Core Insights - The C919 aircraft has successfully completed its first commercial flight and is expanding its route network, now covering 16 cities in China, including major hubs like Shenzhen and Xiamen [1][3] - The C919 is gaining attention from both domestic and international airlines, with its performance on high-revenue routes serving as a testament to its reliability and profitability potential [1][3] - China Commercial Aircraft Corporation (COMAC) has secured over 360 orders for the C919, aiming to compete with established players Boeing and Airbus in the domestic market [4] Group 1 - The C919 has launched new routes connecting Shenzhen and Xiamen, enhancing its network to include all four first-tier cities in China [1][3] - China Eastern Airlines (China Eastern) has begun operating the C919 on the Shanghai to Shenzhen route, marking the aircraft's 13th regular commercial route [3] - The C919's operational success on domestic high-yield routes is crucial for its acceptance by international airlines and regulatory bodies [1][3] Group 2 - COMAC aims to have the C919 operating in Southeast Asia by 2026 and is seeking European certification this year [6] - The C909 regional jet has been in commercial operation with TransNusa in Indonesia, demonstrating the potential for international sales [6] - Ryanair has indicated a willingness to consider purchasing from COMAC if pricing is competitive compared to Boeing and Airbus [7]

Group 1: Financial Performance - The fair value change income from investment properties for 2024 reached 0.28 billion [2] - As of May 20, 2025, the company's orders on hand amounted to 9.15 billion [3] - The number of shareholders as of May 9, 2025, was 52,846 [3] - Revenue growth for 2024 is projected to slow to 6.3%, while operating costs increased by 12.5% [8] Group 2: Business Operations - The company has no investment properties [2] - The advanced aviation parts intelligent interconnected manufacturing base project is progressing as planned [6] - The company is actively expanding its business in the commercial aerospace sector [3] - The shipbuilding business accounts for approximately 5% of total operations [4] Group 3: Customer and Market Engagement - The company’s products are applied in key drone models [2] - The company is directly cooperating with COMAC for the domestic large aircraft business [4] - The gross margin for overseas business is 52%, but its revenue share is less than 5% [8] - The company has specific plans for overseas market expansion [7] Group 4: Research and Development - The proportion of R&D personnel with master's degrees or higher has decreased by 8 percentage points [4] - The company plans to continue increasing R&D investment [4] - The company is a qualified supplier for the CJ1000A engine components [8] Group 5: Debt and Financial Health - The asset-liability ratio has exceeded the 50% warning line, but the current ratio remains above 1.8 [4] - Short-term loans have a credit loan proportion of 65%, an increase of 20 percentage points from 2023 [7] - The company does not have plans for significant stock buybacks [6]

北京安达维尔科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | 投资者关系活 | ☐媒体采访 业绩说明会 | | 动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称 | 线上参与公司2024年度网上业绩说明会的投资者 | | 及人员姓名 | | | 时间 | 2025年05月16日15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待 | 董事长、总经理赵子安 副总经理、董事会秘书、财务负责人熊涛 | | 人员姓名 | | | | 独立董事郭宏 1.公司如何参与我国大飞机发展建设的？ | | | 答:投资者您好，公司是国内较早参与国产大飞机配套产品研发的企业 之一，已经完成了包括旅客座椅、航空厨房插件系列产品的取证工作，目前 | | | 在按照计划有序推进前述产品市场推广工作。同时，2024年公司结合成都和 | | | 广州两地的技术人才优势及产品和服务更能贴近客户需 ...

Core Viewpoint - China Eastern Airlines successfully launched the commercial operation of the domestically produced C919 aircraft on the Shenzhen to Shanghai Hongqiao route, marking a significant milestone in China's aviation industry [1][4][11]. Group 1: Flight Operations - The inaugural flight MU5331 from Shanghai Hongqiao to Shenzhen Bao'an Airport took place on May 18, 2023, with 161 passengers onboard [4][11]. - Starting from May 19, China Eastern Airlines will operate daily round-trip flights on this route, with flight MU5351 departing Shanghai at 17:40 and returning from Shenzhen at 21:30 [11]. Group 2: Passenger Experience - The C919 aircraft features a unique "Shining China Red" livery, with a cabin configuration of 156 economy seats and 8 business seats, and offers in-flight Wi-Fi services [8][9]. - Many passengers traveled from various cities, including Beijing and Jinan, specifically to experience the inaugural flight of the C919 [4][6]. Group 3: Market Context - The Shenzhen to Shanghai Hongqiao route is the busiest at Shenzhen Airport, with 82 flights operated by 7 airlines daily, reflecting a robust air travel market between the two cities [11][13]. - In the first four months of this year, passenger numbers on this route increased by nearly 10% year-on-year, indicating strong demand for air travel [11][13]. Group 4: Operational Preparedness - Shenzhen Airport and air traffic control implemented comprehensive preparations for the C919's first flight, including special operational plans and staff training to ensure safety and efficiency [9][11]. - The successful execution of the inaugural flight has provided valuable experience for the regular operation of the C919 [9].

新华社香港/上海1月1日电（郭辛、贾远琨、狄春）"早上好！欢迎您搭乘中国东方航空国产大飞机C919 首航航班，从'东方明珠'上海飞往'东方之珠'香港……" 2025年元旦，由东航C919执飞的MU721"上海虹桥—香港"定期商业航班开航。当天10时44分，MU721 平稳落地香港国际机场，缓缓穿过象征民航最高礼仪的"水门"，圆满完成从"东方明珠"上海到"东方之 珠"香港的商业首航之旅。 这是国产大飞机C919首次执飞沪港定期商业航班，正式开启地区航线商业运营。 "以后来香港，也能坐自己国家的大飞机了。"来香港过新年的上海旅客倪韶堃兴奋地说，很高兴成为 C919"沪港快线"的首批旅客，也期待未来有更多搭乘C919的体验。 "儿子是飞机迷，所以我对国产大飞机关注度一直很高。"经常公务往来香港的内地居民万杰说，宽敞的 机舱环境让他成为C919各条航线的忠实粉丝，"C919为我们提供了更多元化的选择。" 由东航C919执飞的"上海虹桥—香港"定期商业航班将每天执行1班往返，由上海飞往香港的MU721航班 8时15分从上海虹桥起飞，10时50分到达香港；由香港返程的MU722航班11时55分起飞，14时05分返抵 上海 ...

除了订单，C919的交付能力也同样备受外界关注。公开数据显示，截至2024年12月末，C919累计交付 16架，分别交付给东航10架、国航3架、南航3架。 中国商飞发布的《2021-2040年商用航空发动机市场预测》数据显示，预计未来二十年,中国航空市场将 接收50座级以上客机9084架,市场规模约1.4万亿美元。 饱满的在手订单，再加上自主可控的背景，使得国产大飞机赛道具备较强的确定性。业界预计，伴随材 料、机载设备、发动机等环节国产化率的提高，国产大飞机产业链的价值有望进一步提升。 据悉，在商业化运营取得良好效果的同时，C919产能建设持续推进。据中国商飞公众号，2024年12 月，中国商飞公司在总装制造中心浦东基地举行大飞机规模化系列化建设项目启动活动，中国商飞公司 在加快自身能力建设的同时，将进一步加强与产业链上下游企业合作，依托大飞机项目促进更多航空企 业和资源在沪集聚。 近年来，中航西飞紧抓民机发展新机遇，统筹国内和国际两个市场，承担了C909、C919、AG600、 B737、A320等国内外大中型民用飞机机体部件设计、制造、配套与服务，与欧洲空中客车公司、美国 波音公司以及中国商用飞机有限责任 ...

Group 1 - In 2025, China's defense expenditure is projected to be 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2% [4][8][10] - The Indian military conducted strikes against multiple targets in Pakistan, escalating regional tensions [4][8] - The domestic aircraft industry, particularly the C919, has a backlog of orders exceeding 1 trillion yuan, with a significant portion of its structure designed and manufactured by Chinese companies [4][28][27] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's technology growth stocks increased by 5.69% from May 6 to May 9, 2025, with 91% of companies experiencing price increases [4][35][37] - The median P/E ratio for the new energy sector rose by 7.72% to 37.6X, indicating a positive trend in valuations [41][62][64] - The median P/E ratio for the electronic equipment sector increased from 55.1X to 56.0X, with a total market capitalization rising from 1,314.2 billion yuan to 1,398.0 billion yuan [41][43][44] Group 3 - The mechanical equipment sector's median P/E ratio rose from 55.8X to 58.7X, with total market capitalization increasing from 958.0 billion yuan to 1,022.8 billion yuan [48][49][50] - The information technology sector's median P/E ratio increased from 81.7X to 86.4X, with total market capitalization rising from 861.8 billion yuan to 890.0 billion yuan [53][54][56] - The automotive sector's median P/E ratio increased from 31.0X to 32.9X, with total market capitalization rising from 539.5 billion yuan to 557.2 billion yuan [58][61] Group 4 - The North Exchange's aerospace and military industry chain includes 15 companies, highlighting the growth potential in this sector amid geopolitical tensions [4][32][33] - The C919 aircraft is positioned to compete with Boeing's 737 series and Airbus's A320 series, indicating a strategic move towards enhancing domestic capabilities in the aviation market [4][27][28]

Core Viewpoint - The AG600 amphibious aircraft has successfully completed a series of tests, including side wind takeoff and landing, confirming its safety and reliability under challenging conditions, which is crucial for expanding its operational capabilities and applications [1] Group 1: Test Achievements - The AG600 has completed land-based side wind takeoff and landing tests in Xilin Gol, Inner Mongolia [1] - The aircraft has also undergone engine vibration tests and propeller vibration stress tests on the ground [1] - These tests are part of the envelope expansion trials following the aircraft's certification, validating its performance in adverse weather conditions [1] Group 2: Implications for Future Operations - The successful completion of these tests enhances the AG600's ability to perform in complex environments [1] - The results are significant for expanding the aircraft's operational range and application scenarios [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Domestic Aircraft Manufacturing**: Focus on the C919 aircraft and its potential to replace Boeing's market share in Europe [2][3] - **Military Trade**: Insights into the military trade dynamics between India and Pakistan, and the implications for Chinese military exports [4][5][6] - **Pharmaceuticals**: Discussion on the global sales of semaglutide and its impact on the obesity treatment market [8][9] - **Chemical Industry**: Analysis of the price movements in the chemical sector, particularly ethylene glycol and its derivatives [12][13][14] - **Textiles**: Overview of the textile industry, particularly the impact of U.S.-China trade relations on exports [15] - **Technology and Automation**: Developments in automated equipment and smart transportation solutions [20][21] Core Points and Arguments Domestic Aircraft Manufacturing - The C919 aircraft is expected to capture part of Boeing's market share in Europe due to potential tariffs on Boeing products [2] - China Commercial Aircraft Corporation (COMAC) plans to increase C919 production capacity significantly from 75 to 200 aircraft by 2029, a 33% increase compared to 2027 [2] - The Airbus Tianjin assembly line exemplifies successful Sino-European aviation cooperation [2] Military Trade - The escalation of armed conflict between India and Pakistan has implications for military trade, with Pakistan being a major recipient of Chinese military exports [4] - China’s military products have gained a significant market share globally, with Pakistan accounting for over 50% of China's military exports from 2017 to 2024 [4] - Key companies involved in military trade include Aerospace Changfeng and other defense contractors [4][5][6] Pharmaceuticals - Semaglutide has surpassed K drug in global sales, indicating a strong market for obesity treatments [8] - Novo Nordisk reported a 19% increase in net sales, with semaglutide sales growing by 85% [8] - Related companies include Changshan Pharmaceutical and Jin Kai Biotechnology, which are involved in the production of similar drugs [9] Chemical Industry - Ethylene glycol prices have risen by 1.47%, driven by supply constraints and increased demand [12] - Danhua Technology is a key player in the ethylene glycol market, with a production capacity of 132,000 tons [12] - The chemical sector is experiencing a surge due to rising prices of various chemical products [13][14] Textiles - The U.S. Treasury's comments on trade relations may ease the impact of tariffs on textile exports [15] - Huafang Co. has a significant share of the global market for lyocell fabrics, with a focus on sustainable production [15] - The company reported that 40% of its business is linked to the U.S. market, highlighting its international exposure [15] Technology and Automation - Maiwei Co. has developed automated wafer-level hybrid bonding equipment, marking a significant advancement in manufacturing technology [20] - The company is positioned to benefit from the growing demand for advanced packaging solutions in the semiconductor industry [20] - Dayang Group's recent announcement regarding the lifting of an investigation by the U.S. Department of Commerce is expected to positively impact its export orders [21] Other Important but Possibly Overlooked Content - The potential for increased cooperation between China and Russia in various sectors, including military and technology, was mentioned [18] - The impact of geopolitical tensions on supply chains and market dynamics was highlighted, particularly in the context of the India-Pakistan conflict [10][11] - The importance of maintaining accurate and up-to-date information in rapidly changing market conditions was emphasized throughout the documents [4][5][6][12][15]

Market Overview - A-shares opened significantly higher on May 7, with the ChiNext Index rising over 2% at one point. By the morning close, the Shanghai Composite Index increased by 0.64% to 3337.23 points, the Shenzhen Component Index rose by 0.19%, and the ChiNext Index gained 0.4%. The total trading volume in A-shares reached 9890.32 billion yuan [1]. Monetary Policy - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 195.5 billion yuan at a fixed rate of 1.50% on May 7. The central bank announced a reduction in the reserve requirement ratio (RRR) by 0.5 percentage points for financial institutions starting May 15, 2025, and a 5 percentage point reduction for auto finance and leasing companies. Additionally, from May 8, 2025, the PBOC will lower the personal housing provident fund loan rates by 0.25 percentage points [3]. Fund Management - The Chairman of the China Securities Regulatory Commission (CSRC) stated that the "Action Plan for Promoting High-Quality Development of Public Funds" is mature and will be released soon. The plan aims to enhance the stability of fund investment behavior and establish clear performance benchmarks for each fund to avoid deviations from their stated investment objectives [4]. Sector Performance - The military industry stocks experienced a surge, with real estate stocks also showing significant gains. Financial sector stocks contributed to the upward momentum in the market [5]. - The top-performing sectors included large aircraft (3.38%), military-civilian integration (3.33%), and commercial aerospace (2.78%) [6]. Aviation Industry - The large aircraft industry chain is characterized by a "smile curve," indicating reliance on global supply chains. However, COMAC is fostering a "main manufacturer-supplier" business model and actively developing local suppliers. The C919 aircraft is being optimized with composite materials, although there remains a dependency on foreign technology for onboard systems. The CJ1000A engine, developed by AVIC, is currently in testing and is expected to power the C919 in the future, marking a significant step towards independent innovation in the domestic large aircraft sector [7]. Company Insights - **Runbei Aviation Technology**: The company is expected to benefit from the accelerated production and delivery of domestic large aircraft, leading to increased demand for aviation materials [11]. - **Guanglian Aviation**: The company has established a strategic cooperation agreement with Shanghai Lingang New Area Aviation Industry Development Co., aiming to leverage industry cluster advantages and enhance its product offerings in the large aircraft sector [12]. - **Andavil**: The company has a strong position in anti-crash seat production, with stable revenue from military products and new growth opportunities from the domestic large aircraft and low-altitude economy [13]. - **Triangle Defense**: The company has strengthened collaborations with research institutions and universities to advance new material development, enhancing its market competitiveness in defense equipment [14].