证券代码：300424 证券简称：航新科技 公告编号：2025-115 广州航新航空科技股份有限公司 关于修订《公司章程》、修订及制定 2 | 原则，同种类的每一股份应当具有同等权利。 | 同类别的每一股份应当具有同等权利。 | | --- | --- | | 第十六条 | 第十八条 | | 同次发行的同种类股票，每股的发行条件和 | 同次发行的同类别股份，每股的发行条件和 | | 价格应当相同；任何单位或者个人所认购的 | 价格相同；认购人所认购的股份，每股支付 | | 股份，每股应当支付相同价额。 | 相同价额。 | | 第十七条 | 第十九条 | | 公司发行的股票，以人民币标明面值。每股 | 公司发行的面额股，以人民币标明面值。每 | | 面值人民币一元。 | 股面值人民币一元。 | | 第十九条 | 第二十一条 | | 公司股份总数为 245,428,440 股。公司的股本 | 公司已发行的股份数为 245,428,440 股。公司 | | 结构为：普通股 245,428,440 股，其他种类股 | 的股本结构为：普通股 245,428,440 股，其他 | | 零（0）股。 | 类别股零（0）股。 ...

证券代码：300424 证券简称：航新科技 公告编号：2025-114 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、 交易概述 广州航新航空科技股份有限公司（以下简称"公司"、"航新科 技"）于 2025 年 11 月 12 日召开第六届董事会第十一次会议，审议 通过了《关于全资子公司收购其下属控股子公司的议案》。 根据业务规划和发展需要，全资子公司 Hangxin Aviation Services Co.,Ltd（以下简称"香港航新"）拟收购其控股子公司 Magnetic MRO AS（以下简称"MMRO"）之全资子公司 MAGNETIC MRO HOLDING B.V.（以下简称"MMROH"）持有的 Direct Maintenance Holding B.V. （以下简称"DMH"）100%股权。交易双方拟签署《股份买卖协议》、 《债权转让协议》，交易价格合计为 13,845,795.05 欧元（约合人民 币 114,144,734.39 元），其中股权交易价格为 9,211,008.08 欧元（约 合人民币 75,935,550.61 元） ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [3][25]. Core Insights - The military industry is expected to enter an upward cycle as per the "14th Five-Year Plan" recommendations, with overall performance showing signs of recovery in Q4, leading to anticipated positive year-on-year growth [3][4]. - The report highlights that military trade is experiencing a significant demand surge due to increasing global geopolitical uncertainties, which is expected to create a new market landscape for international military trade [3][4]. - The report suggests increasing attention to the military sector, particularly focusing on next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems as key areas for investment [3][4]. Market Review - Last week, the Shenwan Defense and Military Index fell by 0.47%, while the overall market indices, including the Shanghai Composite Index, rose by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 25th among 31 first-level industries, indicating underperformance relative to the broader market [4][11]. - The top five performing stocks in the defense sector last week included Aerospace Intelligent Equipment (up 25.45%), Triangle Defense (up 25.28%), and others, while the bottom five included Hangxin Technology (down 17.20%) and others [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 78.66, placing it in the upper range historically, indicating a relatively high valuation compared to past performance [12][13]. - The report emphasizes that the aerospace and aviation equipment sectors are also experiencing elevated PE valuations, suggesting a strong market position [12][13]. Key Investment Targets - The report identifies key investment targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential [3][4].

新世纪评级关于广州航新航空科技股份有限公司 控股东签署《股份转让协议》暨公司控制权拟发生变更更 的关注公告 受广州航新航空科技股份有限公司(以下简称"航新科技"或"公司") 委托,上海新世纪资信评估投资服务有限公司(以下简称"新世纪评级"或 "本评级机构")对公司主体及相关情项进行了信用评级。除因本次评级事项 使 本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对 象不存在任何影响评级行为独立、客观、公正的关联关系。 2025年6月26日,本评级机构出具《广州航新航空科技股份有限公司 公开发行可转换公司债券定期跟踪评级报告》,通过对航新科技主要信用风险 要素的分析,本评级机构决定调整航新科技的个体信用级别为 a,主体信用 等级调整至 A, 评级展望为稳定,并下调广州航新航空科技股份有限公司公 开发行可转换公司债券的信用等级至A。 图表 1. 公司主体及存续债评级情况(2025年6月26日) TD 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. | 个体信用级别 | 支持因素 | 主 ...

Company Overview - Guangzhou Hangxin Aviation Technology Co., Ltd. is located in the Economic and Technological Development Zone of Guangzhou, Guangdong Province, and was established on November 23, 2005. The company was listed on April 22, 2015. Its main business includes the development and testing of airborne equipment, maintenance services, and comprehensive support for airborne equipment, as well as MRO services, aircraft interior decoration, external painting, aircraft dismantling, and aviation asset management [1]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 1.415 billion yuan, representing a year-on-year increase of 2.77%. However, the net profit attributable to the parent company was 17.6244 million yuan, a decrease of 7.31% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 98.7624 million yuan in dividends, with 4.798 million yuan distributed over the past three years [3]. Stock Performance - As of November 6, the company's stock price decreased by 2.03%, trading at 16.91 yuan per share, with a total market capitalization of 4.15 billion yuan. The stock has declined by 6.37% year-to-date and by 9.43% over the last five trading days, while it has increased by 8.47% over the last 20 days [1]. - The stock's trading volume showed a net outflow of 9.4891 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, the number of shareholders for Hangxin Technology was 35,100, a decrease of 17.56% from the previous period. The average number of tradable shares per shareholder increased by 21.47% to 6,996 shares [2].

Core Viewpoint - Hangxin Technology (300424.SZ) is undergoing a significant change in control, with its major shareholder, Guangzhou Hengmao, planning to transfer its entire stake to two newly established entities, Qizhou Chuangke and Hangzhou Changsheng, at a price lower than its acquisition cost [1][2][3]. Group 1: Share Transfer Details - Guangzhou Hengmao will transfer 36.706 million shares of Hangxin Technology to Qizhou Chuangke and Hangzhou Changsheng at a price of 14.57 CNY per share, totaling 535 million CNY [1][3]. - After the transfer, Qizhou Chuangke will hold 9.96% of the shares, while Hangzhou Changsheng will hold 5%, making Qizhou Chuangke the new controlling shareholder [2][3]. - The transfer price of 14.57 CNY per share is 80% of the closing price on the day before the agreement was signed, which was 18.21 CNY [5][6]. Group 2: Historical Context and Financial Impact - Guangzhou Hengmao initially acquired its stake in Hangxin Technology for approximately 580 million CNY over several transactions from June 2021 to August 2022 [4][5]. - The current sale price of 535 million CNY indicates that Guangzhou Hengmao will not recover its initial investment, resulting in a financial loss [4][5]. - Hangxin Technology has distributed dividends in the past three years, with payouts ranging from 0.1 CNY to 0.12 CNY per 10 shares [4]. Group 3: Market Reaction - Following the announcement of the control change, Hangxin Technology's stock price dropped by 12.79% on the first trading day after resuming trading [2][8]. - The stock continued to decline, closing at 17.26 CNY, reflecting a market capitalization of 4.2 billion CNY [8]. Group 4: New Shareholders' Background - The new controlling entities, Qizhou Chuangke and Hangzhou Changsheng, are newly formed companies with connections to state-owned enterprises [8]. - Qizhou Chuangke is backed by a fund with a registered scale of 2 billion CNY, indicating potential support from local government resources [8].

Core Viewpoint - The major shareholder of Hangxin Technology is undergoing a significant change as the controlling stake is being transferred from Guangzhou Hengmao to Quzhou Chuangke and Hangzhou Changsheng, marking a new chapter for the company after four years of ownership by the previous major shareholder [1][3]. Group 1: Shareholder Changes - Guangzhou Hengmao plans to transfer its 36.706 million shares in Hangxin Technology, representing 14.9557% of the total share capital, to Quzhou Chuangke and Hangzhou Changsheng at a price of 14.57 yuan per share, totaling 535 million yuan [1][2]. - After the transfer, Quzhou Chuangke will hold 24.4344 million shares (9.9557% of total shares), while Hangzhou Changsheng will hold 12.2716 million shares (5% of total shares) [1][2]. - The transfer will result in Quzhou Chuangke becoming the new controlling shareholder, with Hu Chen as the actual controller of Hangxin Technology [3]. Group 2: Financial Performance - Hangxin Technology reported a revenue of 1.415 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.77% [4]. - The company recorded a net profit attributable to shareholders of 17.6244 million yuan, a decrease of 7.31% year-on-year, but the net profit excluding non-recurring items increased by 168.07% to 15.7238 million yuan [4].

Core Viewpoint - The recent change in control at Hangxin Technology has led to a significant decline in its stock price, indicating investor skepticism regarding the new ownership and its potential impact on the company [1][2]. Group 1: Control Change Details - Hangxin Technology's new controlling shareholder, Quzhou Chuangke, acquired 36.706 million shares from Guangzhou Hengmao, with a total transaction value of 535 million yuan, at a price of 14.57 yuan per share, representing a 28% discount from the last trading price before suspension [2][3]. - The new controlling entity, Quzhou Chuangke, is backed by the Quzhou State-owned Assets Supervision and Administration Commission, suggesting potential state support for the company's future operations [2][3]. Group 2: Company Background and Performance - Hangxin Technology specializes in aviation equipment operational support, with established partnerships with major domestic engine and aircraft manufacturers, as well as renowned universities [4]. - The company reported a revenue of 1.415 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.77%, while its net profit attributable to shareholders decreased by 7.31% to 17.6244 million yuan [4]. Group 3: Strategic Implications - The acquisition aligns with Quzhou's industrial development goals, which include expanding high-end equipment and other key sectors, aiming for a total output value of 220 billion yuan by 2025 [4]. - Quzhou's existing resources, such as Quzhou Aviation Co., are expected to create synergies with Hangxin Technology, enhancing operational capabilities and market positioning [5].

Market Overview - The low-altitude economy sector experienced a decline of 1.65% on November 4, with Hangxin Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the low-altitude economy sector included: - Zhibiao Co., Ltd. (301136) with a closing price of 15.34, up 20.03% on a trading volume of 483,500 shares and a turnover of 695 million yuan [1] - Aerospace Development (000547) closed at 8.98, up 4.42% with a trading volume of 1,365,800 shares and a turnover of 1.21 billion yuan [1] - Wanxiang Qianchao (000559) closed at 12.97, up 4.18% with a trading volume of 2,905,500 shares and a turnover of 3.663 billion yuan [1] - Major decliners included: - Hangxin Technology (300424) closed at 17.59, down 12.79% with a trading volume of 507,100 shares and a turnover of 898 million yuan [2] - Ruikeda (688800) closed at 74.40, down 7.21% with a trading volume of 115,800 shares and a turnover of 882 million yuan [2] - Longsheng Technology (300680) closed at 50.63, down 6.22% with a trading volume of 171,600 shares and a turnover of 877 million yuan [2] Capital Flow - The low-altitude economy sector saw a net outflow of 5.241 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.923 billion yuan [2] - The capital flow for specific stocks showed: - Windhua High-Tech (000636) had a net inflow of 1.90 billion yuan from institutional investors, but a net outflow from retail investors [3] - Aerospace Development (000547) had a net inflow of 1.61 billion yuan from institutional investors, with outflows from both retail and speculative investors [3] - Zhibiao Co., Ltd. (301136) recorded a net inflow of 1.44 billion yuan from institutional investors, but also faced outflows from retail investors [3]

Core Viewpoint - Hangxin Technology (300424.SZ) has experienced a significant stock price drop of 12.79% to 17.59 yuan following the announcement of a change in control, after a previous increase of 10.76% to 20.17 yuan on October 27 [1] Group 1: Control Change Announcement - Hangxin Technology's controlling shareholder, Guangzhou Hengmao Venture Investment Partnership, signed a share transfer agreement on October 27, 2025, to transfer 36,705,964 shares (14.9557% of total equity) to Qizhou Chuangke and Hangzhou Changsheng [2] - The share transfer price was set at 14.57 yuan per share, totaling approximately 534.81 million yuan [2] - Qizhou Chuangke will acquire 24,434,390 shares (9.9557% of total equity), while Hangzhou Changsheng will acquire 12,271,574 shares (5% of total equity) [2] Group 2: Shareholding Structure Post-Transfer - After the transfer, Qizhou Chuangke will hold 24,434,390 shares, and together with Hangzhou Changsheng, they will control a total of 36,705,964 shares, maintaining a 14.9557% voting power in Hangxin Technology [4] - Qizhou Chuangke and Hangzhou Changsheng have signed a voting rights delegation agreement to ensure unified action in major decisions of Hangxin Technology [3] Group 3: Financial Advisory - Huachuang Securities Co., Ltd. is acting as the financial advisor for this transaction [5]