江西洪都航空工业股份有限公司2025 年半年度报告 江西洪都航空工业股份有限公司2025 年半年度报告 1 / 107 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 公司代码：600316 公司简称：洪都航空 江西洪都航空工业股份有限公司 2025 年半年度报告 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 十、 重大风险提示 公司可能存在的相关风险已在本报告中第三节"管理层讨论与分析"中"五、其他披露事项" 之"（一）可能面对的风险"部分予以了详细描述，敬请查阅相关内容。 十一、 其他 □适用 √不适用 四、 公司负责人王卫华、主管会计工作负责人曹春及会计机构负责人（会计主管人员）王訢声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 □适用 √不适用 2 / 107 八、 是否存在违反规定决策程序对 ...

Group 1 - The report aims to summarize important in-depth reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Key companies highlighted include Shanghai Yanpu, Honghe Precision, Zhenlan Instrument, Zhejiang Rongtai, Sany Heavy Industry, China Shipbuilding, Huace Testing, Xugong Machinery, Hangcha Group, Yaxing Anchor Chain, Robotech, Juxing Technology, Yadea Holdings, Aima Technology, Hongdu Aviation, Zhongji United, and BGI [2][3] Group 2 - The mechanical equipment sector emphasizes investment opportunities in leading engineering machinery companies, with a continuous push for humanoid robots and overseas expansion [4] - As of August 22, 2025, the best-performing indices in the large manufacturing sector included the Sci-Tech Innovation 50 (+13%), the Semiconductor Index (+12%), and the ChiNext Index (+6%) [5][21] Group 3 - Zhongji United's mid-year report met expectations, with a 87% year-on-year increase in net profit attributable to shareholders for the first half of 2025 [8] - The company has significantly improved its profitability, with a sales net profit margin increasing by 8 percentage points year-on-year in Q2 2025 [8] - The wind power sector is experiencing high demand, with domestic wind power installations expected to reach approximately 105-115 GW in 2025, indicating a strong growth trajectory [9] Group 4 - Jinwo Co. reported a 94% year-on-year increase in net profit for the first half of 2025, driven by growth in its screw and insulation shaft sleeve segments [9] - The company is focusing on upgrading production capacity and enhancing its international layout through a planned fundraising of up to 950 million yuan [9] - The humanoid robot industry is anticipated to explode, with the market expected to grow significantly, driving demand for high-precision CNC machine tools [11]

Group 1 - The market experienced a significant V-shaped reversal after a period of decline, with most assets recovering or narrowing their losses, except for long-term bonds which continued to decline [2][3]. - The market is in a delicate phase where there seems to be an invisible hand trying to cool down the market, preventing rapid index increases while showing limited tolerance for declines [3][4]. Group 2 - The technology sector continues its extreme bull market, characterized by both logic and bubble-like conditions, with notable gains in various tech stocks [6][7]. - The ChiNext index has seen a rise of over 30% in the past six months, marking it as one of the three major bull markets in its history, with AI-related stocks being the biggest beneficiaries [9][10]. Group 3 - Meituan reported a nearly 90% drop in net profit, leading to a significant decline in its stock price and negatively impacting the Hong Kong market [14][16]. - The ongoing competition in the food delivery sector is expected to continue, with short-term pain anticipated as companies vie for market share [14][16]. Group 4 - There is a clear style switch in the market, with a noticeable divergence between large-cap and small-cap stocks, as well as between convertible bonds of different sizes [17][20]. - Recent trading days have shown that large-cap stocks have significantly outperformed small-cap stocks, indicating a shift in investor preference [20][21]. Group 5 - The convertible bond market has shown signs of weakness, with a notable decline in prices, reflecting a supply-demand imbalance exacerbated by recent market conditions [23][24]. - The overall performance of convertible bonds is influenced by the broader market dynamics, with a focus on the supply and demand relationship [24][26].

Group 1 - The A-share market saw all three major indices rise collectively on August 27, with the National Aerospace Index experiencing a slight increase [1] - The Aerospace ETF (159227) turned positive during trading, rising by 0.48% with a transaction volume exceeding 50 million yuan, leading its peers [1] - As of August 27, the Aerospace ETF (159227) had a scale of 1.012 billion yuan, ranking first among its peers [1] Group 2 - Northeast Securities indicated that the defense and military industry has long-term growth certainty, despite a decline in industry prosperity due to personnel adjustments and delayed orders in 2023 [1] - The disruptive factors affecting the military industry have largely been eliminated, leading to a recovery in downstream demand, which is expected to significantly improve the defense and military sector [1] - The National Aerospace Index outperformed other military indices over the past year, with a growth of 62.45%, surpassing the CSI National Defense Index (53.81%), CSI Military Industry Index (56.03%), and Military Leaders Index (44.26%) [2]

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Viewpoints - The domestic large aircraft industry chain's self-control is urgent, with vast market space. China's commercial aircraft global market share exceeds 20%, and the C919 production capacity is continuously expanding. By 2042, the global passenger aircraft fleet is expected to reach 48,455 units, approximately 2.2 times that of 2022, with China's fleet reaching 9,969 units, accounting for 21% [2][51]. - The demand for new commercial aircraft in China over the next 20 years (2023-2042) is projected to exceed 9,000 units, corresponding to a market value of $1.4 trillion [2]. - The C919's production capacity is set to reach 150 units per year by 2027 and 200 units per year by 2029, with plans for accelerated operations in Southeast Asia and positive progress in European airworthiness [2][18]. - The engine system, referred to as the "heart" of large aircraft, has a high technical content and value, with engine maintenance costs expected to match procurement costs over their lifecycle. The demand for new commercial engines in China over the next 20 years may exceed $600 billion, averaging over 200 billion RMB annually [2][25]. - The onboard systems are of high value, and China is transitioning from "having" to "good" in this area, with significant development plans in place [3]. Summary by Sections 1. Current Development Status of China's Civil Aircraft Industry - The C919 has achieved commercial-scale operations, and the C929 is making positive progress [8]. - The development of large aircraft in China has gone through several stages, with the C919 being the first domestically developed jet airliner with independent intellectual property rights [12]. 2. Review of Boeing and Airbus Development - The report reviews the historical development of Boeing and Airbus, providing insights into their growth patterns and strategies, which may serve as references for China's large aircraft industry [32][41]. 3. Market Demand and Supply - The global demand for passenger aircraft is expected to grow, with China projected to maintain a 21% market share by 2042. The report anticipates a total of 43,644 new aircraft deliveries globally over the next 20 years, with a market value of approximately $6.5 trillion [51][53]. 4. Investment Recommendations - The report suggests focusing on various segments of the industry, including materials, structures, engines, onboard systems, and total assembly, highlighting specific companies for potential investment [4]. 5. Engine Development Progress - The CJ-1000 and CJ-2000 engines are under development, with the CJ-1000 entering the airworthiness certification phase. The report emphasizes the importance of these engines for the C919 and C929 aircraft [25][27]. 6. Aviation Material Supply and Demand - The aviation material market in China is heavily reliant on imports, with a significant need for domestic production to meet the demands of over 4,000 existing civil aircraft [22][24]. - The aviation material management industry is projected to grow, with the market size reaching 1,601 billion RMB in 2023 [24]. 7. Future Outlook - The report indicates that the domestic large aircraft industry is on the verge of historic development opportunities, driven by external changes, national policies, and funding support [4].

8月25日午后，A股三大指数继续回落，军工板块盘中触底反弹，截至13点47分，航空航天ETF （159227）涨幅1.38%，成交额达1.78亿元，稳居同类第一，持仓股中国卫星拉升涨停，华力创通、上 海瀚讯、航天电子、中航成飞、光启技术、广联航空等跟涨。 消息面上，《IT时报》记者获悉，相关部门近期将会发放卫星互联网牌照。自7月底以来，我国GW星 座发射频率显著提升，从01-05组星的一到两个月发射间隔缩短到05-07组星的3-5天发射间隔，组网速度 明显加快，或表明我国卫星互联网开始进入快速组网期。 中金公司认为，我国商业航天产业有望进入发展快车道，建议重视卫星制造、发射及下游应用的投资机 会。 航空航天ETF（159227）紧密跟踪国证航天指数，申万一级军工行业占比高达98.2%，堪称全市场"军工 纯度"最高的指数，覆盖航空装备、航天装备、卫星导航、新材料等关键产业链环节，成分股精选军工 领域头部企业，涵盖大飞机研制、低空经济、商业航天等新兴领域，商业航天概念权重占比高达 25.14%。 （文章来源：每日经济新闻） ...

Group 1 - The A-share market indices continued to rise, with the Shanghai Composite Index stabilizing above 3800 points, driven by the defense and military sector, particularly the aerospace ETF (159227) which saw a 1.05% increase and a trading volume of 783.1 million yuan, leading its category [1] - The aerospace ETF has attracted significant capital attention ahead of the upcoming military parade on September 3, achieving a net inflow of funds for two consecutive trading days, with the latest scale reaching 1.021 billion yuan, a record high since its establishment [1] - The military construction plan for the "14th Five-Year Plan" is in a critical phase of capability integration delivery, with expected acceleration in order demand, while the "15th Five-Year Plan" will provide a clear development blueprint for the military industry over the next three to five years [1] Group 2 - Jianghai Securities maintains a long-term positive outlook on the military industry, citing three main reasons: qualitative changes in the fundamentals of national defense and military, ongoing regional instability driving military trade growth, and limited probability of significant adjustments in the military sector ahead of the parade [2] - The aerospace ETF closely tracks the National Aerospace Index, focusing on core areas of military aerospace, with a high concentration in the military industry, where the first-level military industry accounts for 97.86% of the index [2] - The component stocks of the aerospace ETF have a weight of 66.8% in aerospace equipment, significantly surpassing other military indices, indicating the ETF's high purity in military exposure [2]

Core Viewpoint - The company, Jiangxi Hongdu Aviation Industry Co., Ltd., is set to hold a half-year performance briefing on September 1, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on September 1, 2025, from 13:00 to 14:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, enabling real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [4]. - A pre-collection of questions will be available from August 25 to August 29, 2025, allowing investors to submit inquiries via the website or email [4][6]. - The company will address commonly asked questions during the briefing [3][4]. Group 3: Contact Information - The contact department for inquiries is the Comprehensive Management Department, reachable at phone number 0791-87669749 or via email at hd600316@hongdu.com.cn [6].

证券代码：600316 证券简称：洪都航空 公告编号：2025-021 江西洪都航空工业股份有限公司 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： ?会议召开时间：2025 年 9 月 1 日（星期一）13:00-14:00 ?会议召开地点：上海证券交易所上证路演中心（网址： 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 8 月 25 日（星期一）至 8 月 29 日（星期 五）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 hd600316@hongdu.com.cn 向公司提问，公司将在说 明会上对投资者普遍关注的问题进行回答。 江西洪都航空工业股份有限公司（以下简称"公司" ）预计将于 。为便于广大投资 者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公 司计划于 2025 年 9 月 1 日（星期一）13:00-14:00 举行 ...

证券代码：600316 证券简称：洪都航空 公告编号：2025-021 江西洪都航空工业股份有限公司 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： 江西洪都航空工业股份有限公司（以下简称"公司"）预计将于 2025 年 8 月 30 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 年半年度的经营成果、财务状况，公 司计划于 2025 年 9 月 1 日（星期一）13:00-14:00 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 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通， 1 会议召开时间：2025 年 9 月 1 日（星期一）13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可 ...