中航直升机股份有限公司2025年度重大资产重组及业绩承诺持续督导报告详解

一、重大资产重组实施情况

中航直升机股份有限公司（中直股份，600038.SH）在2025年度完成了大规模的发行股份购买资产及募集配套资金的交易，涉及收购昌河飞机工业（集团）有限责任公司（昌飞集团）和哈尔滨飞机工业集团有限责任公司（哈飞集团）100%股权，并向特定对象发行股票募集配套资金共计约30亿元人民币。

• 昌飞集团与哈飞集团的100%股权已全部过户至上市公司名下，成为中直股份的全资子公司。
• 新增股份分别于2024年3月19日（发行股份购买资产部分，1.42亿股）、2024年7月25日（募集配套资金部分，8828.7万股）完成登记，完成后公司总股本增至8.2亿股。
• 募集配套资金到账净额约29.68亿元人民币。

二、业绩承诺与实现情况

本次交易对标的资产设置了严格的业绩承诺，承诺期为2024-2026年，涉及无形资产（专利和软件著作权）及锦江维修81%股权。

• 2025年度，昌飞集团无形资产实现净利润3953.84万元，超额完成承诺（1503.89万元），累计完成率442%。
• 哈飞集团无形资产实现净利润8740.68万元，高于承诺（8458.61万元），累计完成率120%。
• 锦江维修81%股权实现净利润767.62万元，超出承诺（653.56万元），累计完成率109%。
• 三项业绩承诺均已实现，承诺方无需进行业绩补偿，显示公司资产整合后盈利能力较强，未来现金流有保障。

三、公司经营与财务表现

2025年度公司实现营业收入290.86亿元，同比下降2.28%，主要因客户交付节奏影响导致交付量减少。归母净利润为6.52亿元，同比上升17.27%，营业利润同比增长29.29%，显示盈利能力提升。

• 资产总计515.38亿元，负债总计338.60亿元，归母净资产增长8.3%至175.79亿元，资产负债结构进一步优化。
• 营业成本下降0.92%，利润总额同比增长27.72%。

四、公司治理与合规运作

• 公司治理体系完善，内部控制流程健全，未收到任何监管机构行政监管措施。
• 信息披露真实、准确、及时，全年披露定期报告4项、临时报告60项。
• 规范关联交易，独立董事和审计委员会审核把关，确保公允性。
• 积极管理投资者关系，通过多场业绩说明会和上证E互动平台与投资者沟通，未有异常波动或监管问询。

五、承诺履行与后续持续督导

所有交易相关方均对信息真实性、合规性、诚信等做出严格承诺，且在持续督导期内均已履行，无重大违约或失信记录。

• 业绩承诺期仍未结束，募集配套资金尚未全部使用完毕，独立财务顾问将在法定持续督导期满后，继续对募集资金管理与使用、业绩承诺实现及股份限售等事项履行督导职责。
• 本次重组相关资产已交割完毕，各项程序合法合规有效。

六、对股东及投资者的重要提示

• 本次重大资产重组顺利完成且标的资产表现优异，极大增强了公司盈利能力和资产规模。
• 业绩承诺超额完成，为未来业绩增长和分红能力提供重要支撑。
• 公司治理持续完善、信息披露透明，有利于提升公司估值和市场信心。
• 募集资金充裕，为下一步业务拓展和技术研发提供资金保障。
• 提醒投资者关注业绩承诺期后续兑现、募集资金使用进展以及股份限售解禁等事项对公司股价的潜在影响。

免责声明

本文仅做信息披露与分析用途，不构成任何投资建议。投资者据此做出投资决策所产生的风险，概与本站及作者无关。请投资者理性判断，关注公司后续公告。

English Version

Detailed Analysis of AVIC Helicopter Co., Ltd. 2025 Major Asset Restructuring and Performance Commitment Supervision Report

1. Implementation of Major Asset Restructuring

AVIC Helicopter Co., Ltd. (Ticker: 600038.SH) completed a significant share issuance to acquire assets and raise supporting funds in 2025, involving the acquisition of 100% equity in Changhe Aircraft Industries (Group) Co., Ltd. (Changfei Group) and Harbin Aircraft Industry Group Co., Ltd. (Hafei Group), as well as a targeted share issuance to raise a total of approximately RMB 3 billion.

• 100% equity in Changfei Group and Hafei Group have been fully transferred to the company, making them wholly owned subsidiaries of AVIC Helicopter.
• New shares (142 million for asset purchase, 88.28 million for fundraising) were registered on March 19, 2024, and July 25, 2024, respectively, with the total share capital rising to 820 million shares.
• Net proceeds from fundraising amounted to about RMB 2.97 billion.

2. Performance Commitment and Realization

The transaction set strict performance commitments for the acquired assets for 2024-2026, including intangible assets (patents and software copyrights) and 81% equity in Jinjiang Maintenance.

• In 2025, Changfei Group’s intangible assets achieved a net profit of RMB 39.54 million, far exceeding the commitment of RMB 15.04 million; cumulative completion rate: 442%.
• Hafei Group’s intangible assets achieved a net profit of RMB 87.41 million, above the commitment of RMB 84.59 million; cumulative completion rate: 120%.
• Jinjiang Maintenance (81% equity) achieved a net profit of RMB 7.68 million, exceeding the commitment of RMB 6.54 million; cumulative completion rate: 109%.
• All performance commitments have been fulfilled, no compensation is required from commitment parties, showing strong earnings capability post-merger, with future cash flows well supported.

3. Company Operating and Financial Performance

For 2025, operating revenue was RMB 29.09 billion, down 2.28% YoY, mainly due to client delivery rhythm affecting volume. Net profit attributable to shareholders was RMB 652 million, up 17.27% YoY; operating profit up 29.29%, demonstrating improved profitability.

• Total assets: RMB 51.54 billion; total liabilities: RMB 33.86 billion; net assets attributable to shareholders up 8.3% to RMB 17.58 billion; improved asset-liability structure.
• Operating costs down 0.92%; total profit up 27.72%.

4. Corporate Governance and Compliance

• Corporate governance system is sound, internal controls robust, no regulatory administrative measures received.
• Disclosure is true and timely: 4 regular reports, 60 interim reports in the year.
• Related-party transactions strictly regulated, independent directors and audit committee supervise to ensure fairness.
• Investor relations well-managed: multiple results briefings and active communication via the SSE E-Interaction platform, no abnormal volatility or regulatory inquiries.

5. Commitment Fulfilment and Ongoing Supervision

All transaction counterparties made strict commitments regarding information authenticity, compliance, and integrity, all of which have been honored; no major breaches or defaults recorded during the supervision period.

• The performance commitment period is not yet over; some of the raised funds remain unused. The independent financial advisor will continue post-period supervision on fund usage, performance commitment realization, and share lock-up as required.
• All assets related to this restructuring have been delivered, with all procedures compliant and effective.

6. Key Points for Shareholders and Investors

• This major asset restructuring was successfully completed, with acquired assets outperforming, significantly enhancing the company’s profitability and asset scale.
• Performance commitments have been exceeded, underpinning future growth and dividend potential.
• Corporate governance keeps improving with transparent disclosure, supporting better valuation and market confidence.
• Ample fundraising provides financial security for business expansion and R&D.
• Investors are advised to monitor future performance commitment realization, fundraising usage, and share lock-up expiry for potential price impacts.

Disclaimer

This article is for informational and analytical purposes only and does not constitute investment advice. Investment decisions based on this article are at your own risk. Please pay attention to subsequent official announcements and exercise independent judgment.

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