Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company achieved a revenue of 29.086 billion yuan in 2025, a year-over-year decrease of 2.3%, primarily due to the impact of final customer delivery schedules and a decline in delivery volume. However, the net profit attributable to shareholders increased by 17.27% to 652 million yuan, and the non-recurring net profit rose by 16.34% to 561 million yuan [6][7] - The company is focusing on the low-altitude economy, with dual layouts in civil helicopters and eVTOL (electric Vertical Take-Off and Landing) aircraft. The AC series helicopters are central to this strategy, with significant progress in certification and development [6] - Profit forecasts for the company indicate net profits of 748 million yuan, 862 million yuan, and 955 million yuan for 2026, 2027, and 2028 respectively, corresponding to price-to-earnings ratios of 37, 32, and 29 [6][7] Financial Performance - In 2025, the company reported a total revenue of 29.086 billion yuan, with a net profit of 652 million yuan, reflecting a year-over-year growth of 17.27%. The fourth quarter of 2025 saw a revenue of 14.039 billion yuan, a year-over-year increase of 12.62% [6][7] - The company's gross margin decreased to 9.22% in 2025, down by 1.25 percentage points year-over-year, while the net profit margin improved to 2.05%, an increase of 0.43 percentage points [6][15] - The company's total assets were reported at 51.538 billion yuan at the end of 2025, with a debt-to-asset ratio of 65.7% [6][15] Future Projections - Revenue projections for the company are set at 33.196 billion yuan for 2026, 37.527 billion yuan for 2027, and 42.052 billion yuan for 2028, with expected growth rates of 14%, 13%, and 12% respectively [7][15] - The company anticipates a gradual improvement in profitability, with operating profit expected to reach 722 million yuan in 2026, 830 million yuan in 2027, and 918 million yuan in 2028 [7][15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 中國航空科技工業股份有限公司 公司秘書 吳筠 北京，二零二六年三月二十七日 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下爲中航直升機股份有限公司於上海證券交易所網站刊發之公告。 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生、胡世偉女士和高繼明先生，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先 生組成。 *僅供識別 中航直升机股份有限公司2025 年年度报告 公司代码：600038 公司简称：中直股份 中航直升机股份有限公司 2025 年年度报告 1 / 166 中航直升机股份有限公司2025 年年度报告 重要提 ...

Core Viewpoint - The AC332 helicopter successfully completed high-cold environment test flights, validating its performance in extreme low-temperature conditions, which is crucial for obtaining the model certification [2] Group 1: Test Flight Details - The AC332 helicopter conducted 10 flight tests totaling 11 hours and 24 minutes, along with 4 ground tests totaling 2 hours and 15 minutes [2] - The test included 16 experimental projects focusing on training mode adjustments, B-class takeoff, handling characteristics, stability, environmental control systems, and hydraulic systems [2] Group 2: Purpose and Importance of Testing - The high-cold test flights are essential for verifying the reliability and safety of the helicopter's systems and components in cold environments, enabling it to perform various tasks such as material delivery, search and rescue, and medical transport [2] - This testing is a critical step in ensuring the aircraft meets airworthiness and safety requirements before obtaining the model qualification certificate [2]

Core Insights - The successful maiden flight of the T1400 unmanned helicopter marks a significant achievement for Harbin United Aircraft Technology Co., a subsidiary of the United Aircraft Group, showcasing advancements in payload and endurance capabilities [1][3] - The T1400 helicopter can carry a maximum payload of 650 kilograms, enabling it to perform cross-regional material delivery and extensive inspection tasks, indicating its potential applications in agriculture, logistics, and emergency rescue [1][3] Industry Development - Heilongjiang Province is accelerating the development of its aviation industry, leveraging a strong industrial foundation to build a comprehensive aviation manufacturing supply chain and cultivate a skilled workforce in aircraft research and manufacturing [3][4] - The province's aviation industry cluster has been upgraded since the 14th Five-Year Plan, with the Harbin aviation cluster recognized as a national advanced manufacturing industry cluster, enhancing its role in the domestic large aircraft supply chain [3][4] - New breakthroughs in low-altitude economic equipment development are evident, with the emergence of new helicopter models and the establishment of a large unmanned helicopter industrial base, providing robust support for the development of Heilongjiang's low-altitude economy [3][4] Future Plans - In 2024, Heilongjiang will implement measures to promote the low-altitude economy, aiming to cultivate a substantial low-altitude economic scale by 2027, with a focus on innovative applications and a vibrant full industry chain [4][5] - The province plans to strengthen innovation-driven initiatives and deepen open cooperation during the 15th Five-Year Plan, aiming for accelerated growth in the low-altitude economic industry chain, including helicopters and drones [5]

Core Insights - The 7th China Tianjin International Helicopter Expo showcased significant advancements in the general aviation sector, particularly highlighting the capabilities of companies from the Zhengzhou National General Aviation Industry Comprehensive Demonstration Zone [2][3] - The event featured impressive flight demonstrations, including three self-rotating rotorcraft from Henan Sanhe Aviation Industry Co., which attracted considerable attention and praise from attendees [2] - The expo facilitated deep cooperation agreements with multiple emergency management units and agricultural service companies, resulting in a signed intention for 50 aircraft orders [3] Company Highlights - Henan Sanhe Aviation Industry Co. showcased its S750 dual-rotor unmanned aerial vehicle and the "Sun Eagle" self-rotating rotorcraft, filling a domestic gap in the relevant field and obtaining necessary certifications from the Civil Aviation Administration [2] - China Feilong General Aviation Co., recently relocated to Henan, presented a mature operational system covering medical rescue, low-altitude operations, and flight training, demonstrating its leadership in the industry [3] - Zhengzhou National General Aviation Industry Comprehensive Demonstration Zone is developing a complementary economic model combining transport and general aviation, with 59 low-altitude economy enterprises and a fleet exceeding 176 aircraft [3]

Core Viewpoint - The AC332 helicopter has successfully completed its first-ever autorotation landing test in a high-altitude environment, marking a significant milestone for domestic dual-engine helicopters in China [2][6]. Group 1: Test Flight Preparation - The project team has meticulously prepared for the autorotation landing test, conducting thorough simulations and emergency response plans to ensure safety during the high-altitude test [3]. - The team has established clear responsibilities and protocols for each member involved in the test, emphasizing the importance of preparedness in mitigating risks [3]. Group 2: Phased Testing Approach - The testing process involved multiple phases, starting with the expansion of rotor speed parameters in a high-altitude environment, which helped build initial confidence in the helicopter's performance [4]. - Subsequent phases focused on identifying stable autorotation speeds and appropriate landing altitudes, leading to a more refined understanding of the helicopter's capabilities [4][5]. Group 3: Final Test Execution - On the day of the final test, all personnel were on high alert, with emergency teams ready to respond, ensuring that the helicopter was in optimal condition for the test [6]. - The helicopter successfully performed the autorotation landing after simulating an engine failure, demonstrating its reliability and the effectiveness of the project team's preparations [6]. Group 4: Future Implications - The successful completion of the autorotation landing test positions the AC332 as a leading product in the domestic civil helicopter market, with potential applications in emergency rescue and other critical operations [6].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry [3] Core Insights - The new forms of warfare are driving demand for advanced weaponry, characterized by "intelligent, systematic, and informational" capabilities, which are becoming critical for major power strategic competition [2][25] - Global military spending is projected to reach $2.718 trillion in 2024, marking a 9.4% year-on-year increase, the highest growth since the Cold War, and has been rising for ten consecutive years, providing a solid material foundation for the military industry [2][26][27] - The report highlights the increasing importance of low-cost military equipment, as demonstrated in the Russia-Ukraine conflict, prompting nations to focus on cost-effectiveness in military procurement [28][29] Summary by Sections New Warfare Forms Create New Demands - Recent international conflicts have highlighted the need for new types of weaponry, with a focus on unmanned systems, information warfare, and electronic warfare [2][25] - The military industry is experiencing a transformation driven by the evolving nature of warfare, leading to new demands and trade systems [2][3] Global Military Spending Trends - Military spending is expected to grow significantly, with the top five spenders being the USA, China, Russia, Germany, and India [26][27] - The report notes that military spending is a primary source of funding for the military industry, particularly for equipment expenses [27] Cost-Effectiveness in Military Procurement - The report emphasizes the need for low-cost solutions in military equipment, as seen in the effectiveness of low-cost drones during high-intensity conflicts [28][29] - It discusses the importance of considering total lifecycle costs, including procurement, maintenance, and operational costs, in military equipment development [29][30] Index Component Adjustments - Recent adjustments to major indices have resulted in several military industry stocks being added, which may lead to increased market attention and potential capital inflows [12] Investment Recommendations - The report suggests focusing on sectors such as unmanned equipment, military intelligence, satellite internet, and electronic countermeasures for investment opportunities [15][16] - Specific companies and sectors within the military equipment supply chain, such as fighter jets, drones, and missile systems, are highlighted as potential investment targets [15][16]