Core Viewpoint - The company confirmed its involvement in the CJ1000A project, providing titanium alloy castings and high-temperature alloy master alloys for the engine [1] Group 1 - The company has applied its products, including titanium alloy castings and high-temperature alloy master alloys, in the CJ1000A engine [1] - The company is currently working according to the planned schedule for the CJ1000A model [1]

Group 1 - The company, Hangcai Co., Ltd. (688563.SH), has confirmed that its titanium alloy castings and high-temperature alloy master alloys are utilized in the CJ1000A engine [1] - The company is currently working according to the planned schedule for this engine model [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.361 billion yuan for the first half of 2025, a year-on-year decrease of 9.87%. The net profit attributable to the parent company was 280 million yuan, down 9.92% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 708 million yuan, a year-on-year decrease of 14.83%, but a quarter-on-quarter increase of 8.4%. The net profit attributable to the parent company was 146 million yuan, down 10.71% year-on-year, but up 8.02% quarter-on-quarter [2][6] - The gross profit margin showed resilience, with a sales gross margin of 31.3% for H1 2025, an increase of 1.86 percentage points year-on-year. The gross margin for Q2 2025 was 32.96%, up 4.26 percentage points year-on-year and 3.45 percentage points quarter-on-quarter [12] Summary by Sections Revenue and Profitability - H1 2025 revenue was 1.361 billion yuan, down 9.87% year-on-year. The net profit was 280 million yuan, down 9.92% year-on-year. Q2 2025 revenue was 708 million yuan, down 14.83% year-on-year but up 8.4% quarter-on-quarter [2][6] - The gross profit margin for H1 2025 was 31.3%, up 1.86 percentage points year-on-year. The sales net profit margin was 20.59%, a slight decrease of 0.01 percentage points year-on-year [12] Business Segments - In H1 2025, the revenue from the aviation finished parts business was 630 million yuan, down 13.2% year-on-year. The basic materials business revenue was 610 million yuan, up 6.2% year-on-year. The non-aviation finished parts revenue was 60 million yuan, down 65.1% year-on-year [12] - The processing service business revenue was 50 million yuan, up 47.8% year-on-year [12] Cash Flow and Financial Health - The company’s contract liabilities increased significantly, indicating a recovery trend in industry demand. The net cash flow from operating activities was 37 million yuan, a year-on-year increase of 121.55% [12] - As of the end of H1 2025, the inventory balance was 1.204 billion yuan, a decrease of 1.15% from the beginning of the period. Accounts receivable and notes balance was 2.33 billion yuan, an increase of 10.32% from the beginning of the period [12]

Group 1 - The establishment of Jiangsu Titanium Alloy Precision Casting Co., Ltd. aims to enhance the self-sufficiency of key components for aviation engines and increase the production capacity of titanium alloy precision casting [1] - The agreement between the company and the Jiangsu Economic Development Zone Management Committee includes a commitment to transfer 77% of the shares of Jiangsu Titanium Alloy to the company within 24 months after its establishment, pending approval from higher authorities [1] - The company has been managing Jiangsu Titanium Alloy since December 2021 under a management agreement, ensuring that it acts in the best interest of the company while avoiding any competition [2] Group 2 - As of June 3, 2024, the company obtained 77% control of Jiangsu Titanium Alloy after receiving necessary approvals from relevant government bodies [2] - The asset evaluation for the share transfer has been completed and is awaiting the issuance of an evaluation report from the state-owned asset supervision authority to proceed with the transfer [3] - The company is in compliance with national asset supervision and securities regulations, indicating no substantial obstacles to the share transfer process [3]

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板 公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司 所披露的风险因素，审慎作出投资决定。 北京航空材料研究院股份有限公司 Baimtec Material Co., Ltd. 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 1-1-1 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 北京航空材料研究院股份有限公司 招股说明书 （北京市海淀区永翔北路 5 号） | 发行 ...

公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司 所披露的风险因素，审慎作出投资决定。 北京航空材料研究院股份有限公司 Baimtec Material Co., Ltd. （北京市海淀区永翔北路 5 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） 北京航空材料研究院股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1 北京航空材料研究院股份有限公司 招股意向书 本次发行概况 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 本次股票发行后拟在科创板市 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板 公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司 所披露的风险因素，审慎作出投资决定。 北京航空材料研究院股份有限公司 Baimtec Material Co., Ltd. （北京市海淀区永翔北路 5 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 免责声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行 相应程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之 用。投资者应当以正式公告的招股说明书全文作为作出投资决定的依据。 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 北京航空材料研究院股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》规 ...