广联航空工业股份有限公司（以下简称公司）分别于2025年4月24日、2025 年5月16日召开了第四届董事会第五次会议及2024年年度股东大会，审议通过了 《关于修订<公司章程>等相关制度的议案》，具体内容详见公司披露在巨潮资 讯网（www.cninfo.com.cn）的《关于修订<公司章程>等相关制度的公告》（公 告编号：2025-044）。 公司近日已办理完成上述相关事宜的工商变更登记、备案手续，并取得了由 哈尔滨新区平房经济技术片区市场监督管理局颁发的《营业执照》。 现将有关情况公告如下： 一、工商变更登记的主要事项 | 证券代码：300900 | 证券简称：广联航空 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：123182 | 债券简称：广联转债 | | 广联航空工业股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 10、登记机关：哈尔滨新区平房经济技术片区市场监督管理局 6、注册地址：哈尔滨哈南工业新城核心区哈南三路三号 7、成立日期：2011年2月 ...

Group 1 - The company is strategically positioning itself in rocket and satellite manufacturing, benefiting from the accelerated development of commercial aerospace [1] - In the rocket sector, the company plans to acquire 51% of Tianjin Yuefeng by May 2025, which specializes in processing rocket storage tanks and has advanced welding equipment [1] - Tianjin Yuefeng's output reached 41 million yuan in Q1 2025, a 50% year-on-year increase, driven by the explosive growth in China's rocket demand [1] Group 2 - The company is involved in the development of composite materials and structural components for the C919 and C929 aircraft, with a contract worth 105 million yuan for C929 composite tooling [2] - A strategic cooperation agreement was signed with Shanghai Lingang New Area to promote collaborative projects in the aviation industry [2] - The company is also focusing on large UAV assembly capabilities, having signed a contract worth 55.78 million yuan for composite wings of a large fixed-wing UAV [2] Group 3 - The company is exploring innovative applications of composite materials in unmanned vessels and submarines, aiming to enhance performance and fuel efficiency [3] - The company is expected to generate revenues of 1.119 billion yuan, 1.294 billion yuan, and 1.564 billion yuan from 2025 to 2027, with corresponding net profits of 40 million yuan, 113 million yuan, and 183 million yuan [3] - The company is positioned as a core supplier of aviation tooling and components, focusing on high-value-added composite parts and expanding into emerging strategic areas [3]

Core Viewpoint - Guanglian Aviation is focusing on a strategic upgrade from a high-end component supplier to a full-space equipment solution provider, leveraging a "technology reuse, ecological extension, and full-space coverage" strategy [1][5]. Group 1: Business Expansion and Strategy - The company is expanding into commercial aerospace through the acquisition of Tianjin Yuefeng, which is seen as a key move due to the burgeoning market for rocket structure products [2][6]. - The acquisition is based on three main logics: the commercial aerospace sector is at a pre-explosion stage with vast market potential; Tianjin Yuefeng possesses leading technology and qualifications in rocket metal structures; and the potential for technology reuse to extend from national mission rockets to commercial operational rockets [2][6]. - The company aims to achieve strategic control with a 51% stake in Tianjin Yuefeng, with plans to increase this stake based on future developments [6]. Group 2: Business Segments - In the maritime sector, the company is focusing on deep-sea equipment, main warships, and civil vessels, addressing traditional metal hull challenges through technological breakthroughs [3][4]. - In the land sector, the company is centered on robotics, providing technical solutions for humanoid and industrial robots, and is also entering the controlled nuclear fusion research support field [4]. - In the aerospace sector, the company is leveraging composite material technology for rocket fairings and satellites, with plans to acquire Tianjin Yuefeng to enhance its capabilities in commercial aerospace [5]. Group 3: Partnerships and Collaborations - The company has established deep strategic partnerships with industry leaders like Gongda Satellite, providing core structural components for satellites and covering major domestic rocket models [8]. - The company is also collaborating with leading gas turbine manufacturers, enhancing its role as a strategic supplier through a comprehensive production system that supports various stages of the supply chain [10][11]. Group 4: Financial Outlook and Management - The company is implementing strategies to optimize order structure and enhance capacity utilization to address profit fluctuations, with a long-term view of gradually increasing profitability as new capacity is released [12]. - The chairman has returned to normal duties, and the company has maintained efficient operations during his absence, indicating a robust governance structure and stable customer relationships [11].

Core Viewpoint - Guanglian Aviation is actively expanding its business into the commercial aerospace sector through strategic acquisitions and partnerships, focusing on high-potential and high-value areas while maintaining its core operations in the aerospace industry [1][3]. Group 1: Company Overview - Guanglian Aviation is involved in multiple large aircraft development projects, including being a supplier for the C919 large passenger aircraft and the AG600 amphibious aircraft assembly line [1]. - The company has established a comprehensive production base in key aerospace cities such as Harbin, Shenyang, Xi'an, and Chengdu, creating a nationwide industrial support network [1]. Group 2: Strategic Initiatives - The company aims to transition from a high-end component supplier to a full-space equipment solution provider, focusing on technology integration across various fields [2]. - Guanglian Aviation signed a share acquisition agreement to acquire 51% of Tianjin Yuefeng, a move to solidify its position in the commercial aerospace sector [2][3]. Group 3: Market Position and Competitive Landscape - The commercial aerospace sector is characterized by a competitive landscape where state production leads, and private enterprises are emerging, focusing on reliability, lightweight, low-cost, and scalable delivery capabilities [3]. - Tianjin Yuefeng is positioned as a leading private supplier in the aerospace sector, with strong capabilities in technology maturity, delivery assurance, and customization [3]. Group 4: Future Outlook - The company has established strategic partnerships with industry leaders like Gongda Satellite, providing core structural components for satellites and aiming to cover major domestic rocket models [4]. - Guanglian Aviation is focused on expanding its capabilities in rocket structural components and satellite core parts, leveraging its expertise in composite materials and precision manufacturing [4]. - The C929 project is currently in the research and development phase, with the company working closely with key partners to secure large orders as the project progresses towards industrialization [4].

Summary of Guolian Aviation Conference Call Company and Industry Overview - **Company**: Guolian Aviation - **Industry**: Aerospace and Commercial Space Key Points and Arguments Acquisition and Market Position - Guolian Aviation has entered the commercial space sector through the acquisition of Yuefeng Co., a core supplier for the Long March rocket series, enhancing its capabilities in rocket metal structure processing and box production [2][4] - Yuefeng is a significant player in the Long March rocket supply chain and is actively expanding into the commercial space market, collaborating with companies like Blue Arrow and Interstellar Glory [2][4] - The commercial space industry is experiencing high demand, with expectations for a substantial increase in rocket launches by 2026, which will provide growth opportunities for Guolian Aviation [4][23] Strategic Initiatives - Guolian Aviation has outlined a "Sea, Land, Air, and Space" strategic plan aimed at leveraging its core technological advantages to achieve comprehensive business coverage across various sectors, including aerospace manufacturing, commercial space, gas turbines, nuclear fusion, and unmanned systems [2][15] - The company is actively pursuing new business areas such as gas turbines, nuclear fusion, and embodied intelligence, utilizing technology reuse from the aviation industry [2][12] Financial Performance and Projections - Guolian Aviation's performance in Q3 2025 showed a decline due to increased unit costs from capital expenditures, but profitability is expected to stabilize between 10% and 15% from 2025 to 2027 as capacity is released [4][22] - The company anticipates a compound annual growth rate (CAGR) of 20% to 30% in revenue over the next few years, supported by ongoing capacity expansion and customer development [24] Robotics and Technological Development - Guolian Aviation has partnered with Harbin Institute of Technology to advance robotics and unmanned systems, achieving progress in industrial robots, multi-legged robots, and humanoid robots [2][16] - The company is focusing on material selection and processing techniques in robotics, advocating for the use of carbon fiber composites to enhance performance and reduce costs [17][18] Competitive Landscape - The injection box market is currently dominated by state-owned enterprises, with limited participation from private companies. Guolian Aviation's subsidiary, Yufeng, is positioned as a leading supplier with comprehensive capabilities in welding, surface treatment, and testing [10][11] - The commercial space sector is evolving, with private companies gradually increasing their manufacturing capabilities, which could lead to significant milestones if they successfully complete key tasks [20][21] Future Outlook - Guolian Aviation is optimistic about the future of the commercial space market, with projections for increased rocket launches and a growing demand for components [23][26] - The company is also focusing on the development of new drone models, which are expected to contribute significantly to revenue in the coming years [24][25] Additional Important Information - The acquisition of Yuefeng is seen as a strategic move to enhance Guolian's market position and operational capabilities in the aerospace sector [2][27] - The company is confident in the ongoing integration of Yuefeng and anticipates that this will create synergistic benefits, enhancing overall value [27]

Group 1: Business Strategy and Development - The company focuses on a strategic framework of "technology reuse, ecological extension, and full-space coverage," aiming to build a comprehensive equipment system across "sea, land, air, and space" [5] - The company is expanding into high-potential, high-value strategic emerging fields while consolidating its core business in the aviation sector [6] - The company plans to acquire Tianjin Yuefeng to enter the commercial aerospace sector, leveraging its core technology in composite materials [7][8] Group 2: Market Position and Competitive Advantage - The commercial aerospace sector is experiencing explosive growth, with significant demand for rocket launches and enhanced payload capabilities [7] - Tianjin Yuefeng is a leading supplier in the commercial aerospace structural components market, known for its high reliability and rapid customization capabilities [9] - The company has established deep strategic partnerships with industry leaders like Gongda Satellite, positioning itself as a core supplier for key components in major domestic rocket models [10] Group 3: Financial Performance and Risk Management - The company has developed multi-dimensional strategies to address profit fluctuations, including optimizing order structures and enhancing production efficiency [12] - Long-term profitability is expected to improve as new production capacity is fully utilized and the order structure is continuously optimized [12] - The company aims to maintain compliance and ensure sustainable business development despite recent leadership challenges [12]

Group 1 - On December 11, a total of 33 companies were investigated by institutions, with 20 companies being surveyed by funds, including 5 companies that attracted more than 5 funds each [1] - Chaojie Co., Ltd. was the most popular, with 34 funds participating in the survey, followed by Zhishang Technology and Guanglian Aviation, which had 20 and 7 funds respectively [1] - Among the surveyed companies, 6 were from the Shenzhen Main Board, 12 from the ChiNext, 1 from the Shanghai Main Board, and 1 from the Sci-Tech Innovation Board, covering 9 different industries [1] Group 2 - The total market capitalization of the surveyed companies included 2 with a market cap over 50 billion yuan, and 10 with a market cap under 1 billion yuan, such as Jiama Clothing and Mankalon [1] - In terms of market performance, 15 of the surveyed stocks increased in the last 5 days, with Chaojie Co., Ltd., Zhishang Technology, and Binglun Environment showing gains of 39.03%, 35.00%, and 30.32% respectively [1] - Conversely, 5 stocks experienced declines, with Asia Pacific Technology, Huali Group, and Changhong Meiling showing decreases of 8.74%, 7.51%, and 2.24% respectively [1] Group 3 - Among the surveyed stocks, Chaojie Co., Ltd. had a net capital inflow of 402 million yuan over the last 5 days, the highest among the surveyed companies [2] - Other companies with significant net inflows included Guanglian Aviation and Shaanxi Huada, with inflows of 155 million yuan and 144 million yuan respectively [2] - A detailed list of surveyed companies included Chaojie Co., Ltd. (34 funds, 80.65 yuan, 39.03% increase), Zhishang Technology (20 funds, 103.33 yuan, 35.00% increase), and Guanglian Aviation (7 funds, 23.75 yuan, 23.38% increase) [2][3]

Group 1: Commercial Aerospace - SpaceX plans to conduct an IPO in 2026, aiming to raise several billion dollars, marking a new phase of commercialization and capitalization in the commercial aerospace industry [3] - China's recent successful launch of multiple satellites demonstrates its growing capabilities in space exploration, with an increasing frequency of launches expected to drive exponential growth in orders for upstream suppliers [3][4] - Companies like Guanglian Aviation are positioned to benefit significantly from the anticipated increase in commercial rocket launches, with potential revenue growth reaching tens of billions [4] Group 2: AI and Server Technology - The demand for AI computing power is escalating, with power consumption for AI models increasing significantly, leading to a shift from traditional air cooling to liquid cooling solutions [6] - Companies with rare certification for liquid cooling solutions are expected to see a revaluation of their worth due to the high technical barriers and increased average selling prices [6] - The AI server supply chain is evolving, with investments shifting towards companies that possess high technical barriers and rare certifications, which will likely enjoy valuation premiums [6][9] Group 3: Humanoid Robots - Tesla's Optimus has initiated the supplier review process, indicating that humanoid robots are on the verge of mass production, with Chinese companies expected to surpass Tesla in production scale by 2026 [7] - Key components such as lightweight materials and advanced sensors are critical for the development of humanoid robots, with companies like Ningbo Huaxiang collaborating on innovative materials [8][10] - Investment strategies should prioritize core components over complete systems, focusing on companies with high technical barriers and established supply chains [11] Group 4: Semiconductor Industry - The demand for high-bandwidth memory (HBM) is surging due to AI chip requirements, prompting a rapid evolution in HBM technology and a focus on domestic production capabilities [12] - Companies like Huahai Chengke are positioned to capture significant market share in the HBM materials sector, with potential revenues reaching 3 billion yuan [14] - The semiconductor investment landscape is shifting towards companies that can achieve substantial breakthroughs and secure orders in high-demand areas like HBM and advanced packaging [12] Group 5: Energy Sector - The energy market is experiencing a transition, with gas turbines expected to maintain strong demand through 2035, benefiting companies like Yingliu [15] - Nuclear fusion technology is advancing, with Chinese teams making significant progress, positioning companies like China Uranium Industry as future leaders in energy solutions [16] - Investment strategies should focus on both immediate opportunities in gas turbines and long-term potential in nuclear fusion technologies [16] Group 6: Optical Communication - The optical communication sector is transitioning from 800G to 1.6T technology, significantly increasing the demand for core materials like indium phosphide [17] - Companies that have achieved breakthroughs in domestic production of critical components for optical modules are expected to benefit from industry growth and market share increases [17][21] - Investment in optical communication should align with the dual themes of speed upgrades and domestic substitution [17] Group 7: Macro Variables - The Federal Reserve's recent interest rate cut is expected to create a more favorable liquidity environment for growth-oriented technology stocks, particularly those sensitive to interest rates [18][22] - The anticipated improvement in financing conditions will support technology companies in sectors like commercial aerospace, AI, and robotics that require substantial R&D investments [22] - Investors should focus on identifying companies with real technological barriers and clear growth paths in the evolving landscape of hard technology [23]

Group 1: Company Strategy and Goals - The company aims to transform into a "platform enterprise" by integrating the industrial chain and building an ecosystem through resource consolidation, moving from a "product supplier" to a "comprehensive solution provider" [3] - The core planning for becoming a platform enterprise focuses on "extending the industrial chain, cross-domain collaboration, and ecological layout," targeting aerospace and emerging fields like commercial space and robotics [3] Group 2: Business Development and Growth Drivers - The company adopts a strategy of "traditional core business foundation, new business empowerment," balancing traditional and emerging business developments to ensure stable performance and support for new business expansion [4] - Future growth drivers will shift from "traditional military orders" to a dual-driven model of "stable growth in traditional business + explosive growth in emerging business," focusing on lightweight structural components [4] Group 3: Financial Instruments and Value Enhancement - The management of convertible bonds will be closely tied to long-term value enhancement, creating a cycle of "value enhancement - bond conversion - capital empowerment" [4] - The company plans to implement flexible and reasonable management strategies for convertible bonds based on market conditions and development stages to protect the rights of bondholders [4] Group 4: Mergers and Acquisitions Strategy - Future acquisitions will focus on three core dimensions: "strategic fit, technological complementarity, and market synergy," prioritizing targets that enhance the industrial chain layout and possess core technological barriers [5] - A comprehensive control system for the acquisition process will be established, including thorough due diligence, strict compliance during the delivery phase, and a dedicated integration team for post-acquisition integration [5] Group 5: Market Positioning and Production Capabilities - The company is strategically positioning itself in the high-end, large-scale, and intelligent development trends of the global drone market by establishing an advanced production base in the southwest region [6] - The production line is designed to be digital and flexible, capable of quickly adapting to various drone models and batch production needs, ensuring precision and efficiency in production processes [6]

Group 1 - The core point of the article is that Guanglian Aviation announced a board meeting to discuss the signing of a supplementary agreement related to an acquisition intention agreement on December 10, 2025 [1] - For the year 2024, Guanglian Aviation's revenue composition is heavily weighted towards aerospace equipment manufacturing, accounting for 98.83% of total revenue, while other businesses contribute only 1.17% [1] - As of the time of reporting, Guanglian Aviation has a market capitalization of 7.1 billion yuan [1]