Investment Rating - The report maintains a positive outlook on the civil aviation manufacturing industry, indicating it will become a significant growth area for China's aerospace manufacturing sector [1][5]. Core Insights - The civil aviation manufacturing sector is expected to mirror the success of the U.S. aerospace industry, where commercial aircraft manufacturing is a major source of revenue and profit for companies like Boeing and GE Aviation [2][55]. - The C919 aircraft is set to lead the development of China's civil aviation manufacturing industry, with a production capacity expected to reach 200 units per year by 2029 [3][56]. - The aftermarket for civil aviation in China is projected to be vast, with the country potentially becoming the largest single aviation market globally by 2044 [4][5]. Summary by Sections Civil Aviation Manufacturing Growth - Civil aviation manufacturing in China is anticipated to grow significantly, driven by the C919's commercial operations and the development of a domestic supply chain [1][5]. - The report highlights that the domestic aviation manufacturing industry is beginning to catch up, with a focus on increasing the localization rate of components [3][4]. C919 Aircraft Development - The C919 aircraft, with over 1,000 orders, is expected to enhance production and delivery capabilities, marking a significant milestone in China's aviation history [3][56]. - The aircraft's production model involves a high degree of localization, with over 50% of its components sourced domestically [3][56]. Aftermarket Opportunities - The civil aviation aftermarket in China is projected to expand, with an increase in the number of approved civil aviation products and components [4][5]. - The report notes that the penetration of domestic materials is expected to rise, helping airlines reduce procurement costs and improve supply chain reliability [4][5]. Investment Opportunities - The report suggests focusing on investment opportunities within the civil aviation manufacturing supply chain, including companies involved in aircraft body manufacturing, materials, engines, and onboard equipment [5]. - Key companies mentioned include AVIC Xi'an Aircraft Industry, AVIC Harbin Aircraft Industry, and various suppliers of materials and components [5].

Core Viewpoint - Beimo High-tech (002985.SZ) is strengthening its core competitiveness in the aviation industry through a significant fundraising plan of up to 1.97 billion yuan for capacity expansion and product industrialization projects [1][3]. Group 1: Fundraising and Investment Projects - Beimo High-tech plans to raise no more than 1.97 billion yuan through a private placement, with net proceeds allocated to projects including the expansion of takeoff and landing system capacity, civil aviation product industrialization, and enhancing airworthiness capabilities for large civil aircraft [3][4]. - The investment in the takeoff and landing system capacity expansion project totals 1.005 billion yuan, with 888 million yuan from the raised funds, aimed at improving production scale and quality [3]. - The civil aviation product industrialization project has a total investment of 338 million yuan, with 304 million yuan planned from the fundraising, providing capacity support for the expansion of civil aviation business [3]. - The airworthiness capability enhancement project for large civil aircraft will require 205 million yuan, with 188 million yuan from the raised funds, aimed at improving technical services to meet market demands [4]. - Additionally, 590 million yuan will be allocated to supplement working capital, increasing the company's financial reserves [5]. Group 2: Financial Performance - In the first three quarters of 2025, Beimo High-tech achieved operating revenue of 650 million yuan, a year-on-year increase of 34.6%, and a net profit attributable to shareholders of 128 million yuan, up 53.2% year-on-year [6]. - The net profit excluding non-recurring gains and losses reached 126 million yuan, reflecting a significant year-on-year increase of 71.08%, indicating that profit growth outpaced revenue growth [6]. - The net cash flow from operating activities turned positive at 219 million yuan, a substantial improvement from a negative 55.65 million yuan in the same period of 2024 [6]. Group 3: Research and Development - Beimo High-tech's R&D expense ratio reached 10.42% in the first three quarters of 2025, continuing to solidify its technological barriers [2][7]. - R&D expenses decreased by 1.56% year-on-year to 67.8 million yuan, while the R&D expense ratio remained high, indicating a focus on innovation as a key driver for business development [7]. - The company has consistently increased its R&D expense ratio from 6.71% in 2021 to 10.71% in 2024, demonstrating a commitment to enhancing its technological capabilities [7].

Core Viewpoint - The company is undertaking a key initiative to respond to the aerospace industry's upgrade and seize market opportunities through a planned capital increase of up to 1.97 billion yuan [4]. Group 1: Investment Projects - The company plans to invest 888 million yuan in the "Takeoff and Landing System Capacity Expansion Project," aiming to enhance high-end forging and precision processing capabilities by extending upstream in the supply chain [1]. - An additional 304 million yuan will be allocated to the "Civil Aviation Product Industrialization Project," which focuses on accelerating the certification and mass production of civil aviation brake and landing gear products [1]. - The total amount to be raised from the issuance of A-shares is not to exceed 1.97 billion yuan, with net proceeds after issuance costs directed towards the aforementioned projects and working capital [4]. Group 2: Strategic Transition - The implementation of these fundraising projects signifies the company's transition from a single "component supplier" to a "system integrator" with full industry chain delivery capabilities [2]. - The company is expected to benefit significantly from three industry boons: military aircraft upgrades, domestic aircraft production, and the explosion of commercial aerospace [2]. Group 3: Market Positioning - The capacity upgrades will help the company reduce intermediate costs and achieve cost reduction and efficiency improvement through a full industry chain layout, thereby consolidating its market share and profitability in the military aircraft takeoff and landing system sector [1]. - The company's technological foundation in carbon-carbon composite materials and high-temperature components will support its future entry into emerging markets such as commercial rocket engine components and satellite structures [1].

Core Viewpoint - Beimo High-Tech (002985.SZ) plans to raise up to 1.97 billion yuan through a private placement to expand its production capacity for take-off and landing systems, industrialize civil aviation products, and enhance airworthiness capabilities, reflecting a strategic shift in the domestic high-end aviation manufacturing sector towards core capacity building and cost control [2][3] Group 1: Strategic Shift - The private placement is part of a broader trend in the A-share aviation manufacturing sector, where leading companies are collectively enhancing core capacities across the supply chain [3] - Beimo High-Tech's strategy is more profound compared to peers, focusing on vertical integration by building high-standard forging and precision processing capacities, thus internalizing previously outsourced processes [3][4] Group 2: Industry Benefits - The integration initiative is expected to enhance product gross margins and market competitiveness by eliminating intermediary transaction costs and supplier premiums, while also improving order response and delivery efficiency [4] - The company aims to transition from a traditional "material supplier" to a "system-level" integrator, enhancing its service offerings [4] Group 3: Strategic Timing - The end of 2025 presents a unique strategic window for Beimo High-Tech, coinciding with three overlapping industry benefits: acceleration in military aircraft upgrades, breakthroughs in domestic civil aviation, and opportunities for domestic substitution in global supply chains [5][6] - The military aircraft sector is entering a critical phase, providing private enterprises like Beimo High-Tech with increased opportunities for high-value component orders [5] - The C919 aircraft's entry into commercial operation marks a pivotal moment for domestic aviation, positioning Beimo High-Tech to secure a core supplier role in the industry [5][6] Group 4: Industry Outlook - The timing of expansion in the aviation manufacturing sector is closely linked to industry cycles, with strategic growth during periods of rising demand and technological change being essential for significant development [7] - Beimo High-Tech's comprehensive industry layout aligns with the broader trend towards high-end and autonomous development in the domestic aviation manufacturing sector [7]

Core Viewpoint - Beimo Gaoke (002985.SZ) has announced a plan to issue A-shares to specific investors, aiming to raise up to RMB 1.97 billion for various projects and working capital [1][2]. Group 1: Share Issuance Details - The share issuance will target no more than 35 specific investors, including qualified institutional investors and individuals [1]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the issuance date [1]. - The shares will be RMB ordinary shares (A-shares) with a par value of RMB 1.00 each, and the total number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, capped at 99,556,080 shares [1]. Group 2: Fund Utilization - The total amount raised from the issuance will be used for the following projects: - Expansion of take-off and landing system capacity: RMB 88.8 million - Civil aviation product industrialization project: RMB 30.4 million - Enhancement of airworthiness assurance capabilities for large civil aircraft: RMB 18.8 million - Supplementing working capital: RMB 59 million [2][3]. Group 3: Company Ownership and Control - As of the announcement date, the company has a total share capital of 331,853,600 shares, with Wang Shumin holding 36.32% of the shares, making her the controlling shareholder [3]. - Post-issuance, the total share capital will increase to 431,409,680 shares, and Wang Shumin's ownership will decrease to 27.94%, but she will remain the controlling shareholder [3]. Group 4: Financial Performance - For the third quarter of 2025, the company reported revenue of RMB 191 million, a year-on-year increase of 37.60%, and a net profit attributable to shareholders of RMB 46.57 million, up 180.42% [6][7]. - Year-to-date revenue reached RMB 650 million, reflecting a 34.60% increase, with a net profit of RMB 128 million, a 53.20% increase [6][7]. - The company has shown significant growth in cash flow, with a net cash flow from operating activities of RMB 219 million, up 493.47% [6][7].

Group 1 - Longbai Group's subsidiary plans to introduce strategic investors and implement capital increase, with a total investment of 2 billion yuan, resulting in a 31.40% equity stake for the investors [1] - Upwind New Materials' embodied intelligent robot business is still in the product development stage and is not expected to positively impact the 2025 annual performance [2] - Kweichow Moutai's controlling shareholder has completed a share buyback plan, acquiring approximately 207.14 million shares for about 3 billion yuan, increasing their total stake to 56.63% [3] Group 2 - Xiamen Tungsten's subsidiary plans to acquire 100% equity of German Mimatic Tool Company for a base price of 10 million euros, with additional capital increase planned [4] - Longpan Technology's subsidiary will reduce production on some lithium iron phosphate production lines for maintenance, expecting a reduction of about 5,000 tons [5] - Wenkai Co. plans to invest 29 million yuan to establish a fund focused on strategic emerging industries [6] Group 3 - Limin Co.'s subsidiary has received a production license for "fluopyram" pesticide, which is expected to have a positive impact on future operations [7] - ST Huicheng received a cash donation of 30 million yuan from its restructuring investor to support its operations [8] - Baitong Energy's vice president plans to reduce holdings of up to 316,200 shares, representing 0.0686% of the total share capital [9] Group 4 - Wushang Group's shareholder did not execute a planned share reduction, retaining a 5.7% stake [10] - Zhangzidao's major shareholder plans to reduce holdings of up to 711,100 shares, representing 1% of the total share capital [11] - Meihua Bio plans to repurchase shares worth 35 million to 50 million yuan at a price not exceeding 15 yuan per share [12] Group 5 - Xiyang Co. plans to distribute a cash dividend of 1.10 yuan per 10 shares, totaling 181 million yuan, which is 10.37% of the net profit for the first three quarters of 2025 [13] - Weike Technology plans to distribute a cash dividend of 6 yuan per 10 shares, totaling approximately 75.15 million yuan [14] - Guoyuan Securities plans to transfer 24.33% of Anyuan Fund's equity for 813 million yuan [15] Group 6 - Three Gorges Tourism's subsidiary plans to purchase part of the property for the Three Gorges Cruise Center for 136 million yuan [16] - Wukuang Development plans to acquire equity in Wukuang Mining and Luzhong Mining, with stock suspension announced [17][18] - Sijia Technology plans to invest 275 million yuan to acquire 20% equity in Guangcai Xincheng [19] Group 7 - Changan Automobile plans to raise no more than 6 billion yuan through a private placement for new energy vehicle projects [20] - Shenjian Co. reported that its aerospace business revenue is relatively small, accounting for only 0.20% of total revenue [21] - Zhiyuan New Energy's controlling shareholder plans to reduce holdings of up to 1.53% of the company's shares [22] Group 8 - Beimo High-tech plans to raise no more than 1.97 billion yuan through a private placement for various projects [23] - Hongri Pharmaceutical's injectable thymosin has passed the consistency evaluation for generic drugs [24] - Ningbo Fangzheng plans to acquire 20% equity in Anhui Fangzheng for 63.8 million yuan [25] Group 9 - Spring Airlines signed a purchase agreement for 30 Airbus A320neo aircraft, with a total price not exceeding 4.128 billion USD [26][27] - Oulu Tong's controlling shareholder plans to reduce holdings of up to 1.91% of the company's shares [28] - Tongli Technology plans to invest 86.7 million yuan to increase capital in Zhuerkang Technology [29] Group 10 - Ganfeng Lithium received a notice of prosecution for suspected insider trading, but operations remain normal [30] - ST Dongyi completed its capital increase plan and will resume trading [31] - Tianpu Co. clarified that it has no plans to engage in artificial intelligence-related business [32] Group 11 - ST Meigu's restructuring plan has been completed, and it will apply to lift the delisting risk warning [33] - Unigroup Guowei is planning to acquire controlling or full equity of Ruineng Semiconductor, with stock suspension announced [34] - Shengtong Energy's stock has been suspended for investigation due to significant price fluctuations [35][36] Group 12 - ST Sansheng applied to lift the delisting risk warning after completing its restructuring plan [37] - Yuekang Pharmaceutical submitted an application for H-share listing on the Hong Kong Stock Exchange [38] - Miaokelando's controlling shareholder plans to increase holdings of 2.55 million to 5.10 million shares [39] Group 13 - SMIC plans to acquire 49% equity in SMIC North for 40.601 billion yuan, aiming to enhance asset quality and business synergy [40]

南方财经12月30日电，北摩高科(002985.SZ)近日披露2025年度向特定对象发行A股股票预案，拟向不超 过35名特定投资者发行不超过9,955.61万股股份，占发行前总股本的30%，募集资金总额不超过19.70亿 元。资金将用于四大方向，其中起降系统产能扩建项目拟投入8.88亿元，民航产品产业化项目3.04亿 元，民航大飞机适航保障能力提升项目1.88亿元，补充流动资金5.90亿元。 财务数据方面，公司2025年1–9月归属于母公司所有者的净利润1.28亿元，扣非后为1.26亿元；2022年至 2025年1–9月毛利率持续波动，分别为67.20%、59.78%、52.83%和48.85%。2025年9月末，公司应收账 款净额14.68亿元，存货净额10.02亿元。分红方面，最近三年公司累计现金分红1.14亿元，占最近三年 年均归母净利润的62.37%。 公司2020年IPO募集资金净额为7.74亿元。截至2025年11月30日，已累计投入7.69亿元。部分原募投项 目根据市场变化进行了调整：高速列车制动闸片产业化项目因市场竞争激烈、利润空间受压而终止；飞 机机轮产能扩张等项目通过优化方案产生节余资金， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002985 证券简称：北摩高科 公告编号：2025-050 北京北摩高科摩擦材料股份有限公司 关于最近五年被证券监管部门和证券交易所 采取监管措施或处罚情况的公告 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。 北京北摩高科摩擦材料股份有限公司（以下简称"公司"）自上市以来严格按照《中华人民共和国公司 法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第1号一一主板上市公司规范运作》及《公司章程》的相关规定和要求规范运作。 鉴于公司拟开展向特定对象发行股票事项，根据相关法律法规要求，公司对最近五年是否被证券监管部 门和证券交易所采取监管措施或处罚的情况进行了自查，现就最近五年被证券监管部门和交易所采取处 罚或监管措施的情况披露如下 一、公司最近五年被证券监管部门和证券交易所处罚的情况 公司最近五年不存在被证券监管部门和深圳证券交易所等处罚的情况。 二、公司最近五年被证券监管部门和证券交易所采取监管措施的情况 经自查，公司最近五年共收到中国证券监督管理委员 ...

Group 1: Major Asset Restructuring and Transactions - WISCO Development plans to acquire equity stakes in WISCO Mining and Luzhong Mining through asset swaps, share issuance, and cash payments, with a suspension of trading starting December 30, 2025, expected to last no more than 10 trading days [1] - Unigroup Guowei is planning to purchase controlling or all equity of Ruineng Semiconductor through share issuance and cash payments, with trading suspension also starting December 30, 2025 [2] Group 2: Regulatory and Compliance Issues - *ST Panda has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws, with the company stating that its operations will continue normally during the investigation [3] Group 3: Stock Price Movements and Trading Suspensions - Victory Energy's stock price increased by 213.97% from December 12 to December 29, 2025, leading to a trading suspension for verification starting December 30, 2025, expected to last no more than 3 trading days [5] - Trading suspensions for WISCO Development, Unigroup Guowei, and Victory Energy will commence on December 30, 2025 [14] Group 4: Financing and Capital Raising - Chang'an Automobile plans to issue A-shares to specific investors at a price of 9.52 yuan per share, raising up to 6 billion yuan for projects related to new energy vehicles and global R&D center construction [4] - Beimo High-tech aims to raise up to 1.97 billion yuan through a private placement to fund capacity expansion and other projects [4] - Tianqi Co. plans to raise up to 977 million yuan for the construction of an intelligent manufacturing base for automotive equipment [4] Group 5: Strategic Partnerships and Investments - Huihan Co. has signed a partnership agreement with Huafu Capital to jointly invest in a commercial aerospace enterprise, with Huihan contributing 68.25 million yuan [6] - Ningbo Huaxiang has entered a strategic cooperation agreement with Qianxing Future to enhance collaboration in the development and manufacturing of quadruped robots [7]

证券日报网讯 12月29日，北摩高科发布公告称，公司将择期召开股东会，审议向特定对象发行股票相 关议案，具体会议时间、地点及议案内容将另行公告。 （文章来源：证券日报） ...