中航直升机股份有限公司2025年度财务公司关联交易专项核查深度解读

一、报告核心内容概述

中国国际金融股份有限公司（中金公司）作为独立财务顾问，针对中航直升机股份有限公司（“中直股份”）与中航工业集团财务有限责任公司（“中航工业财务”）之间2025年度涉及存款、贷款等金融业务的关联交易，出具了专项核查意见。本次报告详细披露了双方的金融服务框架协议的执行情况、交易额度、定价政策、风险评估与防范措施，并由大信会计师事务所出具了专项说明。

二、对投资者具有重要影响的关键信息

• 关联交易规模巨大： 协议约定，中直股份及其控股子公司2025年度可在中航工业财务存款的每日最高结余不超过200亿元人民币，循环贷款额度不超过80亿元人民币。2025年实际操作中，年末存款余额为约23.8亿元，年末借款余额为约20.74亿元，报告期内累计存款流量高达811亿元，借款流量则达27.96亿元，显示关联金融业务量极大，资金流动活跃。
• 交易条件优于市场： 存款利率不低于同期国内主要商业银行平均水平，贷款利率不高于全国银行间同业拆借中心公布的同期贷款市场报价利率（LPR）上限，并不高于同信用级别第三方或主要商业银行同类贷款利率。这意味着公司及其子公司享有极具竞争力的融资与理财条件，有效降低财务成本，提高资金使用效率。
• 风险防控措施完善： 公司已制定详尽的风险处置预案，包括存款风险处置组织结构、信息披露、风险处置程序和措施等，并明确了在中航工业财务出现重大风险时的终止权利，最大限度保障资金安全与流动性。
• 会计师专项说明与独立意见： 大信会计师事务所出具专项说明，认为公司与财务公司业务汇总表真实、公允反映相关金融业务情况。独立财务顾问认为协议内容、执行、风险控制均符合监管要求，信息披露真实、准确、完整，对相关事项无异议，显示公司治理规范、风险可控。

三、可能影响股价的敏感信息与投资者关注重点

• 资金集中度与流动性风险： 虽然公司有完善的风险预案，但高额存款集中于一家关联财务公司，若后者出现流动性、合规或经营风险，将对公司资金安全产生重大影响。报告明确公司具备单方终止协议权利，但投资者仍需关注财务公司经营状况的变化。
• 关联交易合规性与持续性： 相关交易严格遵循监管规定，协议期限为一年，但需每年审议与续签。任何变动、终止需提前30天书面通知并经双方协商。若未来政策收紧、监管要求变化或关联方经营状况恶化，可能对公司资金管理和业绩产生实质影响。
• 业绩与资金成本优化： 利率等金融服务条款优于市场，理论上有利于公司提升净利息收益率、降低财务费用，对年度盈利能力有正面驱动。若未来市场利率波动或协议条款调整，亦需关注对公司财务状况的潜在影响。

四、报告主要数据与执行情况详细披露

*单位：人民币元

五、结论与建议

整体来看，中直股份与中航工业财务的关联金融交易规模大、条款优厚，对公司业绩和财务状况具有正面影响。公司在风险防控与合规治理方面措施到位，但高额资金集中于关联方的结构性风险仍需保持关注。投资者应持续关注中航工业财务的经营及合规状况、相关政策变化以及协议条款的调整动态，这些均可能对公司资金安全、财务成本和业绩表现产生影响，是潜在的股价波动因素。

免责声明：本文根据已公开信息整理，仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请关注公告与公司正式信息披露。

AVIC Helicopter Co., Ltd. 2025 Financial Company Connected Transactions: In-Depth Analysis

1. Summary of Key Points

China International Capital Corporation (CICC), as the independent financial advisor, issued a special verification opinion on the 2025 connected transactions involving deposits, loans, and other financial services between AVIC Helicopter Co., Ltd. (“AVIC Helicopter”) and AVIC Group Finance Co., Ltd. (“AVIC Finance”). The report discloses the execution of the financial services framework agreement, transaction limits, pricing policies, risk assessment and prevention measures, and includes a special explanation from DaXin CPAs.

2. Investor-Relevant Highlights

• Huge Transaction Scale: The agreement allows AVIC Helicopter and its subsidiaries a daily deposit cap of RMB 20 billion and a revolving loan cap of RMB 8 billion with AVIC Finance. In 2025, actual end-year deposit balance was RMB 2.38 billion, end-year loan balance was RMB 2.07 billion, with cumulative annual deposit flow reaching RMB 81.1 billion and loan flow RMB 2.8 billion, showing significant transaction volume and active fund flows.
• Favorable Transaction Terms: Deposit interest rates are not lower than the average rates offered by major domestic banks. Loan rates are capped at the LPR ceiling and not higher than comparable rates for similar third parties or major banks. This means AVIC Helicopter enjoys competitive funding and deposit terms, reducing financial costs and improving capital efficiency.
• Robust Risk Management: The company has implemented detailed contingency plans for deposit risks, covering organizational structure, information disclosure, risk response procedures, and measures. The company retains the right to unilaterally terminate the agreement if AVIC Finance encounters major risk events, safeguarding capital safety and liquidity.
• Audit and Independent Opinions: DaXin CPAs issued a special statement confirming the company’s reporting on related financial transactions is true and fair. The independent financial advisor also confirmed compliance with regulatory requirements, completeness of information disclosure, and effective risk control, indicating sound corporate governance.

3. Price-Sensitive Issues & Investor Focus

• Capital Concentration & Liquidity Risk: While risk control is robust, a high concentration of deposits in a single related finance company means that any liquidity or compliance issues at AVIC Finance could have a material impact on the company’s funds. The company has the right to terminate the agreement, but investors should monitor AVIC Finance’s ongoing financial health.
• Compliance & Continuity of Related Transactions: Transactions strictly follow regulations; the agreement is annual and subject to renewal. Changes or termination require 30 days’ written notice and mutual agreement. Any tightening of policy, regulatory change, or deterioration in the affiliate’s condition could materially affect company fund management and performance.
• Financial Performance & Cost Optimization: Favorable interest rates are expected to enhance net interest margin and reduce costs, supporting earnings. However, future rate changes or agreement adjustments could have both positive and negative impacts.

4. Key Data and Execution Details

*Unit: RMB

5. Conclusion & Outlook

In summary, AVIC Helicopter’s related financial transactions with AVIC Finance are large in scale and offer advantageous terms, benefiting the company’s financials and profitability. Risk control appears robust, but the high concentration of funds at a related party remains a structural risk that warrants investor attention. Investors should closely monitor AVIC Finance’s financial health, regulatory developments, and any changes to the agreement, as these could have a direct impact on the company’s capital safety, costs, and earnings – and thus on share price.

Disclaimer: This article is for investor reference only, based on publicly available information. It does not constitute investment advice. Investors are responsible for their own decisions and should rely on official company disclosures and announcements.

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