Group 1 - The core point of the article is that Guanglian Aviation held its 15th meeting of the fourth board of directors on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the year 2024, Guanglian Aviation's revenue composition is 98.83% from aerospace equipment manufacturing and 1.17% from other businesses [1] - As of the report, Guanglian Aviation has a market capitalization of 5.5 billion yuan [1]

| 证券代码：300900 | 证券简称：广联航空 | 公告编号：2025-076 | | --- | --- | --- | | 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 2025 年第三季度报告披露提示性公告 本公司及董事会全体成员（除王增夺先生）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。 特此公告。 广联航空工业股份有限公司 董事会 2025年10月27日 广联航空工业股份有限公司（以下简称公司）于2025年10月24日召开了第四 届董事会第十五次会议，审议通过了《关于<2025年第三季度报告>的议案》。 为使投资者全面了解公司的经营成果和财务状况，《2025年半年度报告》于 2025年 10 月 27 日在 中国 证监 会指 定的 创业板 信息 披露 网站 巨潮 资讯 网 （www.cninfo.com.cn）上披露，敬请广大投资者注意查阅。 ...

第四届董事会第十五次会议决议公告 本公司及董事会全体成员（除王增夺先生）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、董事会会议召开情况 广联航空工业股份有限公司（以下简称公司）第四届董事会第十五次会议通 知于2025年10月22日以书面及电话等方式向各位董事发出，会议于2025年10月24 日以现场会议结合通讯形式在公司会议室召开。本次会议由公司董事、总经理杨 怀忠先生召集并主持，应出席会议的董事9人，实际出席会议的董事8人，缺席董 事1人（董事长王增夺先生因留置措施缺席本次会议），公司其他高级管理人员 列席了会议。 本次会议的召集、召开及表决符合《中华人民共和国公司法》（以下简称《公 司法》）及《广联航空工业股份有限公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 | 证券代码：300900 | 证券简称：广联航空 | 公告编号：2025-078 | | --- | --- | --- | | 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 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司在巨潮资讯网（www.cn ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥200,029,077.66, a decrease of 3.53% compared to the same period last year, while the year-to-date revenue increased by 17.20% to ¥776,948,893.84[6] - The net profit attributable to shareholders for Q3 2025 was -¥38,453,077.58, representing a significant decline of 465.06% year-on-year, and a decrease of 66.11% year-to-date[6] - The basic and diluted earnings per share for Q3 2025 were both -¥0.13, reflecting a decrease of 424.00% compared to the same period last year[6] - The net profit for the current period is 15,666,374.21, a decrease from 48,423,206.61 in the previous period, representing a decline of approximately 67.7%[26] - The total profit for the current period is 15,441,038.01, down from 52,733,757.24 in the previous period, indicating a decrease of about 70.8%[26] - Operating profit for the current period is 18,727,518.54, compared to 53,707,777.75 in the previous period, reflecting a decline of approximately 65.1%[26] - The total comprehensive income for the current period is 15,666,374.21, a decrease from 48,423,206.61 in the previous period, reflecting a decline of about 67.7%[27] - Basic and diluted earnings per share for the current period are both 0.06, down from 0.21 in the previous period, representing a decline of approximately 71.4%[27] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥5,051,892,393.54, an increase of 1.42% from the end of the previous year[6] - The total assets of the company reached ¥5,051,892,393.54, up from ¥4,980,984,411.92, reflecting an increase of 1.4%[23] - Total liabilities increased to ¥3,441,517,064.20 from ¥3,358,266,991.39, which is an increase of 2.5%[23] Cash Flow - The company reported a net cash flow from operating activities of -¥49,854,327.38 for the year-to-date, an improvement of 72.92% compared to the same period last year[11] - Cash flow from operating activities shows a net outflow of -49,854,327.38, an improvement from -184,068,549.58 in the previous period[28] - Cash flow from investing activities has a net outflow of -244,944,647.63, compared to -309,878,599.99 in the previous period, indicating a reduction in cash outflow[29] - Cash flow from financing activities shows a net outflow of -6,681,227.99, a significant decrease from a net inflow of 352,833,753.86 in the previous period[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,972[13] - Wang Zengduo holds 31.04% of shares, totaling 92,246,000 shares[13] - The top 10 shareholders account for significant ownership, with the largest shareholder holding over 31%[13] - The number of shares held by Wang Zengduo under lock-up is 69,184,500, which will be released at a rate of 25% annually during his tenure[16] - The company has no preferred shareholders or changes in restricted shares during the reporting period[15] - The total number of unrestricted shares held by the top 10 unrestricted shareholders is significant, with Wang Zengduo also being a major holder[14] - The company has not reported any changes in the lending or borrowing of shares among the top shareholders[14] - The company’s management has a structured release plan for locked shares, ensuring gradual availability[16] - The total number of shares held by the top 10 unrestricted shareholders reflects a diverse ownership structure[14] - There are no reported changes in the status of shares due to margin trading activities among the top shareholders[14] Operational Metrics - The company's inventory increased to ¥834,023,344.70, representing 16.51% of total assets, up from 14.01% the previous year, due to increased production to meet customer demand[10] - Total operating costs amounted to ¥791,038,005.40, up from ¥599,800,709.01, reflecting a significant increase of 31.9%[25] - Accounts receivable rose to ¥854,758,077.08, compared to ¥761,712,210.95, marking an increase of 12.2%[21] - Inventory increased to ¥834,023,344.70 from ¥697,767,720.44, representing a growth of 19.5%[21] - Long-term equity investments grew to ¥21,960,719.00 from ¥16,116,111.37, a rise of 36.0%[22] Government Support and Income - The company received government subsidies amounting to ¥7,390,392.63 in Q3 2025, contributing to a 96.40% increase in other income compared to the previous year[11] - The company’s investment income for the year-to-date was ¥26,250,520.07, a significant increase of 541.02% due to changes in the accounting treatment of a long-term equity investment[11] Investigations and Risks - The company is under investigation with the chairman being detained, which may impact future operations and market perception[19]

Investment Rating - The report rates the commercial drone industry with a strong growth outlook, projecting a market size increase from 131.44 billion RMB in 2025 to 306.97 billion RMB by 2029, with a compound annual growth rate (CAGR) of 23.62% [46]. Core Insights - The commercial drone industry focuses on creating commercial value and enhancing operational efficiency through specialized equipment and integrated solutions [4][5]. - The market growth is driven by technological advancements, cost-effectiveness, and the emergence of new application scenarios such as low-altitude logistics and cultural tourism [4][49]. - The industry is characterized by high technical barriers compared to consumer drones, with a focus on long-term service cooperation rather than one-time sales [11][14]. Industry Definition - Commercial drones are defined as unmanned aerial vehicles designed to provide specialized services to enterprises and institutions, focusing on commercial value creation rather than personal entertainment [5]. Industry Classification - The commercial drone industry can be categorized into various application scenarios, including aerial photography, logistics delivery, agricultural protection, inspection and surveying, medical rescue, commercial performances, and derived commercial services [6]. Industry Features - The core demand of commercial drones is centered on "commercial value transformation," with a focus on addressing customer pain points [12]. - The technology requirements are higher than those for consumer drones, necessitating customized configurations and integrated solutions [13]. - The transaction model leans towards long-term service agreements, enhancing customer retention and profitability through ongoing service fees [14]. Development History - The industry has evolved through three main phases: the nascent phase (1990-2011), the startup phase (2012-2017), and the rapid development phase (2018-present), with significant technological advancements and market validation occurring in each stage [15][19]. Industry Chain Analysis - The industry chain consists of three segments: upstream (core components and key technology supply), midstream (drone manufacturing), and downstream (industry applications and operational services) [21][22]. - Upstream developments include advancements in materials and energy sources, such as carbon fiber and hydrogen technology, which enhance drone performance and reduce costs [23][30]. - Midstream challenges include limitations in battery energy density and signal transmission technology, which affect operational efficiency [24][38]. - Downstream applications are primarily in agricultural protection and surveying, with logistics delivery showing significant growth potential [43][44]. Market Size and Growth Drivers - The commercial drone market is expected to grow significantly, with agricultural protection projected to reach 30.93 billion RMB by 2025, accounting for 25% of the overall market [48]. - New application scenarios, such as low-altitude logistics and environmental monitoring, are expected to inject vitality into the market [49]. - The rise of the "Drone as a Service" (DaaS) model is lowering entry barriers for small and medium enterprises, further expanding the market [50].

3、截至2025年第三季度末，公司剩余可转换公司债券为6,995,457张，剩余 票面总金额为人民币699,545,700.00元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》等有关规定，广联航空工业股份有 限公司（以下简称公司）现将 2025 年第三季度可转换公司债券（以下简称可转 债）转股及公司总股本变化情况公告如下： 一、可转换公司债券基本情况 | 证券代码：300900 | 证券简称：广联航空 | 公告编号：2025-075 | | --- | --- | --- | | 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 2025 年第三季度可转换公司债券转股情况的公告 本公司及董事会全体成员（除王增夺先生）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。 重要内容提示： 1、广联转债（债券代码：123182）转股期限为：2023年9月28日至2029年3 月21日，最新转股价格为22.84元/股； 2、2025年第三季度，共有287张"广联转债"完成转股（票面金额共计 ...

| 证券代码：300900 | 证券简称：广联航空 | 公告编号：2025-074 | | --- | --- | --- | | 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 关于特定股东减持计划实施完毕的公告 公司股东陆岩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（除王增夺先生）保证公告内容与信息披露义务人 提供的信息一致。 广 联 航 空 工 业 股 份 有 限 公 司 于 2025 年 7 月 6 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《关于特定股东减持股份预披露的公告》，公 司股东陆岩先生计划自上述公告披露之日起 3 个交易日后的 3 个月内以集中竞价 方式合计减持公司股份不超过 2,930,000 股1（约占剔除回购专用账户持股数后公 司总股本2的 0.9989%）。 1 若在减持计划实施期间公司发生派发红利、送红股、转增股本、增发新股或配股等股本除权、除息 事项的，将根据股本变动情况对减持计划进行相应调整。 2 鉴于公司可转换公司债券目前处于转股期， ...

Core Viewpoint - Guanglian Aviation's stock has experienced a significant decline in 2023, with a year-to-date drop of 17.55% and a notable decrease of 20.33% over the past 60 days, indicating potential challenges in the company's market performance [2]. Company Overview - Guanglian Aviation Industrial Co., Ltd. is located in Harbin, Heilongjiang Province, and was established on February 25, 2011, with its listing date on October 29, 2020. The company specializes in the research, development, production, and manufacturing of high-end aerospace equipment [2]. - The company's main business revenue composition includes aerospace components and drones (57.78%), aerospace tooling (41.24%), and aerospace auxiliary tools and others (0.98%) [2]. Financial Performance - For the first half of 2025, Guanglian Aviation achieved an operating income of 577 million yuan, representing a year-on-year growth of 26.64%. The net profit attributable to shareholders was 55.84 million yuan, reflecting a year-on-year increase of 36.97% [2]. - Since its A-share listing, the company has distributed a total of 84.53 million yuan in dividends, with 63.50 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Guanglian Aviation was 32,400, an increase of 17.85% from the previous period. The average circulating shares per person decreased by 14.85% to 6,802 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by Guotou Ruijin National Security Mixed A and the entry of Southern Military Reform Flexible Allocation Mixed A as a new shareholder [3].

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].

Investment Rating - The industry is rated as "Overweight" with expectations of a price increase exceeding 10% compared to the market benchmark index in the next 6-12 months [6][10]. Core Insights - The commercial space launch capacity is critical, and a turning point in the high-frequency launch industry may be approaching, with significant developments expected in the fourth quarter of 2025 and the first half of 2026 [1]. - The successful launch of the reusable rocket Zhuque-3 by Blue Arrow Aerospace in 2025, with a capacity of approximately 60 tons, is anticipated to boost China's commercial space sector [2]. - Tianbing Technology's Tianlong-3 rocket, expected to launch by the end of 2025, aims to exceed a payload capacity of 20 tons, marking a significant advancement in China's commercial space capabilities [3]. - The Aerospace Science and Technology Corporation is accelerating the development of reusable rockets, with plans for launches in 2025 and 2026, indicating a strong future for the industry [4]. Summary by Sections Industry Overview - The report highlights the completion of multiple satellite launches by GW Constellation, indicating a growing trend in commercial space operations [1]. - The challenges faced by Qianfan Constellation, including failed rocket tenders, underline the importance of reliable launch capacity in the commercial space sector [1]. Key Developments - Blue Arrow Aerospace's Zhuque-3 rocket is set to perform three launches in 2025 and twelve in 2026, significantly enhancing launch capabilities [2]. - Tianlong-3 rocket's successful testing positions it for a pivotal role in future commercial launches, with a payload capacity of 17 to 22 tons for low Earth orbit [3]. - The development of the Liarrow-2 rocket by China Aerospace Science and Technology Corporation is also noted, with plans for its first flight in 2025 [3]. Investment Recommendations - The report suggests focusing on the rocket support segment, with specific companies highlighted for potential investment: Plittech (688333.SH), Huashu Gaoke (688433.SH), Srey New Materials (688102.SH), and Guanglian Aviation (300900.SZ) [4].