北京市嘉源律师事务所 关于中航重机股份有限公司 2025年第四次临时股东会的 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 RE 师事务 折 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中航重机股份有限公司 北京市嘉源律师事务所 关于中航重机股份有限公司 2025年第四次临时股东会的法律意见书 嘉源(2025)-04-674 北京市嘉源律师事务所(以下简称"本所")接受中航重机股份有限公司(以 下简称"公司")的委托,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《中航重机股份有 限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司2025 年第四次临时股东会(以下简称"本次股东会")进行见证,并依法出具本法律意 见书。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提 供的与本次股 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-067 中航重机股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,009 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 504,854,018 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 32.2889 | 2、 议案名称：《关于中航重机全资子公司宏远公司拟将已投入募集资金转增资 本的议案》 (五) 公司董事和董事会秘书的出席情况 1、公司在任董事8人，出席1人，董事长冉兴、董事张育松、褚林塘、徐洁、独 立董事王立平、王雄元、曹斌因工作原因未能出席会议； 2、董事会秘书王志宏出席会议；副总经理冀胜利、唐诚江，总会计师石永勇列 席会议。 (一) 非累积投票议案 1、 议案名称：《关于选举石永勇先生为公司董事的议案 ...

Group 1 - The first "To Yan'an - Three Qin Students' Sacred Journey" red research study train Y506 departed from Xi'an station with over 600 students and faculty from Northwestern Polytechnical University [2] - The train service is a collaboration between China Railway Xi'an Bureau Group Co., Ltd. and Northwestern Polytechnical University, aimed at facilitating educational trips to Yan'an, commemorating significant historical anniversaries [2] - The train features a fully customized design to create an immersive red education experience, incorporating elements like the iconic Baota Mountain and integrating historical and contemporary educational content throughout the train [2] Group 2 - Upon arrival in Yan'an, students engaged in various educational activities, including visiting the Yan'an Revolutionary Memorial Museum and listening to specialized lectures, enhancing their understanding of the Yan'an spirit [3] - The Xi'an Railway Bureau plans to continue collaborating with more universities to operate the red research study train, supporting youth in gaining strength through red education [3]

公司董事会延期换届不会影响公司的正常运营。公司将积极推进相关工作， 尽快完成董事会的换届选举，并履行相应的信息披露义务。 特此公告。 证券代码：600765 证券简称：中航重机 公告编号：2025-066 中航重机股份有限公司董事会 2025 年 9 月 13 日 中航重机股份有限公司 关于董事会延期换届的提示性公告 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个别及连带责任。 中航重机股份有限公司（以下简称"公司"）第七届董事会任期将于 2025 年 9 月 14 日届满。根据《关于新<公司法>配套制度规则实施相关过渡期安排》等 法律法规、规范性文件的要求，鉴于新一届董事会候选人提名工作仍在进行中， 为保证相关工作的连续性，公司董事会换届选举工作需适当延期，董事会及各专 门委员会、高级管理人员的任期相应顺延。 在换届选举工作完成前，公司第七届董事会及各专门委员会全体成员、高级 管理人员将依照法律、行政法规和《公司章程》的相关规定，继续履行职责。 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-065 中航重机股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 16 日 （星期二） 至 09 月 22 日 （星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhzjgk@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中航重机股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公 司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年上 半年经营成果、财务状况，公司计划于 2025 年 09 月 23 日（星期二）09:00-10:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互 ...

中航重机股份有限公司 2025 年第四次临时股东会 会 议 文 件 中航重机股份有限公司 2025 年 9 月 9 日 1 目 录 | 2025 年第四次临时股东会会议议程 3 | | | --- | --- | | 关于选举石永勇先生为公司董事的议案 | 4 | | 关于中航重机全资子公司宏远公司拟将已投入募集资金转增资本的 | | | 议案 | 5 | 2 中航重机股份有限公司 2025 年第四次临时股东会会议议程 一、会议时间：2025 年 9 月 15 日（星期一）上午 9:00 二、会议地点：贵州省贵阳市双龙航空港经济区机场路 16 号中 航重机股份有限公司 307 会议室 三、参加人：（1）公司股东及股东授权委托代表； （2）公司董事、高级管理人员； （3）公司董事会聘请的律师。 四、会议议程： | 时间 | 内 容 | | --- | --- | | 9:00～9:05 | 一、主持人介绍会议议程，宣读监票人、计票人名单,提请大会通过 | | | （举手表决） | | 9:05～9:45 | 二、全体股东逐项审议会议议案 | | | 1. 《关于选举石永勇先生为公司董事的议案》 | | | 2. ...

Group 1 - The report emphasizes that in a bull market, rapid price increases often lead to short-term adjustment pressures, but do not alter the long-term trend, instead accumulating momentum for future rises [3][30] - It notes that since the end of June, the TMT sector's congestion level has risen to approximately 43% by the end of August, nearing the year's high, indicating potential structural adjustments in the market [3][30] - The report suggests that from now until the end of the year, there is likely to be a rotation in market styles, with Q4 entering a phase of policy expectation fermentation, similar to previous bull markets where new capital accelerated entry in Q4 [3][31] Group 2 - The report identifies that the bull market's main style is "stronger remains strong," but cyclical styles may perform better in the latter half of the cycle, as seen in past bull markets [5] - It highlights that the cyclical stocks have maintained a relatively stable excess return, with the potential for better performance as the fundamentals improve [5] - The report suggests focusing on sectors such as non-ferrous metals and chemicals, which have shown good revenue growth and return on equity, indicating a positive fundamental outlook [5] Group 3 - The report discusses the AI sector, particularly the end-side AI investments, which are expected to benefit from policy support and innovations from major companies like Apple [20] - It mentions that AI data centers are expected to undergo significant upgrades, with the introduction of liquid cooling technology to manage the increasing power consumption of AI chips [20] - The report also highlights the ongoing demand for AI-related technologies and the potential for substantial growth in this sector [20] Group 4 - The report indicates that the methanol industry is expected to maintain a favorable outlook due to high operating rates and low inventory levels, suggesting a sustained upward trend in industry conditions [24] - It points out that the copper smelting industry is undergoing optimization, with expectations for profitability to return as production capacities are aligned better with market demands [26] - The report recommends focusing on companies with cost advantages in the copper smelting sector, such as Zijin Mining and Jiangxi Copper [26]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company's revenue for the first half of 2025 was 5.751 billion yuan, a year-on-year decrease of 4.51%, primarily due to product delivery schedules and adjustments in product structure. The net profit attributable to shareholders was 492 million yuan, down 32.59% year-on-year, mainly due to reduced interest income and decreased foreign exchange gains [1][2]. - In Q2 2025, the company saw a significant improvement with revenue of 3.444 billion yuan, up 11.20% year-on-year and 49.34% quarter-on-quarter. The net profit for the same quarter was 294 million yuan, down 27.50% year-on-year but up 48.74% quarter-on-quarter [1]. - The gross margin for the first half of 2025 was 29.27%, a decrease of 1.38 percentage points year-on-year, while the net margin was 10.42%, down 3.50 percentage points year-on-year [1]. Financial Performance - The company reported a period expense ratio of 13.20% for the first half of 2025, an increase of 0.91 percentage points year-on-year. The sales expense ratio increased to 0.86%, management expense ratio to 6.94%, while R&D expense ratio decreased to 4.87% [2]. - As of the end of the first half of 2025, accounts receivable and notes stood at 12.266 billion yuan, an increase of 13.77% from the beginning of the year, and inventory was 5.454 billion yuan, up 9.58% [2]. Order Growth and Market Expansion - The company signed new orders in the first half of 2025, showing a year-on-year increase of 9.39%, with a reserve order growth of 9.26%. The product bidding success rate improved by 10.11% compared to the same period last year [3]. - The company made breakthroughs in the shipbuilding sector, signing market orders worth 78.28 million yuan and developing overseas clients, which may contribute to future revenue growth [3]. Future Outlook - The company expects a significant increase in related procurement amounts for 2025, with sales of products and services projected at 5.5 billion yuan, a 31% increase from 4.2 billion yuan in 2024. The procurement of goods and services is expected to exceed 2.7 billion yuan, more than doubling from 1.2 billion yuan in 2024 [4]. - The report anticipates that the company's core capabilities will continue to strengthen, supporting its expansion into various fields, including commercial engines and marine equipment [4]. Financial Projections - The projected net profit attributable to shareholders for 2025 is 1.013 billion yuan, with estimates of 1.135 billion yuan for 2026 and 1.323 billion yuan for 2027. The corresponding price-to-earnings ratios are 25.27, 22.55, and 19.36, respectively [4][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company reported a revenue of 5.751 billion yuan in the first half of 2025, a year-on-year decrease of 4.51%, and a net profit attributable to shareholders of 492 million yuan, down 32.59% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 3.444 billion yuan, representing a year-on-year increase of 11.2% and a quarter-on-quarter increase of 49.34% [2][6] - The company is actively expanding its "Big National Defense" business and has a solid order backlog, with new product development increasing by 10.07% year-on-year [12] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 29.27%, a decrease of 1.38 percentage points year-on-year, and a net profit margin of 10.42%, down 3.5 percentage points year-on-year [12] - The company’s total revenue for 2025 is projected to reach 11.5 billion yuan, with a profit target of 1.3 billion yuan [12] - The company’s inventory balance at the end of H1 2025 was 5.454 billion yuan, an increase of 9.57% from the beginning of the period [12] Business Development and Market Position - The company has signed new orders worth 78.28 million yuan in the shipbuilding sector and has developed overseas clients, including a partnership with Italy's Iveco [12] - The company is focusing on expanding its domestic and international user base while developing new products [12]

Core Insights - The A-share market experienced a collective rebound on September 5, with the military industry sector showing a low opening followed by a rise [1] - The Aerospace and Defense ETF (159227) turned positive, increasing by 0.36% with a trading volume of 107 million yuan, maintaining its position as the largest in its category [1] - The ETF has seen a net inflow of funds for six consecutive trading days, totaling 387 million yuan [1] Industry Outlook - According to Minsheng Securities, the military industry is expected to enter a new upward cycle from 2025 to 2027, with 2025 marking a turning point for the industry [1] - The ETF tracks the Guozheng Aerospace Index, which has a high concentration of military-related stocks, with 97.96% of its holdings in the military sector [1] Performance Metrics - From August 29, 2024, to August 29, 2025, the Guozheng Aerospace Index is projected to yield a return of 68.42%, outperforming other indices such as the Zhongzheng National Defense Index (57.03%), Zhongzheng Military Industry Index (59.85%), and Military Leaders Index (47.60%) [1]