AVIC SAC(SH:600760) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-27 11:32Core Viewpoint - The military industry leader, AVIC Shenyang Aircraft Corporation (中航沈飞), has shown significant operational changes despite short-term performance fluctuations, with a focus on long-term capability building and strategic investments [1][2]. Financial Performance - In the first half of 2025, AVIC Shenyang achieved revenue of 14.628 billion yuan and a net profit of 1.136 billion yuan, reflecting short-term adjustments due to product delivery schedules and industry cyclicality [1]. - The net cash flow from operating activities reached 3.087 billion yuan, a substantial increase compared to the previous year, indicating improved sales collection capabilities [2]. - Total assets grew to 64.178 billion yuan, with net assets at 17.614 billion yuan, providing solid support for business expansion [2]. Strategic Investments - The company completed a 4 billion yuan private placement to enhance core capabilities, with funds allocated to four key projects: local relocation construction (1.922 billion yuan), composite material production line capacity building (486 million yuan), titanium alloy production line capacity building (355 million yuan), and aircraft maintenance service capability enhancement (393 million yuan) [3][4]. - The local relocation project aims to optimize structural layout and expand development space, with the new facility expected to be operational by the end of 2023 and fully functional by the end of 2026 [4]. Industry Positioning - AVIC Shenyang is actively exploring the low-altitude economy as a new growth area, focusing on the development of civil drones and dual-use technology to align with national strategic initiatives [2]. - The company is transitioning from a single equipment manufacturer to a full lifecycle service provider, enhancing customer loyalty and creating new profit growth points [4]. Future Outlook - The ongoing upgrades in digital intelligent manufacturing systems and the introduction of the new stealth fighter J-35A are expected to boost the company's performance [5]. - The military industry is anticipated to experience a recovery in overall prosperity as the "14th Five-Year Plan" progresses, with a new round of order cycles expected to strengthen growth attributes [5].