Core Viewpoint - The military industry sector shows resilience as A-shares decline, with expectations for performance recovery following the release of Q3 reports, leading to increased market attention [1] Group 1: Market Performance - On October 28, A-share indices collectively fell, while the military industry sector rose, indicating its anti-drawdown characteristics [1] - The Aerospace and Defense ETF (159227) has seen a net inflow of funds for eight consecutive days, totaling 282 million yuan, reaching a new high of 1.613 billion yuan in total assets [1] Group 2: Company Performance - AVIC Chengfei (302132) reported Q3 2025 revenue of 27.584 billion yuan, a year-on-year increase of 139.04%, with net profit attributable to shareholders at 1.256 billion yuan, up 169.53% [1] - For the first three quarters, AVIC Chengfei achieved revenue of 48.286 billion yuan, a year-on-year increase of 6.19%, but net profit attributable to shareholders decreased by 35.21% to 2.169 billion yuan [1] Group 3: Industry Outlook - Industrial analysts at Industrial Securities anticipate a favorable Q4 for the defense and military sector, with expectations for improved quarterly performance based on Q3 reports [1] - The upcoming 19th Dubai Airshow in November is expected to enhance the anticipation of high-end equipment orders [1]

Core Viewpoint - 中航成飞 reported a revenue of 48.286 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.19% [1] - The net profit attributable to shareholders decreased by 35.21% to 2.169 billion yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 2432.10% to 2.11 billion yuan [1] - Basic earnings per share stood at 0.81 yuan [1] Financial Performance - Revenue for the first three quarters: 48.286 billion yuan, up 6.19% year-on-year [1] - Net profit attributable to shareholders: 2.169 billion yuan, down 35.21% year-on-year [1] - Net profit after deducting non-recurring gains: 2.11 billion yuan, up 2432.10% year-on-year [1] - Basic earnings per share: 0.81 yuan [1]

Core Insights - The company reported a revenue of 48.286 billion yuan for the first three quarters, representing a year-on-year increase of 6.19% [1] - The net profit attributable to shareholders decreased by 35.21% to 2.169 billion yuan [1] - The net profit excluding non-recurring gains and losses was 2.1 billion yuan, showing a significant year-on-year increase of 2,432.10% [1] Financial Performance - Revenue for the first three quarters: 48.286 billion yuan, up 6.19% year-on-year [1] - Net profit attributable to shareholders: 2.169 billion yuan, down 35.21% year-on-year [1] - Net profit excluding non-recurring items: 2.1 billion yuan, up 2,432.10% year-on-year [1]

Group 1 - The company AVIC Chengfei (SZ 302132) announced on October 28 that it will reverse various asset impairment provisions amounting to approximately 62.44 million yuan for the third quarter of 2025, which will increase the company's consolidated profit for the same period by the same amount [1][1][1] - As of the announcement, AVIC Chengfei's market capitalization stands at 240.5 billion yuan [1][1][1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" pattern emerging [1][1][1]

证券代码：302132 证券简称：中航成飞 公告编号：2025-071 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。 中航成飞股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开第 八届董事会第七次会议，审议通过了《关于公司 2025 年第三季度计提及转回资 产减值准备的议案》，根据《深圳证券交易所创业板股票上市规则》《上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关法律法规的规定，现 将本次计提及转回资产减值准备的具体情况公告如下： 一、本次计提及转回资产减值准备情况 （一）计提及转回资产减值准备的原因 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》及公司会计政策、会计估计等相关规定的要求，公司 按季度测试资产减值情况，为了更加真实、准确地反映公司截至 2025 年 9 月 30 日的资产状况和财务状况，公司对应收款项、存货等资产进行了全面清查，对可 能发生资产减值损失的资产计提减值准备。 （二）计提及转回资产减值准备的范围和金额 公司对截至 2025 年 9 月 30 ...

Core Insights - The company reported a third-quarter revenue of 27.584 billion, representing a year-on-year increase of 139.04% [1] - The net profit for the third quarter was 1.256 billion, showing a year-on-year growth of 169.53% [1] - For the first three quarters, the total revenue reached 48.286 billion, reflecting a year-on-year increase of 6.19% [1] - The net profit for the first three quarters was 2.169 billion, which is a year-on-year decline of 35.21% [1]

证券代码：302132 证券简称：中航成飞 公告编号：2025-070 中航成飞股份有限公司 第八届董事会第七次会议决议公告 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。 中航成飞股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日以电子 邮件方式向全体董事送达了关于召开第八届董事会第七次会议（以下简称"会议"） 的通知，会议于 2025 年 10 月 27 日以现场和通讯相结合的方式召开。会议应参 加董事 11 人，实际参加董事 11 人，其中独立董事 4 人。本次会议的召集、召开 和表决程序符合法律法规、规范性文件和《中航成飞股份有限公司章程》（以下 简称"《公司章程》"）的规定。 本次会议由董事长隋少春先生主持，经与会董事充分合议并表决，形成如下 决议： 一、审议通过了《关于公司<2025 年第三季度报告>的议案》 同意公司《2025 年第三季度报告》。 本议案已经董事会审计委员会审议通过。 表决结果：有效表决票数 11 票，同意 11 票，反对 0 票，弃权 0 票。 二、审议通过了《关于公司 2025 年第三季度计提及转回资产减值准 ...

Financial Performance - In Q3 2025, the company's operating revenue reached ¥27,584,043,546.48, representing a significant year-on-year increase of 139.04%[5] - The net profit attributable to shareholders for Q3 2025 was ¥1,256,306,602.29, reflecting a year-on-year growth of 169.53%[6] - Basic earnings per share for Q3 2025 were ¥0.47, which is a 176.47% increase compared to the same period last year[6] - For the first nine months of 2025, the total operating revenue was ¥48,286,172,796.13, up 6.19% from the previous year[5] - Total operating revenue for the current period reached ¥48.29 billion, an increase of 6.0% from ¥45.47 billion in the previous period[46] - Net profit for the current period was ¥2.17 billion, a decrease of 36.0% compared to ¥3.40 billion in the previous period[46] - The net profit attributable to shareholders of the parent company was ¥2.17 billion, down 35.1% from ¥3.35 billion in the previous period[47] - Basic and diluted earnings per share for the current period were both ¥0.81, compared to ¥1.25 in the previous period[47] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of ¥4,031,518,199.04, a 78.13% increase compared to the same period last year[5] - The net cash flow from operating activities was -4,031,518,199.04, compared to -18,436,847,981.45 in the previous period, indicating an improvement[50] - Total cash inflow from operating activities amounted to 43,654,193,124.83, while cash outflow was 47,685,711,323.87, resulting in a net cash outflow of -4,031,518,199.04[50] - Cash inflow from investment activities was 45,829,220.34, while cash outflow was 1,095,324,536.25, leading to a net cash outflow of -1,049,495,315.91[50] - Cash inflow from financing activities totaled 3,172,329,334.95, with cash outflow of 4,565,158,587.44, resulting in a net cash outflow of -1,392,829,252.49[51] - The total cash and cash equivalents at the end of the period were 20,465,194,212.48, down from 26,940,471,046.71 at the beginning of the period[51] Assets and Liabilities - The total assets at the end of the reporting period were ¥117,749,854,177.72, marking a 9.12% increase from the end of the previous year[5] - Total liabilities increased significantly, with accounts payable rising by 34.53% compared to the end of last year, indicating outstanding payments to suppliers[20] - Total liabilities increased to ¥95.54 billion, up 10.0% from ¥86.24 billion in the previous period[46] - The company’s total non-current liabilities decreased to ¥8.50 billion from ¥10.22 billion, a decline of 16.8%[46] - The total cash and cash equivalents at the end of the period were 20,465,194,212.48, down from 26,940,471,046.71 at the beginning of the period[51] Shareholder Information - The number of common shareholders at the end of the reporting period was 72,211[39] - The largest shareholder, China Aviation Industry Group, holds 78.66% of the shares, totaling approximately 2.10 billion shares[39] Expenses and Investments - Research and development expenses decreased by 37.76% year-on-year, mainly due to reduced self-funded project investments[29] - The company reported a decrease in research and development expenses to ¥336.28 million from ¥540.32 million, a reduction of 37.7%[46] - The company paid 5,056,374,447.51 in employee compensation, slightly up from 4,986,185,227.78 in the previous period[50] - The company absorbed investments totaling 30,000,000.00 from minority shareholders[51] Other Financial Metrics - Non-recurring gains and losses for the reporting period included government subsidies amounting to ¥17,988,577.94[8] - The company did not identify any other non-recurring gains or losses beyond those reported[10] - Accounts receivable decreased by 91.57% compared to the end of last year, mainly due to the collection of receivables during the period[11] - Prepayments increased by 121.99% compared to the end of last year, primarily due to increased advance payments to suppliers[14] - Contract assets increased by 126.62% compared to the end of last year, mainly because some sales have not yet reached the payment stage[15] - Total profit decreased by 33.42% year-on-year, primarily due to changes in the product sales structure[32] - Net profit decreased by 35.96% year-on-year, attributed to the reduction in total profit[33] - Financial expenses decreased by 87.41% year-on-year, mainly due to a reduction in interest income[30] - Other current assets increased by 451.02% compared to the end of last year, primarily due to an increase in deductible VAT input tax[16]

Core Insights - The military electronics sector experienced a 0.62% increase on October 28, with Aerospace Development leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Aerospace Development (000547) saw a closing price of 8.84, with a significant increase of 9.95% and a trading volume of 1.61 million shares [1] - Other notable gainers included *ST WanFang (000638) with a 4.98% increase, and Ruichuang Micro-Nano (688002) with a 4.20% increase [1] - Conversely, Huafeng Technology (688629) experienced a decline of 9.17%, with a trading volume of 316,400 shares and a transaction amount of 2.607 billion [2] Capital Flow - The military electronics sector saw a net outflow of 98.6033 million from institutional investors, while retail investors contributed a net inflow of 343 million [2] - The capital flow data indicates that Aerospace Development had a net inflow of 5.05 billion from institutional investors, while it faced a net outflow of 2.77 billion from speculative funds [3] - Other companies like Zhonghang Chengfei (302132) and Taimeng Technology (600590) also showed mixed capital flows, with significant outflows from speculative and retail investors [3]

Core Insights - The optical module index has seen a significant rise, with companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Cambridge Technology leading in gains [1] - The Growth ETF (159967) has been outperforming the broader market indices, with a recent increase of 1.41%, reaching new price highs [1] - The communication equipment sector constitutes 35.5% of the holdings in the Growth Index, with top positions held by Xinyi Sheng (16%), CATL (15%), Zhongji Xuchuang (13.1%), and Dongfang Wealth (11.55%) [1] Company Summaries - **Xinyi Sheng (300502.SZ)**: Closing price at 403.95, with a weight of 15.97% in the Growth Index [2] - **CATL (300750.SZ)**: Closing price at 386.18, holding a weight of 15.00% [2] - **Zhongji Xuchuang (300308.SZ)**: Closing price at 508.94, with a weight of 13.09% [2] - **Dongfang Wealth (300059.SZ)**: Closing price at 26.04, holding a weight of 11.55% [2] - **Shenghong Technology (300476.SZ)**: Closing price at 340.32, with a weight of 9.12% [2] - **Tonghuashun (300033.SZ)**: Closing price at 362.09, holding a weight of 4.24% [2] - **Tianfu Communication (300394.SZ)**: Closing price at 190.06, with a weight of 2.95% [2] - **Guiding Needle (300803.SZ)**: Closing price at 153.43, holding a weight of 1.81% [2] - **AVIC Chengfei (302132.SZ)**: Closing price at 86.45, with a weight of 1.60% [2] - **Xiechuang Data (300857.SZ)**: Closing price at 169.56, holding a weight of 1.29% [2]