Core Insights - The article emphasizes the complexity of the production process for aerospace components, highlighting the importance of forging and casting techniques as foundational methods in the industry [1][6]. Group 1: Key Technologies in Aerospace Components - Aerospace components rely on five core technologies: integral blade disk manufacturing, cutting technology, special processing technology, engine casing manufacturing technology, and thermal barrier coating technology [4][6]. - Integral blade disks are crucial for the structural innovation of next-generation engines, reducing weight and part count while improving reliability [6]. - Cutting technology is essential for manufacturing heavy components of aircraft engines, increasingly relying on difficult-to-machine materials like titanium and high-temperature alloys [6]. - Special processing technologies, such as high-energy beam processing, excel in machining complex geometries and difficult materials [6]. - Engine casing manufacturing involves various materials depending on the operational temperature, including resin-based composites and high-temperature alloys [6]. - Thermal barrier coating technology enhances the durability and thermal protection of critical engine components [6]. Group 2: Importance of Non-Destructive Testing and Heat Treatment - Non-destructive testing is vital in ensuring the quality of each manufacturing step in aerospace component production, preventing defects from propagating through the process [7]. - Heat treatment processes, including heating, holding, and cooling, are employed to alleviate internal stresses in metal components, significantly improving their mechanical properties [10]. Group 3: Future Trends in Aerospace Component Technology - The future of aerospace component technology is focused on multi-faceted innovation, with advancements in composite materials and manufacturing techniques aimed at efficiency and cost reduction [11]. - The use of resin-based composites is increasing, with significant weight reductions observed in various aircraft models [14]. - New manufacturing techniques for large, integral wall panels are becoming essential for enhancing structural efficiency and reducing costs [14]. - High-energy beam processing and special welding techniques are gaining traction in the industry, addressing challenges in machining and assembly [14].

Group 1 - The company announced a change in the legal representative of its wholly-owned subsidiary, Beijing Andavil General Aviation Engineering Technology Co., Ltd. (referred to as "General Aviation Technology Company") due to business development needs [1] - The General Aviation Technology Company has completed the industrial and commercial change registration procedures and has obtained a new business license issued by the Market Supervision Administration of Shunyi District, Beijing [1]

证券代码：300719 证券简称：安达维尔 公告编号：2025-058 北京安达维尔科技股份有限公司 关于全资子公司变更法定代表人暨完成工商变更登记的公告 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。 北京安达维尔科技股份有限公司（以下简称"公司"）全资子公司北京安达维尔 通用航空工程技术有限公司（以下简称"通航技术公司"）因业务发展需要，申请变 更了法定代表人。近日，通航技术公司已完成工商变更登记手续，并已取得北京市顺 义区市场监督管理局核发的新《营业执照》，具体情况如下： 一、本次变更内容 通航技术公司法定代表人变更前为毕鹏飞，变更后为代强。 企业名称：北京安达维尔通用航空工程技术有限公司 统一社会信用代码：911101130828552470 二、变更后的工商登记基本情况 经营范围：制造测试设备、专用仪器仪表、通用仪器仪表、电子和电工机械专用 设备、通信设备；电子、电气、机械零部件加工(不含表面处理作业)；设备修理(不 含特种设备)；销售电子产品、机械设备；民用航空器材的销售与租赁；技术开发、 技术推广、技术转让、技术服务；技术进出口、货物进出口(以上 ...

Market Overview - The aviation equipment sector increased by 0.67% on September 24, with Zongheng Co. leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Zongheng Co. (688070) closed at 57.10, rising by 8.06% with a trading volume of 29,800 lots and a transaction value of 163 million yuan [1] - Other notable performers included: - Hitec High-tech (002023) at 12.33, up 3.44% [1] - Aviation New Technology (300424) at 15.59, up 2.84% [1] - Western Superconducting (688122) at 58.49, up 2.60% [1] Capital Flow - The aviation equipment sector saw a net inflow of 57.50 million yuan from institutional investors, while retail investors contributed a net inflow of 29.80 million yuan [2] - However, speculative funds experienced a net outflow of 355 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Guangqi Technology (002625) with a net inflow of 21.20 million yuan from institutional investors [3] - AVIC Shenyang Aircraft (600760) with a net inflow of 97.23 million yuan [3] - AVIC Power (600893) with a net inflow of 49.86 million yuan [3]

Group 1 - The company, Andaville, announced on September 22 that it has no overdue guarantees or guarantees involved in litigation [2]

证券代码：300719 证券简称：安达维尔 公告编号：2025-057 北京安达维尔科技股份有限公司 关于为全资子公司的银行授信提供担保的进展公告 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。 北京安达维尔科技股份有限公司（以下简称"公司"）于2025年4月24日 召开了第四届董事会第二次会议、第四届监事会第二次会议，于2025年5月20 日召开2024年年度股东大会，审议通过了《关于公司及全资子公司申请综合授 信并由公司提供担保的议案》,同意公司及全资子公司向银行申请综合授信并 同意公司为全资子公司向银行申请总额不超过人民币55,000万元的授信提供 相应担保。 二、对外担保进展情况 （一）担保进展之一 近日，公司与中国银行股份有限公司北京首都机场支行签署了《最高额保证 合同》，合同约定公司为公司全资子公司北京安达维尔民用航空技术有限公司（以 下简称"民航技术公司"）在中国银行股份有限公司北京首都机场支行的1,000 万元综合授信无偿提供连带责任保证担保。公司本次为民航技术公司向银行申请 综合授信提供担保事项属于已审议通过的担保事项范围，且担保金额在公司为 ...

Group 1 - Company received the first round inquiry letter from the Shenzhen Stock Exchange on January 3, 2025, regarding its application for a specific stock issuance [1] - Company updated the application documents and disclosed relevant announcements on January 24, 2025, after addressing the first round inquiry [1] - Company received the second round inquiry letter from the Shenzhen Stock Exchange on April 30, 2025, and updated the application documents accordingly [2] Group 2 - Company disclosed its 2024 annual report and 2025 Q1 report, updating financial data in the application documents on May 19, 2025 [1] - Company submitted updated application documents after the second round inquiry and disclosed its 2025 semi-annual report on September 12, 2025 [2] - The stock issuance is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2]

Core Viewpoint - Beijing Andavil Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's second round of inquiry regarding significant fluctuations in its operating performance from 2021 to early 2025, highlighting both revenue and net profit volatility [1] Group 1: Financial Performance - The company's main business revenues from 2021 to Q1 2025 were 475.46 million, 412.55 million, 850.86 million, 632.79 million, and 123.32 million respectively, with net profits of 10.43 million, -45.82 million, 113.49 million, 12.70 million, and -8.71 million [1] - The net cash flow from operating activities during the same period was 133.92 million, -25.68 million, 30.64 million, -180.96 million, and -14.91 million [1] Group 2: Revenue Fluctuations and Risks - Revenue changes among the top five customers were noted, with stable relationships but slight declines due to seasonal military procurement and specific maintenance agreements expiring [2] - The airborne equipment manufacturing segment is expected to see revenue decline in 2024 due to project delivery delays, while the aviation maintenance segment shows a steady upward trend [2] - Military product revenue is projected to decline in 2024 but is expected to improve in the first half of 2025 due to a recovery in military demand [2] Group 3: Cash Flow Analysis - The increase in operating receivables in 2024 was attributed to higher accounts receivable and notes receivable balances, with a decrease expected by mid-2025 [3] - The decline in operating payables was due to changes in procurement payment methods and a decrease in operating income [3] - The negative net cash flow from operating activities since 2024 is primarily due to timing differences in procurement payments and sales collections, but improvements are noted in 2025 [3]

Core Viewpoint - Beijing Andavil Technology Co., Ltd. has provided a detailed response to the Shenzhen Stock Exchange regarding its application for a specific stock issuance, addressing key issues such as performance fluctuations, expense ratios, and customer dependency, which offers important insights for investors [1] Performance Fluctuations: Analysis of Causes and Reasonableness - The company's revenue for the reporting period was 475.46 million, 412.55 million, 850.86 million, and 365.51 million, with net profits of 10.43 million, -45.82 million, 113.49 million, and 13.90 million, and a decline to 4.47 million in the first nine months of 2024 [2] - The business is divided into military and civilian products, with military products accounting for 74.72% of revenue in 2023 [2] - The increase in 2023 was primarily due to the recognition of delayed revenue from 2022 amounting to 97.29 million and concentrated deliveries of the XX training system generating 217.78 million [2] - The decline in 2024 is attributed to delays in military product deliveries due to client acceptance issues and the absence of confirmed contracts, affecting 83.55 million in revenue [2] Military Material Engineering Service Business: Growth, Gross Margin, and Sustainability - The military material engineering service business generated 217.78 million in 2023, benefiting from the XX training system project, which began in 2020 [3] - Other business segments also saw significant revenue increases, with airborne equipment development up 127.63%, aviation maintenance up 22.55%, and measurement and control equipment development up 9.60% [3] - The average revenue contribution from this business from 2019 to 2023 was 9.06%, indicating a minor impact on overall business operations [3] Expense Ratios: Reasons for Being Above Industry Average and Compliance - The sales expense ratio and management expense ratio were 6.43% and 25.68%, respectively, exceeding the average levels of comparable companies by 2.80% and 14.91% [4] - Business entertainment expenses increased but remained a small and stable proportion of revenue, primarily due to differences in client structure and business development stages [4] - The high sales expense ratio is attributed to the customized nature of the products requiring frequent on-site communication, while the management expense ratio is influenced by the company's development stage and regional economic conditions [4] Customer Concentration: Industry Practices, Dependency Risks, and Cooperation Stability - The concentration of the top five customers is relatively high due to the concentrated downstream market, but there is no significant dependency on any single customer [6] - The company has a long-standing and stable relationship with its top five customers, with successful expansion into new clients [6] - The changes in the top five customers during the reporting period were due to fluctuations in customer demand, with no loss of existing clients [6]

| 信 永 中 和 合 → 中 価 章 名 時 北 京 市 張 城 財 朝 北 大 衛 株 第 # 86 (010) 6554 2288 | | | --- | --- | | 8 号富华大厦 A 座 9 层 | telephone: +86 (010) 6554 2288 | | 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidajie, ShineWing | | | Dongcheng District, Beijing, | 传真: +86 (010) 6554 7190 | | certified public accountants 100027, P.R.China | facsimile: +86 (010) 6554 7190 | 信永中和会计师事务所（特殊普通合伙） 关于 北京安达维尔科技股份有限公司 申请向特定对象发行股票的审核问询函 之回复报告 XYZH/2025XAAA3F0084 北京安达维尔科技股份有限公司 深圳证券交易所： 贵所于 2025 年 1 月 3 日出具的《关于北京安达维尔科技股份有限公司申请 向特定对象发行股票 ...