公 司 英 文 名 称 ： AVIC CHENGDU AIRCRAFT COMPANY LIMITED 第五条 公司住所：陕西省汉中市经济开发区北区鑫源 路 中航成飞股份有限公司章程 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范 公司的组织和行为，坚持和加强党的全面领导，坚持权责法 定、权责透明、协调运转、有效制衡的公司治理机制，完善 公司法人治理结构，完善公司法人治理结构，建设中国特色 现代国有企业制度，根据《中华人民共和国公司法》(以下简 称《公司法》)、《中华人民共和国证券法》（以下简称《证券 法》）、《中国共产党党章》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的 股份有限公司（以下简称公司）。 公司经中华人民共和国原国家经济贸易委员会国经贸 企改[2002]876 号文批准，以发起设立方式设立；在陕西省 市场监督管理局注册登记，取得营业执照，公司统一社会信 用代码为 91610000745016111K。 第三条 公司于 2010 年 6 月 25 日经中国证券监督管理 委员会核准，首次向社会公众发行人民币普通股 2000 万股， 于 2010 年 ...

2024 年度述职报告 （郭剑锋） 中航成飞股份有限公司独立董事 本人于 2025 年 1 月 22 日起担任中航成飞股份有限公司（原中航电测仪器股 份有限公司，以下简称"公司"）的独立董事，本人严格按照《公司法》《证券 法》《上市公司独立董事管理办法》以及《公司章程》《独立董事管理办法》等 相关法律法规和规章制度的规定和要求，恪尽职守、切实履行独立董事的职责和 义务，积极参加董事会会议，对关联交易、规范运作等方面发表了独立意见。同 时，能够从全体股东利益的角度对公司的发展战略、风险控制、审计监督等重大 问题提出有益的意见和建议，对公司治理机制的不断完善起到了良好的促进作用。 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 郭剑锋，男，中国国籍，无境外永久居留权，1976 年出生，博士研究生学历， 中国科学院特聘研究岗位（骨干），广东省发改委战略专家。历任中国科学院科 技战略咨询研究院副研究员、研究员、智库建设研究部执行主任、学位委员会委 员、骨干特聘研究员、院务委员，中国科学院科技战略咨询研究院对外合作交流 处处长；现兼任华为公司高级顾问。本人于 2024 年 12 月取得深交所上市公司独 立董 ...

中航成飞股份有限公司 总经理工作细则 第一章 总 则 第一条 为进一步完善中航成飞股份有限公司（以下简 称公司）法人治理结构，充分发挥总经理的经营管理职能， 规范总经理行为，根据《中华人民共和国公司法》（以下简称 《公司法》）和《中航成飞股份有限公司章程》（以下简称《公 司章程》）有关规定，结合公司具体情况，制作本细则。 第二条 公司设总经理 1 名，副总经理若干名，总会计 师 1 名，总工程师 1 名，由董事会聘任或解聘 第三条 公司董事可以兼任总经理、副总经理或者其他 高级管理人员，但兼任高级管理人员职务的董事以及由职工 代表担任的董事，总计不得超过公司董事总数的二分之一。 第四条 《公司法》相关条款规定不得担任公司董事、 监事、高级管理人员以及被中国证监会确定为市场禁入者并 且禁入尚未解除的人员；最近 36 个月内受到中国证监会行 政处罚或者最近 12 个月内受到证券交易所公开谴责的人员； 因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国 证监会立案调查，尚未有明确结论意见的人员不得担任公司 的总经理。 (四) 拟订公司内部管理机构设置方案； (五) 拟订公司的基本管理制度； (六) 制定公司的具体规 ...

前十大流通股东累计持有： 34047.67万股，累计占流通股比： 57.62%，较上期变化： -686.99万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 汉中汉航机电有限公司 | 15359.77 | 26.00 | 不变 | | 汉中航空工业(集团)有限公司 | 14144.30 | 23.94 | 不变 | | 中航航空产业投资有限公司 | 1207.66 | 2.04 | 不变 | | 中国工商银行股份有限公司-易方达创业板交易型开放式 指数证券投资基金 | 780.89 | 1.32 | 新进 | | 中国航空科技工业股份有限公司 | 704.36 | 1.19 | 不变 | | 王民 | 428.00 | 0.72 | -517.99 | | 中国农业银行股份有限公司-中证500交易型开放式指数证 券投资基金 | 415.93 | 0.70 | 新进 | | 中国航空工业集团有限公司 | 364.02 | 0.62 | 不变 | | 中国建设银行股份有限公司-华安创业板50交易 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥1.78 billion, representing a 6.11% decrease compared to ¥1.91 billion in 2022[23]. - Net profit attributable to shareholders for 2023 was approximately ¥112.31 million, an increase of 14.41% from ¥192.66 million in 2022[23]. - The net cash flow from operating activities for 2023 was negative at approximately -¥156.70 million, a significant decline compared to ¥49.50 million in 2022, marking a -220.40% change[23]. - Total assets at the end of 2023 reached approximately ¥4.24 billion, reflecting a 6.69% increase from ¥3.65 billion at the end of 2022[23]. - The company reported a basic earnings per share of ¥0.19 for 2023, up 11.76% from ¥0.33 in 2022[23]. - Total operating revenue for 2024 reached ¥1,779,761,710.30, representing a year-on-year increase of 6.11% from ¥1,677,304,847.89 in 2023[52]. - The revenue from the sensor control segment increased by 12.20% to ¥1,094,508,726.60, accounting for 61.50% of total revenue[52]. - Domestic revenue was ¥1,336,480,767.88, which is 75.09% of total revenue, showing a 2.85% increase compared to the previous year[52]. - The company achieved operating revenue of CNY 177,976.17 million, an increase of 6.11% year-over-year[44]. - The net profit attributable to shareholders reached CNY 11,230.88 million, reflecting a growth of 14.41% compared to the previous year[44]. Asset Restructuring - The company completed a significant asset restructuring by acquiring 100% equity of Chengdu Aircraft Industrial Group Co., Ltd. on January 6, 2025, but this entity is not included in the consolidated financial statements for the year ending December 31, 2024[5]. - The company has not included the financial performance of Chengdu Aircraft Industrial Group in its 2024 annual report, as the acquisition was completed after the reporting period[5]. - The company completed the acquisition of 100% equity in Chengdu Aircraft Industrial Group from AVIC, with the asset transfer finalized on January 6, 2025[197]. - The total number of shares after the major asset restructuring in January 2025 will increase to 2,676,782,376 shares[140]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential operational risks, which are detailed in the management discussion section of the report[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by the board of directors and senior management, ensuring accountability for any misrepresentation[4]. - The company has implemented a comprehensive internal control system to enhance risk management and compliance[144]. - The company maintains effective internal control over financial reporting in all significant aspects, as per the internal control audit report[148]. - The supervisory board found no risks during its oversight activities in the reporting period[132]. Research and Development - R&D investment intensity exceeded 10% for the year, with 58 new patents and software copyrights added[45]. - The company has increased its R&D investment intensity to 10%, emphasizing innovation in smart measurement and control, and strategic emerging industries[91]. - The R&D budget has been increased by 20% to support innovation and product development efforts[104]. - Research and development expenses rose by 8.18% to ¥182,509,013.52, compared to ¥168,703,288.17 in the previous year[58]. - The company is developing several new products, including an intelligent warehouse distribution system and a dual-screw loss-in-weight feeder, aimed at enhancing operational efficiency and market competitiveness[60]. Market and Industry Trends - The industry is experiencing accelerated development driven by technological innovation and policy guidance, particularly in defense modernization and smart cost control[33]. - The market for low-altitude economy applications is expanding, with increasing opportunities in emergency rescue and logistics delivery[33]. - The demand for high-end medical and environmental sensors is growing due to the ongoing trend of domestic substitution and the aging global population[34]. - The company is focusing on the development of AI-enabled collaborative robots, which is expected to drive significant growth in the sensor market[34]. - The aviation equipment industry is characterized by high entry barriers due to significant capital investment, long R&D cycles, and the need for specialized qualifications[83]. Corporate Governance - The company maintains independence in personnel, assets, finance, institutions, and business from its controlling shareholders[100]. - The company has a complete and independent financial accounting system, enabling autonomous financial decision-making[100]. - The governance status of the company aligns with legal and regulatory requirements without significant discrepancies[99]. - The board of directors and other internal bodies operate independently, exercising management authority without interference from controlling shareholders[100]. - The company has established internal systems for information disclosure, ensuring accurate and complete information is provided to shareholders[98]. Environmental Responsibility - The company has implemented various pollution prevention facilities, all of which are operating normally and meet discharge standards[151]. - The company has completed environmental impact assessments for construction projects, ensuring compliance with environmental regulations[153]. - The company has developed a 2024 environmental self-monitoring plan to ensure compliance with environmental protection requirements[154]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[150]. - The company emphasizes a commitment to environmental protection and sustainable development, aligning with national carbon neutrality goals[166]. Shareholder Engagement - The annual shareholders meeting had a participation rate of 53.45%[102]. - The first temporary shareholders meeting in 2024 had a participation rate of 56.96%[102]. - The second temporary shareholders meeting in 2024 had a participation rate of 55.41%[102]. - The company plans to hold its first temporary shareholders' meeting in 2024 on December 13[130]. - The company has approved the proposal to change the accounting firm during the board meeting on December 12, 2024[131]. Employee and Talent Development - The total number of employees at the end of the reporting period is 3,394, with 1,613 in the parent company and 1,781 in major subsidiaries[133]. - The professional composition includes 1,953 production personnel, 160 sales personnel, 816 technical personnel, 51 financial personnel, and 414 administrative personnel[133]. - The number of employees with a master's degree or above is 222, while those with a bachelor's degree total 1,112[133]. - The company emphasizes a compensation policy that prioritizes core personnel and significantly increases project rewards for technical staff, aligning with market standards[134]. - The company focused on talent development, enhancing leadership training and introducing expert-level talent in key areas[51].

关于同一控制下股东非公开协议转让公司股份 完成过户登记的公告 证券代码：302132 证券简称：中航成飞 公告编号：2025－029 中航成飞股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、权益变动基本情况 2025 年 1 月 16 日，中航成飞股份有限公司（以下简称"中航成飞"或"公 司"）收到公司股东中航航空产业投资有限公司（以下简称"中航产业投资"） 的通知，中航产业投资与公司实际控制人中国航空工业集团有限公司（以下简称 "中航工业"）签署《资产转让协议》，中航产业投资拟将其所持有的公司全部 股份以非公开协议转让的方式转让给中航工业（以下简称"本次协议转让"或"本 次权益变动"），具体内容详见公司于 2025 年 1 月 16 日在中国证监会指定创业 板信息披露网站上发布的《中航电测仪器股份有限公司关于同一控制下股东拟非 公开协议转让公司股份暨权益变动的提示性公告》（公告编号：2025-013）。 二、股份过户登记完成情况 2025 年 3 月 19 日，公司收到中航工业提供的《中国证券登记结算有限责任 公司证券过户登记确认书》，上述 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 89.41 RMB per share, based on a 60x PE for 2025 [4][6]. Core Insights - The company, Aviation Industry Chengfei (中航成飞), is a leading player in China's aviation defense equipment sector, having achieved significant milestones in military aircraft development, including the J-10 and J-20 fighter jets [2][18]. - The company has demonstrated robust revenue growth, with a CAGR of 18.5% from 2021 to 2023, increasing revenue from 533.9 billion RMB to 749.68 billion RMB, and net profit growing from 18.5 billion RMB to 24.23 billion RMB during the same period [36][38]. - Chengfei is positioned to benefit from the increasing demand for military aircraft and the expansion of its export capabilities, with a military trade scale that is the largest in China [2][3]. Summary by Sections Company Overview - Chengfei, established in 1958, is a major base for the research and production of aviation equipment in China, having developed various military and civilian aircraft components [18][21]. - The company recently went public through a reverse merger with AVIC Electromechanical, with shares listed on January 22, 2025 [18][21]. Investment Logic - Chengfei leads the domestic military aircraft development wave, with significant advancements in both manned and unmanned aircraft technologies [2][3]. - The company has a strong revenue generation capability, with 2023 revenue reaching 749.68 billion RMB, translating to an impressive per capita revenue of 543.2 million RMB [2]. Industry Positioning - Chengfei's integrated approach to research, manufacturing, testing, and maintenance enhances its competitive edge within the aviation industry [3][24]. - The company is actively involved in creating an aviation innovation ecosystem, focusing on high-end aerospace technologies and digital transformation [3][4]. Financial Projections - The report forecasts net profits of 1.27 billion RMB, 39.89 billion RMB, and 50.41 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.21, 1.49, and 1.88 RMB [4][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [4]. Core Views - The company, Aviation Industry Chengfei (中航成飞), is a leading player in China's aviation defense equipment sector, having achieved significant milestones in military aircraft development [2][18]. - The company has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of 18.5% from 2021 to 2023, increasing revenue from 53.39 billion to 74.968 billion RMB [36][38]. - The report highlights the company's strategic initiatives in enhancing its research and development capabilities, aiming to foster technological innovation and improve operational efficiency [3][4]. Summary by Sections Company Overview - Aviation Industry Chengfei was established in 1958 and has become a key base for the development and production of aviation weapons and equipment in China [18][21]. - The company recently went public through a reverse merger with AVIC Electromechanical, with shares listed on January 22, 2025 [18][21]. Investment Logic - Chengfei leads the domestic military aircraft iteration wave, having developed China's first third-generation and fourth-generation fighters, including the J-10 and J-20 [2]. - The company has a strong export capability, with military aircraft exports valued at 11 billion TIV, accounting for 51.19% of domestic military aircraft exports [2]. Industry Position and Growth - The company is positioned to benefit from the increasing demand for military equipment driven by national defense initiatives [36]. - Chengfei's revenue and net profit have shown consistent growth, with net profit rising from 1.85 billion to 2.423 billion RMB from 2021 to 2023, reflecting a CAGR of 14.4% [36][38]. Financial Projections and Valuation - The report forecasts net profits of 1.27 billion, 3.989 billion, and 5.041 billion RMB for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.21, 1.49, and 1.88 RMB [4]. - A target price of 89.41 RMB is set for 2025, based on a 60x PE ratio, reflecting the company's unique position in the aviation equipment sector [4].