中航直升机股份有限公司2025年度业绩承诺实现情况详解

报告背景与交易概述

中航证券有限公司作为财务顾问，对中航直升机股份有限公司（以下简称“中直股份”）发行股份购买资产并募集配套资金暨关联交易的2025年度业绩承诺实现情况进行了专项核查。此次交易涉及对昌河飞机工业（集团）有限责任公司（“昌飞集团”）、哈尔滨飞机工业集团有限责任公司（“哈飞集团”）的资产收购，以及哈飞集团持有的天津中航锦江航空维修工程有限公司（“锦江维修”）81%股权的收购。
交易于2024年完成，过户及工商变更手续已办妥，哈飞集团、昌飞集团成为中直股份的全资子公司。业绩承诺期为2024、2025、2026年三个会计年度。

业绩承诺细节与补偿机制

• 业绩承诺资产一：
  • 昌飞集团无形资产（专利技术及软件著作权）2025年承诺净利润为1,503.89万元。
  • 哈飞集团无形资产（专利技术及软件著作权）2025年承诺净利润为8,458.61万元。
• 业绩承诺资产二：
  • 锦江维修81%股权2025年承诺净利润为653.56万元。
• 补偿机制：
  • 若实际净利润低于承诺净利润，业绩承诺人需按协议以股份优先、现金补偿为辅进行补偿。
  • 补偿上限为对应资产交易作价。
  • 补偿比例按业绩承诺人原持股比例分配。
  • 补偿方式明确，优先以获得的股份进行补偿，若不足则现金补偿。
  • 承诺股份不质押逃避补偿义务，质押需告知质权人潜在补偿责任。

2025年度业绩承诺实现情况

经大信会计师事务所专项审计，2025年度三项业绩承诺资产均超额完成业绩承诺，具体如下：

对投资者的影响与股价敏感信息

• 业绩承诺超额完成：三项核心资产均大幅超额完成业绩承诺，尤其昌飞集团无形资产累计完成率高达442.29%，这显示公司收购资产后实现了显著的业绩增值。
• 无需业绩补偿：业绩承诺人无需进行股份或现金补偿，表明资产收购风险较低，未来业绩持续性较强。
• 资产整合效果明显：资产整合后，公司核心业务盈利能力显著提升，长期利好股东价值。
• 交易落实保障：补偿机制完善，业绩承诺人已明确承担补偿义务，风险防控措施到位。

上述信息属于重大利好，可能引发市场关注及股价正面反应。投资者应重点关注公司资产整合后业绩持续增长的能力，以及未来业绩承诺期内的兑现情况。

免责声明

本报告内容仅供参考，不构成投资建议。投资者应结合自身情况及市场环境，谨慎决策。公司未来业绩及股价受多重因素影响，本文不承担任何法律责任。

AVIC Helicopter Co., Ltd. 2025 Performance Commitment Completion Detailed Report (English)

Background and Transaction Overview

AVIC Securities Co., Ltd., as the financial advisor, conducted a special review of the 2025 performance commitment completion for AVIC Helicopter Co., Ltd. (“AVIC Helicopter”). The transaction involved the acquisition of assets from Changhe Aircraft Industrial (Group) Co., Ltd. (“Changfei Group”), Harbin Aircraft Industrial Group Co., Ltd. (“Hafei Group”), and 81% equity of Tianjin AVIC Jinjiang Aviation Maintenance Engineering Co., Ltd. (“Jinjiang Maintenance”).
The transaction was completed in 2024; asset transfer and business registration formalities are done, making Changfei and Hafei Group wholly-owned subsidiaries. The performance commitment period covers 2024, 2025, and 2026.

Performance Commitment and Compensation Mechanism

• Performance Commitment Asset One:
  • Changfei Group intangible assets (patent technologies & software copyrights) 2025 committed net profit: RMB 15.04 million.
  • Hafei Group intangible assets (patent technologies & software copyrights) 2025 committed net profit: RMB 84.59 million.
• Performance Commitment Asset Two:
  • Jinjiang Maintenance 81% equity 2025 committed net profit: RMB 6.54 million.
• Compensation Mechanism:
  • If actual net profit falls short, the performance commitment party must compensate with shares first, cash if necessary.
  • The compensation cap is the asset transaction value.
  • Proportionally allocated based on original shareholding.
  • Shares acquired in the transaction are prioritized for compensation; no evasion via pledge.
  • Pledges must notify pledgees of potential compensation obligations.

2025 Performance Commitment Completion

Audited by DaXin CPA, all three commitment assets exceeded their 2025 targets:

Investor Impact & Price-Sensitive Information

• Performance Commitment Exceeded: All assets substantially exceeded their targets, especially Changfei Group’s intangible assets (442.29% completion), indicating remarkable asset value appreciation.
• No Compensation Needed: No share or cash compensation is required, implying low acquisition risk and strong future earnings sustainability.
• Obvious Integration Effect: Core business profitability improved significantly post-acquisition, supporting long-term shareholder value.
• Robust Transaction Safeguards: The compensation mechanism is sound; performance commitment parties have clearly defined obligations.

This information is a major positive, likely to attract market attention and potentially drive share price upward. Investors should focus on the company’s ongoing ability to grow profits post-integration and future commitment fulfillment.

Disclaimer

This report is for reference only and does not constitute investment advice. Investors should make decisions prudently, considering their own circumstances and market conditions. Future performance and share price are subject to various factors; the publisher assumes no legal responsibility.

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