中航重机股份有限公司 2024 年年度报告 公司代码：600765 公司简称：中航重机 中航重机股份有限公司 2024 年年度报告 1 / 256 中航重机股份有限公司 2024 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 大信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人冉兴、主管会计工作负责人宋贵奇及会计机构负责人（会计主管人员）李宇声明： 保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025 年 3 月 28 日，公司召开第七届董事会第十次会议，审议通过了《2024 年度利润分配 预案》，经董事审议的报告期利润分配预案或公积金转增股本预案：公司拟向全体股东每 10 股 派发现金红利 1.2180 元（含税），以 2024 年 12 月 31 日公司的总股本 1,575,492,153 股为基 数，共计分配利润 191,8 ...

Group 1 - The core viewpoint of the news is that Huashuo New Power recently conducted research on a listed company, AVIC Heavy Machinery, highlighting its financial outlook and operational stability for 2024 and 2025 [1] - AVIC Heavy Machinery's credit impairment in 2024 is primarily due to historical price adjustments for engine sector clients, which will be fully absorbed in 2024 and will not significantly impact performance in 2025 and beyond [1] - The company's revenue target for 2025 is set at 11.5 billion yuan, with a total profit of 1.3 billion yuan, indicating stable demand and normal production organization in the first quarter [1] - The revenue from domestic large aircraft and international outsourcing business is expected to exceed 1 billion yuan in 2024, with the C919 forging component supply ratio reaching 40% [1] - AVIC Heavy Machinery aims to increase the proportion of commercial aviation and civil industries by 2025, and the integration of Anji Company is expected to strengthen its leading position and core competitiveness in the aviation forging sector [1] Group 2 - Huashuo New Power Asset Management Co., Ltd. is a well-known private equity firm with a registered capital of 60 million yuan, headquartered in Beijing [2] - The company is a joint initiative between a team and Jinling Huashuo Investment Group, which is the controlling shareholder of the listed company Tianma Chemical [2] - Huashuo New Power focuses on becoming a leading multi-asset and multi-strategy asset management institution in China's trading financial market, employing a robust configuration of fund products to provide low-risk and attractive investment returns [2]

Group 1: Maiwei Biotech - Maiwei Biotech has made significant progress in its ADC and TCE innovation platforms for cancer treatment, including the development of the new generation camptothecin toxin MF6 and drugs targeting AML and rrMM [1] - The company collaborates with Insilico Medicine to enhance ADC research efficiency using AI technology, aiming to discover new targets and improve the druggability of large molecules [1] - MW19, the first anti-ST2 monoclonal antibody to enter clinical research in China, has shown preliminary efficacy in COPD patients, with plans to expand its market presence and increase commercial sales revenue [1] Group 2: AVIC Heavy Machinery - AVIC Heavy Machinery's credit impairment in 2024 is primarily due to historical price adjustments in the engine sector, which will be fully absorbed in 2024 and will not significantly impact future performance [2] - The company targets a revenue of 11.5 billion yuan and a profit of 1.3 billion yuan for 2025, with stable demand and normal production in the first quarter [2] - The integration of Anji Company is expected to strengthen AVIC Heavy Machinery's leading position and core competitiveness in the aviation forging sector [2] Group 3: Semir Apparel - Semir Apparel achieved a total revenue of 14.626 billion yuan in 2024, a year-on-year increase of 7.06%, with a net profit of 1.137 billion yuan, up 1.42% [3] - Children's apparel accounted for 70.21% of revenue, growing by 9.55%, while online sales reached 6.672 billion yuan, increasing by 7.14% [3] - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares, totaling 943 million yuan, which represents 82.9% of its net profit [3]

Group 1 - The company announced a correction regarding the execution of daily related transactions for 2024 and the expected transactions for 2025, indicating that some items were incorrectly listed in the previous announcement [2] - The company emphasized that the corrections will not impact its financial status or operating results, and the revised announcement is available on the Shanghai Stock Exchange website [2] - The company expressed its commitment to enhancing the quality of information disclosure and apologized for any inconvenience caused to investors [2] Group 2 - The company provided a supplementary announcement regarding changes in accounting policies and estimates, clarifying the impact of these changes on future profits and losses [3] - The accounting estimate changes will be applied prospectively and will not affect prior financial statements, as they are due to changes in the scope of consolidation [4] - The company confirmed that the supplementary content does not alter any other information in the previous announcement regarding accounting policy changes [4]

证券代码：600765 证券简称：中航重机 公告编号：2025-017 中航重机股份有限公司 2024年日常关联交易执行情况及2025年日常 关联交易预计情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责 任。 一、关联方介绍及关联关系 1.母公司 | | | | | | | | 母公司 | 母公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 母公司名 | 企业 | 注册 | 法人 | 业务 | | | 对本企 | 对本企 | | | | | | | 注册资本 | 组织机构代码 | 业的持 | 业的表 | | 称 | 类型 | 地 | 代表 | 性质 | | | | | | | | | | | | | 股比例 | 决权比 | | | | | | | | | （%） | 例（%） | | 中国贵州航 | | | | | | | | | | 空工业（集 | 国有 | 贵阳 | 马小 | 投资 | 167,087 | 91520000214405 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中航重机股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日在上海证券 交易所网站（www.sse.com.cn）披露了《2024 年日常关联交易执行情况及 2025 年日常关联交易预计情况的公告》（2025-017）。经核查，公司《2024 年日常关 联交易执行情况及 2025 年日常关联交易预计情况的公告》"四、2025 年度公司 日常关联交易的预测"中的部分项目列示有误，现修订如下： | 修订前： | | --- | | 关联交易内容 | 关联企业 | 2024 年预测数 (万元） | | --- | --- | --- | | 销售产品及提供劳务 | 航空工业所属公司及联营企业 | 550,000 | | 采购货物及接受劳务 | 航空工业所属公司及联营企业 | 270,000 | | 存款余额 | 中航工业集团财务有限责任公 司 | 550,000 | | 贷款余额 | 航空工业所属公司 | 310,000 | | 贷款利息支出 | 航空工业所属公司 ...

根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》的 相关规定，本次会计估计变更采用未来适用法进行会计处理，不会对以前年度的 财务状况和经营成果产生影响，无需对已披露的财务报告进行追溯调整，本次会 计估计变更为合并范围发生变动导致的变更，不会对公司未来损益产生影响。 证券代码：600765 证券简称：中航重机 公告编号：2025-021 中航重机股份有限公司 关于会计政策和会计估计变更的补充公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中航重机股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日在上海证券 交易所网站（www.sse.com.cn）披露了《中航重机会计政策和会计估计变更的公 告》（2025-017）。出于审慎的原则，公司对《中航重机会计政策和会计估计变 更的公告》"三、本次会计政策、会计估计变更对公司的影响"进行了关于会计 估计变更对于公司未来损益影响的补充，现补充如下： 除上述补充内容外，公司《中航重机会计政策和会计估计变更的公告》的其 他内容不变。 特此公告。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7][18]. Core Views - The company reported a revenue of 10.36 billion in 2024, a year-on-year decrease of 10.6%, and a net profit of 640 million, down 52.2% year-on-year, primarily due to price adjustments by key model customers [1]. - The company is focusing on high-value areas in aviation, with commercial aviation revenue exceeding 1 billion, a 71% increase year-on-year, and a growing market share in key aviation models [2]. - The company emphasizes research and development, with a R&D expense ratio of 6.5%, and completed 48 research projects in the year [3]. - The company aims for steady growth, projecting a revenue of 11.5 billion in 2025, an 11% increase year-on-year, and a profit of 1.3 billion, a 50% increase [4]. - The company is a leading player in China's aviation forging sector, with rapid growth in domestic large aircraft and international outsourcing [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.36 billion, a decrease of 10.6% year-on-year, and a net profit of 640 million, down 52.2% year-on-year [1]. - The comprehensive gross margin for 2024 was 23.7%, a decline of 7.59 percentage points year-on-year, and the net profit margin was 7.4%, down 5.84 percentage points year-on-year [1]. Business Segments - The forging business generated revenue of 8.27 billion, a decrease of 11.5% year-on-year, with a gross margin of 19.4%, down 10.53 percentage points [2]. - The hydraulic and environmental control business achieved revenue of 1.84 billion, a decrease of 7.3%, with a gross margin of 39.7%, down 4.44 percentage points [2]. - The company’s focus on key aviation models accounted for 76% of revenue, with significant growth in commercial aviation and civil products [2]. Research and Development - The company maintained a strong commitment to R&D, with a 6.5% R&D expense ratio, and completed 48 research projects in the year [3]. Future Outlook - The company projects a revenue of 11.5 billion in 2025, an 11% increase, and a net profit of 1.26 billion, a 97.57% increase year-on-year [5]. - The company is actively exploring new markets in civil aviation, commercial engines, aerospace, and deep-sea sectors [4].

公司报告 | 年报点评报告 中航重机（600765） 证券研究报告 短期业绩承压，长期拓展大军工市场发展动力强劲 事件：公司 2025 年 3 月 30 日发布了 2024 年报，全年实现营收 103.6 亿， YoY-10.6%；归母净利润 6.4 亿元，YoY-52.2%；扣非归母净利润 5.7 亿元， YoY-55.5%。2024 年全年综合毛利率为 23.7%，同比下降 7.59ppt；净利率 为 7.4%，同比下降 5.84ppt。2024 年业绩波动主要是重点型号客户对公司 产品价格进行了调整导致。 ⚫ 聚焦航空重点型号，产品向高价值领域转型；商航、民品高速发展 分行业看，1）锻铸业务实现收入 82.7 亿元，YoY-11.5%；毛利率为 19.4%， 同比减少 10.53ppt。2）液压环控业务实现收入 18.4 亿元，YoY-7.3%；毛 利率为 39.7%，同比减少 4.44ppt。分业务看，1）公司航空重点型号收入 占比 76%，市占率持续提升，新品交付创新高，产品结构向高价值领域转 型；2）商用航空收入突破 10 亿元，同比增长 71%，收入占比提升至 10%， 主要是公司抢抓大飞机发展 ...

3月31日，中航重机股票盘中跌停，今年来已跌去21.10%，中航重机股份有限公司隶属中国航空工业集团有限公司,1996年在上海证券交易所上市。 财报显示，南方基金旗下南方中证500ETF为中航重机前十大股东，去年四季度减持，持股比例为0.99%。今年以来收益率2.30%，同类排名1302(总3442)。 简历显示，罗文杰女士:美国南加州大学数学金融硕士、美国加州大学计算机科学硕士,具有中国基金从业资格。曾任职于摩根士丹利投资银行,从事量化分析 工作。2008年9月加入南方基金,曾任南方基金数量化投资部基金经理助理;现任指数投资部总经理。2011年2月28日至2013年4月21日任深证成份交易型开放式 指数证券投资基金基金经理助理。2013年5月17日至2015年6月16日,任南方策略基金经理;2017年11月9日至2019年1月18日,任南方策略、南方量化混合基金经 理;2016年12月30日至2019年4月18日,任南方安享绝对收益、南方卓享绝对收益基金经理;2018年2月8日至2020年3月27日,任H股ETF基金经理;2018年2月12日 至2020年3月27日,任南方H股联接基金经理;2014年10月 ...