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 ...

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 调整2021年非公开发行部分募投项目建设内容的核查意见 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，对航发控制拟调整2021 年非公开发行部分募投项目建设内容的事项进行了审慎核查，核查情况及核查意 见如下： 一、涉及调整的募投项目基本情况 （一）航空发动机控制系统科研生产平台能力建设项目 1.投资计划。项目总投资84,700万元，其中建筑工程费43,649万元，工艺设 备购置费及安装费36,222万元（含1,322万美元），工程建设其他费3,334万元， 预备费1,495万元。项目使用募集资金63,640万元，国拨资金2,060万元，自筹资 金19,000万元。 2.建设内容。新增工艺设备122台（套），改造工艺设备18台（套）；新建 103号动力控制与高端液压装置研发中心大楼（新增建筑面积32,950平方米）， 新建22号装配试验厂房 ...

证券代码：000738 证券简称：航发控制 公告编号:2025-041 中国航发动力控制股份有限公司 关于调整 2021 年非公开发行部分募投项目建设内容的公告 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。 中国航发动力控制股份有限公司（以下简称公司）于 2025 年 11 月 11 日召开第 九届董事会第三十一次会议，审议通过了《关于调整 2021 年非公开发行部分募投项 目建设内容的议案》，同意调整部分募投项目建设内容。本次调整不构成关联交易， 不构成《上市公司重大资产重组管理办法》规定的重大资产重组。上述事项尚需提交 公司股东会审议批准。具体公告如下： 公司 2021 年非公开发行募集资金承诺总投资额为 33.61 亿元，截至 2025 年 6 月 30 日，公司募集资金已累计投入 25.90 亿元，投资计划完成率为 77.07%。其中共涉 及募投新建项目 5 项，截止目前各募投项目均按计划实施。为进一步保障"十五五" 期间军用动力控制系统产品科研生产任务订单交付，同时积极应对大飞机、通用航空、 军贸等领域的战略性机遇，拟对 5 个募投项目中涉及同一实施 ...