中航直升机股份有限公司2025年度重大资产重组持续督导总结详解

一、重大资产重组及配套募资实施情况

2024年，公司顺利完成了发行股份购买资产及募集配套资金的重大重组。中航直升机股份有限公司（下称“中直股份”或“公司”）通过发行股份购买中国航空工业集团有限公司及中国航空科技工业股份有限公司所持有的昌河飞机工业（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”）的全部股权，顺利将两家公司纳入旗下，成为全资子公司。

同时，公司完成了向包括中航科工、机载公司在内的不超过35名特定对象定向增发，募集配套资金约29.7亿元。新增股份已完成登记，相关限售安排严格依规落实。

二、资产交割与募集资金到账

昌飞集团与哈飞集团100%股权已于2024年3月完成工商变更，全部登记至中直股份名下。募集配套资金合计人民币2,999,999,973.46元，扣除发行费用后实际到账2,968,265,742.12元，其中新增股本88,287,227元，资本公积2,879,978,515.12元。新增股份已于2024年7月25日由中登公司登记入账。

三、业绩承诺完成情况（2025年度）

重组相关标的资产设有三年业绩承诺（2024-2026年），2025年公司已完成业绩考核，具体如下：

• 昌飞集团无形资产：2025年实现净利润3,953.84万元，承诺1,503.89万元，完成率442.29%。
• 哈飞集团无形资产：2025年实现净利润8,740.68万元，承诺8,458.61万元，完成率120.31%。
• 锦江维修81%股权：2025年实现净利润767.62万元，承诺653.56万元，完成率109.28%。

三项资产均超额完成业绩承诺，无需触发业绩补偿。这体现了标的资产优质、并购整合成效初显，有望持续对公司业绩形成正面贡献，对公司未来盈利能力和市场信心有明显提升作用。

四、公司主营业务及财务表现

2025年度公司实现营业收入290.86亿元，同比下降2.28%；归母净利润6.52亿元，同比增长17.27%。营业成本同比下降，营业利润、利润总额、归母净利润均实现两位数增长，显示公司在交付节奏影响下依然保持了较强的盈利能力。

资产总计515.38亿元，负债总计338.60亿元，归母权益合计175.79亿元，资产负债结构稳健。

五、公司治理与合规性

公司治理结构进一步完善，符合中国证监会最新规范性要求。股东会、董事会、董事会专门委员会运作规范，信息披露充分透明，投资者关系管理良好。2025年全年未收到监管机构行政监管措施文件，无违规披露、内幕交易、同业竞争等不规范事项。

六、承诺履行及风险防控

所有相关方（公司、董事高管、控股股东、标的公司等）均严格履行重大承诺，包括信息披露真实性、规范关联交易、业绩承诺、股份锁定、避免同业竞争及保障上市公司独立性等。财务顾问未发现重大承诺违约情形。

七、后续持续督导安排

虽然本次持续督导已到期，但因业绩承诺期尚未届满、募集配套资金尚未完全使用，财务顾问将继续对募集资金管理使用、业绩承诺实现及股份限售等事项进行持续督导，确保公司治理与股东权益保障。

八、投资者需关注的重点及潜在影响

• 重大资产重组与并表带来的盈利能力提升，尤其是标的资产超额完成业绩承诺，表明并购整合成效显著，极大增强公司中长期增长预期。
• 募集配套资金到账充裕，为后续业务拓展、技术研发、产能提升提供资金保障，降低财务风险。
• 治理结构合规透明，未有重大违规风险，管理层和大股东承诺严格，投资者信心加强。
• 公司主营业务短期受交付节奏影响，但盈利能力持续提升，若未来交付节奏恢复，将有望进一步释放业绩弹性。
• 业绩承诺期继续进行，需关注未来两年标的资产持续盈利能力与整合效果。

九、结论

本报告显示，公司重大资产重组圆满完成，标的资产盈利能力远超承诺，公司治理规范，募集资金充裕，整体经营稳健。相关事项对公司估值和股价有积极支撑作用，值得投资者持续关注公司后续业绩表现及业务整合进展。

免责声明：本文资讯仅供参考，不构成任何投资建议。投资决策须依据公开信息独立判断，投资有风险，入市需谨慎。

English Version

AVIC Helicopter Co., Ltd. 2025 Major Asset Restructuring Supervision Summary – Investor Detailed Report

1. Implementation of Major Asset Restructuring and Supporting Financing

In 2024, the company successfully completed a major restructuring involving the acquisition of all shares of Changhe Aircraft Industries (Group) Co., Ltd. (“Changhe Group”) and Harbin Aircraft Industry Group Co., Ltd. (“Harbin Group”) from AVIC and AVIC Science & Technology. Both became wholly-owned subsidiaries of AVIC Helicopter (“the Company”).

Meanwhile, the company raised approximately RMB 2.97 billion by private placement to no more than 35 specific investors including AVIC Science & Technology and AVIC Avionics. All new shares for the restructuring and fundraising have been registered, with strict compliance to lock-up arrangements.

2. Asset Transfer and Fund Arrival

The 100% equity of Changhe and Harbin Groups was fully transferred to AVIC Helicopter as of March 2024. Supporting funds totaling RMB 2,999,999,973.46 have been received, and after deducting issuance expenses, RMB 2,968,265,742.12 was actually credited. The new shares from this fundraising were registered on July 25, 2024.

3. Performance Commitment Fulfillment (2025)

The acquired assets are under a three-year performance commitment (2024-2026). In 2025, all performance targets were met or exceeded:

• Changhe Group Intangible Assets: Net profit of RMB 39.54 million vs. commitment of RMB 15.04 million. Completion rate: 442.29%.
• Harbin Group Intangible Assets: Net profit of RMB 87.41 million vs. commitment of RMB 84.59 million. Completion rate: 120.31%.
• Jinjiang Maintenance (81% equity): Net profit of RMB 7.68 million vs. commitment of RMB 6.54 million. Completion rate: 109.28%.

No performance compensation is triggered. The substantial over-fulfillment signals high asset quality and successful post-merger integration, providing a strong boost to the company’s future profitability and market confidence.

4. Main Business and Financial Performance

In 2025, the company recorded operating revenue of RMB 29.09 billion, a 2.28% YoY decrease, but net profit attributable to shareholders rose 17.27% to RMB 652 million. Operating costs fell, and all profit indicators saw double-digit growth, showcasing robust profitability despite delivery timing impacts.

Total assets stood at RMB 51.54 billion; total liabilities at RMB 33.86 billion; total equity attributable to shareholders at RMB 17.58 billion. The company maintains a healthy balance sheet.

5. Corporate Governance and Compliance

Corporate governance was further enhanced, strictly complying with the latest CSRC requirements. Shareholders’ meetings, board of directors, and board committees operate in a transparent and standardized manner. Information disclosure is full and timely, with no regulatory penalties or irregularities reported in 2025.

6. Commitment Fulfillment and Risk Control

All parties (including the company, directors, controlling shareholders, target companies, etc.) strictly fulfilled major commitments on information disclosure, related-party transactions, performance commitments, share lockups, non-competition, and company independence. The financial advisor found no serious violations.

7. Ongoing Supervision Arrangements

Although the formal supervision period has ended, because the performance commitment period is ongoing and fundraising is not fully used up, the financial advisor will continue to monitor the use of proceeds, performance fulfillment, and share lock-up arrangements.

8. Investor Key Takeaways & Potential Price Sensitivity

• Successful asset restructuring and consolidation have significantly enhanced the company’s profitability, with acquired assets vastly exceeding performance commitments. This strongly improves medium-to-long-term growth expectations and valuation support.
• Substantial fundraising provides ample capital for business expansion, R&D, and capacity enhancement, reducing financial risk.
• Governance is compliant and transparent, with strong commitment by management and major shareholders, reinforcing investor confidence.
• Short-term delivery fluctuations affect revenue, but profitability is improving. A recovery in delivery rhythm could further unlock earnings potential.
• Performance commitment periods continue; investors should watch for ongoing integration and sustained asset profitability in the next two years.

9. Conclusion

The report shows the company’s major restructuring is complete, acquired assets are highly profitable, governance is sound, and funding is ample. These factors provide strong support for company valuation and share price. Investors should continue to monitor future earnings and integration progress.

Disclaimer: This article is for information only and does not constitute investment advice. Please make independent investment decisions based on public information. Investment involves risks; proceed with caution.

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