北京市金杜律师事务所 关于广联航空工业股份有限公司 "广联转债"2024 年第一次债券持有人会议 的法律意见书 致：广联航空工业股份有限公司 北京市金杜律师事务所（以下简称本所）接受广联航空工业股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）等中华人民共和国境内（以下简称 中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别 行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和《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可转换公司债券持有人 会议规则》（以下简称《债券持有人会议规则》）的有关规定，指派律师出席了公 司于 2024 年 5 月 15 日召开的"广联转债"2024 年第一次债券持有人会议（以下 简称本次债券持有人会议），并就本次债券持有人会议相关事项出具本法律意见 书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 《募集说明书》； 2. 公司于 2024 年 4 ...

| 证券代码：300900 | 证券简称：广联航空 公告编号：2024-051 | | --- | --- | | 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 关于召开 2023 年年度股东大会的提示性公告 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。 广联航空工业股份有限公司（以下简称公司）于2024年4月25日在巨潮网 （www.cninfo.com.cn）发布了《关于召开2023年年度股东大会的通知》，本次股 东大会公司采取现场投票与网络投票相结合的方式。为进一步保护投资者的合法 权益，方便公司股东行使股东大会表决权，现将股东大会的有关事项提示如下： 一、召开会议的基本情况 1、 股东大会届次：2023年年度股东大会 2、 股东大会的召集人：公司董事会 3、 会议召开的合法、合规性：召开本次会议的议案已于2024年4月23日经 公司第三届董事会第二十五次会议审议通过，本次会议的召集程序符合有关法 律、法规、规范性文件和《广联航空工业股份有限公司章程》（以下简称《公司 章程》）的规定。 4、 会议召开的日期、时间 （1 ...

中航证券有限公司 关于广联航空工业股份有限公司 2023 年度持续督导跟踪报告 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 不适用 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包 | | | | 括对外投资、风险投资、委托 | 无 | 不适用 | | 理财、财务资助、套期保值等） | | | | 10．发行人或者其聘请的证券 | | | | 服务机构配合保荐工作的情 | 无 | 不适用 | | 况 | | | | 11.其他（包括经营环境、业务 | 无 | 不适用 | 2 | 发展、财务状况、管理状况、 | | --- | | 核心技术等方面的重大变化 | | ...

关于债券持有人可转债持有比例变动达 10%的公告 债券持有人华能贵诚信托有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2023]46号）同意注册，广联 航空工业股份有限公司（以下简称公司）向不特定对象发行了700万张可转换公 司债券（以下简称可转债），每张面值100.00元，发行总额70,000.00万元。 经深圳证券交易所同意，公司70,000.00万元可转换公司债券于2023年4月17 日起在深圳证券交易所挂牌交易，债券简称"广联转债"，债券代码"123182"。 2024年4月26日，公司收到华能贵诚信托有限公司（代表"华能信托·熙元 月享1号集合资金信托计划"，以下简称华能信托）的通知，获悉合计持有"广 联转债"2,000,000张，占"广联转债"发行总量28.57%的华能信托于2024年3月 20日至2024年4月26日，通过深圳证券交易所交易 ...

广联航空工业股份有限公司（以下简称公司）于 2024 年 2 月 6 日召开了第 三届董事会第二十三次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股 票（以下简称本次回购），并在未来适宜时机将回购股份用于员工持股计划或股 权激励。本次回购股份价格不超过人民币 30.00 元/股（含本数），回购资金总额 不低于人民币 5,000.00 万元且不超过人民币 10,000.00 万元（均包含本数）。按 照回购股份价格上限和回购金额上下限测算，预计回购股份数量为 1,666,667 股 至 3,333,333 股，占公司目前总股本比例为 0.79%至 1.57%。具体回购股份的数 量以回购期限届满时实际回购的股份数量为准。回购股份的实施期限为自公司董 事会审议通过本次回购方案之日起不超过 12 个月。具体内容详见公司分别于 2024 年 2 月 6 日、2024 年 2 月 19 日在巨潮资讯网（www.cninfo.com.cn）上披露 的《关于回购公司股份方案的公告》（公告编号：2024-006）及《回购报告书》 （公告编号：2024- ...

关于债券持有人转让公司可转换公司债券的公告 债券持有人华能贵诚信托有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 | 证券代码：300900 | 证券简称：广联航空 公告编号：2024-048 | | --- | --- | | 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 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。 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2023]46号）同意注册，广联 航空工业股份有限公司（以下简称公司）向不特定对象发行了700万张可转换公 司债券（以下简称可转债），每张面值100.00元，发行总额70,000.00万元。 经深圳证券交易所同意，公司70,000.00万元可转换公司债券于2023年4月17 日起在深圳证券交易所挂牌交易，债券简称"广联转债"，债券代码"123182"。 2024年4月26日，公司收到华能贵诚信托有限公司（代表"华能信托·熙元 月享1号集合资金信托计划"， ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 740 million yuan in 2023, representing a year-over-year increase of 11.5%, while the net profit attributable to shareholders decreased by 30.3% to 101 million yuan due to changes in product structure and order adjustments [2][3]. - In Q1 2024, the company achieved a revenue of 220 million yuan, a year-over-year increase of 41.7%, with a net profit of 30 million yuan, up 20.8% year-over-year, driven by sustained order growth [2]. - The company is focusing on building a low-altitude business ecosystem, including the development of manned transport aircraft, unmanned transport aircraft, and eVTOL structures, indicating a positive growth trajectory [2]. Financial Performance Summary - In 2023, the company experienced a decline in gross margin to 42.5%, down 10.74 percentage points year-over-year, primarily due to a significant increase in low-margin aviation tooling business and underperformance in aerospace component business [2]. - The company’s R&D investment increased by 26% in 2023, focusing on large aircraft, drones, and eVTOL sectors [2]. - The operating cash flow for 2023 grew by 62% year-over-year, reflecting improved collection efforts and inventory management [2]. Forecast and Projections - The company’s projected net profit for 2024 is 188 million yuan, with expected growth rates of 79.9% in 2024, 29.2% in 2025, and 29.7% in 2026 [3][7]. - The projected PE ratios for 2024, 2025, and 2026 are 35x, 27x, and 21x respectively, indicating a favorable valuation outlook [3][7].

广联航空工业股份有限公司 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | 成都航新航空装 备科技有限公司 包含商誉资产组 | 沃克森（北京） 国际资产评估有 限公司 | 邓士丹、丁东威 | 沃克森评报字 （2024）第 0832 号 | 可收回金额 | 472,836,795.05 | | 组合 | | | | | | | 西安中捷飞工贸 有限责任公司包 | 沃克森（北京） 国际资产评估有 | 邓士丹、丁东威 | 沃克森评报字 （2024）第 0837 | 可收回金额 | 127,122,618.87 | | 含商誉资产组 | 限公司 | | 号 | | | 2023 年度商誉减值测试报告 一、是否进行减值测试 是 □否 二、是否在减值测试中取得以财务报告为目的的评估报告 是 □否 三、是否存在减值迹象 | 资产组名称 | 是否存在减值 迹象 | 备注 | 是否计提减值 | 备注 | 减值依据 | 备注 | | --- | --- | --- | --- | --- | --- | ...

Financial Performance - The company's operating revenue for 2023 was ¥739,982,284.55, representing an increase of 11.50% compared to ¥663,640,176.69 in 2022[19]. - The net profit attributable to shareholders for 2023 was ¥104,594,705.60, a decrease of 30.28% from ¥149,872,984.44 in 2022[19]. - The net profit after deducting non-recurring gains and losses was ¥94,380,676.94, down 32.71% from ¥140,116,281.20 in the previous year[19]. - The net cash flow from operating activities increased by 61.53% to ¥177,556,697.10, compared to ¥109,921,560.45 in 2022[19]. - The total assets at the end of 2023 reached ¥4,357,005,643.74, a growth of 39.37% from ¥3,118,825,964.97 in 2022[19]. - The basic earnings per share for 2023 was ¥0.50, a decrease of 29.58% from ¥0.71 in 2022[19]. - The weighted average return on equity for 2023 was 6.57%, down from 8.95% in 2022[19]. - The company achieved an annual revenue of 740 million yuan in 2023, representing an increase of 11.50% compared to the previous year[75]. - The revenue from the aviation tooling business reached 241 million yuan, with a significant growth of 77.79%, marking a historical high[75]. - The company's revenue from aerospace components and drones decreased to 489 million yuan, down 5.65% from the previous year, with a gross margin decline of 6.20%[76]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares and issue 2 bonus shares per 10 shares, based on the total share capital after deducting treasury shares[4]. Risk Management - The company emphasizes the importance of risk awareness regarding future strategic developments and management risks outlined in the report[4]. - The company has faced uncertainties regarding its ability to continue as a going concern, as indicated by the recent audit report[20]. - The company is monitoring accounts receivable risks closely, particularly given the concentration of clients in the military sector, to reduce potential bad debt and liquidity issues[153]. - The company faces a high concentration risk with major customers, which significantly impacts revenue growth if any of these customers reduce their purchases[155]. - The company plans to diversify its revenue sources by enhancing market development efforts and strengthening new product research and development[155]. Research and Development - In 2023, the company invested CNY 57.52 million in R&D, completed 19 research projects, and holds 235 authorized patents, including 34 invention patents and 199 utility model patents[38]. - The company is committed to increasing R&D investment in composite materials, aiming to maintain its competitive edge in the aerospace industry[33]. - The company has developed a new assembly inspection tool that significantly reduces production costs and improves efficiency, with a focus on composite material components[105]. - The company is focusing on the application of composite materials in aircraft components, which is projected to increase economic benefits[105]. - The company plans to invest 200 million yuan in R&D for new technologies over the next two years[196]. Market Expansion and Strategic Acquisitions - The company is actively expanding its business in the aerospace tooling sector, enhancing its capabilities in flexible automation assembly tooling[33]. - The company acquired the remaining 49% stake in Jingdezhen Hangsheng, making it a wholly-owned subsidiary, enhancing its capabilities in processing aerospace castings and high-end component manufacturing[40]. - The company is focusing on market expansion through strategic acquisitions to enhance its operational capabilities and product offerings[89]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2025[188]. - A strategic acquisition of a local competitor was completed, enhancing the company's production capacity by 30%[188]. Operational Efficiency and Cost Management - The company has established a standardized manufacturing process and introduced advanced precision manufacturing equipment to enhance production efficiency[70]. - The company aims to enhance its product structure and service quality to meet diverse customer needs, focusing on cost reduction and efficiency improvement[79]. - The company has implemented a rapid response mechanism nationwide, integrating industry upstream and downstream enterprises to optimize resource allocation[39]. - The company plans to implement new technologies in manufacturing, aiming to reduce production costs by 10%[188]. Governance and Investor Relations - The company has established a complete and independent financial department, ensuring no shared bank accounts with controlling shareholders[174]. - The company maintains independent operations in assets, business, personnel, and finance, ensuring no interference from controlling shareholders[169]. - The company has a robust investor relations management system, conducting 11 communication activities with investors during the reporting period[168]. - The company held 3 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders, through proper procedures and voting methods[162]. Future Outlook - The company has provided a revenue guidance of 1.8 billion RMB for the next fiscal year, projecting a growth of 20%[188]. - The company plans to strengthen its R&D center to become a provincial engineering technology center within three years, enhancing its overall research capabilities[149]. - The company is committed to advancing the application of composite materials in aviation, contributing to industry efficiency improvements[105]. - The company plans to continue its market expansion and product development initiatives, although specific future projections were not detailed in the report[128].

| | | 广联航空工业股份有限公司 关于增加注册资本、变更经营范围及修改《公司章程》 的公告 | 合理因素，且发放股票股利有利于公司全 | 合理因素，且发放股票股利有利于公司全 | | --- | --- | | 体股东整体利益时，可以在满足上述现金 | 体股东整体利益时，可以在满足上述现金 | | 分红的条件后，提出股票股利分配预案。 | 分红的条件后，提出股票股利分配预案。 | | （七）利润分配的决策程序 | （七）利润分配的决策程序 | | 1、董事会提交股东大会的利润分配具体 | 1、董事会提交股东大会的利润分配具体 | | 方案，应经董事会全体董事过半数以上表 | 方案，应经董事会全体董事过半数以上表 | | 决通过，并经全体独立董事二分之一以上 | 决通过，并经全体独立董事二分之一以上 | | 表决通过。 | 表决通过。 | | 2、独立董事应对利润分配方案发表独立 | 2、独立董事应对利润分配方案发表独立 | | 意见。 | 意见。 | | 3、监事会应当对董事会拟定的股利分配 | 3、监事会应当对董事会拟定的股利分配 | | 具体方案进行审议，并经监事会全体监事 | 具体方案进行审议，并经 ...