Core Viewpoint - The company, China Aviation Engine Corporation, has approved a proposal for its subsidiary, China Aviation Engine Southern Industrial Co., Ltd., to transfer up to 25 million shares of China Aviation Engine Control Co., Ltd. through a block trade to its controlling shareholder, China Aviation Engine Group Co., Ltd. [2][8] Summary by Sections Meeting Details - The 10th meeting of the 11th Board of Directors was held on November 14, 2025, with all 10 directors present, fulfilling the required quorum [1][3]. Proposal Approval - The board approved the proposal regarding the transfer of shares, with 4 votes in favor and no votes against or abstentions [3][18]. - The proposal had already been reviewed and approved by the independent directors prior to the board meeting [4][17]. Transaction Overview - The subsidiary plans to transfer up to 25 million shares of China Aviation Engine Control Co., Ltd., which represents approximately 13.78% of the total shares held by the subsidiary [8][11]. - The transaction will be conducted as a block trade and does not constitute a major asset restructuring as defined by regulations [8][15]. Related Party Information - The transaction involves China Aviation Engine Group Co., Ltd., which is the actual controller and major shareholder of the company, thus qualifying as a related party transaction [9][10]. Financial and Regulatory Aspects - The transfer price will be determined based on market conditions, with a minimum price set at 90% of the previous day's closing price [13]. - The transaction is expected to improve the cash flow and financial condition of the subsidiary without significantly impacting the company's overall operations [15].

证券代码：000738 证券简称：航发控制 公告编号：2025-054 中国航发动力控制股份有限公司 关于大股东与一致行动人之间拟通过大宗交易转让股份的 提示性公告 大股东中国航发南方工业有限公司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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次拟转让行为属于公司大股东及一致行动人之间内部持股变化，不涉及向市 场减持，本次转让完成后公司控股股东、实际控制人合计持股比例和数量未发生变 化，本次转让不会导致公司控股股东、实际控制人发生变化。 中国航发动力控制股份有限公司（以下简称公司）今日收到持股 5%以上大股东 中国航发南方工业有限公司（以下简称中国航发南方）关于转让股份的《告知函》。 现将有关内容公告如下： 一、计划概述 中国航发南方计划在本公告披露之日起的三个月内，以大宗交易方式向公司实 际控制人中国航空发动机集团有限公司（以下简称中国航发）转让 2,500 万股公司 股份（占公司总股本的 1.9%）。 本次股份变动系一致行动人之间内部进行的转让，不涉及向市场减持，不会导 致控股股东、实际控制人合计 ...

Core Viewpoint - The company announced a significant transaction involving the transfer of shares between its subsidiary and its controlling shareholder, which constitutes a related party transaction [1]. Group 1 - On November 14, the company held its 11th board meeting to review the proposal for the transfer of shares [1]. - The subsidiary, China Aviation Engine Southern Industry Co., Ltd., plans to transfer up to 25 million shares of China Aviation Engine Control Co., Ltd. to its controlling shareholder, China Aviation Engine Group Co., Ltd. [1]. - This transaction is classified as a related party transaction due to the relationship between the parties involved [1].

Group 1 - The company announced that its subsidiary, China Aviation Engine Southern Industry Co., Ltd., plans to transfer up to 25 million shares of Aviation Power Control Co., Ltd. to its controlling shareholder, China Aviation Engine Group Co., Ltd. [1]

Core Viewpoint - The company announced that its subsidiary, Southern Company, will transfer up to 25 million shares of Aviation Power to its controlling shareholder, China Aviation Power, through a block trade [1] Group 1: Company Actions - The board of directors approved the transfer of shares at the tenth meeting of the eleventh session on November 14, 2025 [1] - Southern Company currently holds 18.12 million shares of Aviation Power, accounting for 13.78% of the total share capital [1] Group 2: Financial Performance - Aviation Power reported a revenue of 5.481 billion yuan and a net profit of 755 million yuan for the year 2024 [1] - For the first nine months of 2025, the company achieved a revenue of 3.968 billion yuan and a net profit of 405 million yuan [1] Group 3: Transaction Details - The share transfer does not constitute a major asset restructuring [1] - There are risks associated with the transaction, including the possibility of it not being implemented or fully executed due to market price fluctuations [1]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Core Viewpoint - The company,航发控制, reported that as of November 10, 2025, the number of shareholders will reach 67,624 [2] Summary by Relevant Sections - Shareholder Information - The company anticipates having 67,624 shareholders by November 10, 2025 [2]

Core Viewpoint - The company plans to utilize up to RMB 710 million of temporarily idle raised funds for cash management, investing in principal-protected cash management products such as time deposits [1] Group 1 - The board of directors will hold the 31st meeting of the 9th session on November 11, 2025, to review the cash management proposal [1] - The approved cash management amount is valid for 12 months from the date of board approval, allowing for rolling use within the limit [1] - The company assures that this decision will not affect the progress of the investment projects funded by the raised capital or the normal production and operation of the company [1]

Group 1 - The core point of the article is that Hangfa Control (SZ 000738) held its 30th meeting of the 9th Board of Directors on November 11, 2025, discussing the proposal management measures [1] - For the first half of 2025, the company's revenue composition is 100% from the manufacturing sector [1] - As of the report date, Hangfa Control has a market capitalization of 25 billion yuan [1]

中信证券股份有限公司 关于中国航发动力控制股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为中国航 发动力控制股份有限公司（以下简称"航发控制"、"公司"）2021年非公开发 行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《深圳证券交易所股票上市规则》等有关规定，对航发控制拟使用闲 置募集资金进行现金管理的事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国航 发动力控制股份有限公司非公开发行股票的批复》（证监许可〔2021〕2807号） 核准，公司采用非公开发行股票的方式向特定对象发行人民币普通股169,541,652 股，每股面值1元，共募集资金人民币4,297,880,897.90元，其中资产认购金额为 928,055,900.00元，现金认购金额为3,369,824,997.90元。扣除发行费用（不含税） 8,678,812.88元后，募集资金净额为3,361,146,185.02元。 上述募集资金已于2021年10月8 ...