Core Viewpoint - The performance differences among peers in the industry are attributed to variations in business structure and market positioning [1] Group 1: Company Performance - AVIC Heavy Machinery maintains a technological lead in the aerospace forging and casting sector [1] - The proportion of commercial aviation and civilian product business has effectively increased [1]

Core Viewpoint - The agreement between Anfei Company and Wudang Industrial Development Group to manage Anhang Company is expected to enhance the delivery capacity of aviation components and strengthen industry chain collaboration [1] Group 1: Agreement Details - Anfei Company signed a management agreement with Wudang Industrial Development Group and Anhang Company on September 28, 2025, with a management fee of 840,000 yuan per year [1] - Anhang Company was established on August 7, 2025, and has the necessary equipment to meet the processing requirements for aviation forging and casting products [1] Group 2: Operational Impact - The management agreement includes a nurturing period, trial operation period, and operational period, along with performance incentives [1] - The transaction is not classified as a related party transaction or a major asset restructuring, thus does not require approval from the company's board or shareholders [1] Group 3: Long-term Development - The transaction is viewed as having a positive impact on the long-term development of the company [1] - The company acknowledges potential risks in contract execution but is committed to actively addressing them [1]