证券代码：000697 证券简称：ST 炼石 公告编号：2025-041 炼石航空科技股份有限公司 关于预重整延期的公告 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、误导性陈述或者重大遗漏。 一、预重整基本情况 炼石航空科技股份有限公司(以下简称"公司")分别于 2025 年 1 月 3 日、2025 年 1 月 21 日召开第十一届董事会第十三次会议和 2025 年第一次临时股东大会， 审议通过了《关于拟向法院申请重整及预重整的议案》，同意公司向有管辖权的 法院申请重整及预重整。具体内容详见公司于 2025 年 1 月 4 日、1 月 22 日在《中 国证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 (www.cninfo.com.cn)刊载的相关公告。 2025 年 5 月 9 日公司向四川省成都市中级人民法院（以下简称"成都中院" 或"法院"）提交了重整及预重整申请资料，立案案号为（2025）川 01 破申 19 号。 具体内容详见公司于 2025 年 5 月 10 日在《中国证券报》《证券时报》《上海证 券报》《证券日报》和巨潮资讯网(www.cninfo.c ...

Group 1 - The core viewpoint is that Chengdu Gardner currently lacks the capability to manufacture large structural components for aircraft and is considering future investments in alternative equipment based on market conditions [1] Group 2 - The company received a refund from Modig, which raises questions about its current manufacturing capabilities [1] - The company expresses gratitude for investor interest in its aviation segment [1]

Core Viewpoint - ST Lian Shi, once a star in civil aviation equipment manufacturing, is now facing pre-restructuring due to debt issues, with a significant number of potential investors showing interest in its restructuring process [1][4]. Group 1: Restructuring Process - After over two months of recruiting investors, ST Lian Shi announced the selection of restructuring investors on September 3, 2025, attracting 58 interested parties [1][2]. - The selected investors include various state-owned enterprises and local asset management companies, with a subscription price of 5.65 CNY per share for a 24-month lock-up period and 6.73 CNY per share for a 12-month lock-up period [2][4]. - The current stock price of ST Lian Shi is 8.82 CNY per share, indicating a discount rate of 35.94% for the 24-month lock-up price and 23.70% for the 12-month lock-up price [2]. Group 2: Company Background and Financials - ST Lian Shi, established in 1993 and located in Chengdu, Sichuan, specializes in high-tech aviation precision components and has a strong industrial foundation [4]. - The company has been experiencing continuous losses since 2019, although its operating revenue has shown year-on-year growth since 2022 [4][5]. - As of the 2025 semi-annual report, ST Lian Shi reported goodwill of 2.468 billion CNY, with 1.911 billion CNY already provisioned for impairment [5]. Group 3: Investor Composition and Future Steps - The selected restructuring investors include major state-owned asset management firms, indicating a strong interest from entities with relevant industry experience [3][5]. - The next step after confirming the restructuring investors is to sign the restructuring investment agreement, with ongoing negotiations expected regarding potential changes in the controlling shareholder [5].

Group 1 - The company has initiated a pre-restructuring process and applied to the court for restructuring and pre-restructuring [1][2] - The court has accepted the application for pre-restructuring, with the case number (2025)川01破申19号 [1][2] - A temporary manager from Beijing King & Wood Mallesons (Chengdu) Law Firm has been appointed to oversee the pre-restructuring period [2] Group 2 - The company has publicly recruited restructuring investors, with 58 potential investors passing the qualification review [2] - Selected restructuring investors include state-owned enterprises and investment funds, with a subscription price of 5.65 yuan/share for a 24-month lock-up period and 6.73 yuan/share for a 12-month lock-up period [2] - The temporary manager will facilitate the signing of restructuring investment agreements with the selected investors [3] Group 3 - The pre-restructuring process aims to streamline the company's debt and asset management to enhance the feasibility of future restructuring efforts [3] - The court's agreement to the pre-restructuring does not guarantee the acceptance of the formal restructuring application [3][4] - If the court accepts the restructuring application, the company's stock may face delisting risk according to Shenzhen Stock Exchange regulations [4]

证券代码：000697 证券简称：ST 炼石 公告编号：2025-040 炼石航空科技股份有限公司 2025 年 5 月 9 日公司向四川省成都市中级人民法院（以下简称"成都中院" 或"法院"）提交了重整及预重整申请资料，立案案号为（2025）川 01 破申 19 号。 具体内容详见公司于 2025 年 5 月 10 日在《中国证券报》《证券时报》《上海证 券报》《证券日报》和巨潮资讯网(www.cninfo.com.cn)刊载的相关公告。 2025 年 6 月 6 日，公司收到成都中院送达的《决定书》（2025）川 01 破申 19 号、（2025）川 01 破申 19 号之一，成都中院决定对公司启动预重整，并指 定北京金杜（成都）律师事务所担任公司预重整期间的临时管理人。具体内容详 见公司于 2025 年 6 月 7 日在《中国证券报》《证券时报》《上海证券报》《证 券日报》和巨潮资讯网(www.cninfo.com.cn)刊载的相关公告。 2025 年 6 月 12 日，公司在《中国证券报》《证券时报》《上海证券报》《证 券日报》和巨潮资讯网(www.cninfo.com.cn)披露了《关于预重整债权登 ...

Market Overview - The aviation equipment sector experienced a decline of 0.31% on September 1, with Zongheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable gainers in the aviation equipment sector included: - ST Lian Shi (code: 000697) with a closing price of 9.16, up 3.27% [1] - Western Superconductor (code: 688122) at 64.38, up 3.24% [1] - Hitec High-tech (code: 002023) at 12.91, up 2.95% [1] - Major decliners included: - Zongheng Co. (code: 688070) at 58.85, down 3.52% [2] - Lijun Co. (code: 002651) at 14.53, down 3.13% [2] - Feili Hua (code: 300395) at 92.55, down 3.00% [2] Capital Flow - The aviation equipment sector saw a net outflow of 1.506 billion yuan from institutional investors, while retail investors contributed a net inflow of 699 million yuan [2][3] - The capital flow for specific stocks showed: - Hitec High-tech had a net inflow of 41.77 million yuan from institutional investors [3] - Hongdu Aviation saw a net inflow of 14.47 million yuan from institutional investors [3] - ST Lian Shi experienced a net inflow of 8.77 million yuan from institutional investors [3]

Core Viewpoint - ST炼石 (000697) reported a slight increase in total revenue and a reduction in net loss for the first half of 2025, indicating improved profitability metrics despite ongoing challenges [1] Financial Performance - Total revenue for the first half of 2025 reached 9.01 billion yuan, a year-on-year increase of 3.59% [1] - The net profit attributable to shareholders was -1.01 billion yuan, showing a year-on-year improvement of 24.18% [1] - In Q2 2025, total revenue was 4.67 billion yuan, up 4.91% year-on-year, while the net profit attributable to shareholders was -469.296 million yuan, an increase of 19.82% year-on-year [1] Profitability Metrics - Gross margin improved to 9.14%, reflecting a year-on-year increase of 2.03% [1] - Net margin was -11.27%, which is a significant improvement of 26.7% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 1.62 billion yuan, accounting for 18.03% of revenue, a decrease of 23.7% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) was -0.12 yuan, an increase of 24.16% year-on-year [1] - The company's net asset value per share decreased to 0.04 yuan, down 86.93% year-on-year [1] - Operating cash flow per share was -0.15 yuan, a decline of 103.11% year-on-year [1] Debt and Cash Flow Concerns - The company has a high interest-bearing debt ratio of 55.05%, indicating significant leverage [2] - Cash flow from operations has been negative over the past three years, raising concerns about liquidity [2] - The ratio of cash and cash equivalents to current liabilities is only 6.31%, suggesting potential cash flow issues [2]

Core Insights - ST炼石 reported a total operating revenue of 901 million yuan, ranking 14th among disclosed peers, with a year-on-year increase of 31.25 million yuan, marking a 3.59% growth compared to the same period last year [1] - The company recorded a net profit attributable to shareholders of -101 million yuan, an increase of 32.16 million yuan from the same period last year, achieving a three-year consecutive increase [1] - The net cash flow from operating activities was -132 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 98.85% [3] - The gross profit margin is 9.14%, up by 0.18 percentage points from the same period last year, achieving a two-year consecutive increase [3] - The latest return on equity (ROE) is -258.39% [3] - The diluted earnings per share are -0.12 yuan, an increase of 0.04 yuan from the same period last year, marking a three-year consecutive increase [3] - The total asset turnover ratio is 0.25 times, ranking 5th among disclosed peers, with a year-on-year increase of 4.30% [3] - The inventory turnover ratio is 1.42 times, also ranking 5th among disclosed peers [3] Shareholder Structure - The number of shareholders is 32,500, with the top ten shareholders holding 478 million shares, accounting for 54.80% of the total share capital [3] - The largest shareholder is 四川发展航空产业投资集团有限公司 with a holding ratio of 23.08% [3] - Other significant shareholders include 张政 (12.33%), 四川发展引领资本管理有限公司 (7.95%), and 四川富润企业重组投资有限责任公司 (6.41%) [3]

炼石航空科技股份有限公司 2025年半年度财务报告 （未经审计） 2025年08月 1、合并资产负债表 编制单位：炼石航空科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 168,764,830.52 | 113,433,148.53 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | 34,982,176.02 | | | 应收票据 | 25,795,601.84 | 37,104,652.59 | | 应收账款 | 591,010,370.41 | 484,273,577.30 | | 应收款项融资 | | | | 预付款项 | 54,284,633.65 | 30,293,276.67 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 27,573,486.16 | 34,627,140.67 | | 其中：应收利息 | | | | 应收股利 ...

| | | | 上市公 | 2025 年期初 | 2025 年 | 1-6 月占 | 2025 年 | 2025 年 | 2025 | 年 6 | 往来 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 资金往来方 | 往来方与上市公司的 | 司核算 | | | | 1-6 月占 | 1-6 月偿 | 月 30 | 日占 | | 往来 | | | 名称 | 关联关系 | 的会计 | 占用资金余 | 用累计发生金额 | | 用资金 | 还累计发 | 用资金余 | | 形成 | 性质 | | | | | | 额 | （不含利息） | | | | | | 原因 | | | | | | 科目 | | | | 的利息 | 生金额 | 额 | | | | | 控股股东、实际控制 | | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | | 陕西炼石矿 ...