13年前的11月23日，一个载入中国航空史册的日子。 凛冽的海风冲击着渤海湾。在众人的期盼下，一架黄色涂装的歼-15战机在辽宁舰甲板上勾住阻拦索。这一历史性时刻标志着中国成为世界少数掌握舰 载机起降技术的国家。 而这架飞机，就是我国自主研发的首型舰载战斗机——歼-15"飞鲨"。 一剑出鞘，何其艰难。 舰载机与陆基飞机有着天壤之别，它要在号称"世界上最危险的4.5英亩"的航母甲板上起降，没有经验，也没有现成的技术可借鉴。 时任中航工业沈阳飞机工业集团董事长的罗阳便带领研制团队不断自力更生、自主创新，攻克了一系列舰载机特有的关键技术。在歼-15成功着舰的几 天前，罗阳登上了辽宁舰，参加舰载机起降训练。 歼-15战机在辽宁舰甲板上勾住阻拦索。沈飞公司供图 为了按时完成型号研制任务，参与研制任务的技术专家经常问自己："到底能不能完成，到底能不能按时完成，到底能不能提前完成？"正是这种争分夺 秒的态度和坚韧不拔的精神，帮助团队克服重重困难，按时完成了一个又一个项目节点。 "鹘鹰"。沈飞公司供图 "鹘鹰"，在经过无数次的锤炼与打磨后，终于迎来了它的终极形态——歼35。从"鹘鹰"到歼-35，不是简单的型号变更，而是一次化茧 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 20.607 billion yuan for the first three quarters of 2025, a year-over-year decrease of 18.54%, with a net profit attributable to shareholders of 1.362 billion yuan, down 25.10% year-over-year. The performance aligns with expectations [1]. - In the third quarter of 2025, the company achieved a revenue of 5.978 billion yuan, reflecting a year-over-year increase of 62.77%, and a net profit of 225 million yuan, up 12.89% year-over-year. Profitability remained stable overall [1]. - The company successfully raised 4 billion yuan through a private placement to enhance its equipment development and improve maintenance capabilities through an investment in its subsidiary [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company's gross margin decreased by 0.65 percentage points to 11.83%, while the net profit margin fell by 0.50 percentage points to 6.64%. The gross margin for Q3 2025 was 10.79%, down 1.42 percentage points year-over-year, and the net profit margin was 3.96%, down 1.27 percentage points year-over-year [1]. - The company experienced a significant increase in prepaid supplier payments, which rose by 104.17% to 4.230 billion yuan compared to the beginning of the year. Accounts receivable increased by 2.73% to 20.388 billion yuan, while inventory decreased by 5.09% to 12.909 billion yuan [2]. - The company forecasts net profits attributable to shareholders of 3.030 billion yuan, 3.817 billion yuan, and 4.624 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 59x, 47x, and 38x [4][5].

Core Viewpoint - The report highlights a significant decline in revenue and profit for AVIC Shenyang Aircraft Company in the first half of 2025, attributed to changes in product delivery schedules and structural adjustments in offerings [2][3]. Company Overview and Financial Indicators - The company reported a total revenue of approximately 14.63 billion yuan, a decrease of 32.35% compared to the same period last year [3]. - Total profit amounted to approximately 1.33 billion yuan, down 27.01% year-on-year [3]. - The net profit attributable to shareholders was approximately 1.14 billion yuan, reflecting a 29.78% decline compared to the previous year [3]. - The company's net assets increased by 3.15% to approximately 17.61 billion yuan, while total assets rose by 4.20% to approximately 64.18 billion yuan [3]. Business Operations - The main business focus is on the manufacturing of aviation products, including defense equipment and civil aviation products, with a core emphasis on defense equipment [4]. - The company operates under a direct sales model, aligning production and delivery schedules with customer procurement plans based on national defense strategies and civil aviation market demands [4][5]. - The aviation industry is characterized as a strategic sector crucial for national security and comprehensive national strength, with the company positioned as a key player in this field [5]. Competitive Analysis - The company is recognized as a major research and manufacturing base for defense equipment in China, with over 70 years of experience in the sector [6]. - It has established a comprehensive R&D, production, and sales system, maintaining a leading position in technology, craftsmanship, and talent development within the industry [6][7]. - The company has made significant advancements in digital manufacturing technologies and has been recognized as a national high-tech enterprise [6][7]. Financial Performance Analysis - The operating costs decreased by 32.14% to approximately 12.84 billion yuan, in line with the drop in revenue [8]. - Research and development expenses saw a significant reduction of 67.88%, amounting to approximately 182.44 million yuan, influenced by project timelines [8]. - The net cash flow from operating activities was approximately 3.09 billion yuan, a notable improvement compared to the previous year [8]. Asset and Liability Situation - Cash and cash equivalents increased by 55.20% to approximately 15.35 billion yuan, primarily due to funds raised from financing activities [9]. - The company reported a significant decrease in accounts receivable and a notable increase in contract liabilities, indicating changes in payment structures and customer prepayments [9].

Core Viewpoint - The article highlights the achievements and dedication of Chengdu Aircraft Industry Group (CAC) in developing advanced military aircraft, emphasizing the spirit of loyalty, self-reliance, hard work, and innovation in building a strong aviation industry in China [2][10][24]. Group 1: Historical Achievements - In 1964, China successfully flew its first night low-altitude interceptor aircraft, the J-5A, marking the beginning of significant advancements in military aviation [3][4]. - The J-10, China's first independently developed third-generation fighter jet, made its maiden flight in 1998, followed by the J-20, the first fourth-generation fighter jet, in 2011 [2][3]. - The J-10CE model attracted significant attention at the 55th Paris Air Show in June 2025, showcasing China's advancements in military aviation technology [2]. Group 2: Spirit of Dedication - The article emphasizes the unwavering dedication of CAC employees, who often worked under challenging conditions, prioritizing national defense over personal comfort [3][7][8]. - Historical anecdotes illustrate the sacrifices made by engineers and workers, such as working through holidays and enduring difficult living conditions to ensure the success of aircraft development [6][18]. - The motto "The motherland will remember those who are loyal and dedicated" reflects the deep-rooted commitment of CAC personnel to their work and country [9]. Group 3: Self-Reliance and Innovation - The article discusses the importance of self-reliance in achieving international standards in aircraft manufacturing, highlighting the transition from reliance on foreign technology to developing indigenous capabilities [10][12]. - The implementation of Computer Integrated Manufacturing Systems (CIMS) in the late 1980s marked a significant leap in production efficiency and quality, enabling the successful production of the J-10 [11][23]. - Recent innovations, such as the development of the "S-shaped test piece" as an international standard for high-end machine tools, demonstrate CAC's commitment to leading in technology and setting industry benchmarks [21][22][24]. Group 4: Challenges and Resilience - The article recounts the struggles faced by CAC during economic downturns, including diversifying into civilian products to sustain operations before refocusing on military aviation [16][17]. - The perseverance of CAC employees in overcoming technical challenges and maintaining production schedules, even in the face of personal hardships, is a recurring theme [18][19]. - The spirit of hard work and resilience is encapsulated in the phrase "no matter how difficult, we must solve the problems," reflecting the collective determination of the workforce [18]. Group 5: Future Aspirations - CAC aims to continue pushing the boundaries of aviation technology, focusing on areas such as extreme manufacturing and aerospace technology to maintain its competitive edge [24]. - The leadership expresses confidence in the future, emphasizing the importance of innovation and practical efforts to achieve new milestones in aircraft development [24].

Core Viewpoint - The J-10 aircraft represents a significant achievement in China's aviation industry, showcasing the country's self-reliance and innovation in developing advanced military technology [2][3][21]. Group 1: Development and Achievements - The J-10CE aircraft achieved its first combat success in May 2025, successfully downing multiple enemy aircraft without sustaining any losses [2]. - The J-10 aircraft is a third-generation fighter jet entirely designed and developed by China, marking a milestone in the country's military aviation capabilities [8][21]. - The J-10 project was initiated in the early 1980s to address the technological gap with developed countries, leading to the establishment of a new generation of fighter jets [5][6][21]. Group 2: Design and Engineering Process - The design process involved extensive wind tunnel testing and innovative aerodynamic layouts, including the adoption of a canard configuration to enhance lift characteristics [6][8]. - The development of the full-scale metal prototype was a significant milestone, completed in less than two years, which was unprecedented in the history of Chinese aviation [9][10]. - The project faced numerous challenges, including the need for manual drilling of thousands of rivet holes, which required exceptional teamwork and dedication from the engineers and workers involved [17][18]. Group 3: Testing and Validation - The J-10 underwent rigorous testing, including successful flight control system simulations and live-fire missile tests, which validated its combat capabilities [19][20]. - The aircraft achieved a record of completing its test flights without any crashes, a remarkable feat for a third-generation fighter jet [20]. - The successful completion of the J-10's development and testing phases led to its formal induction into the Chinese military in 2003 [22][21]. Group 4: Legacy and Future - The J-10 has paved the way for subsequent advancements in China's military aviation, including the development of the J-20 and J-35 fighter jets, which continue to enhance the country's defense capabilities [26][28]. - The spirit of innovation and dedication demonstrated during the J-10's development serves as an inspiration for future generations of aviation professionals in China [27][28].