Company Overview - Guangzhou Hangxin Aviation Technology Co., Ltd. is located in the Economic and Technological Development Zone of Guangzhou, Guangdong Province, and was established on November 23, 2005. The company was listed on April 22, 2015. Its main business includes the development and testing of airborne equipment, maintenance services, and comprehensive support for airborne equipment, as well as MRO services, aircraft interior decoration, external painting, aircraft dismantling, and aviation asset management [1]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 1.415 billion yuan, representing a year-on-year increase of 2.77%. However, the net profit attributable to the parent company was 17.6244 million yuan, a decrease of 7.31% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 98.7624 million yuan in dividends, with 4.798 million yuan distributed over the past three years [3]. Stock Performance - As of November 6, the company's stock price decreased by 2.03%, trading at 16.91 yuan per share, with a total market capitalization of 4.15 billion yuan. The stock has declined by 6.37% year-to-date and by 9.43% over the last five trading days, while it has increased by 8.47% over the last 20 days [1]. - The stock's trading volume showed a net outflow of 9.4891 million yuan from main funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, the number of shareholders for Hangxin Technology was 35,100, a decrease of 17.56% from the previous period. The average number of tradable shares per shareholder increased by 21.47% to 6,996 shares [2].

Core Viewpoint - The controlling shareholder of Hangxin Technology is set to change to Quzhou Chuangke, with the actual controller becoming Hu Chen, effective from November 4, following a share transfer agreement valued at 535 million yuan, reflecting a discount of 27.76% from the market price [2][3][5]. Share Transfer Details - On October 27, Hangxin Technology's current controlling shareholder, Guangzhou Hengmao, signed a share transfer agreement with Quzhou Chuangke and Hangzhou Changsheng, transferring 9.9557% and 5% of shares respectively at a price of 14.57 yuan per share [3]. - The total transaction price amounts to 535 million yuan, while the closing price on October 27 was 20.17 yuan per share [3]. - After the transfer, Quzhou Chuangke will hold 9.9557% of shares and have voting rights corresponding to 14.9557% of shares due to a voting rights delegation from Hangzhou Changsheng [3][4]. Financial Performance - Hangxin Technology reported a net profit of -95.38 million yuan for 2024, a significant decline from previous years, with net profits of 25.53 million yuan in 2021, 27.03 million yuan in 2022, and 24.04 million yuan in 2023 [6][9]. - The company has faced challenges, including increased accounts receivable and higher bad debt provisions, contributing to its negative profit [9]. Strategic Intentions - Guangzhou Hengmao's decision to transfer shares is part of a strategic adjustment, while Quzhou Chuangke and Hangzhou Changsheng aim to leverage their operational management experience and industry resources to enhance Hangxin Technology's competitiveness [5][9]. - Quzhou Chuangke is backed by state-owned investment platforms, indicating potential for strategic support in the company's future operations [9].

Core Viewpoint - The controlling shareholder of Hangxin Technology is set to change to Quzhou Chuangke, with the actual controller becoming Hu Chen, effective from November 4, following a share transfer agreement valued at 535 million yuan, which reflects a discount of 27.76% compared to the market price on October 27 [1][2][3]. Group 1: Share Transfer Details - Hangxin Technology's current controlling shareholder, Guangzhou Hengmao, will transfer 9.9557% and 5% of its shares to Quzhou Chuangke and Hangzhou Changsheng, respectively, at a price of 14.57 yuan per share [2][3]. - The total transaction amount for the share transfer is 535 million yuan, with the closing price on October 27 being 20.17 yuan per share [3]. - After the transfer, Quzhou Chuangke will hold 9.9557% of the shares and have voting rights corresponding to 14.9557% of the total shares [3][4]. Group 2: Financial Performance - Hangxin Technology reported a net profit of -95.38 million yuan for 2024, a significant decline from previous years, with net profits of 25.53 million yuan in 2021, 27.03 million yuan in 2022, and 24.03 million yuan in 2023 [8][11]. - The company has faced increased bad debt provisions due to a rise in accounts receivable from special institutional clients [11]. - The revenue for 2024 was approximately 1.70 billion yuan, reflecting a 7.87% increase from 2023 [10]. Group 3: Strategic Intentions - Quzhou Chuangke and Hangzhou Changsheng aim to leverage their operational management experience and industry resources to enhance Hangxin Technology's management and resource allocation, thereby improving its core competitiveness [11]. - The change in control is part of a strategic adjustment by Guangzhou Hengmao, which has previously undergone ownership changes, the last being in June 2021 [5][7].

Core Viewpoint - The controlling shareholder of Hangxin Technology is set to change to Quzhou Chuangke, with the resumption of trading on November 4 following a suspension since October 28 due to the ownership change announcement [2][5]. Group 1: Ownership Change Details - Hangxin Technology's current controlling shareholder, Guangzhou Hengmao, will transfer shares to Quzhou Chuangke and Hangzhou Changsheng, with a total transaction value of 535 million yuan at a price of 14.57 yuan per share, reflecting a discount rate of 27.76% compared to the closing price of 20.17 yuan on October 27 [9][10]. - After the transfer, Quzhou Chuangke will hold 9.9557% of the shares and have voting rights corresponding to 14.9557% of the shares, effectively becoming the new controlling shareholder with Hu Chen as the actual controller [10]. Group 2: Financial Performance and Strategic Reasons - Hangxin Technology reported a projected loss exceeding 90 million yuan for 2024, attributed to increased receivables and higher bad debt provisions [11][15]. - The company’s net profit figures from 2021 to the first three quarters of 2025 show a decline, with a net profit of -95.38 million yuan in 2024 compared to profits in previous years [13][15]. - Guangzhou Hengmao's decision to divest is part of a strategic adjustment, while Quzhou Chuangke and Hangzhou Changsheng aim to leverage their operational management experience to enhance Hangxin Technology's competitiveness [12][16]. Group 3: Background on Quzhou Chuangke - Limited public information is available about Quzhou Chuangke, but it is known to include shareholders from Quzhou's state-owned assets investment platform, with a significant stake held by Quzhou City Xin'an Guanghe Industry M&A Equity Fund [17].

Core Viewpoint - Hangxin Technology is a leading provider of integrated support services for airborne equipment in China, with a comprehensive service capability across the entire industry chain [1] Group 1: Company Overview - Hangxin Technology was established on November 23, 2005, and listed on the Shenzhen Stock Exchange on April 22, 2015, with its registered and office address in Guangzhou, Guangdong Province [1] - The company engages in the research and development of airborne equipment, testing equipment, maintenance services, and various MRO (Maintenance, Repair, and Overhaul) activities, including base maintenance, line maintenance, and aircraft asset management [1] Group 2: Financial Performance - For Q3 2025, Hangxin Technology reported revenue of 1.415 billion yuan, ranking 21st among 48 companies in the industry, with the top company, AVIC Xi'an Aircraft Industry Group, achieving revenue of 30.244 billion yuan [2] - The revenue breakdown shows that maintenance and service income accounted for 84.49% (792 million yuan), while equipment development and support contributed 15.24% (143 million yuan) [2] - The net profit for the same period was 26.4241 million yuan, placing the company 34th in the industry, with the leading company, AVIC Shenyang Aircraft Corporation, reporting a net profit of 1.369 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Hangxin Technology's debt-to-asset ratio was 67.86%, higher than the previous year's 65.89% and above the industry average of 39.42%, indicating significant debt pressure [3] - The company's gross profit margin was 28.86%, an increase from 25.68% year-on-year, but still below the industry average of 30.54%, suggesting a relatively lower profitability compared to peers [3] Group 4: Management Compensation - The chairman, Wang Lei, received a salary of 1.3776 million yuan in 2024, while the general manager, Yu Houshu, earned 1.4485 million yuan, a decrease from the previous year's 1.4996 million yuan [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.56% to 35,100, while the average number of circulating A-shares held per shareholder increased by 21.47% to 6,996.36 [5]

Core Viewpoint - The company, Hangxin Technology (300424), is actively involved in the development and provision of services in the fields of equipment manufacturing, aviation maintenance, and services, with a focus on the low-altitude economy [1] Group 1 - The company's business encompasses equipment research and development, as well as aviation maintenance and services [1] - The products and services offered by the company have broad applications in the low-altitude sector [1] - The company is proactively positioning itself in the development of the low-altitude economy [1]