中航产融（600705）公告，控股子公司中航投资拟通过非公开协议转让方式，向控股股东中航工业转让 所持中航西飞（000768）1.6亿股无限售流通股份(占总股本5.76%)及中航机载（600372）2267.72万股无 限售流通股份(占总股本0.47%)。交易完成后，公司及控股子公司将不再直接持有中航西飞和中航机载 股份。交易总价款为40.67亿元，尚需提交股东大会及中航工业董事会决议通过，并需取得中航工业批 复，办理股份过户登记手续。 ...

Core Viewpoint - AVIC Xifei reported a slight decline in revenue but an improvement in profitability for Q1 2025, indicating a mixed financial performance [2][6]. Group 1: Operating Overview - The total operating revenue for AVIC Xifei in Q1 2025 was 8.438 billion yuan, a decrease of 0.2% compared to the same period last year [2]. - The net profit attributable to shareholders was 289 million yuan, reflecting a year-on-year increase of 5.97% [2]. - The net profit excluding non-recurring items was 298 million yuan, up 7.45% year-on-year [2]. - The gross margin reached 8.24%, an increase of 16.17% year-on-year, while the net margin was 3.42%, up 6.18% year-on-year [2]. Group 2: Financial Health - The company's cash and cash equivalents amounted to 14.118 billion yuan, representing a growth of 68.30% year-on-year, indicating strong short-term solvency [3]. - The ratio of cash to current liabilities was only 73.77%, suggesting a need for ongoing monitoring of cash flow [3]. Group 3: Accounts Receivable Management - As of the end of Q1 2025, accounts receivable stood at 16.309 billion yuan, a decrease of 26.83% year-on-year [4]. - Despite the reduction in absolute value, the ratio of accounts receivable to profit was still high at 1593.55%, indicating potential pressure in receivables collection [4]. Group 4: Cost Control - The total operating expenses (selling, administrative, and financial expenses) were 263 million yuan, accounting for 3.12% of operating revenue, which is an increase of 63.03% year-on-year [5]. - This increase suggests that the company faces challenges in cost control and needs to optimize its expense structure to enhance operational efficiency [5]. Group 5: Investor Returns - Since its listing, AVIC Xifei has raised a total of 13.665 billion yuan and distributed a total of 3.458 billion yuan in dividends, resulting in a dividend-to-financing ratio of 0.25 [6]. - This ratio reflects the company's active financing activities in the capital market while maintaining a certain level of shareholder returns [6].

Financial Performance - The company's operating revenue for Q1 2025 was ¥8,438,423,122.66, a decrease of 0.20% compared to ¥8,455,007,581.63 in the same period last year[4] - Net profit attributable to shareholders increased by 5.97% to ¥288,753,910.09 from ¥272,476,715.96 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 7.45% to ¥297,850,899.59 compared to ¥277,208,898.11 in the previous year[4] - Total operating revenue for the current period is ¥8,438,423,122.66, a slight decrease of 0.2% from ¥8,455,007,581.63 in the previous period[28] - Net profit for the current period is ¥288,753,910.09, an increase of 5.9% compared to ¥272,476,715.96 from the previous period[29] - Basic earnings per share increased to ¥0.1043 from ¥0.0984, reflecting a growth of 8.0%[30] Cash Flow - Cash flow from operating activities improved significantly, with a net outflow of ¥3,593,304,031.16, a 60.68% reduction from the outflow of ¥9,139,132,943.22 in the same period last year[4] - Operating cash inflow increased by 297.09% year-on-year, totaling approximately ¥6.60 billion, primarily due to higher sales receipts compared to the same period last year[18] - Net cash flow from operating activities improved by 60.68% year-on-year, resulting in a net outflow of approximately ¥3.59 billion[18] - Total cash inflow from operating activities reached 6,602,180,567.17, compared to 1,662,634,192.59 in the prior period, showing a substantial increase[34] - The cash flow from investment activities was -129,188,398.15, an improvement from -445,553,816.17 in the previous period, indicating better management of investment cash flows[34] - The net cash flow from financing activities was -46,495,759.62, compared to -1,328,707,514.09 in the prior period, showing a significant reduction in cash outflow[34] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥74,628,220,163.24, reflecting a 1.11% increase from ¥73,810,707,203.02 at the end of the previous year[4] - Total liabilities increased to ¥53,228,679,994.77 from ¥52,786,498,073.61, representing a rise of 0.8%[27] - The total equity attributable to shareholders increased to ¥21,399,540,168.47 from ¥21,024,209,129.41, reflecting a growth of 1.8%[27] Accounts and Receivables - Accounts receivable increased by 30.84% to ¥16,308,975,558.41 from ¥12,465,115,883.51 at the end of the previous year[11] - Contract assets rose by 60.76% to ¥2,994,560,587.73 compared to ¥1,862,747,674.23 at the end of the previous year[11] - Total current assets as of March 31, 2025, amounted to approximately ¥58.23 billion, compared to ¥57.32 billion at the beginning of the period[25] - Accounts receivable increased to approximately ¥16.31 billion, up from ¥12.47 billion at the beginning of the period[25] Expenses - Research and development expenses decreased by 30.84% to ¥18,785,972.99 from ¥27,164,187.64 in the same period last year[14] - Research and development expenses decreased to ¥18,785,972.99 from ¥27,164,187.64, a reduction of 30.7%[29] - Cash outflow for purchasing goods and services was 6,834,197,413.85, down from 7,517,871,468.73, reflecting a decrease of approximately 9.1%[34] - The cash outflow for employee compensation was 1,684,191,377.86, up from 1,592,844,044.56, indicating an increase of approximately 5.7%[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 160,042, with the largest shareholder holding 38.00% of the shares[21] - The largest shareholder, China Aviation Industry Group, holds approximately 1.06 billion shares[21] - No new financing or equity issuance activities were reported during the period[19] Other Income and Losses - Other income surged by 376.65% to ¥21,487,091.93 from ¥4,507,933.82 year-on-year, primarily due to VAT incentives[14] - The company reported an asset impairment loss increase of 430.01% to ¥6,843,504.84 compared to ¥1,291,192.81 in the previous year[14] - The company received 99,626,115.17 in tax refunds, down from 467,022,460.71, indicating a decrease of approximately 78.7%[34] Future Outlook - The company's cash flow statement will be detailed in the upcoming report, providing insights into liquidity and operational efficiency[32]

中航西飞（000768）公告，2025年第一季度营业收入84.38亿元，同比下降0.20%。净利润2.89亿元，同 比增长5.97%。 ...

Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

证券代码：000768 证券简称：中航西飞 公告编号：2025-020 中航西安飞机工业集团股份有限公司 2024 年度股东会决议公告 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。 特别提示： ● 本次股东会没有出现否决提案的情形。 ● 本次股东会不涉及变更以往股东会已通过的决议。 一、会议的召开情况 （一）召开时间 现场会议召开时间：2025 年 4 月 28 日（星期一）下午 14:20； 网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 4 月 28 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 4 月 28 日 上午 9:15 至 2025 年 4 月 28 日下午 15:00 期间的任意时间。 （二）召开地点：西安市阎良区西飞大道一号西安空地勤保障中 心第六会议室 通过现场和网络投票的股东共 860 人，代表股份 1,551,837,442 股，占公司有表决权股份总数的 55.7984%。其中：通过现场投票的 股东 8 人，代表股份 1 ...

上海市锦天城律师事务所 关于中航西安飞机工业集团股份有限公司 2024 年度股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于中航西安飞机工业集团股份有限公司 2024 年度股东会的 法律意见书 致：中航西安飞机工业集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受中航西安飞机工业集团 股份有限公司（以下简称"公司"或"中航西飞"）的委托，就公司召开 2024 年 度股东会（以下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《上市公司股东会规则》等法律、行政法规、 部门规章、规范性文件以及《中航西安飞机工业集团股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《中华人民共和国证券法》、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则》 等规定及本法律意见书出具日以前已经 ...

上 市 公 司 国防军工 2025 年 04 月 24 日 中航西飞 (000768) —— 军民两端产品有序交付，2024 年业绩符合市场预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 23 日 | | --- | --- | | 收盘价（元） | 23.50 | | 一年内最高/最低（元） | 32.64/21.06 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 0.43 | | 流通 A 股市值（百万元） | 65,159 | | 上证指数/深证成指 注："股息率"以最近一年已公布分红计算 | 3,296.36/9,935.80 | 04-23 05-23 06-23 07-23 08-23 09-23 10-23 11-23 12-23 01-23 02-23 03-23 04-23 -20% 0% 20% 40% 60% 中航西飞 沪深300指数 (收益率) 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆 ...

部分限制性股票完成的公告 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。 特别提示： 1、中航西安飞机工业集团股份有限公司（以下简称"公司"）本次回 购注销第一期限制性股票激励计划的 11 名激励对象限制性股票共计 591,000 股，占回购注销前公司总股本的 0.0212%。 证券代码：000768 证券简称：中航西飞 公告编号：2025-019 2、本次回购限制性股票的资金来源为公司自有资金，用于本次回购 的资金总额为人民币 8,150,295.84 元。本次回购注销完成后，公司总股 本由 2,781,740,071 股变更为 2,781,149,071 股。 中航西安飞机工业集团股份有限公司 3、截至本公告披露日，公司已在中国证券登记结算有限责任公司深 圳分公司办理完成上述限制性股票的回购注销手续。 关于回购注销第一期限制性股票激励计划 5.2023 年 2 月 7 日，公司 2023 年第一次临时股东大会审议批准了《关 于公司<限制性股票长期激励计划（草案）>及其摘要的议案》《关于制定< 限制性股票长期激励计划管理办法>的议案》《关于制定<限制性股票长 ...

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (AVIC Xifei) was established on June 18, 1997, and listed on the Shenzhen Stock Exchange on June 26, 1997, becoming the first publicly listed company in China's aviation manufacturing industry [2][3] - The company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including projects like C919, C909, and AG600 [3][4] Group 2: Core Competencies - The company's core competencies lie in three main areas: aviation product research and manufacturing technology, civil aviation, and aviation services [3][4] - AVIC Xifei emphasizes technological self-reliance and innovation, actively participating in major scientific projects and optimizing innovation mechanisms to enhance its research capabilities [3][4] Group 3: Civil Aviation Management - The company employs an advanced civil aviation management approach focused on project management, business support, and system assurance, achieving quality and efficiency improvements [4] - AVIC Xifei has gained a strong reputation in the international and domestic aviation industry, becoming a strategic partner for renowned aircraft manufacturers [4] Group 4: Aviation Services - The company has developed a comprehensive customer service support system, including customer support, spare parts assistance, user training, and aircraft maintenance [4] - AVIC Xifei has successfully completed significant tasks related to disaster relief and humanitarian aid, showcasing its robust aviation service capabilities [4] Group 5: C919 Project and Production Capacity - As a supplier for the C919 aircraft, AVIC Xifei is responsible for manufacturing components such as the outer wing box and central fuselage [5] - The company is currently in a phase of increased delivery for the C919 project, aligning its internal production capacity with customer demands to ensure high-quality and timely deliveries [5] Group 6: Impact of Tariff Policies - The company's military aviation business focuses on the domestic market and is not affected by tariff policies; however, the civil aviation sector, which involves international cooperation, is minimally impacted [6] - AVIC Xifei has implemented measures to manage costs and enhance technological innovation in response to the tariff policies, ensuring stable development in the civil aviation sector [6]