Core Viewpoint - The company,航发控制, reported that as of October 31, 2025, the number of shareholders is 66,812 [2] Company Summary - The company has engaged with investors through an interactive platform, indicating a level of transparency and communication with its shareholders [2] - The specific date mentioned for the shareholder count is significant as it provides a future projection for the company's investor base [2]

11月4日，资本"锡"引力 科创新高地——无锡首届上市公司投资者集体接待日活动在全景网举行。航发 控制（000738）董事会秘书崔莉在活动中表示，按照武器装备高质量、高效益、低成本、可持续采购模 式要求，公司加强与用户价格协调；强化技术创新引领，推进现有产品"加电赋智"实现传统产品升级， 开展多电、全电控制系统新构型产品技术攻关，提升公司核心竞争力；同时进一步深化成本工程，加强 设计源头降本、质量提升降本、工艺优化降本、重点型号降本、关键环节降本、优化供应商配套管理等 措施，持续提升公司内在价值创造能力，维护股东利益。 ...

Core Viewpoint - The company,航发控制, is a leading enterprise in the field of aircraft engine control systems, with strong technical accumulation and research capabilities, focusing on the development, production, sales, and repair of aviation and aerospace engine control systems, as well as automotive and motorcycle parts [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 3.968 billion yuan, ranking 8th among 48 companies in the industry, while the industry leader, 中航西飞, reported revenue of 30.244 billion yuan [2] - The company's net profit for the same period was 405 million yuan, placing it 9th in the industry, with the top performer, 中航沈飞, reporting a net profit of 1.369 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 19.28%, down from 22.71% year-on-year, significantly lower than the industry average of 39.42%, indicating strong solvency [3] - The company's gross profit margin was 26.13%, a decrease from 29.71% year-on-year, and below the industry average of 30.54%, suggesting a need for improvement in profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.24% to 66,100, with an average holding of 19,900 circulating A-shares, which increased by 1.25% [5] - Major shareholders include 华夏军工安全混合A and 富国中证军工龙头ETF, with significant increases in their holdings [5] Business Outlook - The company is expected to maintain a high level of repair business during the "十五五" period, with a revenue completion rate of 74.9% for the first three quarters of 2025 [5] - The company is actively expanding its foreign aviation power equipment market and is projected to achieve net profits of 637 million yuan, 736 million yuan, and 841 million yuan from 2025 to 2027 [5] - The company is positioned to benefit from the rapid development of military aviation engines and the growing domestic civil aviation market [6]

Core Viewpoint - The company is focusing on expanding its presence in the general aviation power market by leveraging its long-term accumulated military aviation engine technology, R&D capabilities, quality systems, and talent team [1] Group 1: Company Strategy - The company is actively participating in the development of mid-to-high-end general aviation power and drone power control system products [1] - The company has mature technology for various control systems, including 1000kW and 200kW turboshaft engines, 1000kW turboprop engines, and turbofan engines with thrust of 600 kilograms and above [1] Group 2: Product Applications - The control systems developed can be widely used in various manned, unmanned, and cargo aircraft models [1]

证券代码：000738 证券简称：航发控制 公告编号：2025-039 中国航发动力控制股份有限公司 关于参加 2025 年无锡上市公司投资者集体接待日活动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 二、征集问题事项 为提升公司与投资者之间的交流效率，公司现就本次交流活动提前向投资者征 集相关问题，广大投资者可将所关注的 2025 年三季度业绩、公司治理、发展战略、 经营状况等问题于 2025 年 11 月 3 日 16：00 前发送至公司电子邮箱。公司将在信息 披露允许的范围内就投资者关注的问题进行充分解答。 三、联系方式 联系地址：无锡市滨湖区梁溪路 792 号航发控制证券投资部 重要内容提示： 为进一步加强与投资者的互动交流，中国航发动力控制股份有限公司（以下简 称公司）将参加"2025 年无锡上市公司投资者集体接待日"活动，现将相关事项公 告如下。 一、活动安排 1.召开时间：2025 年 11 月 4 日 15:30-17:00。 2.召开方式：网络交流。 3.出席人员：公司董事会秘书（如遇特殊情况，出席人员可能调整）。 4.参与方式 投资 ...

Core Insights - The company reported a decline in total revenue and net profit for the third quarter of 2025, with total revenue at 3.968 billion yuan, down 5.75% year-on-year, and net profit at 401 million yuan, down 36.25% year-on-year [1][3] - The company's accounts receivable is significantly high, reaching 565.47% of the latest annual net profit, indicating potential liquidity issues [1][3] - The gross margin decreased to 26.13%, down 9.91% year-on-year, while the net margin fell to 10.2%, down 32.09% year-on-year [1][3] Financial Performance - Total revenue for Q3 2025 was 1.232 billion yuan, a decrease of 12.25% year-on-year [1] - Net profit for Q3 2025 was 92.43 million yuan, down 41.93% year-on-year [1] - The company's total expenses (selling, administrative, and financial) amounted to 348 million yuan, representing 8.76% of revenue, an increase of 20.66% year-on-year [1] Key Ratios - The company's gross margin was reported at 26.13%, a decrease from 29.01% in the previous year [1] - The net profit margin was 10.2%, down from 15.02% year-on-year [1] - Earnings per share (EPS) decreased to 0.3 yuan, down 36.24% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable increased to 4.243 billion yuan, up 11.47% year-on-year [1] - The company reported a significant increase in operating cash flow per share to 0.51 yuan, up 907.28% year-on-year [1] Business Outlook - The company is focusing on expanding its international cooperation business, which saw a revenue increase of 11.84% year-on-year in the first half of 2025 [6] - The company is actively participating in the development of general aviation power systems, with a positive outlook due to supportive government policies [8] - Future growth is expected as new research products enter mass production and repair business continues to grow [10]

Market Performance - The aviation equipment sector increased by 0.4% on October 29, with Western Superconducting leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Western Superconducting (688122) closed at 87.22, with a rise of 9.34% and a trading volume of 590,800 shares, amounting to a transaction value of 5.076 billion [1] - Aerospace Technology (688239) rose by 7.86% to close at 51.03, with a trading volume of 71,100 shares [1] - Other notable performers include Aviation Technology (688510) up 3.62%, Huayin Technology (688281) up 3.54%, and Shengcao Technology (920006) up 2.23% [1] Capital Flow - The aviation equipment sector experienced a net outflow of 358 million from institutional investors, while retail investors saw a net inflow of 456 million [2][3] - The top stock by institutional net inflow was Feilihua (300395) with 179 million, while Western Superconducting had a net inflow of 102 million [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its long-term growth potential in the aviation engine control sector [4][6]. Core Insights - The company achieved 75% of its annual revenue target in the first three quarters of 2025, with a revenue of 3.968 billion yuan, reflecting a year-over-year decrease of 5.75%. The net profit attributable to shareholders was 401 million yuan, down 36.25% year-over-year [1]. - The third quarter of 2025 continued to show pressure on performance, with a revenue of 1.232 billion yuan, a year-over-year decline of 12.25%, and a net profit of 92 million yuan, down 41.93% year-over-year [1][2]. - The company is facing challenges due to the transition between old and new product models, but it is expected to benefit from the stable growth of the maintenance market and the ramp-up of new model production in the long term [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 26.13%, down 3.58 percentage points year-over-year, and a net margin of 10.20%, down 4.82 percentage points year-over-year [1]. - The company’s operating cash flow improved significantly, reaching 673 million yuan compared to a negative 83 million yuan in the same period last year [2]. Business Outlook - The company is expected to maintain a high level of repair business during the 14th Five-Year Plan period, driven by increased demand for repair projects and the ramp-up of production capacity [3]. - The international business is anticipated to grow as domestic high-performance aviation equipment gains traction in foreign markets [3]. Profit Forecast - The company’s projected net profits for 2025 to 2027 are 637 million yuan, 736 million yuan, and 841 million yuan, respectively, with corresponding price-to-earnings ratios of 39x, 34x, and 30x [4][5].

中国航发动力控制股份有限公司 章 程 （2025 年 10 月 28 日经公司 2025 年第一次临时股东会批准） 公司是 1997 年 6 月经国家经济体制改革委员会以体改生[1997]54 号 文批准，以社会募集方式设立。 第一章 总 则 公司在江苏省无锡市行政审批局登记，取得营业执照，统一社会信用 代码：9132020018380588X1。 第三条 公司于 1997 年 6 月 3 日经中国证券监督管理委员会（以下简 称中国证监会）批准，首次向境内社会公众发行人民币普通股 8,500 万股， 于 1997 年 6 月 26 日在深圳证券交易所上市。 第四条 公司注册名称： 第一条 为维护公司、股东、职工和债权人的合法权益,规范公司的组 织和行为, 坚持和加强党的全面领导，根据《中华人民共和国公司法》(以 下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、 《中华人民共和国企业国有资产法》等有关法律、法规、规章及规范性文 件,制订本章程。 中文全称：中国航发动力控制股份有限公司 第二条 中国航发动力控制股份有限公司系依照《公司法》和其他有 关规定成立的股份有限公司（以下简称公司）。 中 ...

中国航发动力控制股份有限公司 关联交易管理制度 （2025 年 10 月 28 日经公司 2025 年第一次临时股东会批准） 第一章 总则 （二）公开、公平、公正的原则； （三）关联人如享有公司股东会表决权，应回避表决； （四）关联董事应当回避表决，也不得代理其他董事行使表决关联交 易事项; （五）公司董事会应根据客观标准判断该关联交易是否对公司有利， 必要时应当聘请专业评估师或独立财务顾问。 第一条 为规范中国航发动力控制股份有限公司（以下简称公司）的 关联交易，保证关联交易的公允性，根据《公司法》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 7 号——交易与 关联交易》等国家有关法律法规及《中国航发动力控制股份有限公司章程》 （以下简称《公司章程》）等有关规定，制定本制度。 第二条 本制度所称关联交易是指公司或公司控股子公司与公司关 联人之间发生的转移资源或者义务的事项。 控股子公司是指公司持有其 50%以上的股权，或者能够决定其董事会 半数以上人员的当选，或者通过协议或其他安排能够实际控制的公司。 第三条 公司关联交易应遵循以下基本原则： （一）诚实、信用的原则； 第二章 关联 ...