Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year [4][31] - The shipping and port sector has seen a rise in container shipping rates, while oil shipping rates have declined [4][43] - The express logistics sector reported a 2.30% year-on-year increase in business volume for December 2025 [4][31] - In March 2026, the average daily international flights was 1,750.29, showing a 7.12% year-on-year increase [4][31] - The highway and railway sector reported a 40.64% month-on-month increase in truck traffic from March 2 to March 8 [4][31] Investment Recommendations - Focus on low-altitude economy and autonomous driving sectors for investment opportunities, recommending companies like CITIC Hainan and Cao Cao Mobility [5] - Monitor shipping opportunities in the context of Middle Eastern geopolitical developments, recommending companies such as China Merchants Energy and COSCO Shipping [5] - Explore international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Keep an eye on high-speed rail and highway investment opportunities, recommending companies like Beijing-Shanghai High-Speed Railway [5] - Dynamic monitoring of the airline sector, recommending companies such as Air China and China Southern Airlines [5]

Group 1: Macro Economic Insights - February CPI and PPI growth rates exceeded consensus expectations, with CPI influenced significantly by the Spring Festival consumption, leading to notable increases in food and service prices [2][7][9] - The government work report emphasizes the importance of domestic demand and consumer spending, suggesting that the consumption sector may recover as the macro economy stabilizes [3][11][13] Group 2: Food and Beverage Industry - The food and beverage sector is expected to benefit from policies aimed at stimulating consumption, with structural investment opportunities emerging as the economy recovers [3][11][14] - The report highlights the potential for growth in sub-sectors driven by demographic changes, such as the "silver economy" and "single economy," suggesting a shift in consumer preferences towards daily consumption needs [14] Group 3: Transportation Industry - The transportation sector is witnessing trends in new economic models, such as low-altitude economy and Robotaxi, which present investment opportunities [4][16][20] - JD Logistics is projected to achieve revenues exceeding 217.1 billion yuan by 2025, indicating strong growth in the logistics segment [16][20] - The report notes significant disruptions in international flight routes to the Middle East, affecting supply dynamics in the aviation sector [16][20] Group 4: Chemical Industry - The chemical sector is advised to focus on geopolitical events impacting oil and petrochemical prices, as well as on leading companies with low valuations [22][27] - Recent price increases in epoxy propane and MDI highlight the ongoing demand and supply dynamics within the chemical market [25][26] Group 5: Computer Industry - OpenClaw is leading the AI sector into a new era of practical agents, indicating a shift in user expectations towards more capable AI systems [30][31] - The government work report emphasizes quantum technology as a key area for future industrial transformation, with significant advancements expected in quantum computing and communication [32][33] Group 6: Social Services Industry - The social services sector is experiencing a downturn, but the government work report suggests that policies aimed at boosting domestic demand will benefit the tourism and cultural sectors [37][39] - The report indicates a strong performance in travel during the Spring Festival, with expectations for continued growth in the tourism sector due to favorable policies [38][39]

Core Insights - The report emphasizes the importance of expanding domestic demand and enhancing quality in economic development, with a GDP growth target set at 4.5%-5% for 2026, down from around 5% in 2025 [7][35] - The government aims to implement more proactive fiscal policies, including a deficit target of 4% and an increase in special bonds to support infrastructure and investment projects [20][36] - The focus on new industries and future industries is highlighted, with specific mention of sectors such as integrated circuits, aerospace, biomedicine, and future energy [19][24] Industry Performance - The report indicates that the basic chemical industry is expected to benefit from government support for traditional industry upgrades and new material development, with a focus on enhancing competitiveness [12][16] - The machinery and equipment sector is projected to see increased demand due to ongoing large-scale equipment updates and infrastructure investments [18][20] - The electric power equipment industry is highlighted for its potential in future energy investments, particularly in hydrogen and fusion energy, marking a strategic shift towards green fuels [24][25] Investment Recommendations - The report suggests investing in traditional chemical leaders that are enhancing their competitiveness and exploring new materials, as well as sectors benefiting from the "anti-involution" trend, such as refining and pesticides [16][22] - For the machinery sector, companies involved in core components for humanoid robots and commercial aerospace are recommended, as these areas are expected to see significant growth [22][19] - In the green energy sector, companies involved in hydrogen and green fuel production are highlighted as key investment opportunities, especially with the anticipated acceleration of industrialization in 2026 [27][25]

Core Insights - The report highlights the importance of promoting reasonable price recovery as a key task for economic development in 2026, with fiscal spending expected to maintain a considerable scale [5][6] - The GDP growth target for 2026 is set at 4.5-5%, with a focus on achieving better results in practice [5] - The report emphasizes the need for investment expansion, with a planned central budget investment of 755 billion yuan, an increase of 20 billion yuan from 2025 [7] Macroeconomic Overview - The government work report indicates that consumer price index (CPI) growth is targeted at around 2.0% for 2026, with efforts to improve the overall supply-demand relationship [6] - The fiscal deficit target for 2026 is set at approximately 5.89 trillion yuan, with a deficit rate of around 4%, consistent with 2025 [6][7] - The manufacturing PMI for February is reported at 49.0%, indicating a continued contraction in manufacturing activity [9][10] Industry Performance - The report notes that the communication sector saw a rise of 2.84%, while the agriculture, forestry, animal husbandry, and fishery sector declined by 2.02% [4] - The electric equipment and machinery sectors also experienced positive growth, with increases of 2.18% and 2.05% respectively [4] - The manufacturing price index remains in an expansion zone, with the main raw material purchase price index at 54.8% [10][11] Investment Opportunities - The report suggests that traditional industries will be prioritized for quality upgrades, with 200 billion yuan allocated for large-scale equipment updates [7] - There is a strong emphasis on nurturing emerging and future industries, with a target for R&D expenditure to grow by over 7% annually [7] - The report indicates that high-tech manufacturing investment remains robust, with a cumulative year-on-year growth of 16.9% in aerospace and equipment manufacturing fixed asset investment [7]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The low-altitude economy is gaining momentum with significant policy support, including a joint announcement from five ministries to strengthen the digital infrastructure for low-altitude operations and promote high-quality development of low-altitude insurance [3][10][14] - The report highlights the successful financing activities in the eVTOL sector, with WoFei ChangKong completing nearly 1 billion yuan in a new round of financing, marking the largest single financing in the low-altitude economy at the start of the year [3][27] - The introduction of innovative eVTOL models, such as the world's first 5-ton eVTOL by Fengfei Aviation, is expected to redefine low-altitude transportation efficiency and expand market opportunities [16][17] Summary by Sections Market Performance - In February 2026, the low-altitude economy index increased by 4.56%, outperforming the Shanghai Composite Index by 3.47 percentage points [8][12] Policy Dynamics - A joint document from five ministries emphasizes the need to enhance information communication capabilities to support low-altitude infrastructure development, with specific targets for 5G-A industry supply and low-altitude communication coverage [10][11] - The National Development and Reform Commission and other agencies have set goals for establishing a mandatory insurance system for unmanned aerial vehicles by 2027, aiming to enhance the safety framework for low-altitude operations [14][15] Industry Chain Progress - Fengfei Aviation's V5000 eVTOL has successfully completed its conversion flight, marking a significant milestone in the eVTOL industry and showcasing China's leadership in this technology [16][17] - Yesheng Aviation has become the first company globally to hold three special flight permits for ultra-light eVTOLs, indicating strong progress in regulatory approvals and product development [21][22] Investment and Financing Dynamics - WoFei ChangKong's recent financing round, led by CITIC Capital, is aimed at accelerating the certification process for its AE200 series and expanding its commercial model [27] - Tianling Technology has also secured over 100 million yuan in financing to advance its INFLYNC L600 eVTOL, which is expected to enter commercial operations by 2028 [28] Investment Recommendations - The report suggests focusing on key segments such as complete aircraft, power systems, flight control systems, and low-altitude monitoring, with specific companies highlighted for potential long-term benefits [31]

Core Insights - The report highlights a focus on various sectors, including real estate, transportation, and renewable energy, with specific stock recommendations for March 2026 [1][4][5][10][13]. Stock Recommendations - The report lists a selection of stocks for March 2026, including Poly Real Estate Group (0119.HK), CITIC Hainan Airlines (000099.SZ), and Mindray Medical (300760.SZ) among others [1]. Market Performance - The Shanghai Composite Index closed at 4182.59, up by 0.47%, while the Shenzhen Component Index decreased by 0.20% to 14465.79 [1]. - The performance of various industry indices shows significant gains in sectors like oil and petrochemicals (up 7.95%) and coal (up 3.77%), while sectors like media and computer saw declines [1]. Renewable Energy Sector Insights - The report anticipates a robust growth in global electric vehicle sales in 2026, which will drive demand for batteries and materials [4][9]. - The report notes a significant price increase in lithium carbonate due to Zimbabwe's ban on lithium ore exports, emphasizing the importance of monitoring the supply chain [4][9]. - The solar energy sector is expected to see increased investment driven by trends like "anti-involution" and "space solar power," with a focus on domestic manufacturers [4][9]. Transportation Sector Insights - The report discusses the impact of geopolitical tensions, particularly the U.S. military actions against Iran, on global oil transportation, predicting increased shipping costs due to supply chain disruptions [5][13][14]. - The introduction of Tesla's Cybercab is noted as a significant advancement in autonomous vehicle technology, marking a shift towards dedicated Robotaxi services [5][13][14]. Investment Recommendations - The report suggests focusing on opportunities in the shipping sector due to geopolitical tensions, recommending stocks like China Merchants Energy (601872.SH) and COSCO Shipping (601919.SH) [16]. - It also highlights potential investments in the low-altitude economy and autonomous driving sectors, recommending companies like CITIC Hainan Airlines and others in the logistics space [16][17].