AVIC SAC(SH:600760) Zheng Quan Zhi Xing·2025-08-25 16:34Core Viewpoint - The report evaluates the ongoing risk assessment of the financial relationship between AVIC Shenyang Aircraft Corporation and AVIC Financial Company, confirming that the latter operates within regulatory compliance and maintains effective risk management practices [1][9]. Group 1: Basic Information about AVIC Financial Company - AVIC Financial Company was established in May 2007, with a registered capital of 395.138 million RMB, and is jointly funded by 12 member units of China Aviation Industry Corporation [2]. - The company is a non-bank financial institution approved by the National Financial Supervision Administration and has a legal entity status [2]. Group 2: Risk Management Overview - AVIC Financial Company has established a robust governance structure, including a board of directors and specialized committees for strategic development, risk management, and internal audit [3]. - The company employs a three-line defense model for risk management, with clear roles and responsibilities across departments to ensure effective risk control [4]. Group 3: Financial Performance - As of June 30, 2023, AVIC Financial Company reported total assets of approximately 220.15 billion RMB and total revenue of approximately 3.16 billion RMB for the year 2022 [8]. - The net profit for the year ending December 31, 2022, was approximately 560.89 million RMB, reflecting a significant increase from the previous year [8]. Group 4: Regulatory Compliance - AVIC Financial Company meets all regulatory requirements, including a capital adequacy ratio of 13.44% as of December 2024, exceeding the minimum requirement of 10.5% [8]. - The company has not encountered any major operational risks and adheres to all relevant financial regulations and internal control measures [6][9]. Group 5: Relationship with AVIC Shenyang Aircraft Corporation - As of June 30, 2025, AVIC Shenyang Aircraft Corporation's deposits with AVIC Financial Company are secure, with no delays in payments due to cash flow issues [8]. - The financial transactions between the two entities are conducted in compliance with national regulations, ensuring that risks associated with these transactions are manageable [9].