中航直升机股份有限公司2025年度业绩承诺实现情况核查报告

核心要点及投资者关注事项

中航证券近日发布了关于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2025年度业绩承诺实现情况的核查意见。该报告对投资者而言有多项关键内容，可能影响公司股价，值得重点关注。

一、重大资产重组及业绩承诺背景

• 交易概况：中直股份于2024年完成发行股份购买资产及配套资金募集，收购昌河飞机工业（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”），两者成为中直股份全资子公司。
• 业绩承诺期：资产购买后连续三年（2024、2025、2026年）为业绩承诺期，补偿义务人需对承诺资产的净利润达成情况负责。
• 承诺净利润：
  • 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：2025年承诺净利润为8,458.61万元。
  • 锦江维修（哈飞集团持有81%股权）：2025年承诺净利润为653.56万元。
• 业绩补偿机制：如业绩未达承诺，补偿义务人需以股份优先、现金补偿为辅履行补偿责任，补偿金额以取得交易对价为上限。

二、2025年度业绩承诺完成情况详细披露

• 昌飞集团无形资产：
  • 2025年度实现净利润为3,953.84万元，远超承诺净利润1,503.89万元。
  • 截至2025年末累计实现净利润6,933.61万元，累计承诺净利润1,567.65万元，业绩承诺完成率高达442.29%。
  • 无需补偿。
• 哈飞集团无形资产：
  • 2025年度实现净利润为8,740.68万元，超承诺净利润8,458.61万元。
  • 累计实现净利润19,350.89万元，累计承诺16,084.78万元，完成率120.31%。
  • 无需补偿。
• 锦江维修81%股权：
  • 2025年度实现净利润为767.62万元，超承诺653.56万元。
  • 累计实现净利润1,756.42万元，累计承诺1,607.21万元，完成率109.28%。
  • 无需补偿。

三、对投资者的重要影响及潜在价格敏感信息

• 业绩超额完成：三项核心资产均远超业绩承诺，显示公司并购资产的盈利能力强于预期。这将显著提升投资者信心，可能推动公司股价上涨。
• 无需补偿：业绩补偿机制未被触发，表明公司资产整合顺利，未来财务风险降低。
• 持续盈利能力：资产的高盈利能力为公司未来发展奠定坚实基础，有望进一步提升公司估值。

四、股东须重点关注事项

• 资产盈利能力持续提升：报告显示收购资产已成为公司新的利润增长点，投资者可期待公司未来业绩持续向好。
• 无业绩补偿风险：由于业绩远超承诺，股东无需担心补偿机制带来的稀释或现金流压力。
• 交易正面效应：本次资产收购已兑现承诺，真正提升公司核心竞争力和财务健康度。

五、结论

本次核查报告显示，中直股份2025年度收购资产业绩承诺全部超额完成，标的资产盈利能力显著高于预期，无需触发业绩补偿。此为公司重大利好，显示并购战略成效突出，未来业绩可期，或将成为推动公司股价的重要因素。

免责声明：本文仅为信息披露与投资参考，不构成任何投资建议。投资者应根据自身情况及市场风险谨慎决策。

English version:

AVIC Helicopter Co., Ltd. 2025 Performance Commitment Audit Report

Key Points & Investor Focus

AVIC Securities has released its audit opinion regarding AVIC Helicopter Co., Ltd.’s (AVIC Helicopter) performance commitment for the 2025 fiscal year, related to its share issuance, asset acquisition, and associated transactions. This report contains several critical points for investors, potentially impacting share prices and deserving close attention.

1. Background: Major Asset Restructuring & Performance Commitment

• Transaction Overview: In 2024, AVIC Helicopter completed its share issuance and supporting fundraising, acquiring Changhe Aircraft Industries Group (“Changhe Group”) and Harbin Aircraft Industry Group (“Harbin Group”), both now wholly-owned subsidiaries.
• Performance Commitment Period: The period covers three consecutive years after asset purchase (2024, 2025, 2026), with compensators responsible for the committed net profit of acquired assets.
• Committed Net Profit:
  • Changhe Group intangible assets: 2025 commitment is RMB 15.04 million.
  • Harbin Group intangible assets: 2025 commitment is RMB 84.59 million.
  • Jinjiang Maintenance (81% stake held by Harbin Group): 2025 commitment is RMB 6.54 million.
• Compensation Mechanism: If commitments are not met, compensators must fulfill obligations first via shares, then cash if necessary, with compensation capped by transaction consideration.

2. 2025 Performance Commitment Fulfillment Details

• Changhe Group Intangible Assets:
  • 2025 actual net profit: RMB 39.54 million, far exceeding the commitment of RMB 15.04 million.
  • Cumulative actual net profit by end-2025: RMB 69.34 million vs. cumulative commitment RMB 15.68 million, completion rate: 442.29%.
  • No compensation required.
• Harbin Group Intangible Assets:
  • 2025 actual net profit: RMB 87.41 million, exceeding commitment (RMB 84.59 million).
  • Cumulative actual: RMB 193.51 million vs. commitment RMB 160.85 million, completion rate: 120.31%.
  • No compensation required.
• Jinjiang Maintenance (81% stake):
  • 2025 actual net profit: RMB 7.68 million, exceeding commitment (RMB 6.54 million).
  • Cumulative actual: RMB 17.56 million vs. commitment RMB 16.07 million, completion rate: 109.28%.
  • No compensation required.

3. Investor Impact & Price Sensitive Information

• Over-fulfillment of Commitments: All three core assets have strongly exceeded performance commitments, demonstrating better-than-expected profitability. This will boost investor confidence and could drive share price higher.
• No Compensation Risk: The compensation mechanism is not triggered, indicating smooth asset integration and reduced future financial risk.
• Ongoing Profitability: High asset profitability lays a strong foundation for future growth and may further enhance company valuation.

4. Key Points for Shareholders

• Continuous Profit Improvement: Acquired assets have become new profit drivers, supporting expectations for continued strong company performance.
• No Compensation Pressure: With commitments exceeded, shareholders need not worry about dilution or cash flow strain from compensation mechanisms.
• Positive Transaction Results: The asset acquisition has delivered on its promise, enhancing the company’s competitive position and financial health.

5. Conclusion

This audit report shows AVIC Helicopter’s 2025 acquired assets have all exceeded performance commitments, with profitability well above expectations and no need for compensation. This is a significant positive for the company, demonstrating effective M&A strategy. Future performance prospects are strong, and this could be a notable catalyst for share price appreciation.

Disclaimer: This article is for information disclosure and investment reference only. It does not constitute investment advice. Investors should make decisions prudently based on their own circumstances and market risks.

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