Core Viewpoint - The company is actively engaging in various business segments, including civil aviation, international cooperation, and derivative businesses, with a focus on expanding market share and enhancing brand influence amid the recovery of the aviation industry. Group 1: Civil Aviation Business - The company is a key player in the commercial aircraft supply chain, prioritizing resources to support the development and certification of commercial engines, expecting a positive impact on performance in the latter half of the 14th Five-Year Plan as domestic aircraft power systems are advanced [1] - The company aims to form a second growth curve by integrating into the large aircraft industry chain [1] Group 2: International Cooperation - The international cooperation business, which involves providing precision components for well-known foreign aviation companies, saw a revenue increase of 11.84% year-on-year in the first half of the year [1] - The company plans to seize opportunities from the recovery of international civil aviation to expand its market and enhance cooperation levels [1] Group 3: Derivative Business - In the first half of 2025, the derivative business generated revenue of 92.67 million yuan, with a slight decline due to customer demand shifts [1] - The company is adjusting its product structure and exploring new markets, such as general aviation power control, to positively impact performance [1] Group 4: General Aviation Power Business - The company is actively involved in the development of mid-to-high-end general aviation power products, with promising prospects due to low-altitude economic policies and infrastructure development [1] - The AES100 product has received production certification in collaboration with the main engine manufacturer [1] Group 5: Performance Changes - The decline in revenue and profit in the first half of 2025 is primarily attributed to the impact of tax reform policies [1] Group 6: Military Trade Business - The company is working with relevant parties to expand the foreign aviation power equipment market, with new opportunities arising from the demand for domestically developed high-performance aviation equipment [1] Group 7: Capacity Assurance - The company adheres to a "small core, large collaboration, specialization, and openness" system to strengthen internal capabilities and leverage external supply chains [1] - Current capacity is sufficient to meet production and repair tasks, with expectations for growth in the main business scale over the next 2-3 years [1] Group 8: Group Reform Progress - A new company, Wuxi Motion Control Technology Co., Ltd., has been established, with personnel transitions underway [1] Group 9: Equity Incentives - The company is implementing diverse incentive measures for key talents and exploring positive incentive mechanisms, with plans to disclose progress in accordance with regulations [1]

Group 1: Business Development and Revenue - The company is a key supporting unit in the commercial engine supply chain, focusing on the development of the Changjiang series engines and aiming to form a second growth curve through participation in the large aircraft industry [2] - In the first half of 2025, the company's international cooperation business revenue increased by 11.84% year-on-year, driven by contracts with renowned international aviation companies [3] - The company's derived business achieved revenue of 92.67 million yuan in the first half of 2025, slightly down due to customer demand shifts, but expected to positively impact performance through product structure adjustments and new market exploration [4] Group 2: Market Outlook and Strategic Initiatives - The company anticipates positive impacts on performance from the domestic production of large aircraft engines, particularly in the latter half of the 14th Five-Year Plan [2] - The company is actively participating in the development of high-end general aviation power and drone control systems, with a broad market outlook supported by national low-altitude economic policies [4] - The company is focusing on expanding its international outsourcing business market share and brand influence, leveraging the recovery of international civil aviation [3] Group 3: Challenges and Future Projections - The primary reasons for the decline in overall revenue and profit in the first half of 2025 were attributed to the impact of tax reform policies [5] - The company is optimistic about the future of military trade products, expecting new opportunities for exports of domestically developed high-performance aviation equipment [6] - The company plans to enhance its core capabilities to meet future business needs through precise investments and the implementation of ongoing construction projects [7]

Group 1: Business Outlook - Military aviation power control business is expected to continue growing due to rapid increase in maintenance services and urgent demand for new models [2] - The domestic civil aircraft sector is anticipated to positively impact company performance in the latter half of the 14th Five-Year Plan as the company integrates into the large aircraft industry chain [2][3] - The market for general aviation power products is promising, supported by national policies and infrastructure development [3] Group 2: Pricing Strategy and Cost Management - The company is focusing on user needs and enhancing resource coordination to address changes in the pricing system [4] - Key measures include technology upgrades, development of new product configurations, and cost reduction initiatives [4] - The derived business currently accounts for less than 5% of revenue, with a slight decline in revenue in the first half of 2025 due to customer demand shifts [4][5] Group 3: Revenue and Profit Trends - In the first half of 2025, the company reported revenue of 92.67 million, showing a slight decline year-on-year [5] - The decline in overall revenue and profit is primarily attributed to the impact of tax reform policies [6] - International cooperation business revenue increased by 11.84% year-on-year, although gross margin slightly decreased due to rising material costs [6] Group 4: Production Efficiency and Labor Productivity - The company achieved a labor productivity of 244,000 yuan per person, an improvement of 8.54% year-on-year [7] - Measures taken to enhance productivity include focusing on military products, improving quality assurance, and accelerating digital transformation [7] Group 5: Future Development and Market Expansion - The company is preparing for future growth in new models and repair services by adjusting investment projects [8] - The outlook for military trade orders is optimistic, with expectations of increased demand for domestic aviation equipment exports [8] - The company is actively expanding its international market presence and enhancing brand influence [6][8] Group 6: Corporate Governance and Incentives - The company is implementing a stock incentive plan to motivate key talent and align with market conditions [9] - Efforts are being made to establish a value management system in response to new requirements from the State-owned Assets Supervision and Administration Commission [9][10]

Group 1 - The stock price of AVIC Control has dropped by 2.82% on September 4, reaching 18.95 CNY per share, with a trading volume of 320 million CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 24.923 billion CNY [1] - AVIC Control's stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 10.15% during this period [1] - The company, established on June 20, 1997, specializes in the research, production, sales, and repair of aviation and aerospace engine control systems, as well as automotive and motorcycle parts [1] Group 2 - Among the top ten circulating shareholders of AVIC Control, a fund under the Fortune Fund ranks first, specifically the Fortune CSI Military Industry Leader ETF (512710), which newly entered the top ten with 15.1609 million shares, accounting for 1.15% of circulating shares [2] - The Fortune CSI Military Industry Leader ETF (512710) has a current scale of 11.914 billion CNY and has achieved a return of 10.35% this year, ranking 3505 out of 4222 in its category [2] - The fund managers, Wang Lele and Niu Zhidong, have tenures of 10 years and 118 days, respectively, with significant variations in fund performance during their management periods [2]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 28.35 CNY [7] Core Views - The company achieved its performance expectations with significant improvement in operating cash flow despite a slight decline in profitability due to the impact of military product VAT reform [2][3] - The company completed 51.61% of its annual revenue target for 2025 in the first half of the year, indicating a steady progress towards its goals [4] - The report anticipates net profits for the company to be 7.5 billion CNY, 8.3 billion CNY, and 9.4 billion CNY for the years 2025, 2026, and 2027 respectively, with growth rates of -0.6%, 11.4%, and 13.2% [5] Financial Performance Summary - For the first half of 2025, the company reported revenue of 2.736 billion CNY, a year-on-year decrease of 2.5%, and a net profit of 309 million CNY, down 34.32% year-on-year [1] - The revenue from the aviation engine and gas turbine control systems was 2.438 billion CNY, a decline of 3.05% year-on-year, while international cooperation business revenue increased by 11.84% to 205 million CNY [2] - The company's gross margin for the reporting period was 27.49%, down 3.6 percentage points year-on-year, and the net profit margin was 11.38%, down 5.44 percentage points year-on-year [2] R&D and Cash Flow - R&D expenses decreased slightly to 262 million CNY, a year-on-year decline of 14.75%, while selling and management expenses increased by 12.42% and 9.87% respectively [3] - The net operating cash flow improved significantly to 1.009 billion CNY, a year-on-year increase of 446.13%, attributed to increased cash receipts from sales [3] Subsidiary Performance - The subsidiary Beijing Hangke reported a slight increase in net profit by 3.81% year-on-year, while other subsidiaries experienced varying degrees of revenue and profit changes [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [4][6]. Core Views - The company achieved 52% of its annual revenue target in the first half of 2025, with total revenue of 2.74 billion yuan, reflecting a year-over-year decrease of 2.5%. The net profit attributable to shareholders was 310 million yuan, down 34.3% year-over-year, primarily due to the impact of VAT reform on product pricing [1][4]. - The company is positioned as a leader in the control systems for aviation engines and gas turbines, and despite facing challenges during the transition between old and new models in 2025, it is expected to benefit from the stable growth of new model production and the aftermarket [4]. Summary by Sections Financial Performance - In 2Q25, the company reported revenue of 1.39 billion yuan, a slight decrease of 0.3% year-over-year, with a net profit of 160 million yuan, down 22.8% year-over-year. The gross margin for 1H25 decreased by 3.6 percentage points to 27.5%, while the net margin fell by 5.4 percentage points to 11.4% [1][2]. - The company’s revenue from aviation engine and gas turbine control systems was 2.44 billion yuan, down 3.1% year-over-year, accounting for 89% of total revenue. International cooperation revenue grew by 11.8% to 200 million yuan, representing 7% of total revenue [2]. Cost and Cash Flow - The company’s operating cash flow improved significantly, reaching 1.01 billion yuan in 1H25 compared to 180 million yuan in the same period last year. The period expense ratio increased by 1.3 percentage points to 11.2% [3]. - As of the end of 2Q25, accounts receivable decreased by 3.9% to 5.3 billion yuan, while inventory decreased by 1.0% to 1.52 billion yuan [3]. Future Projections - The company is projected to achieve net profits of 755 million yuan, 838 million yuan, and 938 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36x, 32x, and 29x [4][5].

证券代码：000738 证券简称：航发控制 公告编号:2025-029 中国航发动力控制股份有限公司 三、提名独立董事及补选审计委员会委员情况 关于变更董事长、提名独立董事、补选审计委员会委员的公告 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、董事长离任情况 中国航发动力控制股份有限公司（以下简称公司）董事会于 8 月 26 日收到公司董 事长缪仲明先生的书面辞职报告，缪仲明先生因达到法定退休年龄申请辞去公司董事、 董事长职务。缪仲明先生辞职后不在公司及其下属子公司担任任何职务。截至本公告 披露之日，缪仲明先生未持有公司股票，亦未作出关于所持公司股份锁定的承诺。 根据《中国航发动力控制股份有限公司章程》等相关规定，缪仲明先生辞职后不 会导致公司董事会成员人数低于法定最低人数，不会对公司董事会正常运作和公司日 常经营产生不利影响。 公司及董事会对缪仲明先生在任职董事长期间的辛勤工作及为公司发展所做的贡 献表示衷心的感谢！ 二、选举新任董事长情况 公司于 2025 年 8 月 26 日召开第九届董事会第二十八次会议，审议通过了《选 举第九届董事会董事长》的 ...

Group 1 - The company reported a revenue of 2.736 billion yuan for the first half of 2025, representing a year-on-year decrease of 2.50% [1] - The net profit attributable to shareholders of the listed company was 309 million yuan, down 34.32% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 305 million yuan, a decrease of 33.35% year-on-year [1] - The basic earnings per share were 0.2346 yuan [1]

中国航发动力控制股份有限公司 独立董事工作制度 （2025 年 8 月 26 日经公司第九届董事会第二十八次会议审议通过） 1 总则 1.1 目的 为了规范中国航发动力控制股份有限公司（以下简称公司）独立董事履职管理， 充分发挥独立董事在公司治理中的作用，促进提升公司发展质量，根据国家相关法律、 法规、部门规章及《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。 1.2 术语定义 独立董事应当独立履行职责，不受公司及公司主要股东、实际控制人等单位或者 个人的影响。 1.2.2 主要股东是指持有公司百分之五以上股份，或者持有股份不足百分之五但对公 司有重大影响的股东。 1.2.3 中小股东是指单独或者合计持有公司股份未达到百分之五，且不担任公司董事 和高级管理人员的股东。 1.2.4 附属企业是指受相关主体直接或者间接控制的企业。 1.2.5 主要社会关系是指兄弟姐妹、兄弟姐妹的配偶、配偶的父母、配偶的兄弟姐妹、 子女的配偶、子女配偶的父母等。 1.3 引用文件 （5）《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》； （6）《中国航发动力控制股份有限公司 ...

（2025 年 8 月 26 日经公司第九届董事会第二十八次会议审议通过） 1 总则 1.1 目的 为规范中国航发动力控制股份有限公司（以下简称公司）总经理的行为，提升总 经理的工作效率，保证总经理依法行使职权，忠实履行职责，促进公司日常经营管理 活动有效开展，依据《中华人民共和国公司法》(以下简称公司法）和《中国航发动力 控制股份有限公司章程》（以下简称《公司章程》）等有关法律法规，结合公司实际， 制定本细则。 1.2 适用范围 本细则适用于公司总经理、副总经理、财务负责人等经理层人员。 2 总经理的聘任 2.1 公司设总经理一名、副总经理若干名，财务负责人一名。 2.2 总经理由董事会聘任或解聘。副总经理、财务负责人由总经理提名，董事会聘任 或解聘。 中国航发动力控制股份有限公司 总经理工作细则 董事可受聘兼任公司总经理、副总经理、财务负责人，但兼任公司总经理、副总 经理、财务负责人等职务的董事以及由职工代表担任的董事，总计不得超过公司董事 总数的二分之一。 2.3 总经理每届任期三年，连聘可以连任，经理层成员如在任期内变更，接任成员任 期为前任成员的剩余任期。 2.4 公司应与总经理、副总经理、财务负责 ...