9月23日，江航装备盘中下跌2.02%，截至10:09，报10.67元/股，成交2785.08万元，换手率0.33%，总市 值84.44亿元。 资金流向方面，主力资金净流入204.86万元，大单买入514.24万元，占比18.46%，卖出309.38万元，占 比11.11%。 江航装备今年以来股价涨12.55%，近5个交易日跌2.73%，近20日跌14.30%，近60日跌5.32%。 江航装备所属申万行业为：国防军工-航空装备Ⅱ-航空装备Ⅲ。所属概念板块包括：军民融合、大飞 机、央企改革、商业航天（航天航空）、航天军工等。 截至6月30日，江航装备股东户数1.81万，较上期增加4.10%；人均流通股43797股，较上期减少3.94%。 2025年1月-6月，江航装备实现营业收入4.72亿元，同比减少20.40%；归母净利润3660.14万元，同比减 少64.86%。 分红方面，江航装备A股上市后累计派现4.09亿元。近三年，累计派现2.76亿元。 机构持仓方面，截止2025年6月30日，江航装备十大流通股东中，国泰中证军工ETF（512660）位居第 八大流通股东，持股366.52万股，相比上期增加56.53 ...

Group 1 - The company Jianghang Equipment primarily produces aviation equipment, including aviation oxygen systems, onboard fuel tank inerting protection systems, auxiliary fuel tanks, sensitive components, and oxygen ground equipment [2] - The company's products and services are mainly provided to major domestic manufacturers and the military, supporting all research and operational military aircraft as well as some civil and general aviation aircraft with equipment needs [2]

证券日报网讯 江航装备9月10日在互动平台回答投资者提问时表示，公司产品包括航空氧气系统、机载 油箱惰性化防护系统、飞机副油箱以及敏感元件、氧气地面设备等，为国内各大主机厂、军方提供配套 产品和服务，配套供应国内所有在研、在役军机以及部分民机。现已开展多型民航客机氧气系统机组、 旅客、便携全构型复杂系统的集成以及惰化防护系统研制配套工作。未来，公司将持续加大在民机领域 的资源投入，服务国家大飞机战略，推进多型客机研制配套。同时，落实PMA产品订单交付，持续拓 展各大航司波音737NG系列客机维修业务市场，提升民机市场份额和影响力。 （编辑 任世碧） ...

Core Viewpoint - Jianghang Equipment (688586) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 was 472 million yuan, a decrease of 20.4% year-on-year [1]. - Net profit attributable to shareholders was 36.6 million yuan, down 64.86% year-on-year [1]. - In Q2 2025, total revenue was 262 million yuan, a decline of 7.81% year-on-year, while net profit was 16.6 million yuan, down 61.7% year-on-year [1]. - The gross profit margin was 28.7%, a decrease of 23.14% year-on-year, and the net profit margin was 7.76%, down 55.86% year-on-year [1]. - The company’s accounts receivable increased by 33.78% year-on-year, reaching 1.206 billion yuan [1]. Key Financial Ratios - The company’s return on invested capital (ROIC) was 4.56%, indicating weak capital returns [3]. - The historical median ROIC since the company’s listing is 9.78%, with a notable low of 0.51% in 2016 [3]. - The average operating cash flow over the past three years is only 16.38% of current liabilities, suggesting potential liquidity concerns [3]. Business Model and Operations - The company relies heavily on research and development for its business performance [3]. - Major products in the aviation equipment sector include oxygen systems, fuel tank inerting systems, and ground oxygen equipment, primarily serving domestic military and civil aviation needs [4]. Shareholder Information - The largest fund holding Jianghang Equipment is the Jianxin CSI 1000 Index Enhanced A, which has reduced its holdings [4]. - The fund's recent performance shows a net asset value increase of 0.29% on the last trading day, with a 73.45% increase over the past year [4].