Financial Performance - In 2024, the company achieved operating revenue of 1.048 billion yuan, an increase of 41.64% year-on-year [1][2] - The net profit attributable to shareholders was -49.10 million yuan, a decrease of 146.94% compared to the previous year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -55.36 million yuan, down 158.65% year-on-year [1][2] - The net cash flow from operating activities was 81.91 million yuan, a decline of 53.87% compared to the previous year [1][2] Quarterly Performance - In Q1 2025, the company reported operating revenue of 266.69 million yuan, an increase of 18.87% year-on-year [2][3] - The net profit attributable to shareholders was 45.95 million yuan, reflecting a growth of 50.63% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 19.99 million yuan, a decrease of 26.18% year-on-year [2][3] - The net cash flow from operating activities was -12.98 million yuan, an improvement from -18.04 million yuan in the same period last year [2][3] Fundraising and Use of Proceeds - The company raised a total of 1.639 billion yuan since its listing [5] - The initial fundraising plan was to raise 721 million yuan, with allocations for various projects including 280 million yuan for expanding the production line for aviation composite materials [4][5] - The company issued 700,000 convertible bonds in 2023, raising a total of 700 million yuan, with a net amount of approximately 692 million yuan after expenses [4]

Group 1 - The core viewpoint of the news highlights that Zhen Investment has conducted research on Guanglian Aviation, which has established a comprehensive production base covering multiple cities in China and is expanding into various sectors such as aerospace and low-altitude economy [1] - Guanglian Aviation has achieved growth in its aviation tooling business due to enhanced industrial support capabilities post-listing and increasing demand for new aerospace product development from the government [1] - The company is focusing on acquiring pre-research tasks to secure market share and is actively engaging in the development of structural products in the low-altitude economy sector, increasing R&D investment to explore niche markets [1] Group 2 - The international geopolitical changes have allowed Guanglian Aviation to expand its overseas market through military trade channels, with the WJ-700 high-altitude high-speed drone structure already being delivered in bulk [1] - The domestic large aircraft project is expected to provide long-term development opportunities for the company, optimizing its industrial layout and driving business towards high value-added segments, which will enhance revenue and profit continuously [1]

Core Viewpoint - Guanglian Aviation held a roadshow on June 25, with participation from over 10 institutions, highlighting its role as a supplier for major aircraft projects and its comprehensive industrial layout in the aerospace sector [1] Group 1: Company Overview - Guanglian Aviation is involved in multiple large aircraft development projects, serving as a supplier for C919 components and assembly lines for C929, as well as designing and manufacturing the AG600 assembly line [1] - The company has established a three-dimensional industrial layout system relying on military industrial groups and research institutes, with production bases in various locations to integrate into regional aviation industry ecosystems [1] Group 2: Business Strategy - The company has achieved a full-chain business layout, creating a business loop that vertically constructs the aviation manufacturing industry chain and horizontally expands into multiple fields, enhancing the advantages of industrial chain linkage [1] - Guanglian Aviation provides research and development support to major manufacturers, with some products available for export, and has already delivered the WJ-700 drone structure in bulk [1] Group 3: Market Opportunities - The company is participating in the development of aerospace products and aims to expand its market share through potential overseas orders [1] - In recent years, the aviation tooling business has seen significant growth due to increased demand and enhanced industrial support capabilities post-listing [1] Group 4: Future Outlook - To leverage its core business capabilities, Guanglian Aviation has secured preliminary R&D tasks to strengthen customer loyalty and reserve future market share, anticipating rapid growth in parts business following tooling R&D completion [1] - The company plans to increase R&D investment to explore the low-altitude segment and develop new growth areas, responding to the demand for flying vehicles in low-altitude airspace [1]

Group 1 - The company participated in multiple large aircraft development projects approved by the state, serving as a supplier for components and assembly lines for various aircraft, including the C919 and AG600 [1][2] - The company has established a comprehensive production base in key aviation provinces such as Harbin, Shenyang, Xi'an, and Chengdu, creating a nationwide industrial support network [1][2] - The company has achieved a complete business loop in the aviation manufacturing industry, expanding its operations into aerospace, low-altitude economy, and other fields, enhancing its competitive strength [2][3] Group 2 - The company has seen significant growth in its aviation tooling business over the past two years, driven by capital market support and increasing demand for new aerospace products [3] - The company is focusing on securing front-end R&D tasks for large composite material forming tools and assembly lines to strengthen customer loyalty and market share [3] - The company is actively engaging with low-altitude economy manufacturers to expand its product offerings in this emerging market, supported by national policies for strategic emerging industries [4]

Group 1: Company Overview and Strategic Positioning - Guanglian Aviation has established a comprehensive industrial layout centered around military industrial groups and research institutes, with production bases in key aviation provinces such as Harbin, Shenyang, Xi'an, and Chengdu [3] - The company has developed a complete business closed loop from tooling design and manufacturing to aircraft segment integration and assembly, enhancing its competitive strength [3][4] Group 2: Business Growth and Market Demand - The aviation tooling business has seen significant growth due to increased market demand and enhanced capabilities post-listing, allowing the company to capture a larger market share [4] - The company is actively expanding into the low-altitude economy sector, leveraging its advanced technology in composite materials and component manufacturing to meet the demand for lightweight and high-performance aircraft [4] Group 3: International Trade and Military Cooperation - The company continues to provide various aircraft and drone development support to major manufacturers and research units, with products like the WJ-700 high-altitude high-speed drone being delivered in bulk [4] - International market opportunities are expected to expand as the company engages in research and development for various aerospace products, potentially increasing its market share [4] Group 4: Long-term Development and Strategic Projects - The domestic large aircraft project is anticipated to create long-term growth opportunities, helping the company focus on high-end manufacturing and optimize its industrial layout [5] - As the project progresses, the company expects stable growth in order volume, which will drive revenue and profit increases, laying a solid foundation for sustainable development [5] Group 5: Adaptation to Market Changes - The commercial aerospace sector presents diverse market demands and rapid technological updates, prompting the company to adjust its product development direction and enhance cost control [6] - By focusing on high-cost performance products and optimizing production processes, the company aims to maintain its competitive edge in the commercial aerospace market [6]

Core Viewpoint - Guanglian Aviation Industry Co., Ltd. has issued convertible bonds to raise a total of RMB 700 million, with the funds primarily allocated for investment projects in the aerospace sector, despite facing a significant decline in net profit due to increased R&D expenditures and strategic adjustments in product offerings [1][22]. Section 1: Bond Overview - The company has received approval to issue 7 million convertible bonds, each with a face value of RMB 100, totaling RMB 70 million, with a net amount of RMB 69.20476 million after deducting issuance costs [1][22]. - The bonds have a maturity of 6 years, with interest rates starting at 0.30% in the first year and increasing to 3.00% by the sixth year [1][22]. - The initial conversion price is set at RMB 32.32 per share, with provisions for adjustments based on various corporate actions [1][22]. Section 2: Financial Performance - In 2024, the company reported revenue of RMB 1,048.13 million, a 41.64% increase year-on-year, but faced a net loss of RMB 49.10 million, a decline of 146.94% compared to the previous year [22]. - The company’s R&D investment reached RMB 83.14 million, a 44.55% increase, focusing on new drone platforms and other aerospace projects [22]. - The net asset value decreased by 5.55% to RMB 1,431.27 million, while total assets increased by 14.32% to RMB 4,980.98 million [22]. Section 3: Use of Proceeds - The total amount raised from the bond issuance will be used for investment projects totaling RMB 85.17 million, with the entire net proceeds allocated to these projects [22]. - The company may utilize self-raised funds for initial investments in these projects before the bond proceeds are available [22].

| 证券代码：300900 | 证券简称：广联航空 | | --- | --- | | 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 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （江西省南昌市红谷滩新区红谷中大道 1619 号南昌国际金融大厦 A 栋 41 层） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《广联 航空工业股份有限公司与中航证券有限公司关于广联航空工业股份有限公司向 不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受托管理协 议》"）、《广联航空工业股份有限公司创业板向不特定对象发行可转换公司债券 募集说明书》（以下简称"《募集说明书》"）、《广联航空工业股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由 本次债券受托管理人中航证券有限公司（以下简称"中航证券"）编制。中航证 券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就该 等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 ...

| 证券代码：300900 | 证券简称：广联航空 | 公告编号：2025-061 | | --- | --- | --- | | 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 关于为控股孙公司提供担保的公告 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。 一、担保情况概述 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15日召开了第四届董事会第五次会议、2024年年度股东大会，会议审议通 过了《关于2025年度对外提供担保预计额度的议案》，公司拟在2025年度为全资 子公司及控股子公司（包括授权期内新设或新合并的子公司）向银行等金融机构 申请综合授信及贷款时提供担保额度不超过人民币15.00亿元（含正在执行的担 保，以下简称担保总额度），其中为资产负债率大于等于70%的子公司提供不超 过90,882.61万元的连带责任保证额度、为资产负债率小于70%的子公司提供不超 过59,117.39万元的连带责任保证额度。上述额度有效期自股东大会审议通过之日 起12个月，在有效期内可循环使用。具 ...

Core Viewpoint - Guanglian Aviation plans to introduce strategic investors by transferring a total of 10% equity in its subsidiary Chengdu Hangxin Aviation Equipment Technology Co., Ltd. for a total price of 40 million yuan, which will enhance its capital operation channels and resource integration in the aerospace equipment manufacturing sector [1][2][4]. Group 1: Equity Transfer Details - Guanglian Aviation will transfer 2.50% equity to Tianjin Ronghe, 1.25% to Shanghai Pudong Intelligent Manufacturing Fund, 2.50% to Yangzhou Gaotou Yida Xinhai, and 3.75% to Chengdu Yida [1]. - After the transfer, Guanglian Aviation will hold 50.10% of Chengdu Hangxin, maintaining it as a controlled subsidiary [1]. Group 2: Strategic Benefits - The introduction of strategic investors is expected to provide funding support for business expansion and technology research and development, enhancing capital efficiency [2][4]. - Strategic investors will bring industry resources, management experience, and market channels, which will help Guanglian Aviation accelerate its industry layout and improve overall competitiveness [2][4]. Group 3: Business Focus and Growth Potential - Guanglian Aviation specializes in the research, production, and manufacturing of high-end aerospace equipment and has participated in several large aircraft development projects approved by the state [2]. - The company is actively expanding into the aircraft engine tooling sector and aims to capture market share in the tooling market through its technological advantages and customer resources [3]. - Guanglian Aviation is also developing a comprehensive manufacturing system for drones, covering everything from process equipment research to final product delivery [3].

Core Viewpoint - Guanglian Aviation is actively expanding its business in the aerospace sector, particularly in the manufacturing of aircraft components and precision processing for space-related structures, aiming to enhance its market share and competitive edge through strategic acquisitions and technological innovation [1][2][3][4] Group 1: Business Expansion and Acquisitions - Guanglian Aviation has participated in several large aircraft development projects, including being a supplier for the C919 large passenger aircraft and the AG600 amphibious aircraft [1] - The company plans to acquire 51% of Tianjin Yuefeng Technology Co., which specializes in precision manufacturing for rocket components, to strengthen its position in the commercial aerospace market [2][3] Group 2: Technological Capabilities and Competitive Advantages - The company has established a comprehensive manufacturing system for drones, covering everything from process equipment development to precision machining and final product delivery, which enhances product accuracy and reduces production costs [2] - Guanglian Aviation's competitive advantages include a full industry chain layout, stable customer resources through long-term partnerships with major domestic manufacturers, a highly experienced R&D team, and a rigorous quality management system [4] Group 3: Future Strategies and Innovations - To optimize costs, the company will continue to innovate technologically, improve production efficiency, and reduce waste rates through new material applications and advanced manufacturing processes [4] - Guanglian Aviation aims to strengthen long-term relationships with suppliers to secure better procurement prices and payment terms, while also utilizing information management systems to control inventory levels effectively [4]