2025 年 8 月 中航西安飞机工业集团股份有限公司 2025 年半年度报告全文 中航西安飞机工业集团股份有限公司 2025 年半年度报告 1 中航西安飞机工业集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人韩小军、主管会计工作负责人董克功及会计机构负责人(会计 主管人员)张慧峰声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及未来展望及计划等前瞻性陈述，不构成公司对投资 者的实质承诺，请投资者注意投资风险。 公司已在本半年度报告第三节"管理层讨论与分析"中"十、公司面临 的风险和应对措施"部分，对可能面临的风险及对策进行了详细描述，敬请 广大投资者留意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理 ...

Group 1 - The company, AVIC Xi'an Aircraft Industry Group (000768.SZ), is a key research and development base for large and medium-sized military and civilian aircraft in China [1] - The company has established a comprehensive digital manufacturing technology system for large aircraft, leading the industry in areas such as overall integration, component assembly, composite material research and development, and parts processing [1] - The company's military products include national military large and medium-sized transport aircraft, bombers, and special aircraft, playing a significant role in national defense construction with high technological content and strong practical applicability [1]

Group 1 - The issuance of satellite internet licenses marks a significant step towards commercial operations in China's satellite internet sector [1] - As of August 25, 2025, the Zhongzheng National Defense Index (399973) rose by 1.56%, with notable increases in constituent stocks such as Zhongke Xingtou (688568) up 11.97% and Hongyuan Electronics (603267) up 6.86% [1] - The National Defense ETF (512670) increased by 1.62%, with the latest price reported at 0.88 yuan [1] Group 2 - The National Defense ETF closely tracks the Zhongzheng National Defense Index, which includes listed companies under the top ten military industrial groups and those providing equipment to the armed forces [2] - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng National Defense Index accounted for 43.88% of the index, with companies like AVIC Shenyang Aircraft (600760) and AVIC Aviation Power (600893) among the leaders [2] - The management and custody fees for the National Defense ETF are the lowest in its category at 0.40% [2]

Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].

暮色漫过中航西飞试飞站的铁丝网时，我总错觉那些掠过天际的银鹰是白羽大鹏，振翅间抖落一地星 辰。三十载光阴在航空城的土地上生根，长成一片钢铁森林，而我的故事，是缠绕在枝丫间的常春藤， 年轮里刻满掌纹。 铁皮炉火煮春秋 综合管理室的台历总被红笔戳出蜂窝。晨光未启，我已在钢制文件柜前站成座钟，齿轮咬合的声响是这 座城的晨钟。专业厂例会的茶水要烫，劳保用品的账册要平，职工体检的队伍要像雁阵般齐整。那年疫 情，我领着后勤队在车间搭起行军床，防护服裹着汗珠在铁皮墙上洇出盐霜，却坚持把热汤面送到每个 隔断间。钳工老张捧着碗说："这滋味，比当年丈母娘下的阳春面还暖胃。" （来源：中国航空报） 王倩 蒲公英的诺言 53岁生日那天，青年们用情景剧给我一个惊喜。扎马尾的姑娘学我走访困难户的架势，倒把老职工的皱 纹都演活了。散场时瞥见新委员在笔记本上勾画劳动竞赛方案，笔尖沙沙声像战鹰的轰鸣一样动听。职 工书屋的"文体课堂"里，我教"00后"姑娘打反手球，她击出的弧线惊飞了窗外的麻雀，举着球拍嚷着要 寄给老家爹娘——这丫头哪里晓得，她挥拍的模样，正折射了我三十年前在工会墙报前抄写的影子。 工会文化长廊的玻璃橱窗泛着琥珀光，前辈们抬着零 ...

证券日报网讯中航西飞（000768）8月21日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司的股东人数是173915户。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002651 | 利君股份 | 15.20 | 9.99% | 105.77万 | 15.33亿 | | 688237 | 超卓航科 | 35.41 | 8.35% | 3.34万 | ● 1.15亿 | | 002023 | 海特高新 | 12.93 | 7.48% | 157.00万 | 20.17亿 | | 000697 | ST炼石 | 8.72 | 5.06% | 16.11万 | 1.38亿 | | 688287 | *ST观曲 | 5.32 | 4.31% | 8.54万 | 4521.46万 | | 688070 | 纵横股份 | 57.39 | 2.85% | 3.14万 | 1.81亿 | | 300696 | 爰乐达 | 30.42 | 2.42% | 30.58万 | 9.17亿 | | 688708 | 佳驰科技 | 77.68 | 2.35% | 2.18万 | 2659"T | | 000768 | 中航西飞 | 28 ...

Investment Rating - The report maintains a strong buy recommendation for several key companies in the military industry, including 中航西飞, 中航光电, 航天彩虹, 中科海讯, and 中航沈飞, among others [8]. Core Insights - The military industry has entered a phase of intensive commercial space launches, with significant advancements in satellite manufacturing and rocket launches [20][21]. - The ground equipment sub-industry has shown strong performance, with a year-to-date increase of 97.5%, driven by increased orders and mergers [14][12]. - The upcoming military parade on September 3 will highlight underwater combat capabilities, showcasing new technologies and equipment [25][26]. Summary by Sections Market Review - The SW National Defense and Military Index decreased by 0.15% this week, underperforming the CSI 300 Index by 2.22 percentage points. However, it has increased by 21.74% year-to-date, outperforming the CSI 300 Index by 14.94 percentage points [12][18]. - The ground equipment sub-industry led the military sectors with a weekly increase of 2.27% [14]. Key Events Recap - The commercial space sector is experiencing a surge in satellite launches, with three successful launches in August alone. Notable advancements include the successful deployment of multiple satellite constellations [20][21]. - The report highlights the increasing capabilities in satellite manufacturing and the launch of new commercial rockets, with a total of 39 launches by private companies from 2021 to mid-2025 [20]. Catalysts Outlook - The military parade scheduled for September 3 will feature new combat capabilities, particularly in underwater operations, reflecting advancements in military technology [25][26]. - The report emphasizes the importance of domestic and military trade demand, which is expected to enhance pricing power and profitability for leading companies in the sector [25].

Core Insights - The successful maiden flight of the independently developed new Zhoushan 60 civil rescue aircraft marks a significant milestone in China's aviation industry, showcasing the country's advancements in aerospace technology [1] - Xi'an has established itself as a national-level aviation industry cluster, housing a quarter of the country's aviation research capabilities and over 2,000 supporting enterprises [1] Group 1: Industry Development - Xi'an Yanliang National Aviation High-tech Industry Base hosts over 1,000 parts manufacturing companies and 12,000 CNC machine tools, capable of producing everything from standard components to aircraft wall panels [2] - The complete aviation industry chain in Xi'an includes design and research, parts production, complete aircraft manufacturing, strength verification, and flight testing [3] Group 2: Efficiency and Technological Innovations - The efficiency transformation in Xi'an has drastically reduced the time required for critical calculations from one day to just one minute through the use of intelligent production lines [4] - The introduction of mirror milling technology has reduced costs to one-tenth of imported equipment while improving efficiency by 50% [5] - The climate environment laboratory at the China Aircraft Strength Research Institute can replicate 12 different climate conditions, achieving international leading standards [6] Group 3: Ecosystem and Talent Development - The aviation base's import and export value increased by 24% year-on-year, facilitating the integration of local products into the global market through the China-Europe Railway Express [7] - A talent alliance formed with 18 universities in Xi'an annually cultivates nearly 10,000 specialized professionals, enhancing the local talent pool [7] Group 4: Policy Support and Future Goals - Xi'an has launched a three-year action plan to enhance large aircraft supporting capabilities, providing comprehensive support in land, funding, and talent for enterprise development [8] - The overall scale of Xi'an's aviation cluster is projected to exceed 150 billion yuan by 2024, with ambitions to build a "world-class aviation new city" [8]

Core Viewpoint - The article highlights the development and achievements of the aviation industry in Xi'an, China, emphasizing the establishment of a complete aviation industrial chain and the significant advancements in technology and efficiency within the sector [1][3]. Group 1: Industry Development - Xi'an has become a national-level aviation industry cluster, housing 1/4 of the country's aviation research capabilities and over 2,000 supporting enterprises [1]. - The Xi'an Yanliang National Aviation High-tech Industry Base features over 1,000 parts manufacturing companies and 12,000 CNC machine tools, capable of producing everything from standard components to aircraft skin [2]. - The aviation industry chain in Xi'an includes design and research, parts production, complete aircraft manufacturing, strength verification, and flight testing [3]. Group 2: Technological Innovations - Efficiency improvements have been significant, with processes that previously took one day now completed in just one minute due to smart production lines [4]. - A new machining technology has replaced chemical milling with mirror milling, reducing costs to 1/10 of imported equipment and increasing efficiency by 50% [5]. - The establishment of a climate environment laboratory allows for the simulation of 12 different climate conditions, achieving international leading standards [6]. Group 3: Economic and Talent Development - The region's import and export value grew by 24% year-on-year, facilitating the integration of local products into the global market through the China-Europe Railway Express [7]. - Xi'an has formed a talent alliance with 18 universities, training nearly 10,000 professionals annually, and has established innovation centers in collaboration with local universities [8]. - The city is implementing a three-year action plan to enhance large aircraft supporting capabilities, providing comprehensive support in land, funding, and talent [8]. Group 4: Future Outlook - By 2024, the overall scale of Xi'an's aviation cluster is expected to exceed 150 billion yuan, positioning it as a leader in the domestic market [8]. - The local government aims to build a "world-class aviation new city," focusing on large aircraft production and low-altitude economy [8].