证券代码：600760 证券简称：中航沈飞 公告编号：2025-031 监事会保证公司 2025 年第一季度报告所披露的信息真实、准确、完整，承 诺其中不存在虚假性记载、误导性陈述或重大遗漏。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 一、监事会会议召开情况 中航沈飞股份有限公司（以下简称"公司"）第十届监事会第十次会议（以 下简称"本次会议"）于 2025 年 4 月 18 日以电子邮件方式发出会议通知，并于 2025 年 4 月 28 日在公司办公楼会议室以现场投票表决的方式召开。 本次会议应出席监事 3 名，实际出席监事 3 名。公司监事会主席宋水云主 持本次会议，公司董事会秘书、证券事务代表列席了会议。本次会议召开符合 有关法律、行政法规、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 审议通过《关于中航沈飞 2025 年第一季度报告的议案》 监事会认为公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定。公司 2025 年第一季度报告的内 容和格式符合中国证监会和上海证券交易所的各项规定，所包含的信息能从各 个方面 ...

中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十五次会议（以 下简称"本次会议"）于 2025 年 4 月 18 日以电子邮件方式发出会议通知，并于 2025 年 4 月 28 日在公司办公楼会议室以现场投票表决的方式召开。 本次会议应出席董事 12 名，实际出席董事 12 名，刘志敏董事因公务授权委 托陈顺洪董事出席会议并行使表决权，王仁泽董事因公务授权委托李建董事出席 会议并行使表决权。公司董事长纪瑞东主持本次会议，公司监事和部分高级管理 人员列席了会议。本次会议召开符合有关法律、行政法规、规范性文件和《公司 章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于中航沈飞 2025 年第一季度报告的议案》 证券代码：600760 证券简称：中航沈飞 公告编号：2025-030 中航沈飞股份有限公司 第十届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （二）审议通过《关于提请召开中航沈飞 2025 年第一次临时股东大会的议 案》 《中航沈飞股份有限公司关于召 ...

北京市嘉源律师事务所 关于中航沈飞股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 中航沈飞股份有限公司 2024年年度股东大会 嘉源 · 法律意见书 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的 真实性及准确性发表意见。 法律意见书 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 嘉源(2025)- 04-248 北京市嘉源律师事务所(以下简称"本所")受中航沈飞股份有限公司(以 下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中航沈飞股 份有限公司章程》(以下简称"《公司章程》")的有关规定,指派律师对公司 2024年年度股东大 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,833,686,188.53, a decrease of 38.55% compared to CNY 9,493,083,937.56 in the same period last year[5] - The net profit attributable to shareholders was CNY 430,567,219.42, down 39.87% from CNY 716,118,940.49 year-on-year[5] - The basic earnings per share decreased by 38.46% to CNY 0.16 from CNY 0.26 in the previous year[5] - The company reported a total profit of ¥518,724,409.98 for Q1 2025, down from ¥834,624,472.91 in Q1 2024[21] - Net profit for Q1 2025 was ¥430,809,640.78, a decline of 39.6% from ¥714,287,677.14 in Q1 2024[21] - The total comprehensive income for Q1 2025 was CNY -10,042,585.25, an improvement from CNY -13,547,498.97 in Q1 2024, reflecting a reduction in losses[31] Cash Flow - The cash flow from operating activities showed a significant improvement, with a net inflow of CNY 453,522,462.04 compared to a net outflow of CNY 7,274,639,590.94 in the same period last year[5] - Cash inflow from operating activities for Q1 2025 reached ¥11,525,913,970.64, a significant increase from ¥1,435,331,078.27 in Q1 2024, representing a growth of approximately 704%[23] - Cash flow from operating activities in Q1 2025 was CNY -897,762.32, down from CNY 2,679,874.28 in Q1 2024, indicating a decline in cash generation from operations[34] - Cash flow from investing activities showed a net inflow of CNY 271,632,000.00 in Q1 2025, compared to a net outflow of CNY -78,155,750.00 in Q1 2024, highlighting a positive shift in investment cash flow[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 56,993,450,410.73, a decrease of 7.46% from CNY 61,589,834,322.62 at the end of the previous year[6] - Total current assets decreased from 50,021,098,491.91 RMB to 45,492,971,949.02 RMB, a decline of approximately 10.6%[15] - Total liabilities decreased from 61,589,834,322.62 RMB to 56,993,450,410.73 RMB, a reduction of about 7.5%[16] - The total liabilities as of March 31, 2025, were ¥252,435,655.71, down from ¥641,050,059.62 at the end of 2024[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 143,483[11] - The largest shareholder, China Aviation Industry Group, holds 1,814,336,215 shares, accounting for 65.84% of total shares[11] Research and Development - The company's R&D expenses decreased by 89.98% to CNY 9,645,770.00 compared to the same period last year, primarily due to reduced capitalized R&D investments[9] - Research and development expenses for Q1 2025 were ¥10,741,660.31, significantly lower than ¥107,199,351.17 in Q1 2024[20] Operational Efficiency - The weighted average return on equity was 2.49%, down 2.14 percentage points from 4.63% in the previous year[6] - The company incurred financial expenses of CNY -3,220,003.45 in Q1 2025, a decrease from CNY -3,935,754.62 in Q1 2024, showing improved cost management[29] - The company’s management expenses decreased to CNY 245,966.23 in Q1 2025 from CNY 286,337.86 in Q1 2024, indicating improved operational efficiency[29] Other Financial Metrics - Other comprehensive income for Q1 2025 was -¥11,751,591.89, compared to -¥14,235,668.23 in Q1 2024[21] - The company’s tax expenses for Q1 2025 were CNY 1,136,712.78, compared to CNY 975,177.05 in Q1 2024, reflecting an increase in tax obligations[29]

中航沈飞（600760）公告，2025年第一季度营收为58.34亿元，同比下降38.55%；净利润为4.31亿元， 同比下降39.87%。 ...

Investment Rating - The report does not explicitly state an investment rating for the defense and military industry Core Insights - The defense and military sector is experiencing a recovery in demand, with significant growth potential driven by military aircraft quantity and generational structure improvements [4][5] - The report highlights the importance of the low-altitude economy, which is entering a phase of accelerated commercialization and policy support, indicating a promising investment opportunity [34][36] - The report emphasizes the long-term growth certainty of the defense and military sector, with a clear roadmap for modernization by 2035 and 2050 [5] Summary by Sections Market Review - The Shenwan Defense and Military Index rose by 0.15%, ranking 22nd among 31 Shenwan primary industries [3][14] - The PE (TTM) for the Shenwan Defense and Military sector is 72.51 times, with sub-sectors showing varied valuations: Aerospace Equipment at 104.77 times, Aviation Equipment at 59.03 times, Ground Armament at 115.87 times, Marine Equipment at 83.42 times, and Military Electronics at 82.55 times [3][23] Key Recommendations - Focus on downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xifei [5] - Highlight military new technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology [5] - Emphasize shipbuilding: Hailanxin [5] - Target missile industry chain: Feilihua, Guoke Military Industry [5] - Military titanium materials: Western Superconducting [5] - Military trade direction: Aerospace Nanhu, Zhongwu Drone [5] Industry Dynamics - The military aviation engine market is expected to grow due to the increase in military aircraft numbers and the introduction of new engine models [4][38] - The report notes that the domestic commercial aircraft production has made significant progress, with over 1,000 orders for the C919 aircraft [4][46] - The aftermarket for aviation engines is substantial, supporting a large maintenance market even if new aircraft purchases decline [4] Company Performance - Aviation Industry Corporation of China (AVIC) reported a revenue of 478.8 billion yuan for 2024, with a year-on-year growth of 9.48%, although net profit decreased by 39.48% due to high R&D costs [37][39] - Other subsidiaries of AVIC showed stable growth in net profit [37]

智通财经APP获悉，4月28日共有27家上市公司的限售股解禁，解禁总市值约317亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 时代新材 | 600458 | 股权激励限售流通 | 649.44万 | | 中航沈飞 | 600760 | 股权激励限售流通 | 361.77万 | | 中钢天源 | 002057 | 股权激励限售流通 | 424.38万 | | 万讯自控 | 300112 | 股权激励限售流通 | 171.15万 | | 新研股份 | 300159 | 股权激励限售流通 | 540万 | | 吉鑫科技 | 601218 | 股权激励限售流通 | 54.63万 | | 凯龙股份 | 002783 | 股权激励限售流通 | 9.74万 | | 东方精工 | 002611 | 股权激励限售流通 | 88万 | | 星帅尔 | 002860 | 股权激励限售流通 | 30.2万 | | 星光农机 | 603789 | 股权激励限售流通 | 513.57万 | | 口子窖 | 603589 | 股权 ...

Economic Indicators - The April manufacturing Purchasing Managers' Index (PMI) data will be released on April 30, with March's PMI recorded at 50.5%, a 0.3 percentage point increase from the previous month, marking the highest level since April 2024 [2] - The composite PMI output index for March was 51.4%, indicating increased business activity, with manufacturing production index at 52.6% and non-manufacturing business activity index at 50.8% [2] Oil Price Adjustment - A new round of refined oil price adjustments will take place at 24:00 on April 30, with a projected increase of 60 yuan per ton based on a reference crude oil price of $65.34 per barrel, reflecting a change rate of 1.46% as of April 25 [3] U.S. Economic Data - The U.S. will release its first-quarter GDP data on April 30, with Federal Reserve Chairman Jerome Powell indicating a potential slowdown in economic growth for the first quarter of 2025 compared to the previous year's strong performance [4] - The U.S. non-farm payroll data for April will be published on May 2, following a March increase of 228,000 in seasonally adjusted non-farm employment, with the unemployment rate slightly rising to 4.2% [5] Stock Market Developments - Over 4.07 billion yuan worth of locked-up shares will be released next week, with 24.76 billion shares set to be listed, including significant unlocks from companies like China Resources Materials and Chengda Biology, each exceeding 5 billion yuan [6] New Stock Opportunities - Two new stocks will be issued from April 28 to April 30, with Zairun New Energy on the ChiNext and Tiangong Co. on the Beijing Stock Exchange, collectively raising approximately 1.194 billion yuan [11]

Core Viewpoint - The 2025 version of the Market Access Negative List aims to further relax market access restrictions, reducing the number of items from 117 in 2022 to 106, thereby optimizing market access management and enhancing market vitality [3][5][8]. Summary by Sections Market Access Negative List Overview - The Market Access Negative List system compiles industries and sectors that are either prohibited or require government permission for investment and operation. Outside this list, all entities can enter the market equally [2]. Changes in the 2025 Version - The 2025 version of the Market Access Negative List has reduced the number of items to 106, with a focus on a "national unified" management model, meaning no local or departmental negative lists can be created [3][5]. - The list includes 6 prohibited items, such as activities that do not meet functional area construction requirements and unauthorized financial activities [5][6]. Licensing and Permits - There are 100 items under the licensing category, covering various industries including agriculture, manufacturing, and finance. Specific licensing requirements are outlined for sectors like manufacturing and finance [6][7]. - The list aims to lower entry barriers and stimulate market activity by removing or simplifying several national and local measures [7][8]. New Business Models and Fields - The 2025 version also standardizes management measures for new business models and fields, such as unmanned aerial vehicles and e-cigarettes, ensuring compliance with existing laws and regulations [10][11]. - The government emphasizes the importance of optimizing the market access environment for emerging sectors, which is part of a broader strategy to enhance innovation and competitiveness [11][12]. Future Directions - The National Development and Reform Commission plans to continue reforming and innovating market access policies, focusing on key industries and strategic emerging sectors to promote a positive cycle of technological breakthroughs and industrial applications [15].

Group 1 - China's independently developed AG600 amphibious aircraft has received a type certificate from the Civil Aviation Administration of China, marking a significant achievement in the aviation industry [6] - The AG600 is recognized as the world's largest civil amphibious aircraft, having passed rigorous testing and validation, thus obtaining market access [6] Group 2 - The Beijing East Sixth Ring Road renovation project has been completed and opened to traffic after five years of construction, facilitating vehicle passage through the urban sub-center [12] - This project is a key initiative for Beijing and represents a landmark development in the city's urban infrastructure [12] Group 3 - The intelligent soft bionic ornamental fish "Golden Scales" was officially launched at Shanghai Ocean University, showcasing advanced technologies such as artificial muscle drive and AI algorithms [15] - This bionic fish mimics the swimming posture and behavior of the golden dragon fish, indicating potential applications in various fields due to its realism and interactivity [15]